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FINANCIAL PREPARATIONS
FINANCIAL PREPARATIONS
If you're thinking that this is one of the scariest parts of sending your child off to college, you're not alone! We'll can work together to try to find a happy balance...
Finding the right college FIT for the right price.
That said, a college education will more than likely require a financial investment from your family. While it is certainly the goal to get as much of your college expenses covered by gift money (scholarships and grants), it is extremely important to note that, statistically, you'd be wise to plan for financial aid gaps -- the difference between what is received in gift aid and the remaining cost of attendance. Most families end up utilizing a combination of MANY funding sources to pay for college.
"Full ride" scholarships are incredibly rare and competitive (but they do exist!). For the vast majority of students, it is advantageous to find ways to lower the costs of college and to utilize a combination of sources to fund the gaps.
These gaps can be lessened by earned aid (work-study), student loans, payment plans, and implementing cost-cutting measures.
Finding the right college FIT for the right price.
That said, a college education will more than likely require a financial investment from your family. While it is certainly the goal to get as much of your college expenses covered by gift money (scholarships and grants), it is extremely important to note that, statistically, you'd be wise to plan for financial aid gaps -- the difference between what is received in gift aid and the remaining cost of attendance. Most families end up utilizing a combination of MANY funding sources to pay for college.
"Full ride" scholarships are incredibly rare and competitive (but they do exist!). For the vast majority of students, it is advantageous to find ways to lower the costs of college and to utilize a combination of sources to fund the gaps.
These gaps can be lessened by earned aid (work-study), student loans, payment plans, and implementing cost-cutting measures.
"There are four major types of free money available to college applicants. Here are the four main sources of scholarships and grants, and the percentage of total grants and/or scholarships that generally/typically comes from each source:
- Cappex - What is a Scholarship?
- Federal grants: 47% (need-based)
- State grants and scholarships: 8% (mostly need-based)
- Scholarships and grants from schools: 35% (merit/need)
- Private scholarships: >10% (merit/need)
- Cappex - What is a Scholarship?
You won't file the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) until October of your senior year, BUT in the mean time, you can use the FEDERAL STUDENT AID ESTIMATOR tool to see how much federal need-based aid for which you may be eligible.
It will calculate your Student Aid Index -- a number/amount that the federal and state government, as well as the colleges' individual financial aid offices, will use to determine eligibility for need-based financial aid.
If it's already October of your senior year, you should definitely file the FAFSA as soon as possible! Why should you file the FAFSA, even if you think you won't get anything?
It will calculate your Student Aid Index -- a number/amount that the federal and state government, as well as the colleges' individual financial aid offices, will use to determine eligibility for need-based financial aid.
- Maximum Pell Grant: $7,395 (25-26)
- Supplemental FEOG Grants - $100 - $4000 (participating colleges only)
- Federal Student Loans - $5,500 (subsidized, need-based)
If it's already October of your senior year, you should definitely file the FAFSA as soon as possible! Why should you file the FAFSA, even if you think you won't get anything?
9th - 11th Grade:
Use the Federal Aid Eligibility Estimator to determine if you might qualify for need-based aid in the coming years.12th Grade:You'll file the FAFSA after October, but knowing if you'll be Pell-Eligible can help you finalize your college list to include colleges that are particularly generous with need-based aid.
This document identifies the likelihood of receiving financial aid from the PA state government. Keep in mind that the amounts listed here only apply to colleges within Pennsylvania.
3) Research colleges strategically to find the best value.
Consider these questions!
Consider these questions!
- Which schools are the most generous to those they admit, with profiles like mine?
- Am I more likely to qualify for need-based aid or merit aid? Both?(Which colleges offer either/both?)
- Which schools have the lowest cost of attendance and/or the best return on investment?
- How can you avoid paying out of state tuition at public universities outside of your home state?
READING LIST
- Colleges That Meet 100% of (Demonstrated Financial Need)
- Public vs Private Colleges
- Merit Aid vs Need-Based Aid
- College Scorecard - US Department of Education
- 4 Ways to Reduce College Costs (College Data)
- 13 Creative Ways to Lower the Cost of College
- Special Low Cost Programs (Curated List)
- In-State Angels (Primer on Out of State Tuition
SCHOLARSHIPS
SCHOLARSHIPS
Scholarships are always a hot topic -- especially the desire for that "full-ride" or athletic scholarship. Realistically, what does it take to earn those, anyway?
Scholarships are always a hot topic -- especially the desire for that "full-ride" or athletic scholarship. Realistically, what does it take to earn those, anyway?
These extensive articles layout what makes a student competitive for these highly sought-after scholarships and are a great starter for launching your own scholarship search campaign!
DO's and DON'Ts of Scholarship Searches
DO's and DON'Ts of Scholarship Searches
Spoiler alert --- There is no cohesive, central location for every scholarship out there! To find scholarships, it often requires a lot of invested energy, time, effort, and fortitude.
As you're doing your searching, keep in mind these tips!
PLAN + ORGANIZE
PLAN + ORGANIZE
Scholarship searching and applying is often a time-consuming and detail-oriented process.
Check out these tools to help you prioritize, organize, and execute your scholarship applications!
The Big Fish!
The Big Fish!
Here are some of the most prestigious scholarships out there. They're the big ones -- the most competitive, highest expectations, but undoubtedly high payoffs. These are NOT the only scholarships by any stretch of the imagination, but we certainly don't want to overlook them if you meet the criteria!
Prestigious Scholarships List.pdf
Scholarships and grants are helpful ways to fund your college education. They provide you with free money that can go towards tuition or other educational expenses.
To find and apply for scholarships, sign up for Going Merry -- it’s free! Going Merry has thousands of national, regional, and local scholarships. There are also opportunities for every grade level, from freshmen to seniors.
To sign up, click here: Sign up for Going Merry! You can also download the Going Merry mobile app (and sign up that way) on iOS or Android. Here are some reasons why I recommend Going Merry above other scholarship sites:
Happy applying – and good luck winning, like these students did!
To find and apply for scholarships, sign up for Going Merry -- it’s free! Going Merry has thousands of national, regional, and local scholarships. There are also opportunities for every grade level, from freshmen to seniors.
To sign up, click here: Sign up for Going Merry! You can also download the Going Merry mobile app (and sign up that way) on iOS or Android. Here are some reasons why I recommend Going Merry above other scholarship sites:
- Scholarship bundles: You can apply to multiple scholarships using one application and the same essay prompt.
- Vetted scholarships: The Going Merry team periodically reviews every scholarship listing, to ensure the scholarship program is still active and the information is correct.
- Personal matching: Once signed up, you’ll answer a few questions to fill out a basic profile, and then get matched to scholarships that fit your background, academics, interests, etc.
- Clear organization: You can shortlist favorites and get deadline reminders about them. All drafts and applications are saved, and you’ll get updates on the scholarships you’ve applied to.
- Direct, auto-filled applications: You can apply to many scholarships directly on the site (with forms helpfully pre-filled).
Happy applying – and good luck winning, like these students did!
Scholarships for Younger Students
Scholarships for Younger Students
How early is too early to apply for scholarships? Well, never, it seems! Take a look at these lists to see if your child qualifies to apply for any of these scholarships for younger students. (This isn't an exhaustive list by any means -- Google searches can be really powerful, too!)
While many scholarships will be for students going to college in the next year...
Some may be available for younger students (see above)
You can look ahead and make a master list of scholarships you are competitive for during the grade-appropriate cycle for you!
You should take a look at what common requirements are for these scholarships so that you know what to prioritize for your remaining high school career.
Scholarship Sites
Scholarship Sites
Here's a set of time-tested scholarship sites that usually require that you create a profile and they'll generate a list of scholarships that you seem to fit! From there, the work of applying is on you! Remember -- not every scholarship gets posted on these sites. You'll still benefit from searching outside of these sites too!
NOTE: The top 2 listings are Philadelphia-centric. LOCAL scholarships have a smaller pool of applicants, relatively, so don't overlook these!
To Your Inbox
To Your Inbox
If scholarships come across Mrs. CR's email that seem to fit a student, she'll often send them your way, so keep an eye on your email.
In the mean time, check out both the StudentScholarships.org and the Scholarship Collective newsletters, sent right to your inbox every week! SUBSCRIBE HERE!
To read more about how recruiting and athletic scholarships work, please see our Student Athletes page for more resources!
Scholarship Owl - Athletic Scholarships Statistics
Scholarship Owl - Athletic Scholarships Statistics
To read more about how recruiting and athletic scholarships work, please see our Student Athletes page for more resourcs!
Scholarship Owl - Athletic Scholarships Statistics
Scholarship Owl - Athletic Scholarships Statistics
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