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College Scholarships: Get the Funding Facts

Studying alone to achieve the perfect GPA for your dream college is daunting enough as it is and then comes the other question of covering your tuition fees. College News have teamed up with the COO and Co-Founder of OneClass, Kevin Wu, to spill the tea on the different types of scholarships, the best student resources, interview tips and most importantly the secondary perks of scholarships.

What steps can students make to help reduce the costs of attending college?

Don’t limit your search to scholarships, bursaries and grants provided by your school. There are countless available that you can find on the web and the only cost to you is your time. Make sure to perform well academically so that you’re presented with greater scholarship opportunities as you move along college.

While in school, search for side-hustles that don’t require regimented time commitments. That is, jobs that grant you a flexible schedule. Jobs like driving around for Uber, Lyft, becoming a note-taker. You don’t want to place yourself in a position where a job takes precedence over your studies.

What different categories of scholarships are available to students?

There are enough categories of scholarships to run the gamut of possible student segment in college. Of course you can always find scholarships in the primary categories: needs-based, merit-based, school-based etc., but you can also find scholarships for athletes to scholarships for those pursuing studies in a field related to the grocery industry. There is no shortage of scholarships available.

Are there any scholarships that cover the entire cost of tuition fees?

There are scholarships that cover the full tuition of a student for a year; some even cover the tuition for all four years in college. The Cameron Impact Scholarship is one of them. Keep in mind, however, these are the most sought after scholarships, so competition will be high. They’re also commonly rewarded to the most academically driven students that are able to tie academics with extra-curricular activities while maintaining top-of-class credentials.

What are the perks of an athletic scholarship?

College athletes awarded with athletic scholarships commonly enjoy partial to full tuition coverage. The benefits don’t stop there: meal stipends, room and board coverage, student fees exemptions, physiotherapy coverage and college admissions are lenient for student-athletes in some cases. According to NCAA, more than 150,000 student-athletes receive $2.4 billion in athletic scholarships each year from NCAA member colleges and universities alone.

If you’re not a fan of being on the field, how can an esports scholarship benefit your years at college?

If forfeiting late-night gaming for academic success wasn’t ever in a student’s game plan entering college, it could be a good idea to make the most of your choices by applying for an esports scholarship and lean on some that partially cover your tuition. The average esports scholarship averages $4,800 in tuition awards according to the National Association of Collegiate Esports. As esports continue to grow, scholarship funding will only increase and more scholarship options will become available.

How can students assess the long-term financial impact of different colleges?

Students should seek out a college budget template and fit in expected expenses and extrapolate those figures across all four years to get a clear understanding of how much money that will come out of their pocket by the time they’re done for every school. This will also give them a good idea on how much they will be expected to pay back in student loans. Tuition plus expenses will vary depending on the school and the location of the school, so check with your school’s website to get exact figures.

Is there a limit on how many scholarships you can apply for?

No. There are only two things that can stop an applicant from applying for scholarships: a lack of trying or a desire to do something else. Stay motivated and keep applying because billions of dollars in scholarships are unclaimed every year.

What are your recommendations for keeping track of applied to scholarships?

Keeping track of the scholarships you applied for doesn’t have to be fancy. All you need is a calendar marked with upcoming dates of every deadlines, interviews and announcements after every application. It would be wise to reserve time on your schedule for interview preparations as well.

What are the best resources for finding scholarships that are applicable to you?

The best method of finding suitable scholarships for you are to search for scholarship directories. We put together some of the most well-scholarship directories here.

Do you have any tops tips on preparing for scholarship interviews?

Be mindful of what qualities the scholarship committee is looking for in their scholarship recipient. From there you should wrap the narrative of your biography and accomplishments to be coherently aligned with those qualities. Your presentation should be personal. Don’t be afraid to allow your idiosyncratic qualities shine because scholarship committees like students who naturally embody the highest standards in the qualities they look for.

OneClass incorporates an  extensive library of exam study guides, lecture notes and video tutorials created by top students, thus allowing you to quickly find what you need, when you need it. There’s a reason why 90% of all students who use OneClass get better grades.

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See Also:

The Dos and Don’ts of College Interviews

Common Interview Questions & How to Answer Them

Applying For A Post Graduate Degree

Student Loan Debt

Dealing with Student Loan Debt

The most recent data suggests that US student loan debt is soaring at a dizzying pace. This past year, figures have shown that it now currently sits at around $1.4 trillion—yes, trillion. Shockingly, college tuition fees have increased almost 400 percent in the last 30 years while the average household income growth certainly has not, says news site theatlantic.com. Yet, while the nation places great importance on college education for a sustainable and thriving economic future, yearly university fees are still climbing, forcing people to take out giant student loans and some would-be students to forget about college altogether. According to The Washington Post, some four in 10 people who have attended college in their lives have taken out a loan to facilitate their studies. A report by the College Board released in 2016 found that the average debt attributed to those who took out a student loan to complete a bachelor’s degree was $28,400, but the reality is often much higher for many students. What is even more egregious about this situation, is that it is largely students from the least affluent backgrounds who take on the most student loan debt. Around a fifth of people who have student loan debt are also “falling back” on their payments, incurring penalties and sky-rocketing interest rates on top of an already huge sum.

Some think tanks are now arguing that the US government should eliminate student loan debt completely, saying that, in the long-term, these crippling bills will do nothing to bolster the country’s economy later down the line, and may actually damage it. But, unless this happens and college is still your goal, it is key to take into account all of the financial options available to you to help keep costs down as much as possible throughout your studies. Financial aid in the form of scholarships or non-repayable grants can slash student loan debts down by a considerable amount, and there are also many universities across the country who offer significant financial aid packages which cover up to 100 percent in tuition fees.

Five colleges with great financial aid packages

There is a wealth of colleges throughout the US—including major Ivy League universities—who offer financial aid to those who need it the most.

  1. Columbia University

One of the most expensive schools in the states, Columbia University’s tuition and fees reach $55,056 per year. Thankfully, the college offers a very attractive financial aid package, which comes to an average of $55,521.

  1. Harvard University

Harvard University is considered one of the most elite schools in the world, and the privilege of attending is reflective of its mammoth yearly fees which reach $47,074. But, like Columbia, it offers a great financial aid page of $51,308 to cover this—and then some. 100 percent of students who were eligible for this package’s needs were met.

  1. Yale University

Annual tuition and fees at this Ivy League school reach $49,480. Yale offers an average of $52,894 in their financial aid package, and 100 percent of students who utilized the financial aid package’s needs were met.

  1. Princeton University

With annual tuition and fees costing $45,320, Princeton University offers an attractive financial aid package which sits at an average of $49,502.

  1. University of Richmond

While annual tuition fees for the University of Richmond are around $50,910, the university offers a financial aid package is $45,784, making the remaining $5,000 or so a lot easier to cope with when it comes to paying fees.

It’s safe to say that student loan debt may be an inevitable part of studying, but there are options available to help alleviate financial pressures during your school years. Make sure to research the universities you might like to attend before applying. Some schools may offer substantial non-repayable grants to help cover the ever-increasing fees attached.

Further reading: Applying for a Post-Graduate Degree