|
Turning talent into cash
|
 |
July 3, 2001: 11:57 a.m. ET
Scholarships reward talented students, and most are need-blind
By Staff Writer Kim Khan
|
NEW YORK (CNNfn) - In the search for financial aid, families with college-bound kids may look at their own economic situation but ignore another important asset – the students' skills.
While the majority of financial aid comes from federal loans and the universities themselves, experts say private scholarships are an excellent way for talented students to secure extra cash that can help foot the bill for their education. And, contrary to popular belief, in most cases those awards are need-blind.
In order to land one, however, experts say the students must possess something that sets them apart from other applicants. They also must be diligent enough to track down the kinds of scholarships that are right for them.
"There are very few scholarships that give money simply for breathing," said Mark Kantrowitz, creator of the financial aid and college planning Web site FinAid.com. "Probably most of the scholarships are merit-based. Awards that are need-based tend to be loans."
(Click here for tips of covering the costs of college.)
Gail Schlachter, founder of Reference Service Press and author of "College Students Guide to Merit and other No-Need Funding," said there are plenty of scholarship opportunities that middle-class students might ignore, thinking their financial situation will render them ineligible.
As with the price of education, the value of scholarship awards varies greatly. Awards can range from small book stipends to full tuition coverage to a "free ride" at a four-year university. According to the reference book "College Financial Aid for Dummies," one student, earned more than $500,000 in scholarship money.
Many different criteria are used for scholarship selection, including grades, religion, choice of major, hobbies and academic competitions.
Currently, there is more than $1 billion earmarked for scholarship awards nationwide, but competition is fierce. Both Kantrowitz and Schlachter stressed the need to pursue opportunities early on. Persistence, they said, is your number one asset.
| |
|
|
| |
|
|
| |
Students should never pay more than the price of a postage stamp to get information for a scholarship
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Mark Kantrowitz
Founder, FinAid.com |
|
"The raw odds are 1 in 25 (in getting a scholarship)," Kantrowitz said. "And the average amount received is about $1,600. If you're just a random student, C average, no interesting hobbies, you're unlikely to get aid."
One exception was a Web site called FreeScholarships.com that gave scholarship money randomly to students visiting the site as a way to generate traffic, but that dot.com is now defunct.
Getting a jump start
In targeting potential scholarships, experts recommend searches on both the Internet and through the wide array of reference books available. They also advise starting the search early in high school and continuing throughout college.
Schlachter said students miss out because they believe only high-school students are eligible for awards.
Not sure how much you'll need to save? Use Money.com's College Savings Planner.
According to Kantrowitz, FastWeb.com is the top site for searches, offering the largest online database available, daily updates and scholarships that can be applied for online.
He also warned that any scholarship book that's more than three years old will be useless, since award programs come and go on an annual basis.
| |
|
|
More than $1 billion in scholarship money is available, but competition is tough. | |
The advantage of books over the Internet, insiders say, is the ease of browsing. Students can get a good sense of who the book is targeted at simply by reading the summary.
Kantrowitz also recommended checking out local public library bulletin boards and financial aid offices, but warned against scholarship search services that charge a fee.
"Students should never pay money to get money," he said. "Students should never pay more than the price of a postage stamp to get information for a scholarship."
The oft-heard myth that billions of dollars in scholarship money goes unclaimed every year, he said, is propagated by companies that charge a fee to search their databases.
Find the annual costs of any four-year college or university in the United States using Money.com's College Cost Finder.
"I doubt there are any scholarships that go unclaimed," he said. "All students have to do (to find awards) is go to the Internet or some of the more popular books."
Lastly, experts say parents and students should take the time to research any scholarship for which they may apply and familiarize themselves with the types of scams that prey on the college bound.
Don't get discouraged
Despite the stiff competition for awards, students are strongly advised to explore the types of scholarships available, even if they doubt they will qualify.
Many students may find they have an unlikely talent worthy of a grant.
One example is the DuckProducts.com "Stuck at Prom Contest," which offers a $5,000 scholarship for some creative tailoring, funded by Manco Inc.
Available to students over 14, couples competing for the award must attend a high-school prom wearing complete attire or accessories made from duct tape. The couple with the best outfit splits the award. 
|
|
|
|
|
 |
|
