Scholarship money and you
Let’s be honest: a decent college education is expensive! Many parents find that they cannot pay all of their children’s tuition out of pocket, and most fresh out of high school can barely cover a semester with their own money.
However, with the plethora of varied funding sources now available, students can find ways to help cover the rising costs of college without breaking the bank. This guide aims to guide you on your way to additional college funding, as well as tips to avoid falling victim to scammers, and there are plenty of them in the world of scholarships!
Plan accordingly
While it may be tempting to wait until the last minute to start researching scholarship and grant opportunities to finance your college education, the sooner you start, the better off you’ll be. You see, although more scholarship opportunities are appearing now than ever before, the need for these opportunities is also increasing.
What does this mean for you?
Well, let’s put it this way: Scholarship and grant money is often awarded on a first-come, first-served basis. Because of this, if you wait until the last minute to apply for scholarships, your chances of getting funding drop dramatically. That’s why it’s so important to start planning early when you’re still relatively young, to make sure you don’t end up at the bottom of the list when you graduate.
10th grade
Sophomore year is an ideal time to start gathering all the materials you’ll need to apply for scholarships. Essays, test scores, transcripts, applications, and letters of recommendation are all good things to have on hand right now. Many scholarships ask for this type of information in addition to your application, and it never hurts to be prepared.
You’ll also want to start saving as much money as you can during this time period. While you may not be able to save a significant amount of money, every little bit helps when it comes to college. The more money you’ve saved, the less you’ll have to rely on scholarships or grants to finance your education.
grade 11
During your junior year, find out if your high school has plans to host financial aid seminars. It’s a good idea to attend these types of meetings so you have all the facts ahead of time on how to apply for financial aid of any kind. Think of it this way: the more information you have about financial aid, the better your chances of getting money to help cover your educational costs.
Last year
Yes, it’s the crunch time, and senior year can definitely be a busy one in terms of planning for college. During this time, you’ll want to request your Free Application for Federal Student Aid (FAFSA) pin number. To obtain college funds, most colleges require you to fill out a FAFSA to determine what funds you are eligible for. Visit FAFSA on the web to learn more about this valuable tool.
In January, you can start filing your FAFSA. You or your parent/guardian may submit this application electronically. You should also check with the schools you are interested in attending to see if they require additional financial aid forms.
In March, review your Student Aid Report (SAR) and make sure the information submitted is accurate. You can update any incorrect information at this time and wait for your aid package to arrive in the mail in early April. When you’ve decided which financial aid package will best meet your needs, sign and return the forms to the school of your choice and be sure to decline other offers for schools you won’t be attending.
Senior year is a stressful time, but these tips can make your life a lot easier in the long run.
Avoid scholarship scams
Now that you have a financial aid timeline to follow, it’s important to know how to identify and avoid scammers who are just looking to steal your money, NOT help finance your education. To avoid falling victim to one of these scams, the following signs are identifying factors to consider.
1. Rates
If any scholarship requires a processing fee or anything else, that’s a sure way to know it’s a scam. You NEVER have to pay money to apply for a legitimate scholarship opportunity. If someone asks you for money, don’t pay and look for opportunities elsewhere.
2. “Free” seminars
You may receive unsolicited mail or phone calls with information about a free seminar for students applying to college. These “seminars” promise scholarship money, but the reality is that they take money from your bank account and suddenly disappear. Students and their families never see a dime of so-called scholarship money. Avoid these!
3. “Guaranteed” money
Scholarship money is never guaranteed; that is why there is such strong competition for these awards. If someone claims to offer guaranteed scholarship money, be especially careful about what he is offering. In the world of college funding, scholarship money cannot be a guarantee.
These are just some of the common tricks scammers use to trick you out of your hard-earned money while you think you’re going to see the scholarship money out of the deal. But think about it: if he has to pay money to get money, there’s obviously something wrong there. While there are other tricks scammers can use to trick you, here are some of the more common ones you should be aware of. Be careful when applying for scholarship opportunities, and you should be fine!
Just remember: scholarship money is a “gift,” so to speak, and you should never have to pay money to receive one. Be on the lookout for anything that seems too good to be true; most likely it is. If you thoroughly research your options and only deal with legitimate scholarship opportunities, you should have a relatively easy way to get money for college.
