2012-2013 CPS Scholarship Guide - Kelly High School

Scholarship Tips
For Parents and Guardians
Get the Facts
• Know your child’s credentials. Review your child’s eligibility for scholarships by requesting a copy of your child’s
transcript, standardized test scores and creating a list of his/her extracurricular activities.
Sticker Price vs. Affordability
• Paying for college is a family decision. One in five households owes student loan debt. Be realistic when making
college decisions.
• The tuition price in the brochure is not what low income families pay. Sixty-five percent of college students receive
financial assistance to attend college
• Financing a child’s college education generally costs $50K - $80K. If you are like most families, and you want to be
considered for scholarships and grants, in most cases you will need to provide the following financial documentation
to scholarship providers and colleges: IRS Form 1040 or 1040EZ, W2’s, 1099’s, child support, TANF letter, social
security, unemployment or veteran’s benefits.
• Colleges use a formula to determine your Expected Family Contribution (EFC). This is the amount that your family
is expected to pay for your child’s college education. You can estimate your EFC by using a free online calculator in
What’s Next Illinois
• Paying for college is a family decision and your child may need to know your household income. Prepare your tax
return in January or as early as possible. This will be helpful as you fill out the Free Application for Federal Student
Aid (FAFSA). The FAFSA determines a student’s eligibility to receive the Federal Pell Grant ($5,550 annual maximum
award), SEOG Grant ($4,000 annual maximum award), Federal Teach Grant ($4000 annual maximum award), Iraq
Afghanistan Grant ($4,000 annual maximum award), Federal Stafford Loans, and the College Work Study Program.
Completing the FAFSA also helps determine eligibility for state grant programs such as the Illinois Monetary Award
Program Grant ($4,720 annual maximum) and certain scholarships require that students complete the FAFSA
Research
• Use the U.S. Department of Education’s Net Price Calculator to determine the cost of attendance and have realistic
conversations with your children early in the process. Let them know what you can and cannot afford. Net Price
Calculator Link: http://www.collegecost.ed.gov/netpricecenter.aspx
• Help your child by signing up for free online alerts from websites like FastWeb and other scholarship sites.
Deadlines
• Verify scholarship deadlines. Check the scholarship provider’s web site and verify the deadline. This Scholarship
Guide was produced before the current year’s deadlines could be verified. Go to the provider’s web site and contact
them via email or phone.
• Set a family deadline 2 weeks before the official deadline to ensure that applications are submitted in time.
• Create a master schedule of your scholarship deadlines and follow up with your child.
Paper Trail
• Make a copy of every scholarship application and record the date submitted.
• Never send original tax returns, W2’s or other proof of income records. Copies are strongly recommended.
Beware of Scams
• Every year, several hundred thousand students and parents are defrauded by scholarship scams. The victims of these
scams lose more than $100 million annually. Scam operations often imitate legitimate government agencies, grantgiving
foundations, education lenders and scholarship matching services, using official-sounding names containing
words like “National,” “Federal,” “Foundation,” or “Administration.”
• Do not pay an application fee for a scholarship or to redeem a scholarship prize or to any person or company to
search for scholarships
• Do not respond to emails requesting your social security numbers,
• Beware of FREE seminars provided by insurance companies, banks and brokerage firms. These events are usually to
sell you products.
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