There are basically two pots of money you can access for funding your child’s education-merit and need-based. The basic difference is that merit scholarships are based on a students’ academic record–ACT, SAT scores, GPA, and Talent. Parental income is not a factor in awarding merit-based scholarships. The other pot of money you can access is need-based awards which are based on income. Although the FAFSA (Free Application for Federal Student Aid) is based on income, it’s not how much money you make but how money is used in your household. Don’t assume that because you make a lot of money you will not qualify, you may not qualify for the Pell Grant which is based on need, but you may have a financial need based on the cost of attendance.
If taking out loans is not an option for you, then you need to focus on merit-based awards which means that your student needs to be on track from freshman year to do well in school academically because good grades do equal good money. There are schools that will award full tuition scholarships based on standardized test scores and there are schools that have need-based scholarships. Every school has a scholarship page which will outline the criteria for obtaining their scholarships. This is the one area I have found where students miss out on scholarships-institutional scholarships. Students focus on getting their college applications in and overlook the scholarship deadlines that may be connected to college application deadlines.
I feel that you should not apply to a college unless they are going to give you a monetary award. Think of your ACT or SAT score as a gift card and use those scores to shop for the best academic and financial fit. Your scores should be one of the major determining factors in your college selection. If a school is offering full tuition for your score, then that is one school you should apply to, assuming they have your major and other features that are important to you.
Some colleges are not as transparent about scholarship opportunities available at their institution or even how to find the information on their website. Indiana State University is a good example of a school that is very open about scholarship opportunities available to incoming freshman and continuing students.
Students should begin their college and scholarship search at the latest by their freshman year of high school. When you get to your sophomore or junior year, you should know what ACT or SAT score you need to get into the college you hope to attend. Also, you should plan to take the exams more than once because the higher your score, the more money you can receive. I feel strongly that students should begin this testing in the beginning of their junior year. Colleges will accept your highest score.
Some schools are no longer using standardized test scores as the major factor for admission but may still require the scores for scholarships. DePaul University is a test optional university. They focus on a student’s writing ability, academic record, leadership potential, volunteerism and extracurricular involvement. Some schools feel these are better indicators of success than a test score on a given day. (I agree). The personal statement for some students may be their admission ticket into college.
- Most of your money for college should come from the school you hope to attend.
- Research college websites and when you meet with college admission representatives, ask them about institutional scholarships and the criteria for obtaining them.
- Encourage your students to do well academically in high school because good grades=good money.