David Lerner Associates: Scholarships and College Savings
As the cost of a college education continues to climb, paying for it has become a major family expense. According to the College Board figures for the 2015-2016 academic year, fees for a four year private school are $47,831, public school (in-state) $24,061 and out-of-state $38,544.* Many couples report starting a college fund shortly after their baby is born, which is not a bad idea. The more time you have to save, the better off you’ll be. Use this education planner to help you figure out how to put a college fund in place.
There are other avenues for paying for a college education. If your child shows promise academically or at sports, a scholarship could be the answer. You will have to involve your child in this process and get their commitment to strive for the scholarship.
Full tuition academic scholarships are often awarded by colleges as a way to attract talented students. An academic scholarship is awarded on academic merit and may cover full tuition and fees.
Competition for these scholarships can be quite fierce and while they’re primarily awarded on a student’s GPA, award committees also commonly take into consideration other factors including extracurricular activities and leadership qualities.
How to Find a Scholarship
- Check the websites of the colleges your child might like to attend and see if they offer scholarships.
- Talk to the high school guidance counselor and find out if they have information about scholarships you could apply for.
- Sometimes there are scholarships specifically intended for residents of your city or graduates of your child’s high school.
- Almost every state has a scholarship program for residents, but the awards are usually limited to students who will attend college in that same state.
- The Gates Millennium Scholars
- Intel Science Talent Search
- Coca-Cola Scholars Foundation
If your child has exceptional ability in academics or sports, a scholarship is a real possibility. Even with a scholarship, there are still costs such as books, housing, and other living costs, so starting a college savings fund is always a good idea. After all, when you bring that cute baby home, you have no idea if he or she will excel at football or get straight A’s. So rather be safe than sorry, and have a sound college savings plan set up, even if in the end you don’t have to
*Cost figures are provided for reference only. These figures include tuition, room and board, books and supplies, and an allowance for transportation and personal expenses.
Source: College Board 2015-2016
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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com