By Marc Coburn
From the Desk Of Andrea Emmons
One should always keep in mind that college track & field programs have a limited amount of athletic scholarship money. A college coach will always look to obtain academic funds for an incoming recruit before dipping into his or her athletic pool. In order to receive academic money, one has to qualify for such with a solid GPA and standardized test scores. Regardless of academic or athletic standing, few athletes receive full funding as incoming freshman. Therefore, it is in a high school athlete’s best interest to find other means to cover those extra costs. Following are factors to consider as you attempt to minimize college tuition costs.
Research
Realize your high school guidance counselor is there to help. He or she is most likely armed with a lot of information about scholarships, grants and other forms of aid. Other resources include college financial-aid offices and the Web. Call the financial-aid offices at your top choice institutions. Explain that you are a prospective student and ask if you have all the necessary forms and applications. You do not need to be committed to a specific college or university in order to call and ask questions, or even set up a meeting with a financial-aid officer. It is always best to find out your options before applying.
FAFSA
Despite income, every family should fill out the Free Application for Federal Student Aid (FAFSA). This is just as important as filling out your college application. If you do not fill out the FAFSA you will not be eligible for federal aid. You can apply online at www.fafsa.ed.gov or learn more about the FAFSA in your NCSA Recruiting Management System (RMS), under Recruiting Materials and then Group Coaching Session Archives.
Scholarships
There are plenty of scholarships available on a local and national scope. Scholarships can be based on your ethnicity, academic achievements, extracurricular activities and special skills. While grades are taken into consideration with most applications, they are not always the main factor in a scholarship committee’s decision. Again, this is an area your high school counselor is very knowledgeable about.
Grants
Grants, like scholarships, are money that do not need to be paid back. The “Pell Grant”, a grant through the federal government, is the most popular grant. There are other grants however through colleges and universities, as well as grant foundations. All grants are given on either need or qualifying bases.
Federal Loans
Loans, such as the Perkins Loan, Stafford Loan or PLUS Loan, are federal loans one can apply for. Both the Stafford and the Perkins loans are taken out in the student’s name. Parents, on the other hand, can borrow through the PLUS loan program. This is another area in which your high school counselor can be very beneficial, as well as college financial-aid offices. Do your research and find out which loan programs work best for your family.
Private Loans
If necessary, as a last resort one may take out personal loans. Private loans should only be taken out after all other funding options have been exhausted. Pay close attention to the interest rate and repayment terms of personal loans. Many banks and private organizations offer personal/student loans but at rates much higher than federal loans. Also, while some of these programs offer re-payment options that may not kick in until six months after college graduation, some loans take effect right away. If this is the case, make sure the payments are those that you can handle while attending college and competing in a collegiate sport. Make sure you know when the loan will be collecting interest. In many situations loans that postpone payments until after college graduation still accrue interest during that time. Make sure you can make interest payments to your loan during your college career. This will keep your loan from being twice as large as what you previously withdrew four years earlier.
