4 Questions Every Student Should Answer About Getting a Scholarship

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In College Planning & Financial AidLendKey

Getting a Scholarship is a major goal for any new college student.  But unfortunately not every student is able to get one.  Students are left wondering what it is they need to do in order to secure that extra funding they need.  The following Q&A/tips can help you secure a scholarship.


What is a scholarship?

It is a form of merit based funding used toward higher education expenses.  The awarding of a scholarship is based on academic performance, sports, or some form of extracurricular activity a student is associated with.


Where do they come from?

Typically from two different areas.  First, the college you attend may offer you a scholarship upon admission.  Second, an outside scholarship group may offer you a scholarship if you apply for it.  Scholarships are offered by a range of organizations such as community groups or large corporations.


How do I apply?

Scholarships from your college are determined by the admissions office and are based on your standardized test scores, high school GPA, extracurricular activities and other factors.  If it is for sports keep in mind only 2% of all college applicants ever receive an athletic scholarship.  Outside scholarships are based on a variety of criteria like your college major, gender or ethnicity.  Sites like, StudentScholarshipSearch.com and Fastweb can help you search out for outside scholarship.


A GPA requirement is attached to all scholarships offered by a College.  So if your grades go down you could lose it.  Make sure you know exactly what GPA requirement you need to maintain your scholarship so there are no unpleasant surprises about your eligibility.  Scholarships offered by outside foundations may or may not have a firm GPA requirement to maintain.


What if I lose my Scholarship?

Normally there is an appeal process to try and get a scholarship back if you lose it due to low grades.  You will have to write an essay outlining what problems you had and a plan for improvement.  One of three results will occur.  First, your appeal may be approved for 100% of the scholarship amount.  At the end of the next semester, your grades will be reviewed.  If there is no improvement the scholarship may be canceled again. Second, the appeal may be approved for a partial amount, but again your grades will be reviewed at semester end.  Thirdly, your scholarship appeal might be denied.  Lesson learned:  Keep your GPA up so you do not have to deal with the appeal process.


After taking into account your scholarships and grants, you may still need more funding to complete your degree. If you need of extra money for college, consider taking out a private student loan.



Please note that the information provided on this website is provided on a general basis and may not apply to your own specific individual needs, goals, financial position, experience, etc. LendKey does not guarantee that the information provided on any third-party website that LendKey offers a hyperlink to is up-to-date and accurate at the time you access it, and LendKey does not guarantee that information provided on such external websites (and this website) is best-suited for your particular circumstances. Therefore, you may want to consult with an expert (financial adviser, school financial aid office, etc.) before making financial decisions that may be discussed on this website.