What makes a scholarship four times as valuable as another? Being renewable for every year of college. So learn to be a smart scholarship shopper. Don't be caught short after your freshman year!
Will the Money Run Out?
Pay close attention to renewability when researching and applying for scholarships. You don't want to be caught short in your sophomore year. If a scholarship's description does not specify that it is renewable, don't assume that it is. Contact the sponsor to clear up this point.
What If You Get a Nonrenewable Scholarship?
If you are awarded a nonrenewable scholarship, your college might make up the difference in later years by increasing your grant aid. But if not, you would have to compensate by winning other scholarships, working more, increasing the amount of money you borrow, or paying more out of pocket.
The Ins and Outs of Renewing Scholarships
Even the scholarships that are renewable are not usually renewed automatically. You must reapply, proving that you are still academically deserving of the award. Fortunately, most renewable scholarship requirements take into account that good grades are harder to get in college than they are in high school.
The most common requirement is that your grades reflect "satisfactory academic performance" in your preceding year for a full-time load of classes (typically at least 12 units). What "satisfactory" means can be specific, such as a 3.0 GPA, or it can be vague. It is a good idea to get clarification from the sponsor in such cases. Other requirements can include residency in a certain state, financial need, and dependency on your parents.
The renewal period may vary from one semester to three years, meaning you may have to reapply as frequently as every semester or as infrequently as only once.
Preparing for the Unexpected
Nothing is guaranteed. Renewable scholarships may or may not be available in succeeding years. If scholarship funds get depleted, the sponsor will postpone or cancel even those scholarships that would have been renewable. Or your eligibility may suddenly change.
Have a backup plan if you win scholarships. Look ahead so you won't be left high and dry. Part of your success will depend on preparing for college from beginning to end. Keep unpleasant surprises to a minimum.
