Free Money!!!! -- finding scholarships

The other day as I was checking news on my stocks I saw an interesting headline for Walmart. “Need Money For College? Wal-Mart and Sam's Club Foundation to Reward Up to $7 Million in Community Scholarships.” The article noted that the deadline for applying for these scholarships is January 12, 2007. More information can be found at http://www.walmartfoundation.org (click on the Education tab at the top)

Besides being proud that Walmart is doing this (Walmart gets far too much negative press in my opinion), the article got me thinking about scholarships in general. If you are in school you are probably on your winter break right now – a good time to find all that free money out there! The CollegeBoard notes that over $134 billion in financial aid is available. There are very few times in life where people give you money – especially for something you were going to do anyway. If you are looking to become financial independent, it is worth the effort to seek out these opportunities. The internet eases the effort. The CollegeBoard has a great article to get you started. http://www.collegeboard.com/student/pay/scholarships-and-aid/8936.html The CollegeBoard identifies seven steps in this process.

1. Start With a Personal Inventory – taking time to identify all of your personal characteristics will expand the potential scholarship opportunities
2. Research Local Scholarships First – your town, county, high school or college may offer scholarships. Chances for these scholarships should be better since there is less competition.
3. Check Membership Organizations and Employers – the Walmart article demonstrates how organizations of all types and sizes sponsor scholarships. Look for opportunities in any organizations that you or your parents are affiliated with.
4. Use a FREE Scholarship Search Service – The CollegeBoard identifies four FREE scholarship search services that can provide you with a list of possible scholarships. I am emphasizing the free aspect of this because you should NEVER pay for scholarship information (see discussion below).
   Scholarship Search Fastweb Scholarship Research Network Express Wiredscholar
5. Contact Your State Department of Higher Education – Most states have scholarships for residents that attend college in-state.
6. Research Institutional Scholarships – You college website and financial aid office should be able to provide information about scholarships that are offered for your school.
7. Employ Scholarship Application Tips when Appling for Scholarships – remember presentation is at least half the battle. Make sure you read the How to Apply for a Scholarship article for advice on creating a winning application. http://www.collegeboard.com/student/pay/scholarships-and-aid/8937.html

So dig in and have fun! If this becomes "found" money make sure that you set some of it aside for your saving/investment portfolio. Also, make sure that you heed that advice of “if it sounds too good to be true it probably isn’t.” There are many scholarship scams out there that you need to avoid. Reading the CollegeBoard article “Can You Spot a College Scholarship Scam?” http://www.collegeboard.com/student/pay/scholarships-and-aid/408.html will help educate you on these scams. In general avoid any situations where they are charging fees or asking you for money. Don’t give out personal information unless you’ve initiated the contact and be wary of “financial aid consultants” as they can be shady and financial aid officers often resent their intervention.