At SEED, we tackle the challenge of paying for college head-on. Our College Transition Advising Sessions and Seminars equip students with vital financial literacy and budgeting know-how. We guide families through the financial aid maze during informative sessions designed to maximize aid packages. And when college acceptances begin to roll in, our college success advisors help students analyze every detail—tuition, room and board, fees, the crucial difference between loans and grants, and transportation costs—empowering them to make the best financial decision for their college journey.
Yet, even with generous financial aid packages, the reality for many students is a significant funding gap, particularly when it comes to the escalating cost of room and board. These unmet needs frequently force students and their families to take on substantial loans. This is where scholarships, such as The SEED Foundation Scholarship, become indispensable.
Cost of Living on the Rise
The escalating cost of housing is a widespread financial strain, and college students are particularly vulnerable. College Board research shows that room and board expenses increased by 14 percent between 2010 and 2020. Further highlighting this trend, a recent Hechinger Report article notes that these living costs are rising faster than tuition and fees, consuming a significant portion of college expenses. Illustrating just how significant this burden is, the report reveals that room and board now constitute 44 percent of the total cost for in-state students attending public four-year colleges, and 25 percent for those at private four-year institutions, underlining the struggle undergraduates face covering these essential expenses.
Funding Gaps
The gap between financial aid awards and the total cost of college attendance (including tuition, fees, room, and board) poses a significant challenge. Consider National Center for Education Statistics data: a student from a family earning $50,000 a year, for example, is typically left responsible for over $14,000 at a public four-year college (and upwards of $23,000 at a private one), even after aid. A major factor in this funding gap is the cost of living. An Urban Institute report shows that more than 40 percent of students whose grant aid makes tuition and fees free still require loans to afford housing and other essentials. This starkly illustrates the need for gap funding specifically aimed at covering non-tuition costs.
The impact of such funding gaps—and the support designed to fill them—is illustrated by stories like SEED Foundation Scholarship recipient John DeHaarte. When an on-campus housing shortage arose during his first year at Florida A&M University, John suddenly faced finding an off-campus apartment. Working with his SEED Foundation college success advisor, he secured housing and reconfigured his budget. The SEED Foundation Scholarship proved crucial. "When I wasn’t sure where I was going to live, I had The SEED Foundation Scholarship to help pay the first two months of the semester’s rent," John explains. "This allowed me to save money from my work-study job to pay for the next months.” By applying his scholarship funds flexibly to this immediate need, John navigated the obstacle before it could derail his progress. His success underscores a harsh reality: for many students lacking such support, a similar financial setback can force them to stop out before earning their degree.
Scholarships Meet a Critical Need
Financial assistance like The SEED Foundation Scholarship are designed specifically to bridge the gap between financial aid and the full cost of college, including room and board expenses. This $12,000 award provides reliable support, distributed equally over four continuous years ($3,000 annually). Its flexibility is key: recipients direct the funds towards their most pressing financial needs, whether that's covering tuition balances, technology, books, or essential living costs. By offering dependable and adaptable financial assistance, the scholarship alleviates significant stress, empowering students to focus on achieving their academic goals rather than worrying about immediate financial hurdles.
This scholarship, however, is just one component of SEED's comprehensive commitment to ensuring student success. Our college knowledge and advising model is designed to equip students and families with strategies for financing college. Through meticulous college matching, we guide graduates toward institutions offering strong financial aid packages, setting a foundation for affordability. Furthermore, dedicated, proactive advising continues throughout their college years, providing a sounding board and safety net for navigating academic and personal challenges. The SEED Foundation Scholarship acts as a vital financial anchor within this robust network, reinforcing our promise to support students to, through, and beyond college graduation.