Every student has a dream school, a university that embodies all of the images they have had about college since they were old enough to fantasize about coed dorms. For many parents, a hefty price tag has made their child’s dream school a personal nightmare. If your son or daughter has their heart set on a chichi private school, don’t set off the alarm clock just yet. There are plenty of scholarships, grants, and fellowships that could make their dreams into reality.
We’ve all heard the myth that millions of scholarship dollars go unclaimed every year. This isn’t actually true. Most scholarships do, in fact, go to deserving young scholars; it’s only the most obscure and specific scholarships that don’t get awarded. Nonetheless, the lesson remains the same: maximizing your child’s free-money potential is going to take some work. Sure, there are some low-hanging fruits, like the school-specific scholarships that your child is eligible for just by applying to the university, but these are obviously going to be very competitive. To find the best opportunities in higher education financing, you need to be creative.
Start by researching the offerings of the clubs and organizations of which you and your relatives are members. Many professional organizations, such as teachers associations and trade unions, give scholarships to the college-bound seniors of their members. The same applies to church groups, community groups, and service organizations. Next, check out the numerous Web sites dedicated to scholarship searches. By completing a quick questionnaire, your student will be bombarded with information about opportunities from places that are looking to support someone just like them. Some major databases of scholarship information are:
You can also have some luck through the public library, high school counseling office, or your prospective college’s financial aid office. There are scores of books that list annual financial gifts, and counselors are often aware of unique opportunities that apply specifically to your child.
You will probably have the most luck by targeting your search based on your child’s interests and ambitions. Scholarships do not go to star athletes and valedictorians alone. Many organizations are looking to foster students who demonstrate an interest in particular career industries while others want to help students with unique abilities or attributes. From hopes of becoming a CPA to ease on a trapeze, there are thousands of special characteristics that can help your child earn money for college. The trick is to identify your child’s strengths then craft a story or portfolio that illustrates their commitment to them.
Scholarships are as close as you can get to free money, but there is often a cost to getting them. Many scholarships require thoughtful essays or demonstrations of value. To give your child the upper hand, make sure they start researching opportunities early so they can put visible effort into their applications. You and I both know that $1000 for a short essay on the virtues of being yourself is about as close as you can get to a free lunch.