Category Archives: financial planning

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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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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college costs, financial aid, financial planning, scholarships, student loans

Understanding College Financial Aid

financial aid

Those two little words, “financial aid” can be music to a parent’s ears. I know they were to mine. But I had no idea the different types of aid available or the varying awards that colleges can make when they offer admission.

I was surprised to find that private colleges tend to be generous with their merit aid because they have institutional funds available; while public universities will offer less aid because of their strict budgets and large student populations. That’s why private colleges can often cost less than a public university even though their price tags are higher.

When my daughter applied to college we knew we were going to need help paying for it. Since we were not in the financial category that would receive federal grants, we hoped for other types of aid in the form of college grants and scholarships. Some of the colleges she applied to were private universities and some were public. When accepted, she received varying degrees of financial aid awards from the different colleges, both public and private.

One state university offered her aid in the form of student loans, but no grants or scholarships. Another private college offered her a full-ride in the form of a four year scholarship meeting 100 percent of the financial need. Her first choice college, a private university, offered her student loans, work study and parent loans, which did not meet the balance of our EFC (Expected Family Contribution). This is called “gapping” and colleges often do this to students who are accepted but do not qualify for merit aid. The college she chose offered a combination of awards: college grants, honor scholarships, student loans, and work study that met the difference between the cost of the college and our EFC. It wasn’t the full-ride or her first choice, but it was her second choice and was a perfect fit for her.

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college planning, college prep, financial planning, parenting

What is the Parent’s Role in the College Prep Process?

parent's role

If you have a college-bound student, how do you help them will college prep while letting them own the process? What is the parent’s role?

With all the talk of helicopter parenting, over parenting, and parents refusing to allow their students to become independent adults, it’s important to understand how to coach your teenager without crossing the line.

An article in Forbes magazine quoted a study conducted by Florida State University focusing on some of the issues with today’s parenting:

Helicopter parents are “overly involved, protective parents who provide substantial support (e.g., financial, emotional, physical health advice) to their emerging adult children, often intervening in their affairs and making decisions for them.

Individuals with parents who engage in highly controlling, overprotective behaviors have been characterized as being overly needy in terms of seeking attention, approval and direction from others,” the authors wrote in summarizing past research. “In addition, they have been found to utilize more ineffective coping skills, express higher levels of narcissism and demonstrate lower self-efficacy.

In contrast…

“Developmentally appropriate parenting can promote healthy decision-making and a child’s development of autonomy, increasing the likelihood that their children will become independent, well-adjusted, problem-solving adults. They tend to cope better with stress, have more self-esteem and experience less depression.”

Knowing this…

What is a parent’s role during the college prep process?

How can you successfully coach your college bound student?  

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admissions, college planning, college prep, college visits, financial planning, parenting

10 Ways Parents Can Help With College Prep

college prep

As a parent, you most certainly think about your child’s future and so often college prep is a part of that future. You may see them as an engineer, a teacher, or a doctor. You may picture them at your alma mater, or being the first in your family to attend college. Maybe you just hope they find a passion and pursue it. Whatever you hope, you want what is best for your child and to support them in achieving their goals.

College prep is a team effort. While the student leads the team and is ultimately the one who makes the final decision, parents can participate. This is an overwhelming process to handle alone and parents can ease some of the tremendous stress and burden.

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admissions, careers, college books, college guidance, college planning, college prep, college visits, community service, essays, FAFSA, financial aid, financial planning, high school, mom approved tips, parenting, podcasts, scholarships, social networks, standardized tests, student loans, study abroad, test prep, websites

100+ College Prep Resources

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college prep resources

It’s exhausting searching and scouring the internet for the right information when it comes to helping your student prepare for college. But what if you could use ONLY ONE RESOURCE and find everything you ever wanted to know about college prep? Wouldn’t that be amazing?

Here it is. I’ve done the research, examined the links and their resources, and compiled a list of 100+ college prep resources for you. (If you know of others, please leave them in the comments and I will add them to the list!)

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admissions, college guidance, financial aid, financial planning, parenting

Southern Truisms for the College Admissions Process

southern truisms

I’ll admit (willingly) that I like to offer my unsolicited advice to my children, often in the form of southern truisms (I grew up in the south and was raised by a family of southerners). Even though they are grown, I feel the need to continue to parent. As they did when they were younger, they smile, listen, and then do things their own way. It’s a type of dance parents and kids do with one another.

The hardest part of the college admissions process for a parent is finding a balance in your parenting. You want to encourage them, guide them and help them make the right choices. But when you push too hard, nag and set guidelines that interfere with their independence and individual choices you create a stressful and frustrating college preparation experience. This is a monumental step in your child’s life and you don’t want to taint it with fighting, frustration and family discourse.

Following are 5 tips for parents of college-bound teens (based around good old southern truisms) to keep peace in the home and reduce the stress related to the college admissions process:

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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, 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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FAFSA, financial aid, financial planning, parenting

10 Reasons to Complete the FAFSA

complete the fafsa

The FAFSA for the 2022-23 school year will be available on October 1. The earlier you file, the better your chances of getting some of the money colleges allocate for financial aid. In order to help parents understand the FAFSA and answer some of your questions, this week is FAFSA week.

According to a new SallieMae study, 70% of families reported submitting the FAFSA for AY 2021–22. This figure represents the first time in four years that FAFSA submission rates did not decline-last year it was 68%. Low- and middle-income families submitted the FAFSA® at a higher rate than their higher-income counterparts.

Many families believe their income is too high to submit the FAFSA. Most families who didn’t file the FAFSA® said it was because they believed their income was too high (36%). While families earning more than $150,000 annually were most likely to select this reason (74%), 26% of families making less than $150,000 also believed their income is too high to qualify for aid.

Here are the other reasons for not submitting the FAFSA:

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