"I've got a full ride" and other urban myths

Students say the most amazing things.  They say them to us, but the most amazing they reserve for each other.  Among them is, "I'm going to the University of Havagreatime on a full ride."  Also popular is, "I'm going to get a lot of scholarships instead of student loans."  A common delusion suffered by parents is, "We're planning on scholarships to help us pay for college."
  • "On a full ride" -- remember high school?  It is a professional sport in high school to "one-up" your peers; to put down your rival; to stretch the truth while talking about yourself.  Yes, there are non-athletic, full rides.  There are also people who win the Mega-Zillion-Jackpot lottery.  I do not know any of those people, but I read about them in the news.  In SWIC's five-year history we've had one student go on a merit-based 100% scholarship.  She was valedictorian at a private high school.  And, by the way, we know of another valedictorian from a different but equally prestigious high school who is attending a well-known university with $0.00 (zero) in financial aid awards. 
  • "Lots of scholarships" -- according to the U.S. Department of Education only about 1% (one percent) of all educational dollars comes from private scholarships.  Many of those are linked to very specific qualifications.  For example, in my Sunday, Sep 27, hometown newspaper there was an article about a local student who received a very generous scholarship which he qualified for as an employee of Autobell Car Wash, Inc.  Many scholarships, if not most, are attached to very specific criteria.  It is worthwhile to check, and apply for all you qualify for.  Furthermore, many scholarships are "one offs," meaning you are awarded them once and that is all.  It is important to let your financial aid office know that fact.  
  • "Pay for college" -- Money for college comes predominantly from parents' check books, from student and parent loans, from a university's own resources (endowment, and tuition discounts) and from work-study earnings.  We advise parents to be prepared to pay one hundred percent of the cost of attendance, minus any student loans their child undertakes.  Any outcome better than that is a plus!  At SWIC we help families do better than that, nearly all of the time.  However, there is more art than science in the achievement.  Furthermore, if you will scroll down to previous blogs, you will understand that it is anything but automatic.

Posted in College Planning, College Planning Strategies.

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