Archive for the ‘Paying for College’ Category

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Creative Ways to Pay for College

Saturday, April 28th, 2012

The cost of college tuition is rising at a rate that is alarming to most experts.  The end result of this process is that millions of students have been saddled with far larger student debt and student loans than past generations of college goers.  Many older people don’t readily realize this fact.  However you, as a younger person in college or headed there soon, need to face that at least for you and your generation, there is a different economic reality where paying for college is concerned.  The purpose of this article is to get you thinking about how you can keep the high cost of college under control and at the same time give you some pointers to help get the ball rolling.

Consider Community College

Community college has a great deal to offer students.  Community colleges stand as one of the few remaining excellent deals in education.  If you want to save a great deal of money on your college education, start at a community college, pull excellent grades, take the classes very seriously, get great letters of recommendation and then transfer to a four-year institution to finish off your degree.

Research All of Your State Schools Very Thoroughly

You might be able to save a bundle just by opting for a state school; however, you might even be able to save a whole lot more by selecting the right school.  This may mean attending a school that wasn’t your first choice, but that isn’t exactly the end of the world if you are saving a “king’s ransom!”  The difference between one state school and another in your state could make a difference over the course of your degree.

Skip Student Housing

If you are willing to “rough it” a bit, you may very well be able to save a considerable amount of money every month by forgoing student housing and campus life and living off campus.  In fact, you might need to live way, way off campus and commute if possible.  Finding cheap rent and sharing that apartment or house with roommates is something that students all around the world do everyday, and you might need to do it as well.  Those willing to live in the “middle of nowhere” will be rewarded with cheap rent.

Hi Mom, Hi Dad

Then there is the “Mom and Dad Option.”  While you may be ready to leave the nest, your future bank account might really appreciate it if you were to stay at home just a little bit longer.  If your situation is such that you can live at home and go to college, then this could be another way that you save a bundle.

The Little Things Add Up

“Small” purchases, such as books, are not really that small after all.  When you factor out how much books can cost over the course of a 4 year degree, the fact is books cost you dearly.  Instead of buying your books at your campus bookstore, look for other, less pricy options such as buying online, finding used books or going the ebook option when possible.

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Should You Try to Become an Entrepreneur While in College?

Tuesday, April 17th, 2012

You’ve probably heard more than a little about college entrepreneurs.  Icons such as Zuckerberg started companies like Facebook while in college, and the media never wants to let you forget this fact.  It puts just a little bit of pressure on a college student, don’t you think?  It is important to realize that being an entrepreneur in college doesn’t mean that you need to start the next Facebook.  There are many potential benefits to being an entrepreneur other than building a reality changing entity worth billions of dollars.  College is a great time to explore a variety of possibilities, and this includes your substantial entrepreneurial options.

Build An Impressive Resume While Still in College

So much attention is spent on the money-making aspects of being an entrepreneur that some of other key aspects are simply ignored.  For example, even if your entrepreneurial ventures fail, this doesn’t mean that you’ve gained nothing.  Being an entrepreneur and starting a company can be a tremendous resume booster, especially if you start up the right kind of company.  For example, if you start up a company that has something to do with your major and your chosen career path, you have something interesting to offer your future employers even if you don’t hit it big!

Being an entrepreneur shows initiative and gives you the opportunity to learn a great deal.  Additionally, there are entrepreneurial endeavors that you can start with little or no start up capital.  If you are having trouble finding the right entrepreneurial path, then consider talking to experts in the field.  Family friends or relatives with business experience are one place to begin your search.  Another excellent source is the non-profit organization SCORE.  SCORE is made up of retired business executives that have a wide variety of impressive experience.  Chatting with a SCORE mentor would likely be worth your time and effort.

Experimenting in College

One of the main reasons that people love college is that it is full of new experiences.  You can become an entrepreneur at any point in your life, but there is no doubt that there are advantages to exploring your entrepreneurial options while you are still in college.  After all, later in life you will likely have a job and a variety of bills that must be paid, such as your college loans, unless you scored the right kind of financial aid and grants.  This means that college might just be the right time to experiment with your entrepreneurial endeavors.

What Kind of Business Should You Start?

Whatever kind of business you start, it should have as its focus helping people.  The more people you figure out how to help, the better off you will be.  If you are benefiting other people, you will organically attract customers.  Those customers will acknowledge your company’s merits and likely tell others, allowing your business to grow.  If you start up a business that is designed to help others and is also in line with your career path, the end result is a worthwhile endeavor regardless of whether or not your face ends up on a magazine cover or not.

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What Should You Be Looking for in a Part-Time College Job?

Wednesday, March 28th, 2012

A great part-time job can be a must for many college students.  If you are trying to or will try to pay for college yourself, then you are familiar with private loans for college and have likely researched how to find college scholarships.  Scholarships and grants are fantastic, as you clearly don’t have to worry about repaying the money!  Yet, scholarships and grants don’t materialize for everyone, and that means that you may need to supplement your income while in college if at all possible.  This all begs the question, “What should you be looking for when it comes to finding a college job?”

Factor One – A Job That Isn’t Too Physically Demanding Could Be a Problem

Situations often dictate that you have to grab whatever job you can.  But if possible you should try to avoid jobs that are very physically demanding.  Sometimes this is true even if a job pays relatively well, and here is why.  If a job is so demanding that you are left too exhausted to study, then your goals of graduating from college will become far more difficult.  Sure you may be able to squeeze all of your studying in on the weekends, but this just isn’t realistic for most people.

It is also worth noting that some jobs may not seem as though they would be highly demanding; however, once you begin you discover you are left exhausted.  College students who find themselves in this situation would be well advised to look for another job if at all possible.

Factor Two – A Resume Booster Would Be Very Nice

Throughout your college career, you should be looking for ways to boost your resume and effectively set your resume apart from the competition.  When it comes to finding a part-time job, keep your eye out for one that you feel will work well with your career path and your chosen major.  The connection might not be immediately obvious and it may only occur to you after you’ve given it some thought, but just remember finding a way to boost your resume now could make landing that first “real job” after college a good deal easier.

Factor Three – Use Your Social Connections and See Results

There is nothing wrong with asking around and seeing if any of your friends or family has a lead on a college job that would fit your criteria.  You may be pleasantly surprised if you ask around.  There may be some exciting options for you!

In the end, the last thing you want is for a part-time college job to be some taxing and so demanding that your grades are impacted.  Sometimes the best job decision you can make is to pass on a job.  Make sure that the college job you select is in line with your goal of graduating, and you are unlikely to regret your decision, now or in the future!

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Repaying Your Student Loans-It’s Closer Than You Think

Saturday, February 11th, 2012

Repaying your student loans might seem like it’s way off in the future, but the day will come when that money must be repaid.  Interestingly enough, student loan debt is the only form of debt that you can’t have discharged in a bankruptcy.  This means that sooner or later you will be repaying this money, and lenders know it!  This is the reason why so many lenders are willing to let you borrow large or even massive sums of money.

With this fact in mind, you will want to be very careful about how much you borrow, when and how.  Otherwise you might be in for a real shock down the line.

The issue of student loan debt is a complicated one, as there are many different forms of debt.  When you are researching financial aid for college tuition, financial aid and grants, direct federal student loans and other types of student loans, remember that not all loans are equal.  This point is extremely important.  You should not just dismiss the terms of the student loans that are offered to you.  Don’t think that “they’re all the same,” as the terms can differ drastically.

The interest that you pay on one type of student loan versus another type of student loan would be nothing short of eye-popping.  Currently, many people are in a position where they are unable to find work, yet have high levels of student loan debt with high rates of interest.  Obviously this is a bad situation and one that you don’t want to be in.

Highlighting and discussing these facts, while unpleasant, is important for your future.  Selecting a college major that you know will lead to reliable employment is a necessary step if you plan to have high levels of student debt.  In other words, it is difficult to encourage any young person to go to a very expensive college to pursue a degree in a major that won’t lead to employment.

Being burdened with a very high debt (and perhaps even a high level of interest) while also having a degree that isn’t likely to help you earn high wages is a recipe for pain.  If you are going to borrow in order to attend college and are pursuing a career that isn’t likely to be big earner, you might just want to consider a less expensive university or college.

There are times when attending the “best” school you can get into may not make any sense whatsoever.  Receiving an education is all about looking towards the future, but looking towards the future also means that you sometimes need to have a broad view.

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Saving Money on Your College Books and Supplies

Tuesday, February 7th, 2012

You’ve probably spent a good deal of time worrying about everything from how to survive college to how to find a college roommate.  It is easy to lose sight of money related issues.  No one has to tell you that college is expensive, but that doesn’t mean that you can’t find ways to make college a little less painful on the pocketbook.  This topic is more important than many people might believe.  Every cent you spend at college really adds up.  Let’s face it; the price of college textbooks alone can be nothing less than extremely comical!

In this article, we will look at some of the ways you can keep your college book fees as low as possible.  It should be stated that no matter how hard you try, there will be times that you will have no choice but to give in and buy your textbooks from your college bookstore.  However, most of the time, you will be able to find an alternative path and save money in the process!

Consider downloading your books from an online digital bookstore.  There are many companies that specialize in selling not just books online, but also online textbooks.  Often you can save a great deal of money in this fashion.  Additionally, e-readers have become increasingly inexpensive and lightweight, and that means you might not even have to use your laptop.  Many people find that e-readers can also be a little easier on the eyes as well.

Used bookstores are your friend!  Go off campus and look online for used books, as paying full price your textbooks increasingly makes less and less sense.  Sure someone has to pay full price, but that doesn’t mean it has to be you (or at least not all the time).

Of course, finding your books either online or at a used book store will take a little planning, and that means not waiting until the last second.  While you might have to put in more effort by working to find your textbooks in this fashion, the upside is that you can not only save hundreds of dollars, but literally thousands over the course of a four-year degree!

Other supplies can be found cheaper online and in other stores too.  Simple, but very necessary supplies such as pens, markers, notebooks and a range of specialty supplies are marked up in a dramatic fashion in the college bookstores.  Again, these small saving steps can really add up.

You likely spent a good deal of your time researching financial aid and grants, private loans for college and even college saving programs.  But that doesn’t mean that the “financial side” of college is over and done with in the least.  You owe it to yourself to reduce your amount of student debt if possible.  Remember that there are people only slightly older than you are now suffering tremendously with student loan burdens that they can’t repay.  Many of these students were very bright and even received what was deemed the “right” degree at the time.  Stay sharp and think through all of your college related decisions, financial and otherwise.

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The Importance of Great Organizing

Tuesday, January 31st, 2012

As you look to make the transition from high-school to college, you are probably feeling as though there is a never ending and maybe even growing “checklist” of things you need to worry about or check off your list.  Don’t worry if you feel this way, as it is very normal and quite common.

When it comes to getting into one of your top college picks, you might not think much about your level of organization, but it is actually of paramount importance in the process.  The more organized you are, the greater your chances of getting into one of your top college picks.  The odds are higher for ultimate success in college as well.

If you haven’t been “much for organizing” in the past, now is definitely the time to change that.  Studying for the SAT, meeting deadlines, writing essays, taking practice tests, evaluating your different college options, investigating financial aid for college tuition and direct federal student loans takes a lot of time, and that means a lot of organization is essential.

One of the single largest steps towards great organization is being willing to prioritize what is important and what is not important.  Tackle this step first, and getting organized will become a great deal easier.

Sacrificing things that you enjoy doing in order to do something that you don’t like or find unpleasant is easier said than done.  One trick is to start small with small sacrifices of things that you enjoy.  Instead use that “recovered time” for something that relates to getting into the school of your dreams, or at least one of the schools that you like the idea of attending!

You could tackle this issue on a week by week basis.  Here is an example of how you could structure your college prep organizing.  You don’t have to use this exact model, but instead you can adapt this strategy for whatever works for you!

Week One-Spend more time studying for SAT

Week Two-Research colleges

Week Three-Get College applications

Week Four-Research financial aid related issues

Week Five-Make list of relevant deadlines

Week Six-Think about ways you can become more efficient and effective in how you use your time and make a list!

Each week look for ways that you can set time aside so that you can apply that time towards getting into college.  As a result, you will become far more organized and also far calmer!  Being organized has a benefit that few consider; being organized means less panic and that means better decision-making.

Many students “end up” at universities and colleges that were nowhere near their top picks for no other reason that a failure to get organized in advance.  They had all the tools, the necessary grades, good letters of recommendation and maybe even good SAT scores, but they lacked proper preparation.

Think of getting into college like you would think about starting a business.  You wouldn’t just try to open a business without preparing in some fashion, would you?  You instinctively understand and know that a business, at least one with any chance of success, needs work and planning.  If you invest your time in this fashion, you will be surprised by what you can accomplish.

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Learn How to Survive College, It Can Be Done!

Tuesday, January 10th, 2012

Are you worried about surviving college?  You shouldn’t lose sleep feeling that you are somehow unusual for feeling this way.  Most people are worried about making the transition to college, especially if they are going away to school.  No matter what your relationship is with your family or what you think your relationship may be, the fact is that you know what to expect from your home life.  College, on the other hand, marks the transition into the unknown.

You can learn how to survive college, and the first step in the process is to realize that your college life experience will be different from high school.  This is true whether you go away to school or continue to live at home.

Your first survival tip is to realize that you are on your own. This means that no one will force you to study.  Many colleges and universities, particularly state schools, have high flunk out rates.  Now you can’t exactly learn how to survive college if you flunk out, can you?

Getting good grades is, of course, all about studying, but it is also about realizing that as a freshman in college you have to show that you have the discipline to get your work done on your own.  In short, one of the single biggest hurdles for learning how to survive college is to realize that you have to study and that it is up to you to make sure that it happens.

Surviving College Dorm Life

College dorm life can be complicated as well.  You should be open and ready to make new friends.  Yet, you have to realize that there is nothing magical about your college dorm life.  Regardless of what you’ve seen in the media, college dorm life is just like the real world.  There are good people, bad people, indifferent people and everything in between.  This means that the same logic and caution that you’ve used in the real world to date still applies in college.

You shouldn’t show up to college and think, “Wow, I am in college now I can trust everyone.”  That is a recipe for disaster.  You might get lucky, but you will be tempting fate.  A big part of learning how to survive college is keeping your brain turned on and making good decisions.  It is possible to still have a great time!

Financial Aid for College Tuition

Worrying about grades may seem like a full-time job, but you may also have no choice but to worry about other things.  One of the factors that you shouldn’t lose sight of is financial aid for college tuition.  If you can’t pay for college, then you certainly won’t be “surviving” college, as you won’t be there.  This means that you will have to keep an eye on tuition related issues.  College tuition is going up, and it is going up very rapidly.  A good part of surviving college is finding a way to keep your student loans under control so that you are not repaying these loans when you are 75 years old.

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Just How Much Money Should You Spend on College Anyway?

Tuesday, November 15th, 2011

College is expensive, and it’s getting far more expensive every year.  This situation is leaving many young people with the daunting task of trying to determine just how much debt they should take on at a very young age.  Is this unfair?  You bet it is unfair, but it’s also the reality of the situation that most of you may find yourself in.  Until the day comes that a college education is free (don’t hold your breath), students will have to wrestle with not only how much to pay for a college or university degree, but also whether or not it is worth it.

Debt Versus Brand Name

Big name colleges and university degrees do not come cheaply.  This issue has left many students asking if they should pay the “big bucks” for that brand name degree instead of selecting a less expensive option.  There is a real and legitimate argument to be made that when it comes to many majors, it just doesn’t make sense to pay what it costs to go to a big name university or college.

There are intangibles, of course.  For example, you have to consider the connections you might make at a certain school and being able to impress others with a school’s name recognition.  But if you are planning on being a teacher, do you really need to spend an extra $30,000 or $50,000 or more for your degree?  In general, the type of degree that you are planning on receiving should be taken into consideration before you opt for a mountain of debt!

Weigh Your Options Carefully

Just because you were accepted to a big name college or university, doesn’t mean that you have to attend that educational institution.  Many students say, “Well I got in, so that is where I will go…” Your thought process should be more comprehensive, as you should weigh the options carefully.  Selecting a less expensive university or college could open up different opportunities.  For example, you could opt for graduate school, or get a professional degree such as a law degree or an MBA with the money you save. Some schools even offer scholarships to attract higher-level students, while others turn those students away.

Consider Your Degree When Deciding How Much to Spend

If you are planning on earning a degree that ensures great pay down the road, then you might not need to worry too much about the debt that you accumulate in college.  However, you should keep some issues in mind.  Many people earn degrees in certain fields, only to discover that they hate the profession that goes along with the degree.  This means that they often switch to careers that pay less, often far, far less.  At this point, the high paying career they believed they would have doesn’t materialize.

Determining how much to spend on college isn’t necessarily easy to figure out.  If you know exactly what it is that you want to do for a career, then this decision may be easier for you than it is for others.  Taking your time and thinking about how your college debt may impact your future is a savvy move and one you are quite unlikely to regret.

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Posted in FAFSA, Financial Aid, Paying for College, Preparing for College, Scholarships, Student Loans | 1 Comment »

4 Ways To Reduce Stress When Applying to College

Tuesday, November 1st, 2011

There are many important steps to applying for college.  Getting into the college or university of your choice can be a complex process.  This is especially true when you are applying to numerous schools.  As a result, you may at times feel overwhelmed and stressed by the process as a whole.  This is why it is extremely important to keep your focus.

When you get stressed out, you stop thinking clearly.  The end result could be that you begin making mistakes.  Whether its studying for your SAT, trying to ace as many classes as possible, or filling out your college applications, you need to keep your stress levels at a minimum.  Let’s take a look at a few of the ways that you can keep your stress levels low and increase your chances of getting into the college of your choice in the process.

#1 Realize that the World Will Not End

One basic step that you can take to keep your stress levels low is to realize that it is not the end of the world if you don’t get into your “top pick.”  Lots of pressure can be put on your shoulders, as older people just assume that you can “take it.”  Yet, if you feel totally stressed out it may impact your performance.  Now this isn’t an excuse to fail or not try, but you should keep in mind that life will go on even if you get into your fifth choice instead of your first college of choice.  No matter how others may act the world will not end, and you will not be destined to a future of poverty and failure.

#2 Walk Away and Take a Break

If all you do is study and deal with SAT preparation, you may actually be increasing your odds of failure both in the short term and in the long term.  Some students may ace the SAT, but they end up so exhausted and overwhelmed that they avoid studying all freshmen year.  This route isn’t a good plan for long term success!

#3 Short Breaks, Meditation and Stress Reduction

Stress can actually kill you.  Prolonged exposure to stress hormones, such as cortisol, can result in a decrease in the strength of your immune system.  If your immune system is weakened, your odds of getting sick, of course, go up.  If you’re sick, you won’t be studying for your classes or the SAT.  Part of staying healthy is keeping your immune system strong.

Meditation is a relaxation technique that serves to reduce stress hormone levels.  Recent medical studies have actually shown that meditation has a variety of medical benefits including the reduction of stress.  So if you are feeling upset and anxious, meditation stands as a great way to deal with this stress.

#4 Find a College Admissions Counselor

Believe it or not, utilizing a College Admissions Counselor can take a real load off your mind. Why run around worried about what you’re forgetting, or what opportunities you are missing? Start smart with a college admissions counselor who can sit down with you and your family to figure out your wants and needs and outline a plan for you to follow. Why go it alone, when you can have a partner?

Remember that any edge you can give yourself is one you should take.  However, at the same time, you should never allow yourself to become so stressed out and worried about what colleges you get into that you become miserable.

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Four Steps to Make the Most Out of Your Scholarship Searches

Thursday, October 20th, 2011

Finding the money for college has become a very tricky game with many potential pitfalls.  This cautionary statement isn’t designed to discourage you from following your dreams and pursuing higher education.  Instead this statement reflects the simple reality of today’s ever escalating education price tag.  The price of college is rising at a rate that far exceeds the rate of inflation, and these rising costs make finding a scholarship more important than ever.  In this article, we will examine some of the ways that you might be able to find the funds for higher education.

Step 1 Begin Preparing and Searching Early

Beginning your search for scholarship money well in advance is of great importance.  There are a simply staggering number of scholarships available, and knowing which ones you are eligible to apply for alone can take a good deal of research.  In addition, the application process must be taken seriously as well, as applications can be time consuming.  This is especially true if you are applying for numerous scholarships.

Step 2 Talk to Your Counselor and Other School Resources

Your counselor, in theory, has resources pertaining to scholarships and which ones you might be eligible for, and you should consult with him or her well before your graduation date.  However, you absolutely should not depend on your high school counselor for advice regarding scholarships.  Even the hardest working counselor may miss an important option for you, and that means you need also to explore on your own!

Step 3 Try to Get Appointments with Officials at Colleges and Universities

Educators generally like it when young people show planning and initiative.  They also appreciate it when their opinions and knowledge is valued.  In short, you might be able to get a great deal of information regarding finding scholarships from college admissions officers and others.  Reaching out to them is a savvy move, and you should do more than send an email.  Picking up the phone and politely asking for an appointment is a good idea.

You also may want to consider showing up in person to ask for an appointment.  You will be very surprised how far this type of action will go with many in the education field.  It says volumes about your character and your dedication.  Anyone can send an email, but few people are willing to follow up a phone call with a visit!

Step 4 Invest in Books on Scholarships, Research Online and Visit Libraries

You might think that all information is online; however, even the cleverest of web searches may fail to give you a complete picture of your scholarship options.  There are still times in your life that thumbing through a book makes sense, and this is definitely the case where finding scholarships are concerned.  There are many good books written on this topic.  A few minutes with a good book on scholarships could literally be worth thousands of dollars.

Ultimately, it is up to you to begin your scholarship search early and to be proactive about finding the money you need.  Don’t be afraid to reach out for help and to be persistent.

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