Parents of seniors are probably beginning to feel the fear of having to pay for college. Many are frantically seeking private scholarships to help out. Understand, first of all, that only about 5%-7% of the college money comes from private scholarships, so before you go all out in an anxious scholarship search, there are some myths you should know:
Myth #1: I am a top student (or best athlete) and should get a full ride scholarship to college. Not true. There are very few full ride scholarships available to students. The only full ride athletic scholarships go primarily to D-1 football, basketball and volleyball athletes. Other athletes get small athletic scholarships that are not guaranteed from one year to the next. Only about .3% of college students receive a full ride for any reason. So do not count on a full ride!
Myth #2: If I do not get enough need based aid, maybe I can make up the difference with scholarships. The problem with this thinking is that because of federal rules, colleges must take outside scholarships into account when giving financial aid. Therefore, if you are awarded $10,000 in need-based aid from your college and then get a $2000 Rotary scholarship on Award Night, after you report the $2000 scholarship to your college (and you are required to do so) the college will reevaluate your $10,000 and likely only give you $8000. Hopefully they will reduce your loans, but it is always best to call the school and ask them how they treat private scholarships. Oh and did I mention that the freshman year usually sets the amount of financial aid you will get for the next 4 years?
Myth #3: There are lots of large scholarships out there just waiting for me to apply! Well, there are some large scholarships, but they are extremely competitive and odds are against getting one. If you want to apply for scholarships, it is usually best to apply to the smaller ones that require an essay, or a portfolio of some type. They will be less competitive.
So what can you do to offset the ridiculous cost of college? Students can help by getting good grades and high test scores. So perhaps it would be more financially beneficial to spend time studying for the ACT/SAT instead of writing scholarship applications. Students should also apply to schools where they are in the top 25% academically. Colleges tend to give the majority of their merit scholarships to those top students; so pick the right college! Colleges like leaders who give back to their community, so students should take some leadership initiative and also volunteer. This can also improve odds of getting more money from the college. Still want to apply for private scholarships? Try these websites: fastweb.com; collegeXpress.com; collegeboard.com; and scholarships.com. And by the way, the colleges will not take away merit money if you get a private scholarship!
