Time is here to apply for scholarships
It's after Jan. 1. Have you filed your FAFSA yet?
For parents of high school seniors, if you're hoping for federal aid for college, this date should be circled in red on your calendar. After Jan. 1, you can file your Free Application for Federal Student Aid with the government.
The form is sometimes required for non-government scholarships, too.
The Neuqua Valley High School guidance department and Heather McKane, dean of student financial services at Aurora University, recently presented financial aid information to parents. Though a single newspaper column can't cover the whole process, it can get parents started. And starting early, if only to educate yourself, is a good idea.
Federal aid for college is based on this equation: cost of attendance, minus your expected family contribution, equals your financial need.
Each college sets its cost of attendance. You figure out your expected family contribution when you fill out the FAFSA after Jan. 1 of the high school senior's year.
For many area families, the deal-breaker is the expected family contribution, which includes the parents' income and savings, student's income and savings, and number of siblings attending college.
Though there's no magic income number that delineates the gets from the won't-gets, federal aid is targeted to those in need. That means many area seniors will be searching for non-need-based scholarships through the colleges, community groups, national organizations, and the like.
Even a $500 scholarship is welcome, and they add up.
"A $500 scholarship equals 62 hours of working at an $8-an-hour job. You won't spend 62 hours getting that scholarship," McKane said.
Your high school guidance department is the place to start for both federal aid and non-government scholarships. The latter also can come from businesses or the parent's employer.
One Aurora University student received a $5,000 scholarship from her mother's employer simply because her mother worked there, McKane said.
For many of these, deadlines are in February or March, meaning now is the time to research. Aim to submit your application two weeks before deadline, allowing time for something to go wrong.
It's helpful to have at hand an "activity portfolio" of high school awards, accolades and community involvement. Also, start building up a reserve of essay answers to commonly asked questions, such as "Why should you receive this scholarship?"
Early on, I heard the tip about keeping an activity portfolio, and now, years later, I can vouch that it's good advice.
When each of our daughters started freshman year, I gave her a big three-ring binder filled with plastic page inserts. Awards, newspaper clippings, certificates, etc. went in as they were received. Then the information is at hand, chronologically ordered, when she starts the rush of college applications.
Otherwise, it's too easy to forget something, especially from long-ago freshman year.
As you investigate aid, head for reliable Web sites such as collegezone.com, mapping-your-future.org, finaid.org, fastweb.com, petersons.com, scholarships.com, fastaid.com, and fafsa.ed.gov. Avoid fafsa.com, where you'll be charged to fill out a form that is free.
Applying for scholarships is free. Don't get pulled into organizations that charge for application, disbursement, redemption or processing.
"The line 'I just need your credit card to hold the scholarship,' is a dead giveaway (to scams)," McKane said.
Services that charge to help you fill out forms can be legitimate, but you still have to round up and provide the same basic information to them.
Whether need- or merit-based, searching for scholarships takes time, but it can pay off, literally.