Kevin McCormally: I am Kevin McCormally of Kiplinger's and I am here with Jane Clark, the Education Editor of Kiplinger's Personal Finance Magazine, to talk about private scholarships. You know Jane, I think every parent dreams that their kids get a private scholarship to pay those college bills. Does it happen?
Jane Clark: Actually, the odds are tough. Only 7% of students get these private scholarships and the average award is only $2,000. Still, free money is free money.
Kevin McCormally: Where do they get it?
Jane Clark: Students should scope out the possibilities, focus on local scholarships, and polish those applications until they shine.
Kevin McCormally: Where does the student start?
Jane Clark: They have three homework assignments; first, they go to the library, they check out the bulletin board outside their guidance counselor's office and they go to the scholarship search engines like fastweb.com and scholarships.com.
Kevin McCormally: What about those web tools that charge a fee?
Jane Clark: Don't even think about it. There are enough free scholarship search engines out there that you don't have to pay money to get money.
Kevin McCormally: Okay, I have got a long list of possible scholarships, how do I would let down?
Kevin McCormally: Focus on the local scholarships, say, awards offered by the local Rotary Club, your parent's employer, maybe the service group where you volunteered each summer. If you start in the high school play, check out grants from the local arts organization. The point is you don't want to be competing with thousands of other students for these national scholarships; you are much better off being a big fish in a small pond.
Kevin McCormally: Any other strategies for students?
Jane Clark: Yes, they should polish those applications until they squeak that means proof reading, spell checking, asking your parents to read your essays and get that envelope in on time. This really is a case where you snooze, you lose.
Kevin McCormally: How about a quick cheat sheet for students?
Jane Clark: Scope out the possibilities, apply locally, and polish, polish, polish.
Kevin McCormally: Thank you, Jane.
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