All Dorothy had to do was follow the yellow brick road to get to the land of Oz. Sounds simple enough right? But when many obstacles are thrown her way, she finds herself lost on her quest to return home: dizzy in a field of poppies, escaping a wicked witch’s grasp and finding friends in unlikely places.
Sometimes finding scholarships and grants can seem like a wild goose chase through unmarked roads, secret acquaintances, and backroom deals. But it doesn’t have to be as difficult as Dorothy’s journey to Oz. There are many places to find excellent scholarships if you know where to look!
Dorothy’s ruby slippers were her ticket out. They are what allowed her to meet Oz. What are your ruby slippers when it comes to finding scholarships?
You may be thinking that this is an odd type of slipper that may not be super comfortable. And on that point, I agree. But persistence is your greatest weapon when it comes to hunting for scholarships.
Scholarships and grants are not easy to attain precisely because of the reward they provide. Both are known as “gift aid” or money that does not have to be repaid. Gift aid may be the difference between a student graduating with a pile of loans or debt-free, leaving this type of aid in high demand.
What is the difference between them? Grants are often given on the basis of financial need and all need-based grants are either gifted at the federal, state, or college level. Scholarships, on the other hand, are given on the basis of merit and are often awarded by private foundations, non-profit organizations, and philanthropists. Merit often comes in the form of academic achievements, sports recognition, volunteer initiatives, and other activity-based accomplishments.
Some of the main areas for scholarships are:
By starting this process as early as possible, you are setting yourself and your children up for a greater possibility of success. Since gift aid does not have to be paid back, they often come with many layers of paperwork, guidelines, tasks, and stipulations. Read all of these clearly so that your student fills them out correctly.
There is not one place to go to find scholarship and grant opportunities. I have put together a list of common avenues to check as you and your student embark on this process.
As you can see there are many paths to finding and attaining the right scholarships for your student’s education. For more creative ways to help pay for college, check out this blog post where I talk about a few misconceptions about college costs. With persistence and patience, you will be able to help your student find ways to supplement their educational expenses, keeping them on the yellow brick road as long as possible.
© 2019 Arnold & Mote Wealth Management All Rights Reserved