Research Scholarships

With graduation only a year away, it isn’t too early to begin researching the types of scholarships that might be available to your student for the education or training program being pursued after high school.

For a short time only, and in celebration of April being Financial Literacy Month, all new and currently registered Iowa parent participants will be eligible for a one-time drawing for a chance to win a $1,000 529 college savings deposit. Ten random winners will be chosen to receive $1,000 following the special giveaway’s closing date of April 30, 2024. New participants just need to register before April 30, 2024. See rules for details.

Why It Matters

Two words: free money.
Scholarships are considered “gift aid,” meaning that source of college funding does not generally need to be repaid. Even if your student earns only small awards, multiple scholarships add up.
Scholarships may replace loan funds.
Depending on policies at your student’s future chosen institution, scholarships can lower the total amount of student loans needed to cover the gap after earnings, savings and other sources of funding.

What Your Student Can Do Now

Search for other scholarships to suit qualifications.
Your student can use free online scholarship searches to look for opportunities. (Never pay for a scholarship search.) Scholarships are available from all kinds of sources — such as civic and religious organizations, businesses and nonprofit institutions – for various types of students. Even if your student doesn’t have the highest grades, there may be an opportunity available after just a few minutes of searching.
Keep working on the resume.
Although qualifications vary, many scholarship opportunities are available to students with good academic achievement, proven leadership and demonstrated service. Continuing to focus on these aspects of high school will help your student be considered for multiple opportunities.
Talk to the counseling office.
School counselors often post local and regional scholarship opportunities in their offices or online. They may also be able to point your student to organizations that have awarded scholarships to others in recent years, which may prompt your student’s interest in job-shadowing or internship possibilities.
Check colleges’ financial aid and admissions websites.
Large awards, including those called “automatic merit” based on set qualifications rather than a competitive process, are often awarded by colleges to attract incoming freshmen with the qualities they look for in their student populations. Your student should compare the scholarship opportunities offered by each institution already under consideration, as well as the specific departments and organizations for each school. Keep in mind that scholarship programs may change from one academic year to the next.

What Your Student Can Do Later

Evaluate future needs.
When attending college, it’s important to pay careful attention to the terms of any scholarships earned and how they change the bottom line of college costs. Scholarships may be a one-time award, split between two semesters of freshman year, or renewable for multiple years. If scholarships are renewable, your student should be aware of the requirements to renew, such as maintaining a specific grade point or reapplying. Once enrolled in a college or program, your student should understand whether a probationary period applies for any lost scholarship funds and how to reinstate eligibility.
Allow college savings to grow.
Using scholarships can delay the need to dip into savings invested in a 529 college savings plan or other vehicles. The chart below shows how 529 funds can grow the longer they remain in a 529 college savings plan. Studies show that having $2,000 saved for education or training after high school is the deciding factor for a student to attend.

What You Can Do

Ask around.
Your employer, church, civic organization or another group you are affiliated with may offer scholarships. The same applies for your neighbors, extended family members and friends. Don’t be afraid to ask others about possible opportunities your student may be interested in.
Encourage continual consideration.
When the time comes to apply for scholarships, help your student stay motivated to apply for even the smaller awards. Multiple small scholarships add up, reducing the need to borrow or deplete savings, and the reward outweighs invested time.
Encourage exploration.
This is the time for your student to really explore the many varieties of jobs and courses of study available. If your student has indicated an interest in teaching, for example, summer classes and programs can help narrow down whether preschool or college education, or something in between, is most appealing.

Next Steps

Be sure to complete the survey questions at the end of this article to be entered into the 529 deposit giveaway!

Additional references, handouts and talking points are available in the right sidebar to use at your leisure. They may prove beneficial to reference now or after receiving future emails — we’ll leave it completely up to you. Use our emails like a recipe for a successful outcome — assemble the recommended ingredients and then follow accompanying directions to add flavor and depth.