Paying college with scholarships isn’t as simple as it sounds.
- What are College Scholarships?
- What are the Scholarship Types?
- How do students apply for scholarships?
- When can students apply for portable scholarships?
- How long do scholarships last?
- How do students receive the scholarship money?
- What can you spend scholarship money on?
Let’s start with the definition, scholarships are simply free money for students to spend on their education. This basic definition includes scholarships awarded for pre-schools, dance classes, camps, and, of course, colleges. When you start asking what are scholarships in terms of paying for college, things don’t seem as simple any more. Now you have athletic scholarships, academic scholarships, and other various merit scholarships. And scholarships are just one kind of financial aid available for college so you probably need to have some understanding of how it differs from grants, loans, and work-study. However, even as you wade through various definitions, essentially a scholarship is free money for students to spend on their education.
A college comparison spreadsheet is really the most effective way to narrow your list of colleges you want to actually apply to. Don’t get me wrong, I think it’s pretty useful when trying to make the final decision on which to attend as well. It’s just that I think that by putting in a little spreadsheet grease at the beginning of the process will provide you with much more affordable choices at the end of the process. The key is to make sure that your college comparison spreadsheet contains these 5 often overlooked pieces of information that will give you some idea of how much you’ll pay for college.
Recently I was profiling 
There are over 1,600 four-year public and private colleges in the United States. And guess what, they don’t all cost an arm and a leg to attend. With this many colleges, there have to be quality, affordable options available for families who look for them. And there are students attending college without facing the prospect of years of debilitating debt. Yet, attending affordable colleges comes with some trade-offs that not all families are willing to make.
Before parents sit back and let their kids drive the college application process, there are some numbers they need to understand when comparing colleges. Because while it’s true that it’s the student who is going to attend college, the colleges are pretty clear that they are going to turn to the parents to pay the bill. And anyone expected to write a check to cover the cost of college, needs to have some meaningful numbers to evaluate the value of what their buying. However, not all numbers are created equal. For example, the acceleration speed of a car and its sticker price are both numbers, but one probably will have priority over the other for most people making a car purchase. Understanding these five numbers will provide you with some basic references for comparing colleges to decide if you’re willing to pay the college’s asking price.
If you have kids old enough for you to be thinking about the college admissions process and how you’ll pay for it, you also need to be thinking about how you’re going to compare colleges. Because the fact is that you’re going to be comparing lots of colleges, the sooner the better. You’re going to compare colleges when you decide which colleges to visit, which admissions reps to talk to at the college fair, which colleges to apply to, and which one to ultimately attend. So take this opportunity to consider the various ways you can actually compare colleges and their relative worth to your family’s situation.
(Updated for 2022) I just finished updating the list of 50-50 colleges with the latest IPEDS data release and, as usual, thought I would share some statistically non-significant (as far as I know) observations. For those who don’t know what I mean by 50-50 colleges, these are colleges that accept at least 49% of students and have at least a 49% graduation rate. There are currently 600 such institutions with at least 500 or more full-time undergraduates up from the previous year’s 561.
