Many students neglect applying for scholarships with small awards. However, every small award your student receives means more free money to pay for college.
The RevenueZen Social Selling Scholarship is an award for any current or soon-to-be undergrad who is looking to innovate the hiring process. In an ideal world, what would hiring and applying for a job look like? How will you stand out? The RevenueZen Scholarship has a brief submission process, and applicants will be judged on their ability to convey their idea for an innovative social selling process focused on getting hired at a specific company.
Financial aid can be a confusing part of the college application process. Even if you can afford to pay for college, it’s a good idea to learn what aid is available and apply for it. You aren’t obligated to accept it, but most students qualify for some form of aid and, if it’s available, why not use it?
What is financial aid?
Financial aid is intended to make up the difference between what your family can afford to pay and what college actually costs. With college tuition rising rapidly, more than half of the students currently enrolled in college receive some sort of financial aid to help pay for college. The system is based on the premise that anyone should be able to attend college, regardless of financial circumstances. However, students and their families are expected to contribute to the extent that they are able.
There are two types of aid: need-based, and non need-based. Need-based aid includes grants and scholarships that are issued based on the family’s ability to contribute to education costs. Non-need-based aid is allocated solely based on availability, not need.
There are three main types of financial aid: grants and scholarships, loans and work study.
What is “free” money?
Not all aid is equal and the best aid is the aid you don’t have to pay back. It’s like getting a huge coupon of savings to use for your college education.
What types of education loans are available?
Not all college loans are equal.
There are two types of government-based loans: subsidized and unsubsidized. Subsidized loans have lower interest rates and are awarded based on the student’s financial need with interest deferred until after graduation. Unsubsidized loans are awarded without regard to financial need with interest payments beginning immediately and regular payments due after graduation.
What is work study?
The Federal Work-Study Program provides a method for college students to earn funds to be used toward their education. The program is based on financial need and students must be accepted into the program to qualify which is determined by completing the Free Application for Federal Student Aid or FAFSA.
What is the FAFSA and do I need to file it?
The FAFSA is the Free Application for Federal Student Aid and you should apply if you want any chance to receive federal and state student grants, work study, loans or merit-based aid. If you don’t complete the FAFSA, you can’t apply for student loans. Colleges also use these figures when determining financial aid eligibility for grants and scholarships. Plus, many states use your FAFSA data to determine your eligibility for their aid.
The FAFSA is available on Oct. 1 of every year and you should complete it as close to that date as possible in the fall of your senior year. Aid is dispersed on a first-come, first-served basis. The sooner you apply, the more likely you will receive a portion of the financial aid pie.
What is the EFC?
The Expected Family Contribution (EFC) is how much money your family is expected to contribute to your college education for one year. Typically, the lower your EFC, the more financial aid you will receive. Factors such as family size, number of family members in college, family savings, and current earnings (information you provide on the FAFSA) are used to calculate this figure. Once your FAFSA is processed, you will receive a Student Aid Report (SAR) with your official EFC figure.
You can calculate your EFC by visiting FinAid.org.
What is an award letter and how do you use it?
As the offers of admission arrive from colleges, the financial aid award letters will follow. 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 you 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 you. Money, in this situation, is everything.
If a college wants you to attend, they will back it up with money. No money means their offer is probably based on filling a quota and expecting you will decline to attend. And you should. Who wants to attend a college that doesn’t value you as a student?
Summer jobs are great for teenagers who want to save money for college. That money is great for textbooks, entertainment and other expenses. But what if your student could earn scholarship dollars while working at a part-time job during high school?
They can! Many companies award scholarships to their student employees. If your student wants to work during high school, why not cash in on some of this FREE money?
Here are just a few companies awarding scholarships and educational funds to deserving student employees:
To kick off the 2019 scholarship announcements, Chick-fil-A surprised 12 Team Members on stage at the company’s annual conference Tuesday with the news that they were this year’s $25,000 True Inspiration Scholarship recipients. The celebration will continue throughout March as local Chick-fil-A franchise Operators present $2,500 Leadership Scholarships to 6,016 Team Members across 47 states.
Starbucks is committed to the success of our partners (employees). Every benefits-eligible U.S. partner working part- or full-time receives 100% tuition coverage for a first-time bachelor’s degree through Arizona State University’s online program. Choose from over 80 diverse undergraduate degree programs, and have our support every step of the way.
Employees and their families can qualify for one of the following scholarships:
Up to 3 James W. McLamore WHOPPER® scholarships of $50,000 granted to the most highly qualified students demonstrating leadership, substantial work experience and financial need
Up to 12 Regional awards of $5,000 granted to the two most qualified employees in each of six regions from the pool of eligible and complete applicants
One (1) Steven M. Lewis Foundation award of $5,000 granted to the most qualified U.S. Restaurants employee from the pool of eligible and submitted applicants aligned to U.S. Restaurants
Up to four (4) Bravokilo, Inc./Bravotampa, LLC awards of $5,000 granted to the most qualified Bravokilo, Inc./Bravotampa, LLC employees from the pool of eligible and submitted applicants aligned to Bravokilo, Inc. or Bravotampa, LLC
One (1) Ghai Management award of $5,000 granted to the most qualified Ghai Management employee from the pool of eligible and submitted applicants aligned to Ghai Management
One (1) Carrols LLC award of $5,000 granted to the most qualified Carrols LLC employee from the pool of eligible and submitted applicants aligned to Carrols LLC
Additional award designations as determined by Burger King Corporation, participating franchisees of the BURGER KING® system or BURGER KING℠ McLamore Foundation
The Publix tuition reimbursement program can help cover the cost of college classes. This program is available to part-time and full-time associates who are seeking graduate or undergraduate degrees. In addition, some individual courses, online programs, and technical training in appropriate areas of study can also be covered. As long as an associate has six months of continuous service and works an average of 10 hours per week (which leaves plenty of time for studies!), they can be covered in this program.
For a list of 36 companies who offer either scholarships or tuition reimbursement, EStudentLoan has compiled a list–click here.
The Krazy Coupon Lady has also compiled a list of companies that offer money for college is you’re an employee–click here.
October 1 is on the horizon and that means the FAFSA will be available for students to complete and file. Believe it or not, many students don’t bother completing it and that’s a decision you and your student might regret.
According to the National Center for Education Statistics, Only 65% of high school seniors complete the FAFSA, Why don’t more fill it out? Most either can afford college without financial aid or think they won’t qualify for financial aid. Other reasons include a lack of information — and just planning on skipping college entirely.
Completing the FAFSA is an essential step of the college application.
Why bother completing the FAFSA if you don’t need financial aid?
Even if you and your student can afford to pay for college, why would you pass up free money? Colleges use the FAFSA when distributing merit aid and even some private scholarships require a completed FAFSA.
If you need financial aid, how can completing the FAFSA help?
If you need some form of financial aid to pay for a college education, you MUST complete the FAFSA. In order for students to qualify for federal student loans, state loans, and work-study, they must submit the form. The FAFSA is also required if you plan to take out a Parent PLUS loan to help your student pay for college.
In addition, many students are eligible for federal Pell Grants. High school graduates who didn’t complete a federal financial aid application missed their opportunity for part of $2.6 billion in free money for college, according to NerdWallet’s annual analysis of federal financial aid data.
The money went unclaimed by 661,000 members of the Class of 2018 who were eligible for a federal Pell Grant but didn’t complete the Free Application for Federal Student Aid, or FAFSA.
How much time does it take to complete the FAFSA?
The FAFSA has over 100 questions, which can take anywhere from a half hour to an hour to complete. According to data compiled by Finder.com, new applications less than an hour, averaging 35 minutes. Renewing your application takes even less time — 23 minutes on average. Filling out the FAFSA for the first time takes the longest since you need to fill in answers for each required question.
The bottom line: complete the FAFSA. It doesn’t take that long and most students qualify for some form of financial aid. That doesn’t mean you have to accept it, but why not have that option? And you certainly don’t want to miss out on some of that FREE money!
I
received an email from a concerned parent whose student was going to be
attending orientation next week. In the email, he confessed that he might need
some help with information regarding financing his son’s college education. I was
surprised that he waited so long. Unfortunately, I had to advise him that at
this point his only options were private loans and advise his student to apply
for scholarships over the summer.
Parents should consider college funding even before their student applies to college. The inevitable result of lack of planning is parents and students borrowing to pay and usually borrowing more than they can repay after graduation.
What
do the statistics say?
With
school starting shortly, student loan borrowing often appears in the news. It’s
especially prevalent now with presidential candidates promising to erase
student loan debt. Wherever you stand in the political landscape, it’s clear
from the statistics that students have borrowed more than they can repay.
According
to a 2018 report by the Federal Reserve Bank of New York, as many as 44.7
million Americans have student loan debt, that’s one in five adult
Americans. The total amount of student loan debt is $1.47 trillion as
of the end of 2018 — more than credit cards or auto loans.
How
do you make wise financial choices?
Before applying to college, you and your student should investigate the cost. You can gather the information either on the college website or by using College Navigator. When viewing these figures, you should also research the college’s financial aid statistics—what percentage of students are awarded aid, how much aid is awarded and how much do students typically borrow. Since every family’s financial situation is different, these figures should help determine if the college is affordable to attend.
How
does financial aid play into the equation?
If
you complete the FAFSA, your student will receive some form of financial aid.
The most common is student loans, but colleges also award grants and merit aid
as well. Always complete the FAFSA, even if you don’t think you will qualify
for aid. Colleges use the information on the FAFSA when awarding scholarships
and grants. No FAFSA, no aid.
What’s the key to avoid borrowing too much?
Use repayment calculators before you sign on the dotted line. The rule of thumb is that students should only borrow as much to pay for college as their first year’s salary. By keeping your debt under one year’s salary, you won’t have to put more than about 10% of your income towards student loan payments. Borrowing more than your student can afford to repay sets them up for overwhelming debt after graduation. Your student can look at salary comparisons for their anticipated career at PayScale.com.
How
can you avoid borrowing to pay for college?
The key to not borrowing to pay for college is to receive merit aid, grants, and outside scholarships. Your student should apply to a college at the top of his or her applicant pool. This means the college will be more likely to award aid to attract your student. Grades and standardized test scores are also a key factor in awarding aid. Your student should focus throughout college to pursue excellence in these areas. And, don’t forget outside scholarships. Your student should focus time and effort in applying to every scholarship he or she qualifies for. This means starting early and planning to submit the best application. Click here for scholarship application tips and see how your student can win enough money to pay for college.
Finally, borrow wisely. Only borrow what you need. Your student can borrow the maximum amount, but only borrow what is necessary. Just because you can, doesn’t mean you should. Choose the loans with the lowest interest rates first.
If you’re a parent with a college-bound teen you might be feeling just a bit overwhelmed. With tuition costs rising and many colleges reducing their financial aid packages, it’s easy to wonder if you’ll be able to afford that hefty college price tag and focus on college sticker shock. Whether you are looking at fall college admission payments coming due, or you have several years to go before forking over the cash, you’ll appreciate these simple cost savings tips.
Encourage your teen to search and apply for scholarships. There are all types of scholarships available for all types of students at all ages and education levels. Summer is the perfect time to search and apply, thus conquering summer boredom.
Get college credit early with AP exams. If your teen is enrolled in high school AP courses, make sure they take the AP exams. If they score well, they will receive college credit, which can save you thousands of dollars in tuition alone.
Don’t discount private universities. Your EFC (Expected Family Contribution) will be the same no matter which college your teen attends. Private universities often have substantial alumni donors and also have the largest aid packages with many paying the total cost of tuition.
Consider programs
that provide funds during college in exchange for a service commitment. These
programs such as ROTC, AmeriCorps, VISTA and
the Peace Corps offer tuition reimbursement, stipends and also provide an
opportunity to serve.
Apply for financial
aid even if you don’t think you will qualify. Every family should
complete the FAFSA (Free Application for Federal Student Aid). Every college
uses this form to distribute need-based and non-need based aid. Even if you
don’t qualify for need-based aid, your teen might qualify for an academic
campus-based scholarship.
Be a penny pincher. You
can save big bucks on textbooks, computers, meal plans, dorm furnishings and
transportation. Investigate alternatives to paying top dollar for new items and
save on second-hand items.
Encourage your teen
to take summer classes at your local community college. The
cost for these courses will be substantially less that at a four-year
university. However, make sure that these credits will transfer to your teen’s
chosen college upon completion.
Before your teen heads off to college, create a simple budget that will
help your teen and your family plan for college-related expenditures. These
simple college cost savings tips should help you save a large chunk of change;
and in today’s economy, every dollar counts.
As the costs of college keep rising each year, many students and their families find it necessary to rely on financial aid to help pay for college. There are many different types of financial aid available, and knowing which one best matches your situation is key to not only choosing the right type of aid, but also maximizing the amount that you can qualify for—and minimizing your debt obligations later on.
Financial aid is a critical part of the college application and attendance process. It can make college a reality for many students and help bridge the gap between family contributions and the overall cost of attendance. Some types of aid don’t need to be paid back; others can leave you in debt for years to come.
With that in mind, it’s important to understand how to best approach the financial aid process, and how to set yourself up for financial success later by putting thought into the process now.
What Should You Start With?
The first step in the financial aid process should be completing the FAFSA. Short for the Free Application for Federal Student Aid, the FAFSA walks you through a complete picture of your finances. If you’re a dependent student—most first-year students are—then it also includes questions about your parents’ financial situation and their potential ability to assist in funding your education.
The federal government is the biggest source of financial aid for college students, and before it’ll consider you as eligible for aid, you’ll need to complete the FAFSA, which serves as your application for all federal aid. The FAFSA is completed online, it’s free, and there is plenty of help available to assist you and your family in filling it out.
What’s the Takeaway from the FAFSA?
Once your FAFSA is submitted to the federal government along with your choices of colleges, a Student Aid Report, or SAR, is generated from the information you entered. The SAR explains how much your expected family contribution (EFC) is. The government takes the position that it’s your responsibility to pay as much as you can to your own education first; the EFC is how much the Department of Education thinks you and your family should be able to contribute to the total cost.
Each year, colleges publish an amount called the cost of attendance. It includes all the expenses that go into attending that school: tuition, room and board, textbooks, fees, and other things like living expenses throughout the school year. Your EFC is subtracted from the Cost of Attendance, and the resulting balance is considered your financial need. The federal government sends your SAR to the schools you listed, and they compile a financial aid package to offer you.
Your federal financial aid package could include a variety of aid products including Pell grants, unsubsidized and subsidized federal student loans, and more. You should always consider Pell grants and subsidized federal aid first. A Pell Grant is a type of aid that does not require repayment, and subsidized loans do not accrue interest while you’re attending school.
After looking at your offer, you may find that your financial aid package isn’t enough to cover the entire bill, but there are other options to consider such as scholarships.
Should You Consider Scholarships?
The short answer is “YES, absolutely!” Scholarships, like grants, are essentially free money that you don’t have to pay back. They should always be a consideration regardless of what year you are in college. You can apply for new ones every year, and there are tons of sources to find scholarships. They can really make up the difference up between the cost of attendance and your financial aid package. Start early and often. If the FAFSA wasn’t so important, this would be the first place to start.
There are thousands of scholarships available every year, but they’re highly competitive. Each program has its own application criteria and deadlines, and the best way to maximize your chances of winning one is to ensure that you follow the program’s directions and meet all of the deadlines—preferably applying as early as possible. The best way to go about winning scholarships is to just keep on applying to any legitimate opportunity you can find.
Is There a Last Resort?
If you find there’s a funding gap left over after scholarships, grants, and other federal aid, then you still have one option: a private student loan. There are distinct differences compared to federal student loans do, but sometimes they’re a necessary tool to cover that funding gap.
Offered by banks, credit unions, and other lenders, private student loans are based upon your creditworthiness; as a result, most students find that they need a qualified cosigner for approval. Further, you may find even the best private student loans still have high interest rates compared to federal loans. After all, interest rates are generally higher for private loans. Also, they don’t come with a grace period like a federal loan. That means you’ll need to start paying it back immediately, just like a car loan or mortgage, even if you’re still in school.
It is clear that private student loans are not as desirable compared to their federal counterparts; however, sometimes they’re a viable option if it’s crunch time.
The thought that crosses every students mind is the dreaded debt they will inevitably find themselves in years and years down the line. It seems that students are now facing an uphill battle when it comes to their student loan debt. You will struggle to get a credible job without the relevant qualifications, which means at some point you’re going to need to go and study at college. Unfortunately, college fees do not come cheap. Many people have to boycott college altogether because they simply can’t afford it. It’s such a shame that many youngsters have to miss out on getting the best education because money is short. If you are lucky enough to get into your chosen subject of education, here are a few pointers which will help you to avoid the dreaded debt.
Social Butterfly Without the Burden
You’ve gotten into the college of your dreams and you can’t wait to make new friends and memories, but you’re a little worried about your budget. You are not alone. Every single person is worried. Socializing at college doesn’t have to be super expensive. There are several ways in which you can save money and still have a great time. Join loyalty schemes and get to know which bars and restaurant your campus is associated with. The chances are you will be able to get discounts all year round, which means cheap drinks and food whenever you and your friends go out. Change up how you socialize with your friends too. Spend more time around people’s places instead of going out and hold movie nights instead of taking a trip out to see the latest blockbuster.
Room and Board Can Cost A Little
Room and board costs can stump a lot of students. Seriously, how can it cost so much to live in a pitiful little room with no bathroom? If you haven’t already thought about it, maybe you could consider online education to save yourself a lot of money. Partaking in an online bsw, for example, would allow you to stay at home and would cut your student debt almost completely. By opting to be educated virtually you wouldn’t be overburdened with outrageous costs, but keep in mind you need to be super motivated in order to get a degree from an online format.
Save, Save, Save
Before your further education suddenly hits you like a brick wall you should consider saving up some cash so you have got a head start. The summer before you’re due to head off to college you should definitely consider getting a job. It will not only give you a boost to buy all of the things you’ll need when you’re first moving away, but it will also motivate you to earn some money whilst you’re getting your education. Many students find it useful to take on a part-time job whilst they’re studying. It will ease the burden much more in the future.
So take these points into consideration if you’re due to start your higher education. Maybe you have a younger sibling who is ready to go to college and you want them to learn from your mistakes. Let’s start imparting our wisdom on others and stop the vicious cycle of student debt!
How can you assure that your student receives an affordable college education?
I received this comment on one of my blog posts from a parent:
I am so unprepared. I had no idea about the steps I should have taken. My daughter officially started class yesterday and I am struggling to figure out how to pay for it. She made above average grades and a wonderful ACT so I really figured she would get some kind of offer. She did not and we are middle class but FASFA says we make too much money. I am in such need of help and guidance.
This is the predicament of so many middle class families. Their student applies to college, is accepted, and receives no financial aid. They are stuck with the dilemma of sending them to this college and finding a way to pay, or disappointing their child and also incurring debt so she can attend.
Before you find yourself in this situation, here’s my advice on how to get an affordable college education and avoid this difficult conversation with your student.
Step 1—Get good grades in high school
There is nothing more important to receiving good financial aid than good grades. These habits actually begin in middle school and build until your student applies to colleges. Good grades represent a commitment to education and academic excellence—two things colleges look for in an applicant.
Step 2—Take AP Honors and/or Dual Credit classes
Colleges look for students who take these college-level courses increasing your student’s chances of merit aid. But the best benefit of these classes is the cost savings you will realize. If your student takes AP classes, takes the test and does well, he will receive college credit. Dual credit courses are taken during high school and once completed, count for college credit. Comparing the cost of an AP test or Dual Credit course to the cost of a course in college, you save thousands.
Step 3—Score well on the PSAT
If your student scores well on the PSAT and is a National Merit finalist, the financial flood gates from colleges will open. Your student should take this test as seriously as she does the SAT or ACT. It’s more than a practice test!
Step 4—Score well on the SAT and/or ACT
Standardized test scores will have an effect on the college’s financial aid award. Good grades, a good essay, and good test scores will make you a desirable candidate for admission which can mean merit aid.
Step 5—Apply for scholarships like it’s your job
Your student’s #1 job in high school is to apply for scholarships. Don’t wait until senior year. There are scholarships available for all ages. The more he applies, the better his chances to win. Keep applying during college too!
Step 6—Apply to the right college
If your student is at the top of the applicant pool, it is more likely she will receive financial aid. Colleges reserve merit aid for the students they want to attract. Applying to an elite college where there are hundreds of applicants with better grades and test scores the chances of being awarded financial aid are slim. But if your student applies to a college where most of the applicants scores and grades are average and your student’s are stellar, the chances of receiving financial aid are good.
Step 7—Search for colleges with good financial aid footprints
Use sites like CollegeNavigator and CollegeData to find colleges that award a high percentage of financial aid to admitted students. If your student applies to a college that offers a low percentage of aid, you are gambling with your financial aid. A sure bet would be a college that meets a high percentage of a student’s financial need.
Step 8—Compare financial aid awards and appeal
Once your student receives financial aid awards compare them with one another. Use the top awards to bargain with the college your student most wants to attend. Appeal the awards and ask for more aid. If you don’t ask, you won’t receive. Colleges have award money available from those students who declined admission. If they really want your student, they might increase the award.
Step 9—Work during high school and college
You would be surprised at how much money your student can earn during high school. If he or she is too young to work at traditional jobs, there is always babysitting and yard work. Be sure you put the money in your own account, however. Student savings will decrease your EFC substantially. And during college, your student should work. Studies show that students who work are often better students and time managers.
Step 10—Go for the gold
If your student is open to attending a tuition-free college your worries will be gone! These colleges are not for everyone but they are worth investigating: 8 Colleges Where Students Attend for Free.
Best advice: Determine before your student applies to college how much you can afford to pay if he or she doesn’t qualify for financial aid. Even if you follow all of these steps, be prepared for this possible outcome. If you do, you and your student won’t go into debt or be disappointed when the answer is no.
Last night I spoke with a relative whose son just had a baby. The parents were already developing a strategy for paying for college. When she told me they were planning to enter their child in beauty pageants to foot the bill, I had to interject. I told her this was certainly going to cost the parents money and the rewards would probably not be worth the effort. Then I told her the best strategy to pay for college: good grades.
According to an NACAC survey, colleges rank the grades in college prep courses, the strength of curriculum, and grades in all courses as the top factors in the admissions decision. But here’s the added bonus, those grades can also net a student huge rewards in financial aid. Many colleges will award automatic full-ride scholarships to students with high GPAs and class rank.
Instead of placing all your college money “eggs in one basket”, in addition to saving, use these three strategies to create a plan that will pay the college tuition bill:
Focus on academics
The tone is set freshman year. Make it a goal to choose the pre-college courses (AP and Honors) and get the best grades possible in these courses. If your student does poorly freshman year, it makes it difficult to catch up later. All throughout high school, your student should place high value on academic progress: commit to study, prepare for class and tests, seek help when needed, and put academics before any other activity.
Apply for outside scholarships
Start applying for scholarships as early as possible. Waiting until senior year is a poor decision. There are scholarships available for all ages. It should be your student’s “job” during high school to search and apply for scholarships. An hour a day can produce huge rewards and start racking up funds each year to make a huge dent in the tuition bill.
Chose the colleges with the best financial aid footprint
What does this mean? Look for colleges with a high percentage of financial aid. Every college reports the statistics related to their financial aid profile. These statistics can tell you how generous they are with their scholarships and grants and also the percentage of students who receive help with their tuition.
The best resource available for these statistics is College Navigator. You can enter the name of the college, or search using criteria such as location, size, and degree plans. Once you’ve pulled up the data, you can use it to compare colleges.
If you use these three “paying for college” strategies, no matter where you are in the process, your student should be able to graduate from college with little or no debt. Additionally, you should be able to pay for college without borrowing or dipping into your retirement (which I never recommend).
