Scholarships to Go Back to School: Part One

Date: January 3, 2024

If you’re headed back to school, it’s essential to understand your potential funding options. Ultimately, these will help augment your educational dreams. For the most part, college income sourcing can include scholarships, student loans, work-study programs, grants, family gifts, savings, and hard work. This article focuses on scholarships as an attempt to answer questions regarding financial aid options. 

Scholarships 

To start, let’s first understand what a scholarship is. Scholarships are award monies in support of something. By and large, educational scholarships help students navigate school-associated expenses. Generally, scholarships are merit-based and most often awarded on academic skills or achievements.¹  In other words, they are gifts for showing promise. Chiefly, one “earns” these gifts by performing well, being part of a demographic group, or distinguishing oneself for some reason or purpose. 

Accordingly, a plethora of scholarships exist that are specifically designed for higher education. While reportedly over 1.7 million scholarships are awarded annually in the U.S.,² shockingly, only seven (7) percent of college students will actually receive a scholarship.²  In light of this fact and the leftover money still lying on the table, it literally “pays” to know something about scholarships. 

Different Types of Scholarships

For starters, scholarships can be private or publicly funded. They can range from as glamorous as the Miss America Foundation, which awards up to $12,000 for a pretty face,2  or as strange as the Zombie Apocalypse Scholarship, a $2,000 award for thrill seekers.³ They may be as quirky as the National Potato Council Scholarship for spud lovers,3 or as mainstream as the Young Republican Minority Scholarship for future conservatives. Awards may be bequeathed to future female engineers or eligible McDonald’s employees under the Archways of Opportunity.^®4 (How do you like them fries?)  

Yet, wherever they might stem from, scholarships essentially fall into these general categories: 

1. Merit-based (including both academics and athleticism); 
2. Needs-based; 
3. Profession-specific; 
4. Minority-related.

1. Merit-Based Scholarships

First, merit-based scholarships are awarded for excellence in academic, athletic, or other extracurricular achievements rather than financial need. Considering experience, merit-based scholarships recognize individuals demonstrating exceptional achievement—for example, leadership skills, outstanding academic performance, volunteerism, or other notable effort or involvement.

Correspondingly, merit awards may be one-time disbursements or renewable throughout college tenure. Of note, scholarships can be internally funded by a school or sponsored by an external organization.⁵ You can `score’ one for touchdowns, such as for excellence in athleticism, or they may be endowed for practice and good old-fashioned hard work. 

For example, Mary, a violinist, is awarded a music scholarship to the college of her choosing. Mary’s scholarship is awarded based on her past performance and future promise. I.e., She brought her school’s orchestra to acclaim at last year’s music festival. Her scholarship is renewable each year she is in school. For more than just “a song and dance,” Mary can offset some of her college tuition. (Now that’s a tune to sing to!)

2. Need-based Scholarships

Second are need-based scholarships or bursaries. By contrast, “need-based scholarships sometimes also include a merit or academic component but will always require students to demonstrate financial need.”⁶  Need-based scholarships and grants are precisely what their titles indicate: money for students exhibiting financial needs.⁷  Such scholarships consider household income, living expenses, and financial obligations.

Because returning students often face additional financial burdens, have existing loans, or exhibit limited employment opportunities, these awards can significantly alleviate back-to-school difficulties. Usually, they’re the difference between enabling an individual to return to school or deciding to work just one job instead of two. 

However, just because the scholarship criterion is a dire necessity doesn’t mean award categories aren’t diversified, creative, or even downright visionary. A few inventive scholarship names include a Helping Hand, the No Essay Scholarship, and the Ford Driving Dreams Scholarship.6 While it seems a one-size-fits-all scholarship mentality doesn’t exist. By contrast, when hard times meet with raw funds, there’s a “big-tent” approach to giving and receiving. 

3. Profession-Specific Scholarships

Third are profession-specific scholarships. “Most often, this describes potential or current graduate students already working in their fields of study or [those who] are returning to school for another degree but know where their career path is headed.”⁸ Such scholarships are tailored to support individuals seeking education in particular fields or those making full pivots. 

For instance, profession-specific scholarships may be available for individuals pursuing certifications in high-demand fields such as healthcare, technology, or renewable energy. These scholarships assist in covering tuition costs and inspire and encourage individuals to advance within specific professional trajectories.

Scholarship conferment can help boost one’s confidence and looks pretty impressive on one’s resume. For instance, if you aspire to be a teacher, winning a Future Teachers of America scholarship conveys to an employer you were vetted and found promising to this organization among professionals in the field. This line item might be your most powerful statement to a future employer. 

4. Minority-related Scholarships

Fourth are minority-related scholarships. Many organizations and institutions recognize the importance of fostering diversity and inclusivity within higher education. As a result, numerous scholarships are available exclusively for minorities. These awards aim to promote educational equality and provide opportunities for those in underrepresented backgrounds to excel in their chosen fields. Minority scholarships may be based on various criteria, such as ethnicity, nationality, or disability. They help mitigate financial barriers and support the academic aspirations of diverse student populations.

Conclusion

From merit- and need-based scholarships to profession-specific, minority, and single-parent scholarships, a wide range of opportunities exist to assist individuals in achieving their educational aspirations. By taking advantage of these scholarships, students can unlock their full potential, increase their expertise, and open new doors within their desired fields.~ 

See us about financial aid options today. Also, to understand more about grants, see this article. 

Written by Cindy R. Chamberlin.
Citations
^{1 —}. “Oxford Languages.” Oxford Languages, Oxford University Press, 2023. (Accessed November 21, 2023.)
^{2^a, b, c}  Hanson, Melanie. “College Scholarship Statistics [2022]: Yearly Total + Analysis.” Education Data Initiative, EducationData.org, June 18, 2023. (Accessed November 30, 2023.)
^{3^a, b} Mailhot, Brittany. “38 Weird Scholarships for Unique Students in 2023.” Going Merry, Earnest, August 2, 2020. (Accessed November 30, 2023.)
⁴ “Does McDonald’s Give out Scholarships?” Www.mcdonalds.com, McDonalds, March 4,  2021. (Accessed December 4, 2023.)
⁵ Bridges, Meilee D. “The 15 Best Merit Scholarships for College-Bound Students.” Blog.prepscholar.com, College Entrance Examination Board.TM March 3, 2023. (Accessed November 30, 2023.)
^{6^a, b} Geiger, Will. “Top Need-Based Scholarships in August 2022.” Scholarships360. Scholarships360, Inc. June 29, 2022. (Accessed November 30, 2023.)
⁷  Fay, Max. “Need-Based Scholarships & Grants.” Debt.org, Debt.org LLC., April 2021. (Accessed November 30, 2023.)
⁸ “Career-Specific Scholarship | Educationopolis.” Www.educationopolis.com, Educationopolis. (Accessed  December 4, 2023.)

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