There is nothing better than free money…and the good news is your children have the power to claim it. If you’ve thought scholarships are only available to those students with specialized skills or unique backgrounds, think again. There are scholarships available to every kind of student, it’s just a matter of looking in the right place.

For the Love of Money
A 2005 report by the Institute for Higher Education Policy found that students receive more than $3 billion per year in private scholarships: 7% of undergraduates receive private scholarships with an average value of $1,982, and 5% of graduate students received private scholarships averaging $3,091. But the most important statistic is that total unclaimed aid is estimated to be approximately $100 million. It’s just out there, waiting for your child to apply for it.

Some of the biggest obstacles to applying for scholarships are right at home. According to a Careerbuilder.com survey, “We won’t qualify for a scholarship” is a phrase echoed by parents in 25 percent of U.S. households. Another 38% say they do not know if their child would qualify for a scholarship. “The unfortunate reality of these findings is that many parents will rule out the possibility of a scholarship without even researching if their child is truly eligible on the basis of need or merit,” said Farhan Yasin, Vice President of Business Development for CareerBuilder.com.

Lots of Eggs in the Basket
The Careerbuilder.com survey also found that 67% of national scholarships and 73% of school-specific scholarships are merit-based. This provides opportunities to any students looking for scholarship aid. The first step is research. Although there are search companies you can hire to determine scholarship matches for your child, the Federal Trade Commission has alerted consumers to fraud related to these types of services. You can find out more about these scams at www.ftc.gov/scholarshipscams. Fortunately, there are free search engines on the Internet that you can use to narrow down a list of potential scholarships. Start early so there’s enough time to prepare the application.

When the application materials arrive, read through them carefully with your children. Find out about the eligibility requirements before your kids put too much effort into the application. If your child is eligible, weigh the amount of time needed to complete the application with the other scholarships on the list. You may want to suggest focusing on another more valuable award if it’s going to take the same amount of time to apply.

The Process
Most scholarships require applicants to write an essay or personal statement that will address significant achievements, professional goals and the reasons why they think they deserve to receive the award. It is essential that applicants answer whatever questions they pose and do so in a compelling manner. Ensure that your kids include their academic accomplishments including any honors they’ve received, GPA, and any leadership skills they’ve developed through social groups, clubs, etc. Remind them to highlight the community service they’ve performed no matter how small and talk about any lessons they learned while volunteering. If your children have work experience, tell them to talk about how it has helped shape them as students and members of the community.

Applicants should write in active voice; for example, “I developed my skills through several classes,” as opposed to “My skills were developed through several classes.” Read through it before it’s submitted, and both you and your child should proof the application extensively. A great tip you can give your child for proofing is to read the essay backwards. By starting with the last sentence and working towards the first they’ll approach their writing in an unfamiliar way, which helps uncover errors.

Support the Cause
If the scholarship requires a resume, have your kids craft it with the scholarship in mind. Applications should also include any activities or experiences which will stand out to the scholarship committee. And don’t forget to remind your children to start early for letters of recommendation and approach people who know them well, both professionally and personally. Ideally, they’ll want an individual who specializes in the field of study the scholarship is geared towards. Tell them to supply the person with any materials that can help them craft the letter. They’ll also want to send away for transcripts and gather important documents early to avoid missing a scholarship deadline. In addition, applicants may need to need to send test score information, financial aid forms, parent’s financial data, and academic transcripts, along with the supporting materials for the application.

Although it may seem overwhelming to complete a scholarship application, it’s well worth the effort when you consider any amount your child wins will minimize the amount you may need to pony up for their education!