For Peter Thistle, thinking about college meant thinking about how to pay for college. "I think paying for college and going to college go hand in hand. You don't want to go into, you know, $200,000 of debt or whatever it may be," Thistle said. So he applied for several private scholarships, and won a local merit award to help fund all four years of his education. "I don't have to worry about what I have to pay for as much, you know, and that, that gives you peace of mind."
Peter is not alone. In the 2011-2012 school year, students received $6.2 billion in private merit scholarships from sources like foundations, individuals, and private companies. That's up from $2.7 billion only four years prior. Max Espinoza of Scholarship America says employers are realizing the importance of investing in the future workforce. He added, "Private aid can really be a, a lifesaver in terms of filling gaps that families have in financing their college education."
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Experts point out today private scholarships aren't only based on finances and grades. Mark Kantrowitz of Edvisors.com says the criteria can vary widely. "Those criteria can involve academic talent, artistic talent, athletic talent or- and sometimes just very quirky topics like making a prom costume out of duct tape," according to Kantrowitz. So with all this money up for grabs how do you find it? Experts say a good start is to talk to your guidance counselor to find out about local awards, and use free online tools like edvisors.com, fastweb, and the college board to search scholarship databases. They also say you need to start early. Scholarship america recommends students begin looking as soon as 9th grade. "You do have to be a little scrappy in your search for, for additional money to help you finance your college education," Espinoza said.
To win that additional money, experts advise: apply for every scholarship you're eligible for including those smaller awards, which may be less competitive. "The ideal scholarship candidate is, is somebody who is eager to get a scholarship and is going to do the work to, to complete the scholarship process," Espinoza said. But that work, according to Kantrowitz, should not include paying to be considered for a scholarship. "Never invest more than a postage stamp to apply for a scholarship or to find out information about scholarships. Scholarships are about giving you money, not about getting money from you."
Thistle is glad he invested the time and energy in searching for a scholarship, not just for the money, but for the sense of accomplishment. "Knowing that, you know there are people behind you that want to back you up," Thistle said.
Scholarship expert Mark Kantrowitz points out that the work doesn't necessarily end once you graduate high school. There are some scholarships you can only apply for after you're enrolled in college. Plus, some scholarships, like the one Thistle won, require you maintain a certain GPA throughout college to continue to qualify for the prize.
Three links the experts recommend when you are searching for scholarships are Student Scholarship Search, Fastweb, and the College Board's Scholarship Search Program.