How to get free money for school and less debt later

Did you know that it’s possible to get serious cash to attend a post-secondary school and not have to pay it back?

(And who turns down free money?)

Here’s an insider tip: Millions of dollars are available in scholarships every year to Canadian students, but not all students take advantage of this money. We did a head tilt at this fact and decided to look into it a bit further.

(There’s nothing like a bit fat pile o’cash to get the N3XT investigative reporters on the job.)

It turns out that many students don’t actually look into scholarships. Either they don’t know where to look, or they think that only straight A students get them (wrong!) .

We thought we’d break it down a bit for you.

It’s important to know that scholarships are given out based on all kinds of talent: academic, athletic, and community involvement.

So, if you’re not a straight A student, but you’ve spent lots of time volunteering, or you’re on your high school basketball team, you should really check out what money could be yours.

Also (and this is important), it will take a bit of work to get a scholarship. You’ll have to find out which ones are available (more on that in a minute) and you’ll have to put some time in on the application. Don’t expect people to come to you waving a scholarship offer—you’ll have to take the lead to make that free cash appear.

You may need to write an essay explaining why you deserve the scholarship, you may need to collect some reference letters, or you may be filling out a detailed form. Don’t rush the application—remember what’s at stake (money!).

So where can you find out about scholarships?

Here’s a few sources:

• The post-secondary school. Most schools have a list of scholarships they offer via the registrar office. Here’s what you can apply for if you’re looking at UPEI, for example.
• Online scholarship banks. Some scholarships aren’t limited to a specific school (and if they are, it’s also helpful to know that they are available—getting free money somewhere may just make up your mind on where you attend). Check out studentawards.com and scholarshipscanada.com to get started.
• Your guidance counsellor.  Check with your guidance counsellor to see if there is a list in his or her office.

There are also grants you can apply for, which are primarily based on financial need.

Remember, the more scholarship money you can win, the less you have to pay back for many many years after you are done school. Happy hunting!

Photo Credit: 401K