Scholarships and Financial Aid

Do you have a preschooler that you want to send to college? Now is the time to save! Do you have a high school sophomore who wants to go to college? Now is the time to research and prepare to apply for scholarships and financial aid. Wait a minute-you have a senior? It’s time to get started, now!

Things to consider:

The Fund of Mom and Dad
A good friend once told me that her ability to help her children go to college was her insurance plan--her insurance that some day she would have a life! The reality is that the Fund of Mom and Dad will probably need to contribute for a student to continue and finish their post-secondary education. When and how much the Fund of Mom and Dad contributes is completely up to the trustees-mom and dad. You may want to consider that students who are required to make some personal financial contribution certainly appreciate their education more than those who do not. In addition, those who invest their own money and sweat equity get better grades.

Early College & University Credit:
Student may take Advanced Placement (AP) courses, concurrent enrollment classes or participate in an early college program that enables your student to earn college or university credit while still in high school. Advanced Placement courses offer a course-end exam which colleges will then award credit or advanced standing to students with passing scores. Visit http://www.collegeboard.com/apstudents for more information. Concurrent enrollment courses are local college courses offered at the local high school, usually taught by a high school teacher with college credentials. Check with your high school to learn more. Many colleges and universities also offer an “early college” program. Early college students attend college and pay tuition but earn both college credit and high school credit. Your high school counselor will have more information.

Reimbursement Plan: The student pays his/her own tuition and if he/she maintains a certain GPA, the Fund of Mom and Dad would offer a tuition reimbursement after grades are posted to the transcript.

Start saving! It is never too late and a few months worth of saving is better than zero months! Try a matching percentage with your student, similar to an employee-matching program for a 401k. If your student has some time before college, perhaps starting a 529 plan (an educational savings plan operated by individual states) or joining Upromise (a rewards program for educational savings with an option to create a 529 plan) would help.

Federal Financial Aid
Apply for federal financial aid through http://www.fafsa.org/. Applications are due June 28, 2008.You must fill out detailed forms using income tax returns, bank account and investment account information. The Federal Government expects that each family will contribute financially to a higher education therefore they calculate an EFC (Expected Family Contribution). It takes time and effort to fill out, but the worst thing they can tell you is “no”.

Scholarships
Colleges & Universities-
Scholarship application deadlines at colleges and universities are usually between January 1 and February 1. Begin now to apply. Most institutions have applications online. Start now to complete applications, request letters of recommendation and transcripts, and write personal essays. Research and apply for both general school scholarships and departmental scholarships. Many university alumni associations also offer a scholarship.

Employers-
A large number of employers offer a scholarship competition. Check with both your student’s employer and your employer to see if a scholarship is offered. If so, apply!

Local Service Organizations and Cities-
Check with your local Kiwanis, Lions, and Elk’s Clubs. They, and some municipalities, generally offer scholarships as well. Your high school counseling office will have local information.

High School Counseling Office-
Most counseling offices produce a scholarship bulletin. Weary your counseling department with your face and pleasant requests for new bulletins or if any new scholarships have become available.

Public Libraries-
Public libraries will post advertisements from local entities who offer scholarships.

Online-
Several websites offer scholarship searches. Most offer free registration. My top three picks are:

http://www.fastweb.com/
http://www.finaid.org/
http://www.scholarships.com/

Word of Mouth-
Let family members, neighbors and friends know that you are on a scholarship and financial aid search. They may have resources and information that will help you.

Loans
Stafford-a federally subsidized loan program
PLUS-federal loan that a parent may obtain for a dependent undergraduate student.
Private-loans from any private lending institution

“Be willing to work diligently and make sacrifices to obtain learning. Education is an investment that brings great rewards. You live in a competitive world where a good education opens the doors of opportunity that may otherwise be closed to you.” (For the Strength of Youth, pg. 9)

One of the greatest blessings in my life is my education. Through it, I have been able to experience “being an instrument in His hands.” The work and sacrifice for my education has brought me amazing career, family and personal rewards. Make a plan with your student to work and sacrifice to obtain these blessings. The Church has a terrific website with more information on financial aid, Church-sponsored schools and more. Check it out at www.besmart.com.