Happy Holidays!

Just a quick note wishing everyone a very happy holiday season and winter break. I hope finals went well! 

I look forward to writing more posts after Christmas.

Random comic.

Even athletes need to earn scholarships.

If you're wondering the odds of winning an athletic scholarship, you should read my previous post here. The truth is, athletes need to work at earning scholarships, too. And, new sites are making it easier for athletes to promote themselves and secure money for college.

Using social-networking strategies (think Facebook and MySpace), these sites allow athletes to post their resumes and add videos displaying their skills. 

If you're interested in learning more about this technique, and how other athletes "did it themselves," read this great article by the Wall Street Journal.

Happy hunting!

First come, first serve financial aid.

It’s no secret that the economy is going through some slow times. And, as the current financial situation effects many businesses, it’s also impacting the number and amount of scholarships, loans, and federal financial aid.

While this may sound ominous, there is still plenty of money to be earned. You just need to increase your diligence, preparedness, and attitude. Here are some suggestions to stay on top of the financial aid and scholarship game.

1. Fill out your FAFSA.

This year, more families than ever will be applying for federally funded financial aid. The problem, as always, is that there is a fixed amount of funds available. The sooner you apply, the greater your chances of securing some money. Apply even if you don’t think you’ll qualify. The earliest you can file your FAFSA (Free Application for Federal Student Aid) is January 1. You can file online, and I highly recommend you file the first of the year. To hit the ground running, fill out a sample form on the FAFSA website, gather all tax information, and set up a free account on www.fafsa.ed.gov. On January 1, you’ll be ready to file.

2. Get your college applications and financial forms in early.

Just as the government has a set amount of funds available for students, colleges are limited in the amount of scholarship money they can award each academic year. Typically, schools award money on a first come, first serve basis, and the number and amount of awards decrease as time progresses. What does this mean? More money is available at the beginning of the application cycle. Students that apply early in the application process are more likely to be granted a better financial aid package or get scholarships from the college. And, the amount of the scholarship is typically higher the earlier you apply. In addition to your basic admission application, be sure to complete any extra materials associated with scholarships, grants, or being considered for the college’s award money and return these forms as soon as possible. Sometimes, you are automatically considered for awards based on your college application, other times it is a separate process altogether. Check with your potential colleges to find out their procedures.

3. Apply for every scholarship you can.

In years past, students could afford to be picky. Scholarships with essay requirements were commonly ignored, scholarships less than $500 often we’re rejected, and there was basic apathy among high school students regarding scholarships. The fact is, you can’t afford to be picky. You must apply for any scholarship you have a chance at winning. In hockey, they say you miss 100% of the shots you don’t take. The same is true with scholarships. You lose 100% of the scholarships you don’t apply for. This year, take your scholarship search seriously. Visit your career center or guidance counselor and request a scholarship list immediately. If your school does not have one, conduct an online search. Visit my previous posts for specific scholarship search strategies.

The strategies outlined above may seem simple, and they are. However, knowing something and executing are two different things. When you actually do the things above, you increase your chances of securing money for college.

Good luck. If you need help, just remember to repeat the mantra: early bird catches the worm.

The Scholarship To-Do List, Part 4: Online Search Strategy

Typically, the internet is the first place students and parents will search for scholarships. And, while this can work, it’s better to complete a couple steps to make the most of your online efforts. For review, I will quickly list those steps (you can also click on the links, they will take you to the full articles):

1. Understand the importance of an activity list.

2. Create a very specific activity list.

3. Visit your academic advisors.

Simple steps, sure. But, they’re essential to your online success. Here’s why: an activity list will help you create a strategic, focused plan of attack. Your counselors might be able to direct you to especially helpful sites you might have otherwise ignored or alert you to scholarships not listed online.

Once you’ve completed steps one, two, and three, you’re ready to search online. Now, before you jump onto Fastweb or another scholarship search engine, make use of your activity list. Follow the steps below to succeed online.

1. Use long-tail search terms.

A long tail search term is a phrase, rather than word, you type into the Google, Yahoo, or Ask search bars. For instance, instead of searching for “scholarships,” (which can return an overwhelming number of web pages) you’ll have better luck using a long tail search term like “art scholarships” or “scholarships for boy scouts.” In addition, use synonyms for scholarship like “grants,” “awards,” and “endowments.” To find scholarships that you’ll be especially qualified for, use your activity list. Type in “[your Activity] scholarship(s)” into the major search engines: you’ll be pleased by the return of more specific sites. 

2. Find activity-related groups.

Use your activity list to find specific groups that cater to your interests: most have scholarships. Associations, clubs, groups, and professional organizations offer many scholarships to students that participate in their activity or pursuing degrees in their area of expertise. For instance, if you’re interested in photography (yes, this is an example I use a lot, but bear with me) you would type in “photography association.” When I did this, my search returned the site for Professional Photographers of America. Using the site search function, I typed in “scholarships.” Seven results popped up. To do this with your specific activities, simply choose an activity, type in “[activity] associations.” You can also do this with your major or future profession. For instance: “physical therapy association.” In addition, use synonyms for association like: organization, club, group, etc. The key here is to have fun with this process and think creatively.

3. Use the news function 

Many times, I forget that I can use different search functions and get different (and sometimes better) information. It pays to use the “news” search function on search engines (you find this near the top of the page on Google, above the search bar on Yahoo.) Before you conduct a search, click on the link for “news.” Then, proceed with your search as you would normally. When you search using the news function, the results are media stories about your search terms. This is beneficial because most scholarship donors publicize the winners through newspaper or TV stories. When they advertise the winners, you can find out about the award, when applications are typically due, and what it takes to win. (Plus, if a scholarship related to your interests pops up, it validates the scholarship.) The only downside to this type of search is that you probably missed the current-year deadline. I use this function primarily to plan for the upcoming year. The lesson is that if you want to win awards, you must think ahead. 

4. Don’t limit yourself to one search engine.

I use Google all the time. And, while Google is a very good search engine, it’s not the only one. While other search engines like Yahoo and Ask may not be as appealing or familiar to you, they tend to churn up different search results. The different lists can lead you to different web pages, and more scholarship opportunities. Don’t be scared, explore and compare. You never know what you might find.

I hope that these steps will help you conduct a very fruitful online scholarship search. With a little creativity, dedication, and web surfing I know you’ll have much success. 

Interesting way to pay for college...

It's no secret that paying for college has become more of a struggle recently. Parents aren't able to contribute as much, loan companies are reducing their support, and jobs are becoming more scarce. 

Interestingly, these tough times force people to become more creative in the way they attempt to finance their schooling, or pay for things in general. More and more, I'm hearing people talk about "human capital contracts."  And, while the phrase doesn't exactly make me feel warm and fuzzy, it's definitely an idea worth discussing. 

A human capital contract is an agreement entered into by an investor and college student. The investor pays college expenses, as an investment, in return for a percentage of the college student's future earnings over a fixed amount of time.

The benefits:

-Financial risk is transferred from the student to the investor

- The student avoids student-loan debt that can delay many life events like marriage, buying a home.

-The payment percentage is directly proportional to the amount the student makes in his or her job. (A teacher, for instance would have smaller payments while a lawyer or doctor would have higher payments.)

The downfalls:

-The contracts create an incentive for students to hide their income. (Remember, payments are based on earnings: the more you make, the more you pay.)

-No fixed payment is required. Therefore, a student could play Wii all day and not pay anything.

-"Adverse Selection": this system seems to penalize students that plan on entering into high paying careers. 

Plans like these are taking root in other countries, including Germany. Is it a viable option for students in the United States? Maybe. 

For more information about human capital contracts, read this report by the Grand Forks Herald.

Sorry! I've been south of the border.

Hi everyone. (If there's anyone still reading after my one-month hiatus.) 

For the past few weeks, I've been in Mexico for "Festival Internacional del Globo." (International Hot Air Balloon Festival. And, while it was a lot of fun, it also means I was unable to write for my blog. I apologize if you've been checking for new material.

I promise, there will be new posts coming soon. But, in the meantime here are some pictures from the event. It was super cool--the event organizers were fantastic, the spectators were in awe, and it was an all-around awesome time.