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Scholarship Pitfalls to Avoid

Understanding financial aid
Don't apply for every scholarship
Statistics - Don't be fooled
Apply as early as possible
New college student - ALWAYS apply for financial aid
Parents - Maximize student scholarships
Renewable scholarships
Caution! More could mean less
Negotiation of financial aid awards
The single largest financial aid mistake
Scholarship and Grant Summary Chart
Loan Summary Chart

Parents – Maximize Student Scholarships

Parents – you can maximize your student’s eligibility for need-based scholarships by reducing your financial assets and cash reserves.  This sounds extreme, but it is reality. 

-  Parents of senior year students:  If possible, defer income from 2008 to 2009 and purchase large items in 2008 you are planning to buy (such as automobiles, travel trailers or RVs, home additions, etc.) to reduce cash reserves and create debt.

-  Parents of senior year students:  Remember, a student’s eligibility for need-based scholarships and grants is based on their family’s financial situation in the 2008 calendar year.  All financial transactions completed during January 1 – December 31, 2008 will either help or hurt student eligibility for need-based scholarships.

-  Parents of junior year students:  Your student’s eligibility for need-based scholarships and grants is based on their family’s financial situation in the 2009 calendar year.  All financial transactions completed during January 1 – December 31, 2009 will either help or hurt student eligibility for need-based scholarships when they apply for college in fall 2009.  Remember, for the year 2009, reduce assets and income and increase debt.

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