Did you know that many college students change their major at least once? In fact, research by the U.S. Department of Education shows that about a third of undergraduates switch majors during their studies. And this isn’t just common—it’s a healthy part of discovering new interests.
College is about finding your path, and understanding the financial impact of your choices from the start is essential. When you shift your academic focus, your financial plan often needs to follow suit.
That’s why we’ve gathered vital resources for budgeting, applying for undergraduate scholarships, and managing loans. Knowing how to navigate financial options early makes those academic shifts easier and keeps your finances stable along the way. Here at Scholarship Institute, we’re here to connect you with top scholarships tailored for undergrads so you can focus on thriving in college. Start today and take control of your journey!
Understanding the Costs of College
The average cost of college in the United States is $38,270 per student per year, including books, supplies, and daily living expenses. This amount reflects not just the cost in terms of time that it takes to earn a bachelor’s degree but also the amount of debt weight carried after graduation.
The good news is that undergraduate scholarships can help address the cost of attendance and reduce the challenge of dealing with debt. The student debt crisis has surpassed a record amount of $1.6 trillion, affecting people of all ages and taking decades to pay off, but practicing to apply for scholarships for college or university on a regular basis really has a strong impact if you want to pursue higher education.
The Student Debt Crisis and Its Impact On College Students
Student loans are a huge part of the college experience for millions of people. On average, a borrower takes on around $37,853 in federal student loan debt, and private loan debt adds up to a staggering $128.8 billion nationwide. To get a bachelor’s degree, the typical student ends up borrowing more than $30,000, which can take years—sometimes close to 20—to pay off.
Right now, 42.8 million borrowers are dealing with federal student loan debt, which shows just how widespread this financial challenge is. It’s a major commitment that sticks with students long after graduation. For most students, due to rising tuition and stagnant wages, the average student cannot afford college without taking on student debt, but scholarships can make up the gap and cover the rest of their tuition.
How Scholarships Can Help Bridge the Financial Gap
Scholarships for college students are a fantastic way to alleviate the financial burden of higher education. Imagine having an extra amount of cash each semester for the rising costs of tuition, textbooks, or living expenses. These scholarships cover a wide range of fields, including STEM, arts, humanities, and social sciences, with similar process applications and ways to minimize the time needed for each application.
Types of Scholarships
Institutional Scholarships
Many schools offer institutional scholarships, ranging from a few thousand dollars to full-tuition and full-ride scholarships. Some schools require a demonstration of financial need to qualify. Institutional scholarships are often awarded to students who demonstrate academic excellence, leadership potential, or community service.
Private Scholarships
Private scholarships are offered by organizations, companies, and individuals outside of colleges and universities. These scholarships can be merit-based, need-based, or a combination of both. Sometimes, private scholarships can be highly competitive and be directly connected to the school you are attending. These scholarships provide significant financial assistance to undergraduate students, and in many cases, they are prestigious scholarships that students only hear about after maintaining a high GPA.
Merit-Based and Need-Based Scholarships
Merit-based scholarships are for students who shine academically or excel in sports, music, or the arts. They’re often awarded to those with high grades or unique talents. Conversely, need-based scholarships are designed to help students who might struggle to afford college, focusing on financial needs rather than just achievements. Many scholarships combine merit and need, so students have to show they’ve done well in school and need financial support. These hybrid scholarships aim to recognize hard work while making sure that money isn’t a barrier to getting a good education.
Scholarships for Undergraduate Students
We’ve gathered a selection of college scholarships that students can benefit from based on their unique backgrounds. These scholarships are open to students currently enrolled in college or planning to attend.
If you identify with any of these groups, our scholarship search tool makes it easy for undergraduate students, including high school seniors preparing for undergrad, first-generation students, and minority students, to find and apply for scholarships that are the right fit. Explore these options:
- Scholarships for High School Senior
- Scholarships for First-Generation Students
- Scholarships for Black Students
- Scholarships for Hispanic Students
- Others: Bold $25,000 Scholarship
Scholarship Application Tips
- Start by looking at the deadline: Is it due next week? Next year? Depending on how close the last day a student can complete the application, you can decide whether it is worth your time or if it’s better to wait for the next deadline and focus on a different scholarship.
- Read the eligibility criteria closely: What documents are necessary? Do I have to write an essay? A letter of recommendation? Do I need transcripts? These will determine how to manage the time that you need to complete the application.
1. How to Write a Winning Scholarship Essay
Start by researching the scholarship and the organization offering it since they will vary. Make sure to tailor your essay to the specific scholarship and organization: What can of students they support? What is their mission? Consider seeking feedback from teachers, mentors, or peers if you have to write an essay.
2. How to Build a Strong Scholarship Application
Make sure to include all required materials, such as transcripts and letters of recommendation. Consider including additional materials, such as a resume or portfolio, that can highlight who you are. This will showcase your talents, background, and aspirations. Make sure to proofread your application carefully to avoid errors.
3. How to Follow Up On Scholarship Applications
Consider reaching out to the scholarship provider to ask about the status of your application through email or their website. If anything is missing, make sure to follow up with any additional materials or information requested by the scholarship provider. Consider sending a thank-you note or email to the scholarship provider after the application process is complete.
Additional Resources for College Students
It is obvious that Scholarships can provide significant financial assistance to undergraduate students. They can help bridge the financial gap and make college more affordable for all. Scholarships provide opportunities for students to pursue their academic and career goals.
How to Find More Scholarships Outside of This Page
Many schools offer scholarships to both incoming and current students. Colleges and universities often have their own college scholarships for various areas of study and activities. Students can search for scholarships on their school’s website or through online scholarship databases.
Frequently Asked Questions About Eligibility and Qualifications
1. Can I Renew a Scholarship?
Many undergraduate scholarships are given with the stipulation that they can be renewed for several years, often for four years total. However, students usually have to follow some basic rules, like maintaining a certain GPA.
2. Can I Negotiate Scholarships?
Negotiating more money from a third-party organization can be tricky and not an option. However, you might have better luck with your school’s own financial aid department.
3. Are Scholarships Available for Online or Part-Time Students?
Yes, many scholarships are available for online or part-time students, but some scholarships may require students to be enrolled full-time or have a certain GPA.
4. Can Any Grade Level Apply for Scholarships?
Yes, many undergraduate scholarships are available to various types of students: high school students planning to enter college, current undergraduate students, and prospective undergraduate applicants.
Most undergraduate scholarships are open to students of any college grade level, although some may specifically target incoming freshmen, college sophomores, or seniors. Certain scholarships may even target high school senior students specifically, offering them unique opportunities as they prepare to enter college.
These scholarships typically welcome all degree-seeking undergraduate students, whether you’re pursuing a bachelor’s degree or an associate degree. If you’re attending or planning to attend a community college, you’ll also find financial aid options, especially if you have demonstrated financial need.
5. Do I Have to Know Where I’m Going to School to Apply for Scholarships?
You don’t have to be accepted anywhere to apply and even win a scholarship. However, in terms of scholarship eligibility, it often matters where you attend school. Remember that proof of enrollment is always essential, and many scholarship applications will ask this kind of question. Some scholarships are available exclusively for students attending specific colleges or universities, but others are more open to diverse backgrounds with the goal of supporting your future academic year.
6. Can I Get a Scholarship If I Already Have a Degree?
If you already have a bachelor’s or associate’s degree and are going back to school, you may have a harder time getting a scholarship. Some schools may still be willing to give you an internal scholarship if you meet their criteria. However, most undergraduate scholarships are designed for students pursuing their first undergraduate degree. This is different for graduate students. Students who are planning to get a graduate degree, postbac, or are international students also have many scholarships available. If you are unsure, the best way to find out if you are eligible for a scholarship is by asking your educational advisor for institutional scholarships and looking at digital scholarship platforms.
Bethany Keene
Alongside her English degree, Bethany Keene’s passion for community engagement and civic responsibility serves as the foundation for her articles at Scholarship Institute, where she writes about scholarships and other funding opportunities for students with a focus on social issues in education.
