Zina Kumok Image Written By: Zina Kumok | Edited By: Kevin Ladd | Updated: March 17, 2025

Scholarships for College Students

Key takeaways:

  • Many students don't even complete the FAFSA or apply for financial aid because they don't think they will qualify.
  • Students and their parents should begin the process of searching for scholarships as early as middle school.
  • Some scholarships, like The Coolidge Scholarship, which is a full-tuition scholarship, are exclusively offered to high school juniors.

Considering the current economic challenges faced by many students, along with rising student loan balances, it's reasonable to expect students to try to fight the tide of rising costs by applying for scholarships.

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Unfortunately, many students don’t take advantage of all of their financial aid options. As many as 25% of college students didn’t apply for financial aid over the last decade didn't apply either because they didn't think they would qualify or didn't think they would need it.

Many students believe they’re not eligible for financial aid, especially scholarships. However, that’s one of the biggest misconceptions. Keep reading to understand more about college scholarships - and why you might be a great candidate for them.

How do scholarships for college students work?

There are two main categories for college scholarships: need-based and merit-based scholarships. Need-based awards use you or your family’s financial situation as the main or even sole qualifier, while merit scholarships are awarded to students with exceptional academic, artistic or athletic ability. Some will have requirements for both; a minimum GPA or standardized test scores as well as financial need as demonstrated on your FAFSA.

Scholarship amounts vary widely. They can offer as little as $500 or as much as a "full-ride", which includes not only tuition, but also provides funding for room and board, textbooks and fees. Some scholarships have varying amounts depending on their endowment or how much external funding they receive.

Scholarship requirements can also be incredibly broad, with some having no minimum GPA or test score. In fact, some are even designed like a sweepstakes, where you only have to enter your contact information to be entered to win.

Others are surprisingly narrow, like the John Randolph Foundation which offers a variety of scholarships. However, they all require that you live in one of the following Virginia counties:

In fact, many scholarships have a local or regional requirement, while others are only distributed to those studying a particular field.

Some students make the mistake of only applying for big-name and/or large dollar amount scholarships. However, the most popular or most generous scholarships usually have the largest number of applicants. You’re better off looking for niche awards to maximize your chance of winning.

How to apply for scholarships for college students

If you're already a senior in high school or a college student, filling out the Free Application for Federal Student Aid (FAFSA) should be your first move. Nowadays, many schools use information from the FAFSA to determine your financial aid eligibility, including which scholarships you’re eligible for.

Even outside, third-party scholarships often require that you submit the FAFSA. If you don’t fill out the FAFSA, you’re likely missing out on tens of thousands of dollars in potential aid.

Some schools use the CSS Profile in lieu of the FAFSA. The CSS Profile isn’t free, but you can get a waiver if you or your family earn less than $100,000 a year.

Applying for a scholarship is similar to applying to college. You’ll likely need to submit your transcript, a letter of recommendation (or more than one) and an essay. You may also need to include a list of extracurriculars and community service. Every scholarship has its own requirements that can differ, so be sure to read the requirement list carefully.

Frequently asked questions about Scholarships for College Students

One of the most common misconceptions that students have is thinking that they need to be a perfect student to even be eligible for a scholarship. That’s not true.

Many scholarships only require a minimum 3.0 GPA, and some don’t look at your test scores. What scholarships do care about are your interests, skills, hobbies, community service and overall resume.

Getting a couple Cs here and there doesn’t preclude you from winning a scholarship. You may be a better scholarship contestant if you can write a moving essay explaining that your grades suffered because you were taking care of your ailing grandmother, for example.

The idea of a best scholarship is somewhat subjective. When most people think about the best college scholarships, they imagine awards like the Cameron Impact Scholarship. This award covers four years of tuition, fees and textbooks.

Here are the eligibilty requirements:

  • Must have a minimum 3.7 GPA
  • Must be a U.S. citizen
  • Must be a high school senior planning to enroll in a four-year school
  • Must have a record of community service

However, scholarships like this one are extremely competitive. And while you should never take yourself out of the running, it’s better to focus on more niche awards.

For example, if you’re a female student interested in robotics, check out the Science Ambassador Scholarship. This is a one-time award worth $20,000 given to a female or non-binary student interested in STEM.

Here are the eligibilty requirements:

  • Must be a high school senior or undergraduate student
  • Must create a video explaining a scientific subject you’re interested in
  • Must plan to attend college in the U.S.

You can create an account at Schoalrships.com and input all your information. From there, you’ll be matched with a variety of awards that fit your specific situation.

Now. Start searching for scholarships now. It's really never too early to begin searching for and apply for scholarships. Some students think they can't start applying for scholarships until they reach their senior year. Not only is that not true, but there are some scholarships that are exclusively for underclassmen and if you wait until you are a senior to begin looking for scholarships you will have missed out on them.

Just as it's never too early to apply, It's almost never too late. As long as you haven’t graduated, you can still be eligible for scholarships. Even graduate, professional and doctoral students can qualify for scholarships.

In fact, some awards are only available for upperclassmen, like the Carolina Panthers Graduate Scholarship.

Here are the eligibilty requirements:

  • Must be a graduating senior student-athlete at an accredited North or South Carolina college or university
  • Must have a 3.0 GPA
  • Must receive a nomination from your current Athletic Director

Many schools offer myriad scholarships just for currently enrolled students. You can find these opportunities through your school’s financial aid office, as well your specific department. Make sure to ask any professor you’ve had a close relationship with about potential awards.