What is an Academic Scholarship?

Pay for a debt-free education with an academic scholarship! Discover different types, application tips, and how to keep your scholarship.

The essays are written. The letters of recommendation are secured. The application is done. You've put in the blood, sweat, and tears... and it all pays off. You get the acceptance letters. You're into your dream college, your parents are crying, and you can't believe it's finally over. The culmination of twelve years of education, and you've finally made it.

Then the first payment is due.

As someone who almost couldn't go to my dream school because of finances, I know that finding ways to pay for college can seem overwhelming and, at times, impossible. Turning towards loans may seem like the only available option, but there are other avenues that are possible.

In this article, I'll explore one of the best ways you can pay for college: academic scholarships. With no interest fees and no need to pay it back, these scholarships were part of the reason I could go to my dream college, and they might just be the answer to your financial situation.

You deserve that college you got into, and I'm here to tell you how to make it happen.

One great source of academic scholarships is Bold.org, a non-profit organization dedicated to reducing student debt. By creating a free applicant profile, you can unlock thousands of exclusive scholarships tailored to your interests!

Academic Scholarships: The Basics

So, what is an academic scholarship? Academic scholarships, sometimes known as merit-based scholarships, are payments awarded to students who showcase academic excellence. In contrast to need-based scholarships, winners will be defined by their grades, leadership, and passion as opposed to their family income. Academic scholarships can come from your college or private providers.

College-Specific Scholarships

Your college may have a prestigious merit scholarship program that provides financial aid for which you can apply. Check your college's website for information about college-specific scholarships for college students. Usually, qualified incoming freshmen enrolled in the school can apply for programs like these.

Private Scholarships

Private scholarships are scholarships awarded by private organizations or individuals. These are separate from your college and will require a separate application process. If you win a private scholarship, the money will usually be given to your school via check or electronic transfer. A quick search on Google will reveal hundreds of organizations dedicated to providing scholarships that recognize academic achievement.

One such organization is Bold.org, which has tons of academic merit scholarships available. An innovative scholarship search engine allows students to find scholarships tailored to their major, state, and class year, plus a whole host of other criteria.

Check out the best merit-based scholarships to apply for!

Full-Tuition Academic Scholarships

Most scholarships are partial scholarships, which means that they only cover a portion of your total tuition and fees. Full-tuition scholarships, on the other hand, cover the entirety of tuition at a university, though they may not cover all fees. Even better, a full-ride scholarship will cover all fees and expenses, so it is important to be cognizant of the difference.

Tip: Full-tuition academic scholarships are among the most competitive scholarships, but students are still encouraged to apply.

Don't miss the best full-ride scholarships to have a shot at a free education!

Academic Scholarship Requirements

Academic and merit scholarships that provide financial aid usually assess a variety of factors but place heavy emphasis on academics. Generally, students seeking to receive academic scholarships should have the following achievements:

1. Great GPA combined with rigorous coursework
2. A history of excellent participation in extracurriculars
3. Stellar essays that highlight your unique passions

Merit scholarships also tend to consider a variety of other aspects of a student's history that demonstrate community service and leadership. For example, if you are a citizen attending medical school, some scholarships may also specifically cater to your field of study. So, even if you may not have the best grades, your non-academic interests may be the key to winning you a scholarship!

Tip: Some scholarships have no requirements and no essays. Check out the best no-essay scholarships here!

For more specific qualifications, research the scholarship's website. Common eligibility requirements are a minimum GPA, being of a certain ethnicity/race, or planning to study a certain subject.

If you're one of many high school students looking to fund your bachelor's degree, look no further than our scholarships for high school students!

Applying for Academic Scholarships

The application process for an academic scholarship will vary, but there is a general process.

1. Check eligibility requirements.
2. Start an application on the scholarship provider's website.
3. Upload your transcript.
4. Fill out brief descriptions of your extra-curricular involvements.
5. Answer essay prompts.
6. Upload letters of recommendation.
7. Submit!

The three biggest things to consider are grades, extra-curriculars, and the personal essay. It's hard to change your grades and extra-curriculars without planning far in advance. That's why I'm going to focus on how you can upgrade the quality of your essays.

Tip: To increase your chances of winning a scholarship and getting financial aid, you should attempt to apply for as many scholarships as possible, but make sure all your applications are individual and well written.

Go more in-depth with this comprehensive guide on how to apply for an academic scholarship!

How to Write an Essay for a Scholarship

The most important part of getting your academic scholarships or merit scholarships to get financial aid is often not just meeting the qualifications but the quality of your application essay instead. It's also how you'll differentiate yourself from candidates with the same GPA and similar extracurriculars.

Each essay you write for an application must be specific to the scholarship. You should aim to be well-written and engaging. Many merit scholarships ask you to write about your accomplishments, but your essay should not be reduced to a boring list. Make sure to add a sense of your unique personality to help the donor make a connection with you. Here are some tips:

1. Be engaging from the get-go: Grab your reading with your first sentence or paragraph. Make it wholly unique to your identity and experiences. Make sure that if your friend reads it, they'll know immediately that you wrote it.
2. Stay focused and specific to the prompt: Stay focused on the specific essay prompt each scholarship gives you, as each application will ask you different questions. If the prompt asks for a challenge in your life and how you overcame it, don't talk about your grandma (unless it's relevant).
3. Structure your essay properly: Make sure you break your essays up into readable paragraphs, as one wall of text will seem unreadable to those reviewing your essay. Use transition words and signposting to guide your reader through the essay.
4. Double check, triple check, and quadruple check: Proofread your essay, then ask a friend or family member to proofread it.

Check out more tips on how to write a scholarship essay here!

How to Maintain an Academic Scholarship

Some academic scholarships offered to students, especially those that are full-tuition academic scholarships, may have requirements that you must continue to complete throughout your time as an undergraduate student in order to remain eligible.

Many of these awards are part of a competitive scholarship program established to reward and support top-performing students. However, the requirements vary between scholarships, so prospective students receiving financial assistance should check each scholarship's requirements carefully.

Full-Time Enrollment

Since academic scholarships are awarded on the basis of academic merit, in most cases, academic scholarships require recipients to be full-time students so that they can continue to demonstrate their academic merit.

Those pursuing an undergraduate degree are typically considered full-time students if they're taking at least twelve credits or three classes. However, the exact requirements of being considered a full-time attendee may vary depending on your school.

Minimum GPA

Additionally, since academic scholarships are awarded based on academic merit, recipients are expected to maintain a certain level of academic success to remain eligible. Depending on your school and specific scholarship, the GPA threshold you must meet will vary. Make sure to keep your grades up so you don't lose your funding! 

Some schools offer a grace period to scholarship recipients, allowing students one semester to bring their grades back up if their GPA falls below the minimum. However, other schools may immediately revoke your funding once you fall below the minimum GPA.

Check out these merit-based scholarships according to your GPA!

Academic Misconduct Warnings

While academic scholarships are typically awarded based on academic performance, recipients are still expected to be honorable students. This means you must follow your school's rules and guidelines and avoid getting in serious trouble. Any misconduct on your academic record may result in the immediately revoking of the scholarship.

Participation in Extracurriculars

Finally, depending on the scholarship, you may be required to participate in extra-curricular activities at your school or in the community. Scholarships may require recipients to complete a certain amount of community service, and athletic scholarships require students to excel in their sport.

Keep in mind that each scholarship has its own rules that students must follow to remain eligible. Failure to follow whatever guidelines are given to you may result in the loss of the funds provided by your scholarship program, so always be sure to read the requirements carefully!

Struggling to find the right scholarships? Discover how to find scholarships in this helpful blog!

Frequently Asked Questions About Academic Scholarships

Do you have to pay if you get a scholarship?

Scholarships do not have any additional fees when won, and you do not have to pay them back like a loan. However, not all academic scholarships will cover the entire cost of tuition and fees for undergraduate students, and some scholarship money can only be used for certain things, such as textbooks. This means that you will likely have remaining costs that you'll have to pay, even if you've won a scholarship.

What are the easiest scholarships to get?

The easiest academic scholarships and merit-based scholarships to win are those that have additional requirements that narrow down the pool of eligible applicants. Look for scholarships that are only for college students from the same state as you, students going for the same major as you, and students who play the same sport or participate in the same hobby as you.

To further increase your chances of winning, you should apply sooner rather than later and apply for as many scholarships as possible.

How rare is it to get a full-ride academic scholarship?

Full-ride academic scholarships are extremely rare, with only about 0.1% of students receiving one. These scholarships are highly competitive, and applicants often need to demonstrate excellence beyond grades, such as in extra-curricular activities or community service. Don't be discouraged, though! Apply to as many as you can because just one success is enough to cover all your educational fees.

Funding your education doesn't have to just stop at academic scholarships. Check out our scholarship blog for more information on financial aid, college life, and education!