Career Management – Objective 2.02

 A scholarship is an amount of money that is given by a school, an organization, etc., to a student to help pay for the student's education.

 College Costs are Skyrocketing  Student Loan Rates Doubled  The Economy is Weak

 This shouldn’t come as a surprise, but college costs more than ever. (You should read some of those links by the way, they took a while to put together).  Bloomberg News notes that in 2012, tuition rates rose by an average of 4.8% across the board, totally outpacing inflation.  This trend means that now, more than ever, students need to consider their finances long before stepping foot on campus.  By investing a good amount of time applying for scholarships, you can avoid being handed a huge bill alongside your diploma.

 Over the past several months, congress was engaged in a battle over whether or not to keep student loan rates from doubling.  They ultimately couldn’t come to a decision, and their inaction resulted in student loan rates jumping to nearly 7%.  By taking your scholarship search seriously, you can take your financial future out of the hands of a stale congress.  The investment of time and effort needed to successfully apply for scholarships far outweighs the time and effort it will take to repay thousands of dollars of student loans.

 It’s not surprising that the economy is weak, given the rising cost of college and the ongoing debate to cap student loan interest rates.  But because of the weak economy, two things are true: debt is rising, and hiring is falling.  More and more people are having to rely on credit cards, loans, and other shaky methods of paying their bills, and less and less people are finding good jobs.  By taking advantage of FREE MONEY, you can avoid some of the pitfalls and dangers associated with a weak economy, and start your adult life on a strong footing.

 Scholarships help to lessen the impact of rising tuition costs.  Tuition is on the rise nation-wide and scholarships give access to higher education for students of all income levels.  Scholarships help students have more time to focus on their studies.  Research shows that work can take up more than 15 hours per week and becomes an impediment to academic success. For many students the stresses of working make it difficult for them to graduate on time, or graduate with the high grades they have the potential to achieve. For other students, the work/study life is unsustainable, and they discontinue their studies all together.  Scholarships decrease the number and amount of loans students need to take to complete higher education.  Two-thirds of college students now graduate with loans, and their average college debt is nearly $20,000 — an increase of more than 50% since the early 90's. People involved in shaping public policy and allocating funds often view loans and grants on the same level as "aid".  Scholarships add to federal and state financial assistance.  Many students do not qualify for federal aid as federal policy has long been focused on access for low-income students. States and colleges have become increasingly focused on getting high-income, high-achieving students to attend their institutions or to remain in-state.  Scholarships can fill the gap.  Scholarship assistance can support students who fall in the gap between high and low income levels — students who may not qualify for a need based scholarship and who do not meet the criteria for a merit based scholarship.  Scholarships teach philanthropy.  By being the student recipient of a scholarship, it is hoped that the students will become philanthropic themselves and "give back" when they are financially able.

 Some scholarships for college are merit-based. You earn them by meeting or exceeding certain standards set by the scholarship-giver. Merit scholarships might be awarded based on academic achievement or on a combination of academics and a special talent, trait, or interest. Other scholarships are based on financial need.  Many scholarships are geared toward particular groups of people; for instance, there are scholarships for women or high school seniors. And some are available because of where you or your parent work, or because you come from a certain background (for instance, there are scholarships for military families).  A scholarship might cover the entire cost of your tuition, or it might be a one-time award of a few hundred dollars. Either way, it’s worth applying for, because it’ll help reduce the cost of your education.

 You can learn about scholarships in several ways, including contacting the financial aid office at the school you plan to attend and checking information in a public library or online. But be careful. Make sure scholarship information and offers you receive are legitimate; and remember that you don't have to pay to find scholarships or other financial aid. Check out our information on how to avoid scams.  Try these free sources of information about scholarships:  the financial aid office at a college or career school  a high school or TRIO counselor  the U.S. Department of Labor’s FREE scholarship search tool  federal agencies  your state grant agency  your library’s reference section  foundations, religious or community organizations, local businesses, or civic groups  organizations (including professional associations) related to your field of interest  ethnicity-based organizations  your employer or your parents’ employers

 That depends on each scholarship’s deadline.  Some deadlines are as early as a year before college starts, so if you’re in high school now, you should be researching and applying for scholarships during the summer between your junior and senior years.  But if you’ve missed that window, don’t give up!  Look at scholarship information to see which ones you can still apply for now.

 Each scholarship has its own requirements.  The scholarship’s website should give you an idea of who qualifies for the scholarship and how to apply.  Make sure you read the application carefully, fill it out completely, and meet the application deadline.

 Every student who plans to attend an institution of higher education should search for and apply for scholarships.  This applies to all students, including high school students, non- traditional students, current college students, graduate students, etc.  All college students should keep this thought in mind: There are always scholarships out there if you really search hard enough to find them.  Do not let anyone tell you otherwise.  Once you’ve made up your mind to actually search for and apply for scholarships, the only challenging part is actually finding specific scholarships that you can apply for.

 That depends on the scholarship.  The money might go directly to your college, where it will be applied to any tuition, fees, or other amounts you owe, and then any leftover funds given to you.  Or it might be sent directly to you in a check.  The scholarship provider should tell you what to expect when it informs you that you’ve been awarded the scholarship.  If not, make sure to ask.

 A scholarship will affect your other student aid because all your student aid added together can’t be more than your cost of attendance at your college or career school.  So, you’ll need to let your school know if you’ve been awarded a scholarship so that the financial aid office can subtract that amount from your cost of attendance (and from certain other aid, such as loans, that you might have been offered).  Then, any amount left can be covered by other financial aid for which you’re eligible.  If you have any questions, ask your financial aid office.

 4 Reasons Why You Need to Apply for Scholarships Right Now. (2013). College Greenlight. Retrieved October 20, 2014, scholarships-right-now/ scholarships-right-now/  Finding and Applying for Scholarships. (2014). U.S. Department of Education. Retrieved October 20, 2014, from scholarships/finding-scholarshipshttps://studentaid.ed.gov/types/grants- scholarships/finding-scholarships  The Impact of a Scholarship. (2014). University of Hawaii. Retrieved October 20, 2014, from  Who Should Apply For Scholarships. (2014). Scholarships Expert. Retrieved October 20, 2014, from scholarships/who-should-apply-for-scholarships#.VEUTB_nF_y4 scholarships/who-should-apply-for-scholarships#.VEUTB_nF_y4