In parts, I and II of this series, Will, Dianne, and Candice were introduced. They have explored a variety of funding options for Candice's college education. They have reviewed federal funding opportunities and tax-advantaged college savings strategies. At the conclusion of this series, we will explore potential scholarship opportunities to help fund Candice's education.

Parts I and II referenced the How America Pays for College reports; college education costs have been paid from the six different funding sources shown in the chart below.

Sallie Mae. (2021). (rep.). *How America Pays for College*. Retrieved from https://www.salliemae.com/content/dam/slm/writtencontent/Research/HowAmericaPaysforCollege2021.pdf.

According to Sallie Mae's 2021 How America Pays for College report, approximately 16% of college education costs are covered by scholarships. About 60% of students who used scholarships received them from the school they were attending, with an average value of $9,797. In this same year, 44% of students reported not using scholarships to fund any portion of college education costs, and only 22% of students said that they applied.

Awareness of scholarship opportunities is critical in identifying funding sources for college education. Students should ensure that they are aware of all potential opportunities for scholarships, including (but not limited to) the following:

Financial Aid Offices – Inquire with the college the student wishes to attend about any local or special interest scholarships available at the institution.
Local Library – Browse the local Library's reference section.
State Grant Agency – Visit the U.S. Department of Education's consolidated site of state agencies which may have information on state-specific funding opportunities.
U.S. Department of Labor's Scholarship Search Tool – The Career One Stop is a reliable source for identifying various scholarship opportunities.
Various scholarship search engines are available, including Fastweb, Scholarships 360, Chegg, Peterson's, and others.
High school counselors have access to various resources for uncovering scholarship opportunities that are not usually readily available to the general public.
Student employers or parents' employers may also have opportunities available.

No matter how small a scholarship opportunity may seem, do not underestimate its value. A $500 grant might be sufficient to pay the cost of textbooks for one semester.

Candice's Plan

Now that we've explored all of the opportunities for Candice, Will and Dianne have decided how they will most likely fund her education costs. According to U.S. News, the average tuition at an in-state public school for 2021-2022 was slightly less than $11,000. Therefore, Will and Dianne are prepared for the possibility that Candice's college degree will cost them at least $44,000 over four years. Candice has been given the opportunity to apply for multiple scholarships, and she has been awarded $5,000 in first-year financial aid. Will and Dianne calculated that they could afford to pay $1,000 toward Candice's first year of college. The difference in tuition costs is covered through subsidized student loans. To help offset the cost of her textbooks, Candice has chosen to begin working part-time. She will continue seeking more scholarship opportunities to cover the total cost of her education.

Paying For College Part III: I Want My Kids To Go…But Can We Really Afford That?

Take Control Of Your Financial Health (Action Items To Achieve Financial Health)

Paying For College Part II: I Want My Kids To Go…But Can We Really Afford That?