What You Should Know About Renewable Scholarships

Keys to Renewable Scholarships In the world of scholarships, ‘renewable’ is the golden key. Why? It’s simple — a renewable scholarship is money in the bank. Unlike a non-renewable scholarship, these awards provide funding over multiple years; that’s music to any student’s ears. Unfortunately, many students fail to read the ‘fine print’ on their scholarship award packages and find themselves in a quandary when their financial aid is stripped away. Most renewable scholarships come with stipulations and guidelines that must be followed to continue to receive funding; one simple mistake can lead to a zero balance in your student account. To ensure you receive the full amount of your financial aid award, be sure to follow these simple rules.

Adhere to Deadlines

Most scholarships will require you to submit additional documentation once you have been selected as a recipient. Requested items may include, but are not limited to, a copy of your transcript, financial records and your proof of admission or acceptance. Be sure to provide all documents by the dates indicated in your award letters. Also, make note of any future deadlines when submitting the documentation required for renewing or maintaining awards. Failure to meet any of the deadline dates could result in loss of funding.

Be Aware of Requirements

Most renewable scholarships require students to maintain a certain grade point average, course load and/or enrollment status. Be sure you know what is expected of you. If a scholarship requires you to maintain full-time status, verify the credit hours or number of courses to meet that status per the awarding entity or scholarship provider/committee; it may be different from the “full-time” definition used at your college. Knowing what academic expectations you must meet to keep your scholarship funding should help keep you on track throughout the year.

Communicate

If you find you have unforeseen circumstances that may prevent you from meeting the renewability requirements, be sure to contact the scholarship administrator as soon as possible. Some programs will place you on scholarship probation and give you a semester to bring your grades or enrollment status back up to standard. If you fail to communicate with them early on, you place yourself in jeopardy of losing your funding for the following semester or, even worse, you may lose the remainder of your funding completely. Remember, communication is the key!

If you have been lucky enough to land a renewable scholarship, take the time to review the entire scholarship package; it’s easy to get caught up in the monetary award and look past items that won’t require your attention for some time. If anything is unclear, contact the scholarship provider or your financial aid advisor to ensure you know exactly what is expected of you. Ask about the ramifications of withdrawing or dropping classes and what recourse you have should you have an unexpected event that requires you to take a semester off; knowing the expectations and your options will prevent any unforeseen loss of funding. You put in the effort to receive the scholarship, so be sure you do everything in your power to keep it. The future of your scholarship funding is in your hands.

Get a Customized List of Scholarships Just for You
It's fast, easy and free. Sign Up and Start Your Search Today!

About

Tamara is the Social Media Coordinator and a regular writer for ScholarshipExperts.com, eStudentLoan.com and CampusDiscovery.com. She enjoys helping students prepare for college. As a mother of four, Tamara has first-hand experience with many areas of education, including special needs (autism), the International Baccalaureate program and post-secondary education. She enjoys speaking at schools and mentoring others online. In her free time, Tamara enjoys volunteering and supporting her favorite football team, the Jacksonville Jaguars.
One Response to “What You Should Know About Renewable Scholarships”
  1. These tips are so important in making sure renewable scholarships are received yearly by the students who have won them. Students can take advantage of smart phone reminder apps to let them know exactly what needs to be done each semester or school year so that they continue to receive their scholarship money. Sharing with my site members and followers! :)

Leave a Reply

Current ye@r *

About ScholarshipExperts.com

ScholarshipExperts is a fast and easy way for students and their families to get matched with scholarships to help pay for college. Create your free profile today!

Featured Scholarship

Follow & Subscribe

Looking for Scholarships?

Register for a free account, answer a few questions and get matched to scholarships from our massive database containing awards worth nearly $14 billion!