QUESTION: What is the best way to fund college in an economic climate where financial aid is decreasing as the cost of education is mounting?

ANSWER: Scholarships are one of the best ways that students can seek financial assistance to offset the rising cost of a college education.  At Hawaii Community Foundation (HCF) our goal through our scholarships program is to provide the support needed to help students pursue their college degree.

Q: Explain the major differences in the types of financial aid available to college students.

A: There are two major types of financial aid available: scholarship grants and student loans. The major difference between the two is that loans have to be repaid with interest while grants do not. Scholarships typically fall into two categories, need-based and merit-based grants, which can be provided by the institution or through private grants such as the HCF. If it’s provided by the institution, the scholarships usually come in the form of grants, work-study or loans. At HCF we have both need- and merit-based scholarships depending on the original intent of the donor. Private student loans must be repaid with interest and usually have higher interest rates than federal loans. 

Q: What opportunities does the Hawaii Community Foundation offer for prospective college students and those who are already enrolled?

A: First-time and currently enrolled college students have the opportunity to apply from our over 190 different scholarships. In 2013 HCF facilitated $4 million in grants to high school seniors, upperclassmen, graduate students and those who are returning to school after being in the workforce or taking time off from school. Students can visit the HCF website www.hawaiicommunityfoundation.org to search on the variety of scholarships offered.

Q: What are the basic criteria to apply for a HCF scholarship?

A: Students must be Hawaii residents for most of the HCF scholarships, and enrolled in school either in Hawaii or on the continental United States. Each student simply needs to complete an online common application to be matched to the appropriate scholarship opportunities. We encourage students to complete the optional sections of the application, which will allow them to be considered for more scholarships. When completing the online application, students will need to upload their most recent grade transcript and the 2014-2015 Student Aid Report that can be created by applying to the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.  

Q: How many scholarships are available this year from HCF, how much do they total in value and how do these offerings compare with prior years?

A: In 2013 HCF facilitated scholarship awards to over 1,400 students for a total of $4 million. This is consistent over the past few years.

Q: What are the pertinent deadlines for this year’s scholarship pool, and what application materials will I need to start the process?

A: The deadline to apply is Feb. 20 at 4 p.m. at www.hawaii.communityfoundation.org. Students must complete an online application that includes a personal statement, a 2014-2015 Student Aid Report that can be created by applying to FAFSA at www.fafsa.ed.gov, and their most recent grade transcripts. Letters of recommendation are required for some scholarships.

Q: What is the average scholarship award from the Hawaii Community Foundation?

A: Scholarship awards vary in size. The average award students receive is $2,000 since they are eligible for receiving more than one scholarship. The minimum scholarship grant is $1,000 for one year. More recently, donors recognize the importance of providing more than one year of support, so some scholarships now provide a commitment for an award every year as long as the student maintains their GPA. A few renewal scholarships could provide up to $15,000 to $25,000 over the four years of college.

Q: What percentage of applicants typically receive some award money, and what is the best way for a college student to stand out?

A: The HCF scholarship award process is very competitive, so the best way for a student to stand out is to provide a strong personal statement that includes their community service projects and plans on how they want to give back to Hawaii. A student’s personal statement is an opportunity to highlight their story and all of the accomplishments that will set them apart from the rest. Some scholarships require additional information to be considered, such as supplemental essay questions, SAT/ACT scores and letters of recommendation.

Interviewed by Allison Schaefers