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Scholarships for College

In the United States alone, more than $3.4 billion is awarded annually to 1.5 million scholarship winners.

College Scholarships, like grants, are money for college that does not need to be paid back.

Scholarships come from a variety of sources, including the college you attend, clubs and organizations you belong to, and private scholarship foundations you apply to. All of these funders are choosing to use their money to support students with a particular set of skills, experiences or other assets. Some scholarships are awarded to the best essayist on a set topic, while others reward the most creative video; some want the highest GPA, others look for the most talented orators or musicians.

How do I find college scholarships?

Your college financial aid office is a good place to start. So is the Internet. Type in "scholarship search" on Google and you'll get more than 5 million hits. While not all of these sites are reputable or worthwhile, the Internet is a trove of valuable information about locating free money for college.

How do I know if I qualify?

Every scholarship has its own eligibility qualifications. Some are strictly merit based - they are looking for the best petroleum engineering student, clarinet player or rising basketball star.

Others seek to assist special interest groups, including minority students, female coeds or those with disabilities.

To find out if you qualify, read the scholarship announcement carefully: Each lists its eligibility requirements. Even targeted scholarships often state additional requirements, such as a minimum GPA, residency in a specific state or demonstrated financial need.

If a scholarship is need-based or both need- and merit-based, you will most likely need to complete a FAFSA, the Free Application for Federal Student Aid. You may also be requested to share your (and/or your parents') most recent federal income taxes.

Do all scholarships require an essay?

If you're not a great essay writer, take heart: A growing number of scholarships offer candidates an alternate way to express themselves - including video, audio and photography.

That said, being able to express yourself through the written word is an invaluable skill that will serve you well for the rest of your life - and certainly in college where you will be required to write countless papers.

If you struggle with your scholarship essays, considering hiring an editor to help you whip you writing into shape. The investment will pay handsome dividends when you win a scholarship.

Next Up: Searching for College Scholarships >>>

You're convinced that scholarships are a wonderful way to fund (or supplement the funding of) your college education. But where do you find them? Read our tips for locating the right college scholarships.