This article was published in the "Martinelli Newspapers" in the June 22, 2006 weekly issue of The Westchester Crusader, The Rye Chronicle, The Eastchester Record, The Pelham Sun, The Sound View News Home News & Times, The Mt. Vernon Independent, Harrison Independent
and North Castle News

Life and Money - "College Grants and Scholarships - Part 2"

By Frank Sisco, CPA, PFS

(Word count = 792 plus 67 words for About the Author)

In last month's column I told a story about how a simple honest letter about finances sent to Harvard led to a very large scholarship for my client's son, which was in jeopardy because of certain financial questions and inconsistencies.   This month is a discussion of concepts to consider if you are a parent of a young person about to enter college.

Getting money for college

Most people have not saved sufficiently for college.   As parents, we have grown up with the attitude of giving our children the best opportunities possible, even if it involves spending money for an education way beyond our means. We often feel that the competition for merit grants and scholarships is so tough that are chances of success are low.   And, we may not even bother with applying for financial or economic grants or scholarships when we think our financial situation is not poor enough to qualify.    We resort to desperate measures like getting a second job, raiding our retirement funds, borrowing money from relatives, taking out a home equity loan, and curtailing lifestyle dramatically.   But there may be a better approach.

Empowering our children.

Getting a grant or scholarship gives your child a great boost of confidence as well as needed money.

When my daughter Kelly was in her junior year of high school, I remember trying to motivate her to apply for grants and scholarships.   We enrolled in various websites, such as www.fastweb.com, that notified us by email of the hundreds of opportunities around the country.   I clipped articles from newspapers and magazines about the many children who had gotten lots of free money.   I bought the excellent book by Ben Kaplan.   A quote from his website (www.waggledancer.com) sums it up. "In " How to Go to College Almost for Free ," you learn the game from someone who's played it well: Kaplan won more than two dozen merit-based scholarships in high school, accumulating nearly $90,000 in scholarship funds for use at any school. The book includes sections, strategies and action steps for everyone from high school and college students, to grad students and adults returning to school."   Kelly and I went to seminars and workshops.

Our efforts were not nearly enough and I failed.   Not Kelly.   Me.   I learned about the tools but I did not communicate them well enough to Kelly to motivate her.   And I didn't persevere because, if I had, I believe Kelly would have won many grants and scholarships. My real failure was not just losing out on money but more importantly not being able to show Kelly that it was indeed possible for her to be rewarded for who she is. Talented, gifted, special.    Hundreds of grants and scholarships go out to young people for simply writing a great poem or essay, or evidencing their other talents.      Instead, my fledging efforts that failed showed her that the marketplace did not appreciate her, did not value her.   If I did a better job, I believe she would presently have an experience from which to draw more confidence.

Suggested steps.

Here are three suggested steps for getting grants and scholarships:

1.   Take inventory and set goals - Figure out, with your child, your particular set of circumstances, such as money needed, colleges sought, areas of study, your child's special talents, gifts, and experiences, relationships that could help, etc.   Set your criteria such as the type of college and location, the type of grant or scholarship, the amount of money, etc.

2.   Survey the opportunities - With your child, do a detailed search for the most achievable opportunities using the internet, your high school's financial aid office, bookstores and libraries.   While reviewing sites, sign up for the major websites so you can be notified of new opportunities as they arise that fit your criteria.   Inquire of friends and relatives of any success stories and get new leads.

3.   Go for it! -   Allocate a set schedule each week for you and your child to work your plan, which would include research, filling out applications, and following-up. Make it into a type of game with your child that is fun in order to keep the interest and motivation high. Involve both parents, and possibly grandparents and even your child's friends and their parents. Set a fun reward for your child, such as a bonus of twenty percent of the raised money can go toward buying a car or consumer electronics for him or her.   Perhaps even keep a journal, or a blog, detailing the experiences, which helps to reinforce the goal and the steps you are taking together.  

Working together with your child in order to get grants and scholarships could not only raise needed money but also help your child develop skills for future endeavors.

About the author.

Frank Sisco is a CPA and Personal Financial Specialist, and author of many articles about personal finance and issues of life and money.   His firm, Financial Management Corporation, is located in Harrison, NY.  Frank resides with his wife and daughter in New Rochelle, NY.  He can be reached at 914.381.3737 or by email at ideasmoney@aol.com.   Visit his website at www.LifeAndMoney.com, which contains this and prior articles.