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In the 2010-11 school year, the average cost of a college education continued to rise. According to the College Board, annual in-state tuition for a four-year public university was $7,605, which marked a nearly 8 percent increase from the previous school year. At private four-year institutions, the average cost was slightly more than $27,000, which was less than a 5 percent increase from a year earlier.
Many parents may wince at hearing such figures, particularly when they learn the cost of going to the local state school is rising more rapidly than it is at a private institution. While there might not be much parents can do to decrease the cost of a college education for their children, there are a myriad of options for parents hoping to soften the blow. One such option might involve Grandma and Grandpa. Grandparents' past affiliations, including their employers past and present as well as any memberships in unions or even religious organizations, could very well make their grandchildren eligible for college scholarships. Colleges may also offer scholarships based on additional criteria, including an applicant's legacy status, a grandparent’s military service or even family ancestry.
Legacy Scholarships
Certain colleges and universities provide legacy scholarships to descendants of alumni. These scholarships vary depending on the college or university, and many are not full scholarships. Still, legacy scholarships are rarely advertised, so parents and grandparents who want to help pay for their child or grandchild's education should inquire with the university as soon as their child begins looking at schools.
Military Service Scholarships
More often than not, a military service scholarship is restricted to the child of a military veteran. However, some scholarships exist for the grandchildren of men and women who served in the military. The local American Legion might be able to help parents find such scholarships at nearby universities.
Ancestry Scholarships
Scholarships based on ancestry or ethnicity are more common than parents might know. Eligibility varies, but some scholarships only require an incoming student to have one parent of a particular ethnic descent (i.e., one Irish or Irish American grandparent). Finding such scholarships will likely require research on Mom and Dad's part, but parents of high school-aged children can get a head start and begin their research when their child is a freshman or sophomore.
Paying for college has increasingly become a family affair. But even if grandparents can't make any direct financial contributions to their grandchild's tuition, they might have unknowingly put their grandchild in position to earn a through a variety of affiliations.
