Overall, scholarships are a great way to help offset the cost of college or graduate school. By taking the time to research and apply for scholarships, you may be able to significantly reduce your student loan debt and achieve your academic goals without financial burden. When do you apply? Continue reading.
When do you apply?
The time of your application is actually quite important, because all scholarships have certain deadlines. You don’t want to be late for that. Unfortunately, we can’t exactly tell you when to do it because it differs per scholarship. But one very important tip we want to give you is start early, because some deadlines are actually a year before the start of college. Now, just a few tips to make sure you’re prepared for an application. It’s actually quite similar to applying to a college or university.
1. Make sure you’re organized. Get all of your old school documents and other important papers in order, and organize them in binders. This way, you’ll always have all the documents you need when you’re asked for it.
2. Provide references and referees. Just as with job interviews, there’s a big chance you’ll be asked for references and referees. This way, your referees could highlight certain skills that may be important to your scholarship.
3. Watch the details. How you present yourself is very important when applying for a scholarship. You’re going to have to pay attention to the smallest details like your writing.
How about your current financial aid?
Maybe you already got a gift or something else that was added up to your current financial aid. Important to know is that your total financial aid may not be more than the total cost of your study career. That’s why you always have to let your school know what your current financial aid is, so they can make a calculation and subtract that amount from your cost of attendance.
Taxable income
We’ve seen that many people wonder whether if a scholarship counts as taxable income. Unfortunately, there not one answer to that, since that depends per scholarship. Generally speaking, scholarships are tax free if you’re a degree student and the money is used for books and other necessities. But since there are some exceptions, you should always check this out with your scholarship/grant giver. Now, as said, we recommend you do some of your own research to find out which scholarships you could apply for, good luck!