Reduce Your College Tuition Cost

Don’t Pay Sticker Price for College

College Funding — Fri, 17 Jun 2011 14:01:40 +0000

The number one question from our face-to-face clients and others visiting our site is “How do we find scholarship money?” It is an area that is really very poorly understood but very important in today’s economy. We don’t have an easy solution, and anyone that promises that they do should not be trusted.

What we can say is that it is important to start early, such as in their freshman year of high school. Many scholarships are based on what the student has been doing the past few years. Understanding what kinds of things can earn them free money for college and getting them involved is the first step.

If a student or parent are on Twitter, this can be a great way to keep updated about opportunties and deadlines related to scholarships. There are a number of college news sites that post useful updates (see who we are following to get started). This creates a constant reminder about the importance of keeping the search alive, particularly as they enter summer vacation and have time to focus on it. What we often tell students is that they can earn as much money finding scholarships as they can working a part-time job.

The important thing is that it is not just the students that are at the top of their class that get all the scholarship money. Families that do their homework and tap into the right resources to access that money can reduce college costs. You would not pay sticker price for a car, would you? You should not have to pay full sticker price for your child’s education either.

http://www.usnews.com/education/blogs/the-scholarship-coach/2011/06/16/learn-from-student-stories-of-scholarship-success

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What Eighth Grade Teachers Should Be Asking Students

College Funding — Fri, 17 Jun 2011 13:42:13 +0000

How do you position your student to get into the college of their dreams? How early do you start? We all know that keeping grades up is important. But as you may have heard, college admissions are becoming much more competitive. One of the reasons for this is the trend in grade inflation, with teachers being more generous with high marks and making it harder to distinguish students who are academically superior. For instance, in 1966, only 19 percent of college students who were surveyed earned an “A” or “A-minus” average in high school, compared with 48 percent in 2009.

This means that it is important to start even younger by encouraging students to think about how they want to define themselves. By 8th or 9th grade, we need  to start asking students the question:

“How are you going to distinguish yourself from the rest of the students applying to college?”

I just had this conversation the other day with my nephew who just finished his freshman year in high school. I asked him to think about what his essay would be about. Does he have a story to tell that would lead someone to want to get to know him more? Is he driven by a curiosity or a cause? Admissions counselors want someone who will leave a mark on their school in a positive way, and they don’t want a student whose parents have been pushing them into resume building programs that they really have no interest in. Passion about something the student believes in is “in”. Bogged down schedules are “out”.

In the case of my nephew, he was the captain of his freshman basketball team and has excellent grades. He makes us proud every day. But if he is fortunate enough to be vying for a spot at a premier university, I want to know that the admissions officer sees the strength of his character like we do.

Examples we give students in our college planning business include starting a business while in high school (easy to do in today’s web-based world) or identifying a problem in the community and leading an initiative to fix it. Things that show a deep curiosity about a species, a culture, a type of technology or even the stars in the sky along with an eagerness to learn more can show an admissions counselor that this will be a student who will participate in college – not just keep a seat warm.

Below is a link to a blog from Education Week on what admissions counselors look for. Tell us your experience or ask questions through this blog.

http://blogs.edweek.org/edweek/college_bound/2011/06/college_reps_talk_about_holistic_approach_to_admissions.html
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Credit Cards and College Students

College Funding — Sun, 15 May 2011 01:23:48 +0000

Credit Card Act of 2009

Students nowadays are using credit cards to finance cost of living and education, a necessity for many given the rising price of college.

Despite the label, credit cards are in fact loans, requiring pay back accompanied by interest charges. Having to pay excessive interest on academic bills will mean overpaying for college costs and the need for using bank cards should be balanced with the danger inherent therein.

Students seem familiar with using credit. In 2009, Sallie Mae reports 92% of undergraduates charged direct expenses for college education such as college tuition as well as textbooks. Students appear also to be proficient in building financial debt. The report reveals close to 20 percent of seniors carrying charge card balances higher than $7,000. These credit card balances added onto $24,000 in academic student loans, graduates on average will owe approximately $30,000 with big debts.

Therein lies the danger: spiraling credit card debt. Student credit cards often times have rates that start around 20 percent and multiply with late or missed payments. The payments are generally due monthly, with no deferment, forbearance, or forgiveness. As a result students can simply slip into debt, messing up their credit scores and the chance to use credit to get basic needs such as an residence or possibly a car.

The Credit CARD Act of 2009 constrained companies’ marketing on campus and requires applicants under 21 to obtain a co-signer or prove the capacity to make installments. However, it might not be as simple as limiting access. There are contradictions in today’s economy, to have credit you must have established credit, which cannot be done without access to credit. Developing credit during college may help procure future cheap loans. It’s much easier to rent apartment and secure a car loan with good credit.

Bad credit, however, can prevent what you can do to do anything requiring a background check, including getting employment or maybe a professional license.

What should students do? Just use a credit card when you can pay the bill fully monthly. Having a balance means you pay interest on interest!

Look at a card with 24 percent interest:

The $800 textbook bill:

1st month: $800 principal + $16 interest = $816 due – $100 payment = $716 ending balance

2nd month: $716 balance + $14.32 interest = $730.32 due – $100 payment = $630.32 ending balance

3rd month: $630.32 balance +$12.61 interest = $642.93 due – $100 payment = $542.93 ending balance

Installments are due every month, even during college. Without any extra purchases, it will take 9 months to pay for your books and you’ll overpay! Consider, too, that $100 may be tough to pay monthly while in college.

Here are some additional what to consider:

• Evaluate your choices: Many student credit cards have high interest however your lender or smaller banks may give you a lower rate. Also take into account credit cards with lower limits therefore you don’t overspend.

• Consider plastic cards as well as educational loans: In its 2010 “How America Pays for College” study, Sallie Mae reports an alarming 35 percent of those who used charge cards for direct educational expenses did so since they didn’t think they were qualified for financial aid. Well over two-thirds did so as a result of convenience. It’s worth examining whether you are eligible for financial aid! Academic loans, notably government loans, frequently have lower interest levels and normally defer payments during school. The current rate for an unsubsidized federal Stafford loan is 6.8 percent, compared to 20 % on the student credit card. It might be wise to use student loans for textbook and college tuition bills and credit cards for smaller bills and the occasional evening out.

• Read the terms and conditions: This is applicable to both students and co-signers. Promotional rates end and co-signers could possibly be responsible provided that the line of credit is open, long after losing the opportunity to influence the practices of that promising student.

Ultimately, using charge cards is often helpful as long as you develop credit-not debt-and never pay more for school than you already must!

Relatives step up to help pay for college

College Funding — Sat, 21 Aug 2010 03:32:43 +0000

As parents have become tapped out, extended family and friends have taken up slack to help kids pay for college.
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FAFSA Verifications Up

anders — Sun, 01 Aug 2010 12:26:19 +0000

Did you know that up to 30% of FAFSA (Free Application for Federal Student Aid) submissions are subject to verification? This means you may need to complete a special worksheet and submit copies of your tax forms. However, since the application process itself is often seen as lengthy, convoluted and flawed, the last thing families want is to become more entrenched in this messy process. A recent Institute for College Access and Success report points to the FAFSA verification process as a problem, placing a burden on students and colleges. The liklihood of being selected for verification goes up if you have inconsistencies, estimations, or omissions.

The good news is that one of the goals of Congress and our current administration is to try to streamline simplify the FAFSA submission procedures, including pre-populating data directly from the IRS.  The first step, taken this past January, was to eliminate 26 questions from the form and restructure the website. But, short term this may mean more families will be selected for verification as kinks are being worked out in the system.

After the U.S. Department of Education receives FAFSAs, individual student applications are flagged for verification. Verifications must be completed by colleges and are often costly to the institutions. This procedure is in place to make sure information in the application is correct and qualified students are receiving aid. This year we have noticed more families that qualify for Pell Grants and other State/Federal/and Institutional Grants being called for verification. Of the applicants tracked inside the ICAS study, Pell Grant-eligible students chosen for verification were 7 percent less likely to receive grants than students whose applications weren’t verified.

Some colleges, such as UC Berkeley, enroll more of grant-eligible students as a result of participation in the federal Quality Assurance Program. In order to participate in this program, UC Berkeley has to demonstrate to the U.S. Department of Education that their campus can do quality assurance reviews on a smaller percentage of students and still ensure accuracy. This program results in a reduced load for students and increases the responsibilities of the Financial Aid Office. Through the 2009-10 school year, nearly 70 percent of UC Berkeley undergraduates (about 18,000 students) received financial aid. Of those students, only 10 percent were verified.

Those of us here at College Planning Coach can help you with the verification process. If your taxes are complicated, we will work with your accountant and the financial aid counselor to allow a smooth translation of the information. For one client, this meant multiple conversations with the accountant, then simplifying everything so the college verifier’s questions could be answered.
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Once You Qualified, Now You Don’t

anders — Sat, 03 Jul 2010 12:40:28 +0000

Just another sign or our recessionary times:

More individuals who qualified for state grants based on financial need are now being denied those grants as funds become limited.

The strains on the economy are now being felt in the state run financial aid programs for students. In Washington, for instance, the state’s Need Grant is their largest educational funding program for needy students, according to the state Higher Education Coordinating Board or HECB. But in 2009, more than 15,000 students who would have qualified didn’t get them, based on figures released last week from the HECB. That is triple the number of needy students being turned away compared with the previous academic year. About 74,000 students did still receive State Need Grants this year.

Here in Michigan, the Promise Scholarship was canceled for budget reasons, a program which had planned to give $4,000 over four years to qualifying kids.

It is not that states are not commited to college funding programs, but rather the burgeoning growth in the number of students that are qualifying. The increase in unemployment means more families are struggling to make ends meet with more limited funds. In addition, many savings funds, including 529 plans, were hurt by the downturn in the stock market.

The Legislature added about $18 million to aid students with State Need Grants in the coming school year. But HECB predicts demand will outstrip funding. Students with significant reductions will be those in middle class families. For the state universitites in Michigan, we have seen less grants and more proposals coming back with more of the funding coming from student loans.

Remember, State Need Grants are awarded to financially eligible students on a first-come, first-served basis. Eligibility is based on family income and size, with funding usually available to families earning up to 70 percent of the state median income. As an example, a student with a family of four with an income of $54,500 could qualify for a partial grant within the rules. However, the boost in the numbers of students who qualify will drive the cutoff point lower. Families who submit their applications late in the year are almost certain to be left out.

“There’s plenty of demand, but not enough money to serve for everybody,” Washington’s HECB spokesman, Bob Burdick, said. Colleges across every state have an overabundance of students completing Free Application for Federal Student Aid. The FAFSA is used by colleges nationally to determine which students receive school funding. Between June 2009 and May of this year, the number of federal applications at Washington higher education institutions rose 22 percent, the HECB reported. The largest increase increase was at the state’s two-year community and technical colleges, where applications were up 41 percent. By comparison, the amount of federal applications in the state stayed relatively flat between 2003 and 2007.

It is more important than ever to start planning early. If you wait too long, then you risk losing out both on funding assistance and school choice as many schools are now increasing their admission standards. Even if your student does not qualify for federal or state funds, there may additional opportunities such as Federal Pell Grants, monies from the college or federally subsidized student loans, but only if the FAFSA has been submitted.  These can be based on financial need or merit or both.

Work Study May be Harder to Find Next Year

anders — Thu, 01 Jul 2010 13:59:56 +0000

Important Program Being Reduced As Stimulus Funds Dry Up

For many students, one of the best ways to reduce the cost of attending college is to enroll in a work-study program. However, due to cuts in many education programs, many universities are being forced to reduce federal work-study programs. Universities being hit the hardest include Reading Area Community College in Pennsylvania, Washington State University and LeTourneau University in Longview Texas. Most notably, Arkansas State University received $128,000 less in work-study funding this season than their usual $560,000 allotted.

Michelle Cornell, coordinator of student education loans and processing at ASU, explained there are numerous benefits to providing the federal work-study program at a university. “Work-study programs allow students to explore possible career opportunities, gain work experience and improve marketable skills, meet a fresh quantity of contacts who may eventually be valuable references for future employment, reduce loan indebtedness, and participate in the ‘working your path through school’ concept,” she said. Another advantage is that work study does not count against your child when applying for financial aid the next year since work-study itself is a form of financial aid.

Jana Albrecht, Director of Financial Aid at Illinois State University, agreed there are benefits of using a work-study program, either federal or non-federal, at a college campus.“Work-study and a number of student employment is very huge. Studies have shown that students involved manage their time better and receive better grades,” she explained.

“Students who are employed in the school year typically then work over the summer. This helps them cover book costs and enables them with loans in the long run,” Albrecht added.

Students still need to qualify for a federal work-study program

“We are allotted federal work-study funds from the Department of Education. We allow students to qualify for the federal work-study program in accordance with their results of filing the Free Application For Student Aid,” Cornell said.

“Each department on campus then has to decide their unique hiring needs. They are able to employ federal work-study students and only one-third of the students’ wages comes from outside of their departmental budget. Or, should they hire regular, non-federal work-study students their departmental budget pays the wages in full,” she added.

This is an awesome benefit for the colleges because 2/3 of the students labor cost is covered by the US government. Some schools, such as Bera College in Kentucky, involve other businesses in the town in the work-study program. Many schools’ financial aid offices hold part-time job fairs each year where both on and off campus employers are invited to fulfill their hiring needs.

But a spokesman for the Department of Education said the number of subsidized campus jobs has simply dropped back to its historical norm after a brief climb courtesy of stimulus funding. “The recovery act provided a much-needed boost to work study programs and other federal student aid programs. But significant challenges remain and all of us, both in the home and in the government, are having to do more work with less funding,” said department spokesman Justin Hamilton.

Students can no longer assume that work-study jobs, which pay an average of about $1,500 an academic year, will be theirs for the asking, says Wilma Hjellum, director of financial aid and veteran services at the Metropolitan Community College of Omaha, Neb. Her college lost funding for 12 work-study positions when stimulus funds lapsed. The school will have work-study jobs for just 72 students this fall. More than 2,200 students asked for work-study jobs, she said.
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529 College Saving Plans and How They Can be Taxed

anders — Thu, 17 Jun 2010 01:12:23 +0000

I’ve created this white paper because many people I talk to do not realize that their 529 college savings plan can actually be taxable when they go to use it. For many people this can result in extra taxes when they can afford it the least, as they are trying to save or pay for their child’s college education. Enjoy the white paper and let me know with a few comments below.

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Beware of Credit Card Companies Bearing Gifts

Financial Aid Guru — Fri, 05 Mar 2010 18:45:15 +0000

From the desk of Mike Humann….

I remember being on campus and seeing the Chase credit card company on campus giving away free stuff if the kids sign up for a card. High interest credit cards are the kiss of death to many college kids.  It is just too easy to ring up a large bill and start off behind the 8 ball before even graduating college. Make sure your kids understand that before they go away so that they won’t be tempted by the free gifts.

As we learned from the recent finanical crisis, the big banks care less about their clients than the bottom line. If they did care would their top interest rate be 29.99%?

It is good for kids to have a means to establish credit, and a way to get themselves out of emergency situations like their car breaking down. If you trust them, then certainly you can let them get a card. But look for better alternatives such as a pre-paid card, one with a low interest rate or one which allows you to keep a close eye on their spending.

Credit unions are also a good place to look. Credit unions have been around, but in this day when banks are looking for more reasons to charge higher fees, I think that they can be a better solution for many people. Most credit unions are not-for-profit, so members can help to control their costs. If you’re a college student, I would highly recommend that you look into a credit union that is close to your university. They tend to have the smartest options for credit cards, checking accounts and more.
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College requires international study (The Daily Aztec)

Financial Aid Guru — Tue, 02 Mar 2010 16:36:15 +0000

America is under the gun right now. Foreign countries across the globe are challenging our financial position. Let’s face it, if we don’t do something different then others will pass us by.   An old coach of mine once said: “The definition of insanity is doing the same thing and expecting a different result.”   I’ve traveled to about 90% of Europe. (I’ve not been to Greece but that’s top on my list to go back and see). The biggest complaint I’ve heard from foreigners is that American’s expect special attention and don’t understand their way of life. That we impose our standards on them.   You could probably argue both ways but the fact is few Americans have traveled outside of Canada and Mexico. I think college is a great spot to gain experience of foreign cultures. Take a look a this article and let me know what you think.

By: Janel Bruan, Staff Writer More undergraduate students will need to study abroad soon The College of Health & Human Services can be added to the growing list of programs San Diego State offers that require international experience. Next fall, CHHS will be requiring its undergraduate students to have international academic experience to…
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Financial aid woes (Scarlet & Black)

College Funding — Fri, 26 Feb 2010 09:19:56 +0000

Pretty shocking to see what could be done with $46,325.    The first point here is to NOT look at sticker price of the college.   I’ve explained why in the past so I won’t get into this for now:)

This article does make a good point as to how the federal methodology does disproportionality penalize the middle class. The formula is highly income driven.   The formula will assess a family’s income between 22 to 47% (after taxes paid and a family income allowance). For many families, however, this is still a very huge burden on them.   I think it’s only going to get worse.   The changes being talked about in Washington will make the formula more intensive on the family income. Planning however, can help!

The new sticker-price to attend Grinnell and live on-campus, $46,325 could buy 52 round-trip plane tickets from New York to Tokyo. Or 3,750 DVDs, maybe 4,000, if that seems more practical $45,012 could pay for two and a half years at some top-tier state universities, like instate tuition at the University of Iowa. Even though [...]
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Forum gives students first stop on career path

College Admissions — Tue, 19 Jan 2010 17:30:25 +0000

I stumbled across this article on the net. WOW. Finally a state gets how to help families reduce the cost of college and increase a child’s chances of college success! I’ll have to check more into this program but it sounds like it has great potential. The program is helping kids to see what careers they are interested in in the 8th grade. The program then continues to match up the child’s career interest with colleges that have those programs. VERY COOL.

Career searching is the primary reason I suggest to all families that the 8th grade is the best time to start preparing for college. The reality is no child know what they want to do in 8th grade but we can eliminate a whole lot of them. There is nothing wrong with going back as they age to see if their interests have changed.

Here is the college planning real hinge point!

Starting career search in 8th grade allows your child to tailor their activities. You see colleges look at extra cirricular activities. If your child’s activities are in line with their prospective major, they have an upper leg on their competition (not China:) but the other kids). Also, in doing activities that relate to their career interest they can have a first hand knowledge if they really want to do this career. How many times have you seen a child start in college in a program but then change it. These changes will increase the time till they graduate. Eliminating one year of college will save $25,000 per year at most state universities.

A community forum was held at John F. Hodge High School Monday to introduce parents and students to the Missouri Connections career-planning program. The program is provided free by the Department of Elementary and Secondary Education and allows students to plan a career path that will take them from eighth and ninth grades all the way through college. Guest Speaker Larry Nash, from the Rolla …
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Additional financial aid available for students

Financial Aid Guru — Sun, 17 Jan 2010 05:58:38 +0000

This was a pretty interesting story about another university trying to figure out how to make sure their college students with a documented financial issue get aid. The key phrase here is documented financial issue. Typically a documented issue is layoff of parent, reduction in salary, divorce, death, medical bills. These are the more “typical” financial issues.

The issue most families run across is they don’t make it very easy for the financial aid officer to make a decision. I always write a well thought out letter giving time line of events, documents to prove my case, and organize everything so it’s easy for the person looking over my clients case to make a decision.

The fact is these days there are many reasons to ask for an appeal of your award letter, but we have to make sure that we properly document and present out case. Remember fist impressions make a difference.

If you have any questions, shoot me an email.

DU has the financial resources to help students whose families are experiencing documented financial difficulties. “The institution is working very hard to have more resources available to students over the course of their time here,” said Barbara Marshall, director of financial aid.
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Computer error costs state need grant (The Observer)

Financial Aid Guru — Thu, 14 Jan 2010 19:04:43 +0000

Watch your FAFSA Aid

I warn families every year to watch the award letter given to them by the school. This article proves that college and the computer programs they use do make mistakes! If you catch the mistake early enough, then you may be able to reverse the decision. In an earlier article I wrote about why you want to have your FAFSA Aid Form in early.

There is a formula

The college are using a formula to distribute the money. The formula starts with filling out the FAFSA Aid form. They take that information and then use it to give your family the aid package. Consider this, most large state colleges have 30,000 students and they have to process the FAFSA form each and every year your child is attending their college. Do you think there might a chance they could make a mistake on your family’s aid package. You bet. This article proves it.

The moral of the story here is watch the package they give you and compare it to their historical package to make sure no mistakes were made on your family! Each and every family I work with, I estimate for them the expected aid package from every university their child applies to. So when the official aid package does come in we can compare it against our expectation and if it’s off, we can appeal.

One other important note…..in the article, it says that some of the kids who’s grant was revoked actually did not qualify for it in the first place. So if you get a really fair package….don’t go and appeal it. They may realize they made a mistake in your favor and they can reverse it.

Let me know what you think about this post.

A computer error caused students who were not eligible for it to receive a state need grant, and now those students must find a way to pay for the balance.
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How Twins Might Help Your College Funding Plans

Financial Aid Guru — Tue, 12 Jan 2010 23:27:45 +0000

From the desk of Mike Humann…..

We celebrated this past Christmas at our house. My girlfriend had here family over. It was stressful because my girlfriend’s view of clean is different than mine. Perhaps you can relate, but I decided this year to help out as much as I could. My girlfriend was out of town for work till December 23^rd. Her whole family was over including her twin sister. At one point during the day, I glanced over at them as they were talking and noticed how similar they both are. Many times we look at people but really don’t notice them. Well this day I did.

I was thinking to myself what some parents must go through if their twins or triplets are going to college. In their case, they also have a brother who is just 13 months older who fortunately was being helped along with a golf scholarship and another brother just finishing college when it was time for them to enroll. But their father assumed that they would not qualify for financial aid because he made too much money. He just wrote the checks and did the best he could to get them all through. Had he know to pursue it, at least according to today’s rules, he could have been paying just a fraction for each of them.

Twins Don’t Have To Be A Double Burden Financially

If you are a parent of multiples, or even if your children are close together in age, there is some good news for you. Your Expected Family Contribution, or EFC when applying for financial aid, will be split between your children. So, if you have two children in college at the same time, the amount you will have to pay for each child may be cut in half. There are some variances in the ways schools calculate your contribution (based on the PROFILE or Institutional Methodology). But, even with 3 in school you are typically only paying 45% of what a parent in the same situation with a single student would pay per student.

Why Not Ask For a Twin or Multiple Student Discount?

Even without financial aid, there are numerous colleges that offer discounted admission when one or more of a set of multiple children attend their school. The amount of the scholarships will vary from full tuition to a moderate scholarship. For example Eastern Michigan University has the Furlotte Twins Endowed Scholarship for upper classmen enrolled in the College of Education Elementary Education Program with a minimum 3.0 GPA that exhibit promise, creativity and academic conscientiousness. Preference of this scholarship is given to to twins.  Other schools like George Washington University, Washington D.C. has a family program that offers a 50% discount for a second sibling. That’s cool!

There are other clubs specific to twins. Many times these organizations have scholarships. Here are a few to check out. National Organization of Mothers of Twins Clubs and Northwest Association Mother of Twins Clubs

Of course you could always start a reality show to show the world how great your family is, then divorce and TMZ will have two stories to report on.

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