Suzanne Shaffer give us “10 Scholarship Boards to Follow on Pinterest”.
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Being able to pay for college is an important long-term financial goal for most parents.
Suzanne Shaffer give us “10 Scholarship Boards to Follow on Pinterest”.
Check it out!
Temple University, a large, public college in urban Philadelphia ranked 121 on the US News list of National Universities, offers automatic merit scholarships based solely on grades and test scores.
The most generous award is the President’s Scholars, which offers full tuition plus $8,000 in stipends for approved “study abroad, research, internships or other summer academic activities”. Freshmen qualify with the following criteria:
High-school GPA ≥ 3.8
SAT CR + Math ≥ 1420
ACT Composite score ≥ 32
Four other scholarships are available, as outlined in the table below. About 40% of entering freshmen receive academic scholarships, and any student with a GPA of at least 3.0 and SAT score of 1150 will receive some level of merit aid. 2015 fall tuition and fees for a 12-hour semester at Temple University are $14,130 for Pennsylvania residents and $24,350 for out-of-state residents.
The Posse Foundation makes college more accessible for students who may be overlooked by top schools because they do not meet their traditional admissions measures. Although the program does not screen based on need, many Posse Scholars come from low-income areas. Students are chosen based on a rigorous selection method, and graduate from college at a 90% rate.
What Is Posse? Posse is a college access and youth leadership development program that identifies, recruits and selects student leaders from public high schools and sends them in groups called Posses to some of the top colleges and universities in the country. A Posse is a multicultural team made up of 10 students. It acts as a support system to ensure that each Posse Scholar succeeds and graduates from college. Posse Scholars receive four-year, full-tuition leadership scholarships from Posse partner colleges and universities.
How Did Posse Get Its Name? In 1989, Posse Founder and President Deborah Bial was working with talented urban young people. She watched these students go off to college, only to see them return within a semester having dropped out. Knowing that these students were bright and capable, she couldn’t understand what was making them leave college. When she asked them what happened, one student replied, “If I only had my posse with me, I never would have dropped out.” That simple idea, of sending a group—or posse—of students together so they could “back each other up,” became the impetus for a program that today has sent hundreds of students to top colleges and universities throughout the United States.
Why Posse? The Posse Foundation has three goals: 1) to expand the pool from which top colleges and universities can recruit outstanding young leaders from diverse backgrounds; 2) to help these institutions build more interactive campus environments so that they can become more welcoming institutions for students from all backgrounds; 3) to ensure that Posse Scholars persist in their academic studies and graduate so that they can take on leadership positions in the workforce.
Does Posse Work? Since 1989, Posse has recruited and trained 4,884 students who have won $577 million in leadership scholarships from Posse partner colleges and universities. More than 70 percent of Scholars have either founded or become leaders of campus organizations. Scholars act as change agents on campus, significantly contributing to the influence and longevity of student organizations. Most important, Posse Scholars persist and graduate at a rate of 90 percent. Posses help the retention of non-Posse students who are not part of the majority culture by fostering an inclusive campus community.
Posse recruits students from Atlanta, Boston, Chicago, Houston, Los Angeles, Miami, New Orleans, New York, and Washington, D.C. It works with 51 partner colleges and universities across the country.
How do you know if a particular college is likely to offer you a discount on their tuition price? Before you even apply, you can get an estimate by running your specific profile data through a Net Price Calculator (NPC), a tool that can be found on every college’s website.
Forbes ran a Net Price Calculation for five schools using several hypothetical scenarios. The results show discount rates (financial aid) that would be awarded given specified parameters.
… two types of students, one from a family with an annual income of $300,000 and another from a single-earner family making a mere $12,000 a year. We tested two different academic scenarios: a supersmart kid scoring 1540 on his SAT, with a 4.0 GPA and in the top 10% of his class, and a “B” student scoring 1250 on the SAT, with a GPA of 3.0 and in the top 50% of her graduating class.
The biggest surprise is that RPI gives more financial aid to English majors than to engineering students.
As you can see all the top institutions except well-endowed Amherst offer discounts or “merit” aid. Only Rensselaer Polytechnic Institute (RPI) differentiates its aid on its calculator by the student’s intended major as well as by income and ability. RPI clearly wants more poets and is willing to pay for them. President Nixon’s alma mater, Whittier College in southern California, clearly isn’t eager to attract lower-income students. In our test it offered an additional grant of only $1,334 to the low-income overachiever. Even after its ample discount, the needy student’s family still has to come up with half the cost of attendance.
This illustration is a reminder that a Net Price Calculator can help guide your college search.
Should I apply to colleges I don’t think I can afford?
No–with a big assumption. The assumption is that you already know approximately how much you can afford and how much financial aid a college is likely to give you. That means that you have already used a calculator such as the FAFS4caster to estimate your expected family contribution (EFC) and the college’s net price calculator.
Searching for merit money could be a reason to apply to colleges that are otherwise unaffordable.
There is a situation where you might apply to colleges that you don’t think you can afford. These are lessor known colleges where your test scores put you in the top 25% of applicants and makes you a candidate for substantial merit money.
But you have to stand firm. Don’t fall in love with a school you can’t afford.
However, this still requires that you have firmly established what you can afford and be willing to turn down those schools that don’t become affordable even after merit money is awarded. Definitely, do not fall in love with a school you if you don’t know you can afford it.
Public colleges and universities have shifted their financial aid priorities away from need-based to merit-based awards. Low-income students are feeling the brunt of this change, but pressure on schools to admit only college-ready students and to raise revenue will probably cause this trend to continue.
Public colleges are turning away from their mission to offer access to an affordable college education for all students.
A ProPublica analysis of new data from the U.S. Department of Education shows that, from 1996 through 2012, public colleges and universities gave a declining portion of grants—as measured by both the number of grants and the dollar amounts—to students in the lowest quartile of family income. That trend continued even though the recession hit those in lower income brackets the hardest.
Universities feel the dual pressures of raising their revenues and ratings.
Why have public universities across the nation shifted their aid?
“For some schools, they’re trying to climb to the top of the rankings. For other schools, it’s more about revenue generation,” said Donald R. Hossler, a professor of educational leadership and policy studies at Indiana University at Bloomington.
To achieve those goals, colleges use their aid to draw wealthier students—especially those from out of state, who will pay more in tuition—or higher-achieving students, whose scores will give the colleges a boost in the rankings.
Private colleges have been using such tactics aggressively for some time. But in recent years, many public colleges have sought to catch up, doing what the industry calls “financial-aid leveraging.”
The math can work like this: Instead of offering, say, $12,000 to an especially needy student, a college might choose to leverage its aid by giving $3,000 discounts to four students with less need, each of whom scored high on the SAT and who together will bring in more tuition dollars than the needier student will.
Those discounts are often offered to prospective students as “merit aid.”
The student profiled in the Chronicle of Higher Ed article offered a clue to the reason many low-income students are losing out. They are academically unprepared for college-level work.
Ms. Epps had a combined SAT score of 820 on mathematics and critical reading…
That score is below the College Board SAT College and Career Readiness Benchmark, indicating a lack of “skills and knowledge that research demonstrates are critical to college and career readiness”. The same low SAT scores that disqualify some students for merit aid also signal they are at high risk for dropping out of college.
Problem should be addressed before the college years.
The answer is not to give more need-based aid to students who are not prepared for college, but to do a better job of educating students to be college and career ready. That is the job of K-12 education and community colleges.