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Taming The High Cost of College

Late Stage College Planning

prestigious scholarships

THCC82 – Get Out of College Debt Free Interview with Jason Lum, President of ScholarEdge College Consulting

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Looking for a scholarship? Jason Lum won over $250,000 in scholarship money and shares how he did it in today’s episode.

Misperceptions about Scholarships

“The top misperception is that the only people out there who can win scholarships are those students with straight A’s, perfect ACT/SAT scores, or are brains with appendages,” jokes Lum.

These kinds of kids are intimidating, but these kids are generally not applying for scholarships. There ISN’T much competition out there because few students actually apply.

The students with outstandingly exceptional academics are often sought after by colleges or just don’t feel the need to apply.

“I tell families to ignore the price tag of a school. Find the right fit for a college then devise a strategy heavily built on scholarships to attack the student debt you will accrue,” explains Lum.

Lum also warns to be aware of what the total cost of college will be and plan for that so as not to leave college with incredible debt.

Getting Ready for College

Parents of juniors in high school should considering the following 3 points:

  • The number one thing a parent must do is illustrate what debt means in the real world and what it is.
    • Have family with experiences share.
      • How will it transform your life after college?
  • Get active in the community by volunteering.
    • This is critical to scholarship applications.
      • Compassion and authenticity are key to winning scholarships.
  • Don’t get overwhelmed by the amount of scholarships available.
    • Sometimes less is more. Don’t register with multiple scholarship websites and get inundated with email.
    • Look for what is available in your area specifically.
      • High school websites are starting to upload links to local scholarship opportunities.
      • These local scholarships generally have less competition.

Good Candidates for Scholarships

“As much as a parent wants to do the applications themselves, resist that temptation at all costs,” cautions Lum, “The student has got to be all in on this.”

Students must invest the time and passion into the applications or the committees will see through it.

Low GPA, poor performance on standardized tests, or absence of participation in athletics does NOT disqualify you from applying for scholarships.

The ideal candidate for a scholarship is:

  • Motivated.
  • Invested in the community.
  • Passionate.

“I think every kid has the potential to have that ‘aha’ moment,” describes Lum. Parents should push their kid, even if they are considered average.

Identify ALL of the student’s interests and find organizations out there through the internet that have memberships. Also look at what parents do and who they are, including ethnic background. Call these organizations and ask if they offer any scholarships and also ask for 2 or 3 organizations they know of that might.

“Every student has the potential to win scholarships, it is just the strategy that isn’t well-aligned to the result intended,” says Lum.

If your child is very talented in a specific area or has that something above average about them (being nationally ranked, etc.), they have increased chances of winning the larger available awards (above $5,000).

Scholarships in smaller amounts do not include an interview, but once they start to become larger amounts they will need to be articulate about their specific skills.

“For every scholarship you don’t win, do a post-game analysis,” suggests Lum. Call the organization and respectfully request what pushed the winner over the top. You can use this information to improve your application for the next year.

LINKS AND RESOURCES:

THANKS FOR JOINING US!

We are starting a new video series called, “The Scholarship Guide for Busy Parents.” It is going to be 4 videos that are 12 minutes or less complete with cheat sheets and other resources to help you find and win scholarships. If you are interested in learning more about scholarships please visit:
tamingthehighcostofcollege.com/scholarships

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Brad is not affiliated with Scholaredge.

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