Using Student Merit to Pay for College with Critical Point
This article was written in collaboration with our partner, Critical Point. They have helped hundreds of students with test prep and college consulting to increase their acceptances and secure funding for their college dreams.
The sticker price for 4 years at some of the best schools in the U.S. now exceeds $300,000 on average. This means sending your child to college is either the most expensive purchase you will ever make or no longer a possibility with your current financial situation. Student debt in our country is now in excess of $1.7 trillion which means most students who could afford to pay the schools for 4 years are now saddled with a large amount of debt. This amount of debt has created many lasting financial issues for graduates who are not making enough money to pay off the loans and fund their financial goals.
But what if your soon to be college student could do something now to help cover a large chunk of this purchase? With a little bit of hard work in high school and on the ACT or SAT, they could earn themselves scholarships and discounts that will save them from paying off loans further down the road and/or let you stay on track for retirement.
Here are just a few ways a good grade point average and high test scores can help you and your child fund their secondary education.
First, we must understand what the schools are offering and how hard we need to work to get there. The chart below is from the University of Alabama that shows if your child has a GPA over 3.5 and a 29 on their ACT, they’ll receive an annual scholarship of $15,000. However, if they improve that score by just 1 point to a 30, they’ll receive an additional $9,000($15k to $24k). Over 4 years of school this totals an additional savings of $36k!
West Virginia University has a similar scholarship tier system (https://admissions.wvu.edu/cost-and-aid/scholarship-chart).
While these types of scholarship jumps aren’t available at every school, this does show the importance of selecting schools that offer the best scholarship to fit your budget and your child’s merits. Regardless, most schools are looking for students who are in the top 25% of their class and who have great test scores. This is because these schools are businesses who want to attract the top talent and improve their credibility.
Here are some other ways your child can secure education funding:
Merit-based scholarships: While these might not be automatic scholarships like the University of Alabama, many colleges and universities offer merit-based scholarships to students with competitive profiles and high ACT or SAT scores. These scholarships can cover a significant portion of tuition costs and sometimes even room and board expenses.
It’s important to note that some merit scholarships require students to submit SAT and ACT.
Outside scholarships: Numerous organizations, foundations, and private companies also offer scholarships that require a minimum ACT or SAT score. For example, the National Merit Scholarship Program uses PSAT scores as a basis for awarding scholarships to high-achieving high school students. Research these opportunities to maximize your scholarship options.
Honors programs: Many colleges have honors programs that offer additional benefits to high-achieving students, including scholarships, research opportunities, and other perks that can save money on college education.
It's important to note that scholarships are often highly competitive, and many students with good grades still may not receive them. However, having good grades can increase your child’s chances of being selected for scholarships and can make your child’s application more competitive.
Remember that winning merit-based scholarships takes time, effort, and dedication. By researching, receiving high SAT and ACT scores, maintaining a high GPA, and preparing a strong application, your child can increase their chances of receiving the scholarships they need to help pay for college.
Resources
https://scholarships.ua.edu/freshman/out-of-state/
https://admissions.wvu.edu/cost-and-aid/scholarship-chart
https://blog.collegevine.com/which-colleges-award-automatic-scholarships-based-on-sat-scores/
Please reach out to Critical Point if you have a student who could help your family pay for their education.
https://criticalpointprep.com/
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