1.2 million dollars. The amount reverberated through the arena amid thunderous claps and cheers. Our high school principal had just announced the approximate amount of accepted scholarship money that my 2009 class had procured for college. Graduation night was one to remember…walking across the stage, shaking the important people’s hands in the correct order, successfully stepping my way back down the stairs and marching steadily to resettle into my seat. That night, everyone who graduated was invincible…all of us about to embark on a journey of growth, education, and limitless opportunity.
Now, only one year later, a group of these same peers are back at home, no longer in college, but instead, saving money to pay back small loans & accumulate enough to return. Although financial aid is not meant to be tricky or confusing…READ THE FINE PRINT. Many of my friends received scholarships that were non-renewable, meaning that after the first year, that source of income was no longer viable. Most college costs increase by a little each year; therefore, it may cost $22,000 to attend your first year, but $24,000 for the second year. Do you have that gap $2,000 covered? As you consider the schools that accept you & pick out that perfect place for you…make sure you have a firm understanding of their financial aid policies. Pomona is amazing in that it meets 100{53c6eff5ce19621f7316832cfedf08caab022021f1679c62c3f44b8900ceaf72} of demonstrated need for all students. Now, while some students do not “demonstrate need”, my first-generation, low-income self surely did! Not only do they meet 100{53c6eff5ce19621f7316832cfedf08caab022021f1679c62c3f44b8900ceaf72} demonstrated need each year, they do so with a no-loan, all scholarship & grant policy. Therefore, I’ll graduate in four years without owing money to the school.
Although this is far down the road for many of you, graduate schools, including law & medical schools, cost “a grip” (a large amount). Aiming for an undergraduate school that won’t break your bank (or your parents) and leave you with a huge amount to pay back after graduation can be a major blessing. As you start the financial aid process, call the school if you have any questions. Read the brochures they send, research the costs each year & anticipate money for books and extra expenses. College is not cheap, but it’s an investment in the future that’ll pay you back with interest. Just make sure your ducks are in a row early on, so you aren’t caught by surprise after that amazing first-year experience!