Scholarships: A Smart Way to Reduce the Cost of College
Monday, January 12, 2026 12:00 AM
Blog Highlights
- Scholarships are an effective way to make college affordable.
- There are many different types of criteria that can award a scholarship.
- Scholarships are awarded by various sources such as private organizations, the government and colleges.
Paying for college starts with scholarships
Paying for college doesn’t have to mean taking on significant debt. Scholarships offer students a valuable opportunity to lower costs, explore their academic goals and invest in their future without the burden of repayment.
What is a scholarship and how is it different from a grant?
Does a scholarship cover anything besides tuition?
Scholarships save students money on tuition. According to Sallie Mae’s 2025 “How American Pays for College” study, students saved an average of 27% on tuition with the help of scholarships and grants. In addition, scholarships may cover college fees, textbooks and even living expenses. Unlike a student loan, a scholarship does not have to be repaid.
What are the different types of scholarships?
The most common types of scholarships are:
Tips on applying for a scholarship
Students should begin searching for scholarships at least six months before the academic year, which usually begins in the fall. This means it’s best to start the search in winter and spring.
A common misconception is that students can only apply for scholarships at the beginning of their first college semester. “At Macomb, you can apply throughout your entire college journey,” said Diane Banks, director of the Macomb Community College Foundation.
Banks added that scholarships are more widely available than people realize.
“A majority of scholarships through the college are available to part-time students,” she said. “The message we want to send to students is that scholarships should be the first option and loans should be last. That’s due to the generosity of our donors who are dedicated to student success.” Explore our scholarship webpage to learn more about what options are available for Macomb students.
Explore our scholarship webpage to learn more about what options are available for Macomb students.
Paying for college doesn’t have to mean taking on significant debt. Scholarships offer students a valuable opportunity to lower costs, explore their academic goals and invest in their future without the burden of repayment.
What is a scholarship and how is it different from a grant?
Scholarships are awarded based on a variety of criteria, including test scores, grades and extracurricular activities. The application process also varies. Some scholarships may require an essay or interview, while others may only require transcripts.
Grants are awarded based on financial need and are usually provided by the state and federal government. Completing the FAFSA (Federal Application for Federal Student Aid) is required.
Grants are awarded based on financial need and are usually provided by the state and federal government. Completing the FAFSA (Federal Application for Federal Student Aid) is required.
Does a scholarship cover anything besides tuition?
Scholarships save students money on tuition. According to Sallie Mae’s 2025 “How American Pays for College” study, students saved an average of 27% on tuition with the help of scholarships and grants. In addition, scholarships may cover college fees, textbooks and even living expenses. Unlike a student loan, a scholarship does not have to be repaid.
What are the different types of scholarships?
The most common types of scholarships are:
- Merit-based - Offered for achievements in academics, athletics, arts and leadership.
- Need-based - Awarded by examining financial need and requires a FAFSA completion.
- Demographic - For students with limited economic resources, first-generation students, disabled and minority students.
- Volunteer-based - Based on community service work.
- Major-specific - Awarded based on the student’s field of study.
Scholarships are offered by:
- Colleges and universities
- State and federal government
- Private organizations
Tips on applying for a scholarship
Students should begin searching for scholarships at least six months before the academic year, which usually begins in the fall. This means it’s best to start the search in winter and spring.
A common misconception is that students can only apply for scholarships at the beginning of their first college semester. “At Macomb, you can apply throughout your entire college journey,” said Diane Banks, director of the Macomb Community College Foundation.
Banks added that scholarships are more widely available than people realize.
“A majority of scholarships through the college are available to part-time students,” she said. “The message we want to send to students is that scholarships should be the first option and loans should be last. That’s due to the generosity of our donors who are dedicated to student success.” Explore our scholarship webpage to learn more about what options are available for Macomb students.
Explore our scholarship webpage to learn more about what options are available for Macomb students.