Your money, your savings: How merit scholarships can cut college costs
NEW YORK CITY (WABC) -- Students searching for ways to reduce the cost of college should pay close attention to merit scholarships, education consultant Caroline Shircliff says.
"It's free money, and we love free money," said Shircliff, of Shircliff Educational Consulting.
Merit scholarships are awards offered by colleges and universities that do not have to be repaid.
According to Shircliff, students and families should research schools carefully to identify institutions that may reward strong academic records.
"Just Google the page you want. Say, 'Net price Manhattan University... net price calculator, look up scholarships at X Y and Z university,'" she said.
Students with stronger grades may have a better chance of receiving both an acceptance letter and scholarship funding. Shircliff encourages families to be strategic during the college search process.
"I tell families, 'You should never pay sticker price,'" she said.
One strategy is targeting colleges where a student falls within the top quarter of applicants academically.
"That's the sweet spot for receiving merit aid. Students that are in that academic profile, schools want you. And that's when you'll see the most merit aid," Shircliff said.
She noted that highly selective institutions generally offer less merit-based funding.
"Your more elite schools, you're going to find less money if any at all," she said.
Many of the nation's most selective universities instead focus on need-based financial aid.
"The top 10 schools, a lot of them are Ivies, offer NO merit, but financial aid for need," a reporter said.
Eyewitness News spoke with several students who have seen significant savings through merit awards.
One student, Ava, said Pace University provides substantial scholarship funding.
"Pace gives me like $12,000 per semester to come," Ava said.
When asked about receiving that amount each semester, she responded: "I was excited!"
Over four years, the award totals nearly $100,000.
She also advised students to keep perspective during the admissions process.
"Apply to safety schools," Ava said. "And also - your college does not define you."
Another Pace student, Kayna Wilson, encouraged applicants to consider schools beyond their top-choice institutions.
"Aim a little down," Wilson said.
Shircliff said many families are surprised by the amount of aid available.
"They are surprised. Sometimes part of the conversation I have with students about money - if it's an issue, and it is nine out of 10 times - so we want to be careful about that," she said.
For some students, the savings can help pay for future education. Shivani Gosine, a merit scholarship recipient, said the money she saved as an undergraduate is now helping fund graduate school.
"All the money I saved during undergrad I've used for grad school," Gosine said.
Shircliff emphasized that scholarships differ from student loans because they do not have to be repaid.
"Call it a tuition discount if you like. It is not a loan. It is free money, and we love free money," she said.
She believes students should not assume debt is unavoidable.
"Listen, nobody should have to go to school and have debt. There is no reason for it," Shircliff said.
Bottom line, students with strong grades and test scores should make sure they explore scholarship opportunities and avoid leaving potential funding unclaimed.
----------
* Get Eyewitness News Delivered
* Download the abc7NY app for breaking news alerts
Submit a tip or story idea to Eyewitness News
Have a breaking news tip or an idea for a story we should cover? Send it to Eyewitness News using the form below. If attaching a video or photo, terms of use apply.
