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Announcing free money! Did that get your attention? If you have a high school child or grandchild, don’t let them miss out on free money for college — not based on need — that is being handed out starting now!

Instead of heading back for senior year in high school hoping to coast for the next nine months, rising seniors should be spending their last few weeks of summer searching for college scholarships online. And this message also applies to those just going into their sophomore or junior years, since many scholarships are offered to high school students in those early years, to be saved for freshman year in college.

According to Kevin Ladd, chief operating officer and co-creator of Scholarships.com (Forbes' top-rated site for the college money search), this is a classic case of “The early bird gets the worm.” Or in this case, the money. Some scholarships for fall of 2025 will have deadlines in July or August — before this 2024 fall semester even starts. For those already studying in college, the search service also reveals free money to supplement those student loans.

And we are talking about a LOT of money. Aside from the free money federal Pell Grants, which require low parental income on the FAFSA, there is a fortune waiting to be distributed to those who take the time and effort to apply.

We are not talking about needs-based programs. Almost 75% of the millions of scholarships on Scholarships.com do not have any needs-based disclosure, although some may require completing the FAFSA form.

There is no cost for the online search, which matches students with possible scholarships. Emailed updates on deadlines and new matches are part of the program. To offset the costs of running search engines, those who opt in at the beginning of their free search might see marketing campaigns for everything from dorm room furniture to credit cards! You can ignore them — but don’t ignore the emails suggesting you apply for a newly listed scholarship.

The online search is the easiest part of the scholarship hunt. Registering at Scholarships.com, or any of the other well-known sites such as Fastweb.com or even using the search engine at College Board.com, is easy for this generation of online experts.

But it’s important to fill in all the search criteria, so the engine can expose you to any free money for which you might qualify. Scholarships.com filters include things beyond just your grade point average, including SAT and ACT test scores, ethnicity, artistic ability, state of residence, academic major and military affiliation. And you should keep updating your profile on the site, triggering more qualification searches as new scholarships are added on a daily basis.

Having an unusual last name, or knowing your future career path can also open up scholarship opportunities. If you know you want to be a medical technician or an engineer or work in government, there are scholarships waiting for you to find them. In fact, according to Ladd, many smaller scholarships find few applicants each year, but the search will reveal them.

Next, the work comes in. Many scholarships require thoughtful essays, although Ladd says there is now a trend toward accepting videos in applications — a nod to the TikTok generation. So, there’s plenty of room for creativity, making you stand out. However, it takes time and effort to pursue the search.

Even smaller scholarships can add up to a significant amount of free money. But there are many listed that offer $10,000 or more. Among the most popular grants are the Taco Bell Live Mas scholarship (which pays $10,000 and may be renewed every year) and the Horatio Alger scholarship, which awards the same amount.

Ladd says it becomes a sort of mental contest. Knowing that you’ve won one scholarship inspires a search to collect more. The Scholarships.com website even has a "success stories" section. One high school senior won more than $130,000 in free college money this year — including 18 scholarships, some as small as $1,000.

That should inspire some action. After all, you’re not just paying for college; you’re also avoiding another small fortune in interest on student loans in future years.

And that’s The Savage Truth.

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(Terry Savage is a registered investment adviser and the author of four best-selling books, including “The Savage Truth on Money.” Terry responds to questions on her blog at TerrySavage.com.)

©2024 Terry Savage. Distributed by Tribune Content Agency, LLC.