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How to Get a Scholarship
Finding free money like scholarships to pay for college can help you limit the amount of debt you take on.
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Updated · 3 min read
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NerdWallet's content is fact-checked for accuracy, timeliness and relevance. It undergoes a thorough review process involving writers and editors to ensure the information is as clear and complete as possible.
Anna Helhoski is a senior writer covering economic news and trends in consumer finance at NerdWallet. She cohosts and produces Money News segments of NerdWallet's Smart Money podcast. She is also an authority on student loans. She joined NerdWallet in 2014. Her work has been syndicated in news outlets nationwide including The Associated Press, The New York Times, The Washington Post and USA Today. She previously covered local news in the New York metro area for the Daily Voice and New York state politics for The Legislative Gazette. She holds a bachelor's degree in journalism from Purchase College, State University of New York.
Des Toups was a lead assigning editor who supported the student loans and auto loans teams. He had decades of experience in personal finance journalism, exploring everything from car insurance to bankruptcy to couponing to side hustles.
Lead Assigning Editor
There’s a bounty of free money for college that’s up for grabs if you know how to get it.
Scholarships don't have to be paid back, which means they’re completely free. By winning scholarships, you may be able to reduce how much loan debt you’ll carry to pay for college.
Each scholarship will have requirements to apply. You’ll often need letters of recommendation, a resume of scholarly or volunteer accomplishments and an essay tailored to the scholarship.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
3.47-17.99%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 3/3/2025. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
Variable APR
4.44-17.99%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 3/3/2025. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
3.49-15.99%
Lowest rates shown include the auto debit discount. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 4/25/2025. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Variable APR
4.54-14.71%
Lowest rates shown include the auto debit discount. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 4/25/2025. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Credible lets you check with multiple student loan lenders to get rates with no impact to your credit score. Visit their website to take the next steps.
5 rules of thumb to find a scholarship
Since there are so many scholarships available, it can be a challenge to pick which ones to apply for. Knowing where to look and what to prioritize can help you find the right one for you. Here are five tried-and-true tactics to finding a scholarship.
1. Apply first for need-based scholarships
Need-based scholarships are awarded based on financial need, as determined by your school’s cost of attendance and your expected family contribution. There tend to be more need-based grants than scholarships, but it’s still worth applying for the awards.
To be eligible for most federal, state or institutional scholarships and grants, complete a Free Application for Federal Student Aid, known as FAFSA.
2. Find niche scholarships you qualify for
Find scholarships that may fit you by considering your participation in volunteer work, club memberships, athletics, jobs, and classes, along with any awards you’ve already received. You may want to also consider other ways to distinguish yourself including:
• Race or ethnicity
• LGBT identity
• Religion
• Location or community
• Hobbies and interests
• Civic involvement
• An immediate family member’s military status
• Immigration status
Also, factor in special circumstances, such as being a parent, an older or returning student, a GED recipient or a home-schooled student.
You may look for scholarships for students entering certain majors. If you get such a scholarship, you’ll usually need to continue in that course of study to keep the funds.
3. Cast a wide net
Applying for several scholarships increases your chances of getting more free money for college. Here are some ways to expand your reach:
• Use the U.S. Department of Labor’s Scholarships Search Tool
• Talk to your school’s financial aid office
• Check with your high school’s guidance office
• Look for industry organizations related to your field of study
• Search locally at community organizations, local businesses, religious organizations or civic groups
• Inquire about scholarships sponsored by a family member’s employer or your own employer
• Search scholarship websites such as appily.com, Scholly, The College Board, or “The Ultimate Scholarship Book”
4. Be wary of scholarships scams
Be careful where you apply for scholarships and the information you provide. There are plenty of genuine scholarship sources, but there are also scams. The Federal Trade Commission has more details on avoiding scholarship scams. Some ways to avoid getting scammed include:
• Not giving into obvious pressure tactics that push for money or personal information quickly
• Never giving out bank account or credit card numbers to companies that you cannot verify are legitimate with your college or another reputable source
• Never paying a fee, especially to a scholarship organization that guarantees you’ll win a scholarship by handing over money. There are many free scholarship search services available.
5. Pay attention to scholarship deadlines
Once you have a list of scholarships you want to apply for, keep track of deadlines. Some scholarships may have deadlines more than a year in advance. With this in mind, make your list of potential scholarships as early as the summer before your senior year of high school. If you’re in college, look ahead to scholarships that will be disbursed in the next school year.
If you have too many scholarships on your list, narrow it down to those with smaller niche applicant pools, or ones you can renew each year.
How you’ll receive scholarship funds
The way your scholarship is disbursed will vary. The money may be paid directly to your school and applied like other financial aid — first tuition and fees are covered, then room and board. If there are leftover funds, your school will typically return the money to you to use for other costs, like living expenses.
Alternatively, you may receive a check. How you can use the money will usually depend on the strings attached to the scholarship. For example, you may only be able to use the money for tuition. Contact the source of your scholarship for the details.
How scholarships impact other financial aid
Scholarships can be used to supplement other financial aid, such as grants and work-study, before taking on student loans. But you can receive only as much aid as your school’s cost of attendance. You must let your school’s financial aid office know the total scholarship amount you're awarded so it is factored into your aid package.
If there’s a gap to fill after scholarships or other free financial aid, you may need to get a loan. Start with federal direct loans before getting a private loan, which offers fewer repayment options or loan forgiveness. If you need a private loan, compare all offerings and rates.
