Filed under: College Admission — admin @ 8:11 am

Paying for college tuition may seem daunting, but with research and planning, finding funding for college may not be as difficult as first thought.  In recent years, numerous schools have adjusted how they employ financial aid. Since 2004, Harvard College has not charged tuition to students who come from households earning less than $60,000 per year.  In a recent change, Harvard has cut the cost of tuition and increased the amount of financial aid to ensure that even upper-middle class families will not pay more than 10% of their income each year in tuition.  This university has also eliminated repayable loans and replaced them with grants. Additionally, Princeton has instituted a no-loan financial aid policy for students.  Even recently, Hamilton College, a liberal arts school in New York State, has eschewed the financial pressures of filling the class with financially rich candidates by adopting a Need-Blind Aid policy.  

Scholarships are an ideal place to begin searching for aid. There are several resources that can help direct your search.  The Scholarship Book 11^th edition, edited by Daniel Cassidy, includes a CD which can facilitate your search for scholarships. Scholarships, Grants & Prizes by Laura Paul provides information on millions of awards offered to students based on ethnic heritage, talent, employment experience, military service or religious affiliation. Online, Fastweb.com helps match students with over 1.5 million scholarships based on geographic location, intended majors, need, merit and other characteristics.

When starting the process of financing your education, do not assume that you will not qualify for financial aid.  Begin by completing the Free Application for Federal Student Aid or FAFSA.  Next, inquire into what a school’s financial aid package typically covers.  Several Ivy League schools offer hefty financial aid packages that leave students paying less out of pocket than if they had attended a less expensive school. 

There is over $11 billion worth of merit-based scholarships available to students.  To qualify for academic-based scholarships, a student will need strong grades and standardized test scores.  Start with those PSAT scores. National Merit Scholarship rewards approximately 7,500 students based on PSAT scores. Furthermore, discuss with the college admissions office about any merit-based scholarship that they may offer. Additionally, an online resource to help in your search is the website, www.meritaid.com.

Merit-based scholarships aside, there is a substantial number of minority-based scholarships available. The AICPA Minority Accounting Students Scholarships provides funds for students with African American, Hispanic or Latino, Native American or Asian American heritage. The United Negro College Fund (UNCF) is an excellent resource that offers over 400 scholarships, fellowships and grants to students from low to moderate income families.  The Gates Millennium Scholarship provides financial assistance to deserving students from African Americans, American Indians, Alaska Natives, Asian Pacific Americans and Hispanic Americans heritage.

If you have exhausted all scholarship resources, look into securing a student loan.  The Federal government supplies Direct Student, Stafford and Perkins loans, all of which have secure, low interest rates.  In addition to scholarships and loans, the Federal government offers a Federal work-study program, which employs students at the college or university. Several schools also offer non-federal work-study opportunities for students who do not qualify for federal work-study.

When applying for scholarships and financial aid, remember to apply early. Money is limited, especially in these financial times.