There’s a perception only very wealthy students can afford private colleges. Beth Renzulli, director of financial aid at Colby-Sawyer College, dispels the myth and offers her advice to parents and students.
“Get organized, start planning as early as possible. I started planning when my children were born. Just like retirement, it’s never too early to start planning and saving money, but it’s never too late either. You should never not apply to college. Even in senior year, apply.
“The most important thing to know about private colleges is that they are very generous with scholarships. Many give generous academic and need-based scholarships to bring a four-year private college more in line with a public school.
“Our sticker price is $52,000 a year. The tuition at any school should not be a barrier to at least applying, because the likelihood that you’re going to wind up paying that is very, very slim. Virtually none of our students pay the full amount. About 96 percent of our full-time undergraduate students enrolled this fall received institutional aid.
“We give academic scholarships of $15,000 to $24,000 annually, and last year awarded nearly $32 million in scholarships. We also have an early action scholarship of up to $4,000 for students who apply by Dec. 1. If they’re accepted, they automatically get that scholarship every year they are enrolled, regardless of need. It goes to being organized. That’s completely obtainable.
“We go to high schools to help with FAFSA outreach. I’ve put two kids through college, so I’ve done this. We’re happy to talk to anyone. Financial aid professionals want to help with financial literacy. It’s not what you do for a living, but we do it for a living so use us a resource.
“My best advice for those applying for financial aid is to know the deadlines and be organized. Parents and students should check their credit ratings. Do it now, don’t wait until the last minute. Something may be on there erroneously, and it takes a long time to clean that up. If (kids) have their own cellphone, or anything in their own name there’s a good chance they have a credit rating. It may hold students back from getting private loans. Students who take private loans need a credit-worthy co-borrower, which is usually the parents.
“It’s smart for students to start thinking of themselves more professionally, maybe setting up professional email. Parents can do that, too, maybe even setting up email for the process. Organization is huge; when students are asked for something they need to have it at hand. Keep track of what is sent out and when. Use a spreadsheet or a binder.
“Don’t forget smaller, local scholarships. Finding them is a job; it takes a lot of time. My daughter applied for 35 scholarships, and it was a lot of work. She stayed home and, didn’t go out on weekends, but she got two scholarships worth $2,000.”