Outside scholarships—the kind that come from companies, foundations, and numerous sources other than the federal government, states, or colleges themselves—actually only account for about 5% of the available aid. That’s why the first step to getting the aid you need is to file the FAFSA, and any other financial paperwork that your individual colleges request.
But outside scholarships are still free money for college that you don’t have to pay back. And families who are concerned about college finances shouldn’t write off their chance to access their share of it.
Start by visiting a free service like scholarships.com (any service that charges you to look up scholarships is probably a scam). Fill out a profile—do so completely because it makes a difference—and begin searching for scholarships that fit.
If you’re applying to college this fall, the time to do this research is now. If you wait until your admissions decisions arrive, you’ll find that many–if not all–of the deadlines to file these applications for scholarships have passed.
It’s not the largest piece of the financial aid pie. But every little piece helps.