Posts Tagged ‘Financial Aid’

The FAFSA Wins a Makeover

Thursday, February 4th, 2010

FAFSA on your list? Get 'er DONE!Procrastinating about completing your Free Application for Federal Student Aid?  Thanks to a bit of pruning by the Department of Education, the 2010 – 2011 FAFSA may not be as complicated as you think!  Yes, you read that right.

The shiny new version of the online 2010 – 2011 FAFSA is reportedly easier to use and navigate!  On web pages alone, the Department of Education boasts a 65% decrease in the number of webpages and omitted over 20 questions!  That’s big news for the millions of students that fill out the FAFSA each year.

A streamlined FAFSA means you can spend less time filling out the FAFSA and more time on other important things like choosing a college and applying for college scholarships.

Changes on the 2010 – 2011 FAFSA include:

Side Tabs. Clearly labeled sections on the left of each screen make it easy for parent (light blue) or student (dark blue) to quickly find and complete specifically labeled sections without a lot of guesswork.

Help Text. In previous versions of the FAFSA, the help text took up large sections, creating an online FAFSA as bulky as the paper version!  Now, the help pops up in the sidebar and changes as you move from section to section so you can easily find what you need without a lot of digging.

Assets? The new FAFSA no longer requires students with family incomes around $40,000 to claim assets, in the hopes that, in the future, families will tuck a little away for higher education for their children – without worrying about being potentially penalized for it later.

Data Sharing – Future data-sharing between the IRS and the Department of Education could make answering questions a snap – or at least a lot easier than it has been in the past.  Students filling out the 2009 – 2010 FAFSA for the Spring semester can take advantage of tax information right from the IRS.  It should make filling in the blanks a whole lot easier!

Non-Traditional?  Married? If you are at least 24 or married, the Department of Education has good news for you!  You no longer have to provide parental information – which means it might be easier for you to qualify for financial aid since your parent(s) information will no longer count against you.

What do you think?  Do the changes to the FAFSA make you feel more confident about tackling (and completing) the form?  Why or why not?

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Posted in Financial Aid, Paying for College | 1 Comment »

Early Decision: Is it the Right Decision for You?

Tuesday, January 12th, 2010

Twitter, Facebook, really, the whole internet is buzzing with two words: early decision. Who got in, who didn’t get in, and who is still waiting to hear from their school of choice is all anyone can talk about – even our Admissions Guru has been bombarded with questions. Early decision confusion?  That’s what we’re here for!

It's a LOT to think about!

katrinalopez

You can only choose one school in which to apply for early decision because it is a binding contract (not to be confused with early action which is non-binding).  Apply by the November early decision deadline (which can vary slightly between schools) to receive “the answer” somewhere between December and January.

Even if you don’t receive early decision acceptance, most colleges and universities will defer your application, giving you a chance to gain regular decision admittance.  Simply put, this deferment means that, while you still have a shot at getting into that school, you are no longer bound by the early decision contract.  You should definitely apply to multiple colleges, just know that you will have to withdraw the applications to those schools if you’re accepted early decision

When considering whether or not to send in an early decision college app for a particular school, try to imagine paying for that school without any financial help.  If that thought makes you uncomfortable (or just downright nervous), you should check to make sure that your application is subject to your receiving the minimum amount of financial aid you’ll need. Otherwise, you might end up getting bound to attend that school regardless of the amount of financial aid offered!

Again, this is a binding contract.  Colleges and universities mean business so read that contract carefully!  If you do try to walk away, you will most likely be black-listed not only at that school, but at other schools as well, which can severely hamper your future plans.  Also, if you then decide to attend a different school, that school might just revoke their acceptance of you if they find out that you broke your early decision contract.  Colleges value personal integrity – do you really want to take a chance at severely damaging yours?

But, if you have done the campus visit, taken the college tour, have completely fallen in love with a particular school, and know that it’s your top pick, you might want to consider early decision.  Why draw out the agony of waiting if you can receive your acceptance (or not) early?

Decisions, decisions.

ambrown

Better yet — Class of 2014 Facebook Pages are popping up daily so new students can get acquainted, network, and form friendships with one another before ever setting foot on campus (keep watch for our Class of 2014 Facebook list, coming soon!). That would go a long way in helping to calm first day jitters!

Early decision = fewer applicants.  However, even with a smaller pool of college applications to wade through, the applicants tend to be pretty strong (we’re talking top of their class and super involved) so  it doesn’t mean you’ll have a better chance of getting in.   Early decision is a huge responsibility.  It’s definitely not something to walk into blindly.

So, would you/have you/are you considering applying for early decision?  Why or why not?  Share you thoughts in the comments section below.

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Posted in College Admissions, College Applications | 3 Comments »

College Admission Tips for Twins, Triplets, and Other Multiple Siblings

Monday, December 28th, 2009

twinsSeveral weeks ago, the Crouch quadruplets from Danbury, Connecticut received a special early Christmas present: they had all applied to Yale University under the early admission plan. And to their shock and delight, all four of the talented siblings—Ray, Kenny, Carol, and Martina—had been accepted to the school.

The quadruplets haven’t yet decided on whether they will all attend Yale, and their decision will likely rely on how much financial aid the university will be able to allocate to the family. (As you can imagine, sending four kids at once to college can be a killer expense.) But the fact of their acceptance is a great story in itself—and, for twins and other multiples, it provides a hopeful message for their own college dreams.

If you’re a multiple, you may have some concerns about whether you and your sibling(s) will be able to attend the same school, and how your family will be able to afford the cost. Here are a few tips to help you through the admissions process.

Ask yourself if you really want to attend the same school. If you’re part of a set of multiples, you’ve probably been grouped together with your sibling(s) for your entire life, especially if you’re an identical twin. While you probably share a special bond, you’re also likely to find it difficult to create a separate identity for yourself. By attending different schools, you’ll finally be able to find your own group of friends and develop your own specialized interests. Then again, if you already feel comfortable with your own identities, you may be happy to stay together—just don’t take it as a given that you should never leave your sibling’s side.

Be aware that admissions decisions may take your sibling into account—and that’s not always a good thing. In the case of the Crouch quadruplets, it’s evident that they are all great students, but it certainly helped their chances that they’re all siblings. Many schools admit that, when they see siblings with similar grades and test scores, they feel compelled to issue the same admissions decision to each one, as they’re conscious of family dynamics. So, if your academically equal twin sister gets into Harvard, you’re likely to get in as well. However, it can also go the other way: if one of you is obviously unqualified, the other may get wait-listed rather than accepted, when if the more qualified sibling had applied alone, you may have been admitted.

Apply for a twin or multiple scholarship. Numerous colleges throughout the U.S. offer discounted admission when one or more of a set of multiples attend their school. Some of the scholarships are for a moderate amount, but others will cover the cost of one entire tuition, essentially giving you a two-for-one rate. Find out about twin, multiple, and sibling scholarships here. Of course, you are also eligible to apply for any other scholarship, so consider all potential financial aid sources when making your decision.

If you and your sibling do attend the same school, don’t room together. College is a wonderful opportunity to branch out and meet new people. Even if you want to stay close to your sibling, you’ll stand a much better chance of making new friends if you decide to live in different dorms and room with people you’ve never met before. While you’ll provide one another with a wonderful support system, it’s important to keep yourselves open to the college experience, so make sure to spend time apart—even if it’s only a building away.

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Posted in Choosing a College, College Admissions, Financial Aid | No Comments »

Seven Schools with Great Financial Aid Packages

Saturday, December 12th, 2009

collegemoneyThese days, money is tight for just about everyone—and college is one of the biggest expenses your family will ever face. A four-year program at many private universities will cost over $200,000, not counting the cost of textbooks and other extra fees. While some students may be eligible for scholarships (we’ve got one for you here) and financial aid, there’s always a concern that a school might reject you because you’re not able to pay their tuition.

Not these schools. With “need-blind” admissions policies, they pay no attention to how much money you have when deciding whether or not to admit you. Better yet, some schools even claim to meet full need, which means that they’ll provide grants to make up the difference between the family’s expected contribution, based on income, and the cost of tuition. While most students are able to obtain loans to help pay for college, these need-granting schools will generally contribute money that the students will never have to pay back, which can take a lot of the stress out of the college experience.

Want to see which schools have the best financial aid policies? Here’s a selection of colleges that aren’t likely to leave you with mountains of debt.

Harvard University. Last year, Harvard admitted Khadijah Williams, a homeless straight-A teen from Los Angeles, providing her with a full scholarship that covered all of her classes, textbooks, room, and board. This isn’t a first for them—the school has been long known for a remarkably generous financial aid policy, covering all costs for families who make below $60,000 and reducing the cost of college for middle-income families by as much as 50 percent. This year alone, they are awarding $145 million in need-based aid. So if you’re Harvard material, don’t worry about the price tag: you’ll find a place there

Bowdoin College. Bowdoin College, a small liberal arts school in Maine, may have a high price tag—$53,250 a year—but very few students are expected to pay that entire amount. The school offers need-blind admission, and more than 40 percent of students receive grants to help pay tuition, which do not need to be paid back. For a chance at a debt-free education in beautiful Maine, take a look at Bowdoin and its financial aid policies.

Bryn Mawr College. Bryn Mawr, a women’s college in Pennsylvania, has a generous grant assistance program, offering more than $20.4 million in financial aid to 62% of the student body. For more information, visit the school’s financial aid page.

Cornell University. This Ivy League university in upstate New York has always been generous with financial aid, but it recently announced an even more impressive initiative: starting this year, families with incomes below $75,000 will not have to pay any loan money, and families who earn between $75,000 and $120,000 will not have to pay back more than $3,000 for each year of school. The remainder of the money beyond the family’s expected contribution will be covered in full by the school. Check out their policies here.

Macalester College. This small, but highly competitive liberal arts school in Minnesota provides need-based financial assistance to all eligible students, which is about two-thirds of the entire student body. The average yearly financial aid award is $32,258, though some students are eligible for full scholarships. Find out more.

New College of Florida. Though it’s a public school, this university has only 785 students—and 90% of them are receiving financial aid assistance. With annual tuition, room, and board of just $12,567 for in-state students and $34,169 for students from out-of-state, it’s already one of the best educational deals around. Find out about their financial aid here.

Swarthmore College. This highly selective liberal arts college pledges to meet all student financial need after the expected family payments have been made, and awards more than $34 million in scholarships, loans, and other assistance to 70 percent of its student body every year. Swarthmore also offers a deferred payment plan, which allows families to pay tuition and other student fees in smaller monthly increments, interest-free, for a one-time participation fee of $60. Check out the options.

There are plenty of other fantastic schools with great financial aid packages available to the cost-conscious student. To find more, take a look at this list from US News and World Report —and make sure to register for our $2,000 scholarship!

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Posted in Financial Aid, Paying for College, Scholarships | 1 Comment »

Beyond Federal Financial Aid

Wednesday, October 7th, 2009

Daniel Y Go

When it comes paying for college, you may apply for federal financial aid. The problem may be that when you receive the award letter, it’s simply not enough to cover everything. With a college education comes the expense of covering tuition, books and room and board for a four-year period, which means the costs can really add up. If your federal financial aid is falling short of the amount of money you need to pay for your college education, you may have to turn to applying for student loans from private institutions.

Where and How to Find Student Loans

  • Bank. Your first stop for student loan information should be the bank where you or your parents have an account. Having a relationship with the bank may make it easier for you to qualify for a student loan. It may also help you to get a better interest rate, repayment terms and conditions than you would from a bank where you don’t have an existing relationship. Some lenders may also ask you to open an account with them when applying for a student loan to help with the approval process.
  • Private loans. Another source of college money is obtaining a loan from an individual, such as a family member, rather than applying for a bank student loan. In a private one-on-one situation, you can negotiate the amount, interest rate and payment arrangements with the person loaning you the money. This means you can usually get a better interest rate and more favorable repayment terms than you may get when going through a traditional student loan program. You should treat this loan as you would any other loan, making sure that the agreement is in writing and that you both sign a promissory note that details the terms of the loan.
  • Comparison Shop. Obtaining a student loan is a major financial decision. This means that you should shop and compare your various options before choosing the one that is the most beneficial to you. It’s wise to compare at least three student loan options to compare the differences. You’ll want to compare the interest rates charged, the repayment terms, the term of the loan and any other options available with the loan such as deferment and loan forgiveness. This is important because you’re not sure what the future holds for you in the way of employment and income after you graduate from college.

After you’ve found out what is available for you in financial aid from the U.S. Department of Education’s FAFSA program, you may need to cover the shortfall with other sources. Private student loans may be the way for you to pay for college expenses that are not covered by other means.

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Don’t Overlook the Fastest Route to College Financial Aid

Tuesday, October 6th, 2009

Nathan Colquhoun

If you’re one of the millions of students preparing to apply for college then you’re also probably thinking about how you’re going to pay for your college education. If you’re one of the lucky ones then your parents may be footing the bill. If you’re even luckier then maybe you have a scholarship that will cover all or most of your college expenses. Beyond these options, however, there are a myriad of other funding options available to you. The thing is that you have to be proactive about finding these sources. Using the Free Application for Federal Student Aid (FAFSA) you can hit up a variety of financial aid sources with just one application.

What is FAFSA?

FAFSA is a financial aid program provided by the U.S. Department of Education. In essence, it’s a way for students to obtain federal financial aid in the forms of federal grants, work study programs and federally funded student loans. All you have to do is complete the free FAFSA application. Once you submit your application and it is reviewed, you’ll receive an award offer, which is based on your financial need. With over $80 billion of federal aid being disbursed each year, FAFSA offer a prime opportunity to receive the money you need to pay for college.

Benefits of Federal Student Loans

Private lenders, the bank where you have your checking account or where your parents bank, are private loan opportunities that can also help you obtain the money you need for college. Federal student loans, however, have a number of advantages that make it the better option over applying for private student loans.

Benefits include:
•    Lower interest rates
•    Fixed interest rates instead of variable rates
•    More attractive repayment terms and options
•    Deferment of payments for six months after graduation
•    Payment amounts based on employment income

While federal financial aid programs are not the only options available to fund your college education, it is the first place you should start. It’s free to apply and you’re not obligated to accept what is awarded to you, but it may be the answer to paying for your entire college education or covering the shortfall.

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