Category Archives: financial aid

admissions, college costs, college planning, extracurricular activities, financial aid, parenting, scholarships, social networks, test prep, Uncategorized

How to raise $15,000 for college

 

A few weeks ago I attended a virtual college event at CollegeWeekLive. I was impressed with the simplicity of the information and wanted to pass it along to all my readers who might not have had the opportunity to attend. This particular session was conducted by Kim Clark, staff writer for U.S. News and World Reports. She outlined some simple steps to raise $15,000 for college:

  1. Up to $2500 from Uncle Sam–via tax credits (Hope and Lifetime Learning Credit)
  2. Child labor–put your teen to work at a summer job ($8 an hour x 40 hours a week for 9 weeks=$2880)
  3. Student loans–Stafford Loan ($5500 max per year at 7%); after student leaves college can sign up for payments based on their income (less than 15%)
  4. Family savings–cut teen to occassional driver and save $; food bills will decline; stop subsidizing entertainment (food and insurance can =$300-$400 a month)
  5. Scholarships and grants–leverage grades, test scores, athletics, arts for merit-based grants; apply for local scholarships
  6. Friends and relatives–ask for college fund contributions instead of presents
  7. Corporate sponsorship–some employers subsidize education for employees and families; UPromise
  8. Reduce college expenses–reduce dorm costs (share with other students); watch meal plans; buy used textbooks or rent; earn cheaper credits at community college, AP classes or dual credit classes; sell student’s car (won’t need one at college)

The bottom line: $15,000 or MORE! Here’s how it all adds up:

  1. Tax break-$2500 per year
  2. Student loan-$5500 per year
  3. Student job-$3000 per year
  4. Parent savings-$4000 per year
  5. Relatives-_____ (fill in blank)
  6. Scholarships-____(fill in blank)
  7. Corporate sponsorship-____(fill in blank)
  8. Reduction in college expenses-_____(fill in blank)

By piecing together all these separate components, there is no limit on how much you can raise for college costs. At the very least you can raise $15,000, at the very most, the sky is the limit!

You can check out U.S. News and World Reports education section: Paying For College for more information and tips.

college costs, college guidance, college planning, financial aid, parenting, Uncategorized

Paying for College

collegeweekliveToday is CollegeWeekLive’s FREE online event that will answer many of your questions about paying for college.  They have taken the time to gather all the experts and bring the information to you in the comfort of your own home. Sit down with a cup of coffee and watch, listen and chat while they give your their tips on financial aid, scholarships and financing.

Straight from College Week Live’s email:

Would you like to talk live with representatives of the US Dept of Education, Office of Federal Student Aid office about the new Free Application for Federal Student Aid (FAFSA) form and federal financial aid options? Want to speak with an expert from US News & World Report about tracking down cash for college? Would you like to find scholarships or get advice from college financial aid officers?

Get all this and more at CollegeWeekLive PAYING FOR COLLEGE on January 14th from 3:00 – 10:00 PM Eastern. Register for free and login this Thursday to speak live with this all-star cast of financial aid and scholarship experts!

3:00 PM Eastern How to Raise $15K for College Right Now
Kim Clark, Staff Writer, US News & World Report
3:30 PM Eastern How to Tap Into $11 Billion in Merit Scholarships
Chris Long, President and Chief Operating Officer, MeritAid.com
4:00 PM Eastern Elks National Foundation Scholarships
Kristen Scaletta, Programs Relationship Associate, Elks National Foundation
4:00 PM Eastern Money for the Student Athlete
Dion Wheeler, Author: “Sports Scholarship Insider’s Guide”
4:30 PM Eastern The Scholarships.com Program
Kevin Ladd, Vice President, Scholarships.com
5:00 PM Eastern Finding Money: A Guide To Financial Aid
Featuring Martha Savery, Director of External Relations, MEFA
7:00 PM Eastern Funding Your Education: Expert Tips to Navigate the Financial Aid Process
Adam Essex, Senior Project Manager, US Dept of Education, Office of
Federal Student Aid
9:00 PM Eastern Ask a Financial Aid Officer
Financial Aid Officers For Hawaii Pacific University and University of Alaska Fairbanks

Visit the Scholarships.com booth on the Financial Aid floor for more scholarship information and live chat!

Don’t forget about the CollegeWeekLive scholarships: Click here for more information!

  • $1,000 scholarship for the student of a parent who registers and attends CollegeWeekLive PAYING FOR COLLEGE
  • $3,000 scholarship for a student who registers and attends any 2010 CollegeWeekLive event prior to March 31, 2010

You don’t want to miss this FREE resource. Set your alarms, your watches, your smartphones and your Outlook calendars. See you in cyberspace!

admissions, college guidance, college planning, extracurricular activities, financial aid, test prep

Preparing for College: A Helping Hand

The University of Arizona has established two programs to help high school students prepare for the college experience. They are welcoming high school sophomores and seniors to a summer program that provides them with valuable information about the university and about building a foundation to help students succeed once they graduate high school and enter college.

The 2-day senior program is focused around admissions and acquainting students with the various majors available. The week-long sophomore program is focused around teaching students how to build a foundation for academic success.

According to University of Arizona academic advisors:

Minimally, families should be planning for college as early as 8th grade, when many academic decisions with long-term consequences are made. Course planning for the freshman year often begins early to mid-spring semester of the eighth grade year, and it is important that parents and school personnel help young students design a plan for college enrollment beginning then.

This program gives students a helping hand. This program was implemented after a 2007 pilot study showed that “addressing the transition barrier between high school and college was a critical point needed to help raise high school graduation levels and college enrollment”.

Hopefully other colleges will follow suit and implement these transitional programs. A student who is prepared and armed with the tools to succeed will be less likely to enter college overwhelmed and be less likely to drop out or fail.

Read the entire article here.

admissions, college costs, college guidance, college planning, extracurricular activities, financial aid, scholarships, social networks, test prep

U.S. News & World Report-Best Colleges

This is not a commercial plug for this publication. It is however, an explanation of why I believe this is a MUST read for any college-bound teen. There are three options available for your use:

  • The print edition for $9.95
  • The online edition for $14.95
  • The combo package (print and online) for $19.95

If you don’t want to fork over the cost for either of these, you can browse their website and find a wealth of information.

It is my recommendation that you invest in at least the print version of this publication. If you’re in the process of choosing a college or even widdling down some choices, this publication will give you the needed information to make the right choice.

What does it provide?

  1. It is packed with articles about how to choose a college, how to prepare, how to get in, and how to pay for the education.
  2. It provides information about the best colleges concerning tuition, aid packages, student body, room and board cost, email addresses and website information.
  3. There is also explanation on how they determine their rankings based on several key measures of quality: academic reputation, retention, faculty resources, student selectivity, financial resources, graduation rate performance, and alumni giving rate.
  4. It is an invaluable tool for determining past financial aid packages and will help you gauge if applying to a top-tiered college will be affordable based on alumni giving.
  5. Schools vie for the prestige of being in this publication. If a school makes the list, you can be assured that the quality of the education you receive is worth every penny you spend.

And…Since this is such an invaluable tool for college-bound teens and their parents, here’s what I’m going to do:

To qualify for a giveaway of the U.S. News and World Report 2009 Best Colleges, simply sign up for my College Tips Email and post this on Twitter:

@suzanneshaffer is giving away a FREE U.S. News and World Report-Best Colleges 2009 http://tinyurl.com/kk6zg4

I will be choosing a random winner on June 15th. Spread the word to all your friends who have teens heading off to college !

admissions, college costs, financial aid

Choices. Choices. Choices.

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The college acceptance letters arrive. You would think it would be easy after that. Your teen has gotten into their 1st choice school and it’s simple; you fire off the acceptance letter to that school and the deposit and it’s a done deal.

But wait. What if some of the other schools offer financial aid packages that are just too good to be true? Like for instance: a full ride, numerous academic scholarships and grants, along with other incentives like reduced housing for the freshman year. Since the college market is highly competitive, it’s possible that you could be faced with an even more difficult dilemma: attend your 1st choice school OR attend a school offering a better financial aid package.

That’s exactly what happened to us. Through a series of events out of our control, the high school neglected to send my daughter’s mid-year transcript to Boston University.  Because we neglected to follow up, we did not know that was the case. When her financial aid package arrived from BU, it was completely defunct of ANY aid, except a small Stafford Loan. All the other colleges offered her multiple academic scholarships based on her mid-term transcript. One phone call ascertained the reason behind it and since the tuition was incredibly high, it knocked out her 1st choice school immediately.

Here are some lessons we learned:

Always follow up on important submissions to colleges–it’s your responsibility to verify they received ALL documentation prior to the financial aid decision

When your acceptances and financial aid packages arrive, compare them carefully. It’s highly possible that an aid package from an expensive private university will outshine the aid package from a state funded public university

Remember that there are many factors to take into consideration when making the final choice: aid package, course offerings, size, location, and don’t exclude your “gut” feeling.

Be sure when you apply that every school in your application pool is one you would like to attend. If you are offered a free ride to a school that was bottom on your list, but you put it there for a reason, you want to be able to seriously consider choosing it.

And…my personal final thought:

Everything happens for a reason. Although my daughter was not able to attend Boston University, another Boston college was in her pool of schools and it turned out was a much better fit for her in the long run.

If you do your homework in advance, the choices, although they might be difficult, will end up being the right ones in the long run and your teen will enjoy a wonderfully exciting and academically challenging college experience.