Getting a college degree can substantially increase your lifetime earnings, but even better is getting someone else to pay for it.
I’m talking about scholarships, of course. Every year, public and private institutions dole out about $8 billion in scholarships. Are you getting any of it? I’ll talk about how you can.
The Rising Cost of College
No question about it: college is expensive. The College Board reports that in 2024, in-state students at public four-year schools are spending an average of $11,260 on tuition and fees for just one year, excluding room and board. Students at private, four-year colleges are spending over $41,500 on tuition and fees alone. With these expenses, it’s not surprising that the average student owes close to $30,000 when leaving school. But you don’t have to be the average student.
Scholarships: Your Key to Affordability
Many organizations are willing to help you pay for college through scholarships…if you meet their qualifications. Our own Rob West’s wife Julie had her own “application assembly line” going, and she was able to land $170,000 in scholarship money. Of course, that took a lot of work…but look at it this way: you can either put in the time and effort now applying for scholarships, or you can borrow and work very hard later to pay back the money.
We hope that you’d rather do the work now, so let’s dive into some great resources for scholarship money.
Top Scholarship Resources
- Fastweb: They host more than 1.5 million scholarships totaling nearly $3.5 billion. To get started, create a profile at FastWeb.com. A search feature helps match you to scholarships that meet your individual needs and keeps track of where you’ve applied.
- College Board: Known for testing materials like the SATs, the College Board also helps you pay for college. On their site, you can apply for scholarships and internships. They have leads to about 2,200 programs offering nearly $6 billion in college aid every year.
- Niche.com: This site helps you find not only money but also colleges that cater to your specific major and interests.
- Scholarships.com: They have a massive database with over 3.5 million scholarship and grant opportunities totaling almost $20 billion. Browse by category or set up a profile to find scholarships specific to your interests.
- Appily (formerly Cappex): They offer leads on $11 billion in scholarship opportunities and have a tool to help you calculate the odds of getting into a school of your choice before you apply.
- Chegg: Best known as an online textbook store, Chegg also has great articles about finding and applying for scholarships and grants. Knowing the difference between scholarships and grants could help you land one.
Specialized Scholarships
Many of these scholarship opportunities are merit-based, meaning the higher your grades, the better your chances of landing one. But if you’re more athletically inclined, Unigo lets you search for athletic scholarships and a wide variety of funding opportunities offered by specific schools and companies.
Peterson’s: Known as a clearinghouse for information about colleges and universities, they also host about $10 billion in scholarship opportunities.
CareerOneStop: Sponsored by the Labor Department, this site allows you to search more than 8,000 scholarships, fellowships, and grants—money you won’t have to pay back.
Final Tips
One final idea: check with the financial aid office at the schools you apply to.
Sometimes, they have scholarship money available too. We’ve covered a lot of scholarship sites, and you probably won’t use all of them, but try at least a couple. Look for ones that are easy to work with or best match your needs. Many of them will have other features you might find handy.
Good luck in your scholarship search!
On Today’s Program, Rob Answers Listener Questions:
- We’d like to start something where we can put some money into an online bank to earn some interest. What would you suggest?
- My online savings account was compromised, and unauthorized wire transfers were made from it. I'm concerned about how to protect myself, as I didn't receive alerts about the transfers. Do you have any recommendations for securing online accounts and preventing fraud?
- I'm trying to help my mom, who is 81 years old, invest her money correctly. After selling some rental properties, she has about $500,000 in cash and another $500,000 in IRAs and other accounts. What questions should I ask when interviewing potential financial advisors to manage her money in a way that aligns with her values and needs as an 81-year-old widow?
Resources Mentioned:
- 1Password | LastPass
- Bankrate.com | DepositAccounts.com
- Rich Toward God: A Study on the Parable of the Rich Fool
- Find a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)
- FaithFi App
Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources.
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