A scholarship program is a financial award for students, intended to offset some or all of their college costs. It can be awarded by a variety of entities, including universities and colleges, nonprofits, businesses, foundations, and individuals. Scholarships can be based on academic merit, athletic ability, and other factors. They can also be aimed at specific populations, such as students from a particular region or studying in a certain field. The Empowering a Better Tomorrow Scholarship, powered by Walmart, for example, is available to formerly incarcerated and recently re-entering students to help create a pathway to further their education.
Scholarships can be disbursed in a number of ways, depending on the rules of each award. For instance, some scholarships are direct payments to the student, which they can use for any educational expenses (with some restrictions). Others are directed to the school, where the financial aid office applies the funds toward tuition and fees first and any remaining amount is refunded to the student. Similarly, some scholarships are used to cover the cost of technology and equipment for students in need of it, while others may be meant for other purposes such as books and travel.
It’s important to research and build a list of scholarships you are eligible for. Be sure to check deadlines, eligibility criteria, and essay prompts carefully. Some awards are incredibly competitive, and it can be a waste of time to apply for an award that you will not be considered for. Also, don’t forget to thank anyone who reviews your applications. This could be as simple as a quick email or even a handwritten note.
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