Tag Archives: financial aid

Edvisors: Demystifying Financial Aid

EdvisorsEdvisors

Get any two parents of college-bound teens together and the topic of financial aid is likely to come up. Every parent dreams of their son or daughter getting a free ride to college. It happens, but it takes some real determination and planning.

Mark Kantrowitz, the founder of FinAid, left that nationally recognized website last year to create a new online resource at Edvisors.com for parents and students to help them learn how to pay for college.

Topics covered

Here are some of the topics that you’ll find by spending time on Edvisors:

  • Student Aid Secrets for Increasing Eligibility
  • Eligibility Requirements for Financial Aid
  • Federal College Grants
  • How To Choose a Student Loan
  • Finding and Applying for Scholarships
  • Paying Back Parent and Student Federal Loans
  • Military Student Aid

Free Guide to Filing the FAFSA

On the Edvisors’ website, you can also download a free copy of  Filing the FAFSA:  The Edvisors Guide to Completing the Free Application for Federal Student Aid 2014-2015 Edition.

To download Filing the FAFSA you will have to provide information that will put you on Edvisors’ newsletter list, but you can always opt out if you prefer. As an alternative, you can also buy the 249-page paperback version on Amazon.

Education Tax Benefits

There is a section of the website that contains an excellent and informative explanation of federal education tax benefits. The section describes each tax benefit, and teaches you which are the optimal education tax benefits for your family:  Picking the Best Mix of Education Tax Credits and Benefits.

Asking for help

The site gives you an opportunity to post your financial aid questions in a section of the website entitled, Ask the Edvisors. You can also view previously asked questions and the answers provided by the site’s founder Mark Kantrowitz.

Spend some time navigating the site and discover valuable information regarding paying for your student’s college education.

How to Decipher the Financial Aid Award Letter

 

financial aidAs the offers of admission arrive, the financial aid award letters will follow. If you’re a novice to the award letters, as most first time college parents are, they can be confusing and vague. Added to the confusion is that every award letter is different, making it hard to easily compare them side by side.

Thankfully, there are tools available and information to help you look at these letters for what they are: the college’s pitch for your student to accept their offer of admission. You are in control of this process and you hold the cards. It’s your decision to accept or reject their offer based on the amount of aid they are willing to give your student. Money, in this situation, is everything.

If a college wants your student to attend, they will back it up with money. No money, means their offer is probably based on filling a quota and them expecting you will decline to attend. And you should. Who wants to attend a college that doesn’t place value in your student?

But before you accept, reject, or negotiate with the college, you need to understand the award letter and its components.

Want to know more? Read an article I wrote for TeenLife:

How to Break Down the Financial Aid Award Letter

 

 

A Financial Aid Flowchart

 

Financial aid can be confusing for parents and students. From scholarships, to loans, to 529 funding, it can be an overwhelming process.

Student financial aid comes in all shapes and sizes – and one size doesn’t fit all when it comes to paying for college. With many different student loans to choose from, finding the optimal path to college funding can be tricky. eStudent Loans created this graphic to help those who need more than just scholarships and grants to fund their education and fund it in a way that will help save you money.

So, if you’re one of the thousands of students that are not sure where to start, relax. Simply use their financial aid flowchart to help you explore nearly every possible option available to help you cover the costs of earning your college degree. At the same time, they also show you the order in which you should pursue each funding source.

Financial Aid Flowchart: A Guide for Students Paying for College by eStudentLoan

Financial Aid Flowchart: A Guide for Students Paying for College from eStudentLoan

Download the interactive Financial Aid Flowchart

Getting the Best Bang for Your College Buck

 

college dataWith the cost of college rising and parents looking for a college that doesn’t cause their students to fall into debt after graduation, where do you go to find the data you need? Where do you find a college with the best bang for your college buck?

CollegeMeasures.org

This site describes itself as “committed to informing and improving the decision-making process for students, parents, and policy makers. By making available key data through websites like our 2-year and 4-year college data tools, we enable users to make smarter decisions, and in doing so help create a more efficient, productive and effective higher education system.” And it certainly delivers.

Upon further investigation, parents can gather data for both 2-year and 4-year colleges. Once you access the data tabs, you can view performance by college, by state, by rank and nationally. The comparison tools are excellent and easy to use. When you choose to examine by college, you can view the college’s performance scorecard listing several different criteria: strategic measures, graduation rate, retention rate, cost per student, cost per degree, cost of attrition, student loan default rates, and my favorite debt to earnings ratio.

With the debt to earnings ratio you can determine if the cost of degree is worth the investment based on earnings after graduation.

COLLEGEdata.com

COLLEGEdata.com tags itself as the online college advisor; and the site certainly lives up to its name. The site offers the following college helps categories:

  • Scholarship Finder
  • Admissions Tracker
  • Net Price Calculator
  • EFC Calculator
  • College Match
  • College Chances

Not only is the site a clearinghouse for college data, using it helps parents find the most generous colleges by using the college match tool. This tool allows you to choose colleges under the “Financial Friendliness” category and see statistics for the financial need met (0-100%); and merit aid scholarship percentages, giving you the option to include only students with financial need. This information will help you make information financial choices about the money you spend on the education.

As with all college search tools, you can filter the information by state, gender, major, graduation rates, freshman satisfaction, entrance difficulty, and on this one, sports offered. If you need to find a college in your state or region, that meets a substantial amount of need, this is the tool to use.

These two tools can help you weigh the financial investment you will make towards your college-bound teen’s education. With college costs skyrocketing, it’s becoming more and more critical to help their student graduate debt free.

An In-Depth Look at the FAFSA

 

fafsa filing
Photo courtesy of Zinch.com

Yes. It’s that time in the college prep process–FAFSA time! If you’ve been reading my blog, you know that you can’t ignore the FAFSA, there are good reasons to file, and who fills out the FAFSA. As far as I’m concerned, your application is not complete without this financial aid form.

The Free Application for Federal Student Aid (FAFSA) became publicly available January 1st. For those new to the process, it is an annual form that is completed by current and prospective college students to determine eligibility for federal financial aid.

While filing your FAFSA is considered the Step #1 for those in need of financial aid, it can often seem like an intimidating task to undertake.  One of the biggest hurdles to approaching this form is understanding what materials are needed beforehand to prepare for filing.

Taking a deeper look, Zinch gives a list of the absolute must-haves to file the FAFSA.

Mom-Approved Tips: Don’t Ignore the FAFSA

 

FAFSAThe most important advice I can give parents is: don’t ignore the FAFSA! Many parents are misinformed when it comes to the Free Application for Federal Student Aid (FAFSA). They believe that they make too much money to qualify for any kind of financial aid—and they decide not to file. That is the worst mistake you can make. I encourage every family of a college-bound senior complete the FAFSA (and complete it before February 1).

Why should you complete the FAFSA?

College is expensive and it’s a chance for you to grab yourself a piece of the financial aid pie.

Why should you complete it early?

The early bird gets the worm when it comes to financial aid. If you want your piece of the pie, you have to be the first in line. Once financial aid packages are disbursed, the money is gone and that means your student’s financial aid package will be composed of student loans only. If your form is filed and completed once the decision for admission is made it puts your student in a good position to receive some of those funds.

What can the FAFSA do for you and your college-bound teen?

There could be federal, state and college funds available. If you don’t complete the FAFSA, you won’t be able to get any of them. Even if your family income is high and you might not qualify for federal aid in the form of grants, your student might be eligible for state scholarships and merit-aid awards from the college. Additionally, any federally subsidized loans, including parent loans, require you to complete the FAFSA.

Why do some people tell you that you won’t qualify for financial aid?

The easy answer is they are misinformed. Remember there are all kinds of financial aid. While not everyone will qualify for federal grants, most students receive some form of financial aid. If you don’t apply your student will not be one of them.

10 Ways to attend college for free (or almost free)

 

attend college for freeAs students begin applying to colleges, and juniors begin narrowing down their college choices, consider that there are many options available that allow your student to attend college for free (or almost free), excluding expenses like books, fees, and possibly room and board. But free tuition is nothing to scoff at. Many of these colleges cost upwards of $100,000 for four years.

Here are 10 ways your student might be able to attend college for free;

1. Get good grades and score well on the SAT

Many colleges offer free rides to valedictorians, top 10 percent, and other academic distinctions. High SAT scores help as well—where many colleges offer merit-based free tuition.

Students at Macaulay Honors College, part of the City University of New York system, don’t stress about the high price of tuition. That’s because theirs is free. At Macaulay and a handful of other service academies, work colleges, single-subject schools and conservatories, every student receives a full merit-based tuition scholarship for all four years. Macaulay students also receive a laptop and $7,500 in “opportunities funds” to pursue research, service experiences, study abroad programs and internships.

2. Be a PSAT Merit finalist

Scoring high enough on the PSAT to become a Scholar, a Finalist or a Semi-Finalist can equal big money at some schools-public and private. That means your student may only need to score high enough to make it to the last round; he or she doesn’t even have to be the last one standing.

Here’s a list of automatic (and full-ride) scholarships for National Merit finalists and semi-finalists: http://thecollegematchmaker.com/52-colleges-offering-full-tuition-scholarships-national-merit-finalists/

3. Win Scholarships

With work and a tested method (How 2 Win Scholarships) your student can cruise into college with multiple scholarships. Start early with the research, register on scholarship search sites, and look locally.

4. Work while you attend

There are several colleges that let you work while you attend and pay your tuition. In exchange for free tuition, students at the College of the Ozarks work on campus 15 hours a week. Possible jobs at this Missouri college include dairy farming and custodial work.

5. Pursue a specific career path

Colleges offer free tuition to students who pursue specific career paths or areas of interest. For instance, prospective students must audition for enrollment into Philadelphia’s Curtis Institute of Music. Those accepted receive full-tuition scholarships.

6. Use your location

A number of cities, counties, and states offer free tuition to students who either excel in their studies, or demonstrate a serious need.

7. Go overseas

Believe it or not, there are colleges overseas that offer free tuition to international students. For instance, students at KTH Royal Institute of Technology can get a free technological education at the Royal Institute of Technology. At Lund University in Sweden, you will not have to pay tuition fees.

8. Attend college online

Get free tuition from these online colleges and you’ll truly get a good deal. You won’t even need to pay for room and board! Andrew Jackson University,  Trinity College of Biblical Studies and The Diulus Institute allow you to attend college online for free.

9. Demonstrate need

Students who come from low income families can get free admission from numerous colleges and universities. Surprisingly, many colleges consider low income to be above the poverty level, so don’t think you won’t qualify. Check out each college’s income levels.

10. Serve your country

With a commitment to serve after graduation and acceptance to one of the nation’s military academies and some military colleges, you can attend college for free (and even get paid while you attend). And if you join the military before college, you can attend using the GI Bill after you are honorably discharged.

Following is an additional resource:

The College Solution listed colleges that provide 100 percent of need:

http://www.thecollegesolution.com/list-of-colleges-that-meet-100-of-financial-need/

 

Making College Affordable

 

Sign up for my FREE parent tips email and get my FREE Ebook on college financing!

It’s a confusing process–figuring out how to pay for college. Not only is it stressful, but it’s overwhelming trying to understand all the ins and outs of everything to do with financing a college education. Two women, Jodi Okun and Celest Horton, are doing something about it. In two separate projects, each of them is doing their part in making college affordable while graduating without debt or minimal debt.

A Parent’s Guide to Making College More Affordable

making college affordable

Jodi Okun has partnered with Zinch to create A Parent’s Guide to Making College More Affordable for the busy parent who wants straightforward and simple, yet thorough answers on how to navigate the confusing process of paying for college. Jodi has been working in the college financial aid industry for over six years. She began working at Occidental and Pitzer College in their financial aid offices helping thousands of families as a financial aid consultant. Jodi is also the founder of College Financial Aid Advisors, where she works closely with families to successfully navigate the financial aid process.

A Parent’s Guide to Making College More Affordable consists of the following content:

– Over 30 video lessons covering:

          • The cost of college including creating financial aid timelines & using the net-price calculator
          • All about applications – FAFSA, CSS PROFILE, IDOC, NCP
          • What to do after you’ve applied including comparing packages and how to follow up
          • How to cover the gap through grants, loans, etc.

– 14 hours of live “office hours” with Jodi Okun where you can connect with her directly and privately to ask questions related to your unique family situation.

– Detailed, step-by-step walk-throughs on how to complete important applications: the CSS Profile (released in October) and the FAFSA (released in January) at no additional cost.

– college timeline, budget worksheets and a downloadable dictionary of key terms.

– Q&A postings after each lecture to ask Jodi specific questions.

– Lifetime access to all course content and a 30-day money back guarantee.

Every parent of a college-bound teen should review the specifics of this comprehensive course, especially if you are confused or need help with the financial aid process. Click the link below for a 30% discount (the entire course for $34!)

A Parent’s Guide to Making College More Affordable

How to Pay for College HQ

how to pay for college

Celest Horton is a mother of four kids: three of the four are teenagers now. She is a Chemical Engineer by trade and has spent most of her professional career in technical sales in the Oil Industry.  Yet, she wanted to help serve others too by solving a current fear that she has…paying for college for four kids. Having three of the four in college at the same time is her greatest financial concern.

She wants to help others understand how simple it can be with a little planning and preparation. To do this, Celest is producing and making available How to Pay for College HQ Podcasts.  It’s a weekly podcast that is comprised of interviews with industry experts to educate high school parents and students to help them plan and prepare early with the goal to earn a degree debt free.

The Podcast is available on iTunes and Stitcher Radio, and the best part…it’s FREE. You can subscribe and listen to the most recent podcasts as they become available. Here are the two links:

Check out this scholarship app

 

Sign up for my FREE parent tips email and get my FREE Ebook on college financing!

scholly app

Every parent and student can use some help with the scholarship search process. And what is it they say? There’s a scholarship app for that!

Christopher Gray, known as the “Million-Dollar Scholar” after being awarded $1.3 million in scholarships, has created an app to help students search for scholarships. Over the past three years, Gray has also helped other families manually scour through databases, and figured, “Hey, I need something that can help.  There has to be a faster way.”

scholly appThe app uses eight specific parameters, like state, GPA, or race, to instantly filter through a deep directory of scholarships available for the prospective student.

“It’s extremely simple,” says Gray and that ultimately was the goal. Since students are using their smartphones for just about everything today, he felt the app fit the needs of his audience.

A recent study, conducted by Sallie Mae, shows that 39% of families used scholarship funds to pay for college during the 2012-2013 academic year and Scholly connects users with relevant scholarships in about five minutes.  Scholly’s database is updated monthly to remove scholarships that are no longer available, add scholarships, and refresh deadlines.

Scholly can be purchased for $0.99 in the Apple App Store and Google Play.The app’s costs were intentionally positioned to make it affordable. Pay 99 cents and you may get thousands of dollars for college.

 

 

Get the 411 on Student Loans

student loans

The day a son or daughter receives his/her college acceptance letter is one filled with joy and celebration.  The day that parents have to sit down with their children to choose student loans is not.  Selecting a student loan is often an intimidating process: not only are there so many options out there, but it is scary to think that a wrong decision could cost tens of thousands of dollars.   But before you pull out all of your hair just thinking about it, know two things.  One, Almost 60% of college students have to borrow money each year to assist in  tuition.  And two, there is a resource out there that helps parents and their kids find, using objective data, the student loan that best fits their needs and preferences.

FindTheBest just launched the best student loans comparison that lets students and their parents sort through 69 different loans by average fixed and variable interest rates and lifetime limit.  One can also filter down this list by loan type, loan coverage, eligible borrowers, cosigner requirements, and more.  For example, if you are an undergraduate that wants to get a loan from a private bank, you have a list of 7 loans to compare.  From here, you can pick the three or four loans that you like the most, and then compare side-by-side all of their application requirements, coverage, interest rates, repayment options, and more.

To summarize, FindTheBest breaks down the data, makes it easy to view, gives it to students and parents for free, so that scams and hidden fees are no longer a threat.  With this resource, students can make the most informed decision based on the factors that are important to them.  And if you have, no idea where to even start with student loans, check out the “Choosing A Student Loan” tab that guides you through the loan process and how this comparison tool works.  Try out the resource now below:

[findthebest container_style=”width:520px;margin:0 auto;” width=”520″ height=”400″ style=”vertical-align:top;” src=”http://student-loans.findthebest.com/w/srp?new=2&w=520&h=400&filter_by=lender_type,fixed_variable_interest,name_of_lender&amazon_id=parecountocol-20″ after_style=”text-align:center;” link_href=”http://student-loans.findthebest.com” link_style=”font:10px/14px arial;color:#3d3d3d;” link_text=”Compare Student Loans”]