Debunking Need-based and Merit Award Myths

Applying to college can be daunting, especially when anxious students and their families get caught up in a maze of misinformation as they tackle all that needs to be done on their own. That’s where we step in.

As professional independent educational consultants (IECs), we strive to be in the know. Although that takes a lot of time and effort, the positive outcomes we help our families achieve is worth it. No wonder our assistance is in great demand as the number of applications—especially to highly selective, test-optional institutions—as well as the cost of attendance has skyrocketed over the past few years.
Here are just a few of the money-related myths IECs often debunk so that college-bound students and their families are armed with accurate information that will help them choose “best-fit” options.

Myth: Our family will never qualify for need-based aid, so why bother applying?
Fact: For starters, you can’t know exactly what you will or won’t qualify for unless you apply! At the very least, filing a FAFSA gives students the option of taking out a Federal Direct (aka Stafford) Loan; they must qualify for the loan’s subsidized version, but anyone can receive an unsubsidized loan, regardless of need. Remember, too, that some colleges won’t even consider a future application for financial aid from enrolled students if they didn’t apply when entering as first-years. A family’s financial situation can be dangerously fluid, so why not cover your bases?

Myth: I’m not applying for aid because my daughter will get an athletic scholarship.
Fact: Only 2% of high school athletes play sports at the college level. And if your child hasn’t been recruited by the end of the junior year, chances are she won’t be in the pool for receiving an athletic award from a Division 1 or Division 2 school. Although getting good grades has been shown not only to significantly increase an athlete’s chances of being admitted to specific schools but also of winning athletic scholarships, IECs make sure that families understand how the system works and how to create a Plan B by also applying to schools that offer other forms of assistance.

Myth: My son plans to apply for “outside” scholarships because millions go unclaimed every year.
Fact: Most merit aid is distributed by colleges and universities themselves, typically with all applicants automatically considered for it without doing any extra work. Unfortunately, many families erroneously believe that there’s a treasure trove of scholarships “out there.” However, most of the awards publicized through online subscription databases are small and often require an essay in addition to a separate application for each. Because students from all over the world may also be vying for those modest awards, your child might have better luck checking out local scholarship sources.

Rest assured that if you work with an IEC, time and energy will be spent on helping your student discover best-fit colleges, including those most likely to provide generous need-based aid or merit awards. Moreover, we can help your student figure all this out before falling in love with a specific school that isn’t a “financial fit.” No parent wants to be the bearer of bad tidings in the spring of senior year!
© 2023 Sandra M. Moore/Next Step CC, LLC – For more information, contact me 845.242.8336