Posts Tagged ‘Paying for College’

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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 »

How To Find the Right Type of Scholarship: Understanding the Lingo.

Tuesday, September 20th, 2011
Dictionary of college scholarship terms

You don't need a dictionary to understand college scholarships. Just this handy blog post! Photo credit: GadgetGirl

Last week, we had you do a little homework to determine what kind of scholarships could be right for you. This week? We’re going to define the most common types of scholarships for you so you know how to tell when you’ve found the right one!

Merit-based scholarships

These are the most common types of scholarships. They are awarded to students who can demonstrate high levels of achievement in a certain area. Often, that simply means they go to people with a really great GPA or rock star test scores. But merit scholarships can also be awarded on the basis of athletic ability, extracurricular involvement or even volunteerism.

Need-based scholarships

As you might expect, these scholarships go to students who really need them, financially speaking. The majority of need-based scholarships come from the federal government and are awarded based on information you’ll supply in your FAFSA. However, there are also tons of organizations with need-based scholarship programs. It’s just a matter of finding them.

Student-specific scholarships

These are the scholarships you can get just for being you! Student-specific scholarships are given out to people who satisfy the specific requirements of the organization giving out the scholarship. So, a scholarship awarded because of your ethnic background would be considered a student-specific scholarship. So would a scholarship you get because of where you live or what you’re interested in.

Career-specific scholarships

Have you known what you want to do for a living since you were 10? Do you know what you want to major in, where you want to intern and what company you want to work for? If so, our hats are off to you—you’re quite the planner! Career-specific scholarships are made for people like you—or at least for students who know what they want to major in. They’re awarded by industry-specific and career-oriented organizations looking to help the next generation of professionals succeed!

College-specific scholarships

Once you know where you want to go to college (and get accepted), you could be eligible for a scholarship awarded by that college. These types of scholarships are sometimes given to help students who have a financial need, but can also be awarded  on the basis of personal or academic achievement.

And now you know what the five major types of scholarships are! Although there are many kinds of specific scholarships available, for the most part they fit into one of these buckets. Hopefully, this knowledge will help you as you begin (or continue) your scholarship search.

We’ll be bringing you information about how to find scholarships all year long, so subscribe to our blog today and make sure you don’t miss a thing!

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Posted in Financial Aid, Paying for College, Scholarships, Uncategorized | No 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 Earn Money For College (and Still Have A Life).

Thursday, August 18th, 2011
McDonald's isn't the only place to earn money for college.

Think beyond the burger joint for ways to pay for college. Photo credit: The Consumerist.

So you need to earn money for college. Think the only way to do it is by putting in years of hard labor at the local McBurger restaurant? Think again.

The number of ways you can earn money to pay for college is limited only by your imagination. So before you head off to the local fast food joints and grocery stores to put in an application, put on your thinking cap instead.

Put your artistic side to work to earn money for college.

Do you have a crafty side? Think about how you can harness your talents to earn money for college. Consider making jewelry, sewing purses, crocheting hats, creating eReader cases out of old books… the possibilities are endless. Once you have a product perfected, you can open an Etsy shop, sell on your own website, or just make the rounds of the local craft shows!

Are you a shutterbug? If you have a talent for photography or videography, consider opening “studio.” You could try to get work photographing school and community events, special occasions for family and friends, or even offer senior photo sessions!

Offer a little help to earn money for college.

Think about the adults around you. Your family. Your neighbors. Your parents’ coworkers. What could they use help with? Figure out what that need is and then try to fill it!

Are you the outdoorsy type? If so, you could offer to mow lawns or shovel snow, do yard work or even chop firewood in the wintertime. You could even set up a dog walking business!

Got a soft spot for kids? Then you’re about to become everyone’s favorite teenager. If you like spending time with the pint-sized set, ask your parents to spread the word about your babysitting prowess. With average rates starting at $5 a kid, that money could add up fast!

Prefer the company of Fido? Let it be known that you’re available for pet sitting—either on a daily basis after school or for longer time periods like vacations and holidays. Add in tasks like plant watering and mail gathering and you’ve got yourself a business!

These are just a few of the ways you can earn money to pay for college. Spend a little time brainstorming and you’re sure to think of an option that sounds like fun to you! And remember, when you open a Upromise account, you can save money for college just by, well, spending money!

Want to learn about more great ways to save money for college and get into your dream school? Then subscribe to our blog. We’ll bring you new tips and tricks for making the most of the college admissions process all year long!

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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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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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How To FInd the Best Buys In College Education.

Friday, July 1st, 2011

teen searching for affordable college tuition online

Do you know how to find the most affordable colleges?

If you’re like the vast majority of college bound students, you’re probably worrying about the high cost of a college degree.

Yes, college tuition is a big expense—but how big and how much you may need in loans or grants depends on the school you choose. The good news? Comparing tuition costs for a college degree just got easier.

As the New York Times reported yesterday, colleges and universities across the country are now required to report their college tuition numbers, including costs for room and board to the Department of Education. And they, in turn, are making those numbers available to everyone on a new website.

The College Affordability and Transparency Center lets you generate a number  of different reports, all designed to show you what colleges cost the most and which have the lowest college tuition—both before and after college loans, grants and scholarships.

So where is your college money going to go the farthest? Below are the most affordable schools in the United States:

Top Five Public Universities With the Lowest Net College Tuition

  1. Sitting Bull College, North Dakota
  2. Escuela de Artes Plasticas de Puerto Rico
  3. South Texas College, Texas
  4. University of Puerto Rico – Aguadilla, Puerto Rico
  5. The University of Texas – Pan American, Texas

Top Five Private Non-Profit Universities With the Lowest Net College Tuition

  1. Universidad Teologice del Caribe, Puerto Rico
  2. Talmudical University – New Jersey, New Jersey
  3. Colegio Pentecostal Mizpa, Puerto Rico
  4. Baptist Missionary Association Theological Seminary, Texas
  5. John Dewey College – University Division, Puerto Rico

These are just two examples of the vast amount of comparative information available on the College Navigator website. So if finding the best deal on college tuition is important to you, spend some time with it. You might be surprised at what you find!

Don’t miss out on the latest information about college tuition! Subscribe to our blog and stay up to date!

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Posted in Choosing a College, Online Tools, Paying for College | 2 Comments »

The Easiest Way To Earn Savings For College.

Wednesday, June 22nd, 2011
Buying clothes can help you earn college savings

Sales are even better when they're earning you savings for college.

Did you know that earning savings for college can be as easy as pulling out your credit card and making a purchase?

It’s true! By signing up for Upromise and shopping with its partners, you can get up to 25 percent back on the purchases you make. Even better, the college savings you earn are tax free!

Sounds crazy, right? But don’t worry, Upromise is completely legitimate—in fact, it’s the brainchild of  the people at Sallie Mae (which runs federal student loan programs, among other things).

So, how does it earn you savings for college?

First, you have to create an account. That involves giving them some basic information, including which debit/credit cards you want to use to earn college savings. After your registration is complete, there are three super easy ways you can start getting savings for college:

  • Use the Upromise portal to shop online at any of their 800 partner sites
  • Download  eCoupons onto your shopper cards and use them when you shop at your local supermarkets and drugstores
  • Register as a Preferred Diner and eat at participating restaurants

Even better? You can invite your friends and family to be part of your Upromise account, too. When they do, you’ll earn additional college savings every time they shop!

Keeping track of  your college savings.

Wondering where all those savings for college go? The answer is anywhere you want them to!

Upromise gives you four ways to use the college savings you earn:

  • Have your college savings deposited in a 529 college savings account
  • Have your savings for college deposited in a high-yield savings account
  • Use your savings to pay down a student loan
  • Receive your college savings directly in the form of a monthly check

Cashing in on the savings for college you earn with Upromise.

The college savings in your Upromise account can be used for whomever you designate as the beneficiary – your children, a friend or family member, or even yourself! It also never expires, so whether you’re saving for a two-year-old or  a fifteen-year-old, the money will be there when you need it. Plus, you can use it however you see fit – for tuition, books, even room and board!

So if you could use some easy savings for college, open a Upromise account. You’ve got nothing to lose – and a whole lot of college savings to gain.

And don’t forget, you’ll get all the latest advice on saving for college on our blog, so subscribe today!

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Posted in Financial Aid, Online Tools, Paying for College, Scholarships | 4 Comments »

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