Creative Ways to Fund Your Education

 

If you’ve been to college, are in college or are planning to go, you know that a college degree can cost enough to affect your personal finances for years – sometimes for life. We look at some facts and figures about college, tuition, and some of the ways that students pay for their degree.

Funding College: The Numbers

There are three timelines for raising funds to pay for college tuition: before, during and after. Obviously, having some or all funds upfront is nice. It gives you a 3-4 year head start on students who accumulate college debt. But given the cost of college, it’s not an option for everyone. Earning and paying tuition during college costs you time while you’re studying, potentially delaying your degree with distractions — but it’s a fact of life. Paying for college after graduating — i.e., acquiring student debt — is of course the most costly option because it involves interest payments. Of course, if you drop out of college and have loans, those could come due immediately.

BestCollegesOnline.org takes a look at the numbers for college enrollments, tuition and other related figures to give you creative ways to fund your education. Click on the image to see the complete infographic.

fund your education

 

Scholarship Friday: Minority Scholarships

 

minority scholarshipsYour cultural heritage, your sex, and your sexual orientation could end up paying for your college education. There are scholarships and grants that are reserved for specific minority groups. You don’t need to be a first generation immigrant to qualify for these scholarships; you just have to prove that you are indeed a member of the minority to qualify for the awards.

Some minority groups that receive scholarships for college include:

  • African American
  • Hispanic
  • Native American
  • Asian
  • Women
  • Multi-racial or multicultural
  • Gay, Lesbian, Bisexual, and Transgender (GLBT)

If you are a member of a minority group, work with the financial aid professionals at your school, to ensure your minority scholarship search is exhaustive. Talk to your counselor and ask her if she knows of any scholarships that might be available locally for your specific minority. Individual minority scholarship awards range from a few-hundred to several-thousand dollars annually.

For an exhaustive list of minority scholarships with links to their applications, you can visit CollegeScholarships.org.

Top 10 Activities for College-Bound Juniors

 

top 10With all the talk about senior to-do-lists and the excitement around the college offers and graduation, it’s easy to forget about the juniors. When it comes right down to it, this should be when juniors amp up their game in anticipation of the fall and senior year. It’s time to start now!

Here are my top 10 activities for college-bound juniors:

  1. Research colleges–If your junior hasn’t started already, it’s time to get down and dirty and start researching colleges. Make a list of “have tos” and start there. Use sites like CollegeData.com to narrow down the choices and look at some of the statistics about each of the colleges that interest them.
  2. Visit campuses–Even if you haven’t tied down your choices, visit some college campuses. Spring is a great time to visit colleges, and if you can’t travel far, find one in your neck of the woods and check it out. You would be surprised at how visits tend to shape the choice.
  3. Take the SAT/ACT–Spring SAT and ACT tests are just around the corner. Register and take them now. If your student isn’t pleased with the scores, that will leave them time to study over the summer and retake them early in the fall before your student begins their college applications.
  4. Choose the right classes for next year–It’s time to start surveying the courses for next year. Encourage your student to take as many AP classes as they can handle and consider dual credit courses as well. College look positively on students who take strenuous course loads. And the added bonus it these classes can help your student get credit for college level courses—saving you tons of money in the long run.
  5. Search for scholarships–Junior year is the time to focus, focus, focus on scholarship searches. Most of the scholarship s for seniors already have applications available for next year. Budget some time each day for your student to do the searches, and it’s perfectly acceptable for you to help. Remember, however, to help motivate them to search when you have the money talk with them about college expenses and student debt.
  6. Connect with your high school counselor–The high school counselor will be responsible for some of the application process and you want them to know your student when they are sending letters of recommendation and transcripts to the colleges. I often say this and some counselors have disagreed, but the squeaky wheel gets the oil and your student needs to be squeaky to the point of annoyance.
  7. Keep your grades up–Junior year is the grades that EA and ED college choices will see when you apply. It’s the most important year for your student as far as grades are concerned. Waiting until senior year to buckle down will not have much effect on the GPA.
  8. Get organized–Organization is the key to surviving senior year communication and deadlines. Set aside a landing zone for college related work and information, create a college calendar, and get an email for college communication only (firstnamlastname@gmail.com).
  9. Attend information sessions when campuses send representatives–Colleges will send representatives to high schools during the spring to connect with students. Make sure your student stays in contact with the counselor so they will know when those sessions occur—and encourage them to attend.
  10. Stay involved–Whatever your student is doing now as far as extracurricular activities, don’t stop. Colleges like to see consistency and commitment. Giving up before senior year won’t paint a positive picture. It may be hard as the new school year begins, but it’s critical for the big picture.

Junior year is when parents start having conversations with their students about career goals, college choices, course choices and financing the college education. Start now and you won’t be caught overwhelmed when school begins in the fall.

Wednesday’s Parent: A Crash Course in Money Management

 

money managementBudget? For teenagers. Why on earth would they possibly need to learn to budget? Their every need is met: food, shelter, clothing and for most entertainment. The baby boomer generation has made sure that our kids want for nothing and their every need is met immediately. What is wrong with this picture? Simple. We’re raising a generation of children who end up drowning in debt as adults.

Before you send your child off to college and expect them to understand how to budget and not abuse credit, it’s time to give them a crash course in money management.

Money 101-The difference between wants and needs

This is the foundation upon which every other lesson is built upon. We all say it, especially our kids: I need (fill in the blank). But is it a need, or a want. Most of the time, it’s a want. And if it’s a want, you can 99.9% of the time, do without it. Understanding this concept will help your kid learn to spend wisely and if you teach them to ask this question before they make a purchase, it’s going to change their lives.

Money 202-Don’t spend more than you earn

Adults (or most adults) understand this concept. If your child doesn’t learn this before college, it is open season for college students by the credit card companies. It’s easy to “swipe” the card and rationalize they can pay for it later. Before long $20 becomes $50, $50 becomes $100, and $100 becomes $1000.

Money 303-If you want it, you have to earn it

This is an easy lesson to teach your kids, but many parents don’t. Start early with chores, then summer jobs, and then encourage them to save for that high ticket item. Purchasing a new car for your teenagers doesn’t teach them this lesson. Instead, consider a used car that needs some work, but only if they contribute some of the funds.

Money 404-Don’t depend on a rich benefactor

We’ve all seen those shirts in the mall that say: “My kid thinks I’m an ATM”. This is the mantra of today’s generation. If I want it, mommy and daddy will get it for me. If I want to go to college, mommy and daddy will foot the bill. Encourage them to always have some “skin in the game” when it comes to important purchases. If it’s their hard-earned money, it will have more value.

Graduate Course-Create a budget and stick to it

You can start early with an allowance and some weekly spending money for essentials. Explain to them that this is their money but it’s their responsibility to use it wisely. When it’s gone, it’s gone. They will have to wait until the next week before their funds are replenished. It’s as simple as sitting down with them every week and writing down how much money they have and what they will need to spend it on.

Kids who learn these lessons before college will be happier adults. They won’t become a slave to debt and they will work for everything they acquire in life.

For more budgeting tips read Wendy’s blog:

6 Circus Lessons for Balancing the Budget

How Colleges are Using Instagram

 

instagramInstagram, the mobile app that allows users to take photos, add filters, and share them with their social networks, has grown to more than 40 million users. Many colleges are embracing the platform and adding it as another social media tool in their marketing strategy. Instagram is a visual platform, much like Pinterest. The appeal, according to students, is that it’s easy to communicate with pictures. Knowing this, colleges are posting pictures on this platform. The best part—they often use images posted by current students.

Here are just a few ways colleges are using Instagram:

Providing behind the scenes content

According to the University of Florida, students “want behind-the-scenes images.” The university posts more exclusive-access images, such as a photo during a class lecture, an image inside a university television station, and a point-of-view photograph from the podium at the university commencement ceremonies. This gives students a visual footprint of the campus.

Posting photos of special events

Many colleges are using Instagram to promote special events, such as commencement. Students at Vanderbilt University, for instance, have made commencement ceremonies an Instagram affair. Using a hashtag specific to the university, the university collects the latest photos from students to share, posting them on their website every 30 seconds so that they could be shared with families and students.

Expanding their social media influence

Smaller colleges may find it hard to grow a fan base on social networks to match those of larger universities, but with Instagram, they have the ability to easily share to other social media sites allowing them to reach a variety of audiences.

Highlighting school pride

What better way to promote school pride than with visual images. Students post photos from sporting events, campus activities, and cultural events. This gives prospective and current students the opportunity to visually participate in displaying their school pride.

Prospective students can use Instagram

Just like Pinterest, you can take pictures while on your college visits. By tagging them with the college hashtags, other students will see your photos. But here’s the plus: as you take the photos you can type comments and this will provide you with a visual reminder of each college.

If your student is looking for images posted by students, Instagram might just be the perfect source. A student’s perspective, after all, is the best perspective.

Mom-Approved Tips: Don’t Fear the Gap Year

 

gap year“I want to take a year before I go to college” are some of the most feared words by parents. What do we fear? We fear they won’t want to go back to school after being off for a year. We fear they will lie around the house, watch TV and play video games. We fear they aren’t thinking clearly and have no idea what they are saying. And for those competitive parents, it’s not what they planned.

Don’t fear the gap year. Not every student is ready for college after high school. Some simply aren’t mature enough, and others simply don’t know where they want to go or what they want to study. And if this is the case, would you want to spend thousands of dollars on college if it meant they dropped out their first semester? Of course you wouldn’t want to do that.

Have a serious conversation.

If your student is considering a gap year, you need to have a serious conversation—without judgment. Let them talk and listen. Try to find out why they want to do this. Is it about fear of college, are they afraid of failing or not being accepted, or are they simply unsure about what they want to do. Once you know that reason, it will be easier to parent regarding their decision.

Be straightforward and honest.

If you ascertain that their reasons are motivated by fear of failing, be encouraging. Point out their strengths and offer to help if they are struggling. Tutoring might help or consider hiring a professional college counselor to help them make some decisions. If they truly don’t feel college is for them, be supportive and discuss what the next year will be like.

Make a plan

Gap years are successful and beneficial if your student has a plan. During this year, they should work toward determining what they want to do once the year is up. This can be accomplished in many different ways. They could work and save money for college. They could investigate internships or apprenticeships in areas they are interested in. They could travel and work abroad. It’s all about making a plan, setting the ground rules, and making sure they understand what is expected of them.

Gap years are becoming more and more acceptable, especially with colleges. Once your student has been accepted, it’s not uncommon for them to defer admission for a year and use that time to get focused. And remember that not all students are ready for college. Push and they will suffer the consequences. Keep an open mind, discuss the possibilities, and breathe deeply. It could be the best year in your student’s life.

Scholarships Demystified

 

Everyone knows that students in America love scholarships. Each year, millions of students apply for financial aid as they prepare for college in the hopes of easing the financial pain of rising tuition costs. But did you know just how much money was being dished out every year? Or where that money came from?

FluidReview, a company that specializes in scholarship management systems, has put together this infographic that demystifies the topic of scholarships in America. Some of this information might surprise you. Click on the excerpt below and it will take you to the complete infographic.

scholarships demystified

Scholarship Friday: “You Like Me…You Really Like Me” Facebook Scholarship

 

facebook scholarshipScholarships.com’s “You Like Me…You Really Like Me” Facebook Scholarship is awarding a $1000 scholarship or a Kindle Fire for college. It’s easy (and everyone likes this kind of scholarship) to enter and the deadline is March 31st.

According to Scholarships.com, here’s what you need to do:

Love our scholarship search? Tell us why. Is our financial aid section really helping you out? Send us an example. Think our college prep section is the bee’s knees? Give us a shout out. Awards will go to the users that are making the best use of Scholarships.com’s many resources as determined by our team – impress us!

Step 1: “Like” Scholarships.com on Facebook.

Step 2: Post on our wall how Scholarships.com is helping you with your scholarship search. Once you do this, you are automatically entered to win a $1,000 scholarship or a Kindle Fire for college.

Step 3: You may enter as many times as you want over the course of the contest but please limit your comments to one per day. You must also have a valid Scholarships.com account and adjust your Facebook privacy preferences to allow Scholarships.com to message you should you win. The Scholarships.com Team will then determine which comment best exemplifies what our site is all about and which applicant is using our resources most effectively.

    Ends: March 31st

   Number Available: 3

   Amount: $1,000 for one first-place winner; one Kindle Fire each for second- and third-place winners

This scholarship competition is offered by Scholarships.com and is in no way sponsored, endorsed or administered by, or associated with Facebook.

How to Use LinkedIn University Pages

 

linkedin university

Recently, LinkedIn introduced their LinkedIn University pages, birthed from a parent who saw the need to connect students with faculty, other students, and career professionals. According to Christine Allen, Director of Product Management at LinkedIn:

Through my relationships at LinkedIn, I knew that hidden in millions of member profiles were powerful insights about the career outcomes of educations from universities around the world. If harnessed, these insights could provide incredible value for students – helping them explore possible futures and build a support network to help them succeed on campus and beyond.

Universities stepped up to the plate.

What an ingenious idea. Imagine making all these connections in high school and college and once you graduate you have a network of job possibilities. Over 200 universities have embraced this new offering and have set up pages you can connect to. Here are just a few:

And it’s not just for college students. In September, they began making LinkedIn accessible to high school students. This will give them an opportunity to “explore schools worldwide, greatly expand their understanding of the careers available, and get a head start on building a network of family and friends to help guide them at every milestone.”

LinkedIn offers students opportunities to connect.

Once they have signed up for LinkedIn, students can take advantage of the University pages by doing the following:

  • Join the conversation by engaging with the campus community.
  • Connect with current students and alumni.
  • Research specific majors and their career potential, along with the careers of alumni.
  • Research universities worldwide and explore those opportunities.
  • Begin building a network.
  • Investigate internship opportunities.

Your student should take advantage of this amazing opportunity. Not only is it an excellent tool to connect with professionals, it’s a great place to connect with college staff and other students.

Wednesday’s Parent: When Just Say NO Is Not Enough

 

just say noIf you or your child has been in the public school system in the last 30 years you’re familiar with the phrase–just say no. From first grade on, those words have been pounded into the heads of kids giving them an answer to anyone who offers them drugs or any other form of abuse. It’s not the answer sometimes that’s important, as much as the attitude behind the response.

Research shows that kids who have a good relationship with their parents are less likely to pursue a life of abuse. The drug awareness programs give parents some guidelines they say will help. They instruct parents to do several things and lead us to believe that if we follow those rules, our kids are less likely to succumb to peer pressure.

Their suggestions have merit. But the bottom line is that most kids, no matter how strong they appear or how great their relationship is with their parents, are going to find themselves in a situation where just saying “no” is not enough. Just saying “no” will be met with teasing, pressure, and even ridicule. It’s your job as a parent to prepare them for that moment.

Educate your kids about abuse.

You should be the one to give your kids all the information they receive about the consequences of drug use. Don’t use scare tactics. That never works. There’s not one kid alive who actually believes that if he tries a drug once, it will kill him; although, it can and has in many instances. They see themselves as invincible. Give them facts. If you’ve done your job and they trust you, they will listen and when the time comes, remember what you’ve said.

Prepare them for the worst case scenario.

Tell them it’s going to happen. Give them some suggestions on how to handle the situation. Assure them that no matter what happens, you will be there for them. You want them to tell you everything; no matter what decision they choose to make. Let them know they can call you, anytime, day or night, to come and rescue them and you will be there in a heartbeat.

Keep the lines of communication open.

Make sure your kids know they can tell you anything, and they won’t be judged. Kids tend to keep things from their parents; that’s just part of being a kid. Let them know that, no matter what they do, you will love them. You may not love their behavior, but everyone makes mistakes. Everyone messes up and does things they are ashamed of. Make it easy for them to tell you about those bad choices, so you can help them make the right ones the next time.

Before they leave for college have a conversation.

Your kids have listened to everything you have told them over the years. But this is a time to remind them that they have options. Talk about the drinking culture on campus. Discuss the “hooking up” culture and sexual abuse. Bring up the subject of drug abuse. You may need to do a little research before you tackle this conversation because your kids are aware, or have been confronted, with abuse throughout high school.

What do you do if the worst happens?

Consider this scenario and prepare yourself for a response. Your daughter goes to a fraternity party. It goes without saying that there is going to be underage drinking and drug use. (If you don’t face this fact, you are in denial). Someone brings Ecstasy to the party and is passing it out freely. If you’ve done your job as a parent, she knows what Ecstasy does to her brain and how it affects her body. The girl that’s willing to share is her best friend. She tells her that it’s supposed to make you feel “all warm inside” and tells her no one will know. She tells her that by the time she gets home, the high will have worn off and if she doesn’t like it, she doesn’t ever have to do it again. She reminds her that you can’t judge if you haven’t tried it. So against all the knowledge you’ve given her about the effects of drugs, she takes the pill. Then, in a conversation about college and how she’s doing, she tells you what she did.

Be prepared for a response. Just saying “no”, wasn’t enough. She’s going to need an understanding parent who doesn’t judge, but reminds her there are consequences to every decision. This is an opportunity for a life lesson. You may not be able to be with her 24/7 but your words will be. The next time, she will hopefully think twice about making such a dangerous decision.

For more parenting tips, read Wendy’s blog: 7 Deadly Sins, Teen Style

Helping parents navigate the college maze