A family friend of mine recently confided in me that he was shocked to find out that his son is to repay student loans totalling up to $50,000 upon graduating. “I thought the amount was half of that,” he said over the phone. “It was really a huge shock for us – I mean, what else would you say when you find out that you’re supposed to repay more than $600 a month in student loans?”
Abhorred by all, student loans are becoming a necessary evil. However, this is no reason to panic and dread sending your kids to school because they deserve the best education you can afford. To stay out of student loan debt, you should start researching about scholarships when your children are still in school. It’s also important to continue searching throughout college for scholarship to suit your requirements as well as accomplishments in and out of the class. These tips make a good guide in winning a scholarship that will ultimately prevent your kids from being enslaved by student debt:
Tip 1: Use online scholarship matching services – Browse the Internet for scholarship matching websites that will enable you to find quick results without even leaving the house. Some websites that are fast becoming a favorite amongst students and parents alike are FinAid, FastWeb, and Student Scholarship Search.
Tip 2: Don’t be stingy with your replies – When it answering questions in search of scholarships, it pays to be as detailed as possible, even when it comes to optional questions. Doing this will garner more results.
Tip 3: Don’t be too selective – If you are eligible to apply for certain scholarships, why not try your luck? Think about less competitive scholarships – the reward may be smaller but it may prove to be easier to claim and will be a good stepping stone for bigger things to come.
Tip 4: Trawl the neighborhood – The next time you run an errand outdoors, be sure to check out bulletin boards in school or in libraries for local scholarship offers. Sometimes you may yet find the answer you seek in the most unlikely places…