What's considered a substantial scholarship for college?

In terms of college scholarships, what amount is generally considered 'good'? I'm trying to set realistic goals for how much aid I need to aim for. Are there specific numbers that are seen as a balancing point between effort and reward?

The measure of whether a scholarship's amount is "good" widely varies depending on the cost of the institution and your personal financial situation. Generally speaking, a "substantial" scholarship is one that significantly reduces the cost of your education.

For instance, if you're looking at private institutions with tuition costs upwards of $50,000 per year, then scholarship offers in the $20,000+ range might qualify as a "substantial" amount. Major scholarships, like full-tuition or full-ride scholarships, including covers for tuition fees, room and board, and sometimes additional costs, are obviously the most significant.

If you're considering public universities or colleges with lower tuition costs (like $10,000 or so per year), then a scholarship of several thousand dollars or more would be considerable.

One helpful way to evaluate scholarship potential is to calculate your Student Aid Index (SAI). This will help you understand the federal financial aid you are likely to qualify for, which can aid you in identifying your scholarship needs.

Remember that every bit helps, and the cumulative award of multiple small scholarships ($500 to $2,000) can certainly pile up and significantly offset college costs. Set manageable goals for yourself and consider balancing your efforts between high-competition scholarships (which usually come with higher amounts) and more easily attainable, smaller awards.

Good luck with your search!