Private scholarships are a great way of drastically reducing the cost of your education. They are gifts that should be taken advantage of no matter your age, your background, or your previous school, you can always benefit from applying for a private scholarship.
Private scholarships are financial aid awarded to students, employers or workers, and people and funded by private companies, cooperative organizations, service groups, religious groups, and individuals.
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They differ greatly in value and requirements are specific to the issuing organization. For example, a bank may issue a scholarship for those majoring in finance, or a tech company may issue a scholarship to people involved or working with technology development.
With private scholarships, you can find scholarships for almost every purpose and circumstance if you look in the right places.
Types Of Financial Aid
Private scholarships are a type of financial aid issued by private individuals or bodies. There are other types of financial aid that might interest you as well.
Government Aid
This is the type of financial aid provided by your federal and state government. They provide two main types of financial aid that you do need to pay back and these are grants and work-study.
Most times the grants are tied to the student’s financial needs. Another way they come in is by providing part-time jobs to students around the campus to help sort out their needs.
Loans
These loans come in two forms. It could be a subsidized or an unsubsidized loan. They are available for students to take advantage of to pay their tuition fee however it is expected to pay back.
The good news is that the loans usually come with a very generous term. The money to be returned could be lesser than the amount initially loaned out and the period or repayment is elongated for up to six to eight months after graduation.
Institutional scholarships
These are financial aid granted by universities. It could be the institution you are currently in or the one you are planning to apply to. This type of scholarship is also an awesome opportunity to advantage of.
Who Offers Private Scholarships?
Private scholarships are offered by a lot of private cooperation, nonprofit organizations, non-governmental organizations, religious bodies, research institutions, national institutions, and individuals who believe in the value of education and just want to make a difference in someone’s life.
It could also be a group of highly influential people who come together or otherwise act independently to put up scholarship schemes targeted at a different class of people.
What Type Of Private Scholarships Are Available?
The most common type mostly available is when the benefactor is awarded some amount of money. There are full private scholarships available as well but are very rare. This should not discourage you from applying, as even small private scholarships can add up and be used to fund your tuition.
Who Is Eligible To Apply For Private Scholarships?
Almost anyone is eligible to apply for a private scholarship depending on what you are looking for and of course, the standards set by the scholarship giver. Most times, students are picked based on their merits, their academic performances and activities, athletic activities, artistic interest or innovations, and community service.
There are also some private scholarships awarded to women and girls, children within a particular age bracket, people or students with unique abilities or talents, people with extraordinary or very distinct passions or accomplishments, etc. students or non-students may receive private scholarships based on the following criteria but is not in any way limited to these:
- Academic excellence
- Community service
- Gender or background
- Religious affiliation to any religious group
- Employee of a corporate organization of your parent is an employee
- Artistic pursuit
- Technology sills pursuit
- Technology innovations
- Electrical innovations
- Athletic performance
- Membership of an organization etc.
Are Private Scholarships Better Than Institutional Scholarships?
Institutional scholarships are scholarships issued and awarded by universities or colleges. These also cover a variety of students collectively or could be targeted at specific students as well just like private scholarships. So, you should explore both options in your search for your dream scholarship.
Private scholarships are not any better or worse than institutional scholarships, there are just different types with different sources and standards. Your search for a scholarship should not be dependent on the sources or type of scholarship. You should maximize every opportunity available to pave your way through paying your tuition.
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How Much Are Private Scholarships?
The prices for private scholarships vary depending on the scholarship giver. It also depends on how much money is available for the issuing organization that year and how they choose to dispense it, the number of students they wish to cover is a determining factor for how much it could be.
Some private scholarships range from 100 to 500 dollars. It could also be in thousands. No matter how little a private scholarship may have to offer, it shouldn’t deter you from applying.
These low-value private scholarships are easier to obtain because there is less competition for them.
You can apply for multiple similar scholarships that will eventually add up in the end. This way, you have a higher chance of securing funds for your education than putting all your hopes in one or two high-value scholarships.
Six Things To Know About Private Scholarship
Before you start your hunt for private scholarships, here are a few things you need to know to be up in your game of winning one:
Full-ride private scholarships are extremely rare, there are quite available but also very competitive. Out of full-time college students, only about three percent receive a full-ride scholarship from any source.
Applying to a low-value scholarship of fewer than 1000 dollars is often avoided by most students but this is also an opportunity to grab with both hands. Here is why – these scholarships are easier to win, they are less competitive because applicants pay less attention to them hence the higher chance of winning.
Another thing to note is not to dismiss any scholarship competition that has to do with submitting an essay or writing, art, or paint work. Students tend to disregard these competitions.
They are worth a try. You should also apply to your local scholarships within your state. These are often overlooked so there are less competitive and you have a higher chance of winning when you apply.
You should constantly and consistently search for private scholarship opportunities because institutional scholarships come out twice a year while private scholarships, can come out anytime hence the need to always be on the lookout.
Lastly, you should be involved in community service and do some volunteer works to increase your chance of securing a scholarship. Scholarship givers would rather award a student who does volunteer or community activities consistently than one who doesn’t.
How To Find A Private Scholarship?
There is a variety of websites that offer scholarships to suit your needs. You make use of some of these websites such as Chegg, Fastweb, and scholarships.com to begin your search.
You have to put in your details about yourself, and your level of education and then you get scholarship matches sent to your inbox. The resources online cannot be exhausted in your search for private scholarships.
Also, the power of contacts and networking cannot the underestimated. You can get help and more information from financial aid offices from the colleges and universities you are considering applying to.
You can also enquire about scholarship offers from your employer if you have one or working part-time. If you belong to any religious or community organization, that’s any place to enquire about scholarship offers.
Do Private Scholarships Include Repayment?
Just because it’s a private scholarship does not mean you have to pay it back. No, you do need to pay pack. A scholarship is a gift and not a loan. If it’s a recurring scholarship, you will have to meet some requirements as stated in the scholarship to maintain the awards in the coming years and throughout your duration of the study.
The scholarship will have certain guidelines and rules as to courses you have to complete and the CGPA score required to maintain the scholarship. Every private scholarship differs so you need to ask for the guidelines to maintain your award throughout your schooling.
What Is The Difference Between Private Scholarships And Private Loans?
Private scholarships are awarded to students based on merits and could be need-based too or other criteria. There is no repayment involved. Private loans on the other hand are issued based on the agreement between the two parties. It will be repaid with interest as agreed when the loan was taken within a specified duration.
Top 10 Universities That Offer Private Scholarships In The United States
The united states of America are one of the most searched for destinations of students looking for scholarships. below are some lists of American colleges and universities offering scholarships.
- American university scholarship: AU’s scholarships are awarded to students and are solely based on merits. It is a partial and not a full scholarship offered to undergraduates in the
- Clark university scholarships: Your eligibility for a scholarship depends on educational achievements. It is solely merit-based and available to undergraduates in their first year and those applying to the university for undergraduate courses.
- Columbia college scholarships: Scholarships are awarded to exceptional international students and are given as a one-time grant.
- University of the west scholarship: The university of the west offers scholarships to foreign new students with high academic performances but a pressing financial need.
- Illinois Wesleyan university scholarship: This scholarship is merit-based and offered to qualified foreign applicants with exceptional academic performance. An entrance exam is taken by applicants and the scores also determine if the scholarship will be given or not.
- Oregon university scholarships: This scholarship is offered annually with more than one million dollars also as financial aid to foreign students. It is open to both undergraduates and graduates. It is merit-based, need-based, and can make diverse presentations to different groups of people.
- Emory college scholarship: Every year, Emory college offers a need-based scholarship to selected foreign students.
- New York university Wagner scholarships: This scholarship program is highly competitive and merit-based. It is available to all full-time and part-time applicants however, non-degree certificate students and employees of New York University are not eligible to apply.
- Iowa state university international merit scholarships: Scholarship is offered to undergraduate applicants and is highly competitive. SAT and ACT scores are also reviewed alongside their school grades before being chosen for the scholarship.
- East Tennessee State University: This scholarship is open to foreign students applying for a graduate or undergraduate degree.
How To Increase Your Chance Of Getting A Private Scholarship?
Make sure to apply every year. Do not get discouraged. It is never too early or late to start applying for your dream scholarships.
- Do not bypass or overlook low-level private scholarships. It is less competitive and greatly increases your chance of getting one but do not stop at one. Apply for multiple scholarships till the money adds up.
- Scholarship offers that include essay writing also attract very few applications. This is another opportunity to work on your essay writing and apply.
- Be involved with volunteer work and community service. Scholarship givers lookout for a student who is involved in these activities consistently. This surely increases your chance of getting a scholarship.
- Be on the lookout for scholarships that are not solely merit-based and put your uniqueness to work. Your strength, passion, and talent are also standard criteria for acquiring a scholarship.
- Be on the watch for scammers. You need not have to pay a certain amount of money before applying for a scholarship. In case you are applying and you find such, please disregard that particular website or program. With all these put to play, you are definitely on your way to securing your dream scholarship!.
