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Reviewed
Updated: Feb 21, 2024, 9:18am
There’s no such thing as free money—but scholarships come pretty close. These financial aid awards can be need-based, merit-based or academic-based. And they can help reduce the financial burden of a college education.
Before you start applying for scholarships, carefully consider your options and target the best scholarships that appeal to your talents, interests and academic merit.
The Most Valuable Student scholarship from the Elks National Foundation awards 500 scholarships to high school seniors, ranging from $1,000 to $7,500 annually. You must also be a U.S. citizen to qualify.
Students must also pursue a four-year undergraduate degree full-time to qualify, and the foundation doesn’t require you to be related to an Elks member to apply.
The organization will consider financial need, grades and leadership skills when selecting winners.
High school seniors planning to work in government service can apply for the National Washington Crossing Foundation Scholarship.
Only U.S. citizens are eligible. The one-year scholarship can range from $500 to $5,000. Students must write a one-page essay in 300 words or less describing their motivation for government work and exploring any inspiration from George Washington’s crossing of the Delaware River.
Students must also include a letter of recommendation from a high school principal or guidance counselor and a copy of their transcript.
The Coca-Cola Scholars Foundation awards $3.55 million in scholarships to over 1,400 students annually. There are three different scholarship programs, including one for community colleges and one for two-year colleges.
The Coca-Cola Scholars Program Scholarship is available to those attending a four-year program. Both U.S. citizens and permanent residents qualify for this award, and you must maintain a minimum 3.0 GPA to qualify. The scholarship is awarded to 150 students, with each receiving a $20,000 scholarship.
The Cooke College Scholarship Program is available to high school seniors planning to pursue an undergraduate degree after graduation. Students must demonstrate financial need to qualify, with a maximum family income of $95,000. The program also requires students to have a 3.5 GPA or higher.
The program awards up to $55,000 annually, depending on the cost of tuition and other scholarships that the student has received. Only those planning to attend college full-time are eligible.
This scholarship program is designed for low-income high-school seniors who demonstrate financial need to cover college tuition. The QuestBride Match Scholarship offers recipients a four-year scholarship worth over $200,000. The scholarship program may also include matching students with other types of financial aid like grants and work-study.
Students must attend one of the program’s partner institutions, which include Brown University, Yale, Stanford and more. Only U.S. citizens and permanent residents can apply.
This scholarship from the College Board is more like a lottery drawing than a traditional scholarship. There are two types of drawings: one for $500 and one for $40,000.
The scholarship incentivizes students to start the college application process and complete the steps necessary to get accepted and find enough financial aid.
To apply, you must finish each step by the respective deadline. Not only will completing the tasks render you eligible for the scholarship drawing, but they will also help you apply to college and qualify for more financial aid.
There is no minimum GPA or test score requirement to be eligible, and there is no essay component.
Students who apply for the GE-Reagan Foundation Scholarship can receive a $10,000 annual scholarship for four years in total. The foundation also covers an all-expenses-paid retreat to California. They can use the money to cover tuition, living expenses, books, fees and more.
Students must have a 3.0 GPA, be U.S. citizens and plan to pursue a four-year undergraduate degree. To apply, you need a letter of recommendation from a community leader or a school principal. Proof of financial need and a strong academic record is also required.
The Engebretson Foundation provides scholarships to high school seniors attending a four-year college.
In addition to demonstrating financial need, you must score a 28 on the ACT or a 1240 on the SAT, and have a 3.75 GPA or be in the top 5% of your graduating class. A completed Free Application for Federal Student Aid (FAFSA) is also required to qualify.
Students must submit a letter of recommendation from a teacher with their application. You must mail or email the application form by the deadline.
The Bryan Cameron Education Foundation offers four-year, full-tuition scholarships to students who demonstrate excellence in leadership, community service, extracurricular activities and academics. Between 10 and 15 deserving students are selected annually.
Students must have a 3.7 GPA and be U.S. citizens. High school seniors planning to attend a four-year college can apply for this scholarship. You must submit two letters of recommendation and a transcript.
While many of the above-mentioned scholarships have high standards and strict application requirements, the Unigo $10K Scholarship is much easier to apply for. Students must write a 250-word essay answering the question, “Would you rather be smart, funny or rich?”
Only legal U.S. residents can apply, but there are no GPA requirements.
External scholarships, which aren’t offered by your institution, can reduce your financial aid award from your school. If your total aid amount including scholarships, institutional aid and government funding exceeds your calculated need by $300, the government may reduce your need-based aid amount.
If you don’t report outside scholarships to your college’s financial aid office, you may need to repay some of your aid. Make sure you review your college’s policy on outside scholarships before you apply.
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Zina Kumok is a freelance personal finance writer based in Indianapolis. She paid off her own student loans in three years. She also offers one-on-one financial coaching sessions at ConsciousCoins.com.
