During my classes, a lot of people tell me that small scholarships are a waste of time, and that they focus most of their effort and energy on the "big" scholarships ($5,000 or more). When I hear this, I get extremely frustrated. Why? Because you are missing out on a bunch of opportunities to win if you are putting all your eggs in one basket (please refer to my post "The Deadliest Catch). Listen to these statistics*:
- Only about 50% of students consider applying for scholarships that are $500 or less.
- More than 25% of students will not apply for an award less than $5,000!
I know it is easy to be lured into applying for scholarships that offer $5,000, $10,000, even $20,000 pay-outs, but you have a better shot at winning smaller awards. It's just common sense: less competition=better chances of winning. Here's a very real example: you have a better chance (statistically) of getting into Harvard than winning the highly publicized Coca-Cola scholarships.
Now, don't misunderstand. I am by no means implying that you should stay away from these big scholarships entirely, just don't forget about the little guys. If you string together five $500 scholarships, you have $2,500 (which beats the pants off nothing).
*According to a 2005 survey at Lunch-Money.com
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