A Summertime Treat – Extra Scholarship Money for College

 Whether you're going back to school, or sending a child to college, any source of scholarship aid, even this close to the start of the school year, is extremely helpful.

Now FastWeb.com, a web site specializing in connecting students with scholarships, says a hot-weather phenomenon can help you find last-minute financial aid. What does it have in common with ice cream on a hot Summer day?

In both cases, you can call the effect "summer melt". It turns out that, nowadays, potential college students are applying for many more colleges than in the past. Each school puts together a scholarship package for accepted candidates. Then, once the student picks a college, the packages for students not attending that school go back to be offered again. In most cases, unclaimed scholarship money is left over.

So, how do you get the unclaimed scholarships? Frequently, you just need to ask nicely. Get in touch with your [or your child's] financial aid office, and ask if any unclaimed funds are available. If your financial situation has gotten worse since your original scholarship package was put together, make sure to mention that. But don't think you won't get money if it hasn't. Remember, the college would rather use scholarship money than let it sit idle.

"Summer melt" isn't a well-known phenomenon. But if you want to take advantage, it's time to make your move. Most colleges start their school year within a month. Move fast, and your tuition costs could really drop dramatically!