Barbara Sams, Managing Partner
The cost of college is often one of the biggest financial decisions a family faces. According to the College Board, the average published cost of attendance (tuition, fees, room, and board) at a private nonprofit university in 2024–2025 is over $60,000 per year, while public universities average about $24,000 in-state and $42,000 out-of-state. In 2025, we saw prices surge at some schools to the $100,000 a year mark. Multiply that across four years, and the numbers can seem overwhelming.
Here’s the reassuring truth: very few families pay the full price. In fact, fewer than 15% of students at private colleges pay the sticker price. The National Association of College and University Business Officers reports that the average tuition discount rate for first-year students at private colleges is 56%, meaning most students receive substantial scholarships or aid.
The first step for families is calculating what your student will actually owe. Start with each college’s Net Price Calculator (NPC) on their financial aid website. The “net price” calculator will give you a clearer picture of affordability for your family at the schools your student is considering.
Why Scholarships Matter
Once you know what it will likely cost your family to send your student to college, it is time to put together the resources to cover those costs. Colleges utilize two systems for awarding money to assist families with the costs of college: t
- The merit process, which offers moneys to your student based only on merit or talent in a variety of areas – academic, athletic, leadership, and service.
- The need-based process, which considers your family’s financial resources and circumstances in determining your eligibility for the money.
Three Key Sources of Scholarships
- Colleges Themselves
- The vast majority of scholarship dollars come directly from colleges. These can be awarded automatically with admission, tied to specific majors, or funded by donors.
- Encourage your student to:
- Speak with their admission representative and financial aid officer.
- Explore the admission, financial aid, and departmental pages of each school’s website.
- Local Opportunities
- Civic groups, community foundations, religious organizations, and local businesses often sponsor scholarships.
- Check your high school’s guidance office, your local library, or even your Chamber of Commerce for leads.
- National Organizations
- Private foundations, industry professional organizations, community foundations, religious organizations, and others often sponsor scholarships.
- Check with your high school counseling office, your public library, and the Internet for opportunities
- Free search tools like the College Board’s Big Future, Scholarships.com, and Going Merry allow your student to filter scholarships by background, major, or interests.
- The Common Application now suggests scholarships for students based on the information they complete on the application. Students just need to check the Financial Aid section of the Common App.
- Tip: Create a separate email address (e.g., mymoney123@gmail.com) to track applications.
Unconventional Examples
Scholarships go far beyond academics. Here are a few creative ones to share with your student:
- American Welding Society Scholarships: $1,000–$6,000 for students entering welding or related technical fields.
- Elks Most Valuable Student: Awards range from $1,000–$7,500 annually to students nationwide, but preference often goes to those with local lodge ties.
- Duck Brand Duct Tape “Stuck at Prom” – up to $10,000 for making prom outfits out of duct tape.
- Tall Clubs International – $1,000 for unusually tall students (5’10”+ for women, 6’2”+ for men).
- Vegetarian Resource Group – up to $10,000 for students promoting vegetarianism.
- National Marbles Tournament – $2,000–$5,000 for winners.
These examples show that students’ hobbies, backgrounds, and even quirks can lead to real financial help.
How Parents Can Help
- Identify Appropriate Opportunities: Searching through all the databases, particularly the national ones, is often overwhelming for students. A parent doing an initial sort can make a big difference in motivating a student to continue applying.
- Stay Organized Together: Use a spreadsheet to track deadlines, amounts, and requirements.
- Encourage Consistency: Remind your student that applying for scholarships is like a part-time job that can pay off in thousands of dollars.
- Keep Searching After the First Year of College: Many scholarships are available for continuing students.
A Few Additional Tips
Find the professional association of your future career. There is an association for every profession you can imagine and many offer scholarships. To find these associations, contact people who are already in the profession. Do a web search for professional associations at the local, state and national level.
Hit up your or your parents’ employer or union. Flipping burgers may have an upside. Even if you work only part-time, you may qualify for an educational scholarship given by your employer. If you have a full- or part-time job, ask your employer about scholarships. Companies often award scholarships to the children of their employees. Ask your parents to speak with their human resources department about scholarships and other educational programs offered to employees and their families. Like companies, many unions also sponsor scholarships for the children of their members. Again, have your parents speak with the union officers about union-sponsored scholarships and other educational programs.
The Takeaway for Families
Paying for college requires a multi-pronged approach. With your support, your student can approach the scholarship search with diligence and confidence. Every scholarship earned is money your family doesn’t have to borrow or repay. By treating the process seriously and staying organized, you’ll help your student take control of their financial future.
Stay tuned for our next post on the Need-Based Financial Aid process.
