What exactly counts as an academic scholarship and how do they work?

I'm pretty new to the whole college admissions process, and there's so much talk about scholarships. I'm particularly interested in the academic scholarships, but I'm not entirely sure what qualifies as one. Do they only consider grades and test scores, or can other achievements count too? Also, how are these scholarships awarded, and are they usually renewable every year? If anyone has experience applying for or receiving academic scholarships, your input could really help clarify things for me!

Academic scholarships, often known as merit scholarships, are financial awards based on a student's academic or intellectual excellence. Schools, private organizations, and individuals usually provide these scholarships to students who have demonstrated exceptional ability in areas such as GPA, SAT/ACT scores, AP/IB scores, or even participation in academic competitions.

The specifics vary from scholarship to scholarship, but many also consider factors outside of academic performance. These may include your involvement in extracurricular activities, demonstrated leadership, or community service, among other things. A holistic approach is taken by a lot of merit scholarship programs— yes, academics are a significant part, but they also value well-rounded individuals who will contribute to their college or community.

In terms of how they’re awarded, the process again varies. Some colleges and universities automatically consider all applicants for academic scholarships, with no additional application necessary. Other scholarships may require a separate application and often necessitate essays, recommendation letters, or even interviews. For schools that automatically consider you for scholarships, they may have separate 'priority' deadlines earlier than their regular decision deadlines. Submitting your application by the 'priority' deadline can increase your chances of receiving a scholarship.

Most academic scholarships are indeed renewable each year, usually for up to four years assuming you maintain a certain GPA and/or meet other renewal criteria, which usually include full-time enrollment. However, again, it’s important to read the specific terms of any scholarship you receive, as the renewal criteria can vary.

When seeking out academic scholarships, it's critical to research and understand the criteria and requirements of each one. You could do this by visiting colleges' financial aid websites and checking out external scholarship databases. Try to start early, keep organized, and meet all deadlines! But remember, even though merit scholarships can significantly reduce the cost of college, they are often just one piece of the financial aid puzzle, along with need-based aid, work-study opportunities, and potentially student loans.