Tag Archives: grants

college costs, college planning, financial aid, scholarships

Paying for College? Your Financial Options

paying-for-collegeCollege isn’t cheap.  My College Guide has been saying that for years – 20 years to be exact!  But don’t let a tiny matter like cost take your college bound hopeful off the college track!  You should know that, when it comes to paying for college: you’ve got options.

Federal Loans – The Free Application for Federal Student Aid, or FAFSA, could send free college aid your family’s way!  No matter what your financial situation may be, you and your teen should fill out the form, online or mail-in.  Circumstances change – and colleges often require a completed FAFSA in order to consider your son or daughter for college-specific loans and scholarships!

Work — Study Programs — Sometimes nicknamed “self help aid” work-study programs are often provided by the college your teen actually wants to attend.  There is a Federal Work-Study Program and state programs as well.  It’s one way that your teen can help pay their way through college – and gain a little life experience in the process.

Grants and Scholarships — Simply applying to college will make your child eligible for some scholarships sponsored through the school. Of course, many scholarships are merit based. But, even if your college bound teen isn’t at the top of their class and the last sport your child played was tennis on the Wii – with the right scholarship or grant, lack of athletic or academic achievement may not matter.  There are scholarships and grants out there to fit every student: no kidding.  Your son or daughter can find free money to match their ethnicity, intended college major, religion, SAT scores, hobbies, and then some.  Many colleges have their own specific scholarships and/or grants that cover a range of abilities and majors.  To get started, have your teen sit down with their high school guidance counselor or surf the web for free money that fits!

Student Loans – There are various loan options: state, federal, and even loans from your child’s choice college.  Loans do need to be paid back and there will be interest tacked on but repayments are very often deferred — at least until your child completes their college career.  It’s good to know that when all else fails – there is still an option!

My College Guide has provided free college info with a 100+ page annual magazine for high achieving high school sophomores for over twenty years.  We are rapidly expanding online – find us on Facebook and Twitter and say “hello!“

admissions, college costs, college planning, extracurricular activities, financial aid, parenting, scholarships, social networks, test prep, Uncategorized

How to raise $15,000 for college

 

A few weeks ago I attended a virtual college event at CollegeWeekLive. I was impressed with the simplicity of the information and wanted to pass it along to all my readers who might not have had the opportunity to attend. This particular session was conducted by Kim Clark, staff writer for U.S. News and World Reports. She outlined some simple steps to raise $15,000 for college:

  1. Up to $2500 from Uncle Sam–via tax credits (Hope and Lifetime Learning Credit)
  2. Child labor–put your teen to work at a summer job ($8 an hour x 40 hours a week for 9 weeks=$2880)
  3. Student loans–Stafford Loan ($5500 max per year at 7%); after student leaves college can sign up for payments based on their income (less than 15%)
  4. Family savings–cut teen to occassional driver and save $; food bills will decline; stop subsidizing entertainment (food and insurance can =$300-$400 a month)
  5. Scholarships and grants–leverage grades, test scores, athletics, arts for merit-based grants; apply for local scholarships
  6. Friends and relatives–ask for college fund contributions instead of presents
  7. Corporate sponsorship–some employers subsidize education for employees and families; UPromise
  8. Reduce college expenses–reduce dorm costs (share with other students); watch meal plans; buy used textbooks or rent; earn cheaper credits at community college, AP classes or dual credit classes; sell student’s car (won’t need one at college)

The bottom line: $15,000 or MORE! Here’s how it all adds up:

  1. Tax break-$2500 per year
  2. Student loan-$5500 per year
  3. Student job-$3000 per year
  4. Parent savings-$4000 per year
  5. Relatives-_____ (fill in blank)
  6. Scholarships-____(fill in blank)
  7. Corporate sponsorship-____(fill in blank)
  8. Reduction in college expenses-_____(fill in blank)

By piecing together all these separate components, there is no limit on how much you can raise for college costs. At the very least you can raise $15,000, at the very most, the sky is the limit!

You can check out U.S. News and World Reports education section: Paying For College for more information and tips.