So now most of you are getting your acceptance letters and your financial aid award letters. Hopefully, it is good news all around. However, if you have questions about financial aid and how you are going to pay that hefty tuition bill, here are some resources:
Let us know if you find other useful websites...
Fear also plays into the fact that some parents are afraid to reveal too much about their financial situations—tax returns and such and so do not take advantage of tax breaks that could save literally thousands of dollars from school costs. Interestingly it is the more affluent, financially savvy—who need the funds least who take advantage of the tax breaks that are actually meant for the more needy. This is not $mart.
Money and work go together. You get paid for working in most cases. Well that also applies to getting your out-of-pocket expenses for college reduced. You may have to do some work to research scholarships that you could be eligible for. Websites like www.edvisors.com are a goldmine of information on financial aid and strategies. You certainly have to work hard to get the kinds of grades that will get you the best scholarships. You have to work to fill out the applications for various funds including the federal form called the FAFSA which enables you to access federal college funding through programs like Pell grants.
Some of you will work while you are in college to make up the difference between what you get in financial aid and what you have to pay yourself. The best is work on campus where they will be more understanding of your need to leave work to attend a class or to take off during exams. But most will be working full or part time in places ranging from Starbucks to corporations. Working while at school may be necessary but it can also be a trap. If your job results in your taking too long to get your degree you may lose in several ways. You may not have time to study and so fail courses which then puts you behind and impacts your GPA and then that can impact your scholarships including federal aid. If you take more than 4 years to get your degree then you lose your eligibility for federal and sometimes state aid. And if you keep deferring getting the degree you are also deferring the shot at higher paying jobs. You could be taking one step forward and two back! So it is best, if you can, to reduce the hours you work so as to expedite getting through school with the best grades you possibly can. Again your financial aid (help) office can maybe find enough if you are a good student to enable you to take that change in jobs.
Money and math also go together. Do the math. Figure out how much you will need to live on while in college and begin to save now—maybe fewer movies out and more Netflix in. Figure out how much working is costing you in deferred wages or in money you will end up having to pay out once you have timed out of federal aid eligibility. Someone in your financial aid office can help you do this math—just ask for help—that is what they are there for. When you see the numbers you may be motivated to do things a bit differently. Finances are about dollars and sense. Use yours well.
( For more on this topic in detail see I CAN Finish College chapter 2) www.icanfinishcollege.com)
There are a lot of private student loans out there, so finding the best one for you can be a difficult and confusing experience. Taking out a student loan is a big decision, and like all big financial decisions, you must be well informed before applying.
A tool that could prove very helpful to you in your search for a good deal is our private loan comparison tool. It allows you to compare some of the most popular lenders and review what benefits their loans offer. Plus, if you find a good option, you can apply for a private loan right there, making it a much simpler process. While the comparison tool is a great help, you also have to know what to look for. To help with this, make of list of what loan benefits are most important to you, that way, you can more easily narrow down your choices.
Some things to consider include:
If you’re worried about taking out private loans because of your credit score, then a good option is to apply with a cosigner. While not always required, apply with a cosigner can do two things. First, it can help to qualify you for a loan as most first-time students haven’t built up enough credit yet. Second, it can potentially lower your loan interest rate, giving you a better deal over the term of the loan.
Shopping for student loans can be confusing, but it doesn’t have to be. Comparing private student loans is easier than ever with this tool, so hopefully, everyone the loan they need!
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