The article, Financing a College Education Harder Than Ever, published by the Asian Pacific Fund, brought back many memories of my own struggles. There were six kids in my family so we had to get good grades and qualify for scholarships if we wanted to go to college. Obtaining student loans and working part-time jobs were all a part of that process.
The struggle for current students, especially immigrants have not changed. However, according to the article, there are two magnified issues now, increase in tuition and less financial aid. In the last five years, college costs have increased 40%. Even if a student applies for financial aid, there are limits to the amount they can receive. Did you know the expected contribution of a family with a household income of $100,000 is $18,000 a year?
So what makes this situation so urgent for Asian Americans? The article states that in the Bay Area, 17% of Asians live in poverty (some ethnic groups are higher than others, 57% for Cambodians, 30% for Vietnamese, and 25% for Koreans).
Asian Americans are also less likely to take out student loans when compared to whites, African Americans, Latinos and Native Americans according to the ECMC Foundation. Finally, some scholarships are only available to those who are US citizens and not to permanent residents.
Many Asian American donors fund education-related causes, especially scholarships. They work with institutions, such as universities to set up the scholarship and rely on the financial aid department to look for possible candidates. Some donors work with community foundations or other non-profit groups to administer their donations and recipient selection process.
However, I have yet to see a source that collects and publishes all the scholarship opportunities available for Asian American students. Wouldn't it be great to have a source for donors who want to reach out to as many qualified candidates as possible? For students, a one-stop resource would eliminate many hours searching for programs that met their needs. Anyone know of a program like this? Anyone willing to start a program like this?
Side note: You may be interested in an interview between the Vietnamese newspaper, Nguoi Viet, and Michele Hernandez, personal admissions coach who charges $40,000 to get you through the admissions process; Paying Top Dollars to Get Into Top Colleges.
You may also be interested in my previous post, $4M to Endow Scholarship Program
About the photo: My sister's graduation from the Illinois School of Optometry.
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