Tag Archives: college money

Establishing a Saving Strategy

saving strategy

One of the key elements of adulthood is learning to save for the future. Before your student leaves for college, it’s crucial to teach them how to manage money and save for the future. They will be bombarded with opportunities to spend, making saving a low priority. There will be the usual college expenses, entertainment and the temptation to frivolously spend while they are in college.

As their parent, you know the importance of saving for college and continuing to save for retirement. You can set an example by your actions and encouraging them to establish their own saving strategy. If you help them set up a savings account before college, it will be routine for them to put a portion of their earnings in the account during college; and, it establishes a good saving strategy after graduation.

Start in high school

CIT Bank can help you with their Savings Builder account. You can start an account for your student while they are in high school with as little as a $100 deposit. The savings you accumulate can be used for textbooks and any additional college expenses after high school graduation. Just a small monthly deposit of $100 quickly becomes $1000 and more to help your student with college expenses.

Here’s how it works

With $100 you can open an account with CIT Bank and earn up to 2.20% APY by making a single deposit of $100 or more every month. By using this online bank, it’s easy to grow and preserve your savings safely and securely because they are FDIC insured. There are no opening, monthly servicing, or line transfer fees.

You can easily access the funds in your account using free electronic transfers between your savings account and any other account at another bank; or, you can call and a check will be sent in the mail for free.

You can open a Savings Builder Account with CIT Bank by:

  1. Entering your information online
  2. Funding your account with a minimum of $100 with an electronic transfer or check
  3. You will receive an email confirmation and you are ready to start saving

The benefits of a saving strategy

By establishing a savings strategy for college, you are not only saving for those college expenses, but helping your student see the value and the benefit of putting money aside for the future. As the savings grow (with interest), you are teaching your student good money management and setting them up for financial success in the future.

Managing College Finances

college financesThere are many aspects to college life which both you and your children need to get used to and understand as effectively as possible. One of the most important however is that of money – you of course want to make sure that your children are going to be secure financially, and that they will understand how to approach and deal with their money on the whole. As long as you can be sure of that, you will find that it is much easier to send them off without worry, so this is something you should think about for your own sake as much as theirs. In this post, we will take a look at a few of the concerns to consider if you want to help your kids through their college years in a financial sense.

Getting A Loan

The vast majority of students need to get a student loan in order to survive college, and that is something to make sure you are thinking about as early as possible. Encourage your child to apply for their loan early, to ensure that they get it in time, and back sure that you help them along the way wherever possible too. You might need to provide some information yourself as part of this process, so be prepared for that as well. Once they have that loan, that will make college much easier – but remember that it is technically a debt, even if not a terrible one to have. It is possible that years later they might be able to apply for student loan debt forgiveness or have it wiped off – or they might manage to pay it off instead. Either way, it needs thinking about.

Money Management

It might well be that this is the first time your child has had to manage their money on their own, and as such it’s likely that you are going to want to help them with this process. Chances are, they won’t really know what to do here, so you might need to help them along and teach them what money management means. By doing that, you help to keep them out of debt and financial worry, and you ensure that they are going to be able to master their finances much more effectively as a result. Bear that in mind and you will find that it makes a huge difference for them as they attend college.

Helping Them Out

There might be occasions where you need to help them out with your own finances, and there is nothing wrong with that as such. When this is the case, you should of course make sure that you don’t allow them to suffer – but you should also think about trying to encourage them to help themselves first and foremost. That could mean arguing that they need to get a part-time job, or it might be that you want to just give them tips on how to look after their money better, as above. However you do it, be sure to help them mostly by allowing them to help themselves.

Do you need $10,000 for college?

Do you have a creative student? Writer, photographer, graphic artist, filmmaker, print designer, architect? Here’s their chance to enter a contest that could net them $10,000 for college. All they have to do is enter–how simple is that!

THE ADOBE IMAGINATION CHALLENGE

Adobe is looking for examples of unique self-expression, individualism and creativity using their Adobe Creative Suite 5.5. Your student can download a FREE trial and create anything using the Suite and upload it to their Imagination Gallery.

Entries are being accepted NOW!

Adobe will be awarding a $10,000 prize from the finalists of four entry periods. Entry Period 4 has already begun and it’s not too late to submit an entry. You don’t have to enter the contest to win the daily prize. Then, once the finalists are chosen, you will get a chance to have people vote on your submission. Tap your Facebook friends, your Twitter followers, your Google+ circles, your family and friends.

The deadline to enter this final period is October 15th.

While you’re there, vote for the current finalists and give someone a chance to win!

While you’re at it, check out the REAL OR FAKE app that gives you a chance to decide whether or not the photo is “real or fake”. It’s pretty darn cool!

Imagine snagging a $10,000 prize for college…just by your student expressing their creativity using Adobe Creative Suite 5.5. 

A Review: Shrinking the Cost of College

Today I will be reviewing Lynn O’Shaughnessy’s new book: Shrinking the Cost of College–152 ways to cut the cost of a bachelors degree.

Lynn O’Shaughnessy,  is an author, a college blogger and speaker. She writes about college strategies for TheCollegeSolutionBlog and CBSMoneyWatch. She gives presentations about college strategies for schools, companies and financial advisory firms.  Lynn also wrote The College Solution, which is an Amazon.com bestseller.

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Using facts and figures, Lynn explains clearly and simply where college money comes from and how to maximize your efforts to get the most money for a college education.

In the introduction of her book, Lynn states:

Billions of dollars of aid are available to students who attend college. About two out of three full-time college students receive grants, otherwise known as scholarships, to attend school. At private colleges, a whopping 82% receive scholarships…Most people look in the wrong place for help when they begin contemplating the looming college tab.

Her book systematically explains how the system works and how every parent can arm their arsenal of knowledge to help find and maximize the money that is out there. At the end of each chapter is a “To Do List” to point you in the right direction and help you gather all the information necessary to make the best financial decisions. Each chapter provides tips and “bottom line” information making it easy to apply and carry out each step in the process.

Lynn explains state grants, government grants, and private college scholarships. Her explanation of financial aid and how it works makes it easy to understand the most complicated of formulas. She explains where to find the data and how to analyze it to find the colleges that will provide the maximum financial aid to your college-bound teen. As a parent, this one tip alone will make the college application process less stressful and help to ease the college sticker price fears.

And finally, she explains the financial aid award letter and what to do when the letter arrives; walking you through how to analyze the award and how to handle an appeal for more money.

Here are just 10 tips from the book that will help you shrink the cost of college:

  1. Learn which 60 schools offer the best financial aid packages.
  2. Discover where you will find the biggest source of scholarship cash.
  3. Find out why 82% of students at private schools receive merit scholarships and how your child can.
  4. Learn why college sticker prices are meaningless and what that means for you.
  5. Understand how teens can win academic scholarships despite mediocre SAT/ACT scores.
  6. Get the list of 800+ colleges that don’t care about test scores.
  7. Discover how to attend out-of-state public universities for in-state prices.
  8. The most expensive colleges can be cheaper than your own state universities.
  9. You can make $200,000 and still qualify for significant need-based aid at pricey colleges.
  10. Students can win college money by using geography.

Every parent should grab a copy of this Ebook to add to their arsenal of college information. You can also chat with Lynn live on Twitter during an upcoming #CollegeChat June 1 at 6PM PST.

$2000 "No Essay" College Scholarship

As I stated last week, I love to find scholarships that DON’T require an essay. This week’s scholarship is sponsored by College Prowler.com and it’s a NO ESSAY scholarship. That’s right! All you have to do to be entered in the MONTHLY drawing is complete a short survey on their website and be a current college student or planning to enroll in college within the next 12 months.

The monthly contest begins on the first day of the month, and ends on the last day of every month. You may have one entry per month. It’s SUPER EASY and ANYONE CAN WIN!

Send your college-bound teen to CollegeProwler.com each month for a chance to win a $2000 scholarship. You might as well leverage ALL your opportunities for that FREE money!

Paying for College? Your Financial Options

paying-for-collegeCollege isn’t cheap.  My College Guide has been saying that for years – 20 years to be exact!  But don’t let a tiny matter like cost take your college bound hopeful off the college track!  You should know that, when it comes to paying for college: you’ve got options.

Federal LoansThe Free Application for Federal Student Aid, or FAFSA, could send free college aid your family’s way!  No matter what your financial situation may be, you and your teen should fill out the form, online or mail-in.  Circumstances change – and colleges often require a completed FAFSA in order to consider your son or daughter for college-specific loans and scholarships!

Work — Study Programs — Sometimes nicknamed “self help aid” work-study programs are often provided by the college your teen actually wants to attend.  There is a Federal Work-Study Program and state programs as well.  It’s one way that your teen can help pay their way through college – and gain a little life experience in the process.

Grants and Scholarships — Simply applying to college will make your child eligible for some scholarships sponsored through the school. Of course, many scholarships are merit based. But, even if your college bound teen isn’t at the top of their class and the last sport your child played was tennis on the Wii – with the right scholarship or grant, lack of athletic or academic achievement may not matter.  There are scholarships and grants out there to fit every student: no kidding.  Your son or daughter can find free money to match their ethnicity, intended college major, religion, SAT scores, hobbies, and then some.  Many colleges have their own specific scholarships and/or grants that cover a range of abilities and majors.  To get started, have your teen sit down with their high school guidance counselor or surf the web for free money that fits!

Student Loans – There are various loan options: state, federal, and even loans from your child’s choice college.  Loans do need to be paid back and there will be interest tacked on but repayments are very often deferred — at least until your child completes their college career.  It’s good to know that when all else fails – there is still an option!

My College Guide has provided free college info with a 100+ page annual magazine for high achieving high school sophomores for over twenty years.  We are rapidly expanding online – find us on Facebook and Twitter and say “hello!

Top 10 College Money Sites

 

Every parent frets, stresses and loses sleep over financing their college-bound teen’s college education. The good news is there is help available out there to ease your mind and get you on the right track to preparing for that day when your teen heads off to college. Here’s a list of my Top 10 College Money sites:

 

1. Reduce My College Costs–Marc Hill, CCPS, RFC® and founder of Reduce My College Costs, LLC. is both a financial planner and a parent, who know what you are going through. That’s why he created his firm to be a little different. It is not a scholarship search firm and not a student loan lender. He is well-versed in the financial aid process, but he knows not everyone is eligible for financial aid. So he takes a broader approach-identifying a variety of solutions that will make college more affordable for people at all income and asset levels.

2. FinAid–gives an overview of all types of college funding from scholarships, to loans, to savings, to military aid, to loans with links and information on each of them.

3, Saving for College–A top notch site explaining in great detail all the in and outs of college savings with calculators and tax information.

 

4. UPromise–A college savings service that harnesses the purchasing power of parents, extended family, family, and students to make it easier to pay for college. Members direct their spending to Upromise partners-including more than 600 online stores, 8,000+ restaurants, thousands of grocery and drugstore items-and earn money for college.

5. CollegeAnswer–Sallie Mae’s money management site gives an overview on college financing focusing on loans. The site provides a great School Affordability Analyzer.

 

6. CNN Money/College–A great site for the latest college financing news, calculators and how to maximize your financial aid.

 

7. MSN Money/College–A guide to saving for college with The Basics, Fast Answers and a message board.

 

8. CollegeBoard–The College Board’s EFC calculator which will help you determine your Expected Family Contribution BEFORE your teen starts applying to colleges.

 

9. Money Management 101–A blog created to help parents and students learn about money management.

 

10. StudentAid–A site for free information from the U.S. Department of Education and the home of the FAFSA4caster.

Smart ways to live cheaper on campus



Here’s some great tips to help parents help their college-bound teens save some money when they go off to college. Take notes and start implementing these strategies into their lives BEFORE they leave for college.

By David Replogle for The Real College Guide

Living on a shoestring budget? Whether your parents float you funds or you’re pulling a part-time paying gig, here’s how to stre——-tch every precious penny.

piggy-bankBroke — it’s a common catch in student jargon. “OMG, I broke my phone at that rager last night” or “I just broke up with my girlfriend ’cause she was cheating on me with my best bud.” But when used as an adjective, the word describes the financial status of most college kids.

Unless Dad is handing over his preferred platinum card or you strike it rich selling those musty ol’ Pokemon cards, you’ll have to get by on meager means. Here are some painless ways to get major bang for your buck … even if it’s your last buck.

Put the “Eat” in Creativity

Whether you’re craving a change from the monotonous glop of the dining hall, celebrating a friend’s birthday at a nearby bistro or taking a study break to go for a late-night munch, your wallet will take a hit. Cutting back on these extravagances means getting clever.

  1. Buy in bulk When stashing snacks in your room, think long term. Talk to your roommates about pitching in for some grub, then head to the nearest warehouse retail chain to stock up on industrial-sized cheaper-in-the-long-run crates of Ramen packets and other non-perishables. Many discount clubs offer collegiate membership rates, and some give free introductory one-time shopping passes for non-members to bypass the annual fee altogether.
  2. Use the student discount Grocery stores, restaurants and even places on campus usually have discounts for students. Even if you don’t see it advertised, it doesn’t hurt to ask. Have your student ID at all times. It could save 15 percent on that panini or score you a free dessert!
  3. Sniff out free food Complimentary chow is almost as popular on campus as the latest gossip on CollegeACB. “Club meetings and churches are always looking to give out food to potential new members,” says Robby Panos, a University of Virginia junior. Philanthropic bashes and school-sponsored speaker events are also prime time for gratis grubs. Grab a slice of pizza and take in a lecture.
  4. Have a drink on me Students pour beaucoup bucks down the drain when indulging in conveniences like Starbucks and bottled water. Invest in a coffeemaker so you can brew your own, and get yourself a travel mug. Pick up a refillable water bottle too if your college’s tap is tolerable. Bonus: It’s better for the environment.

That’s Entertainment

Life doesn’t have to be a snore just because your pockets are empty. Money buys neither happiness nor a stellar social life. You can get out and about without tossing around a ton of green.

  1. Be art smart Your campus is probably rife with free productions, concerts and workshops. Problem is, nobody really hears about them … and when people do, the enthusiasm is usually lower than the grade on your last calculus test. Time to do some research (track down calendars of events), gather up your dorm mates and head to the next pay-what-you-can play or free movie screening. Even if it’s bad, you’ll get a few laughs — or at least the opportunity to heckle!
  2. Speak Greek Not joining a frat or sorority will save you a lot of cash right out the gate. But what happens when you want to get into the best party of the year and don’t have the connections? Exchange names of brothers and sisters you know with friends and ask them to do the same — on most college campuses, name dropping is the ticket to free admission. Once you’re inside, you’ll get beverages … and if you’re lucky, maybe even a few phone numbers.
  3. Out on the town Be in the know too when it comes to events in neighboring areas. Community organizations often host free outdoor festivals with live music. Local restaurants have early-bird specials. Theater workshops and art galleries frequently offer free or reduced admission. (Again, don’t forget to ask about student rates.) Read newspapers and pay attention to fliers. It could pay off.
  4. Any singles? If you have a significant other who saps all your savings, it may be time to have a chat about cutting back on unnecessary costs or to ask your partner to pull his or her own weight. If this person is not important to you, you may even consider living the single life for now. Romantic dinners and little gifts add up. Is it worth it? Your call.

Shop Till You Plop

Enter upscale department stores and exclusive boutiques at your own risk, but you don’t have to totally give up the urge to splurge. Just tone it down a few notches.

  1. Clothes the deal Punch up your wardrobe without breaking the bank: shop clearance racks. (The best ones are where an additional markdown is given to already slashed prices.) Look for one-of-a-kind finds in thrift and consignment stores. Pick up inexpensive accessories at discount stores and chain boutiques.
  2. Gotta dollar? Discover the beauty of the dollar store. It’s great for party supplies, stationery, candles, soaps, toiletries and tons more. Whether you’re buying useless trinkets or practical necessities, think about it: You can walk in there with a 10-spot and leave with lots of loot. Heck, you can scrape together a dollar plus tax in pocket change and treat yourself to something.
  3. Be a coupon king or queen Keep a lookout for coupons on one-day shopping events at major department stores. Also sign up for email notifications of store specials and be sure to check online for Internet coupons before making a big purchase. (Restaurants and fast food chains run a lot of coupon specials too, so keep your eyes on the prize.)
  4. Beauty booty Ladies, fine department stores dole out free samples at the cosmetics counters. Want to road test a lip color or facial moisturizer or new perfume? March on over there with an air of confidence and ask the consultant to show you some options. She’ll likely give you mini-sized products to try at home.
  5. What a card! If you’re a die-hard shopaholic experiencing severe withdrawal, hold off before reaching into your cash stash by keeping in mind that the holidays are right around the bend. “It might be painful to wait all semester,” says Appalachian State senior Diane Vachon, “but soon enough you’ll have a dozen gift cards with your name on them.”

Common Cents

Ask not what you can do for your school but what your school can do for you. Universities give back to their student patrons in plenty of ways, so take advantage.

  1. Be book smart The library isn’t just for studying, using the Net and people-watching. It actually contains books — a revelation, I know. If you’re taking subjects like lit, history or philosophy, the library could relieve a big financial burden. Instead of turning to the expensive school bookstore (or even Amazon) for a book, do a quick search on the libe’s browser to see if it’s available. Then drop-kick the kid who’s about to check it out.
  2. Get off your lazy butt If you have access to the campus gym and you’re paying for a pricey fitness membership, stop. Other free-of-charge physical activities: walking, jogging, hiking, in-line skating, riding your bike, a pickup basketball game, lifting weights in your room, dropping to the floor to do sit-ups and push-ups … shall we go on?
  3. Let’s make a deal You’re a smart cookie, so figure out how to split costs with your roommate. Double up on your laundry to save quarters. Share a printer, swap playlists and take the same cab home from a party. And if you’re both heading out of town, consider carpooling. Even if you and your roomie aren’t the best of buds, a road trip is always less taxing when there’s company … and music.
  4. Hop on that job “The No. 1 thing I can say is find a job on campus,” offers up Wabash College junior Mack O’Shaughnessy. “It’s the best way to get some extra cash in your pocket.” On-campus stores and restaurants are often hiring. Just don’t tell the folks: You still need someone’s sympathy, especially when it comes in the form of a crisp Benjamin.

Scholarship Alert: Thanksgiving Creative Geniuses Scholarship

Zinch.com is holding a Thanksgiving Scholarship to award THREE $1000 Scholarships. The winners will be chosen by the following criteria:

– 1 will be a high school genius
– 1 will be a college/grad school genius
– And the 3rd winner will be whomever has the most “likes” to their post when the judging occurs.

According to the rules:

You can post either an image or video that displays how creative you are. This could be a film you made, a piece of your artwork, some of your photography, etc., or it could be a photograph of something that you made, did, or otherwise. Or you can just make a video telling us why you are a creative genius.

You can pretty much do whatever you want as long as it is in video or picture format and reflects your creative genius.

The deadline is Monday, November 30th.

You can get all the details by clicking below:
Thanksgiving Creative Geniuses Scholarship sponsored by Zinch.com

"Why I Deserve a Scholarship" Contest

dell-scholarship

Create

Submit a 1-3 minute video describing/showing/depicting “Why you deserve a scholarship”. Video must be in a compressed Quicktime, Flash or Windows Media format. Be sure to include a title and description for your video.

Upload

Post finished video at WhyIDeserveAScholarship.com. Videos must be original and created by you. Your entry means that your work is not the work of others.

Vote

Voting begins September 8, 2009 and ends September 15, 2009. Members may vote only once each day on the following criteria:

1/3 Need, 1/3 Creativity, 1/3 Originality

And that’s not all, ONE lucky voter will receive a $1000 Scholarship just for voting!