For many students and their parents, full ride scholarships are the “Holy Grail” of college financial aid. A full ride scholarship, also known as a “full ride,” means that all the student’s expenses – including tuition, fees, room and board – will be paid at the student’s chosen college or university. Nationwide, less than 1% of all college students receive a full ride.
Given the staggering price tag of higher education today, the chance to get a “full ride” is no doubt appealing to many people.
It certainly was to me more than 20 years ago. Yet I turned down a “full ride” from an excellent graduate school in my early 20s — a decision I now regard as unwise on many fronts. [continue reading…]