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Scholarships
Undergraduate
scholarships and graduate fellowships are forms of aid that
help students pay for their education. Unlike student loans,
scholarships and fellowships do not have to be repaid.
Hundreds of thousands of scholarships and fellowships from
several thousand sponsors are awarded each year.
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Generally, scholarships and fellowships are reserved for students
with special qualifications, such as academic, athletic or artistic
talent. Awards are also available for students who are interested in
particular fields of study, who are members of underrepresented
groups, who live in certain areas of the country or who demonstrate
financial need.
The best way to search for scholarships and fellowships is to use a
personalized search, like the FastWeb
scholarship search, that compares your background with a database
of awards. Only those awards that fit your profile are identified as
matches.
There are several free scholarship databases available online.
With more than $1 billion in scholarships, the FastWeb
scholarship search is the largest, most accurate and most
frequently updated scholarship database. If you supply an email
address, they will notify you when new awards that match your profile
are added to the database. You can even submit an electronic
application to some of the scholarships listed in the FastWeb
scholarship database, saving you time and money. FastWeb also includes
a college search and numerous other student resources.
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In
addition to the FastWeb scholarship search, you may want to
search one of the other
free scholarship search sites. It doesn't take much time
to search and it's free. To find small local awards that
aren't listed in any book or database, look for notices posted
on bulletin boards at your school's guidance office, the
public library and outside the financial aid office at nearby
colleges and universities.
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College alumni and other private scholarship sponsors occasionally
establish scholarships with esoteric eligibility requirements, such as
a scholarship for left-handed students. Although there aren't many of
these unusual
scholarships, they often attract a lot of attention because of
their slightly offbeat nature.
The most prestigious
scholarships and fellowships also attract a lot of attention
because they are among the most lucrative and competitive awards.
Don't waste your money on fee-based scholarship matching services.
You won't get any better information than you can get from the free
services available on the Web.
Once you've identified the scholarships for which you are
eligible, FinAid has many good suggestions on how to maximize your
chances of winning
a scholarship.
Scholarships that sound too good to be true usually are. Learn how
to recognize and protect yourself from the most common
scholarship scams. The number one tip: If you have to pay
money to get money, it's probably a scam.
It is important to ask the school's financial aid office about its
outside
scholarship policy, since this can affect how much you benefit
from winning a scholarship if you are receiving need-based student
aid.
A portion of your scholarship might be taxable.
Usually amounts used for tuition and required fees are tax-free, but
you should review the rules to ensure that you report the scholarship
correctly.
Students who are awarded scholarships often need additional
financial assistance. See the Loans
section for information on student and parent loans. To find out about
contest, grants and other aid options, visit the section discussing Other
Types of Aid. The Other Types of Aid section also provides
information about scholarships for students with specific interests or
abilities.
Businesses and philanthropists who are thinking about sponsoring a
new scholarship may find the Scholarship
Design & Management section helpful.
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