These 5 Scholarship Types Could Save You Big-Time

When you’re thinking about paying for college, it can be stressful to figure out all the different elements required to afford it. Tuition, room and board, textbooks, and other costs can add up quickly. Fortunately, scholarships can help alleviate this financial burden. Scholarships are not just for the academically gifted or athletically talented, either. There are countless types available that cater to a variety of student profiles. Here are five types of scholarships that could save you big-time on your college education.

1. Merit-Based Scholarships 

Merit-based scholarships are awarded based on a student’s outstanding achievements. These achievements may be academic, artistic, or leadership oriented. If you excel in a particular area, there’s likely a merit-based scholarship out there for you. For instance, many colleges and universities offer academic scholarships to students with high GPAs or impressive SAT®/ACT scores. Others might reward students who have shown exemplary leadership in community service or extracurricular activities. 

2. Need-Based Scholarships 

Need-based scholarships are awarded based on family income levels. These scholarships aim to make education accessible to all, regardless of economic status. They’re usually awarded after an assessment of your family’s income, assets, and other financial factors. Keep in mind that most need-based scholarships also consider academic performance. This is different from financial aid, as you’ll still need to demonstrate other characteristics to earn these scholarships. 

3. Athletic Scholarships 

If you’re an athlete who excels in a sport, an athletic scholarship could help with your college costs. These scholarships are often substantial and can cover everything from tuition to room and board. Colleges scout talent in a wide range of sports, including football, basketball, swimming, track and field, golf, and more. However, securing an athletic scholarship is competitive, so you’ll need to demonstrate not only talent and skills but also dedication to your sport. 

4. Scholarships for Underrepresented Groups 

To promote diversity and inclusivity, many scholarships are dedicated to students from underrepresented groups. These can include scholarships for racial and ethnic minorities, LGBTQ+ students, women in STEM fields, students with disabilities, and more. These scholarships aim to level the playing field and ensure all students can pursue higher education. 

5. Field of Study Scholarships 

Field of study scholarships are awarded to students pursuing a particular academic discipline. From STEM to humanities, arts, social sciences, and more, there are scholarships available for nearly every field. Often, professional associations, companies, or foundations fund these scholarships to encourage students to enter their industry. There’s a diverse array of scholarships to help you pay for college, and BigFuture® can connect you to thousands you’re eligible to apply for. No matter your background, interests, or financial situation, there’s likely a scholarship for you. So don’t forget to explore your options on BigFuture and apply—it could save you big-time!