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