Financial Concerns Mounting for Parents of College-bound High School Students

In the news, we hear of endless reports of parents of college students that are worried about the future of their student’s education – will they be able to afford it, will their student be able to secure a job post-graduation, and on and on.  But, how are parents of high school students coping with the daily onslaught of negative news coverage about the economy, college financing options, etc.  We sat down with the parent of a high school junior, who is hoping to attend Virginia Tech, but now they are facing the real challenges of how to finance his son’s educational future. 

“Funding education in these tough economic times is a particular concern for us,” explained Stuart Royston.  “Our family falls in the in between stage where we make too much money to qualify for the needs based scholarships and grants but don't make enough to pay for school without feeling the hit of climbing tuition costs.”

He further explained that, “many scholarships that were based on academics and accomplishments have been dwindling because the funds simply aren't there.”

Stuart Royston’s son Wes is set on funding his education without taking a large amount of student loans.  One possible way to accomplish this is through a military Corps of Cadets scholarship.  

As Stuart explained, “Each branch is slightly different - offering three different scholarship levels that pay anywhere from $5000/yr up to about $20,000 a year.  The scholarships are awarded based partially on academics and partially on physical requirements such as weight, height, and fitness.”

In fact, research revealed that only about 10% of those that apply for the Corp of Cadets scholarship are awarded a full, or almost full, scholarship. 

While Stuart’s son is considering a scholarship that would require a military commitment after college, not all of the Corp of Cadets scholarships require military service.  As Stuart explained, “Once graduating from college, Wes would graduate as an officer, a 2nd lieutenant, and would have a four year commitment to the military.  While in school, Wes would also get a monthly stipend between $300 and $900, depending on the year in school.”

Although the program seems solid, Stuart voiced concerns about the availability of these programs as the recession continues, explaining, “I am afraid that in another year many funds will have been reduced or gone and what about the four years during school.  I think it will become even more challenging.”

Despite his concerns and uncertainty of how to cover Wes’s college education, there’s one thing for sure - education is more important than ever.  

“Costs of education keep climbing, the scholarships available are diminishing, and loans are harder to get.  It seems pretty tough to get an education and not go drastically into debt in the process,” lamented Stuart.  “Regardless of the challenges, the job market is extremely competitive with such a high unemployment rate that education is more important than ever.”  

 Although some college financing options may be narrowing, there are still plenty of methods available to help pay for college.  With that, competition for the available funds is certain to get stronger, so starting your search and considering available options sooner than later will help ensure your student will be able to pursue their educational goals. 

Sources:
http://www.vtcc.vt.edu/Prospect/Scholarships.php