There are a few outside scholarships that my D19 may be a strong contender for. But from the research I’ve done, I’m not sure it’s worth her even applying. My understanding is that colleges will deduct from our FA packet (specifically need based) and ultimately we will still be paying the same amount of our expected family contribution. Am I understanding this correctly? If I am, then what is the point of applying for them?
Replies to: Are outside scholarships even worth applying for?
The following article should provide more info to answer your question:
https://bigfuture.collegeboard.org/pay-for-college/grants-and-scholarships/how-outside-scholarships-affect-your-financial-aid-package#
I think it is worth it to apply, especially if you don't have award packages yet. I'd rather my student work on scholarship application in high school than have to work a job to make ends meet, especially with a difficult major. His two small outside scholarships end up being money for books, travel to and from school and spending money. I appreciate it.
Scholarship money will often cancel out expected student contribution, summer employment, loans, etc.
The primary two included one national scolarship and one regional scholarship. Both are renewable for four years and both included a need component. They eliminated the loan and work study component of her financial aid package.
We spent quite a bit of time researching and completing the applications. I would suggest casting a wide net, as you never know which ones will be fruitful. I searched many high schools in the region for their scholarship lists, and used them to start a spreadsheet. I then searched some of the national sites. In the end, our scholarship spreadsheet was pretty detailed. We avoided the lottery scholarships that seemed to be aimed at harvesting personal data. Luckily, most of the scholarship deadlines are after the college application deadlines.
@homerdog
Yes, many scholarships include a need component. Just off the top of my head, take a look at the DAR scholarships. They have some that aren't need based, including a math and a science scholarship.