Lottery scholarships are a great option for students who wish to take their chance with getting funding. In fact, given the lack of guaranteed funding, some states now rely mainly on lottery scholarships to determine which students will receive financial support when attending college. Arkansas, Florida, Tennessee, New Mexico, South Carolina, West Virginia, and Kentucky are some of the states that employ the use of lottery scholarships. Other lottery scholarships are offered through individuals, organizations, or companies. Below is a list of some of the best lottery scholarships:
New Mexico Legislative Lottery Scholarship Program
This award rewards students who have succeed in their high school studies in New Mexico. Students who have received a NM diploma of excellence are eligible to apply. The exact amount of the award varies by the cost of the student’s tuition. In order to be eligible for the award, students must reside in NM. Furthermore, students must enroll for 12 hours (if attending a two-year community college) or 15 credits (if attending a 4-year institution). Only students who attend an institution in NM will be considered for this award. Students must maintain a minimum of a 2.5 grade point average and must enter college immediately after they graduate from high school. All eligible students are entered into a pool and students are randomly chosen. Additional information about this scholarship can be found here: http://www.hed.state.nm.us/students/lotteryscholarship.aspx.
Wells Fargo CollegeSteps
This scholarship is open to students who are currently enrolled in college or those who plan to enroll in college. In order to be considered, students must agree to receive money management and college planning advice from Wells Fargo. After that, they are automatically entered to win a scholarship worth $5,000. Additional information and the official rules can be found here: https://www.wellsfargo.com/student/sweepstakes/.
U.S. Bank Scholarships
U.S. Bank offers lottery scholarships. It is sometimes called the U.S. Bank Scholarship Program and other times it is the Financial Genius for Life Online Learning. Any student who is planning to attend a 2-year or 4-year university or college in the United States in eligible to apply. Students must be at least 13 years of age to apply for the award. Only citizens of the United States are eligible to receive the scholarships. In order to enter the U.S. Bank Scholarship, students fill out a brief demographic information form. Students also can take a brief online tutorial to learn about smart money management. Additional information can be found here: https://www.usbank.com/community/financial-education/scholarship.html. All winners are chosen at random.
Bright Futures Florida Lottery Scholarship Program
This program funds three different scholarships for Florida students who have excelled in their high school studies. All applicants are chosen on a random basis from a pool of eligible applicants. Students can see the exact eligibility criteria, application process, and brochure for this program at the following link: http://www.floridastudentfinancialaid.org/ssfad/bf/.
One challenge of the lottery based system is that there is always more need than the system can handle. Thus, it is wise to apply to additional scholarships in case your name is not randomly chosen.