General Scholarship Information
Sophomores are in a sweet spot. It may seem too early to search for scholarships, but if your student is headed to college, this is no time to experience a “sophomore slump.” Now that high school jitters are hopefully over, your sophomore can begin looking ahead.
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 might be available now.
While it’s true that most scholarships are for college-bound students, there may be a few available to high school students, such as the ISL Education Lending Scholarship for Iowa high school students and their parents that was awarded twice this year. Applying for scholarships now will give your student a head start before college.
What Your Student Can Do Now
- Search for other scholarships to match 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 the future career in mind.
Although qualifications vary, many scholarship opportunities are available to students with career-related skills, proven leadership and demonstrated service. A secondary focus on these aspects of high school will help your student be considered for future opportunities while possibly determining a future major and career. - Polish writing skills.
Many scholarships require a written essay for application — some may even pinpoint the budding journalist or poet. Your sophomore can strengthen writing skills and increase vocabulary, which are skill sets that employers look for during the hiring process.
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. - Offer encouragement.
When the time comes to apply for scholarships, help your student stay motivated to apply for even for the smaller awards. Multiple small scholarships add up, reducing the need to borrow or deplete savings, and the reward outweighs invested time. Additionally, the scholarship search should continue even when enrolled in college.
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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