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Imagine this: After 12 long years of education, it’s finally time to head to college. But hang on, because there’s a catch — tuition is much higher than you thought, and the school didn’t offer an academic scholarship.

One alternative for students can be to find a non-academic scholarship and keep pushing toward that dream. Here are tips on finding non-academic scholarships to help pay for a college education.

What Is a Non-Academic Scholarship?

Scholarships are one type of financial aid available to students that don’t need to be repaid and are typically awarded based on merit — that is, being especially knowledgeable or skilled in one area. Grants, which also do not need to be repaid, are typically awarded based on need and not based on academic or athletic merit. For example, Pell Grants are federal grants awarded to undergraduate students who exhibit exceptional financial need.

Scholarships can be awarded for many different reasons, including academic achievement. However, just because someone isn’t an A+ student doesn’t mean they can’t qualify for a scholarship. There are non-academic scholarships that are based on athletic or artistic achievement, community involvement, extracurricular activities, and more. Students may just need to put in a bit of legwork to find ones they qualify for and apply.

Recommended: Finding Free Money for College

Where to Find Non-Academic Scholarships

The first step in getting a scholarship is to find it. Here are a few places to start your search.

School Counselor’s Office

You might start by checking in with your high school counselor to see about any non-academic scholarship they may know about. The office may have a list of options available to students, and because they may know your skills and future aspirations, they may be able to hone in on the right scholarship for you.

School counselors may also have helpful information on navigating the financial aid process. One piece of the funding puzzle may be undergraduate loans if scholarships don’t cover all of the costs. Students may consider private student loans after exhausting federal aid, including federal student loans.

Recommended: Guide to Private Student Loans

College Admissions Website

If you’ve already been accepted to school, you might check in with your college’s admission website. There, you could find a list of potential scholarships offered directly by the school. You might also reach out directly to the admissions office or future academic counselors for assistance.

As the school year nears, you may consider checking in with your college’s financial aid office to see if they can guide you to unclaimed scholarships.

Scholarship Listing Websites

There are several scholarship search tools out there that roundup available scholarships to students, including destinations like FastWeb or CollegeBoard. Here, you can sift through hundreds of available scholarships and find help with the application process as well.

Professional Associations and Clubs

Another place to find scholarships includes professional associations and clubs, such as your parent’s employers, local businesses, and more.

A quick Google search on professional organizations in your chosen field of study can also uncover scholarships. Most are free to join and include fields such as marketing, engineering, graphic arts, law, and more.

Friends and Family

Simply asking around for scholarship opportunities can’t hurt. Consider reaching out to your network and letting everyone know you are on the hunt for financial assistance. Someone may know of a specific scholarship that could be the perfect fit.

Connect With the Community

Explore connections with local religious groups, business, and other organizations. Having an existing connection can potentially improve your chances of securing a scholarship. Plus, you may face less competition when you apply for more local scholarships.

Types of Non-Academic Scholarships

Need a little help thinking about what type of non-academic scholarship may fit? Here are a few types of scholarship to help you get started.

Talents

Have a unique talent? There may very well be a scholarship available for it. For example, you can find scholarships for duck calling, dancing, drawing, and much more.

Athletics

Each year, there are more than 180,000 athletic scholarships awarded to students. Scholarships are available for a wide variety of sports to both men and women, including volleyball, tennis, swimming & diving, skiing, lacrosse, golf, fencing, and more.

Heritage

Some students may also find non-academic scholarships based on their heritage. Students from minority groups may find additional opportunities, including scholarships for African American or Hispanic students.

Some scholarships may be available through churches, while others can be found on websites like College Board. There, students of various backgrounds can search for a suitable match.

Interests

Students can apply to non-academic scholarships based on their various interests, too. For example, those interested in cars can apply for the National Corvette Club scholarship. Those students that love to cook can apply for the AAC Culinary Scholarships for High School Seniors.

Those who spend their Sundays completing The New York Times crossword puzzle in pen, might apply to the BrightSprout Crossword Scholarship. No matter the interest, odds are there is a scholarship out there for it.

Area of Study

Future and current college students may be able to find a scholarship that suits their future area of study. Students hoping to become their own CEOs can apply for The National Association for the Self-Employed Future Entrepreneur Scholarships, which helps promote “entrepreneurial thinking among aspiring business students.”

Again, if there’s an area of study, odds are there’s a scholarship available for it.

Area Code

Students looking for a non-academic scholarship can search for regional scholarships on many online databases. SoFi runs a state-by-state grant and scholarship database, so you can take a look at what is available in your area.

Other sources for regional or location-based scholarships may include local nonprofits and businesses.

Other, Outlandish Options

There are scholarships available for less obvious reasons, too. One of the more famous wacky scholarships is the Stuck at the Prom Scholarship Contest sponsored by Duck brand duct tape. Each year, the company awards a scholarship of up to $15,000 to a teen who designs and wears a winning dress or tuxedo made out of their duct tape.

How to Get a Non-Academic Scholarship

There are thousands of non-academic scholarships available each year. In order to get a non-academic scholarship, you should first look for scholarships in line with your talents and career interests. From there, you can look to local businesses, friends and family, and your community to find other non-academic scholarships.

And finally, do a Google search for non-academic scholarships you think you may qualify for. There are scholarships available for almost every type of person and every interest, including scholarships for minorities, scholarships for people who dance, religious scholarships, first-generation scholarships, and more.

Tips for Finding & Applying for Non-Academic Scholarships

If you’re hoping to find and apply for non-academic scholarships to help pay for college, there are a few things you can do to increase your chances of getting one.

Start Early

Starting your search early is one of the best things you can do to land a scholarship. Since many scholarships come from the school you’re attending, it’s recommended to fill out the FAFSAⓇ as soon as possible. Some grants and scholarships offered by schools are on a first-come, first-served basis.

It’s also a good idea to start your search early so you can make sure you can meet all the deadlines for the scholarships you hope to apply for. Many will require essays, and the sooner you know which scholarships you want to apply for, the sooner you can get your essays completed and submitted.

Read the Fine Print

Make sure to read the fine print of all scholarship applications. This will ensure you won’t miss any deadlines or important information regarding the scholarship.

Showcase Your Personality

When applying for scholarships and writing essays, it’s important to showcase your personality through your written word. Many non-academic scholarships are fun, so feel free to express yourself and make it so your application stands out from the rest.

Proofread Your Application

Proofreading your application is a great way to catch any grammar errors or application mistakes prior to submission. If it comes down to you and one other candidate, you don’t want to miss out because of easy grammatical errors you could have caught by simply proofreading your application beforehand.

Don’t Give Up

And finally, keep searching and applying for scholarships until you receive the amount of money you’re hoping for. Scholarships can be competitive, so don’t get down on yourself if you’re struggling to get one. Instead, keep the momentum going by continually searching and applying for new opportunities as they arise.

The Takeaway

Non-academic scholarships can be awarded based on talent, skill, interest, and more. Some scholarships may even be regional or location based. To find non-academic scholarships, consult with your guidance counselor, your college’s financial aid office, local business and nonprofits, and online scholarship databases.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Are there non-academic scholarships?

Yes. Non-academic scholarships are widely available and are awarded based on criteria other than academic performance, such as athletic skills, artistic talent, community service, heritage, interests, and chosen area of study. Students who may not have a perfect GPA can often find opportunities through their college, local organizations, professional associations, and online scholarship databases.

What is the $40,000 niche scholarship?

The $40,000 Niche Scholarship refers to a no-essay scholarship awarded by Niche.com that gives one student a large sum — now $50,000 — for college expenses. Eligible applicants include U.S. citizens who are looking to attend college or graduate school in the next year. The winner is selected via a random drawing from brief profile submissions. The application deadline is typically at the end of December.

Is the $2000 Sallie Mae scholarship real?

Yes, the $2,000 Sallie Scholarship Sweepstakes is a legitimate no-essay scholarship that is typically awarded monthly. Eligible applicants include high school students, college students, and parents/guardians, with winners selected through a random drawing. Since it is a sweepstakes, the entry requirements are minimal, usually only requiring a brief online form submission.

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SOISL-Q425-021

Arbitrage involves attempting to profit from price differences in the same good or product, and crypto arbitrage is no different: Market participants may be able to make money by exploiting price differences for the same cryptocurrency. Those differences may occur across different exchanges or platforms, opening up the opportunity to buy, sell, and possibly generate a return.

Note, though, that arbitrage involves substantial risk, so caution is warranted.

What Is Crypto Arbitrage?

Cryptocurrency arbitrage is a strategy in which market participants buy a cryptocurrency on one exchange, and then attempt to quickly sell it on another exchange for a higher price. Cryptocurrencies are purchased or sold on many different exchanges, and often the price of a coin or token may differ slightly on one exchange versus another.

That’s where the strategy of arbitrage comes in: Similar to using arbitrage in other capital markets, crypto arbitrage is a legal way to earn a potential profit when an asset is selling cheaper in one market and at a higher price in another. That said, crypto arbitrage comes with some potential risk factors.

Why Do Price Differences Exist Between Exchanges?

The regulations of crypto markets are nuanced and varied, and cryptocurrencies are decentralized and therefore (with the exception of stablecoins) not pegged to government or fiat currencies like the dollar. This is one of the primary reasons why the prices of different crypto can vary widely: there is no standard price for any particular coin or token.

Related to this, some crypto exchanges are bigger than others, with higher trading volume. Thus the supply and demand on one exchange could be quite different from another, affecting the price.

Finally, crypto trading fees also vary, and can add to the cost of your transactions.

How Does Crypto Arbitrage Trading Work? A Step-by-Step Look

As noted, crypto arbitrage involves trading the same cryptocurrency for different prices on different platforms or exchanges. Arbitrage comes with the risk of prices changing during the process of buying and selling cryptocurrency. However, here’s how crypto arbitrage might work in theory, assuming prices remain the same.

Step 1: Identifying Arbitrage Opportunities

In a very general sense, identifying an arbitrage opportunity in the crypto market could be as simple as noticing that some type of cryptocurrency, let’s say Crypto X, is trading for $1 on Exchange 1, but trading for $1.50 on Exchange 2.

That price discrepancy means there’s an opportunity to generate a profit by purchasing Crypto X for $1 and then selling it for $1.50.

Step 2: Executing the Purchase and/or Sale

The next step to take advantage of the price discrepancy is to actually execute the transactions. That could be a bit more intensive than it sounds, since you’re trading on two different exchanges or platforms.

But in effect, let’s say you purchase $10 worth of Crypto X on Exchange 1, and transfer it to your crypto wallet. Then, you log on to Exchange 2, make sure your wallet and holdings are connected, and then sell Crypto X for $15.

Step 3: Calculating Profits (and Losses)

When all is said and done, you should now have $15 in cash, a profit of $5 from when you first started (not taking any fees into account), and a 50% return due to your arbitrage activities. Don’t forget there’s taxes to pay, of course.

And always keep in mind that you can lose money through crypto arbitrage, too, such as if the price of the cryptocurrency purchased drops before it’s sold. There’s no guarantee that you’ll come out ahead in the crypto markets.

Common Arbitrage Strategies

There are some different ways that crypto arbitrage can be conducted with different types of cryptocurrencies.

Simple Arbitrage (Cross-Exchange Arbitrage)

This type of arbitrage is more or less what was spelled out in our example above. It involves finding a price discrepancy between exchanges, buying from one, and selling to the other to attempt to generate a profit. While this is a simple tactic that can take advantage of price discrepancies, it may expose you to risks like transfer times and costs.

Spatial Arbitrage

Spatial arbitrage is very similar to simple arbitrage, but is distinct in that there are price differences between an asset trading in different geographic locations.

Triangular Arbitrage

Triangular arbitrage takes advantage of pricing inefficiencies among different pairs of cryptocurrencies, often on the same exchange. With this strategy, someone starts with one cryptocurrency and then sells it for another cryptocurrency — one which is undervalued relative to the other.

The participant would then transact that second cryptocurrency for a third cryptocurrency which is relatively overvalued when compared with the first. Finally, they would transact that third cryptocurrency for the first crypto, completing the circuit potentially a little richer.

Weighing the Opportunity: The Pros and Cons of Crypto Arbitrage

Crypto arbitrage has some pros and cons to be aware of.

The Appeal of Crypto Arbitrage

Crypto arbitrage can be an appealing strategy for a few key reasons. Notably, it’s a market-neutral strategy, meaning that it’s theoretically possible to make money regardless of overall market conditions. So, if the stock market is taking a downturn, that doesn’t mean you couldn’t potentially generate returns through crypto arbitrage.

Additionally, the crypto trading markets go non-stop, worldwide, and there are thousands of cryptocurrencies out there. That means there’s a potentially large number of opportunities for crypto arbitrage, if you can find them.

The Risks of Crypto Arbitrage

There are also significant risks you should take into account when engaging in crypto arbitrage. Perhaps most notably, price slippage, which means that the price discrepancy that you are attempting to exploit suddenly disappears, leaving someone “holding the bag,” so to speak, after they initially purchase the cryptocurrency.

There can also be delays and congestion on platforms, which can slow down transactions and potentially lead to price slippage. There are transaction fees to take into account, as well, and it may even be possible to break the rules of a given platform, meaning that your activity is frozen or put on hold.

Tax Implications of Arbitrage

Arbitrage can trigger tax liabilities.

In the U.S., where cryptocurrency adoption has skyrocketed in recent years, the IRS has created a tax guide which categorizes cryptocurrencies as property, like stocks, bonds, and other capital assets.

Entities that engage in arbitrage are required to pay capital gains taxes on cryptocurrency when selling, trading, or disposing of their holdings. (Additionally, cryptocurrencies can be taxed as income if an individual receives the crypto as a gift, from mining, or for services rendered.)

With that in mind, you must account for any capital gains taxes on their federal income tax return, but may also be able to take deductions based on any losses. Be aware that state taxes may also need to be reported, where applicable. You should also receive a form from your brokerage or trading platform to help you calculate your tax liabilities and fill out your tax return.^[1]

As always, it may be helpful to discuss with an accountant or financial professional.

Note, too, that cryptocurrency taxation rules are evolving, so it’s best to try and keep track of the latest changes to rules and regulations.

Why Every Arbitrage Transaction May Be a Taxable Event

Given that cryptocurrency is considered “property” in the U.S. for taxation purposes, each transaction will result in either a capital gain or loss. In the case of crypto arbitrage, gains from transactions would likely be taxed as short-term gains, which applies when a digital asset is held (as a capital asset) for one year or less. Short-term gains are taxed as ordinary income, which is typically higher than the rates for digital assets held for longer than a year.^[2]

In short, that’s why each arbitrage transaction triggers a taxable event: You’re generating a capital gain or loss with each transaction.

The Importance of Meticulous Record-Keeping

New rules are making it easier to keep track of your transactions through a brokerage or trading platform, along with capital gains or losses and respective tax liabilities. But it’s still a good idea to try and keep meticulous records, to ensure that you’re paying any applicable taxes that you owe.

Until recently, keeping track of your capital gains or losses on crypto holdings was entirely up to the individual, which is why it was so important. It’s still up to you to report your transactions correctly, as it’s possible that your platform or exchange could make a mistake.

A Note on Professional Advice

Again: It could be a good idea to ask an accountant or financial professional for help or to answer any questions you may have about your tax liabilities resulting from crypto trading activity. It can be confusing, and the laws and rules are in flux, so don’t be afraid to reach out.

Crypto Arbitrage Bots and Platforms

A couple of other things that you should know about: Arbitrage bots and platforms.

What Are Crypto Arbitrage Bots?

Why manually buy or sell when you could use bots to do it for you? That’s actually an option, as there are programs on the market that can identify arbitrage opportunities, and automatically execute purchases or sales on someone’s behalf. Of course, this requires some technical know-how and a fairly high risk tolerance, but these “bots” are more or less automated software sequences that are used by some to try to generate returns.

Popular Arbitrage Platforms and Scanners

There are numerous crypto trading platforms, services, and software on the market. Some incorporate trading bots directly into their platforms, too. Some examples of these include Pionex, Bitsgap, Cryptohopper, ArbitrageScanner, and 3Commas. It’s important to do your own research to figure out if any platform might work for your specific situation and strategy.

The Takeaway

Arbitrage exists across the capital markets, in stocks, bonds, and commodities, wherever the same asset buys or sells for different prices in different places. Since cryptocurrencies are digital and aren’t based on an underlying asset (with some exceptions, such as stablecoins), it is harder to place a value upon these currencies, and they don’t have the same pricing conventions as equities and bonds, which are tied to the performance of a company, municipality, or nation.

Cryptocurrency is complicated, and arbitrage strategies can be even more complex. But the practice is legal, and has the potential to yield rewards while also exposing a participant to high risk.

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FAQ

Is crypto arbitrage still profitable?

Crypto arbitrage can be profitable, but it also involves considerable risk. There’s no guarantee of a positive return.

How much money do you need to start crypto arbitrage?

It’s possible to attempt to profit from discrepancies in crypto prices with a relatively small amount of money, especially since many cryptocurrencies buy and sell for fractions of a cent. It’s important to remember that arbitrage is risky, however, so any amount of money put toward crypto arbitrage — big or small — could potentially be lost.

Is crypto arbitrage legal?

Yes, crypto arbitrage is legal in most regions so long as you’re doing it in a place where crypto trading is legal.

What is the fastest way to find crypto arbitrage opportunities?

Perhaps one of the quickest ways to find crypto arbitrage opportunities is to use a scanner or trading bot to flag those opportunities for you. Otherwise, it could take considerable time and effort to manually compare prices between exchanges and platforms.

Can you lose money with crypto arbitrage?

Yes, there is a high risk of losing money with crypto arbitrage, as prices are always in flux.

Can you make a living off of crypto arbitrage?

It theoretically may be possible to make a living off of crypto arbitrage, but it would likely be challenging to do, and it’s important to remember there are significant risks involved with crypto arbitrage, as well.

SOCRYP-Q325-048

A merit scholarship is a type of college financial aid that is awarded based on a student’s merits, which might be academic, athletic, artistic, leadership-related, or pertaining to a special interest. A merit scholarship does not take a student’s financial need into consideration.

Read on for a closer look at exactly what a merit scholarship is, the different types of merit scholarships available, and how to get merit aid to help you pay for college.

What Is a Merit Scholarship?

Merit scholarships, also known as merit aid, are a kind of college funding that is not based on financial need but, instead, on a student’s merits or achievements. Merit aid is often given to students that excel in academics, extracurricular activities, athletics, arts leadership, and other areas.

Merit aid is often funded by colleges and universities themselves, and can typically be redeemed for multiple semesters and years. This type of financial aid is often used as a way to lure top performing students to their school. It might be a few thousand dollars or it could cover a student’s entire tuition. Merit scholarships are also offered by organizations, like the National Merit Scholarship Corporation, and private companies.

⚡ Quick Tip: Fund your education with a competitive-rate, no-fees-required SoFi private student loan that covers up to 100% of school-certified costs.

Types of Merit Scholarships

Merit scholarships come from different types of institutions and are awarded for a variety of reasons. Here’s a look at the different kinds of merit scholarships that are available.

Colleges and Universities

Many colleges and universities have merit aid awards that are offered to students. Sometimes referred to as institutional aid, merit aid programs vary from school to school. Some schools may consider all students for a merit award without needing an additional application. In some cases, there may be an additional application required. Select merit aid awards may be designed to cover the full cost of tuition, while others will only cover a portion.

Academic Merit Scholarships

Academic merit scholarships award money to students who demonstrate significant academic achievement in high school. Often, academic merit scholarships may consider a student’s grade point average (GPA), standardized test scores, class rank, or other factors.

Depending on the school, you may not need to submit or do anything extra to be awarded a merit-based scholarship. Instead, the school may decide based on your application alone. Academic merit aid is often redeemable for multiple years if you uphold the scholarship qualifications (such as maintaining a certain GPA each semester).

Recommended: How Much Does GPA Matter When Applying to College?

Athletic Merit Scholarships

Like academic merit aid, athletic merit scholarships are typically funded by the college or university. If you’re interested in an athletic scholarship, keep in mind that getting recruited can be a time-intensive process. Depending on the sport you play, you may need a highlight reel or video that shows off your skills. Typically, schools will also want to see your academic records and SAT or ACT scores.

Athletic scholarships may be offered for each year you attend school, provided you meet certain requirements, such as attending a certain number of practices/games each week while also maintaining a certain college GPA.

Arts Merit Scholarships

Many liberal arts colleges offer merit scholarships to students who excel in the arts, such as music, acting, painting, drawing, or graphic design. If you have talent in and have been focusing on any area of the arts, you may be able to get merit money by applying for a degree program in the arts at a particular college or university.

Merit Scholarship Options From Organizations

Some nonprofits and community organizations offer their own merit scholarships to standout students. These scholarships have varying requirements but will typically focus on an eligibility requirement that’s important to the organization, such as a student’s leadership qualities, chosen career path, or involvement in community service during high school.

For example:

•   The Daughters of the American Revolution (DAR) offers the Richard and Elizabeth Dean Scholarship to students who are pursuing an undergraduate degree in American Studies.

•   The Society of Women Engineers (SWE) offers a scholarship to applicants who are studying at an accredited university and pursuing a career path in engineering, engineering technology, or computer science.

•   The National Association of Flavors and Food-Ingredient Systems (NAFFS) offers an annual scholarship to outstanding food science students.

Private Companies

Another source of merit scholarships is private companies. Companies like Coca-Cola, Burger King, Google, and more have annual scholarships. Like many other scholarship opportunities, the application requirements and eligibility criteria will vary based on the company and/or scholarship. Below are a few examples.

Coca-Cola Scholars Program

The Coca-Cola Scholars Program is an achievement-based scholarship awarded to students in their final year of high school. Students are recognized for their ability to lead and serve, as well as their commitment to making a significant impact on their schools and communities. In 2025, the program provided over 7,000 Coca-Cola Scholars with more than $87 million in educational support.

Burger King Scholars

The Burger King Scholars program provides scholarships ranging from $1,000 to $60,000 to high school students who stand out based on their GPA, work experience, extracurricular activities, and community service.

Generation Google Scholarship

The Generation Google Scholarship program is designed for students pursuing degrees in computer science. The scholarship is awarded based on the strength of each candidate’s commitment to diversity, equity, and inclusion; demonstrated leadership; and academic performance. Selected students can receive $10,000 for college.

National Merit Scholarship Corporation

The National Merit Scholarship Program is an annual academic competition among high school students for recognition and college scholarships run by the nonprofit National Merit Scholarship Corporation (NMSC). To enter the program, you simply need to take the Preliminary SAT/National Merit Scholarship Qualifying Test, generally during your junior year, and meet other program entry requirements. There are three types of awards: National Merit Scholarships of $2,500, corporate-sponsored scholarships, and college-sponsored merit scholarships.

Recommended: Finding Free Money for College

How to Apply for a Merit Scholarship

The process for applying to a merit scholarship can vary significantly from scholarship to scholarship. Merit scholarships offered by colleges and universities typically don’t require students to fill out any additional paperwork beyond their application to the school. However, some schools require that students submit the Free Application for Federal Student Aid (FAFSA®) to be eligible. This allows students to maximize their federal and state need-based financial aid before receiving school awards. It’s a good idea to contact the financial aid department for each school and ask what their merit scholarship process is.

Applying for merit aid from a source other than your school can be more time-consuming and will likely vary depending on the organization offering the award. In addition to an application detailing basic personal information, students may be required to write an essay or personal statement, gather letters of recommendation or go through an interview process.

If you’re interested in applying for a private merit scholarship, check in with the organization directly so you can be sure that you understand exactly what the application requirements are.

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What Can Merit Scholarships Pay For?

Frequently, if the merit scholarship is offered by the school, the award will go directly to pay your tuition bills. If there is any money left over after tuition is paid for, it can be used to pay for other educational expenses including room and board, books, or other fees. Each school will have its own procedures for how merit aid is awarded to students, so confirm any questions directly with the financial aid office.

Merit Scholarships and Income Taxes

Generally speaking, merit scholarships are not taxed by the Internal Revenue Service (IRS). According to the IRS, scholarships and grants are considered tax-free so long as the following conditions are met:

•   The student is pursuing a degree at an educational institution; and

•   The award money is used to pay for tuition and fees or other expenses related requirements at the educational institution, such as fees, books, and supplies.

There are some situations in which a merit scholarship may be taxed. If a grant or scholarship meets the following criteria, it may be taxable, according to the IRS:

•   The scholarship is used to pay for incidental expenses such as room and board, travel, or optional equipment.

•   The scholarship is awarded as payment for teaching, research, or other services (though there are some exceptions).

If you have any questions about whether or not a scholarship you’ve received is considered taxable income, consider consulting with a tax professional who can provide advice specific to your personal circumstances.

Finding Merit Scholarships

Check in with your college or university to find out if there are any school-specific awards available and determine how to file an application (if an additional application is required). There are numerous online resources and databases that can help you identify merit-based scholarships across the U.S. For students who are pursuing graduate degrees, there are also some scholarships for graduate students.

It can be a good idea to make a running list or spreadsheet of all of the merit-based scholarships that you are interested in, so you can keep the specific due dates and application requirements organized. This can help make the application process feel less overwhelming.

Consider Starting Early

Many merit-based scholarships look for demonstrated excellence over the course of an applicant’s entire four years of high school. Therefore, it could be a good idea to start thinking about what types of merit scholarships you’re interested in applying for as early as possible.

Maintaining Your Scholarship

It is important to note that some merit-based scholarships require the scholarship recipient to maintain a certain GPA and/or require specific campus or community involvement to continue receiving consistent scholarship funding.

If you do decide to apply for a merit-based scholarship, it’s a good idea to be prepared to not only do the hard work to secure the scholarship but also maintain it once you get to campus.

Other Ways to Help Finance College Tuition

If you do not receive any merit aid or enough merit aid to fully cover your college costs, there are still many funding options available to you. Often, the first step for students looking to secure aid is to fill out the FAFSA. Students must fill this out in order to receive any federal aid, including federal grants and scholarships, work-study, and federal student loans.

The federal work-study program sets students up with part-time jobs where they can earn money to put towards their educational costs.

Federal student loans offer low fixed interest rates, flexible repayment options, and possible forgiveness programs. Depending on your level of need, you may qualify for either subsidized or unsubsidized federal student loans. With a subsidized loan (for undergrads only), the federal government pays for any accruing interest on your loans while you’re in school and for six months after you graduate; with an unsubsidized loan, you are responsible for paying all interest that accrues on the loan.

If federal aid and merit-based scholarships aren’t enough to cover the cost of college, you might consider getting a private student loan. These loans are offered by banks, credit unions, and online lenders. Students and their co-signers (if applicable) apply for private student loans as if they were applying for other types of loans, such as auto and home loans.

Private student lenders are able to determine their own term lengths, interest rates, and repayment plans. Because these loans don’t come with the same borrower protections as federal student loans (such as income-based repayment and generous forbearance and deferment programs), you generally only want to consider private student loans after you’ve fully tapped federal aid options, including federal student loans.

⚡ Quick Tip: It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

The Takeaway

Merit scholarships are awarded to students based on merit alone, which might be academic, athletic, artistic, or in another specialized area. This money typically does not need to be repaid by student recipients. Some sources for merit scholarships include your college or university, nonprofit organizations, private companies, and the National Merit Scholarship Corporation.

Other options for college funding include financial aid (which includes need-based grants and federal student loans) and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What are merit-based scholarships?

A merit-based scholarship is a form of financial aid awarded to students based on achievements, rather than financial need. These achievements can include academic excellence (high GPA, test scores), athletic skills, artistic talent, or leadership qualities.

Many merit scholarships are awarded by colleges themselves and you may be considered for one automatically when you apply. You can also apply to specific scholarships offered by private companies and organizations.

What GPA gets you a merit scholarship?

There is no single GPA requirement for a merit scholarship, as the criteria vary widely between awarding institutions. For institutional academic merit aid, competitive students often have GPAs well above 3.5 or are in the top percentage of their graduating class. However, some scholarships prioritize factors other than GPA, such as artistic talent, athletic performance, or community leadership. Always check the specific requirements of the scholarship you are applying for.

How can I get a merit-based scholarship?

To get a merit-based scholarship, focus on maximizing your academic achievements, such as maintaining a high GPA and achieving strong standardized test scores. It’s also a good idea to actively participate in extracurriculars, athletics, or the arts to demonstrate leadership and talent.

For most college-based awards, your school application is enough, but be prepared to submit essays, letters of recommendation, and personal statements for private scholarships. Start early to build a strong profile and organize all application requirements and deadlines.

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Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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SOISL-Q425-016

Law school is a major undertaking requiring a lot of hard work as a student trains for a challenging and rewarding career. And a key part of getting accepted into law school can be scoring well on the Law School Admission Test (LSAT). What’s more, a high LSAT score can potentially increase a student’s scholarship and other funding opportunities to pay for law school.

But getting an LSAT score you’re proud of can take some planning and preparation. To help with that, this guide will break down how to study for the LSAT. In addition, you’ll learn some helpful study tips, test-taking strategies, and important dates to remember.

What Is the LSAT?

The LSAT is a standardized test that many law schools require. It is considered to be a good predictor of how well a student will perform in law school.

The test contains four sections, plus a written essay, and test takers typically have about three hours to complete the test. The LSAT score range goes from 120 to 180, with the average score currently being approximately 150 to 152.

What Does the LSAT Cover?

The LSAT is administered in two distinct sections. One section is a multiple choice exam that is divided into categories including logical reasoning and reading comprehension.

There is also a writing section that is administered separately from the multiple choice portion of the LSAT. Test takers are allotted 35 minutes for each of the four sections required for the exam. These sections are:

•   Two logical reasoning sections, 24 – 26 questions each

•   Reading comprehension, 26 – 28 questions

•   Experimental section (typically used to develop questions for future LSATs), 24 – 28 questions

•   Writing. This section is administered separately from the multiple choice portion of the exam, but test takers will be limited to 50 minutes.

The writing section gives test takers a debatable issue to articulate a stance on. The written section is available to test takers eight days prior to their testing date.

It can be taken at any time during this testing window and is proctored online using secure software. Although this section is not used to calculate the score, it is still sent to law schools and used to some degree for admissions.

The experimental portion of the exam is also unscored. This section is used internally for measuring the difficulty and effectiveness of LSAT questions. However, test takers will not be aware of which section is experimental.

The LSAT can be taken in person or remotely via a proctored online portal.

Recommended: What Is the Average Student Loan Debt After College?

What Is a Good Score on the LSAT?

As mentioned above, the LSAT scoring system ranges from 120 to 180, with a current average of 150 to 152.

What qualifies as a good score will vary depending on your outlook and how competitive the law schools are that you plan on applying to. For instance, if you want to attend one of the top-tier law schools in America (that is, one of the top five programs), you will likely need at least a 170 on the LSAT.

How Do I Prepare for the LSAT?

Preparing for the LSAT can involve time and energy. There are a variety of methods. Some people choose just one and stick with it. Others combine a couple of techniques. There’s not one best way to study for the LSAT; it’s a personal choice.

Preparing for the LSAT has become a full-fledged industry, with a slew of specialized tutors, study guides, and courses offering their services. Among the options:

•   LSAT preptests

•   LSAT prep books

•   Test prep companies and tutoring

•   Official LSAT Prep on Khan Academy

•   Study groups with other students/prospective test takers (such as prelaw students at your college).

Read on to learn more about a couple of the methods.

Taking Official LSAT Prep Tests

How to study for the LSAT? Get organized before you start planning your applications for postgrad education. One popular option to consider is signing up for the LSAT Prep® on LSAC’s LawHub.

LSAC stands for the Law School Admission Council, a nonprofit that supports access, equity, and fairness in law school admissions.

By signing up, you can get access to four full practice tests. If you want further practice, you can purchase a service known as LawHub Advantage. This provides one year of access to an extensive library of full Official LSAT PrepTests® for $120.

Recommended: What Is the Maximum Student Loan Amount for a Lifetime?

Tailoring a Study Plan to Your Needs and Goals

Following your first pretest, you now have a starting point to build from to reach your target score. In some cases, you may excel in one section and struggle in another.

Does reading comprehension have you stumped? As part of your LSAT preparation, brushing up on vocabulary and dedicating more time to related practice questions could be beneficial.

If your GPA is on the lower end of the spectrum, you might want to set a goal for scoring higher than a law school’s median LSAT score to help improve your candidacy.

As noted above, you have an array of options in terms of how to prepare for the LSAT. For some prospective test-takers, paying a tutor or for a prep class can help keep them accountable. For others, the social aspect of joining a study group at their college can be the right fit. And still others may prefer online learning as they work towards law school admission.

Making a LSAT Study Schedule That Works for You

The amount of time you plan to study for the LSAT may be influenced by how much you’d like to improve your score, based on the pretest.

•   A general bare minimum baseline is around 120 hours. Those that are interested in a significant score boost or other factors may require more time.

•   Kaplan Test Prep generally recommends that students spend between 150 and 300 hours, spread out in 20- to 25-hour weekly increments, preparing and studying for the LSAT.

•   Many LSAT takers are also juggling other responsibilities, like finishing an undergraduate degree, working, and taking care of family.

•   Consider all of your responsibilities and demands on your time as you build your study schedule. The goal is to set a schedule that will help you prepare effectively and prevent burnout.

•   Bridging a narrower gap between your initial score and target score may require less study time to achieve, but individuals with higher LSAT scores may be more likely to secure scholarships to help pay for school.

•   If you’re still in undergrad, think about taking an elective course that is geared towards the LSAT, such as logic, to simultaneously help stay on track for graduation and preparing for the LSAT.

Simulating Actual LSAT Testing Conditions

While day-to-day studying can be broken down into shorter segments to work on logic games, vocabulary, and mastering concepts, it may be helpful to take several LSAT sample tests in full.

Creating realistic testing conditions is as simple as following the 35-minute time limit per section, sitting at a desk, and getting up on a Saturday morning to take it. Not only could this approach provide a more accurate LSAT score sampling, but also build endurance and time management skills in a test environment.

In between practice tests, allowing time for review and doing more practice problems can also help gauge growth and identify which section needs the most improvement.

LSAT Test-Taking Tips

As much as the LSAT is about mastering logic and thinking analytically, test takers can also benefit from an in-depth understanding of the LSAT itself. On top of finding and adopting the best ideas for how to prepare for the LSAT, these test-taking tips could be helpful.

Answering Every Question

Unlike the SAT, the LSAT does not deduct points for incorrect answers. That’s right: You’re not penalized for getting something wrong. Since leaving questions blank could potentially result in losing out on coveted points, it may be worth allotting the last 30 seconds of the section to fill in an answer bubble for remaining questions.

If you’re stumped by a difficult question, you might benefit from entering in your best guess and moving on to dedicate time and effort to questions you feel more confident answering.

Keep in mind that once a section ends, you are not permitted to go back and answer questions or correct responses.

Using Process of Elimination

Multiple-choice questions on the LSAT can contain similar answers that can trip up test takers, especially when rushing.

Given the test’s emphasis on logic and analytical thinking, employing a process of elimination strategy can help get rid of flawed answers one by one and avoid choosing a well-crafted, misleading answer.

Relax… It’s Okay to Retake the LSAT

Given the importance the LSAT plays in law school acceptance, it may come as no surprise that many people retake the test.

According to an LSAC report, at a given test administration, about 29% were second-time test takers. Another finding was that second-timers in a given year typically raise their score by two or three points. (Keep in mind that law school admission committees will likely receive all of your test scores.)

If you’re worried about your nerves getting the best of you, planning to take the LSAT well-ahead of admission deadlines could help alleviate some stress since you’ll have another chance or two to retest if needed.

There are limits to the number of times the LSAT can be taken within certain timeframes, including five times since 2020 and seven tests in a lifetime. It’s possible to cancel test scores if you are unhappy with how you did, but canceled scores will count towards the totals mentioned here.

Important LSAT Dates

When figuring out how to start studying for the LSAT, it might be helpful to map out a timeline of test dates and law school admission schedules. There are multiple options and locations for testing dates, as well as law school application deadlines to be aware of.

If you’re hoping to pursue your J.D. within a year or two, it may be easier to work backwards from when you actually need to apply to law school. Deadlines for law school applications can vary, with many regular-decision dates falling between February and March and early-decision ones in November or December.

Many experts recommend taking the LSAT in June so there’s time to retake it in the fall, if needed. Scores are generally sent three weeks after the exam on a pre-specified release date. The current schedule of 2025-2026 test dates runs from January through June; for updates, visit LSAC’s site.

Paying for Law School

Education is an investment — both in time and money. Typically, law school spans three full-time academic years, and the rigorous schedule can make it challenging to work outside of summer internships. Here’s some important information about paying for law school:

•   While the payoff can be considerable for legal professionals, the upfront cost can be a heavy lift. When thinking about how to pay for law school, know this: Using the most recent data, the average total cost of law school is $217,480, according to the Education Data Initiative. The average in-state tuition for public universities was $31,430, while the average for private universities reached $57,860.

•   When law school scholarships and financial aid are not enough, students can take out federal or private student loans to help pay the difference for law school. Coming up with a plan to pay for law school early could help put you on track to tackling law school debt and focusing on your budding law career.

•   Students or graduates still paying for their law school (and potentially undergraduate) student loans could opt for student loan refinancing and combine payment under one loan. This may make payments simpler and/or more affordable, but it’s important to note that if you refinance for an extended term, you may pay more interest over the life of the loan. In addition, refinancing federal student loans means forfeiting federal borrower benefits and protections, so it won’t be the right choice for everyone.

The Takeaway

Getting a good score on the LSAT could help students get into their preferred law school. Familiarizing themselves with the test, dedicating plenty of time to studying and prep, and taking practice tests can be important parts of the study process.

Along with getting into law school, students will also be thinking about how to pay for their education. Financial aid, scholarships, student loans, and refinancing undergrad loans, are all options to consider.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

How long do you need to study for the LSAT?

It’s recommended that students study for 150 to 300 hours for the LSATs, and to spread out their studies into 20- to 25-hour weekly increments. The bare minimum total study time for the LSATs is generally 120 hours.

What is the best way to study for the LSAT?

The best way to study for the LSAT depends on the test taker and what works best for them. Study methods include official LSAT prep tests, LSAT prep books, and taking past LSAT exams through the Law School Admission Council (LSAC), using test prep companies and tutoring, and joining study groups with other prospective test takers. A student may want to experiment with different methods to see what is most effective for them.

Is 170 on the LSAT realistic?

It’s possible to score a 170 on the LSAT — in fact, that’s the score you’ll likely need to get into the top law schools. However, a 170 is a top score, and it can be very hard to attain. (The average score on the LSAT is 150 to 152.) Scoring a 170 requires dedication and a substantial time commitment to intensive, focused, and consistent study.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.