Even wealthy families can get scholarship money

The answer is good news for those of you who don't qualify for much financial aid. These scholarships were NOT based on financial need. They were based totally on merit. And anyone can go that route!

You see, there are two different kinds of aid. One is need-based; the other is merit-based. Our daughter actually received both. But the big bucks, the large figures, those wonderful thousands of dollars, were given to her based on merit. We could have had a million dollars in the bank, and she still would have received them.

The scholarship application process itself proves the distinction. She applied for her scholarships in January of her senior year. She attended scholarship competitions at several of the schools that winter. She received offers in the mail regularly after the competitions. Scholarship decisions are usually made through the admissions office of the college.

The financial aid process, however, is completely separate from this. In order to apply for financial aid, the first step is to fill out the federal government's aid form called the FAFSA. (Get it at www.fafsa.ed.gov) This form requires you to divulge all your financial information: your income, savings, investments, etc. Then the feds calculate what they expect you to be able to afford. The college receives this information (at your request), and the college's financial aid office decides from there what aid they might send your way.

By the time the college receives your financial information, the scholarship offers have already been sent. In fact, if you have any concern about getting bumped out of scholarship funds because you have money, you can delay sending the financial information to the school. Even better, you don't have to send it at all. The school suggests you apply early only because their aid monies might have already been designated for other families if you wait too long.
by Ginia Dible