If you’re a senior, chances are that by now the application process has come to an end, and most results are already in for those who applied early. So now what? This is a great time to research and apply for scholarships. Many scholarships are seen as hallmarks of commendable work and some scholarships may even grant you extra access to research or study-abroad opportunities.
There are several types of scholarships available to college students. To help you get started on your search, LF Educational Consulting expert counselor have created an introduction to the four basic types of scholarships. It’s important to keep in mind that there are different criteria and benefits associated with each type, so read on for more information.

Need-based
Need-based scholarships are distributed by the college or university and are generally awarded using the information provided by your family on the Free Application for Federal Student Aid (FAFSA) or the College Scholarship Service Profile (CSS Profile). The award is based solely on income and reported assets, meaning there are generally no additional essays or requirements to fulfill, though these scholarship grants will vary in amount for each university. The difference between these scholarships and other types of financial aid, such as student loans or work study wages, is that you don’t have to repay the funds via monthly payments or through working on campus. In recent years, some schools, such as Vassar College, replaced loans with grants and scholarships for students whose families demonstrated a certain amount of need. However, in light of current economic conditions and shrinking endowments, at least one school, Williams College, has had to abandon this policy (beginning with the class entering in the fall of 2011).

Merit-based
If you excel in academics, the arts, sports or a particular extracurricular such as chess or debate, your college may take this into consideration when it comes to financial aid (they definitely already noted your achievements during the admissions process). As with need-based scholarships, merit-based scholarships may be awarded from your school without the completion of an additional application. However, some schools do require additional essays, activities, or applications for their merit-based scholarships. You should research available scholarship opportunities at the schools to which you have applied. You can often find this information by using the admissions or financial aid page on each college’s website. You can also contact the admissions office.
Many independent organizations have established scholarships devoted to recognizing accomplished students. We have included information on these in the “Specialty Scholarships” section below.

Career-based
Career-based scholarships are often awarded to students entering into specific or high-need fields such as education and healthcare. They help reduce the cost of education for students entering careers that benefit society, particularly because those careers may be less lucrative in the years immediately following graduation. For example, the Journalism Education Association awards scholarships to students majoring in education who intend to teach journalism. Some of these scholarships are contingent on working in a particular field, such as cardiovascular nursing. Overall, they tend to not be as competitive, due to their specialization, and they may help to distinguish your resume for future employers and graduate schools.

Specialty Scholarships
Specialty scholarships award money to students who have a specific background, interest or ability. You can find one for almost any passion you may have, such as environmental sustainability, vegetarianism or diplomacy. Also included in this category are regional scholarships and scholarships based on heritage or personal attributes.
Capitalize on your unique skills, talents and interests by applying for one of these. Often times, the purpose for these scholarships is to allow the recipient to have time to pursue their interests and to reward his or her achievements. For example, the Public Relations Society of America Foundation has several different awards specifically for undergraduate students who show promise in the field of public relations.

It can be difficult to research all the different scholarships that might be available to you.

If you’re wondering where to look, you can start with a scholarship search engine, which will often help match your interests and background to available awards. This is particularly useful for these smaller, specialized scholarships, as they may not be advertised elsewhere. Be wary of scams and use trusted sources like www.FastWeb.com and www.FinAid.org. As with all sites, even those you may trust, you should use caution or ask a parent before submitting any personal information. You can also speak with your high school’s college counselor or contact the financial aid office of the college to which you’ve been accepted for more information.

Scholarship Tips and Hints
Reach out to any organizations to which you or your parents belong. For example, if your family belongs to a volunteer organization, such as Kiwanis, inquire into their potential scholarship options.

·  Constantly update your search. New scholarships become available all the time, and announcements and deadlines don’t always correspond to other admission dates. Furthermore, if your GPA or test scores change, you may be qualified for additional scholarships.

·  Read the fine print and follow instructions. If you’re applying for multiple scholarships, you will have to keep track of many different dates and requirements. Use a calendar to help you establish goals and deadlines for completing applications.

·  Generally, if a scholarship asks for an application fee, it may not be legitimate. You should not have to pay money for the opportunity to earn money. While this is a good rule of thumb, if you are unsure about a potential scholarship you should conduct additional research. You can do this through the Better Business Bureau (www.bbb.org), which advises students to watch out for phrases like, “The scholarship is guaranteed or your money back.” and “We will do all the work.”

·  Nationwide corporate scholarships often offer large rewards. For example, the Coca-Cola Scholars Foundation awards between $10,000 and $20,000 to its recipients.

·  Your summer job might be more profitable than you thought. Many national retail and food service chains offer employee scholarships. Taco Bell, McDonalds, and Borders are just a few.

Applying for scholarships can potentially bring in important financial assistance and the process may help you develop important academic skills, such as the ability to communicate clearly and prioritize multiple deadlines. Now that you’ve got a few ideas, use the research skills you picked up during your college search to compile your list of possible scholarships. A few extra hours of effort may result in new opportunities, as well as additional honors commending your years of hard work. Good luck!

The Free Application for Federal Student Aid, better known as the FAFSA, is your passport to valuable sources of federal, state and college-based financial aid. But if you don’t fill it out, you could lose out on potential grants, scholarships and low-interest federal student loans. Even more troubling, research shows that high school students who don’t complete the FAFSA are less likely to enroll in college altogether.

That makes recent trends cause for alarm. By the end of the 2020-21 school year, nearly 5% fewer students submitted the FAFSA compared to the previous year, according to a report from the National College Attainment Network (NCAN), a group of nonprofit organizations focused on educational equity. That means about 102,000 fewer students have the opportunity to attend college affordably this year.

Here’s why pandemic-era FAFSA completion rates are bad news for students, and how to make sure you don’t miss out on free money for college.

Students graduating from high school in 2021 and planning to attend college in the fall experienced massive challenges in their junior and senior years. Pandemic-related disruptions including remote learning, job losses, health concerns and suddenly limited school-based resources like college counseling contributed to insufficient support for students.

As a result, throughout the 2020-21 school year, fewer students submitted a FAFSA than in the previous year, according to NCAN. That amounts to worse declines than the organization reported for the 2019-20 school year, when the Covid-19 pandemic began. Altogether, between 2019 and 2021, NCAN reports that about 270,000 fewer students filled out the FAFSA than anticipated.

In a survey of parents and undergraduate students conducted earlier this year, Sallie Mae uncovered a similar trend. Only 68% of survey respondents submitted a FAFSA in 2020-21, down from 71% in 2019-20 and 77% in 2018-19, according to its How America Pays for College 2021 study.

The FAFSA gathers financial information from students and parents in order to determine whether the student qualifies for need-based financial aid for college. If you’re eligible for need-based aid, that means you have multiple options to receive grants you don’t have to repay, including Pell Grants and student loans with low interest rates and fees, like subsidized federal student loans.

Even if you don’t qualify for need-based aid, fill out the FAFSA so you can get other types of federal student loans. These include unsubsidized federal loans, which have fewer perks than subsidized loans but similarly low interest rates and flexible repayment terms.

Colleges also use the FAFSA to distribute federal work-study funds and in many cases, institutional aid, meaning scholarships that come directly from the school. These can be awarded based on either financial need or personal accomplishments. Put simply, no one planning to attend college should skip out on the FAFSA.

But that’s just what is happening: When students don’t submit the form, they have far fewer ways to make college affordable if they attend school. And that’s a big “if.” According to NCAN’s research, a high school senior who submits the FAFSA is 84% more likely to enroll in college right away. That likelihood increases to 127% for students from the lowest-income families.

Put another way, when a student doesn’t submit the FAFSA, their chances of attending college the following school year plummets—especially when they’re most in need of financial support.

Some types of financial aid are first-come, first served. These include federal work-study funds and certain school- and state-based grants. The FAFSA opens up annually on October 1, and if you file the form as close to that date as possible, you have a better chance to receive money you don’t have to pay back. (The federal Pell Grant, however, isn’t awarded on a first-come, first-served basis; if you’re eligible, you’ll get the full amount you qualify for, up to $6,495 in 2021-22.)

The federal FAFSA deadline is much later than school and state deadlines. For example, for students attending college in 2021-22, the FAFSA first became available on Oct. 1, 2020. While the federal government doesn’t require you to submit the FAFSA to your college until just before you enroll, states and schools often have financial aid deadlines that are months earlier. As a result, you should aim to submit the FAFSA as close to October 1 as possible, even if you won’t enroll in college until a year or more later.

The FAFSA is available online at fafsa.gov and on the myStudentAid mobile app. To speed up the submission process, create a Federal Student Aid ID (FSA ID) in advance so that you can easily log in, save your work and sign the form. You must submit a FAFSA each year you’re in college, but once you’ve filled it out, you can renew the form thereafter rather than start from scratch.

If you’re a dependent student, your parents will have to submit their financial information, too. You’ll need access to a range of data including tax returns, your Social Security number, proof of untaxed income and more. The Federal Student Aid website lists the documents you should gather beforehand. Once you’ve completed the form, you’ll get a Student Aid Report, which offers a basic picture of the proportion of college costs your family will be expected to contribute.