How much time should you devote to searching for and applying to such scholarships? Consider the following:
- Private scholarships constitute just six percent of all grant aid in the U.S.
- If you win a private scholarship, many schools will reduce the amount of need-based grant aid they award you.
My advice: don’t take on so many scholarship apps that your academics—or your sanity—suffers. Private scholarships can help, but chances are they’ll be a relatively minor factor in the net cost of your college education.