How to Get Great Scholarships for Current College Students

Reyna Gobel

Updated on February 3, 2020

February 3, 2020February 3, 2020Paying for CollegeFeatured, Student Loans1347Reyna GobelJennifer CoatesSEO

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

scholarships for current college students

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It is possible to go to school completely for free with the right combination of grants and scholarships for college students. By applying quickly and doing good research and networking, you can better position yourself to secure these opportunities.

Here’s what you need to do get the most aid, whether it’s need-based, merit-based, demographic-based, talent-based or a combination of those.

How to find scholarships for current college students
Where to look for more scholarships and grants
When scholarships aren’t enough

How to find scholarships for current college students

There are thousands of scholarships for college students available online via a variety of scholarship search tools, such as the CollegeBoard’s Big Future and Fastweb. Schools also continue to give out financial aid to students beyond their first year. You’re bound to find a few awards that may be right for you by contacting your school’s financial aid office, looking on websites or searching local newspapers and human resources posts about community and employer-based scholarships.

One thing to keep in mind as you look through opportunities is scholarship scams. If you are asked for your Social Security number, a fee or bank account account information, show the scholarship information to your college counselor before proceeding.

Fill out the FAFSA

Be sure to fill out the Free Application for Financial Aid (FAFSA) to get financial assistance in the form of state and federal financial aid. The FAFSA is often misunderstood as just the pathway to student loans, but it’s also the starting point for letting the federal government, state government and colleges know you want financial aid.

Filling out the FAFSA directly impacts your eligibility for Pell Grants, the main federal grant awarded. Depending on a variety of factors, such as your family’s expected contribution, the cost of attendance and your enrollment status, students could receive up to $6,195 per year in Pell Grant funding alone.

States also may use information from the FAFSA to award grants and scholarships. Every grant or scholarship may have different rules, such as age, income, a specific GPA requirement or a specific career field, said Robert Falcon, founder of College Funding Solutions.

Additionally, schools may consider the FAFSA for your financial aid request. Most of the financial aid you receive from the school after your first year is likely to be need-based as opposed to merit-based aid based, Falcon said. Thus, filling out the FAFSA is an extra-important step in your process.

Because some grants, such as university grants, are first-come, first-served, it’s important to fill out the FAFSA as close to when it becomes available on Oct. 1 as possible. If your finances have declined since what was reported on your FAFSA, make sure you fill out a special circumstances form with the school to explain why. You can report costs like emergency medical expenses that may indicate greater financial need.

Fill out a CSS

The CSS Profile is a form required by about 400 colleges in addition to the FAFSA. If you go to one of these schools, you may not receive financial aid from your school without filling out this form, said Falcon. The money that you could miss out on includes university grants and scholarships based on need, merit and/or talent, he said.

The CSS Profile requires quite a bit more financial information than the FAFSA as well as a small fee. However, CSS Profile schools often have much more financial aid to give, Falcon said. Just like the FAFSA, you should call your financial aid office to see if there are any extra forms you could fill out, or additional scholarships that aren’t automatically considered.

Use scholarship search tools

Scholarship search tools can help you find the scholarships that best match your talents, community service contributions and academic skills. Be strategic when searching sites and pick the 10 or so scholarships you’d most likely win.

Before submitting your application, study essay and scholarship rules and guidelines carefully to make sure you adapt your writing and application answers to have the best chance possible.

Search tool	What it offers	Where to find it
Fastweb	Lists over 1.5 million awards; vets all scholarships to make sure they are legit	fastweb.com
Scholarships360	Free online search of thousands of scholarships; daily scholarship emails	scholarships360.org
CollegeBoard’s Big Future	Large directory of scholarships based on hobbies, interests, etc.	bigfuture.collegeboard.org
Scholarship America	Smaller database with scholarships from non-profits and companies	scholarshipamerica.org

Where to look for more scholarships and grants

Once you’ve exhausted your search through major websites, it’s time to look more deeply into what scholarships for college students are available through your school, community organizations and your family’s employers. As you review the information below, make a list of everyone you’d like to contact and how.

State grants and scholarships

To identify opportunities, you can check out your state’s education department website, as well as Student Loan Hero’s guide on state grants and scholarships.

The FAFSA form must be filled out first to be considered for state grants. Each grant or scholarship may have different requirements, such as enrollment status, financial need or minimum GPA, Falcon said.

School scholarships

School scholarships and grants are a tremendous resource for students, and there are tons of scholarships for college sophomores and beyond. In fact, major scholarships are often awarded to third- and fourth-year students. Independent returning students may also receive financial aid.

The financial aid office at your school is a good resource for identifying these opportunities, as is the office for returning or non-traditional students. Just keep in mind that if you get more college scholarship money, it may affect your other financial aid.

Local service groups

To learn about scholarships from local service groups, contact your former high school guidance counselor, your current financial aid office and conduct a well-defined online search.

Let your former high school counselor know your interests and talents and ask if you can remain on the list for their scholarship newsletter while you are in college. Also ask if they can send you an email when a new scholarship that could work for you shows up.

The good news is that since you’re now in college, you have a college financial aid office in addition to your high school counselor. Go to your college financial aid office as well and ask where to find scholarship postings. They be may posted online and on bulletin boards around campus.

Another potential spot to find community-based scholarships is through community foundations, said Pam Andrews, a college admissions coach and scholarship strategist at The Scholarship Shark. You can search online for community organizations in your city, county and state.

Corporate scholarships

Your parents also should check with their employer’s human resources department for company scholarships, Andrews said. Additionally, you may qualify for a scholarship from your own employer, whether you work full-time or part-time.

In addition to scholarships, your employer may offer tuition reimbursement for courses you take that are relevant to their business. For instance, if you are a teller at a bank, you may get reimbursed for finance classes. Tuition reimbursement is very common in grad school. The work co-op office on campus is a great resource for finding employers that are willing to chip in for the cost of attending college.

As an additional resource for finding these opportunities, Student Loan Hero always tries to report on them in its regular news wrap.

When scholarships aren’t enough

It’s difficult — but not impossible — to pay for your education with grants and scholarships for college students. For any shortfall, there are always student loans.

You should always consider federal student loans before resorting to private student loans. Compare rates on private loans with your federal options just to make sure you’re getting your best rate, though. And before you decide to go with a private loan, always consider whether you may need federal student loan protections, such as income-driven repayment and loan forgiveness.

Miranda Marquit contributed to this report.

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Lender	Variable APR	Degrees That Qualify	More Info
	1.24% – 11.44%¹	Undergraduate Graduate	Visit Earnest
	1.25% – 11.15%²	Undergraduate Graduate	Visit SallieMae
	1.24% – 11.98%³	Undergraduate Graduate	Visit College Ave
	1.24% – 12.49%⁴	Undergraduate Graduate	Visit Discover
	1.80% – 11.89%⁵	Undergrad & Graduate	Visit SoFi
	2.71% – 12.99%⁶	Undergraduate Graduate	Visit Ascent
	3.52% – 9.50%⁷	Undergraduate Graduate	Visit CommonBond
Learn more about private student loan lenders. Learn more about private student loan lenders.

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²Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

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Discover Disclosures

Aggregate loan limits apply.
Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
Lowest APRs shown are available for the most creditworthy applicants and include an interest-only repayment discount and Auto Debit Reward. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including undergraduate and graduate loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include an Auto Debit Reward. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.

Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.

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Ascent Student Loans Disclosures

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.

Competitive variable rates calculated monthly at the time of loan approval based on a margin plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent. The current LIBOR is 0.176%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes. Rates are effective as of 09/01/2020 and reflect an Automatic Payment Discount. Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. (See Automatic Payment Discount Terms & Conditions.)
1. Undergraduate Loans: Your variable interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 2.71% and 12.99%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 3.53% and 14.50%. Rates reflect an Automatic Payment Discount of 0.25% on the lowest offered rate and a 2.00% discount on the highest offered rate. The following table shows a 48 month in-school period plus 9 months of grace prior to a full repayment term of either: 60-months (lowest fixed/variable rate), 144-months (highest fixed rate) or 180-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options. (See Undergraduate Loan repayment examples.)
Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.
Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and $25 minimum repayment. (See Undergraduate Loan repayment examples.)
Flexible repayment plans may be offered up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school. Minimum loan amount is $2,000.
Interest rate reduction of either 0.25% (for Credit-Based Loans) or 2.00% (for Undergraduate Future Income-Based Loans) applies only when the borrower and/or cosigner sign up for automatic payments and the payment amount is successfully deducted from the designated bank account each month. The amount of the discount is dependent upon the loan product and credit history of the borrower at the time of application. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of in-school, deferment, grace or forbearance, unless a regular payment amount has been arranged with the servicer. If you have two (2) consecutive returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the interest rate reduction.(See Automatic Payment Discount Terms & Conditions.)
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Eligibility, loan amount and other loan terms are dependent on several factors, which may include: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.
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1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. In order to be eligible for the 1% Cash Back Graduation Reward, borrower must meet the following criteria after graduation:
- The student borrower has graduated from the degree program that the loan was used to fund.
- The student borrower may change majors and/or transfer to a different school, but must obtain the same level of degree (e.g. – undergraduate or graduate)
- The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement.
- Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.
Students can apply to release their cosigner and continue with the loan in only their name after making the first 24 consecutive regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner.

* Application times vary depending on the applicant’s ability to supply the necessary information for submission.

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