Student Loans-All about Scholarships

March 18, 2009 by  
Filed under Student Loans

Scholarships differ from student loans, in that the money granted does not need to be repaid. Scholarships are usually awarded to athletes or academic high-achievers or children of local widows. Basically, there are various kinds of scholarships for various circumstances.

Most scholarships focus mostly on academics, so excellent grades are a must. But that isn’t all. In order to beat out everyone with the similar SAT scores and GPAs, students also have to have other elements in their background, like an award from Westinghouse or another science competition. However, it could also be a background of excellent community service. The options have no ends.

The easiest ways to find out what is out there is by speaking to a school counselor, but do not take everything they say to heart. Usually, they find themselves to be overworked and may not always be aware of important updated information. Do some research on the internet and try to dig out hundreds of potential scholarship programs in the process.

Some scholarships have basic initial criteria like being a citizen of the United States of America and having a high school, while some require a sure acceptance at a university, as well as a set place of residence.

Scholarships are available for the children of veterans, for residents of Virginia, for those who want to major in Health Sciences – and those are just some examples. Most, but not all, require good grades, while a lot simply require the student to come from a family with low income; others may take ethnicity into consideration.

Amazing GPAs, great test scores, and an interesting personal background may not be enough for various scholarships. Some choose to grant scholarships to people because of their written essay, which can sometimes be as short as 250 words or as long as 5,000 words. The essay usually focuses on a list of the student’s merit or personal achievements, while it may also focus on the student’s world views.

The majority of scholarships are completely free; this means that money does not have to be repaid, unlike with student loans. This isn’t always the case though, since some scholarships are taxable. The IRS states that, in order to quality for tax-free scholarships, a variety of conditions must still be met. Find out what they are at: http://www.irs.gov/faqs/faq4-8.html

The only way to if you fit any of the qualifications and actually have the chance of receiving a scholarship is by digging into various programs and start applying as soon as possible. It may take a lot of effort, but it is worth it in the long run.

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