Misconceptions About Scholarships
When it comes to paying for college, many families have a preconceived notion that a scholarship is the "golden ticket" for their child to attend their top-choice school. There is no question that scholarship opportunities are out there. But it is important to set the record straight and set expectations for families who are starting to think about how they might pay the impending college bill.?
Colleges offer scholarship awards, but it is important to note that these institutions often have very high standards, and most students do not qualify for these scholarship opportunities. According to Mark Kantrowicz, who analyzed the 2015-2016 National Postsecondary Student Aid Study, a mere 2.7% of students will receive an award covering 90% of the cost of attendance, and of all undergraduate students, only 0.1% received $25,000 or more in scholarships.?
On the flip side, 97% of scholarship recipients received $2,500 or less. We often hear the mantra, "there are scholarship opportunities available for everyone." This is true. Organizations across the country – local and national – offer scholarship opportunities for students who have an interest in specific majors, are members of underrepresented groups, or have specific interests. However, these opportunities are unlikely to make a huge dent in the total college bill. Many private scholarship awards are in smaller increments, some ranging as low as $50 to $500 per student. These are oftentimes coming from local organizations, who do not have large scholarship budgets, but wish to support their local students.?
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This is not to discourage students from applying for scholarships! Like we say with saving for college, every little bit helps when it comes to paying for college; any amount families are able to pay up front will reduce the total amount they’ll need to borrow – and pay back, with interest.??
As you work with families, remind them that scholarships are just one piece of the college financing puzzle. Families should also make sure to apply for financial aid and consider saving in a dedicated college savings account. To explore scholarships opportunities that they can apply for now, encourage students to visit MEFA's scholarship articles.???
Student success coach helping young people connect with their purpose and what brings them joy II Champion of community arts
1 个月Thank you for this much needed reminder MEFA. I am hearing from a lot of parents who are assuming that scholarships will fund their child’s college experience. This shows up most when applicants talk about “dream” schools that they get into…and can’t afford in May when it’s time to accept offers. Back in the fall many parents start the conversation with their kid by saying “apply to whatever school you think is the best fit. We’ll figure out how to pay for it.” In May the same parents come asking if there are scholarships that they can apply for that will cover the colossal gap in need and the answer is often unfortunately, no. I try to advise parents that they should have realistic conversations about money with their kids when their child is creating their list of colleges to apply to rather than having the heartbreaking conversation in May that they cannot afford that school.