Is your child dreaming of what comes after high school? Whether it’s a four-year college, community college, trade or technical school, an apprenticeship, or a certificate program, the savings in your Ohio 529 CollegeAdvantage account will pay for those qualified expenses.
You should also look at scholarships to maximize your funds in your 529 account. Scholarships are free money that will not have to be paid back. Together, 529s and scholarships are a powerful team as they work together to reduce the need for student loans.
According to the 2024 “How America Pays For College” study by Sallie Mae, families use scholarships and grants to pay for up to 27% of educational expenses. According to the study, the average amount of scholarships from schools was $8,250. That dollar amount shows how scholarships can be a critical part of your game plan to cover your child’s college or career training. Here is some guidance on finding those scholarships.
Start the scholarship search early
You should start the scholarship search at least a year before your student heads off to their next chapter after high school. Some scholarships have deadlines that are at least a year from when these funds would be released. So, if your student would like to compete for these scholarships to use their first year of college, they will need to fill out the application the summer prior to their senior year of high school.
It will take time for your students to research and find all the available scholarships for which they qualify. It will also take a good amount of time to fill out the scholarship applications and write the necessary essays.
Where to begin
Start your scholarship search by visiting Federal Student Aid, an office of the U.S. Department of Education. This is the federal agency where you will fill in the Free Application of Federal Student Aid (FAFSA). The agency also offer guidance on scholarships and Pell Grants, and has sources like a free scholarship search tool.
Also, check with the schools and institutions where your child wants to pursue their education. They may be able to point you to other scholarship resources like state agencies and scholarships or aid at the school.
Visit high school counselors
An appointment with your student’s high school counselor is a smart move. Counselors have access to resources and scholarship tools to point your student in the right direction. Counselors also can offer guidance on scholarship essays, and help your child prepare for any scholarship interviews. They can also help your students in figure out which teachers to ask for recommendation letters to strengthen their applications.
Search for free scholarship websites
There are many free online scholarship sites to research. On these sites, your child will create a profile with their academic scores, community, or volunteer service, athletic or academic activities. Students will then be matched with eligible scholarships.
Check for local scholarships offered in your area. Local businesses could also offer scholarships for students who want to study in a specific area of study or in a certain vocation or technical skills. Local service organizations like Kiwanis and Rotary Clubs also offer scholarships.
As local and statewide scholarships draw from a smaller pool of applicants, there may be less competition and therefore, better odds of receiving these scholarships.
Always apply for small dollar scholarships. If your student earns several of these, their scholarship total will grow. There may also be fewer applicants for these scholarships so your student’s application may stand out in a smaller crowd.
Scholarships and 529 plans are perfect team for a debt-free education. To learn more about 529 plans, visit My State’s 529 Plan on College Savings Plan Network’s website to learn about all the tax advantages and benefits of saving in your home state’s 529 college and career training program.
About the author:
Trisha Good is the executive director of Ohio Tuition Trust Authority. Since 1989, Ohio Tuition Trust Authority has sponsored and administered Ohio 529 CollegeAdvantage. Ohio’s 529 Plan oversees more than 678,700 accounts and over $18.2 billion in assets as of December 31, 2024. Visit CollegeAdvantage.com or call 1-800-AFFORD-IT (233-6734) for more information.