For students that excel academically, getting a college scholarship is supposed to be a free ticket to a higher education with many advantages. They are told from the time they are in elementary school that if they go to school every day, do their homework, study hard and test well that they will earn a scholarship to college. While this is an excellent incentive for youngsters, they do not always understand how difficult it is to achieve. When the time comes, they find the hard work is just beginning. College scholarships are difficult to come by. The field is competitive. The money is restricted. It is hard to find scholarship money for the exact school that the student has their heart set on attending. Sometimes the dream does not come true.

Competition

Academic scholarships are usually given to the smartest applicant with the best Scholastic Aptitude Test (SAT) scores and grade point average (GPA). Depending on the school’s size and comparable number of applicants, the competition for an academic scholarship may be so fierce that extremely intelligent students who are also good citizens and excellent athletes may not be considered for the funding. They are still welcome to attend, but may receive only some of the money or none at all.

Amount

Scholarships are offered by educational institutions. While most of them are based on academics, there are certain schools which earmark athletic scholarships for their students. There are also special grant monies contributed by alumni to allow deserving co-eds to attend the university they loved so much. This is often not enough to cover tuition, books, activity fees and parking permits, as well as room and board. Many scholarship and grant students are not permitted to work while they are receiving the money. As a result, the cream of the crop of academia often find themselves in need of money for daily living. A private student loan is the most popular for them to make ends meet. The loans are not restricted by what the money can be used for, so long as they are paid back in full as agreed.

Institution

Choosing the right institution of higher learning to attend for four years is challenging. It is especially difficult for students that must rely on scholarship money to attend anywhere. Rather than applying only at universities of their choice, students also apply for grants and scholarships at other schools if they have any hope of earning a degree. There is often very little time to decide whether they will accept the money. This may cause them to make a quick decision on which to school to attend without having ample time to think it through. As a result, they may not be happy there. They may be forced to stay in an uncomfortable environment for the full school year or even all four years if they wish to get an education. If they leave, there is the assurance that they will probably be approved for a student loan. Financial institutions respect those with good grades and drive. The borrower does not need to start paying back the low interest loan until after graduation. Some lenders allow the payments to begin sooner to defray costs of interest.