How to save money paying for college | College Connection
Students seeking to cover their college costs without taking on significant debt should focus on securing merit money, awarded for academic accomplishments or a specific talent that is not tied to a family’s financial assets and does not get paid back.
One impressive source of merit money is based on students’ scores on the National Merit Scholarship Qualifying Test, which is taken in October of their junior year. This test is also referred to as the PSAT. More than $35 million will be awarded next year to some 8,000 students who earn impressive scores on this exam.
Many more students will earn merit money based on their SAT scores. The majority of colleges award merit money – which is renewable each year – to applicants who score higher than the median score for their student body. Colleges want to attract students who raise the reputation of the school, and awarding merit scholarship money is an effective tool. Since students can take the SAT as many times as they choose during their high school years, and then submit only their highest scores, this is typically the easiest way to earn merit scholarships.
To have the best chance of receiving substantial merit money, students should apply to colleges a tier below those to which they could likely gain acceptance. For example, students expecting to be admitted to NYU’s Stern School of Business (where annual tuition, room and board exceeds $75,000) would have a great chance of being awarded substantial merit money by St. Joseph’s University in Philadelphia and St. John’s University in Queens. Both host impressive business colleges with lower tuition rates and more generous scholarship packages.
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Students should be proactive and reach out to all colleges of interest to learn about potential merit scholarships, as some schools are particularly generous. Fairfield University in Connecticut, for example, offered merit aid averaging $17,388 to more than half of its students this academic year, according to U.S. News & World Report.
Students should also be aware that many public universities offer out-of-state students more merit aid than they offer in-state students, to help compensate for the different tuition fees. This may help New Jersey students who are eager to attend popular schools like Penn State University, University of Delaware and the many SUNY campuses.
It's beneficial for students to start their merit scholarship search during their junior year as applications frequently require essays, recommendation letters or other materials. Upon receiving merit money, it’s vital for students to be aware of the requirements for renewing that aid for the remainder of their college years. Usually, students need to maintain a minimum GPA, but other stipulations may also apply.
Susan Alaimo is the founder and director of Collegebound Review which offers PSAT/SAT® preparation and private college advising by Ivy League educated instructors. Visit CollegeboundReview.com or call 908-369-5362.
This article originally appeared on MyCentralJersey.com: How to save money paying for college
