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CollegeData - Where the Bucks Are: "Private" Scholarships

Where the Bucks Are: "Private" Scholarships

There are thousands of private scholarships—and endless ways to qualify.

Individuals, organizations, and companies offer scholarships. So how do these awards work, and how do you know if applying for them is worth your time?

Why Do They Offer Money for College?

Private scholarship sponsors are motivated to offer awards for many reasons. Some have a desire to help needy students. Some want to promote their industry or company. Some want to honor their heritage or a loved one. Some want to support students who share their religion. Some want to attract students to their alma mater. The reasons are nearly endless.

Can You Qualify?

At the very least, you'll probably need to do moderately well academically. Your family's financial need may also be a consideration. Otherwise, the eligibility requirements vary widely. For example, some scholarships may require that you come from a certain town or high school, be a great tennis player, or be a descendant of a Civil War soldier.

What Are the Rules for Applying?

Most private scholarships have their own applications, which can be as simple as a single page or as complex as a college application. You may need to provide materials that back up your application, such as a copy of your Free Application for Federal Student Aid (FAFSA) or your high school transcript. You may need to arrange for recommendation letters. Sponsors have their own deadlines, so don't assume they're the same as your college application deadlines.

What Are the Rules for Using the Money?

Once you have received the scholarship, you will need to follow the sponsor's rules to keep it. Usually, this means maintaining a certain GPA and attending school at least part-time if not full-time.

But some scholarships ask for more from students. For example, a scholarship may require commitments after you graduate, such as working in a certain geographical area, in a specific industry, or for a particular employer. Some require you to attend events or act as a spokesperson. Before you apply for a scholarship, read the rules and conditions carefully and decide if you can live with them.

Is Applying Really Worth Your Time?

Applying for private scholarships can be very worthwhile if you are picky about which ones you choose.

What's Next?

Note: Financial information provided on this site is of a general nature and may not apply to your situation. Contact a financial or tax advisor before acting on such information.