Posts Tagged ‘Financial Aid’

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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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Posted in College Admissions, FAFSA, Paying for College | No Comments »

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 »

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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Posted in College Admissions, Preparing for College, Scholarships | 2 Comments »

Get a Head Start on Your FAFSA: Things You Can Do Now

Tuesday, October 4th, 2011
Get a head start on your FAFSA

Ready to get a head start on your FAFSA? Here's what you need to know. Photo Credit: frozen jek

If you’re hoping to get financial aid when you head off to college next year, you probably already know you need to complete the Free Application for Federal Student Aid (FAFSA). But do you know what you’ll need to get started?

You’ll need quite a few financial documents. So even though you can’t officially complete the FAFSA until January 1, 2012, it pays to start planning now. When it comes to financial aid, the more organized you are, the better off you’ll be.

So what information will you need to start your FAFSA?

As the student, you’ll need:

    1. Your social security card
    2. Your driver’s license number
    3. Your 2011 W2 forms
    4. Any other financial records that apply (investment accounts in your name, etc.)
    5. Your 2011 tax return (it’s easier to finish it before you apply. Otherwise, you’ll have to estimate your income and then return to complete the form after your return is completed)

If you are a dependent student (i.e. your parents will be claiming you on their tax return), you’ll also need their financial information. Documents you’ll need include:

  1. Your parents’ 2011 W2s
  2. Your parents’ 2011 tax return
  3. Records of untaxed income in 2011 (IRA deductions, child support, etc.)
  4. Mortgage information (both for your home and any businesses or rental properties your parents own)
  5. Current bank statements

Is there any way to get an estimate of how much financial aid you can expect before January 1, 2012?

Short answer? Yes. You can use FAFSA4Caster to get an estimate of how much financial aid you might be able to expect from the federal government.

Obviously, since you won’t have the most recent financial information available to you yet (since 2011 W2s won’t be available until January), the numbers you get will not be set in stone. But they should give you a good place to start, in terms of deciding how much other financial aid you need to seek out.

When should you complete the FAFSA for real?

Well, the deadline isn’t until June 30,2012. But generally speaking, the earlier you apply, the better. After all, the early bird gets the worm, as the saying goes…

By taking these steps, you’ll be well on your way to financial aid success when official FAFSA-filing season begins. For more helpful information about filling out the FAFSA and getting through the college admissions process with your sanity intact, subscribe to our blog today!

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Posted in College Admissions, FAFSA, Financial Aid, Paying for College, Uncategorized | 2 Comments »

Tips To Find College Scholarships: 4 Questions To Ask Yourself

Thursday, September 15th, 2011
Scholarship student playing the bassoon

You don't have to learn how to play the bassoon to get a college scholarship. Photo Credit: Paxsimius

Everyone’s heard about the friend of a friend who got a scholarship to Harvard because of his bassoon-playing prowess. And been told the urban legend of the jock who landed a full ride to his first-choice school – despite his ridiculously low test scores.

But what you don’t hear about are the hundreds of thousands of students just like you who have gotten the scholarship money they need to make their college dreams come true. How? By finding scholarships that match up with their interests, talents and background.

You can do it too! To find a college scholarship that’s right for you, start by asking yourself these four questions.

What do I love to do?

Catalog your interests and activities. Do you play an instrument? Garden? Develop mobile apps just for fun? Research your family’s genealogy? No matter what your hobbies are, chances are good that there are organizations out there who would love to give you a college scholarship for pursuing them.

Make a list and then start your research!

What do I want to major in?

Professional organizations exist for just about every industry you can think of. And most of those? Love to support the next generation of workers. So, if you are fairly certain you know what you want your college major to be, start researching associations that could potentially help you!

What is my family’s background?

There are a great many college scholarships for minorities available, of course. But there are organizations centered around almost every background—if you look. There are scholarships for Polish Americans, Italian Americans and even for women whose family history includes Revolutionary War combatants.

In other words, it pays to do a little research into your family tree—and some surfing on the web.

What scholarship help is available in my neighborhood?

Look around you. Not literally at your neighbors—but at the businesses and organizations in your community. Does the Chamber of Commerce have a college scholarship program? How about the local Boys and Girls Club? There could be dozens of college scholarship opportunities—right in your own backyard!

These are just a few of the ways you can find college scholarships. For more ideas, read about the college scholarship resources you might have missed! And don’t forget to subscribe to our blog—we’ll be bringing you advice for finding great college scholarships all year long!

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Posted in College Admissions, College Search, Financial Aid, Paying for College, Scholarships | 3 Comments »

How To Speak Financial Aid: A Glossary of Terms

Tuesday, August 30th, 2011
Dictionary of Financial Aid Terms

Having trouble deciphering financial aid-speak? We're here to help! Photo Credit: greeblie

If you’re like most college freshmen-hopefuls, chances are you’ll be looking for some financial aid to help foot the bill. The problem? The terms used in financial aid forms aren’t exactly words you throw around in casual conversation.  It can seem like they’re speaking another language!

But never fear. We’re here to help. Below you’ll find a few of the most commonly used financial aid terms – along with their definitions.

Financial Aid Application Terms

Free Application For Federal Student Aid (FAFSA) – This is the official application for federal financial aid. Colleges and universities will require you to fill this out in order to apply for any kind of financial aid.

Award Letter – This is the official document you’ll get from colleges listing exactly what financial aid has been, well, awarded to you. It will tell you how much your family will be expected to pay (expected family contribution) and how much it will cost to attend that school when all is said and done (cost of attendance), as well as list the terms and conditions of your financial aid.

Financial Aid Package – Picture all your financial aid – all of the scholarships, grants and loans awarded to you from both federal and private sources – put into a box and tied up with a pretty bow on top. That’s your financial aid package.

Types of Financial Aid Defined

Grants – Grants are considered “gift aid.” They give you money for college and don’t have to be paid back. They can come from federal sources (such as Pell Grants), but are also available from states and private organizations.

Loans – Student loans are just what they sound like – money given to you to pay for college that needs to be repaid. Eventually. There are many different types  – both federal student loans and private loans. You’ll want to read the terms for your loan options very carefully.

Scholarships – Scholarships are also considered “gift aid,” so you don’t have to pay them back. They are awarded for a variety of reasons, some simply because of merit or academic excellence, others because you’re pursuing a certain major, have specific interests, have financial need…the list goes on and on.

These are just a few of the many financial aid terms you’ll need to know. We’ll go more in-depth in a future post. Have a specific financial aid term you’d like defined? Leave it in the comments! And don’t forget, we’ll be bringing you great advice about financial aid all year long, so subscribe to our blog today!

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Posted in College Applications, Financial Aid, Scholarships, Student Loans | 1 Comment »

How To Talk To Your Parents About Paying For College.

Thursday, August 11th, 2011
High school grad with family

Do you know how much your family can help with college tuition?

While some kids can rely on mom and dad to pick up the whole tab for college tuition, many are not so lucky. Do you know how much financial support you can expect from your parents? If not, it’s time to find out.

The earlier you find out how much your family can help you to pay for college, the more time you’ll have to find ways to make up the difference yourself. So don’t put it off! Talk to your parents now, before college application season heats up.

Here are four tips to help the conversation go smoothly.

  • Pick a chill moment. Don’t try to discuss college tuition when your parents are tense, stressed or rushed. It probably won’t end well. Instead, wait until you’re all able to focus on the conversation without a lot of other distractions. Having trouble finding time? Try talking to your mom or dad during a car ride.
  • Be direct. The urge to beat around the bush might be strong, but don’t give in. You’re much better off approaching the matter head on. Try saying something like, “Mom, I really need to start thinking about where I want to go to college. Can you give me an idea of how much you can afford to chip in for college tuition?” Your parents will appreciate the grown up attitude.
  • Accept their answer graciously. The number they give you might be disappointing, but don’t whine about it. Realize that your parents do want to give you everything they can – but sometimes the money just isn’t there. Let them know you appreciate any help they can give you.
  • Brainstorm ways they can help you save for college. No matter what their answer is, it’s safe to say that your parents want only the best for you – and will be more than willing to help you find ways to save money for college. Whether that means driving you to a part-time job or getting you the homework help you need to pull down killer grades, you’re sure to find tons of great ways you can work together to make your dreams happen when you sit down and talk about it!

And don’t forget—there are plenty of affordable college options out there. Check out this post about college options for low-income students. And for more great information about paying for college, subscribe to our blog!

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“Top 10″ List – Your College Search Just Got Easier!

Thursday, July 21st, 2011
Questions about getting into college

Got questions about getting into college? We have the answers.

Summer is fast winding to a close, and when it does, the college search process will heat up for millions of students across the country. Worried about how to start? Trying to simplify your search? Are you even ready?

To help you get prepared, we’ve created My College Guide’s “top 10″ list based on our most popular college search posts!

Why are they popular? Easy, they provide helpful information on finding the college that’s right for you, figuring out the college admissions process and identifying ways to pay for college.

Let’s get started.

1. Got a pet that you just can’t stand to leave behind? In You Can Take Them With You: Pet Friendly Colleges and Universities, you’ll see which colleges and universities are pet friendly.

2. Need help paying for college? Who doesn’t? Colleges for Low Income Students: Free Tuition, No Loans, and Full Rides provides a list of colleges that offer full rides or free tuition.

3. Looking for a college scholarship? Think the scholarship options are limited? There’s more out there than you think! Be creative, think outside the box and check out our Super List of College Scholarship Websites.

4. Wish you could get advice about getting college scholarships? Read tips about finding scholarships from the pros in Fastweb, Scholarships.com, Super College: Scholarship Tips From Pros in the Know.

5. Trying to get through the financial aid process? Worrying about all the forms to fill out for college funding? Learn about the financial aid process from the people behind the scenes at the University of Michigan in our post, College Tuition and Financial Aid Explained at the University of Michigan.

6. Searching for affordable colleges? Need to find a college that’s affordable with or without financial aid? We’ve got you covered. See our list of  8 of America’s Most Affordable Public Universities.

7. Want to get an edge on the competition for admission to your dream college? Check out 3 Ways to Get into Your First Choice College (Besides Getting Good Grades) and discover things you can do before you ever fill out a college application to help you get the attention of college admissions officers.

8. Nervous about those upcoming college interviews? Read 5 Tips to Help You Prepare for Your College Interview and learn what you need to know to succeed.

9. Want to make sure admissions officers remember your name? Learn how to stand out from the pack with How to Increase Your Odds After Sending in Your Application.

10. Worried about the economy? Want to get a job right out of college? Then you should read The Most Employable Majors: 5 Concentrations That Will Land You a Job Straight Out of College.

We’re always sharing more information on getting into college, paying for college and college help,  so subscribe to our blog today and stay ahead of the curve!

If you’re looking for answers to specific college and career readiness questions, Ask The Guru.

Photo courtesy of Ninja M.

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Posted in Choosing a College, College Admissions, College Applications, College Interview, College Search, Financial Aid, Online Tools, Paying for College, Preparing for College, Scholarships, Social Media | No Comments »

Three Unique College Scholarship Opportunities.

Monday, July 18th, 2011
college student found the scholarship money she needs

Change the world and get the scholarship money you need to head to campus next fall.

When it comes to finding college scholarships, it pays to think outside the box.

You might think that college scholarships are limited but, as you are about to learn, there’s actually a world of opportunities out there. To get you started, we found three unique college scholarships to show you that when it comes to financial aid, thinking creatively and considering all possibilities is your best bet.

The Guardian Girls Going Places Entrepreneurship Award Program

The Girls Going Places Entrepreneurship Award Program created by The Guardian Life Insurance Company recognizes the enterprising spirit of young women. Open to young women ages 12 to 18, Guardian grants a total of $30,000 in college scholarships for women ranging from $1,000 to $10,000. The top 15 scholarship winners are chosen based on their demonstration of entrepreneurial spirit, dedication to financial independence and commitment to making a difference in their communities. The nomination begins annually in September and ends in February with winners announced in May each year.

Scholar Athlete Milk Mustache of the Year (SAMMY) Award

Got Milk? Got game and looking for ways to get an athletic scholarship? The Scholar Athlete Milk Mustache of the Year (SAMMY) Award is open to graduating high school senior scholar athletes who demonstrate excellence in academics, athletic performance, leadership and community service.  25 Regional winners will be awarded a $7500 scholarship. The deadline is in early March.  You can log onto refuelwithchocalatemilk.com in November for information on the SAMMY 2012 scholarship.

Intel AppUp(SM) Developer Challenge Contest

While the program isn’t technically a college scholarship, winners of the Intel AppUp developer program will receive up to $50,000—which would go a long way toward financing a college education.  This worldwide competition is limited to entrants 18 or older. It is skill-based and designed to bring out breakthrough applications based on the Intel® Atom™ processor.  There are a variety of categories available which range from Best App For Play to the Best App For Multiple Devices, with varying deadlines for each. So hurry up and get programming

Of course, there are millions of college scholarships out there. Let these college scholarship resources help you find the one that is right for you.  Don’t forget to subscribe to our blog to get all the latest college information and help with college scholarships!

Photo courtesy of kcolwell.

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Posted in College Admissions, College Search, Paying for College, Preparing for College, Scholarships | No Comments »

5 Things To Know About Saving For College With a 529 Plan.

Monday, July 11th, 2011
graduate looking for college savings

Graduation is closer than you think. Start saving with a 529 plan!*

If you’re like the majority of high school students, you’re probably a little bit worried about finding money for college—especially if your parents haven’t already started a college savings fund for you. But you know what? It’s not too late.

Starting a 529 plan can be a great way to save for college—even if it’s only a couple of years away! Read on to find out what you need to know.

1. Anyone can contribute to your 529 plan.

Although you have to be 18 to start a 529 plan, once it’s open, anyone can help you save for college—parents, grandparents, aunts and uncles—even friends.

2. People can contribute a lot of money to your 529 plan.

With a 529 plan, you can save up to  $12,000 a year for  college. And, although this probably won’t matter unless you have a millionaire in the family, your 529 account can hold up to $300,000 in college savings!

3. You can link your 529 plan with a Upromise account, helping your college savings to grow even faster!

With Upromise, the things you buy every day can help you earn college money. Even better? Friends and family can all help you save, just by linking their purchases to your account!

4. The funds from your 529 plan can help you pay for college no matter what university you choose.

While all 529 plans are state run, the investments you make with them cross state lines. So your 529 plan from Illinois can be used to attend school in California, New York or even, in some cases, in other countries!

5. The college money in your 529 plan is transferable.

Right now, you’re planning to finish college and maybe even go on to graduate school. But life changes quickly and your plans could change. If that happens,  and you don’t end up needing all the money in your 529? The funds can be used for another beneficiary—like a younger sibling.

So if you’re serious about saving money for college, consider opening a 529 plan. And don’t forget to subscribe to our blog for the latest college savings tips and financial aid information.

Photo courtesy of  Robert Francis.

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Posted in Financial Aid, Paying for College, Preparing for College, Scholarships, Student Loans | No Comments »

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