Discover 3 Common Misconceptions About Scholarships! Most students will think of “Scholarships” when looking for financial help, which is free money offered by the government and commercial sectors to students who match certain criteria. Many myths and misunderstandings regarding scholarships circulate in high school hallways and among parents of college-bound students, prompting them to focus too much work on finding these rewards and overlooking alternative financial assistance sources that are more plentiful than scholarships.
Before you start looking for and winning free money: scholarships, you should know the truth behind these myths so you don’t fall for them. Here are three frequent scholarship misunderstandings:
Misconception One: Billions of dollars in scholarship money go unclaimed.
One of the most common misconceptions regarding scholarships is that billions of dollars in scholarship money go unclaimed every year, waiting for a smart student like you to come along and claim it. This misunderstanding may be caused by certain marketing activities carried out by potential scammers in an attempt to entice you to hand over your money.
The truth is that practically all available scholarship money is distributed each year, according to most college financial aid programs. Some scholarships are not awarded because the applicants that apply do not meet the eligibility standards. However, unclaimed scholarships account for a small percentage of all scholarships awarded each year, and those that are not awarded usually have extremely tight eligibility restrictions.
Last year, over 75% of all private financial aid remained unclaimed. In reality, this figure has little to do with scholarships. It truly refers to tuition help provided by businesses to their employees.
Misconceptions Two: Scholarships provide a free ride to college.
Scholarships, according to many students, are the largest awards that might provide a free ride to college. If you believe that winning a scholarship will lower your college costs, you are mistaken. Winning scholarships will not reduce your EFC (Expected Family Contribution), in other words, your EPC will remain the same, and the winning scholarship will be added to the total amount of financial aid you have already received, with an equal amount of aid from other sources subtracted. Furthermore, scholarship amounts are usually tiny, sometimes under $1,000, and you may not be able to renew the scholarship for the entire four years of college.
There are a few scholarship programs that will cover your entire tuition charge, but competition for the top awards is tough, and these scholarships are often awarded to students with the highest academic credentials. Even if you have the top grades and scores, you may not be eligible for a full-tuition scholarship since your peers may have a higher community service record or more leadership experience than you. You may apply for these scholarships, but you must have other financial assistance options in place to support your studies if you do not get a full-tuition award.
Misconceptions Three: Scholarships Only Go to The Best
Many students miss out on scholarship opportunities because they believe they are not the greatest and have no chance of winning one. While academic and athletic all-stars receive the majority of scholarship awards, they account for only a small portion of all scholarship opportunities available to you.
Most scholarship programs are awarded based on particular or specific criteria such as your major, where you live, if you are a member of a minority group, a woman, or have a special talent, and so on. So, while you may not be eligible for national scholarships or large athletic rewards, you may be able to discover a smaller scholarship with more limited eligibility restrictions that fits you perfectly.
Scholarships are just one sort of financial aid; there are still more options for funding your college education. Don’t be fooled by the idea that there are billions of dollars in unclaimed scholarships; the majority of scholarship offers have already been accepted. The fact is that not all scholarships are awarded to the top candidates; yet, there is a scholarship waiting for you someplace. Keep looking for those scholarships; don’t give up before putting up the effort to find them.