Best Scholarship Application Strategies

Victor Wong (@Kesjv817h) tweets: Any
recommendations regarding good ways to apply for
scholarships or grants for my daughter who will be a
junior in HS this year?
We often hear that winning a scholarship is a
numbers game. The wider net you cast, the better
your chances of success. To that end, encourage your
daughter to submit at least two or three applications
per week for a whole season. (Yes, per week). This
won’t be too difficult since scholarship applications
tend to be quite similar. “You’ll want to think of the
message you want to send in these materials — a lot
of people just submit bland recommendations or
essays that say ‘I am smart!’ but everyone does that
and it’s lame,” writes Ramit Sethi on his blog,
IWillTeachYouToBeRich.com. Sethi, who won more
than $100,000 in scholarships, says writing about his
entrepreneurial and business passions gave him an
edge. Another tip, he says: “Make sure you tell
recommenders what you want them to highlight by
giving them your resume and a few key points that
they should touch on in their recommendations.
Most will be happy to do this.”
Start soon, too. Deadlines for the largest scholarship
programs are usually in the fall or early January and
February, says Marianne Ragins, president of The
Scholarship Workshop. “Students shouldn’t wait until
they actually get accepted to the school of their
dreams to apply for scholarships,” she says.
Don’t ignore the smaller scholarships offered by local
or regional organizations, either, says Ragins, who
earned more than $400,000 in scholarships as a
student. “Even though [these] scholarships may be
for smaller amounts, they can add up, and ultimately
wipe out a textbook bill or more,” she says. Plus, she
adds, because fewer people apply for the smaller
awards, they may be easier to land.
You can find scholarship opportunities from your
high school guidance counselor and local librarian.
Scholarship books from Princeton Review and
Kaplan, along with online databases at
Scholarships.com and Zinch.com, should lead you to
countless opportunities, too.
K Canales Loza (@lkloza203) tweets: What are the best
banks to go with these days? For personal & small
business banking?
First, never be tempted to pick a bank simply because
of a sweet promotional offer – whether it’s free cash
when opening a savings account or the ability to have
your college mascot featured on the credit card.
Since your relationship with your bank may last
several years you want to, first and foremost, pick a
bank that offers convenience, low fees and great
customer service.
They do exist, starting with community banks and
credit unions. According to Bankrate.com, 72% of
checking accounts at credit unions are free,
compared to 39% at large banks. “Credit unions
generally offer more consumer-friendly fee
structures because they’re non-profit and don’t have
to pay out to shareholders,” and therefore tend to
charge lower fees, says Claes Bell, senior banking
analyst with Bankrate.com. Similarly, online banks
generally offer competitive fees thanks to fewer
overhead costs. “Consider what types of transactions
you make most often and look to see if the bank
charges for them -- things like automatic bill pay, or
point-of-sale fees for example,” says Bell.
You can search for credit unions in your area at
culookup.com and asmarterchoice.org.
Among larger financial institutions and online banks,
Money Magazine favored the following in a 2012
survey for their low fees and better-than-average
savings rates:
• National bank for checking: U.S. Bank
• National bank for high balances: TD Bank
• Midsize/regional bank: Huntington Bank, First
Citizens Bank, M&T Bank and Zions
• Online bank: Ally Bank