What are guaranteed scholarships for college students and how do they work?

I've heard about guaranteed scholarships for college students and I'm curious about how they work. Are there specific requirements, and do they apply to particular colleges, or are they more broadly available?

Guaranteed scholarships, also known as automatic scholarships, are a type of financial aid that colleges and universities award to students based on predefined criteria, without the need for a separate application process. Once you're admitted to the school and you meet the criteria, the scholarship is automatically awarded to you.

The criteria for these scholarships can vary widely, but they're often based on academic achievements. For instance, a university might offer a guaranteed scholarship for any student who has a certain GPA or score on standardized tests like SAT or ACT (note that as of the 2024-2025 application cycle, some colleges have gone test-optional or test-blind, so SAT/ACT scores may not be applicable to all colleges).

Other guaranteed scholarships might be given to students who've achieved certain accomplishments in high school, such as being the valedictorian or salutatorian, or even just having a leadership role in specific clubs or organizations.

Importantly, guaranteed scholarships are typically college-specific, meaning they're offered by the individual college or university itself and wouldn't necessarily be available at other schools. However, depending on your profile, you may qualify for guaranteed scholarships at multiple schools.

While these scholarships are "guaranteed" if you meet the criteria, it's important to thoroughly research the specifics of each scholarship, as some may have additional requirements or conditions. For instance, the scholarship might be renewable each year provided you maintain a certain GPA in college, or perhaps you might need to be enrolled in a specific major or program.

Lastly, note that these scholarships, while potentially valuable, may not cover the full cost of attendance. You'll also want to explore need-based financial aid, work-study opportunities, and other scholarships you can apply for separately to help fund your education.