The following is a guest post by Scott Huntington.
In order to properly use the GI Bill – or any military benefit – you can’t choose just any college. Don’t pick your college based on its proximity to the beach or even your family. Not all colleges are interested in helping military personnel achieve their career goals; they’re more interested in the guaranteed funds from your GI Bill.
Curses on you Google Alerts! I managed to go over two years without paying any attention to the Ivy Coach blog. But last Friday while going through my weekly Google alerts for information on college admissions, I managed to click on links related to The Ivy Coach twice!
I’ve created two lists of colleges to target for merit aid, one consisting of only 50-50 schools and a more general list taking into consideration test scores. Since all the colleges on the lists are private schools, I thought I would create a list best financial bets for 50-50 public universities. As I started looking at the schools, I realized that the criteria I used for the private colleges didn’t exactly apply to the public universities.
In Part Two of How to Find Merit Scholarships, I said that you need to look at the numbers on institutional aid and non-federal loans to get an idea of which schools are more likely to give out merit money. Now we’ll look at some examples to see how it works.
(Part 1 showed how to identify colleges that are likely sources of merit money.)
Now that you know who has the money, you need to target those schools more likely to be giving it away. I do this by looking at information on institutional grants. This is money the school is giving the student and is usually the largest single source of financial aid for an individual student at private schools. Since IPEDS doesn’t require the school to distinguish between need and merit based grants, I also look at the percentage of freshman who receive the institutional grants.
There are 1,586 public and not-for-profit colleges with 500 or more full-time undergraduates. Which of them are likely to give you merit scholarships? Unfortunately, there’s really no one right way to search for such colleges. After all, the college that provides a generous amount of merit scholarship to one student will deny it to another.
If you believe a picture is worth a 1000 words or just have to communicate with someone who isn’t interested reading more than 140 characters at a time, infographics are for you. There are plenty of infographics on college costs that can be used as an introduction to topic. Of course, some are better than others. I think the following five college costs infographics are worth taking the time to look at.
I’ve been spending some time talking about a Moneyball approach to college admissions. The idea is to get the best college education without sacrificing your financial future. And what better Moneyball solution for college than a full-ride scholarship? Want to know where to find such scholarships? Wendy Nelson at My Kid’s College Choice has created a spreadsheet listing over 400 college sponsored full-ride scholarships.
I don’t know about you, but I’m always leery when the price of a good or service I’m considering purchasing isn’t readily available. The phrase, “if you have to ask, you can’t afford it” starts echoing in my head. However, although most college websites don’t have their costs readily accessible, it doesn’t seem to be an issue for most people. I have to admit, I didn’t really start noticing it until I start writing this post.