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Home » Plan for College » Scholarships » Scholarship Process » 7 Scholarship Strategies to Win the Most Money
  • Contents
  • 1. Know What You’re Looking For
  • 2. Understand Eligibility Criteria
  • 3. Dedicate Time Each Week
  • 4. Finding Scholarships Online
  • 5. Have Your Information Ready
  • 6. Create a One Size Fits All Essay
  • 7. Get Ready to Win

7 Scholarship Strategies to Win the Most Money

Penny Redlin
By Penny Redlin
Updated on March 4, 2025
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Scholarships provide valuable financial support for college without the burden of repayment like student loans. They help make higher education more affordable by covering expenses like tuition, books, and even living costs, easing the financial strain on students and their families. 

Scholarships recognize and reward academic achievement, extracurricular involvement, and community service, making them a testament to a student's hard work and dedication. By winning scholarships, you can focus more on your studies and personal growth rather than financial concerns, setting a strong foundation for your future career and personal success.

1. Know What You’re Looking For

There are several types of scholarships available, each catering to different needs and qualifications. Understanding these categories can significantly enhance your chances of securing financial support for your education.

Merit-Based Scholarships  

These scholarships are awarded based on a student’s academic, artistic, or athletic achievements. They often require maintaining a certain GPA, excelling in extracurricular activities such as sports or music, or demonstrating leadership skills. Schools, private organizations, and corporations usually fund merit-based scholarships to encourage and reward outstanding performance.

Need-Based Scholarships  

Need-based scholarships are designed to provide financial assistance to students who demonstrate significant financial need. Eligibility is generally determined by the family's income, assets, and overall financial situation. These scholarships aim to make education accessible to those who might otherwise be unable to afford it, bridging the gap between the cost of education and what the family can contribute.

Identity-Based Scholarships 

These scholarships are intended for students who belong to specific groups, including ethnic minorities, women, LGBTQ+ students, and other underrepresented communities. Identity-based scholarships aim to promote diversity and provide opportunities to those who may face systemic barriers in education. They often include criteria related to the applicant's background, heritage, and community involvement.

Chance-Based Scholarships  

Also known as sweepstakes or random-draw scholarships, these do not require any specific achievements or financial need. Instead, recipients are chosen randomly from the pool of applicants. These scholarships are relatively easy to apply for. They provide an equal opportunity for all applicants regardless of their academic or financial profile.

2. Understand Eligibility Criteria

Sifting through the countless scholarships available can initially appear overwhelming, but understanding the common types of eligibility criteria can make this process more manageable. Most scholarships will likely fall into the following categories: academic performance, financial need, identity, extracurricular involvement, and special talents or interests.

Academic Performance  

Many scholarships, especially merit-based ones, require a minimum GPA or class ranking. To quickly determine if you are eligible, review your academic records and compare them with the scholarship's requirements. Schools often provide official transcripts, so ensure yours is up-to-date when applying. Some scholarships may require standardized test scores, such as the SAT or ACT.

Financial Need  

Need-based scholarships assess your financial status to determine your eligibility. This is usually done through the Free Application for Federal Student Aid (FAFSA) or the CSS Profile. Collect necessary financial documents, such as tax returns and income statements, to complete these forms accurately. The sooner you complete these applications, the more likely you are to secure aid.

Identity-Based Criteria  

Scholarships aimed at promoting diversity may require applicants to belong to specific demographic groups. Quickly ascertain your eligibility by reviewing the scholarship descriptions and matching them with your background. This could include race, gender, sexuality, nationality, or even religious affiliation. Applicants might need to provide a personal statement or reference letters attesting to their identity and community engagement.

Extracurricular Involvement  

Many scholarships value well-rounded applicants who are active in their schools or communities. Gather documentation of your extracurricular engagement—letters from coaches, activity records, or certificates of participation. Scholarships may look for leadership roles, volunteer hours, or club memberships.

Special Talents or Interests  

Some scholarships focus on specific talents, such as music, arts, sports, or unique academic interests. Identify your strengths and compile a portfolio showcasing your exceptional talents. This might include videos, artwork, writing samples, or athletic records. Competitions, exhibitions, or journal publications can also bolster your application.

3. Dedicate Time Each Week

Allocating at least half an hour to an hour regularly can substantially increase your chances of securing the financial aid you need to pursue your educational goals.

Scholarships come with varying deadlines and requirements. By setting aside regular time, you can stay on top of these deadlines and ensure that each application is thorough and complete. This level of organization can prevent missed opportunities and the last-minute rush, which might result in overlooked details or errors in your applications.

The more scholarships you apply for, the better your chances of winning. Scholarships are highly competitive, and the sheer volume of applicants means that standing out is crucial. By dedicating consistent time to this process, you can tailor each application to highlight your strengths and how you meet the specific criteria of each scholarship. This focused approach can make a significant difference in the outcome.

Consider bookmarking chance-based scholarships that have monthly drawings, coming back each month to enter until you win.  Many of these scholarships utilize simple entry forms and auto-fill will make entering dozens of these each month quite easy, increasing your chances of winning scholarship money for college. 

Applying for multiple scholarships diversifies your opportunities. Instead of relying on a single source of funding, you are casting a wider net, which statistically increases your likelihood of receiving financial aid. This diversified strategy is especially important considering that some scholarships might offer partial funding, and combining multiple awards can effectively cover more of your educational expenses.

4. Finding Scholarships Online

Online scholarship databases can be quite efficient and effective. These platforms serve as a central hub where you can access a plethora of scholarship opportunities tailored to your unique profile, streamlining your search and application process.

Online databases offer user-friendly interfaces allowing you to create detailed profiles. By inputting your qualifications, interests, and personal background, these platforms can match you with scholarships that fit your specific criteria. This targeted approach not only saves time by filtering out irrelevant scholarships but also increases your chances of finding opportunities that you are more likely to win.

These databases are continually updated with new scholarships and deadlines, ensuring you have access to the most current information. Many also provide additional resources, such as application tips, sample essays, and information on how to avoid scholarship scams.

5. Have Your Information Ready

Being prepared involves having all necessary information and documents readily available, which can significantly simplify and streamline your journey. Here are some key reasons why preparation is essential:

Time Efficiency:

When you have your information organized and readily accessible, you save valuable time that can be otherwise spent searching for documents or trying to recall important details. This efficiency allows you to focus more on tailoring your applications and less on administrative tasks.

Accuracy:

Scholarships demand precise and accurate information. Having your details ready ensures that you can provide consistent, error-free data on your applications, reducing the likelihood of mistakes that could disqualify you.

Meeting Deadlines:

Scholarship deadlines can be rigorous and unforgiving. Having your documents organized ensures that you can meet these deadlines without last-minute stress. This preparedness also allows you to submit higher-quality applications since you'll have ample time to review and refine them.

Personalization:

Scholarship committees often look for applicants who have put effort into their applications. When you are prepared, you can provide personalized responses and details that align closely with the scholarship's requirements and mission, making a more compelling case for why you deserve the award.

6. Create a One Size Fits All Essay

A well-crafted personal statement, along with multiple versions tailored by word count, can significantly enhance your chances of securing scholarships:

Showcase Your Unique Story:

A personal statement provides a platform for you to share your unique journey, experiences, and aspirations. It allows you to go beyond your grades and test scores to reveal the person behind the application. A well-written personal statement can captivate the selection committee, making your application memorable and impactful.

Highlight Relevant Achievements:

By having multiple versions of your personal statement, you can tailor each one to emphasize achievements and experiences that are most relevant to specific scholarships. This customization allows you to align your narrative with the scholarship's values and goals, demonstrating why you are an ideal candidate.

Adapt to Different Requirements:

Scholarship applications often have varying word limits for personal statements. Having versions of your statement that are 250, 500, or 750 words, for example, ensures that you can meet any length requirement without having to hastily edit down or pad out your content. This preparation helps maintain the quality and coherence of your statement across different applications.

7. Get Ready to Win

You can get ready to win by actively checking your email:

Consistent Monitoring:

Make it a habit to check your email regularly, at least once or twice a day. Many scholarship opportunities and updates are time-sensitive, and being proactive about your inbox can ensure that you do not miss important communications.

Check Spam and Junk Folders:

Sometimes, legitimate emails from scholarship committees can end up in your spam or junk folders. Make sure to check these folders frequently and mark any relevant messages as "Not Spam" to prevent them from being filtered incorrectly in the future.

Set Up Notifications:

Utilize email notifications on your mobile device or desktop to alert you immediately when you receive new messages. This way, you can promptly address any important emails without delay.

Timely Responses:

If you receive an email notifying you of a scholarship win, it is crucial to respond promptly. Scholarship committees often have strict deadlines for acceptance and submission of further documents. An immediate response signals your enthusiasm and ensures you secure your prize without it being offered to someone else.

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March 04, 2025
In order to increase your scholarship chances, you need to play the odds. Your goal should be to find as many scholarships you qualify for as possible and get those scholarship applications turned in.
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Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

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