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Scholarships are financial aid that are awarded based on the merit and academic achievement of the student applicant. Anyone can apply for scholarships, as they are offered according to individual merit and not necessarily financial need. There are scholarships available to students within a broad range of income levels, education levels, majors, talents, fields of interest and ethnicity. A variety of scholarships are offered nationally through federal funding but also through individual schools, cultural organizations and private/corporate sponsors. Unlike student loans, scholarships are gifts that typically do not require repayment after graduation.
Though criteria and eligibility vary from case to case, the scholarship application process generally includes some universal requirements. Students will likely be required to submit transcripts to determine current GPA and recent academic performance, as well as letters of recommendation in addition to filling out the formal application. Though scholarships are not based exclusively on financial need, many donors ask that applicants complete the FAFSA and may require additional income-related documentation. Those applying for an especially inclusive and/or competitive scholarship may be asked to attend a personal interview at the school or lending organization. Some scholarships require an essay or other personalized communication from you, indicating your intentions for your academic and/or professional future as well as personal insight into your reason for applying.
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