The Run Down on College Scholarships

 

THE FACTS:

  • Nearly all “3rd party” scholarships cover a portion of indirect college costs.

  • It’s extremely rare that outside scholarship(s) cover a substantial portion of DIRECT COLLEGE COSTS.

  • Many who claim they are getting funded by multiple 3rd party scholarships, are actually getting a large merit scholarship from the school and/or a lot of NEED-BASED funds from the school.

  • The terms “scholarship” and “financial aid” are used interchangeably – all of the time.

  • Due to the above - Watch for Scams – Companies who claim that if you pay them, they can guarantee scholarships and/or “financial aid”.

  • NEVER pay for scholarships!

  • The BEST way to afford college is to pick one that is affordable and cost sustainable, not to depend on large 3rd Party scholarships!


OUR ADVICE:

  • Students should DEFINITELY apply for scholarships, but be sure to manage expectations and understand this is only a small aid in the larger financial picture.

  • Direct Costs are 80%-90% of you major college costs.

    • A typical scholarship is $500 - $1,000.

    • High ones run $1,500 - $2,000.

  • 3rd Party Scholarships are great for Indirect Costs

    • Travel, Technology, Personal Expenses, Books

  • 3rd Party Scholarships are NOT so good for DIRECT COSTS

    • Tuition, Room and Board

  • The best results come with completing MANY scholarship applications — High Persistence Wins!

  • Unfortunately, the highest scholarships are awarded to students who need it the least

    • High GPA – 3.8+ and

    • High SAT Score 1350

    • ACT – Comp 32+

  • Need-Based is the 2nd highest category

    • Incomes of $45,000 or less

  • Biggest MISTAKES students make on scholarship applications:

    • Generalized recommendations — “To Whom It May Concern…”

    • Applying for scholarships only based on AMOUNT and not looking closely if the student meets the qualifications.

    • Late applications & Missed e-mail’s

 
 

 
 
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How To Find College Scholarships (Including Google Search Terms)

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All about the College PLUS Loan!