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How Do Renewable Scholarships Work?
Finding enough scholarships to cover one year of college is hard enough, let alone multiple years. Wouldn’t it be great if scholarships could last the whole time you were getting your education? Well luckily for you, they do exist! They’re called “renewable scholarships,” and this article will answer all your questions about them. Let’s go!
What does “renewable” mean?
Renewable scholarships mean just what you think, they’re renewable! For most undergraduate scholarships, they will be renewable for four years. So, a $1,000 renewable scholarship is actually worth $4,000! While every scholarship that you’re eligible for is worth applying for, you should especially prioritize applying to renewable scholarships!
Tip from a renewable scholarship winner
Below are several questions that should help you better understand how renewable scholarships work. Keep in mind though that because each scholarship will have its own guidelines, the answers to some of these questions might vary.
Do you have to reapply for renewable scholarships?
This will vary based on the specific guidelines of the scholarship you receive. If you receive a renewable scholarship through your college or university, you will likely not need to worry about reapplying. However, renewable scholarships that are from a private organization may have different guidelines that require you to prove you are still eligible for their scholarship each year.
How many times can you renew a renewable scholarship?
How many times you can renew a scholarship is something typically specified when you apply to or receive the scholarship. As an undergraduate student, you will likely come across scholarships that are renewable for up to four years. Graduate students may be able to renew scholarships for multiple years or until they have completed their graduate degree. Again, there is no standard for every scholarship, it is up to the individual scholarship provider to determine how many years students can renew the scholarship.
How do you know if a scholarship is renewable?
Most scholarships will specify when you apply for them whether they are renewable or not. However, just because a particular scholarship does not specify whether it’s renewable doesn’t necessarily mean that it is not. It might just mean that you need to read the fine print or inquire with the scholarship sponsor directly. Not all scholarships are renewable, but it’s always worth asking!
Also see: Top scholarships for high school seniors
Can you lose a renewable scholarship?
The short answer is yes, you can lose renewable scholarships. Renewable scholarships usually require students to maintain a certain GPA and/or be enrolled in a certain major. If a specific organization is providing you with the scholarship, you may be required to attend meetings or be a member of the organization.
Are renewable scholarships more competitive?
Because renewable scholarships are usually worth more money over time, they can be more competitive. However, all the same rules apply to them as do regular scholarships. Put your best foot forward by submitting all materials that you are asked for. Take time on your application and demonstrate how you will utilize this scholarship to accomplish your goals!
Do you have to pay back renewable scholarships if you no longer qualify for them?
Unfortunately, there’s no 100% definitive answer to this question. If you no longer qualify for a renewable scholarship, you will lose that scholarship, but that does not necessarily mean you need to pay it back. Scholarships don’t work like loans as they are grants to and usually do not require repayment.
Do colleges and universities offer renewable scholarships?
Yes, colleges and universities do offer renewable scholarships! Colleges and universities usually have a page on their website that lays out exactly what scholarships they offer. Often you will be automatically considered for these when you submit an application, however, that does not apply to all schools, so be proactive!