We’ve all heard the scary statistics about student loan debt. Altogether, Americans owe almost $1.48 trillion in student loans. In the Class of 2017, the average graduate owes $39,400.
These high stats aren’t surprising, what with the cost of a private college averaging $32,410 per year. But what if you could reduce that number to $0 with a full-tuition scholarship?
While competitive, there are full-tuition scholarships that cover the cost of attendance at your college of choice. Read on for seven full-tuition scholarships, plus some tips on how to win one.
7 full-tuition scholarships that could save you thousands
1. Gates Millennium Scholars program
The Gates Millennium Scholars program covers unmet financial need for African American, American Indian, Alaska Native, Asian Pacific Islander American, and Hispanic American students. You need to have a GPA of at least 3.3, along with a commitment to service and leadership.
To win the Gates Millennium Scholarship, your school needs to nominate you. You also need to answer several essay questions. If you think you could qualify, speak to a teacher, counselor, or your principal about next steps.
2. Intel Science Search
The Intel Science Search is a national contest for aspiring scientists and mathematicians. Before winning scholarship money, you must participate in a long-term research project.
Projects could be in computer science, environmental science, engineering, or biochemistry, among other fields. The Intel Foundation awards one winner with $75,000 and other finalists with scholarships of varying amounts.
3. Jack Kent Cooke Foundation College Scholarship
This merit-based scholarship goes to high-achieving students with financial need.
The selection process is similar to the college admissions process. The scholarship committee looks at your grades, test scores, extracurriculars, essays, and recommendation letters. Winners get up to $40,000 each year for tuition, books, room, board, and other fees.
4. Microsoft scholarships
Microsoft awards a variety of scholarships, some of which cover the full cost of tuition. To qualify, you must plan to study computer science, science, technology, engineering, or math. Winners have a strong academic and extracurricular background, along with demonstrated financial need.
5. SMART: Science, Mathematics, and Research for Transformation
This scholarship goes to aspiring STEM students who are interested in a career in national defense. Winners are expected to do a summer internship and work for a period as a Department of Defense civilian.
The scholarship comes in the form of a cash stipend of $25,000 to $38,000 per year, depending on what degree you’re pursuing, and includes health insurance.
6. USDA 1890 National Scholars Program
The United States Department of Scholarship offers this full-tuition scholarship to students planning to attend one of the 1890 historically black land-grant universities, like Alabama A&M University or Tennessee State University.
Winners have a record of leadership, plus they plan to study food, agriculture, natural resource science, or a related discipline. USDA scholars get summer jobs and potential employment with the USDA after graduation.
7. Dr. Pepper Tuition Giveaway
The requirements for a $100,000 Dr. Pepper scholarship are unique. First, you need to post your goal to change the world on Facebook. If you get 50 likes, then you make a short video. A committee reviews all the videos, and winners receive prizes anywhere from $2,500 to $100,000 for tuition.
How to get a full-tuition scholarship
The scholarships on this list are rare finds. They come from private organizations, and you can use most of them at any university.
So, how can you get a full-tuition scholarship from one of these private organizations? Most are merit-based and require a strong academic and extracurricular background.
If you’re applying, you need to start early to put together the strongest application you can. Produce thoughtful essays, and connect with your recommenders to get outstanding references.
These national, full-tuition scholarships are extremely competitive. You can’t rely on them as your financial plan, but they’re definitely worth a shot. At the same time, you should also apply to smaller scholarships to help with tuition costs.
Need a student loan?Here are our top student loan lenders of 2018!
|1 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Information advertised valid as of 11/1/2018. Variable interest rates may increase after consummation.
2 Important Disclosures for Discover.
3 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for PNC.
PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.
6 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
9 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|3.94% – 12.78%1||Undergraduate, Graduate, and Parents|
|4.04% – 13.04%3||Undergraduate and Graduate|
|4.34% – 12.99%2||Undergraduate and Graduate|
|4.25% – 11.10%*,4||Undergraduate and Graduate|
|5.03% – 11.23%5||Undergraduate and Graduate|
|4.12% – 13.13%6||Undergraduate and Graduate|
|4.92% – 10.01%7||Undergraduate and Graduate|
|3.72% – 9.68%8||Undergraduate, Graduate, and Parents|
|4.26% – 12.13%9||Undergraduate, Graduate, and Parents|