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Scholarship Secrets Every Parent Should Know, Part 2

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Learning about scholarships and conducting an effective search can be a challenging exercise. With all of the information on the Internet and in those massive scholarship books, it is easy to be overwhelmed and not know where to start. Last time, I wrote part 1 of this two-part series with five scholarship secrets that every parent should know, and today I’ll wrap up with four more (and a bonus) that are just as important as the others.

Look Outward. Most of the discussion last time focused on the scholarships offered by your chosen college or university. Those are generally the best foundation on which to build your scholarship search. In addition, there are thousands of scholarships worth billions of dollars available for the taking. Some of these are very competitive, some have few applicants. As you begin your outward look, consider groups or social organizations that you or your child are involved in and your employer or your child’s employer first. Move on to affinity-based offerings linked to race, gender, your child’s major, where you live, a specific handicap or disability, military service, and others. There’s a lot of work to do in this phase of the search but there are a lot of scholarships to be had.

Don’t Overlook The Small Stuff. It’s easy to think that you’ll aim for the big scholarships, and those are certainly worth applying for. But, don’t limit your search to just those. A plethora of $250, $500, and $1,000 one-time scholarships are out there which can add up quickly. Go crazy in applying for these small awards. It’s the difference between hunting elephants and hunting rabbits. Elephants rarely come along, but rabbits are everywhere. While you can feast on an elephant, if you miss them you’re going to go hungry.

Take That Test Again. The entrance exam, either the ACT or SAT, is a critical component of the admissions and scholarship selection process. If the scores from the first round are not what you might have hoped for, you are not stuck with those results. You may retake the exam as many times as you choose to pay for, and your college will take your highest score into consideration. My recommendation is to take the exam three times, as outlined in my post titled Entrance Exams. To prepare, take some practice exams to understand the types of questions being asked and to get a feel for how much time is allotted to each section. Also, get some help. There are companies and tutors that will help you prepare for the exam, and if you can bump your score by a few points then you might get over that hurdle to receive a merit scholarship. That would be money well spent.

You Are Responsible For Your Results. Related to one of the earlier secrets, scholarships don’t just show up at your doorstep. Neither your child’s guidance counselor nor their high school teachers will be sending in scholarship applications for you. The search and application process is tedious and time consuming as most scholarships have different qualification criteria, application requirements, and deadlines. Waiting till the last minute to begin applying is the worst approach to the scholarship search as you’ll simply be overwhelmed. The best way to go about this is to begin early, plan out your process, and do some of the work each week.

BONUS SECRET – Scholarships Aren’t The Only Option. If your scholarship coffers come up short, don’t despair. College is still affordable without savings, scholarships, or student loans. While it takes some effort, your son or daughter can work and pay as they go. If there aren’t funds to start today, then take a year off, work, and save up money to start. Maybe the first two years can be spent at a local community college. Either way, lack of scholarships does not spell the end of your college career. I have a post on the reality of working your way through college, and Zac Bissonnette has an excellent book, Debt Free U, on this topic which you can pick up by clicking on my Amazon affiliate link above at no extra cost to you.

That’s it! Ten little secrets – lots to do but little to remember. Scholarships are there for the taking, and for parents and students who are intentional about the process using these steps the harvest can be plentiful.

Application Question – Are you and your child spending enough time on scholarship searches? Could you retake the entrance exam and improve your score? Have you begun to talk about a contingency plan? Share your thoughts below.

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Scholarship Secrets Every Parent Should Know, Part 1

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In the world of scholarships and every parent’s struggle to pay for college, there is a dizzying array of choices and options marketed to juniors and seniors. This post reveals some of the most valuable secrets that every parent and student should know in order to maximize their scholarship offers.

Scholarship Preparation Begins Before High School. In way too many schools and homes, administrators, teachers, parents and students start talking about scholarships about halfway through high school. By then it is too late. Grade point average (GPA), extracurricular activities, and service and volunteer opportunities demonstrate what you’ve accomplished through high school and are extremely important to scholarship selection committees. The best time to begin preparing for scholarships is in middle school or junior high. The second best time is now.

Make Sure That You Know The Deadlines. Colleges have strict deadlines for priority scholarship consideration, usually December 1 of your child’s senior year. Plus, if your school requires the Free Application for Federal Student Aid (FAFSA) then there is a separate deadline to have that paperwork submitted. Be sure that all applications and paperwork have been submitted prior to the stated deadlines.

Some Scholarships Are Automatic. We tend to think of scholarships as awards which have many applicants with only one recipient. Almost every college has merit scholarships for incoming freshmen, which are awarded based on academic achievement. To qualify, you must generally meet a GPA and entrance exam score combination. Know what those limits are by checking the scholarship information on each school’s web site.

You Must Enter To Win. This is a mistake that I made during my high school years. In order to receive a scholarship offer from a given school, you must be accepted as a student at that university. Schools don’t just send out scholarship offers to all students who qualify; you must go through the application for admission process in order to be considered. This means that you must complete the application for admission, pay the required application fees, and submit your high school transcript and entrance exam scores for each school that you’re interested in. Don’t overlook this very important step.

Bigger Is Not Always Better. It is easy to look at the monetary value of all scholarship awards and take the one with the highest value. That’s not necessarily the best approach. A better way to look at it is to figure out the total cost of attendance at each school and determine how much will not be covered after all scholarships and financial aid has been applied. The “right” choice from a financial standpoint is the one with the smallest deficit.

In the next post, I will reveal four more secrets that parents and students need to know. By equipping yourself with this knowledge and paying attention to all of the deadlines, you will find yourself miles ahead of the pack and in a position to maximize your scholarship opportunities.

Application Question – Have you begun to research scholarship opportunities? Are you facing upcoming deadlines for your high school senior? Do you talk with your child about rounding out their resume as they approach scholarship time?

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SAT cheating scandal

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In case you missed the news, there have been arrests in New York state over an alleged SAT cheating ring. A handful of high-school graduates have accepted money to take the college entrance exam for current students. Both the test takers and those who paid to have the test taken face charges under the scandal. To me, this is a sad case. The alleged test takers, who all are very intelligent and ambitious young people who had a lot going for them, have now permanently scarred their lives. They are being charged as felons, and if convicted they will be unable to vote, unable to hold public office, the right to bear arms, travel abroad because they cannot get a passport, and will be unable to hold many jobs in addition to spending time in prison. Even those charged with misdemeanor counts (the children who paid to have the test taken for them) will find that their lives have been impacted by this decision.

As important as the entrance exam score is, it doesn’t compare to personal integrity. This is a prime example where the perception of short-term gain led to long-term pain. The current students paid $1500 to $2500 to others to take the exam for them for the chance to get into a prestigious university or to qualify for more scholarships. For these students, they may have thought that it was worth it. I believe, though, that even if they had gotten away with it, these are the types of students who would wind up either dropping out of college or skimming their way along the bottom. All for the sake of getting college paid for, they put it all at risk and will now pay for it the rest of their lives.

One last bit of commentary – where are the parents of those who paid to have the SAT taken for them in this situation? At best, these parents are completely out of touch if their children can spend anywhere between $1500 to $2500 dollars and the parents not know where it is going. At worst, they were accessories to the fact, and my guess is that as this story unfolds that we will learn that some of the parents knew fully what was going on. Regardless of where they land on the scale of possibilities, parents of minor children are responsible for their children’s activities. This should have never happened if these parents were truly looking out for the best interests of their children.

We can all argue that there are flaws in the system, no doubt about it. Parents, no matter how they perform in the classroom, please encourage your children to remain on the high road. Resorting to cheating in its many forms or plagiarism does nothing but undermines your character. If they’re caught, they pay the consequences directly. If they aren’t caught, then it could start a downward spiral where they feel like they can get away with more and more over time. As we’ve discussed throughout this blog, there are many ways to get into and pay for college, and there are many alternatives to the traditional four-year degree at the big-name school. It just isn’t worth it to try and cheat your way to the top.

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Test Prep options

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Remember from earlier posts that half of the battle in earning merit scholarships is the score on the entrance exam.  Whether it’s the ACT or the SAT, a score at the 85th percentile or higher is what you’re shooting for.  This equates to a composite score of 26 or higher on the ACT and an 1800 on the SAT.  Once you get to the 85th percentile, you will be a serious contender for many of the merit scholarships available at public universities around the nation.  Let’s look at some of the ways to prepare for the test.

First of all, realize that both exams are general knowledge exams.  That is, there is no way to take a stack of notes or a study guide and ace the exam.  No tutor or professional service can get you to the perfect score.  The bank of questions for each section and each instance of the exam is so vast that the test makers are able to create millions of iterations of the test.  They also update the exam constantly; bad questions or outdated questions are thrown out and new questions are added to the pool of questions.  The strategy that seems to work best is understanding the types of questions that are asked and, more importantly, how to solve them.

On both the SAT and ACT websites, there is a lot of information about the test.  There are also plenty of practice questions and even some practice tests for the entire exam.  For the SAT, a great practice exam is the PSAT.  The PSAT is administered around the nation during October of the sophomore year.  On the SAT site, you can find information on how your PSAT score compares to the SAT score.  The ACT program actually offers two different practice exam programs.  The first is called Explore, which is geared towards eighth and ninth graders.  The second is called PLAN, and is designed for sophomores.  Each of these ACT prep exams also give you an indication on how you may perform on the actual exam.  The only issue with these three exams is that each school district must offer these tests; a student or parent cannot sign up for the test.  But, these are fantastic exams with very strong reports which can help your child realize their weaknesses and focus their preparation efforts.  If they are offered in your district, your child should take each offering no matter whether they ultimately plan to take the SAT or the ACT.

Because the best strategy is to learn about the various types of questions, there is no substitute for repetition.  You should get your hands on as many practice exams as you can take.  There are many test prep books available, most of which are collections of questions.  These take time, but they are well worth the investment.  Both the ACT and SAT websites sell and recommend books.  Having the book allows you to take the practice tests and questions at your leisure without access to the internet.  Both also have online test prep programs.  These are terrific options that give you actual simulations of the exam, provide customized reporting and recommendations for improvement, and even give real-time scoring of both multiple choice and essay questions.  The ACT online option gives you access to the program for a year, and the SAT program gives you access to a number of exams.  Because both are administered by the actual programs, I believe they are the best online options available.

I’m not sure that I’m sold on the idea of hiring a tutor or test prep firm to prepare for the exams.  Usually these cost quite a bit more, sometimes five to ten times more.  Some will guarantee an increase in your test score from your most recent attempt, but those usually come with certain stipulations and conditions to cash in on the guarantee.  Some build their credentials on their staff and team members being former test developers.  A lot of them deliver their services in their offices, often on their schedules, so you and your student have to work this in to your schedules.

I still believe that the best source of test prep is from the test developers themselves.  They are the most flexible, most up-to-date, and most student-friendly options that you will find.  Begin by checking on their sites, and take the preliminary exams when they are offered.  Target the third attempt of your selected exam as the money shot, and pace your preparations accordingly.  The time and money spent will be rewarded many times over in scholarship dollars.

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October to-dos

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October can be a pretty important month for those wishing to become an Affluent Student.  For everyone in elementary, middle, and high school, this is generally when the first official progress reports come out.  For college students, many of you will get your mid-term grades this month.  Hopefully the progress reports or midterm grades won’t be a surprise to anyone, but inevitably those official reports are the first time that many parents and students become aware of a performance issue.  I can assure you parents that your children know exactly how poorly they are doing.  Even if they can’t tell you their exact average in each class, they know if they’ve been doing the work and how well they’ve done on tests.  Now is an opportunity to make any necessary adjustments.  For those of you who are caught offguard, have those important conversations with your student and their teachers.  Make an appointment to see the teacher or talk to them on the phone; email really doesn’t give you the opportunity to capture the whole picture.  Sometimes just caring enough to reach out to the teacher will send the message to your child that their education is important to you.  Meet with the teachers during their work hours and don’t ask them to call you nights or weekends; the teacher has done their job so you need to meet them on their terms.  Whatever you learn about your student’s performance, go the extra mile to help them improve – don’t just cop out and ground them and tell them to do better.  It takes intentional parenting to make a positive difference in a child’s life.

For college-bound students, the ACT will be offered this month and the PSAT/NMSQT (used to qualify for the National Merit Scholarship program) is offered in October.  For all sophomores and juniors, I highly recommend taking the PSAT/NMSQT.  This exam is a great practice run for the SAT, but it is only offered in October of every year.  For juniors, everyone who takes the exam is entered into the National Merit Scholarship competition.  Based on the student’s selection as a National Merit semifinalist, finalist, or winner, most colleges have additional scholarship opportunities which are automatically awarded to incoming students that achieve this standing.

One last topic for high school seniors – the priority scholarship deadline for 99% of colleges is December 1.  In ordered to be considered for scholarships at any school, the student must be admitted to the university.  Be completing your applications so that this date doesn’t sneak up on you.

In short, October is one of the most beautiful months of the year and a host of activities and distractions can take parents and students away from their educational goals.  Be sure to stay connected and pay attention to these and other important educational priorities.

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Online resources for the Affluent Student

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There are a wealth of educational sites on the internet; some great, some not so great.  With almost all Americans having broadband in their homes, on their phones, or through a limitless number of public access portals, access to these sites for help with school is just a click away.  These sites present material in a different way, generally is a lot more interesting to kids than being in a classroom, and they keep kids engaged for hours.  Here are a few that I’ve seen which might help you and your child out.  In no way is this list meant to be comprehensive, so please shoot me a comment and let me know about your favorite sites.

First of all, my daughter has loved the JumpStart site, which is structured for elementary-age children.  The site is very entertaining and can keep her connected for hours.  The site does a good job of teaching math, reading, and critical thinking skills through their online games and activities, and they give some exposure to science and art along the way.  There are both subscription and non-subscription options; beware that your child will ask for the subscription services.  If you choose that route, they are reasonably priced at $7.95 per month or there is software that you can purchase in stores.  We have paid subscription services for her the last couple of summers and she really enjoys it.  There are also a number of free services on the site for parents, including worksheets that you can print at home, resources, activities, and even lesson plans.

One of the best sites, top to bottom, that I’ve seen lately is Khan Academy.  This is a site that is totally free, that has a TON of information and videos on over 2,400 topics (many of which are in the math and science genre).  These videos cover everything from addition and subtraction all the way through calculus and differential equations, so it is useful from pre-kindergarten all the way through college.  Parents who want to return to school or just want to learn something new can also watch videos on the site.  There are numerous coaches available on the site to help also.  Khan Academy is a true winner and a fantastic example of the power of the internet.

The sites that you might think of in this category – PBS Kids, Yahoo Kids, Discovery Education, WikiPedia, and other mass information sites – are also all very good.  Realize that you may be inundated with advertising on these sites, and that information gained from the internet is only as reliable as it’s author.  Sites like WikiPedia allow anyone to submit articles, although these articles are generally very good starting points for research.

For teenagers, these are the links to the sites for the ACT and SAT.  In addition to being the registration portal for the exam, each site has a wealth of information about the test including cost, upcoming test schedule, test-taking strategies, test prep and practice exam options, and much more.  Be sure to check out these sites early and often, and be sure you know which test your college(s) of choice require.  I’d also recommend going to Campus Tours for a virtual tour of many colleges and save on the cost of visiting in-person.  Many of the schools also post their own online virtual tours, so check with them also.

Most schools today have some form of online grade reporting portal, such as STI Home.  However, each teacher that your child has will likely have a different site through which they provide information for parents and students.  Some use blogs, others use websites and wikis, others might work through the grading portal, and some might still use email to send out assignments.  More and more teachers are taking assignments through electronic submission on sites such as Turn It In.  This is why it is very important for you to be in touch with your teachers early in the year so that you know where to find information to help your child.

Most of all, parents be sure that you travel online with your child until you are comfortable with the site.  There is a wealth of knowledge to be had from the internet, so be sure to use this powerful resource to help your children when they need it.

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College funding strategies for the Affluent Student

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At the Affluent Student, we take a hybrid approach to the intimidating goal of funding college for your children.  In this blog, I will outline the parts of our plan, which you’ll see differs at various points from the conventional wisdom.  One thing you will not see is loans or some other form of credit.  When you look at today’s cost of college, and the fact that tuition hikes nationwide average 8% annually (according to the FinAid website), it is a daunting number to come up with for one child.  Here are some of our recommendations to get as close to this goal as possible, whether you choose to pay for your child’s college education or not.

  1. Begin saving.  No matter where you are in the process or how old your children are, begin saving.  You can use a 529 plan or an educational savings account (ESA) to get tax-favored treatment of your college savings, but that locks in any savings to be used for qualified educational expenses only.  You might instead choose to invest in a non-educational account to retain flexibility with how the money is used.
  2. For children younger than high school age, we recommend that you use a mutual fund or other investment vehicle to get some solid growth.  Once they reach high school age, any future savings should be routed into a money-market or other savings vehicle.  For each year leading up to their freshman year in college, 25% of any investment savings should be moved into the same savings vehicle.  This strategy protects any investment savings without possibly pulling out all of the investment at a low point in the market.
  3. Read to your kids.  Do homework with them.  Let them play learning games on the computer.  Solve problems with them.  Your involvement with them at this point will help you identify their learning style.  Continue to do this in preschool and all the way through high school.
  4. Work to identify your child’s skills and abilities, passions, visions, dreams, and personality traits and tendencies.  Use this to help them in their college choice and educational major.  Continue to refine and develop that throughout their teenage years.
  5. Teach your children about money and how it works.  In elementary school they can grasp the basic concepts of working to create money, giving, and saving for a goal.  In middle school begin to expose them to some of life’s realities like how much it costs to live and how to put together a working budget.  In high school, give them more freedoms with their money and help them open a checking account with a debit card.  Show them how to handle a check register and how to balance their checkbook.  Talk to them about credit, loans, and the real-world impact of using such tools.
  6. Get to know your child’s teachers.  Regular feedback and dialogue with your teachers will help you identify areas of strength and opportunities for improvements.
  7. Address your child’s weaknesses head-on.  Identify their learning style to help them in areas where they may be struggling.  If necessary, get them help early on with tutoring, counseling, or even medical help. 
  8. Setup a proper reward/consequence system to reinforce the right behaviors based on what works for your child.
  9. Use middle school as a training ground for high school.  Help your children develop the skills and behaviors that they need to be successful in high school and college.  Allow them the opportunities to make non-fatal errors and learn from their mistakes.
  10. Together, plan your child’s high school curriculum in such a way as to meet all of the requirements to get into college and to maximize their potential for success.  Generally you have leeway to choose some electives and to choose whether Advanced Placement (AP) or college-prep courses are best for them.
  11. Set the expectations for your children as to how much you’re willing to pay and what is expected of them.  That will help them greatly in terms of college choice.
  12. Encourage your children to work.  As they should be learning whenever you teach them about money, work is a sure-fire way to get the money to do the things that you want.
  13. Investigate the in-state schools that offer your child’s major or something very close to their major.  Put together a budget for each of your top three schools on that list and compare that to what you’re willing to pay for and establish how much gap your children have to cover at each school.
  14. Identify the merit scholarship opportunities available at these schools.  As mentioned in an earlier post, these are automatic scholarships that are awarded based on grade point average and entrance exam scores. 
  15. Take your chosen entrance exam at least twice, preferably three times, using the study plan and schedule outlined in my earlier post, Entrance Exams.
  16. Apply to at least the top three schools on your list at the beginning of your senior year of high school.  Be sure to send your test scores to each and complete any scholarship applications for the school prior to December 1 of your senior year.
  17. Search for scholarships outside of your chosen schools and apply for as many as you qualify for.  (Hint – all of those 2-inch thick scholarship books that they print each year are finally useful at this point in the search).

There are a lot of steps here, but they aren’t all to be taken at one time.  Some may not even seem like financial strategies, but these behaviors lead to a better student, which positions them more favorable for scholarship dollars.  Some are natural acts of parenting, but as with any goal you hope to achieve you have to be intentional in order to be successful.  Putting these strategies together will help your child to be in the best position to leave college debt-free.

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Entrance Exams

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Two components are most critical in the search for academic merit scholarships – grade point average and entrance exam scores. The entrance exams, namely the ACT and the SAT, are standardized exams given approximately six times per year. These exams are usually given at high schools across the country and there is a fee each time you take these exams. The ACT is generally the exam of choice for southern schools, and the SAT for schools throughout the rest of the country. Most schools specify one or the other but generally will take results from the other exam.

As of this writing, the SAT costs $49 per sitting and the ACT has two options – with writing ($49.50) and without ($34). On the ACT, most schools now require that you take the writing section at least once.  Each time you take either exam you can have your results mailed to four different schools for free, and you can have score reports sent to more schools for an additional fee. On the ACT, the maximum section and composite score is 36, and the composite is an average of the four section scores. On the SAT, there are three sections in which you can score from 200-800 points in each, and the composite score is a sum of the three section scores.

So a lot rides on your performance on the entrance exam; in fact, there are a few schools who will award scholarships based solely on your entrance exam scores.  Each school will recognize the highest score on a single exam.  And, a limited number of schools will do a “super-score” which means that, once you’ve taken the exam multiple times, they will take the top score from each section to create their own composite score. 

In order to maximize your performance on either exam, I’m recommending the following three-exam plan:

Choose which exam you will take
Use practice tests to prepare for the first exam during the summer before your junior year
Take it the first time during the fall of your junior year
Add an exam prep study guide to prepare for the second exam during the winter of your junior year
Take the second exam during the spring of your junior year
Use an individualized coaching service to prepare for the third exam during the summer before your senior year
Take the third exam during the fall of your senior year

This might sound a little costly, but for less than the cost of one college course plus fees plus books, you could improve your score enough to earn some additional scholarship dollars.  If you’ve done the work to get a good grade point average, don’t let the exam hurdle dash your scholarship hopes.  Make the time and money investment to do the best you can on these exams.

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