Question: I have four children, and the oldest is a
senior and going to college next fall. I’m fearful that I make too much
money (mid-$100,000s) and I don’t have much saved, so borrowing,
grants, and scholarships seem to be my best option.
My daughter scored 25 on the ACT and is well-rounded – plays sports, has a job, is a church member, and volunteers. Any suggestions, books, or websites would be very much appreciated.
– S.W.Answer: Unfortunately, the shock of paying for college is hitting you late in the process, so you have limited options. Still, if you act immediately, there’s a chance you can make a difference. If it’s too late for your oldest daughter, you still have time for your younger children.
If you are going to make a dent in the $400,000 you are likely to spend on all four children, you need to get to work now. Winning scholarships and grants takes hard work and strategy. You can’t just fill out FAFSA forms and hope the money will appear.
With your income, it’s unlikely you will get any financial aid, other than the opportunity to borrow with federal Stafford loans, at a public college. But private colleges are a different matter, especially less popular schools trying to fill vacancies or attract students with higher ACT and SAT scores.
“Merit aid.” Private colleges use grants and scholarships, or what’s called “merit aid,” to lure students slightly above their typical students academically, which lifts their rankings compared with other schools. That’s a huge goal, because higher rankings make marketing easier.
So if aid is really important to you for your oldest daughter, tell her not to set her heart on any particular school. Put her to work now filling out applications for about a half-dozen private schools. Get a book on writing college essays, so your daughter can sell her unique qualities to admission staffs.
Ben Kaplan’s How to Go to College Almost for Free provides the strategy for a winning scholarship application.
The prime time to apply for college scholarships is early in high school sophomore and junior years. And I suggest making a full-time summer job out of scholarship applications for talented high school students. Kaplan was able to pay for Harvard because he pursued scholarships strategically. He found that when he won one, it helped him win the next.
To find colleges where your daughter might be given a scholarship, look at the U.S. News World Report College Rankings, paying particular attention to second- and third-tier colleges. Target those that provide scholarships and have average ACT scores below 25.
Emphasize individuality. If your child has a talent that a college needs to fill out its freshman class, she will be all the more attractive. She should contact the coach in her sport to see if he or she will be an advocate for her.
If your daughter applies to a school in a distant state or where her religion, race, or gender is somewhat unique, schools will be more interested in her than if she matches the typical student.
You can also look for outside scholarships at FastWeb.com, Scholarships.com, and FinAid.org. But most deadlines have passed for high school seniors. If your daughter isn’t interested in making the effort now, she could consider attending a community college, then transferring to a public university.
For your younger children, start looking for the most lucrative scholarships at Finaid.org. Some are worth more than $25,000. But while it is possible for most students to win scholarships if they work at it, few are larger than $5,000. Many are only about $1,000. So saving for your younger children is a better strategy.
If you start a 529 college plan through your state, your savings will grow without being taxed. Also, make sure you apply for financial aid when each child goes to college. Although your oldest won’t qualify based on your income, if you have kids in college simultaneously, you might be eligible at private colleges.
Gail MarksJarvis is a personal finance columnist for the Chicago Tribune. E-mail her at gmarksjarvis@tribune.com.
My daughter scored 25 on the ACT and is well-rounded – plays sports, has a job, is a church member, and volunteers. Any suggestions, books, or websites would be very much appreciated.
– S.W.Answer: Unfortunately, the shock of paying for college is hitting you late in the process, so you have limited options. Still, if you act immediately, there’s a chance you can make a difference. If it’s too late for your oldest daughter, you still have time for your younger children.
If you are going to make a dent in the $400,000 you are likely to spend on all four children, you need to get to work now. Winning scholarships and grants takes hard work and strategy. You can’t just fill out FAFSA forms and hope the money will appear.
With your income, it’s unlikely you will get any financial aid, other than the opportunity to borrow with federal Stafford loans, at a public college. But private colleges are a different matter, especially less popular schools trying to fill vacancies or attract students with higher ACT and SAT scores.
“Merit aid.” Private colleges use grants and scholarships, or what’s called “merit aid,” to lure students slightly above their typical students academically, which lifts their rankings compared with other schools. That’s a huge goal, because higher rankings make marketing easier.
So if aid is really important to you for your oldest daughter, tell her not to set her heart on any particular school. Put her to work now filling out applications for about a half-dozen private schools. Get a book on writing college essays, so your daughter can sell her unique qualities to admission staffs.
Ben Kaplan’s How to Go to College Almost for Free provides the strategy for a winning scholarship application.
The prime time to apply for college scholarships is early in high school sophomore and junior years. And I suggest making a full-time summer job out of scholarship applications for talented high school students. Kaplan was able to pay for Harvard because he pursued scholarships strategically. He found that when he won one, it helped him win the next.
To find colleges where your daughter might be given a scholarship, look at the U.S. News World Report College Rankings, paying particular attention to second- and third-tier colleges. Target those that provide scholarships and have average ACT scores below 25.
Emphasize individuality. If your child has a talent that a college needs to fill out its freshman class, she will be all the more attractive. She should contact the coach in her sport to see if he or she will be an advocate for her.
If your daughter applies to a school in a distant state or where her religion, race, or gender is somewhat unique, schools will be more interested in her than if she matches the typical student.
You can also look for outside scholarships at FastWeb.com, Scholarships.com, and FinAid.org. But most deadlines have passed for high school seniors. If your daughter isn’t interested in making the effort now, she could consider attending a community college, then transferring to a public university.
For your younger children, start looking for the most lucrative scholarships at Finaid.org. Some are worth more than $25,000. But while it is possible for most students to win scholarships if they work at it, few are larger than $5,000. Many are only about $1,000. So saving for your younger children is a better strategy.
If you start a 529 college plan through your state, your savings will grow without being taxed. Also, make sure you apply for financial aid when each child goes to college. Although your oldest won’t qualify based on your income, if you have kids in college simultaneously, you might be eligible at private colleges.
Gail MarksJarvis is a personal finance columnist for the Chicago Tribune. E-mail her at gmarksjarvis@tribune.com.