Resources

Nov 12
2013

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Money for College!

Money for College!

College is an excellent investment. There are many statistics about the value of a college education—according to the most recent  US Census, a college graduate will earn almost double, or nearly $1,000,000 more over a 40 year period, than a non-grad.  Make no mistake, the emphasis is on “investment.”  A hard reality of the College Admissions Process is that college is not cheap.  However, there are some ways to make the expense more manageable:

Attend “Money for College Night” at Roeper, December 11 at 7 pm in the Library. Financial Aid officers from University of Michigan and Albion College will join Patti in a presentation to answer all of your financial aid questions!

Begin saving early by investing in a MET, 529 or other college savings account.  Speak with a financial planner to find the best plan for you.

Apply to colleges that offer merit based aid, and for which you are in the top percent of applicants.  Many colleges want to attract top students and will offer “discounts” to get you on campus.  Some colleges will automatically consider students based on their test scores and GPA’s.  Some will require an additional application.  Check each college website under “Financial Aid and Scholarships” to find this information.

Some scholarships coming up are:

The University of Michigan Club of Greater Detroit offers eight (8) scholarships with one application: information and applications available at www.umclubgreaterdetroit.org

Boston University Trustee Scholarship Competition requires the high school nominate students—we are glad to nominate you—and an application completed by December 1.  Application and nomination materials are available at www.bu.edu/admissions/trustee.

Seton Hall University offers a $22,500 tuition reduction to students with a 27 on their ACT, making a private school as affordable as a public university.

Hillsdale College, by offering all financial aid in-house, is able to keep tuition rates down has a TOTAL cost of just over $31,000—and they offer merit based scholarships as well

U of M Dearborn offers a series of scholarships—from $2000 per year to full tuition which are automatically considered for students who apply by December 15.  Additionally, students whose parent(s) attended UMD can apply for The U of M Dearborn Alumni Legacy Scholarship, due Feb 1

Apply for need-based aid.  You never know whether you will qualify—the threshold is raised each year.  Even if you did not qualify in the past, you might now.  The FAFSA will be available on January 1.  Some colleges will require the CSS Profile or their own financial aid application.  Check the college website.

Also on the college websites you can find the “Net Price Calculator.”  This is the best way to get an idea of how much that particular college will cost yearly.  Bear in mind, some NPC’s are more accurate and give better information than others.

Apply to as many “outside” scholarships as possible.  Register for www.fastweb.com , www.meritaid.com  and/or www.scholarships.com.  By filling out a profile, you will be sent information about “random” scholarships that you could be eligible for.

Just like with the lottery, if you don’t apply, you can’t win!

And remember, attend  “Money for College Night” at Roeper, December 11 at 7 pm in the Library.

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