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Financial Aid: Private Sources |
Private Sources of Scholarships, Grants and Loans
Private scholarships can be obtained by students
who put some time and effort into the search. These
scholarships include aid provided by:
your own high school,
local community organizations,
service clubs,
private companies, and
other philanthropic organizations not affiliated
with your target colleges.
Currently, with federal and
state funding being cut, interest is growing in the
private sector as a source of financial aid. You may be surprised
to find that private funding criteria are quite
different from more typical need-based requirements. Your family
background, as well as your grades, hobbies and accomplishments may be relevant.
While there are, in fact,
untapped sources of financial aid, much of it is relatively difficult to get your
hands on. Private sources outside your own
community may have very restrictive requirements to qualify for aid, and
many scholarships are highly competitive based on grades and
achievements. It is important to find out relevant information
about the scholarships before applying to ensure that you are not wasting your
valuable time.
Questions to consider:
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Should I use my counselor or Career Guidance Specialist for help finding local scholarships?
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Who provides private sources of scholarships?
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What are the eligibility requirements for private scholarships?
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How large are private awards?
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How do private scholarships affect my eligibility for college aid?
Should I use my Counselor or Career Guidance Specialist
for help finding local scholarships?
Without a doubt. These professionals will be able to
guide you towards a variety of scholarships that are available in your
community. Banks, service clubs, and organizations of all types frequently set
aside money to help a wide range of students afford some of the cost of college.
Do not forget the most obvious: Does your high school provide any grants
or scholarships? Do your parents work for a company that provides
aid for employee children going to college? Be sure to explore
all your options by working closely with your school professionals
and your parents.
Who provides private sources of scholarships?
Funds are offered by a wide variety of private sources including:
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Community organizations such as Rotary, Elks Club, Chamber of
Commerce, and PTA employers
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Professional, career and trade
associations such as unions
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Churches
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National foundations.
Also, your high school or school district may participate in a community
scholarship program.
What are the eligibility requirements for private scholarships?
Awards may be based on grades,
entrance test scores, rank in class, leadership ability, country
or state of birth, ethnic background church affiliation, artistic
talent, athletic abilities, special skills, special examination
scores, career goals, college major, an essay on a selected topic,
a research project, parent organization membership, or a combination
of these criteria.
Additional Requirements and information- Scholarships
from private sources are often small. Researching them requires
time and effort. Budget your time carefully; applications may
require you to write an essay or autobiography and/or obtain recommendations.
Your first priority is to apply for the major sources of aid:
Federal Pell Grants, State Grants, and campus-based financial
aid programs.
How large are private awards?
Awards vary considerably from one hundred
to several thousand dollars, but generally are not sufficient
to cover all of your college costs. However, the amounts you receive
from several scholarships do add up. Furthermore, they provide
needed moneys that would otherwise be borrowed and repaid at a
later time. These awards can also reduce the number of hours you
might have to work a week to help support yourself.
Payment of awards- Some awards from private sources
are paid directly to you; others are paid to the college financial
aid office after you have sent the scholarship source proof of
your enrollment in the college.
How do private scholarships affect my eligibility for college aid?
Colleges ask that you inform them of any awards made directly to you. These scholarships are taken
into consideration in calculating your total financial aid package.
More information available-Click here.
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