The information contained in this presentation is subject to change and does not constitute legal or...

The information contained in this presentation is subject to change and does not constitute legal or financial advice. Always consult a financial planner or a tax advisor for detailed information. Discover Student Loans are not endorsed by this school.

The Scholarship Quest

©2014 Discover Bank, Member FDIC

Agenda

• Questions From Parents & Students

• Why Scholarships Matter

• How To Apply For Scholarships

• Keeping Your Scholarship

• Scholarship Tips

• Scholarship Scams

• Final Thoughts

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Questions From Parents & Students

When does the scholarship search process begin?

Should I pay for a scholarship search ?

Are scholarships only available to entering college freshmen ?

If my child is not in the top 10% of my class, is he/she eligible for a scholarship ?

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Why Scholarships Matter

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Typically recognize a student’s work or effort.

Helps pay for college and living expenses so a student can have time to focus on their studies.

Scholarship money does not have to be paid back.

STARTING THE SCHOLARSHIP PROCESS


Types Of Scholarships

Need-based Scholarships

• Scholarships based on demonstrated financial need as determined by the Free Application for Federal Student Aid (FAFSA)

— Institutional

—Federal

—State

Academic & Merit Scholarships

• Merit scholarships are often related to academic performance, but can also be given to a student with artistic or athletic excellence

— Institutional

— State

— Private

— National Merit

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In addition to completing the FAFSA, some students may need to also complete the College Scholarship Service (CSS) Profile.


Sources of Scholarships

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Local

Ethnic

Institutional

Employer and Military

Community Service First Generation


Scholarship Search Engines

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Many schools automatically consider you for grants and scholarships when you apply for admission. For grants and scholarships not offered by your school, the best place to start looking is on the internet. Websites to consider include:

• DiscoverStudentLoans.com/Scholarship – no registration required to search for over 3 million scholarships

• Studentaid.gov – a source to find and apply for federal grants

• Fastweb.com – sends you personalized options for grants and scholarships

• Scholarships.com – you customize your search results based on your profile

• Ed.gov/Erod – search for state scholarships by entering your state and the word “scholarship”


Partners In The Process

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High School Guidance Counselors

College Financial Aid Administrators

College Admissions Officers

College Department Deans


General Requirement Examples

• Colleges seek motivated students with demonstrated leadership skills and volunteer experience

• Involvement in school activities, government and the community is helpful

NATIONAL MERIT

• A limited number of students qualify, based on their PSAT scores

• The National Merit Scholarship Qualifying test automatically enters the student into the competition

LEADERSHIP

• First in family to attend college• Have financial need• Involved in community service

FIRST GENERATION

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How To Apply For Scholarships


Prepare A Scholarship Portfolio/Resume

1. Create a resume of your accomplishments

• Highlight grades and academic achievements, community service activities, leadership roles and special talents

• Have a parent interview you every year to ensure your accomplishments are accounted for on the resume and your scholarship applications

2. Gather letters of recommendations

• Provide as much notice as possible to the people you are asking

• Provide a copy of your resume for reference as they write your recommendation

3. Write an essay that can easily be tailored.

• Clearly communicate who you are• Highlight what distinguishes you

from other applicants

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When To Apply For Scholarships

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• It’s never too early, but make sure you carefully read the eligibility requirements

• Pay attention to the application instructions – they can be different from scholarship to scholarship



Scholarship Timeline

Junior Year & Prior:• Begin researching scholarships as

early as sophomore year of high school

• Look for opportunities from your parents’ employers, religious organizations, local businesses, and community groups

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Summer Prior to Senior Year• Compile a list of potential scholarships• Write down application deadline dates

Fall of Senior Year:• Pull all information together• Begin writing the essays• Begin to submit the scholarship

applications

Winter Semester of Senior Year• Track the applications

©2014 Discover Bank, Member FDIC15

Want More Information?

The information contained in this presentation is subject to change and does not constitute legal or financial advice. Always consult a financial planner or a tax advisor for detailed information. Discover Student Loans are not endorsed by this school.

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A Strategic Approach – A Four Step Process

Organization

• Record academic achievements, attributes and talents

• Develop a spreadsheet to organize requirements and due dates

Research

• Match the attributes of the student to the scholarship

• Remember to search for local scholarship opportunities

Action

• Begin the scholarship search early, but no later than beginning of the senior year of high school.

Follow-up

• Do not assume that the scholarship sponsor received your application and the required documents – make sure you follow up to ensure receipt

• Send thank you notes to the scholarship sponsor and everyone involved in the process

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Impact Of Additional Outside Aid

If a student receives additional financial assistance (outside of scholarships) that causes their financial aid package to exceed the student’s need, the school may attempt to adjust the aid package or the school may increase the student’s cost of attendance to absorb the outside aid.

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Keeping Your Scholarship


Have You Read The Fine Print?

What are the minimum number of credits you must take and pass?

What is the required GPA?

Can the scholarship be deferred?

Is the scholarship renewable? Do you know the criteria?

Can a lost scholarship be reinstated?

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Scholarship Tips


Top Ten Scholarship Tips

1. Be involved in community service activities throughout high school.

2. Create and maintain a success resume from freshman year through the senior year in high school.

3. Consult with a high school guidance counselor, especially for local and regional scholarship information.

4. When writing a scholarship essay, make sure you use spell check and have it proofread by someone else.

5. Start applying for scholarships in the fall of the senior year of high school.

6. Develop a scholarship deadline spreadsheet to keep you organized and on time.

7. Be mindful of the details! Carefully read the instructions and make sure the application is filled out correctly and includes all requested items.

8. Apply and keep applying. Save time by tailoring an existing essay for multiple scholarship applications.

9. If a scholarship interview is required, dress professionally.

10. Continue to apply for upper-class scholarships during the freshman year in college.

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Beware Of Scams

• Use reliable scholarship searches. You should not be charged a fee.

• Be wary of things such as a finalist letter or a scholarship guarantee.

• If in doubt, contact the Consumer Protection Agency at the Federal Trade Commission at FTC.gov or call 1-877-382-4357.

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Final Thoughts

• The majority of scholarships don’t come to you – it is competitive – you go to them

• Consider applying for as many scholarships as you can

• Meet with scholarship decision makers and Deans of your major during your college campus visit

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