12 Useful College Scholarship Strategies

November is National Scholarship Month that highlights the importance of using college scholarships to pay for college tuition. College tuition costs outpace the cost of inflation. College students can expect to pay $10,000 to $60,000 per year. The first two years of college are the most expensive. College costs will include your intended major, size of the school, location, school environment, college expenses, financial aid available, sports, extra-curricular activities, and the type of school. Find ways to reduce expenses such as buying used books or consider off-campus housing to save money and use student loans as a last resort.

Do not let college tuition costs discourage you from attending college. Saving money before starting college will help defray expenses. Save a portion of money earned at summer jobs or money received as gifts for upcoming college expenses.

Some factors to consider when looking at college: your intended major, the size of the school - number of students and classes; location of school - how close to home; school environment - urban, rural, city; college expenses, financial aid offered, sports and extra-curricular activities, and the type of school.

Avoid making assumptions. Talk with your parents early on about college tuition and expenses. Determine: if your parents will pay, if you will pay, the cost of books, supplies, laptop, printer, etc., cost of meal plan and snacks, clothing costs, credit card bills, health insurance and unexpected expenses. Remember that even though you are accepted it does not mean that you will receive housing on campus. Obtaining housing is a separate application process with fees and deadlines.

On average you receive 1 out of every 10 scholarships you apply for so you have to apply for at least 50 to 100 scholarships to ensure you have enough money to cover tuition cost, so apply, apply, apply.

There are several types of scholarships such as: merit Scholarships which are based on GPA, SAT/ACT scores, etc.; need-Based Scholarships which are based on financial need only; athletic Scholarships which are usually given to star athletes by universities to recruit them for the athletic teams; school-Based Individual Scholarships where you can apply directly to the scholarship or may be accepted automatically; and full or Partial Scholarships that cover the cost of books, tuition, room and board, and books. Partial scholarships cover part of the tuition, books or just room and board.

Scholarships are free and do not require an application fee. Beware of scholarship scams. Verify a company’s history with the Better Business Bureau at www.bbb.org or ask for references.

Starting applying for college between October and December during your senior year. Early acceptance decisions are provided between December and January. Apply for the FAFSA on January 1^st  at www.fafsa.gov. Provide acceptance to colleges and universities no later than April. Here are 12 dynamic tips to assist you when applying for college scholarships.

Research

You can find scholarships online at sites such as fastweb.com or scholarships.com. You can also find scholarships at your state government’s website, your state or local city council, your school counselor or prospective college financial aid office. Start your research as soon as you get your final SAT scores. Perform searches on the internet with websites such as College Board. Look for scholarships in the library, local and national organizations, your state government, the school you plan to attend and major corporations.

Develop a Plan

Determine what your interests are, your major, and select at least 5 colleges or universities you would like to attend, weigh the benefits of attending each.

Ask for Help

Talk to your parents, school counselor and current college students who received scholarships and ask for pointers on how they obtained scholarships.

Perform Community Service

If you do not have at least a 3.0 GPA you may not be eligible for scholarships based solely on GPA but you can still be considered if you have at least 1 to 2 years of community service including any leadership role.

Be Strategic

Everyone will be applying for scholarships, apply for scholarships that you feel you will have a good chance of getting, i.e. scholarships where you meet all the requirements.

Follow the rules

Adhere to all the guidelines for the scholarship. Ask several people to read over your applications and essays. Ensure all information is accurate and make a copy of each application for your records.

Read

Read all the scholarship requirements and instructions to make sure you are eligible before you send in your application. Provide all required information, but do not supply information that was not requested, you could be disqualified.

Submit Required Documents

Ensure tax status, student status and tax filings are correct. Remember to sign all required documents. Including additional paperwork with the scholarship application as needed.

Submit a Complete Application

Complete all fields on the application. If a question does not apply, state that on the application instead of leaving it blank. Provide additional requested supporting documentation, such as recommendation letters, transcripts, awards won, recognition letters for community service or other work, and essays.

Organize and Review

Proofread the entire application. Check for misspelled words or grammatical errors. Present information in a neat organized manner and print legibly. Make at least two copies of all the application documents before you fill them out. Use the copies as working drafts while preparing the scholarship application packet to reduce errors or typos. Transfer all error-free information to the actual application.

Write a Good Essay

Write your essay that captures your personality and explains your interest in the school, reason for asking for money, why the school should choose you and your future goals after college.

Deliver on Time

Make sure you scholarship package is presentable, no strike-through marks or use of whiteouts or run-on sentences. Send in your scholarship application packet at least two weeks prior to the deadline to ensure proper delivery. Include your name, address and SSN (if required) on all your application materials to provide easier tracking if any page gets lost during processing. Keep a copy of the final application package in the event the original gets lost during processing.

How to Successfully Pay for College

September is College Savings Month. For many students college is a dream deferred due to the high price tag of college tuition. College expenses can include: tuition, fees, room/board, books, supplies, transportation, food, clothing, personal expenses, etc. College tuition rates increase at twice the rate of inflation. The first two years of college are the most expensive. A four-year college education can cost over $120,000.

According to the Federal Reserve, college graduates earn 66% or $830,000 more than high school graduates over their career. Unfortunately, the high price tag prevents many students from attending college or dropping out prior to graduation. In addition, the unemployment rate for high school graduates is more than three times that of college graduates. The key to paying for college is determining who will pay tuition – you, your parents or relatives.  Even just contributing $50 every month for 18 years would result in $23,482.  Use these 21 helpful tips to pay for college without going broke.

Plan/Research

1. Don’t wait until the last minute. If your parents can’t pay for you to go to college then you have to develop a plan.
2. Plan for college costs early. If you will have to pay for college yourself get a part-time job as soon as you are old enough to work and put at least 50% of the money in a high interest savings account. 
3. Read books on how to apply and get scholarships.
4. Talk to your parents, school counselor and current college students who received scholarships and ask for pointers on obtaining scholarships.
5. Attend a college that offers free tuition.

Save

1. Use money from birthdays, graduations, special events and Christmas and put into a high interest savings account.
2. Work every summer while in high school and college. Apply for internships. Save at least 50% of your money to help defray college costs.
3. Use 529 plans. Using matching contribution plans provides even more funding for college.

Financial Aid

1. Apply for financial aid using the FAFSA and other resources. 
2. Apply for at least 50-100 college scholarships, for every 10 you apply for you will receive one.
3. Join the ROTC to earn scholarships and stipends for college.
4. Enroll in the military and use the GI Bill.
5. Contact the school’s financial aid office and get to know your financial aid counselor.

Take a Different Route

1. Use college co-ops, fellowships or work-study to pay for college.
2. Take classes in high school to earn college credit.
3. Attend college as a part-time student.
4. Work full-time and use company tuition benefits to pay for all or a portion of your college tuition.
5. Use crowdfunding sites such as scholargifts.com, kickstarter.com, gofundme, indiegogo.com, gradsave.com, givecollege.com, upstart.com, crowdtilt.com, pigit.com, tuition.io to pay tuition.

Scale Back

1. It is nice to attend an Ivy League school but the tuition will cost you. Choose an affordable college.
2. Consider attending a less expensive school or attend a 2 year college then transfer to a 4 year university.
3. Avoid eating out every day. Create a budget to track spending and reduce expenses.
4. Avoid using credit cards for every day purchases. Use credit cards for emergencies only.

College or Retirement

Nowadays many parents struggle with deciding to plan for retirement or save money to pay for their child’s college education. Yearly college tuition costs can range from $5,000 to $50,000 per year.

Parents should not have to make the choice to plan for retirement or save money to pay for their child’s college education. Your child may not be financially secure enough to take care of you when you get older which is a major reason why parents should plan for retirement. You will need to save money for 30-40 years to have enough to cover your living expenses when you retire.

Planning for retirement or saving money to pay for their child’s college education is an emotional choice. The decision to do one or the other should be a rational choice. If you save money to pay for a college tuition that could total between $20,000-$200,000 that is less money that you can contribute to your retirement account.

Think about worse case scenarios, if you child drops out of college you are stuck with a bill, less money in your retirement account and will have to take care of a child who is unemployed. If your child changes their major or transfers to another school, this will extend the time they are in school and increase tuition costs. You can’t control what your child does but you can control yourself. If you take out a home equity loan you will also be stuck with another bill.

Parents should plan for retirement because college tuition can be paid for with financial aid, savings bonds, 529 plans, part-time employment from 9th through 12th grade and summer jobs during their college education put the money in a high interest savings account.

Suggest that your child apply for financial aid which can be either grants, scholarships, or loans. If a child has to participate in paying for college they will be more responsible with their money, understand the value of money and the value of a college education.

Talk to a financial advisor to get advice on how to save for both and the options available to you. A financial advisor can help you determine what age your what to retire, how much you will need during retirement, how much you need to save to pay for your child’s college tuition. You can withdraw money from your retirement account but if your child decides not to attend college, you will have to pay a penalty on the money taken out of your account. If you lose your job or quit your job you may have to pay your loan in full and pay taxes and penalties on the money that was not repaid.

You cannot plan to pay for college tuition when your child is in high school. Planning early is the key. If you save just $5 a month towards your child college tuition when they are born that equals to $260 a year. You may have to tell your child that you cannot afford to pay for their college tuition.

If your child does not get financial aid, encourage your child to go to a state college to cut down on costs. You may have to make sacrifices, live in a modest home, live below your means and buy more needs vs. wants. Ask friends and relatives instead of giving your child a gift to make a donation to their college tuition. Whatever you decide make sure you don’t go into debt and make your current or future financial situation worse.