Search for Scholarships

Now is a good time for your student to research available scholarships for college.

Why It Matters

Understanding qualifications helps earn scholarships.
Many scholarship deadlines are later in the year. Researching now gives your student time to close any gaps between current accomplishments and the eligibility requirements for any scholarships they almost qualify for.
Any scholarship money can replace loan funds.
Scholarships do not need to be paid back, which makes them a better option for students than taking out a loan that must be repaid with interest. Even smaller scholarships, when added up, can mean your student borrows thousands of dollars less.
Developing a list takes time.
Your student could spend multiple hours looking for scholarships from local, state, school and national organizations and creating a list of those most likely to be beneficial. Building that list now will allow your student to save time later when deadlines loom.

What Your Student Can Do Now

Get started with one registration.
The ISL Education Lending Scholarship is a good place to start. Registration is open now at www.IowaStudentLoan.org/ScholarshipSignUp for Iowa high school students in ninth through 12th grades. Registration takes just a few minutes to be entered into random drawings for $1,000 College Savings Iowa deposits. With one scholarship application done, your student may be motivated to do more.
Use free scholarship search tools.
ICAN and other organizations provide free scholarship searches on their websites. Many allow students to enter their qualifications to be matched automatically with available opportunities or set up an account to manage potential applications. Your student may want to set up a specific email address to use for login and monitoring scholarship opportunities or use one already set up for college admissions. Make sure your student knows that free services are available, so there is no need to pay for one.
Create a calendar.
Adding a regular time to search for new opportunities and complete scholarship applications to a planner or calendar will help your student stay organized throughout senior year. It may seem like additional homework, but the time invested can pay off very well.

What Your Student Can Do Later

Continue the search.
Scholarships are available from all kinds of sources — such as civic and religious organizations, businesses and nonprofit institutions — for various types of students. Scholarship sponsors make their opportunities available at various times throughout the year, and they may not all be included in an online search. Your student should check with the school’s guidance office as well as any other connections for overlooked opportunities.
Check for scholarships from chosen colleges or universities.
As your student narrows the college list for next year, he or she should spend some time on the financial aid and departmental pages of the top contenders’ websites. Many of the most substantial scholarships are available from the colleges themselves. Qualifying for a large award to offset tuition may make the final college decision simple.
Look for one-time and multi-year awards.
Using one-time scholarships for freshman year can allow your student to postpone using college savings, allowing that money to earn more interest, or delay taking out student loans to avoid paying that year’s worth of interest later. Multi-year scholarships are often renewable as long as the recipient continues to meet minimum qualifications. These can be valuable as your family considers the total cost of a college degree over four or five years.

What You Can Do

Help find scholarship sources.
Senior year is a busy time for students, and you may have ideas or connections for scholarships your student doesn’t. Your employer, church, civic organization or another group you are affiliated with may offer awards. When neighbors, extended family members and friends ask about your student’s plans for next year, take the opportunity to ask about any scholarships they know about.
Provide motivation.
You know your student best. As enthusiasm for multiple scholarship applications begins to wane, you might consider how to motivate your student to stay the course. Some students make a game of how much they can earn. Some parents might find it worthwhile to provide a smaller monetary incentive for substantial savings through scholarships.

Next Steps

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

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