Strategies for Maximizing Scholarship Income
You may think there is not much you can do, beyond having excellent academic performance and test scores, to win scholarships. However, the truth is that there are several strategies and tactics you can implement in the scholarship search and application process that will maximize your chances of success.
Begin with the FAFSAThe first step you should take is to fill out the Free Application for Student Aid (FAFSA). The FAFSA does not award merit-based scholarships but does award thousands of need based grants every year, and grants are just as desirable as scholarships in the sense that they award money you never have to repay.
Beyond just filling out the FAFSA, you should learn how to maximize your chances of being awarded the largest grants possible. You may wonder how you could possibly increase the amount of money you will receive from government grants since this is solely dependent on your financial status. The answer is in understanding the formulas and methodology the US Government uses to evaluate a family's financial.
For instance, a family with a parent who saves for their child's college tuition in their own name will receive more money than a family with a parent who saves for their child's college tuition in the child's name. Also, one of the questions on the FAFSA regards how much money is in your bank account at the very moment your filling out the application. If you just got paid, you would likely have a fair sum of money sitting in your account versus if it is the end of the month and after you have paid several bills when you may have very little in you account. To maximize your grant amounts you should fill out the FAFSA after you have paid your bills for the month.
These strategies are not illegal so long as you are completely honest about your family's finances. Nor are these strategies intended to confuse the government and make rich people look poorer; they are simply means to reflect your financial need in the most favorable way possible to you. FinAid, a public service site recommended by the US Department of Education, has a wealth of information, strategies and other resources to get the most out of your FAFSA.
Maximize Merit Based Scholarship IncomeAfter you have made the most of your FAFSA, you will want to apply to as many private, merit-based scholarships as possible. There are several strategies you will want to implement to maximize your chances of being awarded one of these types of competitive scholarships.
Apply to Many and Apply Early Some students think their best chance of success is to put everything they have got into applying to one or two scholarships; however, most of the time this strategy does not work. Scholarship decisions are based on several subjective factors that you do not know and certainly do not have control over. While you do of course want to put effort into all of your applications, your best chance at success is to apply to many scholarships. For instance, one particular scholarship decision maker may not like your essay as much as another; this is enough to sway an award.
An effective way to apply to as many scholarships as possible is to create a file of generic application materials. In it can be typed answers to common application questions, essays and copies of transcripts and test scores. This way when you apply you can quickly pull from this file and then only have to fine-tune your materials to customize them for individual scholarships. This takes much less time than starting from scratch with every application and works well because many scholarship applications are similar.
Furthermore, part of effectively applying to scholarships is effectively searching for those that you are most qualified for. There are plenty of scholarship search sites, but you will want to find sites that have a sizable database of scholarships and a specific way for you to search for ones that you are eligible for. Scholarship Experts, is one of these sites and has been voted by Forbes magazine as the best scholarship website every year since 2003. You should also research local scholarships by contacting your college and state department of education.
In addition, it can not be stressed enough to apply early. Scholarship applications take time, and you do not want to be rushed and submit a sloppy application or worse yet, miss the deadline completely.
Double the Amount of Time You Have to ApplyTime is arguably the most important resource you have in successfully applying for scholarships, and it is unlikely that you can apply for scholarships all day long. One of the best ways to make the most out of your time is to have your required schoolwork count as part of your scholarship application if possible.
For instance, perhaps you are reading To Kill a Mocking Bird in your English class, and a scholarship you would like to apply for requires an essay with one of the topic options being for you to write about a book that has greatly influenced your life. You could easily write a paper on the novel for credit in your English class, tweak it and then have it double as your scholarship essay. By taking measures like this you can save yourself hours of writing time.
Learn from Other WinnersLastly, it is very helpful to understand what it takes to win a particular scholarship. Many scholarships have the biographies, essays and applications of scholarship winners posted on their websites or available upon request. By studying these you can angle your application to better fulfill what scholarship decision makers are seeking. This strategy alone will give you an advantage over the competition as most students do not even think of taking the time to do this.
Article ReferencesFin Aid
http://www.finaid.org/fafsa/maximize.phtml
Scholarship Experts
http://www.scholarshipexperts.com
US Department of Education
http://www.ed.gov/index.jhtml
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