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If
you think you're a financial aid know-it-all, think again.
There are some money matters that'll surprise you.
Protect
Yourself from These Financial Aid Foes
By
Robyn Tellefsen
March 2002
The
CollegeBound Network NewsClick -- Securing financial aid for
college is obviously a good thing -- especially if you don't
have the money readily available. However, even if you score
college cash, there can be drawbacks. Dr. Marty Nemko, an
Oakland, CA-based author of You're Gonna Love This College
Guide (Barrons Educational Series, 1999) and college counselor
in private practice, shares six 'not-so-evident' financial
aid myths and how to avoid them.
"Don't
worry about the sticker price." "The first thing
you need to remember is that college is a business,"
says Nemko. The academes there try to convince you otherwise,
but when you're making a huge purchase, it's important to
consider the cost but not mistake it for quality. In other
words, Nemko advises, don't buy into the fib that the better
the school, the more expensive it'll be.
"Build up your own bank account." Believe
it or not, cautions Nemko, "you will be penalized for
your assets when it comes to financial aid." In other
words, if you've saved money toward your undergrad' degree,
it'll decrease the amount of funds the government will give
you. Anonymous Insider college counselors recommend saving
money in a grandparent's name, so that your hard-earned cash
won't affect your aid eligibility in the end.
"Private
scholarships will pay your way through school." While
scholarship searches may seem like a long-shot, scoring scholarships
are possible with in-depth research and careful attention
being paid to the application. After all, says Nemko, if you're
a scholastic superstar in a certain area, it's worth applying
for the free money. But, Nemko also believes that students
can earn just as much college cash working for a fast-food
restaurant. Try to really assess your scholarship chances
before assuming you'll win a bunch.
"Early
Decision is all good." There are benefits to early
decision admission, but financial ones aren't among them.
"[Applying] early decision is the fastest way to ensure
you get a bad financial aid package," warns Nemko. He
explains that colleges don't have to give you a good package
if they've already reeled you in. Nemko suggests you let your
top choice schools know you're considering various options
so that they'll offer more money to lure you in.
"Deadlines
are flexible, right?" This pitfall may seem obvious,
but financial aid deadlines are really firm. "Since there's
only a certain amount of money to go around, deadlines are
a simple way of setting limits," explains Nemko. It's
like the old adage: "You snooze, you lose." To prevent
this from being your reality, start filling out the forms
as soon as you get them -- and correctly, at that. Neither
your school's financial aid office nor the government will
care to hear your sob story about turning in your paperwork
late. A deadline is a deadline, so adhere to it, or risk the
chance of being out of money luck.
"Don't
even bother negotiating." The truth is, financial
aid is never set in stone. You may get a bum deal, but that
doesn't mean you have to accept it without a fight, and worry
about where you're going to get the rest of the money to pay
for school. Nemko suggests applying to a lot of colleges because
at least one of them may give you what you monetarily desire.
"If your seventh choice gives you a good deal, you can
wave the offer in front of your first choice," he explains.
"If they want you, they'll respond."
Don't
get stuck in a financial aid rut because you believed the
money hype. Empower yourself with college cash knowledge,
says Nemko, then use it to ensure your school days are paid
in full.
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