Make sure to check out our July Checklists for HS Juniors and HS Seniors. Consult these quick resources to get you started on the process this month.
GUEST STUDENT OF THE WEEK: ehales3 is a rising sophomore at Cornell University. As a high school student, she always thought that she wanted to study in a more urban environment, but has grown to love Ithaca and all that it offers. ASK HER ANYTHING!
As we work to adjust to the current reality, make sure to check out these dedicated COVID-19 resources: our directory of virtual campus tours, our directory of extended deadlines, as well as the list of schools going test optional this fall.
Merit Scholarships
This discussion has been closed.
Replies to: Merit Scholarships
"My parents have no money saved up (we hit some hard times) and they are hoping to take out a loan."
You said elsewhere that you have 2 or 3 other siblings coming behind you? Do your parents realize they will top out in the amount of loans they can take because their credit will look terrible to the lender? Are they really thinking of taking $80,000 in loans JUST for your education? Do they understand those loans begin repayment plans immediately upon dispersal? Do they understand these loans are stuck like glue, no bankruptcy gets rid of them? The bank will garnish (take money from) social security and other payments to repay them?
I'm not trying to be an @ss, I am trying to shock you into reality.
Let me provide you some context - my "bonus" child, who I refer to as my foster son (not legally, he has just lived with my family for the past 4 years) comes from a minority, low income home. He is the oldest of 4 children and scored in the 1200's on his SAT, with AP classes and AP test scores of 4-5s, volunteer work, leadership roles and coming from a very competitive high school with a high GPA. He rec'd "free lunch" - which means his parents were very low income.
Even with the Pell Grant and NJ TAG grant, plus his ability to take out the maximum allowable student loan (limits you to $27,000 over 4 years - did you know that?) would not have allowed him to go to a public in state school with cost of attendance (COA - do you understand that consists of tuition, Room and board, books etc?) of $30,000 a year.
The difference between the money available to him and the cost was simply too high, and the reality of the matter is, his parents could not, given their hard times, which included a bankruptcy, qualify for loans to help him for 4 years AND help his siblings.
He applied only to schools in-state who offered merit, because the additional cost of actually getting to the out of state (OOS) schools added too much to the pricetag. In addition, he had his back up plan - attend community college, live at home for two years, work and save money. After that, go to a public school that was within commuting distance by mass transit (no money for car/car insurance/maintenance). This is a valid plan - of course not the first choice dream of going to Out of State large public and living the dream sleep away life, but a valid plan that would get him out with minimal debt.
In the end, he went to an in-state public that offered him significant merit, and he won several premium (and difficult to win, so don't bank on them) scholarships. He will graduate debt free next weekend, summa cum laude (top of his class) and is going to grad school for a PhD on a fellowship (funded). This is possible for you too - but you must have a valid and affordable back up plan if all the other pieces do not fall into place. Don't just have a fantasy plan and lock onto that - it is unwise. His younger brother did that - the dream was Ithaca - he did not have the money to attend and ignored a great in-state merit offer, only to discover in July that the money was not going to magically materialize.
More later - but digest the above first!
Loan limits are a really good thing, but it does limit things. Your federal loan limit as a freshman is 5500.
Parent loans are usually at a high percentage rate...I'm no expert on them, but 80,000 in loans for one of three kids will tap out your parents ability to take loans. I do not want to take parent plus loans....so my son had to make some tough decisions.
My son stayed in state...our state has a tuition program so he has earned free tuition/fees. So, scholarships to cover the housing is much more reasonable. He's applied to literally every scholarship. He's had some successes.
Georgia Tech offered my son provost, which is out of state tuition waiver...coa was still 28,000 a year though! I know Florida state offers some out of state tuition waivers. I believe UCF does too.
I learned a lot about private schools too...full need...many set the parent contribution based on their formula. Any outside scholarships lowered the institutional aid and our family contribution remained stable. I had NO idea it worked that way!
I would suggest spending some time really getting a realistic picture of finances. You cannot have the "we will figure it out" mindset! And I personally do not believe that an undergrad debt above 30,000 should ever be considered....as someone who made mistakes of my own way back and am still paying the price.
Point: School guidance counselors are good people, but they aren't finance experts :0 and tend to just "sell" the dream of Ivy League, Big Name schools etc. without true understanding of the impact the cost of those places has to any family that isn't flush with income.
Point: Recognize the "game" of one upmanship your classmates will play - "I'm applying HERE" and the wearing of the big name college sweatshirt with swagger. Don't get sucked in!! There are many good, affordable and challenging schools out there - let's find a few for you!
You will go, learn and graduate without crushing debt, able to get a job in an area you want, travel to places you want etc. It may not be a dream place for 4 years (i.e. the haloed NYC or California) but you can afford to go there after you get your education, when those folks have to move home to Mom and Dad's for years and years because of the loan payments they need to make to pay off that 4 years. Dream long term, not just for the next 4 years.
Read the bookmarked threads on the Financial Aid message board (where you posted this message), educate yourself and keep talking with us.
Merit aid from the colleges is your first mission, so research that in May
My advice to you is to focus this summer on three things.
1. Find a $$ job - and save as much as you can!
2. Find a volunteer opportunity - or create one - where you can give back, meet people and explore a passion (i.e. helping younger kids with math tutoring at the local library, working at an animal shelter - whatever you love).
3. Work on your Common Application essays. Find someone you trust to review your first attempts and offer constructive criticism. Adjust the essays and re-write - wash, rinse, repeat. Having several well developed essays NOW will help you in your application process, as well as in your scholarship search.
Outside scholarships can also provide some $$. Those applications start to open in mid-August, and many close by December.
Woe to those poor folks who don't plan and think the way you are, and come here desperately in March looking for scholarship opportunities which are long gone. See how far ahead of the game you already are? Keep it up!
If they are planning to take $20,000 a year in loans...that will be $80,000 for your undergrad years...and that’s IF you can fund the rest some other way. My opinion...that is a lot of debt for a family who has a lean budget anyway.
@mom2collegekids what will UA give this kid for scholarships guaranteed with a 1430 SAT and above 4.0 weighted GPA? What about UA-Huntsville?
Try posting in the college search and selection forum, briefly explaining your financial situation and what you are looking for in a college. If you can get your test score up, it will open more doors. Take a look at the automatic full tuition and competitive tuition websites. http://automaticfulltuition.yolasite.com/
http://competitivefulltuition.yolasite.com/
Look at the linked thread provided by intparent. Consider the options suggested by Mamaedefamilia. Check out the threads by @CourtneyThurston , who applied for and received many scholarships. Use this summer to come up with a plan for affording college. Post questions here on CC frequently and you will get answers from knowledgeable people who know what they are talking about.
Get a job this summer, and start saving. Have frank discussions with your parents, right away, about what they can actually afford. Many parents today have NO idea how much college actually costs these days. Show your parents articles like this: https://money.cnn.com/2017/04/25/pf/college/pay-for-college/index.html
You can also save money by getting credit for AP exams and by taking CLEP exams, both of which will either get you credit for intro level courses, or will at least let you place into a higher course level. Both AP and CLEP credits might allow you to graduate earlier, which will save you money. https://clep.collegeboard.org/
Many students think they just have to get into college, but don’t consider how it’s going to be paid for, so you’re wise to get this ball rolling right now. You don’t want you or your parents to have any nasty surprises in a year when you’re getting ready to head off to college. Good luck.
The drawbacks are they are not well known, not flagships, not prestigious, not the easiest to get to, but they are affordable with good stats like yours.
Apply at the beginning of July when the app goes Live. Then you’ll have acceptance and merit offer in hand by about Labor Day. Win!
Your parents’ contribution can cover the remaining costs.
What is the major and career goal?
Don’t fall for the glamour of a highly ranked Ivy or LAC. Unless you can afford it, that is, and it does not sound like you can. In order to get the sweet aid packages, your stats need to be in the upper percentiles for that school. If you want a deal, you won’t be able to go to the highest ranked school that will accept you. Go where they give you the most love. Two of my daughters friends got Fulbright’s, one is going to UVA for law, one for grad school, one to Yale law school, another to FSU law on an amazing fellowship. Beautiful campus, lots of new buildings going up. Amazing school spirit. Nice dorms and reasonably priced apts for later years. Wonderful undergrad research opportunities. I must admit that the location is difficult to get to, the local Tallahassee airport is very small and has high airfares. But it is a minor inconvenience, compared to its many benefits. We are so grateful for the wonderful opportunities that this school has provided for our kids.
I believe U of Mississippi has great merit, too
As has been observed, almost any school will cost at least 12k for room and board, so even a modest tuition amount brings you up near 20k per year.
As much as possible, minimize you and your parents debt by finding the school with the lowest net cost. High school math teachers are not super high earners, and you don’t want to have to work a second job for years just to repay your college loans.