Scholarships: Not Just For the Needy

In today’s trying financial climate, it is apparent that low-income families are not the only people looking for scholarship money to help ease the monetary burden of sending a child to college.  Many colleges attempt to satisfy this need, as well as saving money themselves, by offering large scholarships to students from affluent families.
Since the mid-1990’s, the amount of grant aid awarded to families making over $100,000 a year has skyrocketed in many prominent institutions.  Experts reason that this shift came as colleges realized that it was more cost-effective to offer aide packages to students from affluent backgrounds rather than students from lower-income brackets.  For example, a student from a lower-income family may need $30,000-$40,000 in grant aid from a college, whereas a student from a higher income bracket may accept admission at the temptation of $10,000 in grant aid.  Because of this, colleges are now making large amounts of grant money available to families making over $100,000 per year.
In order to be eligible for this grant money, students are advised to follow these guidelines:
    1) Apply to schools that you know you qualify academically for.  You are less likely to get grant money from a “reach” school than from a sure bet.
    2) Don’t apply to big name private schools like Harvard and Yale.  Pedigreed private schools can afford to give all accepted lower-income students the full financial aid that they need, and so students from higher income families are less likely to receive grants.  However, this doesn’t mean you should give up on private schools—many are slashing their tuition by more than 50% for higher-income students.
    3) Look at out-of-state schools.  Many schools from other parts of the country are eager to accept students from the West, and often offer grant money to higher-income students.  Especially look at big-name public schools, as they are eager to attract smart, affluent students.
    4) APPLY FOR FINANCIAL AID.  Even if you are sure you won’t qualify, some schools wont consider giving you grant money unless you fill out the FAFSA and/or the CSS/Financial Aid PROFILE.  Rumor has it that President Obama will do away with the FAFSA but it has not happened yet so educate yourself!  There is a 91% error rate on the Free Application for Federal Student Aid so get some professional help.  Come to a College Planning Workshop and get the insider secrets you need to know.  Visit today.

(Visited 29 times, 1 visits today)

Leave A Comment

Your email address will not be published. Required fields are marked *