College financing is a quagmire right now. Those who are indebted are part of a $1 trillion tab that grows daily. Yet those entering college can still graduate debt free.

Every year, a parent asks me about how college financing can work in their favor. I believe that only in rare circumstances should one go deep into debt to finance a degree. Community and commuter colleges are one primary route. Scholarships and grants are another.

“The fact is, 1.7 million private scholarships and fellowships are available, estimated at more than $7.4 billion,” according to James Lewis, president of National Society of High School Scholars (NSHSS), based in Atlanta . “Unfortunately, too much of this sum is left on the table because students don’t think they qualify or simply don’t know these scholarships are available.”

PROMOTED

I asked Lewis how more students can obtain these grants, which don’t have to be paid back. He suggested the following:

·  Research, research, research. Most parents and students don't realize the breadth of scholarships available, regardless of academic merit, annual income, and more.

·  Don't assume you're not eligible. Countless private scholarships are available for athletics, minorities, STEM & STEAM, community service, music, and those from government and large corporations. And there are off-beat ones: Tall Clubs International offers financial aid to women taller than 5-foot-10 and men taller than 6-foot-2.

·  Do it right. National Society of High School Scholars (NSHSS) has a Your First Scholarship available to students who have not yet applied for or won one, and it walks applicants through the process. It also comes with "toolbox" for students to use in all their future applications. It stresses that there is no room for error – spelling and proper grammar are non-negotiable.

·  Apply early and often. Looking for a private scholarship requires research and time, so start early, even before senior year in high school, to kick-start the process of identifying and applying for scholarships. Most students don’t know that once they are in college they can continue to apply for grants and scholarships to help pay for sophomore, junior, and senior years as well.

To these tips, I would add that you need to search locally and nationally for scholarships. Community service clubs offer scholarships through local chapters and national offices. Both of my daughters received them.

While some scholarships may require essays, many do not. The variety of options is immense — from Burger King to underrepresented students. The key is to research and send out as many applications as you can, preferably when you know which colleges are on the top of your list.

Keep in mind that colleges rarely tell you all of the grant opportunities they offer internally. You have to press hard to find out. Don’t be shy about telling a preferred college that other aid offers are on the table from other institutions.

The internet is always a great place to start. There are several search engines that specialize in grants. Also keep in mind that above-average students automatically qualify for scholarships at most schools, often under the title of “Presidential Scholar” programs. And don’t forget that local businesses and chambers of commerce usually offer some kind of scholarships. But you need to apply for them.

Even if you’ve chosen a school, don’t think that all of your options are exhausted when your college of choice makes a financial aid “offer,” which often includes loans, which you don’t have to accept. Ask them if they have work-study or grant programs to avoid debt. Then do your own homework. It will pay off.

College financing is something that will impact the rest of your life, so regard it as a shrewd personal business decision. Be smart and tough. Negotiate!

By John F. Wasik