Parents hoping for any kind of need-based financial aid need to file a FAFSA (Free Application for Federal Student Aid). The FAFSA goes live on October 1st of each year and is filed during a child’s senior year. The FAFSA uses tax information from two years prior. FAFSA information is shared with each college to which your child applies. When filing the FAFSA be sure to check “yes” to work study, so if the perfect opportunity presents itself, like doing research for a favorite professor, your child will be eligible to do so. (Some 300 colleges also require the CSS Profile, which is a much more intrusive financial aid form.)
Have your child apply to colleges one tier below where they can likely get accepted. For example, NYU has a fabulous business school, STERN, but it is expensive ($75,000 +). If your business-oriented child applies to a college one tier below NYU, he/she may get a good-sized scholarship along with a fabulous education, particularly if you identify a school that specializes in your child’s specific area of interest. St. John’s University in NY has a fabulous program in Actuarial Science and Risk Management. St. Joseph’s University in Philadelphia is known for its business program in food services. Penn State excels at Supply Chain Management.
Have your child visit the high school guidance office which has applications for all local scholarships.
Parents and students should touch base with all organizations with which they are affiliated (religious organizations, Boy Scouts, Girl Scouts, 4H, and so on) to inquire about scholarships.
Download “SCHOLLY,” a phone app featured on Shark Tank that can be accessed at minimal cost. A Drexel University student created this app to help students quickly identify scholarships for which they might be eligible, since millions of dollars of scholarship money goes unclaimed each year.
Have your child get a job at a company that provides tuition reimbursement such as Amazon, UPS, and Starbucks. The program varies at each, but it’s certainly worth looking into.
Do your research. One of my favorite sites is collegescorecard.ed.gov where you can look up any major and identify every college that offers it. The site will also tell you the average amount that students are actually paying to attend each college (as opposed to the sticker price). It will also tell you each school’s graduation rate, as well as the average salary its students are earning in each field one year after graduation. That’s certainly very helpful information in identifying which college will give you the best value for your money.
Susan Alaimo is the founder and director of Collegebound Review that, for the past 25 years, has offered PSAT/SAT® preparation and private college advising by Ivy League educated instructors. Visit CollegeboundReview.com or call 908-369-5362
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