Lesson 6: Scholarships, Grants & Financial Aid
This is the one area that is often the deciding factor for most families - the cost. Are there scholarships that my child will qualify for? Do we have to take out loans and remortgage our home? What is a realistic amount of financial aid to expect from the school?
Scholarships & Grants
Financing a college education is a major concern for most families. While college-offered scholarships are great, most students will receive only a portion of the funds needed from the school. Research plus a lot of time, determination and hard work by both your child and yourself will pay off. Many of the scholarships that you can find on your own are for $100 - $1000. Several of these smaller scholarships can add up to substantial savings over a 4 year period. There are two types of scholarships: merit and need-based. Merit is awarded because your child meets their requirements, i.e. 3.5 average and Italian heritage. Need-based is awarded because your family falls within certain household income levels, i.e. a family of 4 nets under $40,000 per year.
Here are some of the things that are required before applying for any scholarship:
• In the spring of junior year, have your child apply online for a FAFSA PIN (Free Application Federal Student Aid Personal Identification Number)
•Complete the FAFSA forms. (Most American schools require this packet.)
•Complete the state and/or county financial aid forms.
•Complete the school’s financial aid forms. Here are some suggestions you may want to pursue:
•Sign up (as soon as possible – 5 year olds can be enrolled) in UPromise – a company which credits money to your child’s account, based on your purchases of every day items at national retailers, airlines, etc.
•Search the online scholarship databases. (Start in freshman or sophomore year).
•Borrow the scholarship guides from the public library. (Freshman or sophomore year)
•Check the scholarship listings at the guidance counselor’s office weekly.
•Find out if your or your spouse’s company offers any company-based scholarships.
•Find out if your bank or insurance company offers any scholarships for members or clients.
•Don’t forget to check any community organizations you belong to – Knights of Columbus, Elks, and Veterans of Foreign Wars...
•See if your parish church offers scholarships
•Have your child contact his/her elementary and middle (junior high) school for available scholarships
•If either of you are a veteran, the armed forces usually has some scholarships available.
•Check retail promotions and advertisements. Many national retailers offer scholarship programs.
•Consult a collegiate financial planner. This service is fee-based. If you have no time, this might be helpful. They will search for the scholarships for your child. Your child still has to apply. These planners will usually guarantee that they will find a scholarship for your child or your fee will be refunded. If, however, the fee was $500 and your child receives one $100 scholarship, it might not be such a good deal.
Parental Checklist
Application Checklist:
_____Application fee
_____All forms complete
_____Essay
_____Transcript
_____Teacher Recommendations
_____Test Results
_____Financial aid forms
Scholarship Checklist:
_____FAFSA PIN applied for
_____FAFSA forms
_____State or county forms
_____Use all connections to search for scholarships available
_____Sign up for UPromise
_____Sign up for FastWeb
