Understanding Scholarships: How do they work?

So, scholarships are something I'm relying on when thinking about college. But the whole process has me a bit confused. Can anybody explain how does scholarship work?

Scholarships are a form of financial aid that does not need to be repaid, making them a great way to fund your education. They're awarded based on various criteria, which are established by the sponsor or provider. These criteria can include academic prowess, athletic ability, community service involvement, your intended major or career field, belonging to a particular group, like being a first-generation college student, and even sometimes unique talents or hobbies.

There are two main types of scholarships: merit-based and need-based.

1. Merit-based scholarships typically reward academic, athletic or artistic excellence. They are not dependent on financial need and are given to students who stand out from the crowd in some way.

2. Need-based scholarships are awarded to students whose financial situation makes it difficult for them to pay for their education. Their eligibility is often determined based on the information provided in the Free Application for Federal Student Aid (FAFSA).

Applications for scholarships each have their own requirements. This could mean writing essays, submitting a resume of your extracurricular activities, obtaining letters of recommendation, or even undergoing interviews. It's important to understand what each scholarship application entails so you can maximize your chances of receiving the award.

Scholarship deadlines vary widely, and it’s never too early to start looking. A lot of scholarships have deadlines in the fall or winter, before college application deadlines, but others might take applications throughout the year.

Lastly, remember to be wary of scholarship scams. Legitimate scholarships should never require you to pay a fee to apply.

Hope this clears up your confusion a bit, and best of luck with your scholarship searches!