By Mike Schultz

College is a costly endeavor. The average cost of tuition and fees for the 2017–2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges and $25,620 for out-of-state residents at public universities (College Board). Obtaining financial aid, including scholarships and grants, is a critical strategy for reducing the cost of collegiate education and closing the gap between college savings and expenses.

The case for graduating debt-free

The average student loan debt for 2017 graduates was $39,000 (Student Loan Hero). With an average interest rate of six percent, paying $400 per month, it would take a student more than 11 years to pay off that debt. That’s a big burden when he/she is just starting out in the work world—and it means there’s less money to save for retirement or a home purchase.

Funding or augmenting college costs with scholarships

Many students overlook merit-based or sports scholarships from colleges and universities, philanthropic support from business and industry, and assistance from industry associations and professional organizations—or they apply too late to qualify. As scholarships do not require repayment, obtaining this type of assistance can better position the student for personal and financial success when he or she graduates.

Tips for finding scholarships

With College Board Scholarship Search showing financial aid and internships from more than 2,200 programs totaling nearly $6 billion, there is a lot to sort through. Though it can be daunting, it’s time well spent in order to reap significant benefits.

Here are some tips for securing college scholarships:

• Begin the process early. Many scholarship applications are due in March. Start the process in the fall so you don’t run out of time and can locate all scholarships for which you qualify
• Take both the ACT and the SAT: You’ll need these score(s) to apply to many, if not all, scholarships
• Increase your chances of winning a scholarship by applying to as many as you can
• The largest number of scholarships have smaller dollar amounts, so be open to trying to win a few more of these types of gifts to accumulate the necessary funds for tuition, books and living expenses
• Focus on regional or local scholarships versus national to help narrow the applicant pool and competition
• Search online at college and scholarship websites like Scholarships.com, Fastweb.com, Petersons.com, Unigo.com, Cappex.com or Chegg.com
• Remember to look at merit-based awards provided by colleges and universities, which frequently use these gifts to gain an edge on other education institutions
• Research funds available from your community network, such as philanthropic organizations, clubs or religious groups
• Search your high school website for local scholarship opportunities, which may have less competition than those posted to national databases

There are numerous scholarships available. Research, put your best foot forward and strive to decrease the cost of perhaps one of the best investments you can make: Your education!