As reported by Debt.org, college tuition has increased over the past years, with it costing on average $21,706 for 4-year public institutions and $29,056 for 4-year private, nonprofit institutions. These cost does not include add-ons like room, board, and meal plans, and with the recession hitting families’ pockets, coming up with money to support a college student has become difficult. This is where financial aid comes in, with families and students taking out loans, applying for scholarships, or working at jobs to pay for college. Each year, $46 million in grants and scholarships is awarded to colleges by the U.S. Department of Education. However, finding scholarships can be pretty difficult, especially when there are endless options and various specifics. Luckily, a new app has been created to alleviate the difficulty, as well as some statistics that one should know when it comes to scholarships.
Recently, Christopher Gray invented an app that makes it easier for college students to find scholarships just for them. Scholly utilizes eight criteria -- for instance, race, state, and GPA -- to compile a list of scholarships for an individual it updates new scholarships and deletes old ones every month. The app is only $0.99 and appears to be helpful, as it already has 10,000 downloads. The app caters to every population, so there is no need to fret about high school seniors taking all the scholarships. There are various scholarship options available -- even some that do not require you to excel academically.
School Guides details the various types of scholarships, with the most common being merit-based scholarships. These scholarships are mostly awarded to students with 4.0 GPAs and many extracurricular activities. These scholarships also have the highest payout. For those students who don’t have the highest GPA, there are also scholarships that focus on leadership and community service, known as "average academic performance" scholarships. Athletic scholarships are available for athletes of every sport, and there are creative scholarships for artists, musicians, and dancers. Scholarships for minorities and women are similar, catering to a specific racial group or gender. Lastly, there are scholarships for those who participate in community service, as well as unusual scholarships that are typically sponsored by private companies. These scholarships do not necessarily deal with academic or athletic ability, but help people who are left handed, for one example. Knowing the types of scholarships out there is only half the battle, especially when they are accompanied with various requirements.
According to the Nerd Wallet, The most common deadline for scholarships is in the month of March. Twenty-eight percent of scholarship deadlines occur in March, yet the highest scholarship amounts occur in September and October. Compared to undergraduate students, high school seniors have the greatest advantage when it comes to scholarships. Scholarships are 10 ten times more open to them compared to college students already enrolled in school. There are plenty of scholarships that have restrictions, such as state and major, which play a role in the availability of scholarships. Thirty-seven percent of scholarships have study area restrictions, while 39.9 percent have home state restrictions versus 6.2 percent for ethnicity and 5.9 percent for gender. There is no need to fret, however, with scholarships for women being four times as obtainable. African Americans and Hispanics lead the pack with over 175 ethnic scholarships accessible.
Although there are plenty of options out there, students are still procuring huge amounts of debt after college. In 2013, 69 percent of seniors who graduated from public and private colleges averaged a student loan debt of $28,400 per borrower. The state of New Hampshire has the highest student loan debt, with an average totaling $34,170. These are huge amounts of money, and with no job and interest piling up, the cost of paying back loans can double as time progresses. Financial aid is very important and it is imperative that students get all the information they can about scholarships. More scholarship money means less debt, and with the loan debt increasing more and more, there is a dire need for financial education. With many options to choose from and a new innovative app, there is no excuse for why students should not be receiving scholarship money. The tools are out there for them; all they have to do is use them.
