Going to college and earning an undergraduate degree is the dream of many kids. While the same is probably the case for their parents, the thought of paying for college can quickly cause severe nightmares. Today's Friday Scholarship Guide will be all about the different types of scholarship money and how athletes can tap into more than just athletic financial aid.
Far too often, athletes limit their focus on the most obvious source of scholarship money: athletic financial aid, which is awarded by colleges itself.
While that works out nicely for the strongest athletes in their respective sports, that doesn't necessarily hold true for the very large majority of athletes, who are also competitive enough to compete in collegiate sports. It's a good thing there's a lot more than just athletic scholarship money that can be used to bring down the costs of studying.
Let's have a look at where scholarship money typically comes from:
The numbers stated are provided by "collegeraptor": Where Most College Scholarships Come From
Collegeraptor's infographic shows that 48% of the total 123 billion USD of scholarships and grants in 2013-14 were awarded by federal/state governments, 13% by organizations, and 39% by universities.
U.S. citizens* may submit a Free Application for Federal Student Aid (FAFSA), which can be done here.
Awards are granted by the U.S. Department of Education, based on families' financial need. While the total sum of financial aid amounts to more than 150 billion USD, only some portion of that comes in the form of grants (financial aid, which does not need to be repaid).
Have a look at the below video, which explains the types of federal financial aid in more detail and also offers some insights into federal loan options:
Scholarship money in this category is awarded by non-profit organizations and communities, such as private corporations, religious or cultural organizations.
With more than 10% of financial aid coming from this segment, there are plenty of potential opportunities to look into.
We recommend you have a look at three other editions of our Friday Scholarship Guide, which help you understand the institutional financial aid opportunities a little better:
Hopefully, you have come to a bit better understanding of how things work when it comes to securing scholarships and grants for your education. Unless you are one of the absolute top athletes, do not rely on making it work with a sport scholarship alone ...
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And for the tennis players among you: are you ready to get your search for financial aid from colleges started? Then get yourself in the best position for doing so by signing up with a free recruiting profile here on Smarthlete. Coaches are already waiting to have a look at you!
*Non-U.S. citizens may also qualify depending on set criteria. Please refer to the FAFSA website for more information.