You & Your Family A college degree is a great investment,
but how do you pay for it?
A college degree is a great investment with a great return – and it never depreciates. Whether you’re a parent of college-age children, or an adult in a transitional period, scholarships can help pay for this all-important investment.
If you’re a new parent, you can start thinking about that college bill immediately by checking into the 529 savings plan. This is an education savings plan operated by a state or educational institution designed to help families set aside funds for future college costs.
If you’re a parent of a high school student or if you are a non-traditional-aged student, scholarships could be your answer.
According to Meghan Cooley, Director of Admissions and Recruitment at Augustana College, Rock Island, IL, “People with a college degree can earn up to $1 million more in their lifetimes than those without a degree, so it can make a profound difference in your life.”
She advises parents to start thinking early about how the college experience will be paid for. She urges them to sit down with their children when they’re freshmen or sophomores and talk about the cost of college. “Many teenagers don’t grasp the concept of $20,000 a year. But they need to understand that it’s not easy to come up with that kind of money. Discuss how much you’ve already saved, how much you can afford, how much your child will contribute, what type of grants you might receive.”
Cooley also recommends starting the search for scholarships during the child’s junior year in high school. “They’re busy in their senior year, so start early.”
She reminds parents and students that they don’t have to pay for information about scholarships. “You don’t need to pay $150 for someone to search for you. There are a variety of free avenues to research on your own.”
Begin with high school guidance counselors. They have access to a variety of scholarship opportunities. Some local papers also print lists of available scholarships in their area in January or February of each year.
There are scholarships for left-handed people, C-students, people over 7- ft. tall, and even people with an award-winning apple pie recipe
Many colleges and universities like Augustana offer “College Prep 101” programs for high school students and their parents. They are usually open to all students even if they don’t plan to attend that school. They explain how to choose a school, how to prepare, how to find financial assistance, etc.
The Internet is, of course, a valuable resource. When completing informational forms on the Web, students should be as vague as possible about their interests and lifestyle. They’ll get more hits and can then choose the ones that really fit their needs and talents.
Scholarships are often available through businesses such as J.C. Penney and Wal-Mart. Churches and volunteer organizations can sometimes provide assistance, too. Even if it’s a small amount, every little bit helps.
Don’t forget to apply for student aid
Cooley also recommends completing the Free Application for Federal Student Aid (FAFSA) form during the student’s senior year of high school. This is a federal government form used to determine a student’s eligibility for federal aid, which includes grants, scholarships, work-study, and loans. It uses numbers from tax returns so she encourages parents/ students to complete their taxes as early in the year as possible. The form can be completed on the Web by going to www.FAFSA.ed.gov.
As the financial aid process continues, it’s time to decide where that scholarship money is going to be spent. Cooley cautions students to do thorough research and determine which school has the aspects of college life that are important to them, not someone else. “Find out what extracurricular activities are available. Does the school have a curriculum you’re interested in? What kind of flexibility does it offer if you want to change your major? Is it in a metropolitan area or in a small town? Is it close to home or across the country? Are there scholarships available from the school itself?
“Be sure to find a school that really matches you, both educationally and socially.”
Doing your homework before you send your child off to college can be just as important as the homework she or he will do when classes begin.
Remember: Royal Neighbors offers scholarship opportunities to its beneficial members. Turn to page 14 for more information. In addition, members have access to other valuable benefits including Disaster Aid, Fraternal Aid, and discounts on prescription drugs, health screenings, diagnostic tests, hearing aids and services, and popular magazines.
|
Search these Web sites for scholarship information
|
|