Category Archives: financial planning

FAFSA, financial aid, financial planning

Another Delay for the FAFSA

FAFSA

Another FAFSA delay, yet again.

The U.S. Department of Education announced Tuesday that colleges and universities won’t receive students’ FAFSA information until at least early March. The delay, they said, is the result of the department’s decision to fix an error in how a student’s eligibility is calculated.

In its statement announcing the latest delay, the department also acknowledged that students can’t currently make corrections to their forms and wouldn’t be able to do so until the first half of March.

“With this last-minute news, our nation’s colleges are once again left scrambling as they determine how best to work within these new timelines to issue aid offers as soon as possible,” Justin Draeger, president of the National Association of Student Aid Administrators, said. “Financially vulnerable students shouldn’t be the ones to pay the price for these missteps.”

An Education Department website lists a host of other issues on the new form that are affecting applicants, echoing parents’ frustrations over the last month.

Continue reading Another Delay for the FAFSA →
financial aid, financial planning, Student debt, student loans

Exploring the Various Types of Government Student Loans

government student loans

Government student loans play a significant role in providing financial assistance to students who aspire to achieve their academic goals.

Education is a key investment in one’s future, and for many students, financing their education becomes a crucial aspect of pursuing higher studies. With so much confusion these days over which government loans are best and what the difference is, I felt it was time to simplify it for you and create a list along with the specifics on each.

Following are the various types of government student loans available to students in the United States.

Continue reading Exploring the Various Types of Government Student Loans →
college costs, financial planning, scholarships

UVM to Offer Scholarships and Cash Prizes in New Pitch Challenge for High School Students

scholarships

UVM is excited to announce the Vermont Pitch Challenge, a new entrepreneurial-focused competition that gives high school students in grades 10-12 from across the world a chance to pitch innovative and impactful business plans–all while competing for cash prizes and full-tuition scholarships to UVM. The new program is free to enter and offers young students a unique opportunity to learn from UVM faculty and alumni as well as top entrepreneurial experts about how to write a business plan, create a compelling pitch, and achieve their ultimate career goals.

The Vermont Pitch Challenge gives high school entrepreneurs from across the globe the chance to pitch innovative businesses that make a difference in their communities. Along the way, participants will learn from top experts during monthly webinars about how to write a business plan, create a compelling pitch, and achieve their goals–all while competing for cash prizes and scholarships to the University of Vermont. Learn More.

Continue reading UVM to Offer Scholarships and Cash Prizes in New Pitch Challenge for High School Students →
college costs, financial aid, financial planning, merit aid

Navigating the Path to Merit Aid

merit aid

As the cost of higher education continues to rise, pursuing financial aid has become a crucial aspect of the college application process for many students and their families. Merit aid, awarded based on a student’s achievements and abilities rather than financial need, can significantly alleviate the financial burden associated with attending college.

Both my children received merit-based aid because of their academic performance. The best path to this type of aid is to focus on academics. Start when your child enters high school by stressing the importance of a strong academic performance.

Continue reading Navigating the Path to Merit Aid →
FAFSA, financial aid, financial planning

FAFSA Frustrations and Questions

FAFSA

It’s been a busy holiday season culminating with the availability of the new FAFSA. Let’s just say it’s been anything but seamless for parents and students.

Monitoring Facebook groups, I’ve noticed so many frustrations with the new form. I’m not sure if it’s because it’s new and everyone is not too sure about the simplified format, or the instructions just aren’t clear, which is a distinct possibility. Whatever the case, the questions online are prolific.

My best advice: take it slowly. Read every section carefully and if you don’t understand, search for answers at StudentAid.gov.

From NerdWallet, here are its five most-confusing aspects, and strategies to deal with them — so you can submit your form ASAP.

Continue reading FAFSA Frustrations and Questions →
college costs, financial aid, financial planning, parenting

How Much Should Parents Contribute Toward the Cost of College?

cost of college

There isn’t any definitive answer to how much parents should contribute toward the cost of college. Some feel it’s the parent’s responsibility to pay for the entire cost. Others feel that the student should participate financially. And still, others believe the student is responsible for securing the loans, grants, and scholarships themselves and the parents should not invest. Of course, there are always those situations when the parents, no matter how much they would like to help, are unable financially to contribute.

No matter which group you fall into, there are some important facts you should know about financing your student’s college education.

Continue reading How Much Should Parents Contribute Toward the Cost of College? →
financial aid, financial planning, Student debt, student loans

Avoid High Student Loan Debt with these Financial Strategies

student loan debt

Paying for college today can be stressful. Reading all the posts from parents on Facebook underscores the fact that college is expensive and parents are trying to pay for it without borrowing or graduating with massive student loan debt.

According to the Education Data Initiative:

Student loan debt in the United States totals $1.766 trillion.

Continue reading Avoid High Student Loan Debt with these Financial Strategies →
financial planning, Scholarship Friday, scholarships

Scholarship Friday: $6000 for Black Women in Stem

When I come across a scholarship that can help students and their families pay for college, I like to share it. Today’s scholarship is from BestColleges and there are five of them available for $6000. If your student qualifies, make sure they apply.

scholarship

Scholarship Overview

On average, Black women in STEM earn salaries that are 45% lower than their highest-paid peers. BestColleges is committed to breaking down barriers for students in underrepresented communities, who desire careers in the most competitive fields. This year, we’ll be giving away five $6,000 scholarships to Black women who are currently pursuing careers in STEM.

Continue reading Scholarship Friday: $6000 for Black Women in Stem →
financial planning, Guest Posts, Student debt, student loans

Back to School: 9 Tips for Managing Your Finances

finances

With consumer finances facing further turbulence following the announcement of the August resumption of U.S. student loan repayment, young Americans are bracing themselves for a financial squeeze in advance of the holidays.

With evidence that shoppers are already showing caution – the savings experts at SimplyCodes have put together some practical money advice for young consumers on how to navigate an increasingly compressed disposable income and how to better manage student loan repayments being back on the list of monthly expenses.

Continue reading Back to School: 9 Tips for Managing Your Finances →
college costs, financial aid, financial planning, scholarships, student loans

Understanding College Financial Aid

financial aid

Those two little words, “financial aid” can be music to a parent’s ears. I know they were to mine. But I had no idea the different types of aid available or the varying awards that colleges can make when they offer admission.

I was surprised to find that private colleges tend to be generous with their merit aid because they have institutional funds available; while public universities will offer less aid because of their strict budgets and large student populations. That’s why private colleges can often cost less than a public university even though their price tags are higher.

When my daughter applied to college we knew we were going to need help paying for it. Since we were not in the financial category that would receive federal grants, we hoped for other types of aid in the form of college grants and scholarships. Some of the colleges she applied to were private universities and some were public. When accepted, she received varying degrees of financial aid awards from the different colleges, both public and private.

One state university offered her aid in the form of student loans, but no grants or scholarships. Another private college offered her a full-ride in the form of a four year scholarship meeting 100 percent of the financial need. Her first choice college, a private university, offered her student loans, work study and parent loans, which did not meet the balance of our EFC (Expected Family Contribution). This is called “gapping” and colleges often do this to students who are accepted but do not qualify for merit aid. The college she chose offered a combination of awards: college grants, honor scholarships, student loans, and work study that met the difference between the cost of the college and our EFC. It wasn’t the full-ride or her first choice, but it was her second choice and was a perfect fit for her.

Continue reading Understanding College Financial Aid →