Prepare For The SAT And/Or ACT
Propose that students prepare for the SAT/ACT with private tutoring and plan to take the tests several times to increase opportunities for renewable institutional merit scholarships.
Grade point average (GPA) and course rigor are calculated alongside standardized test scores for awarding institutional merit aid. As a rule, colleges offer merit scholarships to students who score in the top 25 percent of their peers. Remember, however, some colleges—including the Ivies and other highly selective schools—do not award any merit aid. (They do, however, offer need-based aid.)
The Best Tip For Lowering College Costs
The easiest way to win the most institutional merit aid is through colleges where merit scholarships are based on the admissions application. These do not require a separate application or any additional effort. Colleges may also offer merit scholarships that do require another application.
Apply To Schools That Offer A Financial Advantage.
Stress the importance of applying to colleges that will cost less. “Sticker price” can be deceptive. Also compare graduation rates, opportunities for institutional merit scholarships, tuition discounts, fixed rate tuition and other incentives.
Summary
Figuring out how to combat soaring college costs is overwhelming.
These strategies provide relief for families that don’t qualify for need-based aid and want or need to pay less for college.
Additionally, encourage parents to talk openly about their expectations. Even happily married couples can have opposing views about how much to spend and how to pay for it.
Paying less for college takes planning, a lot more of it than most families realize. One of the biggest, most expensive myths is that families should wait until they know where students are going to college.
Financial advisors can indeed play an important role as trusted advisors who help lower the cost of college while empowering students to maximize their potential.
Nancy Paul is the president of Three Wishes College Strategies.