Comparing the Pros and Cons of a Scholarship Lottery

While scholarships are a wonderful way to help children get the money they need to go to college, not all children who deserve them may have access to them or equal chance to get them. When it comes to using a scholarship lottery, there are various pros and cons to consider. Let's take a look at both the pros and cons of using a scholarship lottery to award funds to students.

The Pros of Scholarship Lotteries

There are several positive aspects of a scholarship lottery, including:

  • There are no lengthy applications to fill out or essays to write. 
  • Anyone can enter with just their name and some other identifying information. 
  • Several different companies host scholarship lotteries. 
  • There is no fee to enter a scholarship lottery.

The Cons of Scholarship Lotteries

On the other hand, there are also several negative aspects of a scholarship lottery, including:

  • Students who are academically deserving of scholarships may not have an even chance to get one.
  • Students who are in financial need of a scholarship may not have a chance to get one.
  • Winners are left entirely to chance. 
  • There may or may not be multiple winners for each lottery.

Scholarship Lotteries to Consider

There are several different scholarship lotteries available to choose from. Many students choose to enter as many possible lotteries if they can, to increase their chances of winning one of them. 

  • $50,000 scholarship lottery from AFC. Sponsored by Brazos Higher Education Service Corporation, the scholarship is open to students who reside in the United States, age 17 or older, first time college freshmen, enrolling full time. The student must be enrolled in a two year or four year university. Enter online or via mail. Only one entry is allowed. Entries can be submitted between October 1 and May 31.
  • $20,000 scholarship lottery from Wells Fargo. The scholarship is open to students who are seniors in high school, who are first time enrolling freshmen. If the student is not a senior in high school the same year he or she is entering the lottery, he or she is not eligible for entry. The student must live in the United States. Application is available online and may be submitted between June 1 and May 31. The winning check requires the signature of a college financial aid officer and a parent as this will ensure the money goes to educational expenses.
  • Tennessee State offers several different scholarship lottery programs for their residents. If you live in Tennessee, you will be able to take advantage of these offers.
  • Arkansas State offers several different scholarship lottery programs for their residents. If you live in Arkansas, you will be able to take advantage of these offers.
  • New Mexico offers several different scholarship lottery programs for their residents. If you live in the state of New Mexico, you will be able to take advantage of these offers.

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