Tag Archives: paying for college

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.

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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.

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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.

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college planning, FAFSA, financial aid, scholarships

6 Financial Aid Mistakes

financial aid mistakes

Financial aid is on the minds of every soon-to-be college student and their families. Will you qualify? How much will you receive? How do you apply? How do the colleges disperse the aid? No matter where you are in the college application process, you should avoid these six financial aid mistakes that could cost you thousands.

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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.

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financial aid, Scholarship Friday, scholarships

What Are the Odds of Winning a Scholarship?

winning a scholarship

Over 1.7 million scholarships are awarded annually; however, only 7% of college students will receive a scholarship. On average, first-time undergraduates who receive government grants and scholarships at a 4-year college receive about $14,890 annually. On average, a student who receives a scholarship or grant at a private 4-year college will receive $8,005 more than a student in a public 4-year college.

That sounds depressing and you might ask what are my odds of winning a scholarship, but all hope is not lost. Many students and their families have applied for scholarships and used them to pay for college. But, you need to know the facts.

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admissions, financial aid, financial planning, parenting, work study

Different Types of Financial Aid

types of financial aid

Those two little words — “financial aid” — can be music to a parent’s ears. I know they were to me!

What I didn’t know as I began the college application process with my daughter was that there are a number of different types of aid available. Not only that, but the awards colleges offer when they offer admission can vary tremendously.

I was surprised to find that many private colleges can be generous with merit aid because they have institutional funds to distribute as well as federal dollars, while public universities with tight budgets may offer less aid. This can result in a private college with a higher “sticker price” costing less to attend than a public university.

Back to the example of my daughter, who applied to a mix of public and private universities. We knew we would need help financing her education, so when she applied to college she also applied for financial aid and we completed two online forms: the FAFSA (Free Application for Federal Student Aid) and the CSS/Financial Aid PROFILE (administered by the College Board and required by many private schools and some flagship state universities).

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admissions, college costs, financial aid

Breaking Down the Award Letters

award letters

It’s a joyful day for your high school senior when an offer of college admission arrives, and the joy is magnified by a financial aid award.

Award letters arrive along with (or soon after) acceptance letters. I remember the first time I saw one, my daughter’s senior year. Quite honestly, it was Greek to me.

How were we supposed to compare the offers? The letters included the same basic categories — loans, work-study, grants and scholarships — but without understanding what each category meant it was hard to tell whether or not the college was meeting all of our financial need (Total Cost of Attendance minus our Expected Family Contribution, or EFC). Every college was different and every award letter was different!

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admissions, financial aid, financial planning, scholarships

6 Ways to Search for College Scholarships

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college scholarships

For college-bound students, scholarships can fill in the gap between what you can afford and the cost of the school. Most students believe college scholarships are a pipe dream if they aren’t athletes or 4.0 students. But nothing could be further from the truth. There are thousands of scholarships available for the taking. You just need to find them.

There are six key places to look. But remember: Finding them is half the battle. You have to put in the effort to apply and be vigilant in paying attention to requirements and deadlines.

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