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Last update: June 1, 2024
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Explore the facts about U.S. scholarships! Learn how many students win them, the impact of your grades, and strategies to boost your chances.
By Brian Flaherty, B.A. Economics
Edited by Rachel Lauren, B.A. in Business and Political Economy
Learn more about our editorial standards
By Brian Flaherty, B.A. Economics
Edited by Rachel Lauren, B.A. in Business and Political Economy
Learn more about our editorial standards
How many scholarships can you win? As it turns out, there's no limit on the number of scholarships you can get. In this post, you're going to learn the inner workings of scholarship applications, the types of scholarships, where to find them, and how they can potentially affect your college finances.
No, there’s no limit to how many scholarships you can get. The world of scholarships is wide open, encouraging you to apply and win as much money as you can to reduce your financial burden.
For most students, athletic scholarships are unlikely. Besides, those aren’t exactly the type of scholarships you can just submit an application for. For that reason, this article will focus on the types of scholarships open to most students - and you may just be surprised at how many of those there are.
Understanding scholarships is your first step to maximizing the amount of money you can get for college. Let's take a quick look at the different types of scholarships:
You can use platforms like TuitionHero that give you a list of scholarships that match your profile based on your location, GPA, test scores, and so on. Talking to financial aid administrators at your prospective schools, as well as your high school guidance counselor, can help you find college or local scholarships that might be overlooked.
Always keep an eye out for opportunities; scholarship offers can come from the most unexpected places.
Technically, yes. In rare cases, winning too many scholarships can reduce your financial need to the point that you no longer qualify for need-based financial aid or subsidized loans. Ironically, this can actually make college less affordable.
That’s an unusual scenario, but it is a possibility, so make sure you understand how accepting scholarships will affect your financial aid package. For the most part, winning scholarships reduces your dependency on loans, saving you money over the long run.
If you're fortunate enough to have more scholarship funds than needed for your college costs, there are rare cases where your scholarship earnings might exceed your expenses, leaving you with extra funds when you graduate.
However, this rarely happens - keep in mind that this situation is subject to rules and regulations set by the scholarship provider. In some cases, you may be required to pay certain funds back due to what’s known as “Overpayment.”
When your scholarship fund grows enough to cover a big part of your college expenses, your payment sources change significantly. For example, let's say your annual tuition is $50,000, and you receive a merit scholarship from the institution worth $20,000.
Now, if you win an outside scholarship of $15,000, the school will use this money to replace the student loans in your financial aid package, saving you from future repayment burdens.
In essence, hitting the scholarship jackpot not only makes your time in college easier but also shapes the repayment schedule of your loans down the road. That's why we at TuitionHero constantly emphasize the importance of actively seeking and applying for relevant scholarships.
Starting a scholarship hunt? It's smart to have a strategy. From understanding eligibility to preparing application requirements, here's a quick guide on the do’s and don’ts to increase your chances in the scholarship game.
Understand the scholarship's purpose and eligibility criteria
Tailor your application to each scholarship
Make sure you meet the deadlines
Write compelling essays and maintain a polished virtual presence
Thank the donors/sponsors after receiving the scholarship
Don’t apply for scholarships you aren’t eligible for
Don’t send the same application to all scholarships
Don’t wait until the last minute to submit your applications
Don’t overlook the importance of proofreading and online reputation
Don’t fail to report the scholarship to your chosen school
As we learn more about scholarships, let's consider the advantages and potential drawbacks of the scholarship-hunting game.
At TuitionHero, we simplify college finance, from FAFSA help to student loan refinancing. Our scholarship program offers numerous options to fund your education and guides you through the application process. The more scholarships you receive, the less you need to rely on loans. Our goal is to make paying for college easy.
Scholarships are always changing, and there's no limit to how many you can get. To succeed, stay informed, work hard, and be proactive in finding scholarships. TuitionHero can help you simplify your scholarship search and discover many opportunities to pay for your college education. So, approach this confidently and discover a variety of scholarships ready for you, just a click away.
The necessary information generally includes documentation of your academic achievements, letters of recommendation, a well-written essay, and specific information related to the particular scholarship.
Check if the scholarship comes from a reputable organization. Verify contact information on their official website. Be careful of scholarships that demand fees or too much personal information. And don’t forget, TuitionHero can help you filter out legitimate scholarships.
Yes, many scholarships are open to high school students. Early applications also increase your chances of winning. Check out our scholarship catalog on TuitionHero to find scholarships you can apply for at an early stage.
Your chances of winning a scholarship can increase significantly just by applying to more scholarships. Tailoring your application, meeting deadlines, and proofreading your submissions can also increase your likelihood of winning. Check out our tips on TuitionHero for a more detailed guide.
Brian Flaherty
Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.
Rachel Lauren
Rachel Lauren is the co-founder and COO of Debbie, a tech startup that offers an app to help people pay off their credit card debt for good through rewards and behavioral psychology. She was previously a venture capital investor at BDMI, as well as an equity research analyst at Credit Suisse.
At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.
While you're at it, here are some other college finance-related blog posts you might be interested in.
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