How to save money on your college education, before, during and after

In this multi-part personal finance series, readers will learn various ways to help save money for a college education, from off-the wall-scholarships and 529 programs, to the right time to refinance your loans, parents and students alike who read this series will find something to help reduce the costs of a higher education before, during and after it takes place.

Part 1: Scholarships

I graduated from St. John's University in New York by the skin of my teeth -- not because of my grades, but because my family could barely afford the $14,000-a-year tuition. If it was not for the help of several scholarships, I would not have graduated from the prestigious university, which includes notable alumni such as the "Voice of the Yankees" Robert Shappard, former New York State Governor Mario Cuomo and NBA star Ron Artest.

To qualify for a scholarship, one does not need to be a math genius or a star quarterback. What you need is an imagination, the ability to write a few essays and some luck.

When it comes to needing money for higher education, it's everywhere. You just need to know where to find it.



Many parents don't realize there are private scholarships for just about everyone -- from future electricians to red-haired children. Ask your school guidance office if there are any local scholarships earmarked for students in your town, your particular school or even in the child's major. You'd be surprised to find how much money is out there -- and how easy it is to earn.

Many scholarships like to see students who are giving back to their local community. Volunteering for an organization is something that goes a long way on your essay, but the organization itself may even offer scholarships to those who offer a hand. The only downfall is that most private scholarships fall in the $500-$2,000 range, an amount that is paltry compared to the costs of most universities in this day and age. Of course, when it is free money, every dollar counts.

The Search for Scholarships

Before the internet, finding a scholarship was a nightmare. Students had to work through dictionary-sized manuals looking for a potential award. Today, there are a handful of free sites that have databases -- such as Fastweb, CollegeBoard and Salle Mae's College Answer -- which make this tedious research much easier. While these databases are not perfect, the search engines are so much easier than thumbing through a scholarship directory.

You can find money from the strangest places. Here are a few interesting examples:

* If you're tall, Tall Clubs International offers a $1,000 scholarship, the Kae Sumner Einfeldt Scholarship, eligible to women over 5'10 and men over 6'2.

* Skateboarders can apply for the Patrick Kerr Skateboard Scholarship. One individual will receive a $5,000 scholarship while three others will each receive a $1000 scholarship.

* The U.S. Bowling Congress provides several scholarships for bowlers.

Finaid provides a large list of unusual scholarships here.

I graduated from college with the help of the Boy Scouts of America and its National Eagle Scout Scholarship. Other organizations provide scholarships to Eagle Scouts as well, see a list of them here and here. Lamar University in Beaumont, Texas offers the Lyle Scholarship, a fully-paid four-year scholarship for Eagle Scouts majoring in Computer Science, Engineering, or Mathematics. At the time of this article, Lamar had received only one application for this year's annual scholarship.

Your employer, unions and various clubs are also great resources for scholarships. Scholarship America, which only gives money to students who live in their area, provided $185 million in scholarships last year though its local chapters. But be warned, parents need to watch out for scams. Plenty of companies around the nation offer ways to find parents guaranteed scholarship funds for money upfront. This is something you could have done for free on your own. Keep in mind, you're looking for free scholarship money -- you've got some hefty bills coming up in the next few years.