Ask Ken: Time to think about paying for college

6:07 PM, Jan. 11, 2014  |  Comments
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If you have a high school junior or senior, this is the time of the year you need to start thinking about colleges and college finances.

There are a lot of options when considering financing an education, but the major concern is what the total cost of an education is going to be. Scholarships and grants need to be a major consideration and you need to look for and apply for these opportunities. Besides the scholarships and financial aid offered by the colleges, there are scholarships offered by employers, utility companies, civic groups, fraternal organizations, service clubs, churches, veterans groups, financial institutions and private individuals.

Most high school guidance counselors and offices have a list of the most common scholarships offered, but don't stop there. Read the local paper. Many times there are notices or articles that announce the scholarships that might be available, by simply calling or writing for an application.

You should also be aware that many of those applications might require an interview or essay in addition to the application. Encourage your student to spend the time to go the extra mile and complete the extra-required materials.

Be careful in applying for scholarships; there are several scams you need to know about. Red flags should go up if you see any of theses signs of a scam:

Sign No. 1: It costs money to apply. Applications taken by legitimate scholarships are done for free. It should not cost more than a stamp to mail it in.

Sign No. 2: The scholarship is guaranteed, has a money-back offer, or is available to anyone who applies. No legitimate scholarships can be guaranteed as there are a lot of applications and only so many scholarships to be awarded.. Scholarships are awarded for reasons. Whether it be merit or need, there is a reason for the person receiving it. If the scholarship says it is for anyone, it's not a scholarship and the only guarantee you can get is that it is not genuine. And good luck on getting your money back.

Sign No. 3: They ask for your credit card number. Scholarships and applications do not cost anything. There should not be any application fees or fees for additional information

Sign No. 4: All of the work will be done for you. Sorry, applying for scholarships takes some work. If it were that easy, everyone would apply. Think about it: where would they get the information from?

Sign No. 5: The application was unsolicited. If you didn't send for it, where did it come from? Toss those applications immediately.

Sign No. 6: The high school guidance office or college admissions office has not heard of this particular scholarship. If you get a scholarship offer, check with the guidance or admissions office to see if they have ever heard of the scholarship. It is their business and they know the legitimate scholarships.

There is an old saying that there is no free lunch. That applies to applying for scholarships also, but the time invested may very well be worth it.