Odds of a Full Ride: Parental Reality check

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As college admissions inch closer with the speed of an incoming ballistic missile, parents dream of the full-ride scholarships for their gifted student, whether the gifts be academic, athletic, or both.

I’ve heard it from parent after parent – “I don’t need to save.” Their student’s gifts will pay off, there’ll be large sums of money handed out. After all, they’ve spent a ton of money of travel/club sports, lessons, hotels, food, training, etc. And, if it’s not athletic money, there’ll be academic awards galore…

Mom and Dad…

Get ready…

You’ll soon be shocked back to reality…

And, perhaps, quite a bit of debt.

Based on the 2015-16 National Postsecondary Student Aid study (NPSAS), the most recent data available (to my knowledge), only 0.2% of students received $25,000 or more in scholarships per year.

While $6.1 billion in scholarships were awarded, there were 1.58 million recipients (8.1% of the college student population). The average award per recipient – $3,852.

Guess what?

The odds are NOT in your child’s favor. You can’t afford not to save!

Don’t make the all-to-common mistake of over-estimating eligibility for aid, whether it be need-based or merit-based (academic or athletic). There are over 80,000 valedictorians and salutatorians each year. Couple that with rampant grade inflation and you’ll find a sea of qualified candidates.

A deeper dive into the data shows that:

• 1.5% of students in bachelor’s degree programs got enough scholarships and grants to cover 100% of the cost of attendance.

• 2.7% got enough to cover 90% of the cost of attendance.

• 5.9% got enough to cover 75% of the cost of attendance.

• 18.8% received enough to cover 50% of the cost of attendance.

Still counting on an athletic scholarship for your child?

Only 2.3% of students in 4-year programs received athletic scholarships at an average $11,914 per athlete. Sure, some will get more, some less.

What does that mean?

An athletically-gifted student is not guaranteed a full-ride. In fact, they’re not guaranteed any money. Roughly 4% of high school athletes will participate in a sport at the college level. And, not every athlete that participates has been awarded athletic money.

When it comes to athletic and/or academic scholarships and awards, aim high. But, have Plan B in place in the event the award is much lower than expected and much lower than the amount you need to cover the cost of the education.

We can help you plan accordingly and we are waiting to hear from you.

 

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