|
Merit Aid and Best-Value Colleges
The current state of the economy has left many college-bound students
and their families more concerned than ever about how they will pay for
college. In our first special issue on college costs, we discussed
financial aid and scholarships (see the February Special issue).
In this issue we examine college options for those who are seeking
value, and what it takes to be considered for merit scholarships.
Merit Scholarships
Merit
scholarships are awarded without regard to a family's ability to pay
for college and are based on distinction due to factors such as strong
grades, strong standardized test scores or artistic or athletic
promise. To be eligible, students typically need to be at the top range
of the applicant pool, meaning they might choose to compromise on the
selectivity of the college in order to get a financial award. Some
colleges automatically consider students for scholarships, whereas
others require the completion of a scholarship application. Not all
colleges offer merit awards. Athletic scholarships are only offered to
approximately 50% of athletes and only at the Division I and II levels.
Below
is a sampling of merit awards received by clients of Educational
Advocates (some students may have received additional grants in the
form of need-based aid):- Allegheny College 20,000 per year
- Case Western University 22,500 per year
- Clark University 18,000 per year
- George Washington University 10,000 per year
- Indiana University 9,000 per year
- Ithaca College 18,000 per year
- Mount Holyoke College 15,000 per year
- Muhlenberg College 10,500 per year
- University of Rochester 20,000 per year
- Tulane University 20,000 per year
- Union College 9,000 per year
- Washington University in St. Louis 20,000 per year
There
are many other colleges that offer merit scholarships. Many state
universities, such as University of Florida, and private colleges, such
as Macalester College, offer scholarships for National Merit Scholars
(students who scored high on the PSAT taken during their junior year).
Specialty Colleges with No Tuition
There
are several selective colleges that offer a particular focus and charge
no tuition at all (although there will be charges for books, fees, and
room and board):
Cooper Union in New York City specializes in science, particularly engineering, and art/art studies. Deep Springs College in California is an all-male college with an
average of 26 students offering a two-year program in liberal arts,
science and humanities. It offers an intense intellectual experience
where students essentially run the school, hiring professors and
working the ranch on which the college is located. After completing
their work at Deep Spring, most students transfer to highly selective
colleges.
Olin College of Engineering in the Boston suburb of Needham offers a $18,400 scholarship each year to all admitted students
The Curtis Institute of Music in Philadelphia offers free tuition to the talented musicians who are admitted.
A less selective, low-cost option is the College of the Ozarks in
Missouri (average GPA 3.5 and ACT: 24). Located in rural Missouri, this
college offers free tuition in return for 15 hours of work on campus
per week during the school year, plus two 40-hour weeks during school
breaks.
Best Value Colleges
Below are a few best-value colleges (taking into consideration both financial and merit aid) according to Princeton Review:
New College of Florida, a selective public university in Sarasota
with 800 students offering rigorous academics with evaluations rather
than grades. -
North Carolina State University in Raleigh, known for its excellent business and engineering.
Truman State University in Missouri, offering a highly regarded honors program. -
Rice University, a highly selective college with strong music,
engineering, architecture and liberal arts, as well as a consistently
top-ranked baseball team. -
Earlham College, a highly regarded liberal arts college in
Richmond, Indiana known for its international focus, small classes and
interdisciplinary programs. -
University of the South-Sewanee, a small private college in rural
Tennessee with a nationally recognized English department (in part due
to a bequest from playwright Tennessee Williams) and strong sciences.
Geographic Cost Savings
Many
private and public colleges located in the Southeast and Southwest have
a lower cost of attendance than colleges in the Northeast. The cost
savings can be significant.
Public versus Private
When
considering and comparing private and public schools, it is important
for students to abandon some commonly held misconceptions. Students
should never assume a private education is better than a public
education nor should they assume that private colleges are always more
expensive than state schools. Public universities offer very good
value, but out-of-state tuition in some states rivals that of the most
expensive private colleges. Also, strong students might find that they
get more grant money from a private college than a public. However, our
nation's public universities offer some of the best education in the
world, and attending an in-state public college can save students and
families thousands in tuition.
Ultimately, when researching
private and public colleges, the important factor is to include cost
and value among the criteria for choosing a college along with other
factors such as campus culture, academic offerings, extracurricular
activities, quality of advising, and location.
College is
expensive; however, with research it is possible to find more
affordable options. Educational Advocates is available to help families
factor cost considerations into the college search process. Contact us today and get started!
|
|
Financial Aid and Loan Offers - Evaluate Carefully
By now college-bound seniors should have received their award letters from the colleges of their choice. Remember that both grant awards (which is outright money that does not need to be paid back) and loans are listed on the same letter. Also keep in mind that loans are not financial aid. For this reason it is critical to review the loan terms and interest rates being offered very closely. Families who own a home may discover that they will get a more favorable interest rate through secured loans such as a home equity line of credit than from the Federal unsubsidized Stafford loan (now at 7%) or school-sponsored loans (rates vary). Students should also check the loan offerings from organizations such as the Massachusetts Educational Financing Authority.
|
|
Colleges That Change Lives Fair is Coming to Boston
On Tuesday, May 19, 2009, Colleges That Change Lives (CTCL) is sponsoring a free information session and college fair. The 38 colleges participating are all featured in the book Colleges That Change Lives by Loren Pope, including Earlham College and New College of Florida, two of the Best Value Colleges featured in this newsletter. The event starts at 7:00 pm and will be at the Holiday Inn Boxborough Woods in Boxborough, MA. For more information, please see the Boston CTCL Event website. |
|
Local Volunteer Summer Opportunity
The Massachusetts State House is currently accepting names of students interested in the Summer Volunteer Guide Program for summer 2009. If you are interested, see the website or call 617-727-3676 for more details. |
College: Making the Right Investment
It is more important than ever to ensure that you are making a wise choice when it comes to college selection. Let Educational Advocates help your family make the right choice and a sound investment in your future.
Please contact Joan Casey at Educational Advocates for more details on our service options. |
