D3 College Scholarships & Financial Aid 101
Let's get back to the basics
Welcome new subscribers! We hope week is off to a good start and want to thank you for dedicating a small part of it to D3Direct 🤝
Today’s post is packed with D3 specific financial aid and scholarship resources. But, before we start - here’s a recap of what we’ve covered the past few weeks:
🔍 Starting the College Search 101 - A primer to help prospective recruits decide where to go to school.
🌀 Tales From the Transfer Portal (Going D3 to D1) - The most recent episode of our podcast, The Student Athlete Sessions, featuring Illinois Wesleyan basketball player Cody Mitchell.
Don’t want to miss posts like this in the future? Subscribe to “Recruit to the Real World” and they’ll be sent directly to your inbox every week.
Now, time to talk D3 college scholarships and financial aid…
College Scholarship & Financial Aid Definitions
In case you are just starting your D3 college financial aid process, here are a few key definitions that will help you better understand concepts and offerings discussed later in the post:
Fellowship – a scholarship or grant awarded to a graduate student in a college or university.
Scholarship – financial aid that usually is awarded for merit or academic achievement. A scholarship considered gift aid and does not have to be paid back. NOTE: D3 schools cannot offer scholarships tied to athletic performance.
Grant – a gift aid that does not have to be paid back.
Loan – money which must be repaid. Loan programs have varying repayment provisions.
Work Study – this program provides jobs that enable students to earn a portion of school costs through employment at the institution.
Need – the term “need,” as used in financial aid, usually refers to the difference between the resources available to the student (from parent’s, student savings and summer jobs, etc.) and the cost of attending the student’s selected postsecondary institution. The process of determining “need” is often referred to as a “need analysis.”
Expected Family Contribution (EFC) – the combined contribution reasonably expected during the enrollment period from the student (and his or her spouse if applicable), as well as from the student’s parents if the student is a dependent (based on FAFSA application).
Free Application for Federal Student Aid (FAFSA) – a free form distributed by the U.S. Department of Education to collect information used to determine a student’s need for federal financial aid.
Conversion scholarship/loan – A scholarship that requires you to provide certain services, such as teaching or nursing, for a certain length of time. If the services are not provided, the scholarship becomes a loan which must be paid back with interest.
Waiver – An agreement that allows attendance at a school without having to pay tuition or other costs if certain eligibility requirements are met.
Tired of reading? Listen to the Student Athlete Sessions Podcast to get insights about college financial aid directly from former D3 student athletes!
Where to Look For Financial Aid
Federal or State Aid
We know it isn’t a scholarship, but whatever you do - start your college financial aid process by filling out and submitting the 2023–24 FAFSA form. Completing FAFSA makes you:
Eligible for Federal aid & grants (i.e. Pell Grant - up to $7395 in 2023)
Prepared for all school-specific financial aid deadlines
Shows coaches you are invested in going to school
Even if you think you won’t qualify for anything, take the time to fill it out. You open the door to so many other avenues of funding just by having this form complete. Here’s an example from the state of Michigan:
Government Agencies
Some government agencies, such as the Department of Education or the National Science Foundation, offer scholarships to students pursuing degrees in certain fields. Check with government agencies related to your intended major to see if they offer scholarships.
One of our favorite (and we’d argue most reliable) sites to find scholarships is CareerOneStop (@Career1stop on Twitter) - which is run by the Department of Labor. Last time we checked their site they had 5532 available awards for those aiming to get a Bachelor’s Degree. Best part, it is FREE!
Plus they make it easy to filter down by:
State
Due Date
Award Type
Level of Study
We’ll go into detail on a lot of state specific financial aid programs in next week’s Substack post so stay tuned. You won’t want to miss it!
Schools You’re Applying To
Many colleges and universities offer scholarships to their own students. Check your school's financial aid office and website for information on scholarships that are available to you.
Sometimes you don’t even have to apply for them and you can qualify just by having good grades. Here’s a helpful visual from Lake Forest College in Illinois. As you can see, as the student’s grades and test scores improve, the amount of money available in merit scholarships also increases.
Community Organizations
Many local organizations, such as Rotary clubs, Kiwanis clubs, and other service organizations, offer scholarships to students in their community. Check with local organizations to see if they offer scholarships and how to apply.
A lot of times, these local opportunities will have a smaller applicant pool. This means you have a higher chance to of winning the scholarship or grant. Make sure to be strategic with your time and target college scholarships that give you the best chance to lower your cost of going to school.
Looking to Play Pro or get a Master’s Degree, why not both?
If you're not sure what you want to do after college or just not interested in jumping straight into a 9-5 job, we can help you continue your academic and athletic career in the U.K.
Employer and Corporate Scholarships
Many companies offer scholarships to employees and their families, or to students pursuing degrees in fields related to the company's business. Check with your parent’s employer or companies related to your intended major to see if they offer scholarships.
Later in your college career, a company may also give aid if you do an internship with them or are anticipating taking a job after school. Your search for more college scholarships doesn’t have to end when you apply to school.
Scholarship Search Engines
There are several websites that can help you find scholarships, such as Fastweb, Scholarships.com, and Cappex. These websites usually ask that you to create a profile to be able to search for scholarships that match your qualifications and interests.
We’ve also heard helpful anecdotes about Reddit as a source for college scholarships, although we did not see any current pages that looked useful. Definitely let us know if you see something that you think could help other recruits!
Remember to apply for as many scholarships as you can, even if they seem small. Every little bit helps and can add up over time.
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