Posts filed under 'Financial Aid'
Halloween is coming up in a few short days, and with the box-office battle between Paranormal Activity and Saw VI, there’s no shortage of chills and thrills in sight. So imagine my surprise when I found that the real terror comes from the seemingly tame College Board and its college cost calculator.
WARNING! THE INFORMATION BELOW IS NOT FOR THE FAINT OF HEART. 
Here’s how the calculator works. Let’s say you are gearing up to go to a private college in two years. Plug in the average cost of tuition for a public or private college, along with the rate of inflation, how many years you plan to attend the school, the percent of tuition you will finance from your savings, and how many years you have before you enroll. Then click “calculate.” Try not to scream.
We already know that college tuition costs are climbing, but when you are faced with actual numbers, it can be downright frightening. A friend of mine recently had a baby, and just for kicks, I decided to find out what kind of tuition bill that tiny little newborn would face 18 years from now. The future cost is close to $90,000 a year at a private institution. Creepy.
Try it yourself . . . if you dare.
I hear that the producers of Paranormal Activity are already planning a sequel, but really, they could save the time and trouble by just directing viewers to the College Board’s calculator. Seriously—there’s a reason they call it sticker shock.
The good news is that students rarely pay the full price colleges demand. Scholarships, grants, and loans all help to make the finances more manageable. And just as the oblivious people in horror movies are not alone in their homes, you’re not alone in your struggle to fund your college degree.
College finances giving you nightmares? The CollegeBound Network can help you figure it all out.
–Barbara Bellesi
October 27th, 2009
Car companies slash prices. Clothing designers offer discounts. Restaurants offer two-for-one deals. It seems that when it comes to spending your hard-earned money, there are a lot of deals out there to help you save more.
Except, of course, when it comes to college.
Here’s something you’ll never see: Bachelor’s Degree ½ off! Or: Buy A Degree and Get a Master’s for Free! In fact, colleges are doing the exact opposite of slashing prices—they keep on raising them. And because students recognize the value of a college education, they’ll pay the price—however high it might go.
The Washington Post reported today that public universities raised their fees by 6.5 percent and private schools upped theirs by 4.4 percent. Granted, colleges are allowed to accommodate for inflation, and a degree from a public college is still a great bargain at twice the price, but that doesn’t do anything to eliminate the sting of these increases.
Unless you’ve got the cash in the bank to cover your whole college bill in the first place, students rarely pay tuition in its entirety. Scholarships, grants, and other financial awards do their part to chip away at the monstrous debt, but most students have resigned themselves to the fact that they will have monthly loan payments for years after graduation.
Aside from winning the lottery or being adopted by Madonna, there’s not much else you can do to avoid the cost of higher ed. Some schools are taking pity on their students and are introducing three-year degree options, but others, like Harvard, will always have a mile-long wait list no matter how high the price goes—and it will continue to go higher.
Has the rising price of college made you rethink your academic goals? Let us know.
–Barbara Bellesi
October 20th, 2009
If you are like most students, figuring out how you’re going to foot the bill has become even more important than deciding which college you will attend. But should your impending tuition bill be the ultimate factor in your big decision?
It is true that college is one of the best investments you’ll ever make—if not THE best. But that doesn’t mean that you have to wind up in the poor house while you wait for that investment to mature. Here are a few important questions to consider as you make your decision:
What is your major? Don’t panic. It’s OK if you have no idea what you want to study. But for those of you who do, make sure you take your future career aspirations into consideration. Want to be a business major? Well, once this economy behaves itself again, you’ll be able to score a good salary coming out of school. Want to become a teacher? It’s an awesome career choice, but know that you’ll never command a Wall Street salary. Plus, most states, if not all, require a master’s degree to remain certified, so grad school is not exactly a choice anymore—and that means loans, loans, and more loans for you.
A paycheck should not sway your passion, but it should give you a reality check. Yes, you might very well have the talent to be the next big thing, but as any E! True Hollywood Story will tell you, even the A-listers had some lean years before they made it big. Check out the Bureau of Labor Statistics—it’s a great source for employment and salary information.
Do you want to attend graduate school? I know, it’s frustrating to think of a second degree when you haven’t even earned your first one. But if grad school is indeed a blip on your radar at this point, then you need to weigh it as an additional cost.
In fact, that’s exactly the predicament I found myself in when I was applying to college. I was accepted to what I believed was my dream school, which just so happened at the time to not award ANY merit scholarships. So I was looking at financing all four years of college. (Note to younger self—what were you thinking?) I knew that grad school was a possibility for me, so I ultimately passed on my first choice and accepted a scholarship offer at another college on my list. To my happy surprise, that college turned out to be my dream school. Sure enough, four years later, I enrolled in grad school, and I was very glad to have fewer undergrad loans to repay.
Are you loving life in your home state? You already know that state schools offer the best bang for your buck—an excellent education with major tuition perks for state residents. But did you also know that some state schools offer even more benefits to those students who remain in the state after graduation? A number of states have noticed a massive exodus of students after graduation, and in order to keep more of those well-educated residents, state universities–and even the states themselves--are offering additional scholarships to sweeten the deal. Some states even have the endorsement of their celebrity residents. Longtime Maine resident Stephen King used his speech to the graduates of the University of Maine to encourage them to make the state their permanent home. So if you enjoy living in your home state and plan on spending some quality time there after graduation, then do yourself a huge favor and check in with the state schools to see if you can cash in on some of that loyalty.
These questions are a good start, but don’t stop there. When it comes to your (and your parents’) hard-earned money, you should have lots of questions about how best to spend it. Got any you can’t answer? Post them in the comment section below.
–Barbara Bellesi
October 8th, 2009
If you’re feeling haunted by the college application process, you’re not alone.
These are the top 10 things that frighten college-bound high school seniors, according to Cappex.com’s survey of more than 600 students.
1. Getting rejected (77%)
2. Writing the application essay (50%)
3. Keeping up with deadlines (31%)
4. Finding scholarships (31%)
5. Applying for financial aid (29%)
6. Meeting a college’s GPA and test score requirements (26%)
7. Filling out applications (22%)
8. Narrowing a list of college picks (18%)
9. Reading all the mail from colleges (12%)
10. Starting a list of college picks to explore (9%)
Those are all scary propositions, but there are ways to face those fears.
The application essay may be a huge worry, but here are some tricks for making it through the fall without looking like the “Scream” stalker all the time. Think of that essay as letting college admissions folks see the real you behind the Halloween costume, as well as to learn more about your personality and dreams – things that aren’t on the basic application. Revealing an interesting side to yourself could be one way to do just that in an engaging essay that people won’t want to put down.
Getting rejected is something we all want to avoid, but it’s nothing to be frightened about.
Instead of waiting and worrying, focus on finding scholarships and applying for financial aid, which can help keep those checklist items from driving you batty. Researching options online and connecting with people in the community with funds available for your education can keep you busy this fall – and getting a head start will allow you to hit those haunted houses with a clear mind.
The ultimate treat? Not a bag of candy, but knowing where you are headed to college.
–Lori Johnston
October 7th, 2009
Paying for college is never an easy task, but it can be made even more difficult when a student has lost a parent. Fortunately, there are organizations that recognize the special needs of students like these — organizations like the nonprofit LIFE Foundation.
This year, the LIFE Foundation will award 45 scholarships through its LIFE Lessons Scholarship Program. To win one of the scholarships a student must first submit a video or essay in which they explain the impact that losing a parent/guardian has had on them and their efforts to fund their college education.
While this year’s finalists for the Grand Price Video Entry category have already been chosen, it’s up to people like you to decide who wins. Head over to www.lifehappens.org/vote to view each of the finalists’ videos and select one to win the $5,000 scholarship. But don’t worry, the two runner-ups will each receive a $1,000 scholarship as well.
Winners will be announced in September.
– Genevieve M. Blaber
July 31st, 2009
The New York Times recently addressed the financial aid climate of college admissions in an article that is quite disturbing to me. Financial aid has always been an issue and great concern for pretty much the entire college-application population. But because of the state of the economy, it is definitely at a low point.
While financial aid is still available to some, it is certainly not as available as it once was. This is, of course, completely understandable. However, in the article, some admissions offices revealed that they are looking to admit applicants who don’t apply for financial aid or those who come from wealthy families:
This year, many of these colleges say they are more inclined to accept students who do not apply for aid, or whom they judge to be less needy based on other factors, like ZIP code or parents’ background.
Although such colleges admit to applying this mindset only to those “students at the margins, the ones who would probably be ‘maybes,’” it’s a scary factor, for sure. Now, in addition to being faced with a million different emotions and issues with affording college, parents must also grapple with knowing that their pleas for aid may affect the acceptance of their children into their college of choice.
Colleges want those students who will be able to pay tuition in full, especially as endowments do not increase. What we have here is rising tuition and an attitude that is blinded by the green monster of the almighty dollar. Now, more than ever, this makes colleges seem more like businesses than institutions designed to better students’ (and the country’s) future.
This is certainly a sign of the times that those with more academic potential but less endowment potential would get rejected from their prestigious dream college. Could this be a trending discriminatory practice?
-Amanda Fornecker
April 3rd, 2009
Valentine’s isn’t until Saturday, but here’s our early gift to you: the 10th edition of the Carnival of College Admission. Once again hosted by Mark Montgomery, the carnival selects and presents the best of college- and job-related posts from across the ‘net. While we hope you check out all of the posts, and leave plenty of comments, here are a few of the must-reads we came across:
- David Petersam tells you what not to do on your college applications over at myUsearch.com.
- John at Universities and Colleges gives the rundown on how you can get As in college without breaking your back.
- Jessica Gross of Unigo, details the best and worst of college dating confessions and advice.
And of course, our very own Dawn Papandrea and Amanda Fornecker made the cut with posts about what to do after being laid off, and the supply and demand of financial aid.
– Genevieve M. Blaber
February 12th, 2009
If ever America needed a superhero, the time is now. Workers are losing their jobs, and students are struggling under the mounting cost of college. Hold on, America … it looks like we might get our superhero after all.
Under newly minted President Barack Obama, Congress is considering an economic stimulus package to rescue us from recession. The House of Representatives just passed the American Recover and Reinvestment Act, and the Senate is working on a similar package, with the goal of getting a final bill to the president in February.
Especially for students: The bill passed by the House includes a $15.6 billion Pell Grant provision, which would increase the maximum Pell Grant by $500, from $4,850 to $5,350. Because who can afford college without a little financial assistance?
Learn more about the Pell Grant with answers to these FAQs:
How do I apply for a Pell Grant?
Fill out the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. You can’t get any federal aid without it.
How much money will I get?
The amount of your Pell Grant depends on your cost of attendance, expected family contribution (how much your family can pay) enrollment status (full or part time), and whether you attend for a full academic year or less.
How will I get the money?
At least twice during the academic year, your school will either credit a payment to your student account or write you a check. Be wise in your money management!
Do I have to pay it back?
No. The only exceptions are if you are awarded funds incorrectly or if you withdraw from school prior to the planned end of term and thus owe a refund. That’s even more incentive to stay in school.
Can I get a Pell Grant for grad school?
Probably not. Pell Grants are primarily for undergrads, though you might receive a Pell Grant if you’re enrolled in a postbaccalaureate teacher certificate program.
Will my Pell Grant be automatically renewed?
No, you need to complete the FAFSA to determine your Pell Grant eligibility every year. But the good news is that after you complete the application once, your future FAFSAs will be pre-populated with the prior-year data. All you have to do is update the parts that change from year to year.
*Image courtesy of Reuters*
– Robyn Tellefsen
February 4th, 2009
