|Posted on March 13, 2018 at 2:50 PM||comments (0)|
This is the time of year I get more calls for scholarships and scholarship lists. Why? Award letters are being sent out and parents are now finding out why it is important to plan early for college. The typical gap in funding not covered by the school is approximately $15,000 per year depending on the choice of school. This is what I refer to as the "Parent Deductible". This is a term coined by E. Brian Cox of College Funding Resources.
Despite having an amazing student that's doing amazing things, less than 3% of entering freshman will receive a full ride. It is a fact that is either unknown or ignored with expensive unintended consequences.
Traditional voices tell the community to apply for scholarships as if these are available dollars hanging off money trees that can be accessed by going to any tree and grabbing what's desired. "Just apply and receive", they say.
Yes. There will always be the small number of students that receive private scholarships but they represent a very small percentage of the total number of students that have applied.
No. I'm not encouraging that students not apply. My concern is that many are expecting that process to solve their funding gap and that's just not going to happen for most.
Learning how to strategically pay for college is a far more effective method to filling in the gap. When a family understands the funding process, looking for money becomes obsolete.