Show Me the Money: The Growing Availability of Academic Scholarship Funds

College scholarship money is available from a far greater number of sources than most people realize. The two major types of scholarships are academic and athletic, and in the first group there are a great variety of funding sources. In fact, the availability of academic scholarship funds from a growing number of sources is one of the most underreported stories of recent times.

There are “college-specific” scholarships, where the individual institutions have money available under a variety of terms. This normally means achieving a certain Grade Point Average (GPA), participating in extra-curricular activities appropriate to the proposed course of study or a combination of similar factors. Merit-based scholarships awarded for academic achievement are often included in financial aid packages offered by colleges, as well.

Specific departments at many colleges also offer scholarships to attract or retain students in certain programs. If a student knows what his or her major will be, direct contact with the right department is the best approach, since the availability of academic scholarship funds at individual college departments is not always widely advertised.

Thousands of private scholarships are also offered by corporations, business groups, non-profit agencies and fraternal organizations. These awards range from small stipends of $50 all the way up to $20,000 per year and more. There are many sources to consider in the private category.

Corporations, for example, wish to attract and keep well-educated employees, and support the communities where they do business. To encourage entry into particular fields, scholarship funds are budgeted for every school year. For corporate scholarships, students should check with their parents’ employers, investigate other local businesses, and search the newspapers and Internet for corporate announcements on the subject. A student’s chances of receiving a local corporate scholarship is often enhanced by geographic restrictions on such awards. It is also important to remember that these are the very scholarships that go unawarded because of a lack of applicants.

Increased availability of academic scholarship funding has been noted over the last few years among both religious organizations and labor unions. They both help members and their families with the cost of college. The AFL-CIO Web site even offers a “search service” that helps students find union-sponsored scholarships. In late 2005 the amount of funds available in these specific awards exceeded $4 million.

Chambers of Commerce, fraternal organizations such as the Kiwanis and Lions and special-interest groups based on politics, culture or nationality are all excellent sources of college scholarships. The proverbial “other” category has been called “the Mother Lode of scholarship opportunities,” with educational funds offered by individuals, groups and businesses that wish to further their own missions or social agendas.

Finally, various levels of government (local, state, federal) don’t just have loans available, but scholarships as well, and of course act as clearinghouses of information for seekers of college money. The amount of money available for college today is staggering, and students need to take advantage of information available from school counselors, college admissions offices, businesses, cultural groups and all the many other sources. Fortunately, today there is a wealth of information on the Internet, too, so students with good grades can research the availability of academic scholarship funds by letting their fingers do the walking. And they won’t have to wander aimlessly either, as plenty of maps have been prepared to lead them to college tuition checks just waiting to be made out in their names.

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