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Before turning to student loans, it’s important to exhaust all other options — including grants and scholarships. Unlike loans, these types of aid do not need to be repaid and can save borrowers thousands of dollars each year. Scholarships and grants for college students can make all the difference in funding one’s education, but first you have to qualify. 
Scholarships are typically awarded to students based on academic or athletic merit, or a special interest shared by both the gifting organization and the student. Given out by colleges, companies, interest groups and nonprofits, scholarships provide an opportunity for many students to pursue an education more affordably.
Many scholarships are awarded based on a student’s achievements, talents and interests. So no matter where your skills lie — the classroom, football field or stage, for example — there’s likely a scholarship out there for you. Many are even geared toward unique interests and hobbies. Better yet, there’s no limit to the number of scholarships you can apply for.
Scholarships may fall under these broad categories:
While some scholarships can be easy to find, there are others that may take some digging. The more obscure scholarships may be even better to apply for, since obscurity can translate to less competition.
To find and apply for college scholarships, start with these steps:
College grants are typically funded by state and federal governments, colleges and organizations. They are awarded based on a student’s demonstrated financial need. Applicants will need to prepare documentation supporting their financial circumstances to qualify.
The Department of Education offers the most well-known college grants, but you may also find grants through state programs and private organizations. Common grants include:
The process of finding and applying for college grants depends on the type of grant you’re pursuing. If you have significant financial need, these are some ways to pay for college fast:
The current average cost of attending college is $38,270 per year, meaning savings, scholarships and grants likely won’t cover the entire amount. In the event that you need to bridge the gap, there are two main types of student loans that can help.
Many college scholarships require an essay, but not all do. Check the scholarship’s requirements to find out. If you’re having trouble with writing, ask a friend, counselor or teacher for help. They may inspire an idea, offer to edit your work or suggest another resource.
Your total financial aid cannot exceed the total cost of attending your college. Keep track of how much scholarship and grant money you are awarded, since the total award will be subtracted from the total amount needed for enrollment. Whatever amount is left can be filled in with any federal financial aid you receive.
The Federal Trade Commission warns students to be careful when applying for scholarships and hardship grants, and offers several tips to help you avoid scams. Complete and submit the FAFSA yourself, and if you use a service to help you, carefully research the company to ensure it’s legitimate.
Another way to avoid scams is to avoid paying for anything at seminars advertising emergency grants. Instead, work with your financial aid counselor or your school’s financial aid office to find resources.
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Table of contents
What is work-study (and how does it, well, work)?
First-year college costs to prepare for beyond tuition
Should I take out student loans? Steps to help you decide
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
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