Whenever I heard the word "scholarship" when I was
younger, I thought it meant that you were getting a full ride to college with
everything paid for. Only later did I find out that most scholarships given by
colleges and universities cover only some of the costs, and that most students
who win scholarships from their schools still need to obtain additional money
through loans, their families, or supplemental scholarships.
An article on Citizen.com reports that many current high school students think the same way I did. They
expect their award letter -- the letter that details the financial aid package a school is offering to an applicant -- to offer much more money than it actually will, according to several guidance counselors. The interviewed guidance counselors say many students are
surprised when they learn that the schools they applied to will only cover a
portion of the expenses instead of most or all of them. Here's a reality check:
full rides are possible, but rare.
What can you do to prepare in case your award letter is for much
less than you were expecting?
- Apply
for private grants and scholarships. Hundreds of companies and foundations
offer awards in varying amounts, and there's no limit to how many you can
apply for. Most scholarships require an essay, but some others require
more extreme measures, such as creating a prom outfit out of duct tape.
Even if a scholarship is only for $500, apply; every little bit helps.
- Be sure
to fill out your FAFSA.
This form will help determine if you qualify for college money from the
government, and it can't hurt to fill it out, even if you aren't sure that
you'll need it. This will be an excellent backup if you get less
scholarship or grant money from your college than you were expecting.
- Start
researching your loan options. If you were hoping to get in on scholarship
or grant money and hadn't yet considered getting government or private
loans, it's time to begin your research. It's better to explore your financial
aid options now, so if you realize you do need more college money, you are
not rushed into making an uneducated decision.