The Complete Guide to Scholarships & Financial Resources for Black Students

Four years of college can easily cost $40,000 at a state school and $100,000 at a private institution. The price of a college education is a barrier to many people who have dreams of attending college, including African Americans who are underrepresented at many colleges across the country.

There are several organizations, colleges, associations and nonprofits that recognize the desire to attend college but the inability to be able to afford it. They offer scholarships and grants geared specifically to black students to help close this educational gap. Some cover the cost of a full college degree while others provide stipends to supplement expenses associated with higher learning. Some programs blend scholarships with internships and even fast tracks to jobs right after graduation. While requirements and eligibility vary depending on the type of scholarship or grant, the range of options opens up an even wider range of educational possibilities. Below, you will find information to help you get started on finding scholarships and understanding the application process.

Sources: Gallup Poll, CRL/NAACP Study

Colleges specifically for African Americans were started in the nineteenth century to offer black students access to higher education in an era that largely blocked them from enrolling at existing schools. The Higher Education Act of 1965 defined a historically black college or university (HBCU) as any historically black college or university that was established prior to 1964 and whose main mission is the education of black Americans. Now, more than 100 HBCUs in the U.S. are building on their mission, evolving to offer programs uniquely suited to the challenges and hopes of today's African American students.

College students of any race choose schools that offer what they want to study. Cost is a close second on the scale of decision factors. With those priorities in mind, there are compelling reasons to consider attending a historically black college or university. These schools offer a unique setting and cultural context for academic topics, social life and community service. For instance, professors and advisors at HBCUs often have had life experiences that make them empathetic to black students. HBCUs usually offer a richer array of African-American-oriented social groups, venues, events, programs, and community service and internship opportunities. And because of their unique status in American culture, HBCUs actually can be a better financial bet, as they can tap resources earmarked for black students and programs.

Alumni of HBCUs gain additional benefits as they enter the work world with rich and wide graduate networks. Every school has its alumni association, but HBCUs often offer multiple groups to keep graduates connected for a lifetime.

The process of applying for scholarships, grants and programs can be daunting. The good news is there are many resources available to help. The bad news is that you have to sort out which ones are best for you, focusing on those that support your goals and setting aside those that are irrelevant.

• Start by making a list of the scholarships, grants and programs that you qualify for, in terms of your own needs and your family's resources.

• Grab a calendar and mark the deadlines for each scholarship and grant. This will help you tackle first the opportunities that offer both the most money and that have the earliest deadlines.

• It's also a good idea to get all of the necessary documentation in order ahead of filling out the application. That means you are going to want to get your letters of recommendations, transcripts and cover letter in advance.

• Writing a strong essay is crucial - and time-consuming. Consider drafting a couple of template essays that address common requests (for instance, one might focus on your personal growth while another might focus on your community service). Customize the appropriate template essay as needed for each application.

• Finally, keep track of each application as you send it out, either via certified mail or online submission.

Grants and scholarships can help you pay for most of your college expenses, but what about books, living expenses, and fun money? If you’re looking for additional ways to raise funds, it may be time to review your monthly budget and spending habits. There are likely cost-saving measures you can take to save you hundreds of dollars a year, including reducing your monthly auto, home, and credit card payments.

• Assess Your Credit Card Spending
  Credit cards can help black college students with unexpected or large expenses, but credit limits can quickly get maxed out. Learn how to manage your credit card spending effectively and lower your monthly payments and if a student credit card, prepaid, or gas credit card can save you money.
  

• Create Affordable Auto Loan Payments
  While many black students purchase their dream car, it may come with a less than ideal monthly payment. If you’re currently in an auto loan, there are ways you can decrease your payment by contacting your lender or refinancing your loan. If you’re thinking of upgrading your vehicle to a new or used car, see what options fit your budget with MoneyGeek’s auto calculator.
  

• Review Your Car Insurance for Discounts
  Are you getting the best car insurance for your needs? Often, students don’t shop around and are paying more than they need to. Find out if your policy options are the best for you by comparing a few different auto insurance quotes, applying student and good driver discounts to your policy, and see what savings are available if you change your premiums.
  

• Save on Renters Insurance
  As a renter, you and your belongings may not be insured in the case of a fire, theft, or vandalism under the homeowners insurance. Renters insurance is not only affordable, but it offers you peace of mind in your living arrangement. It’s important to shop around for the best option for your budget.
  

• Find Affordable Health Insurance Coverage
  While health insurance premiums can be expensive, having adequate coverage can mean saving thousands of dollars in the event of a health emergency. Navigating and finding health insurance as a student can be difficult, but it's possible to obtain adequate coverage — either through your school, your parent's plan or a private insurance company.
  

"Being socially minded and committed is a great way to stand out and get noticed,"

Watson brought more to Morris Brown than just great grades and top scores. She coupled those crucial accomplishments with participation in volunteer activities and community outreach, two things donors are looking for in their scholarship and grant recipients. Watson suggests that students should try to apply for at least one scholarship per week. Craft a compelling essay by being honest about your journey, seeking to let the awards committee understand how you are growing as a person. "Convey the truth, honesty and purity. Also, this is not the time to be shy. If you have accomplished something great, talk about it. If you have experienced a series of hardships talk about it. If you have a disability describe it and your challenges with it," she says.

"If you are being honest with yourself and your aspirations, when you talk and meet with other people, they will be more than willing to make an introduction to help you achieve your goals"

Martín, who is taking the front-end engineering course at the Atlanta campus of The Iron Yard, says that his unique background set him apart from his peers when applying for the scholarship. He started graduate work at The Wharton School, a top business management school, but then pivoted to take a position with Teach For America. Meanwhile, Martin founded honorCode, a start-up focused on increasing the access to coding knowledge in primary and secondary schools in the city. "Hopefully, they knew that their funds would be going to an amazing cause and also have a higher return on investment in the future," says Martín of the support offered by The Iron Yard. "The partial scholarship that I received from them really relieved some of the financial burden to be in the program."

When applying for the scholarship, Martín didn't have one essay to tackle, he had three. He approached the essays with the mission of conveying why he was a great choice. "I honestly believe that my purpose in this world is to help open doors for those who aren't given access to open them alone. Knowing that this is my purpose, this is what I conveyed in my essays. I am very thankful that they believed me," he says.

What advice does Martín have for other students trying to win scholarship money? He says to be genuine, take care of the community and be your best advocate. "It is my honest belief that people want to help other people. Only you know where you are trying to go.If you are being honest with yourself and your aspirations, when you talk and meet with other people, they will be more than willing to make an introduction to help you achieve your goals," says Martín.