Other Ways to Pay for College Besides Loans and Scholarships

Most parents rely on loans and scholarships in order to manage their child’s education expenses. In reality, there are other options, but few people are aware of them. Therefore, this article can help to highlight some of the options that can be beneficial for you. It can be useful if you’re looking for options to pay off college debt without complicating your financial situation.

Here are some of the effective tips to pay off your college debt without relying on student loan or financial aid:

1. Stocks- Beneficial for your college savings portfolio: Tuition costs are incessantly increasing, faster than inflation. Therefore, stocks are considered to be the best way to save enough for the long term. You can start saving today to secure the educational future of your child. Therefore, parents can save money for a child who is approaching college age. You can effortlessly shelter your returns by switching your money into more bonds and cash. Once the bonds are matured, you can pay for college expenses with ease.

2. Section 529 Plans: Can be an effective solution to your problem:

Section 529 plans are popularly known as the Qualified Tuition Programs (QTP). This plan is considered to be the best option for saving for your children’s college education. You can effortlessly use your savings to pay off your educational loans without relying on additional loans or other financial aid programs. Prepaid tuition plans and college savings plans are two types of programs under section 529 plans. When you opt into prepaid tuition plans, you lock in future tuition rates at in-state public colleges at current prices. It’s usually guaranteed by the state. However, college savings plans are not rigid and do not offer a guarantee.

3. Savings Social Networking Programs: Social networking sites encourage friends as well as family to contribute to a child’s college education. Some programs are designed for the donor like updates on the child's academic progress. Therefore, the contribution of the donor can be used to encourage the student to get good grades and succeed in school.

4. College Savings Bank: The CollegeSure CD is an FDIC-insured certificate of deposit that is aimed for the purpose to manage college expenses. This certificate is offered by a college savings bank. The interest on this CollegeSure certificate of deposit is similar to other CDs. The interest percentage is fixed for average college costs at maturity. Once a CollegeSure CD has matured, the family can use the principal and accumulated interest to pay off college expenses.

5. Education Bond Program: Interest on certain savings bonds is tax free with the help of the Education Bond Program. Therefore, when you redeem bonds to manage higher education expenses, these savings are tax free.

Keep the above mentioned options when you’re planning to manage higher education expenses and want to use more than just loan and scholarship programs.  

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How You Can Finish A College Degree Without Scholarships

If you are currently in college without a scholarship, this guide offers information on obtaining finances to complete your degree. It may seem hard in the beginning, but successfully navigating the tricky waters of financial instability now aides in developing a more responsible approach to future money issues. Financial experts offer the following advice.

Borrow the Funds

Borrow educational funds in the form of low-interest federal student loans. Subsidized loans depend on financial need while unsubsidized funds are similar to a personal loan. If your award is not enough, parents, guardians or any credit worthy adult can apply for additional unsubsidized funds to close the gap.

Loan repayment does not begin until after graduation or if you drop below full-time enrollment status. Loan limits depend on your enrollment year, student status (graduate or undergraduate) and dependent status. Start the loan process by completing the Free Application for Student Aid (FAFSA).
 

Consider Alternative Loans                  

This type of loan is provided by a private lender as opposed to a federal source. Students and parents have the ability to loan 100% of tuition fee to support college expenses. Lenders have the ability to choose to whom they will disburse the fund, either to the school or directly to the student borrower.

The problem with considering private student loan is that interest rate increases over loan life. Parents and students, may then consider taking the equity of the home to fund college expenses. Usually, if you have 80-85% of the total equity of the house, you can file for home equity loan. The problem with this type of mortgage, is the possibility of losing your home once you are not able to repay on time.

Use Your Employer

Working at the right company can provide valuable tuition assistance. If you are currently working, ask your boss or the human resources department about educational programs that pay for classes. Some companies offer free tuition to full-time employees.

In addition to asking your employer about tuition programs, ask the school about special discounts or waivers available for certain occupations. A few institutions waive fees for state employees or public servants. Even a part-time occupation can result in substantial tuition breaks.

Switch Schools

Sometimes change is good. When you find yourself in the middle of a tuition crisis, ask if there is a cheaper alternative. State universities are cheaper than their private counterparts, instantly reducing your financial load. There are also tuition-free institutions with strong academic reputations. Closely investigate every option and discuss which existing credits will transfer before making any definite moves.

Explore Your Cultural Legacy

Talk with your family about their history. Ask about participation in notable wars and your ethnic makeup. Some state institutions offer tuition waivers to certain individuals of certain ethnicity or descendants of war veterans. Your mere existence might make you eligible for tuition assistance and fee waivers.

Consider Personal Obstacles

If you were on any form of public assistance immediately before entering college there may be a tuition waiver in your future. In some states, students enrolled in Medicaid programs receive free tuition at two-year institutions. Survivors of natural disasters and national tragedies also receive tuition waivers. Schools grant assistance on an individual basis, so bring plenty of documentation when pleading your case.

Become a Virtual Student

Take the remainder of your degree via online learning - but use extreme caution. Enrolling in an Internet-based curriculum at your current school could keep you in financial distress. Traditionally, virtual schools omitted classrooms and other objects that tend to bolster tuition rates. Larger colleges and universities build separate departments for Internet staff, causing massive tuition bills for students.

Once you compare tuition hour pricing, inquire with school administrators and state authorities regarding licensure. Make sure your potential degree will a creditable one. As with any transfer, ask which credits are transferable before committing to any program. Cheaper enrollment rates allow loans and income amounts to stretch further.

A money crisis does not automatically spell disaster for your academic future. Depending on the situation, applying for student loans, mining untapped personal resources or switching schools may provide an effective solution. Staying in control during such stressful times will effectively prepare you for the real world.

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Scholarships and Tutoring for Military Children

The child of a military serviceman or woman spends months or years apart from a parent who’s serving the country. In order to lessen the burden that military families bear, there are military dependent scholarships available to children of service members — and educational assistance isn’t limited to college-age students either. If your child has a parent in the military, take advantage of the resources available to get your child the best education.

G.I. Bill

If you or your spouse has served at least 10 years in the military, you can transfer some or all of your G.I. Bill benefits to your dependent children. Remember that children are still considered dependent until the age of 26 if they remain unwed and are enrolled full-time in higher education.

Students must be at least 18 and have completed high school or earned a GED before they can take advantage of their parent’s G.I. Bill benefits. The serviceman or woman is essentially sharing the benefits; they can either use some of the benefits for themselves or for a spouse and some for the child, or they can give all of the benefits to the child. The parent does not have to be on active duty for the child to be eligible.

Army Emergency Relief

The Army Emergency Relief Dependent Children Scholarship is a need-based program; however, the parent need not be on active duty for the child to qualify. The child must be at least 18, unwed, and enrolled in an undergraduate program, an associate program or an accreditation program. If the child gets married after receiving the benefits but before the school year for which the benefits were awarded ends, he/she may lose the benefits. 

The Army Emergency Relief program is also open to children of deceased members of the military, whether or not they died while on active duty. The child must maintain a 2.0 GPA or better while receiving the benefits.

Private Scholarships

Individual institutions and private organizations alike provide financial assistance for children of active servicemen and women, as well as children of veterans and deceased servicemen and women. Contact the office of student financial planning at the school of your choice to discuss your options.

Financial counselors at your school may also be able to direct you to nationally based scholarships, such as the Folds of Honor Foundation and the Freedom Alliance Scholarship Fund. These organizations specialize in providing scholarships to children of servicemen and women wounded or killed while on active duty. Active-duty military parents may also qualify students for scholarships provided by organizations such as the ThanksUSA program.

Tutoring

If your child is still in elementary, middle or high school, you might not yet be concerned with college scholarships, especially if your child is struggling. Tutoring can help. Many schools provide free tutoring, but professional tutoring centers that can give your child the kind of intense, one-on-one education they may need to succeed often provide free or discounted tutoring to military families. This tutoring can take place either at the tutoring center or even online, via video chats and interactive online lessons. 

You may already be overwhelmed with your service or your spouse’s service, so if your child is struggling in school, don’t be afraid to take advantage of professionals who are willing to help you at no charge or at little cost. Foundations such as the DoD MWR Library Program, the Navy General Library Program, the Yellow Ribbon Reintegration Program and the Army General Library Program work together to sponsor children of military families via these tutoring centers.

Remember, both the military and private organizations are willing to help dependents of military servicemen and women, so be sure to take advantage of this assistance for your child. The assistance isn’t limited to higher education scholarships, so even if your children are years away from college there are resources available, all you have to do is apply.

About the Author: Aubrey Fooks is a contributing writer and former military brat. She currently works in the office of student financial planning at a state university.

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Paying for College Without Breaking the Bank

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 As you think about the future, you are probably concerned with how you are going to pay for college without having to spend a fortune in the process.  Even though college may be expensive, plenty of options are available for you to prepare for the upcoming event.  Beyond having to pay out of pocket for college yourself, you can also use grants and scholarships to make it through the next four years.

Pell grants are just one of the grants available to students.  Depending on your enrollment status and institution, your grant may end up paying for all of your tuition for the semester.  Some students are able to have a little left over to go toward the cost of their books.  Scholarships are another great way to get your tuition taken care of for the next few years.  The scholarship will pay a specified amount for your education.  You can always apply for more than one scholarship, so take the time to apply for any that you qualify for to gain an education without paying out of pocket.

If you are worried about having to pay for your tuition out of pocket, you should begin to save beforehand.  Putting a few dollars away from every check will add up over the course of time.  Not only will you be able to earn interest on your savings account, but it will help you not to feel pressured when you get ready to head to college.  Depending on where you attend college, you can participate in a program that allows you to work part-time and pay for your tuition on campus.

When all other options fail, you can look into student loans.  Based upon your status and grade level in college, your yearly limits will vary accordingly.  As you progress in your schooling, the amount you are allowed to borrow will increase.  Even though these may help you pay for your tuition in the meantime, you will have to pay them all back eventually.  The best thing you can do is try to look for other options first and choose this as a last resort.

For those who are unsure of the different tax credits, the American Opportunity Tax Credit is one of the more common ones out there.    Depending upon your income and the amount you paid in tuition, materials and fees, you can receive a total credit of up to $2,500 per year.  Even though there are many factors that go into determining how much you get back on your taxes, it is well worth finding out about how to make this credit work for you. 

For those who are in need of a manner to finance your college education, you may be eligible to participate in the Federal Work-Study Program.  Numerous locations are willing to provide you with the funds you need to attend school.  Hourly wage is required to equal that of the minimum wages required by the federal government.  Students can be employed by the educational institution, public agencies, private organizations and various other private-for-profit organizations.

Regardless of what method works the best for you, it is nice to know there are options from which you can choose.  Don’t assume you cannot afford to go to college.  Investigate what programs you qualify for and let the school go to work for you.  Before you know it, you will have the education you desire without going bankrupt in the process.

http://www.irs.gov/uac/American-Opportunity-Tax-Credit

http://www2.ed.gov/programs/fws/index.html

This piece was contributed by Ty Witherspoon for the team at http://www.rgbrenner.com.

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Paying for Your Child's College Expenses

For parents, there are few prouder moments than the moment when they send their child off to college. However, parents are often confused about what their financial responsibilities are once their kids go off to school. While many parents do agree to pay for tuition, at least as far as what loans, grants, and scholarships will not cover, there are many conflicting opinions as to whether or not parents should provide for other expenses and, if so, how much they should provide. The choice is ultimately up to you and your family, no one else can make it for you, but there are pros and cons to both sides.  

Just Food and Necessities

 

Some parents are willing to help out their kids, but only so far as their basic necessities are concerned. Many moms and dads agree to pay for food, toiletries, books, and other must-have items for their children. Outside of this, however, the kids are on their own. If they want to guzzle beers or rush a fraternity or sorority, they're on the hook for that money--their “fun money.” Many parents like that this method teaches their child some responsibility without leaving him or her completely without help. It can also severely limit the amount of time your young student spends partying and not studying. Others, however, argue, that it can ruin the college experience. It's no fun to be the one student who can't afford to go out. Talk with your spouse, partner, or even your child about this option and whether or not it will work for you.

You're On Your Own

For some parents, a kid is no longer a kid once he or she leaves the house and strikes out on his or her own. Though this may seem harsh, many parents who no longer support their children or provide them with money find that their children grow greatly in terms of responsibility and are more appreciative of their upbringing and proud of their accomplishments. However, working your way through college is certainly not easy, and students who are forced to work often end up with less time to devote to their studies and may make lower grades than their peers. If you believe that college is all about learning, growing, and experiencing, know that you could severely limit these opportunities for your child if you make them work for every last penny.

 

A Free Ride

 

On the opposite extreme, you have parents who provide for every single need (and want) that their children have. While some parents would never dream of doing anything else, this is not highly recommended. Students who have everything they want handed to them often don't learn the value of hard work. Sometimes, this passes over into the classroom, with these students doing minimal work and still expecting excellent grades. These students may also take advantage of their parents' “kindness” and party on their dime. Students who are fully provided for are also very unlikely to get a job, which can hinder future work opportunities and keep them from learning the value and importance of responsibility.

 

A Happy Medium

 

The vast majority of parents aren't going to go all-or-nothing with their children. For most, a happy medium is what it's all about. This tends to be a wise decision, since it shows children that you still love for and care about them but also that they need to love and care for themselves.

This article was composed by Ty Whitworth for the team at kelcreditrepair.com; they have loads of local credit repair services. Check out the advice of Craig Lynd to learn more.

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Savings Plans to Pay for College

With college expenses getting costlier day-by-day, most parents are seen to have several saving structures at their disposal favoring the expenses of a traditional college degree. Until and unless, you have a good plan ready catering to your educational expenses, chances of falling short on higher education stands high. After all, with the present student loan debacle and the unpleasant employment scenario dominating the world, very few would like to take up the risk of pursuing college degrees on support of federal and private student loans. 

Now, when it comes to saving plans initiated for funding college degrees, it is essential that you choose the right plan catering to your interests and financial state of affairs. Well, a number of saving plans like, 529 Plan, Roth IRA, and Traditional IRA stands at your disposal when funding for college takes priority. If you seem to get confused about choosing the right plan, here is a brief introductory note of each plan that will surely make your choice easier – 

1.     The 529 Plan 

The 529 plan is often referred to as a qualified tuition program (QTP) is a college funding program that is designed to help you prepay or make contribution to a specific account. All that needs to be taken into consideration is that you are building up the savings for pursuing a degree from a qualified educational institution for catering to the expenses of qualified education. The amount that you save with this particular plan is tax free, which implies that your earnings are free of any tax cuts while being withdrawn for college expenses. 

The 529 plan embraces the cost of tuition, other college fees, books, educational supplies, and other required costs bearing the enrollment at qualified educational institutes. However, you need to remember that computer and computer software no longer falls within the purview of the saving plan, as they do not eligible as qualified costs of education. Presently, two types of 529 plans are available for the students that include the college savings plan and prepaid tuition plan.

2.     Traditional IRA

Another prospective savings plan, this is often overlooked by most parents though it offers many advantages over the usual college savings program like deductible contributions. You can set up an IRA for your child at any age provided he or she has some kind of earned income. Usually, earned income is referred to a W-2 from a job, but often includes income gained from self-employment. Now, a W-2 doesn’t really feature under a child’s name until 14 or 15.

Deposit amount to this account can go up to $5,000, which is liable for tax deductions. However, you must remember to deposit the amount by April 15 of the next year. The amount when is withdrawn from the IRA to cover the expenses of college costs is susceptible to income tax. Since, children most often do not seem to have any income, the tax amount tends to be significantly less.

3.     Roth IRA 

Roth IRA is often considered to be another potential college savings plan that functions in a much similar way to that of the traditional IRAs. However, some difference tends to exist between the two IRAs. The contributions that you make to the Roth IRA account do not fall under the deductible category. Furthermore, the withdrawals are not taxable. You can use the earning for catering to the educational expenses without any penalty, provided one Roth IRA has been opened for minimum five years. 

Similar to traditional IRAs, you can open a Roth IRA at any age and must have an earned income under your name. The limit of deposit is same as the traditional IRA. Furthermore, you can transfer the Roth IRA under the name of other members present in the family. 

Therefore, if you wish to enroll your child into a prestigious college, grad school, or MBA program offered by an internationally recognized institute, you must consider relying upon any of these prospective savings plan that are available in the present age. Give your children the wings to fly high offering the right financial support towards his or her education. Invest in profitable savings plan and paying for traditional college or covering the expenses will no longer remain a burden.

About The Author: This education related article is written by author Melissa Spears. In this article, the author focuses on some of the prospective savings plans that can help a student pursue higher studies, preferably an MBA programs at ease without any financial burden.

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FInance Tips for College Students and Their Parents

The price tag on a college education is a key factor for many parents. It is also one of the main elements of a long-term planning process for one's financial security. A college education can be an extremely valuable resource, as well as a rewarding experience, but it can also be very expensive; if students and parents do not plan the financial aspect of college carefully, they may wind up jeopardizing their financial future.

Occasionally parents find it difficult to pay the college tuition for a single child. The whole situation gets worse when they have multiple children. Under such conditions, one has to be properly educated in certain topics of personal finance to overcome the obstacles and send one's children to college without any worries. Read ahead to understand some tips that may be useful in accomplishing this goal.

Applying for financial aid

About two-thirds of all college students are eligible for some forms of financial aid, and this enables a family to spend less on college education. The aid is usually provided based on the family's income level. There are even times when family with an annual income of more than $100,000 can be eligible. In order to receive financial aid, the student should fill up the FAFSA (Free Application for Federal Student Aid) forms to apply for financial aid.

Financial Education

As a parent, it is very important to educate one's kids on topics in personal finance. Being able to manage one's personal finance is going to be useful during a student's academic career. Parents should also make sure that they have enough resources for their children's continuing education. With some concepts in personal finance, a student is able to utilize the money in the right way. In addition, teaching one's children to balance their checkbooks will also be of great help. It is important to teach your kids to be responsible when they are using a debit or credit card for the first time. Understanding the advantages and disadvantages is going to be very helpful for the students. This tactic also helps the parents stay in the safe zone.

Tips for parents

It is a bad idea to allocate savings for one's retirement for the college tuition of one's children. If one is in a situation where it is becoming increasingly difficult to cover the expenses with one's regular income, it is a good idea to take a look at Stafford Loans, Parent PLUS Loans and other student loans. This helps protect a family's financial security for the long term. Also, it is advisable to look at other assets that are available to meet the expenses associated with a college education.

It is also important to check for expenses that emerge during the first semester. By recording the amount of money the students spend, parents can make sure that their children won't run out of money after the first month of college. As the students should have some prior knowledge in personal finance, the whole process should not be tedious for the parents. Families who have multiple children can consider sending them to college all at once. This removes the need to pay for multiple tuition bills, and it lowers the contribution as a whole. Parent EFC takes into account when one's children are attending college. For one dependent, if the EFC is $40,000, the same amount will be split when there are two children who are attending college. As a result, the total number goes down as a parent no longer has to apply for another EFC.

In most colleges, students have the chance to work while completing their educations. As they work through their schooling, they get to understand the importance of good money management and are more likely to spend their money more carefully. Finally, it is also advantageous to take out student loans early in a student's academic career. A student who faces the prospect of debts takes his or her courses and responsibilities more seriously. As it creates a sense of urgency, this procedure reduces the overall cost of college expenses.

This article was written by Karl Stockton for the team at Kanetix. If students need help with other financial issues, such as new mortgage rules, Kanetix can be of great value.

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Strategies to Survive on a Student Budget

 College life is expensive, especially when a student is living away from home. In addition to tuition, the cost of textbooks, snacks, car services, clothes and entertainment can quickly add up. Luckily, there are many little ways to save, like using a grocery coupon or showing a college ID to get a student discount. The savings a student realizes over the course of a college career can go into a bank account to work toward a major purchase, such as a car or vacation, or be allocated to an entertainment fund for a nice night out with friends. This list of college savings strategies will get every student on the road to surviving on a student budget.

1. Invest in the Sunday paper

The weekend newspaper is often full of coupons for everything from food to shampoo. Spending $2 per week on a newspaper could yield several dollars' worth of coupons for household goods like laundry detergent, paper towels and all those other daily necessities parents are no longer supplying. Combine newspaper coupons with coupons for the grocery and rack up savings at the register.

2. Stack coupons with in-store sales

Many stores restrict the use of multiple coupons together, but college students looking for extra savings can still stack a coupon with a product already on sale, so check the discount racks first. Another strategy is to hold on to clipped coupons for several weeks before using them, since stores rarely put items on sale at the same time they release a coupon. They may, however, discount an item a month or so after the coupon goes to print but before it expires.

3. Harness social networking

College students are already well-versed in Facebook, Twitter, Pinterest and other social media networks, but how many of them use those networks to save money? Liking a business on Facebook or following them on Twitter means students will be informed of the latest promotions or sales. Check local bookstores, car repair shops, clothing stores or other favorite retail outlets for social media pages and get following.

4. Sign up for reward programs

Most grocery store chains offer free customer loyalty programs that give small discounts on many advertised products. Students who shop at the same grocery store frequently can save plenty of money by filling out a simple form and showing their loyalty card each time they shop.

5. Join group coupon sites

Even a poor college student needs a special night out once and a while. Signing up for group deal websites can help cut costs on everything from spa packages to workout gear, but they're especially useful for restaurant discounts. Sites like Groupon and LivingSocial frequently offer vouchers at half price, so students looking for an excuse to try that new Mexican restaurant or splurge on an old favorite won't have to dig into their savings to do so.

6. Save cans and bottles

Students attending college in one of the states that pay for recycling cans and bottles can earn some extra pocket change by holding on to all those soda cans. If a student's ambitious enough, s/he can set up a dorm- or apartment-wide collection program to benefit from their neighbors' aluminum and glass.

7. Cash in on student status

Before purchasing the latest smartphone, laptop or software program, check for student discounts at electronics stores, especially come back-to-school time. Many college bookstores work with electronics retailers to offer discounts. You really want to compare textbooks when possible to find the best prices. Some companies like Apple add in freebies for students, such as mail-in rebates on a new iPod or printer with the purchase of a computer. Movie theaters, museums, ticket outlets and national parks often offer student pricing as well.

Surviving on a student budget will take some planning but it can be done. Know where to look for deals, save every opportunity to save from retailer flier to grocery coupon and never be afraid to pipe up and find out if a student discount is available.

Contributed by Joe Baker
You can reach him at josephbker@gmail.com 

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Students Told to Empty Their Pockets

--> Generation of Students Told to Put Hands in their Pockets  

So school fees have become an election issue. Obama was even ‘slow jamming’ on the topic last week on the Jimmy Fallon show. It is an issue for Republicans too. The threat of interest doubling on federal student loans in July has seen rejection from both parties, though they differ on the detail.

The issue is hot but not just because there are voters to win over. Debt has always been problem for graduates and Obama for one says he remembers leaving college with a ‘mountain’ of it. The existing problem has been made worse because the two traditional sources of funding (state/federal contributions and tuition fees) are both facing downward pressures in this economic climate. Add to that the general negative economic backdrop and you have a situation where student loan debt has exceeded a trillion dollars!

If your grades and teachers are indicating that you are a potential college student, how on earth are you going to get through a three, four or possibly more-year course? Most parents have not been in a position to be stashing away funds for as long as would have been necessary to fund the current cost of a college education.

Given the fact that, on average graduates with a bachelor’s degree earn 45% more than non-graduates, studying still might be the right financial decision. The fact is that you need to do your homework, both while you’re still at high school to keep up your grades and while you’re looking for funding to make sure you know about what is on offer. So what are the options?

Grants

Grants don’t have to be paid back. College offer their own grants with various criteria but also various federal grants are available, such as the Pell Grant and Teacher Assistance Grant. Whether you qualify to apply and the amount of the grant varies according to individual circumstances.

Scholarships

Scholarships are the only ticket for some people to study at the college of their choice and, like grants, do not have to be repaid. Those provided by colleges usually have to be competed for and are won on the grounds of factors such as academic achievement, musical or sporting talent, personal background and so on.

You might also be associated with an organization that awards scholarships. Awarding bodies range from church bodies to the company that one of your parents might work for. If you qualifying to make an application for one of the many scholarships available, the key to winning one is to make sure your form is filled in well and gets in on time.

Loans

Sadly, this is the way most students have to cover a lot of their fees. Federal and private loans are available to students. Federal loans include the Perkins and Stafford loans and are likely to be relatively friendly with low interest rates and high flexibility. In some cases the interest is subsidized, which might mean it is paid for you while you are still a student. Private loans, being more expensive and less flexible, are available to those for whom other avenues may have failed and options should be researched thoroughly.

Part-time work    
                
To help pay your way or to chip away at any loans during college, you can find a job. If you are lucky it might be relevant to your study programme. Alternatively, you might be able to sign up for a programme like the Federal-Work Study programme, which aims to provide undergraduates with work that serves the community or is along the lines of their studies. It pays at least at the minimum wage, possibly on campus or is otherwise based off campus with a public organization or non-profit organization that works in the public interest.

Subject

Not all degrees are likely to bring high wages. Many graduates will still share part of that trillion-plus debt for years and be buying cars by the month rather than in one payment and find it difficult to secure a mortgage deal as a consequence of their high debt load. Remember though that the subject you chose and how hard you study will have a great bearing on your earnings on the other side and how quickly you free yourself of any debt. While you are deciding on a programme of study, you might want to take a look at the job market, speak to professionals and read around to see what’s out there for people who take your path. Graduation will come round sooner than you think! 

Janine Hardy is a freelance writer from England who specializes in life coaching and self improvement writing for a number of local publications. She works with many good causes including helping and advising students at local colleges and writing on behalf of an alcohol addiction center.

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Avoiding Scholarship Scams

As one college counselor put it, “I actually hate this question because I want to believe that good people are doing good work…” However, the sad reality is that college scholarship scams are real. This week, our experts weigh in on the most common types of scholarship scams and the best ways for you to avoid them.

“What are the most common scholarship scams? How do I avoid them?” — Samantha Davis, Queens, NY

See all 21 answers to this week’s question

 A: The One Thing Never to Do to Acquire a College Scholarship

What is the one thing, to pay an organization to ‘be considered’ to win a college scholarship. Acquiring scholarship money takes time, not invested money. Thanks to two terrific web sites, FinAid – The Guide to Financial Aid and Fastweb - Largest Free scholarship search site every family has an easy place to go locate most (not all) available scholarship options.  In addition, always compete the FAFSA application and if any of the colleges the student is applying to uses the CSS Form, then complete that as well.

Ellen Fisher — Founder & Independent College Advisor - College4U

See all of Ellen’s answers

 A: Don't Pay for Any Scholarship Search Service

The most common scam is a service (online or in person) that offers to conduct a scholarship search for a fee.  There are plenty of places that offer free scholarship searches (collegenet.com, your local high school guidance office, meritaid.com, etc.) that contain a complete inventory of posted scholarships. Lots of students don't take the time to do a scholarship search or apply for small scholarships - take the time to apply for appropriate scholarships (ones for which you're qualified based on your interests or background), and you will likely be awarded.

Ken Huus - Dean of Admissions - Sweet Briar College

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 A: The Most Common Scholarship Scams - A List

The scams: “Pay $x to get a list of scholarships.” “Come to a presentation.” "Give us personal information for a chance to apply for a scholarship." “You have been nominated” for an award and you have a chance to purchase a book with your name. “You are guaranteed to get a scholarship.” How to Avoid Them: *Never, Ever pay to apply for a scholarship. *Never attend a seminar that is for the purpose of receiving scholarships. *Do not apply for any scholarships that involve a purchase of any kind. *Google the name of the scholarship followed by the word “scam”. *Look up the scholarship on the Better Business Office web site, the Federal Trade Commission or consumer affairs office from the state of affiliation. *Be wary of awards where you are notified that you have been selected or nominated to participate. *Check with your counselor. *”If it sounds too good to be true, it is.” Use fastweb.com, collegeboard.com and scholarships.com before researching other sites.

Scott White - Director of Guidance - Montclair High School

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 A: Beware of "Pay to Play!"

The most common scholarship scam is one where the "expert" says pay me now and I guarantee you will receive financial aid. Most often all they can guarantee are the federal loans that any student who fills out a FAFSA is eligible for. So you are paying for something that is available for free. My advice, ask for references from any financial consultant and call the references. Also check them out on the web--Google them and see if online reviews come up.

Chris Hooker-Haring - Dean of Admission & Financial Aid - Muhlenberg College

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 A: Look Before You Leap at Scholarships!

Know that the best scholarship leads come from guidance counselors and qualified educational consultants. Generally any company claiming scholarship information asking for money should not be trusted. Legitimate scholarships can be found through private corporations, community organizations, non-profits and the colleges. There are excellent free scholarship databases available on the web. Call the source before you apply to check on credentials. Good Luck!

Jeannie Borin - Founder & President - College Connections

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The Unigo Expert Network is a group of top education experts from across the US answering questions submitted by students and parents about college admissions and succeeding after high school.

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The Costs of Being a College Student

The Unigo Expert Network is a group of top education experts from across the US answering questions submitted by students and parents about college admissions and succeeding after high school.

“What are some of the most unexpected costs for incoming freshman?”—Peter T., Covington, KY.

A: The costs of living more independently

Many incoming freshman may have trouble anticipating and estimating the costs associated with living more independently than they were used to while in high school.  The costs associated with keeping clothes clean (detergent, the use of washing machines and dryers, and dry cleaning for those so inclined) may be newly their responsibility.  While the costs of printing may have been absorbed by mom or dad at home, they may now be the responsibility of the student.  And while freshman may have previously been under a parent’s cell phone plan, those expenses may be a new responsibility.   

Jane Hoffman— Founder - College Advice 101

   
A: Costs beyond textbooks: printing, study guides, software, and more!

According to the College Board, the average cost for college course materials per year is $1,137. Depending on your major and your chosen courses, you may find this to be rather conservative estimate. Therefore, budget wisely and shop around for the best prices on your textbooks. Also, keep in mind that you may need to invest in supplemental items such as software, study guides, and printed materials. Consequently, your budget should include room for these items as well as. Accessing the syllabi for your courses in advance should provide you with some of the additional insight needed to more accurately project costs for course materials beyond required textbooks.

Sarah Hernandez—Director of the Office of Diversity Programs in Engineering - Cornell University

A: One tip for students and two for parents

If you are headed north to college, remember to take a winter coat.  It gets cold earlier up north, and you don’t want to be forced to buy a new coat that you don’t need.  Moms and dads who plan to attend Parents’ Weekend and who will need a hotel near the college should make reservations now.  Rooms fill quickly for events such as athletic competitions, Homecoming, and Parents’ Weekend.  Families with small cars who need extra room for move-in weekend sometimes consider renting a trailer.  Trailers are in high demand in August, so reservations need to be made immediately.

Bill Yarwood– Director of Guidance - Moorestown High School

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Deciphering your Financial Aid Package

The Unigo Expert Network is a group of top education experts from across the US answering questions submitted by students and parents about college admissions and succeeding after high school.

See answers from the Dean of Admissions at University of Illinois, VP of The College Board, and have your questions answered at www.unigo.com/expertnetwork  

(Note: the Pictures did not work on this post)



“I just got my financial aid package and don’t know what to make of it.  What are some terms I should know, things I should look for, or tips and tricks to maximize my aid?” – Mary S., Boston, MA


A: Be sure you’re comparing apples to apples!
Analyze the award letters carefully, and figure out how much is being offered in grants and scholarships (the money that won’t need to be paid back) and how much represents loans.  Don’t count the work-study in your calculations.  Know what the total cost of attendance is at each school (not just tuition); also determine whether grants and scholarships are renewable for four years, or only offered to freshmen.  Call the financial aid office if the terms of the offer are unclear, and then focus on the bottom line: how much will each college cost you and your parents out-of-pocket?

• Marilyn Morrison – Founder, Morrison Educational Consulting

   
A: All financial aid packages are not equal.  Persistence pays off!
The most affordable college may not be the best school for you.  You should make a worksheet with columns and fill in the details from each financial aid package you receive.  Consider the cost of attendance and which colleges offer the most federal grants and school scholarships.  This is preferable to receiving college loans which need to be repaid.  Also check the interest rates for any loans and the repayment policies.  If you receive less financial aid from a school you really want to attend, contact them and ask whether they can match an offer from another college.

• Susie Watts – College Consultant, College Direction

A: Evaluate the Net Cost of Attending College.
Financial Aid awards are based on your EFC (Expected Financial Contribution). It is imperative that you evaluate your financial aid packages from the various schools. It is important to prepare a chart to evaluate the Net Cost of the schools you are considering. Take the school’s Cost of Attendance and subtract free money, including Scholarship/Grants and Need-Based Aid.  You will then arrive at your Net Cost which you can compare with the Net Cost of the other schools you are considering.  Then you can take into account the parent’s and student’s loans which must be paid back. Remember, you may appeal the decision if you clearly explain your circumstances such as unusual medical bills.

• Rachelle Wolosoff – Founder, CollegeSearchExpert.com

Don’t miss answers by the Dean of Admissions at University of Illinois, VP of The College Board, and more – at www.unigo.com/expertnetwork.  To send your question to our experts, visit www.unigo.com/expertquestions

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Finding Scholarships for College

The Unigo Expert Network is a group of top education experts from across the US answering questions submitted by students and parents about college admissions and succeeding after high school.

See answers from the Dean of Admissions at University of Illinois, VP of The College Board, and have your questions answered at www.unigo.com/expertnetwork  

“I want to help my parents out with my tuition by landing as many scholarships as I can.  Where should I start, what do they usually require, and what are some crazy scholarships you know of?” – Aimee N., Baltimore, MD

A: Searching For Scholarships Takes Time and The Will To Do The Work
Apply for as many scholarships as you can. You need to be willing to make time because there are required essays, forms to complete, deadlines to be met, and recommendations that must be sent. Fastweb.com, Finaid.org and Scholarshipexperts.com are two reliable websites where you can begin your search.  Scholarships are available from private corporations to community organizations. Students should check with the financial aid offices at their colleges of interest to see what scholarships are available through that school. Sometimes, essay prompts are similar so you may be able to reuse one strong essay.

Jeannie Borin – Founder and President, College Connections

   
A: Want lower tuition? Look for colleges looking for you!
Some colleges award generous scholarships or “merit aid” to entice students to bring them something they want. For example, look for private colleges far from your home that have a large percentage of students from their regions—you can contribute to campus geographic diversity. Grades and test scores above or near the top of the school’s averages (which might be lower than you expect) may bring big tuition discounts along with an acceptance letter. In some cases, merit offers reduce private college tuition to near the cost of in-state tuition at public universities; so don’t be afraid to apply!

Stephanie Meade – Owner, The Collegiate Edge

A: Look locally and identify your best matches
My first tip for maximizing your scholarship search is to look locally. Visit your high school college center to get a list of local scholarships. Local scholarships have much less competition than national one's. While their dollar amount is sometimes less, the likelihood of receiving them is far higher. Also, when looking for scholarships, take some time to identify your best matches. Look for scholarships that reward your strengths. There are scholarships for almost everything including: academics, talents, interests, cultural background, religion, etc. And remember to think outside the box. I have heard of scholarships for exceptionally tall students, best duct tape prom dresses and students with specific last names.

Kathryn Favaro – Independent College Admissions Counselor, Favaro College Counseling

A: Scholarships reward what a student has done—perform and they will pay
In looking for scholarship money, one must first distinguish between the school sponsored ones and those sponsored by outside groups or organizations. Concerning the outside sources, to avoid a scam remember the general rule: if you need to pay them, they won’t pay off for you.  Meanwhile, school sponsored scholarships are the most common form of merit scholarships.  To earn them, the best thing a student can do is maximize their academic record and test scores.  Schools will reward those efforts in part because those measureable attributes help the school enhance their profile and serve as valuable marketing data. 

Bill Pruden – Head of Upper School, College Counselor, Ravenscroft School

A: Use Several Resources and think BIG!
Start with the mindset that you will need to think big and use several resources, books, websites, and personal connections.  In brief, winning scholarships requires insight, the right match between student and scholarship source, and attention to detail.  And, in terms of extra-ordinary scholarships, here’s a short list-there are more! For twins and more: http://www.twinstuff.com/college_scholarships.html, for the aspiring chef: www.theculinarytrust.org and for students interested in the study of language (really!): Klingon Language Institute, www.kli.org/scholarship

Jill Greenbaum – Founder, MajorInYou.com

   
Don’t miss answers by the Dean of Admissions at University of Illinois, VP of The College Board, and more – at www.unigo.com/expertnetwork.  To send your question to our experts, visit www.unigo.com/expertquestions

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