Control the process; don’t let the process control you!”

Getting the Best Education for the Least Amount of Money

Where is the “Free Money”?

It is no secret that our country is suffering through some tough economic times.  Every newspaper and news program states that we’re peering over the edge of a financial abyss.  From the gas station to the grocery store, prices are rising.  And college tuition is no different. On average, college tuition climbs between 4-8% annually, and full costs continue to soar to prices we’ve never before experienced. 

As parents, we are left wondering whether paying for college remains even an option for us.  We constantly ask ourselves how we can handle this financial burden without saddling ourselves and our children with burdensome debt for years to come.

Even through a tough economy, Americans find ways to be resilient and financially creative.  So I ask you, as a savvy consumer, do you know how to get the “Best Education for the Least Amount of Money?” 

Each month in Home Team Sports magazine, I do my best to provide my readers with a well-researched, realistic column that provides you with the simple, easy-to-understand approach to the process of finding the school that’s just right for you.  I opened a recent presentation at Jordan-Elbridge High School with a roll of duct tape in my hand.  At first, most in the audience weren’t sure whether they were in the right place. But I went on to explain on how this process is a lot like duct tape—in that when applied correctly it can solve many things—they seemed to understand because they’ve used similar methods to solve complex issues that they face in their day-to-day lives. 

Parents and their student-athletes need to approach this task systematically and resourcefully.  They need to establish a game plan for how to find the money to cover soaring college costs and fees.

One way to accomplish this goal is to be ready to expand your comfort zone geographically.  Colleges are often more willing to negotiate with out-of state students. Why? Because for these colleges there is value in proclaiming a nationwide diversity!

For example, I was working with “Kristin”, who found the school of her dreams in Pennsylvania.  Unfortunately, the school’s tuition was out of reach for her and her family.  Kristin did receive two very strong financial aid packages for New York State schools.  We used those packages as leverage when we negotiated our deal with this private school.  After some pleasant persistence, a deal was struck with the Pennsylvania school for a substantial savings from the original offer. This is just an example of how you take control of the process, instead of having the process control you.

Another tool in our belt is to market your academic accolades to obtain a merit scholarship at a quality institution.  Some second-tier schools are looking to assist students with merit-based financial aid packages that will enable you to get the “Best Education for the Least Amount of Money. Over time, the ability of the second-tier schools to “land” high academic achievers builds the academic reputation of the school; it enhances the school’s standing in post-graduate employment, and it boost alumni fundraising—a virtuous cycle!

So, how can you find the free money?

It is important for the student-athlete and parent to consider three important factors:

• The type of financial aid package being discussed;
• The obligations, terms, conditions, and longevity of such arrangements;
• The ratio of the financial aid package to the actual cost of attending that particular institution.

The term “scholarship” very often has been used in an all-inclusive way.  A scholarship can include any one or combination of other financial terms, including athletic scholarship, merit scholarships, grants, loans, work-study programs, and aid from private or governmental sources.  Please remember that scholarships are renewed annually. 

Be careful of “freshman frontloading!”  Freshman frontloading refers to a common practice in which a college financial aid office will provide you with an outstanding financial aid package for your freshman year only to remove a large sum from the package for your sophomore year.  I have witnessed this happen to many student-athletes. 

Unfortunately, we have been brainwashed into thinking that we will be “taken care of” once we get into college.  Please remember that colleges are businesses, and even though they are providing you with a quality education, they are also in it to increase their endowments and enhance their overall quality of school.

The college financial aid office is a good source for scholarship information.  Likewise, resources such as your school counselor, hometown newspapers, church/synagogue, local civic/fraternal organizations, parents’ employers, and/or military heritage may locate scholarship dollars previously hidden or unknown.  Many scholarships are tied to particular colleges/universities, or certain programs of study.  Some have very detailed and restrictive eligibility requirements (major/GPA/residency, etc.) while other scholarships have very general criteria.  Either way, if you can land several of these grants, the financial rewards can run into the thousands of dollars.

You can also use the internet to find additional monies.  Websites such as: www.FastWeb.Com, www.usnews.com, www.admissions.com, and www.collegeboard.org are great starting places to research scholarships.  You can also do a preliminary FAFSA (Free Application for Federal Student Aid) analysis by going to www.fafsa.ed.gov. 

When considering that the total cost of attendance at a college without financial aid can cost in the hundred-thousand dollar range, isn’t it worth investing some extra time in your academics and on the web finding ways to pay for your education?  Use all of your resources and talents in music, art, athletics, and leadership to get you as much scholarship money as possible.  Remember that this is a business and as a consumer you must

“Control the Process; Don’t Let the Process Control You!”