How To Get Your Piece Of The $68 Billion Scholarship Pie - education

Ebony, Oct, 2001

YES, you can pay for college without going broke. Just last year, the College Board estimated at there was $64 billion available in financial aid for college students, and this year that number increased by another $4 billion, bringing the total pot to a whopping $68 billion!

"This is d good time for African-Americans to pursue higher education, indeed," notes Erlene B. Wilson, author of Money for College: A Guide to Financial Aid for African-American Students. "However, the continued success of African-Americans in obtaining a college education will depend upon access to information ... those willing to invest the time, effort and resources will find that numerous financing opportunities exist, including college saving plans, loans, scholarships, grants, and tuition payment plans."

The competition for scholarships is fierce, but the beauty of it all is that there's money out there for just about everyone. If you're a computer science major, a future thespian, journalist, nurse, doctor, lawyer, plumber, or even if you're just a proud left-handed scholar--you can find funding, experts say. But there's one catch: You've got to fully apply yourself if you want to win. The key is to make informed decisions about college selection and financing and--most importantly--to start early.

Students should start looking for scholarships by the time they reach their sophomore year in high school, according to Rust College president Dr. David L. Beckley, chair of the member presidents of the United Negro College Fund.

"By the sophomore year, parents and students ought to start looking for colleges and exploring the financial aid programs that the colleges have," Dr. Beckley advises. "And they should begin writing these sources for scholarship and financial aid information." College presidents, financial aid consultants, guidance counselors and teachers say now is the time to get out there and stake your claim to the $68 billion scholarship bonanza, and the following five steps will lead you on your way:

1. Keep your eyes on the prize.

Yes, college is expensive, ranging from $20,000 to $40,000 (depending on the university) per year, but that shouldn't deter you from pursuing higher education, says financial aid expert Barry Beckham, author of The Black Student's Guide to Scholarships. Beckham says the No. 1 mistake many Black students make is believing they can't afford college. "You can go to college, and there is money for almost everybody--you've just got to find the right combination of your abilities, what the school offers and your financial needs," he states. "Parents and students shouldn't take the position that there isn't enough money out there and that they don't qualify for scholarships."

2. Get ahead of the competition.

There are three secrets to getting a head start in the race for financial aid: First, take the Preliminary Scholastic Aptitude Test (PSAT) during your junior year of high school to become eligible for the bulk of scholarships that require a PSAT score to apply. Next, students can become eligible for federal grants and work-study money by applying for the Free Application for Federal Student Aid (FASFA), which is a funding requirement for many colleges and universities. (To receive your FASFA, contact the U.S. Department of Education, at 1-800-4 FED AID, or log on to the Web site at www.ed.gov.) Last but not least, you should start your search for financial assistance right in your own back yard; local-level scholarships aren't as competitive as national-level scholarships, due to the smaller pool of applicants. Nearly half of all college students miss out on scholarship sources available in their own community because they don't know about them. Students are encouraged to do volunteer work in the community, which will acquaint them with all of the local-area sponsors (businesses, professional organizations, hospitals, sororities and fraternities, the parents' workplace, etc.), and may also put them a step above those scholarship seekers who do not have a solid community service record.

3. Don't limit yourself.

Marianne Ragins, president of the Virginia-based Scholarship Workshop, and author of Winning Scholarships for College, accumulated over $400,000 in scholarships and monetary awards by her freshman year in college, thanks to sending out 35 scholarship applications. Keep in mind that there's no limit to the number of scholarships that you can apply for, so apply for everything. Your application package should include a well-written resume that highlights your achievements, school activities, honors and awards received and community volunteerism. All forms should be typed with no erasures or mistakes; use only high-grade quality paper. (Bonus tip: Send your application with a return receipt, which tells you when your application arrived and lets the scholarship committee know that you're a serious applicant.)

4. Don't believe the hype.

Don't get suckered into the gazillions of scholarship seams that offer lofty promises such as "We can guarantee you'll win thousands of dollars in unclaimed scholarship money, for a flat fee" (it's not true that billions of dollars of scholarships go unused because most financial aid programs are highly competitive, and no legitimate scholarship will guarantee that you'll win scholarships) or "We will apply on your behalf" (a stranger cannot represent you and tell why you deserve a scholarship--furthermore, how do you really know that the company is sending out the applications for you?).