5 Ways to Pay for College in Tough Times
Source/credit: collegeplanningnetwork.com
$20,140 per year and $40,993 per year.
Those are the new average costs of college for in-state universities and private colleges, according to the College Board's "Trends In College Pricing" for 2010-11.
Multiply that figure by four and then multiply that number again by the number of kids you have. A family with just two college-bound kids is looking at a college bill between $161,120 and $327,944. The figures are outrageous, and getting worse.
When it comes down to it, many families are faced with two options...
Option #1: Give up. Just throw in the towel. Send your child to community college or simply avoid college altogether.
Option #2: Dig deeper into every source imaginable to figure out how to get your child to their dream college - a school that will give them an enormous advantage the rest of their life.
The large majority of parents I've spoken with over the years have chosen option #2. They've been digging deeper and deeper into every college funding source possible. Listed here for you are the 5 best strategies to help pay for college during these challenging times...
Strategy #1: Get others to pay for it. What better way than to have someone else foot the bill... or at least part of the bill. The best way to do that is to put yourself in the absolute best position to maximize the two major sources of free money for college.
Free money source #1: Need based financial aid
- Position your financial assets and income in the best light. (Certain asset classes are not included in the financial aid formula.)
- Complete the appropriate financial aid forms on time and correctly.
- Identify and apply to the colleges with track records for paying out the best financial aid packages.
Free money source #2: Merit based financial aid. This one is done by utilizing the following strategies:
- Getting the best test scores possible on the ACT or SAT
- Searching and pairing your child with the right school. And when I say the right school, I mean the school where your child may be viewed as a star (whether it be academic, athletic, music, etc.)
- Getting colleges to compete for your student using proven negotiating techniques.
Strategy #2: Select the right college. This is perhaps the trickiest one on the list. There are literally thousands of colleges to choose from. And the financial and merit based aid for each school is not readily available for parents. It can be found, but it does require some knowledge and experience on where to look. Finding this information is critical. It is absolutely necessary to know what percentage of need met a college typically pays out; if you want to maximize the free money your child can get for college. On top of that, you'll want to find out what percentage of gift aid each college typically gives in free money and what percentage is in loans and work-study. Some schools will meet a high percentage of need met. But only a small percentage of the need is filled with free money with the rest in loans and work-study. This is not a great deal. The goal is find the colleges that not only meet a high percentage of need met - but also give a high percentage in free money.
Will You Get a "Fair" Financial Aid Award?
Well, the truth is -- Most families never find out! They'll simply take what's offered. And many will pay more for college than they need to... sometimes up to tens of thousands of dollars more.
Strategy #3: Cost sharing. Both kids and parents share in the cost of college. There is no doubt that you're going to put some of your monthly income and current savings towards college costs. So why shouldn't you have your child do the same? There are numerous additional benefits to having your child work and pay for college other than the obvious. In fact the US Department of Labor did a study that concluded that college students who work 20 hours or less get better grades (and also have a higher chance of graduating.) Or you can have your child take out loans for college. Student loans often have better terms than parent loans. And you, the parent, can always help your kids pay those loans back down the road.
Strategy #4: Appeal your initial award package. Most parents assume that the initial financial package a college offers them is final. Please don't make this mistake. Colleges are a business. They need students to the make the business work. And often times they will work with a family on getting a better financial and merit award package.
But, there is a right and wrong way to go about the appeal process. Step one is to determine if you received a fair offer. You can do this by comparing your initial offer with what the schools past track record is for financial aid. Step two: if the college left you short, you can file an appeal letter. In addition, you can use a better offer from a competing college to help improve the initial award package. Don't be afraid to appeal or negotiate with a college. This is a proven strategy that a lot of parents overlook.
Strategy #5: Reduce expenses.
- Live off-campus (or live at home if possible). Each of these can provide a huge savings on room and board.
- Buy college books for less by using sites such as bookrenter.com, chegg.com, or half.com. Each of these sites offers textbooks for a fraction of their retail cost.
- Select a meal plan that allows more flexibility by covering meals for the semester, rather than a weekly allotment.
There is one last strategy I'll leave you with. And it's arguably the most important one on this list.
Make a plan and take action on it. These strategies won't work if you don't put them into play. And if you're strapped for time or unsure of the best way to take advantage of each of these cost slashing methods - get help from a qualified professional. They could potentially save you a lot of time, headaches, and money.
White House 2012 Spring Internship Information for College Students
http://www.whitehouse.gov/about/internships (Information)http://www.whitehouse.gov/about/internships/apply/application (Online Application)
All White House Internship Program participants must be:
*United States citizens
*At least 18 years of age on or before the first day of the Internship
*Currently enrolled in an undergraduate or graduate program at a
College, community college or university OR graduated in the past
Two years from undergraduate or graduate program at a college, community college or university
OR
A veteran of the United States Armed Forces who possesses a high
School diploma or its equivalent and has served on active duty at
Any time over the past two years
A completed packet includes:
* Two Essays: Each answer should be between 300-500 words in length
* Current Resume: Your resume should not exceed one page
* Three Letters of Recommendation
http://www.whitehouse.gov/about/internships (Information)http://www.whitehouse.gov/about/internships/apply/application (Online Application)
All White House Internship Program participants must be:
*United States citizens
*At least 18 years of age on or before the first day of the Internship
*Currently enrolled in an undergraduate or graduate program at a
College, community college or university OR graduated in the past
Two years from undergraduate or graduate program at a college, community college or university
OR
A veteran of the United States Armed Forces who possesses a high
School diploma or its equivalent and has served on active duty at
Any time over the past two years
A completed packet includes:
* Two Essays: Each answer should be between 300-500 words in length
* Current Resume: Your resume should not exceed one page
* Three Letters of Recommendation
We are pleased to inform you that we are now accepting applications for the U.S. Department of State's Student Temporary Employment Program (STEP).
Click here (http://links.govdelivery.com/track?type=click&enid=bWFpbGluZ2lkPTE0NTQ2MDkmbWVzc2FnZWlkPVBSRC1CVUwtMTQ1NDYwOSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTEyNzY2NzMzMDAmZW1haWxpZD1qeWFuZG9oQHlhaG9vLmNvbSZ1c2VyaWQ9anlhbmRvaEB5YWhvby5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&100&&&http://careers.state.gov/students/programs) to read more about STEP, and to start the application process. Please note that the deadline to submit completed applications is September 30, 2011.
To be eligible for this program, you must be:
· At least 16 years of age
· A U.S. citizen
· Enrolled in a degree, certificate or diploma (minimum half-time) program
· In good academic standing at your school (minimum 2.0 GPA)
· Able to meet security requirements
You can also visit our Student Programs forum (http://links.govdelivery.com/track?type=click&enid=bWFpbGluZ2lkPTE0NTQ2MDkmbWVzc2FnZWlkPVBSRC1CVUwtMTQ1NDYwOSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTEyNzY2NzMzMDAmZW1haWxpZD1qeWFuZG9oQHlhaG9vLmNvbSZ1c2VyaWQ9anlhbmRvaEB5YWhvby5jb20mZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&101&&&http://careers.state.gov/engage/forums/student-programs) to post questions or read discussions about this program. We appreciate your interest in a career with the U.S. Department of State.
U.S. citizenship is required. An equal opportunity employer.
1. Navy ROTC Scholarships
http://www.nrotc.navy.mil/
http://www.nrotc.navy.mil/
FULL-SCHOLARSHIP OPPORTUNITIES
Four-Year Scholarship:
· Full tuition at one of the listed colleges or universities
· All colleges/university educational fees
· Stipend for text books
· Provide all uniforms
· Three summer cruises
· Subsistence allowance each academic month
Year Current
Freshmen - $250 / Sophomore - $300
Junior - $350 / Senior - $400
Freshmen - $250 / Sophomore - $300
Junior - $350 / Senior - $400
Read scholarship selection criteria on website
Some colleges also offer 100% room and board to students who receive the Navy, Air Force or Army ROTC scholarship.
2. Johns Hopkins University HOME Program Application
2. Johns Hopkins University HOME Program Application
3. Purdue University PROMISE
4. Lehigh University Achievers Program
Bill Gates Announces 2012 Scholarship Program For Low-Income Minority Students
-- Gates' non-profit organization is giving away 1,000 scholarships for the 2011-2012 school season --
Bill Gates, Founder of Microsoft
Nationwide (BlackNews.com) -- The Gates Millennium Scholarship Program (GMS) will select 1,000 talented students next year to receive a good-through-graduation scholarship to use at any college or university of their choice.
Scholars will also be provided with personal and professional development through their leadership programs, along with academic support throughout their college career.
The program, funded by a grant from the Bill & Melinda Gates Foundation, was established to provide outstanding low income minority students with an opportunity to complete an undergraduate college education in any discipline area of interest. To date, the program has given scholarships to more than 15,000 students.
Continuing scholars may request funding for a graduate degree program in one of the following discipline areas: education, engineering, library science, mathematics, public health or science. The deadline for submitting an application is Wednesday, January 11, 2012. To apply, visit www.blackstudents.com/billgates
Students: SMART Scholarship - Undergrad and grad students
Department of Defense
Science, Math and Research for Transformation (SMART)
Courtesy of CHFHSPTSA
2011 Junior Achievement Essay Competition. Due 10/31/2011
Junior Achievement of Greater Washington is pleased to announce the 2011 Junior Achievement Essay Competition, sponsored by David M. Rubenstein. This fall, Junior Achievement invites students from the Greater Washington Region to compete for $100,000 in scholarships.
The competition is open to any student in the 9th-12th grade in the Greater Washington (D.C.) Region from August 24 - October 31, 2011, and asks students to write a 1,000-1,500 word essay on the topic "How can young entrepreneurs and the local governments of DC, Maryland, and Virginia work together to empower the next generation to improve the quality of life for the citizens of Greater Washington?" Students are able to submit their essays to Junior Achievement online at www.myJA.org/students/essay/.
The competition is open to any student in the 9th-12th grade in the Greater Washington (D.C.) Region from August 24 - October 31, 2011, and asks students to write a 1,000-1,500 word essay on the topic "How can young entrepreneurs and the local governments of DC, Maryland, and Virginia work together to empower the next generation to improve the quality of life for the citizens of Greater Washington?" Students are able to submit their essays to Junior Achievement online at www.myJA.org/students/essay/.
A first, second, and third place winner will be selected from each of Maryland, Virginia , and the District of Columbia . Eight of the nine winners will be awarded a $10,000 scholarship, and one grand prize winner will receive a $20,000 scholarship. All winning students will be recognized at a private awards ceremony in spring 2012. In addition, from each of Maryland, Virginia , and the District of Columbia , the school with the greatest number of eligible applications will receive $6,000.
PGCPS Students & Families:
Here is chance to win $500-$10,000 in scholarship from Adobe. Deadline is October 15, 2011
Adobe Back to School Contest - Imagination Challenge -- Apply Now!!
Imagination Challenge
How do you use your imagination? Say it. Do it. Show it. Just be you.
Show us the power and depth of your imagination using Adobe® Creative Suite 5.5 Student and Teacher Edition software.
We want to see what inspires you, what your passions are, how you express yourself. This contest is for you, about you, celebrating your self-expression. We're asking students across every discipline to take our breath away, to leave us stunned.
There are 5 chances to win US$10,000 and 36 chances to win US$550!
Show us the power and depth of your imagination using Adobe® Creative Suite 5.5 Student and Teacher Edition software.
Click the link to enter the contest or get additional information or copy & paste into your browser:
http://www.students-adobe.com/na?sdid=JBEST
NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 15+ (If entrant is not of the age of majority in his/her state/province of residence, parent/legal guardian will need to accept/verify.)
or
A full-or-part time student in high school or enrolled at an accredited college, university, or institution of secondary education in the United States or Canada (This includes graduate, law, phd or undergraduate students.)
and a legal resident of the 50 United States (including District of Columbia) or Canada (excluding Quebec), at time of entry
You have four chances to enter from August 21, 2011 through October 15, 2011.
Please share this posting with others and help to show that Planning and Preparing for College (Scholarships, Internships, Etc) has the readers that can be the winners of the Imagination Challenge Contest.
How do you use your imagination? Say it. Do it. Show it. Just be you.
Show us the power and depth of your imagination using Adobe® Creative Suite 5.5 Student and Teacher Edition software.
We want to see what inspires you, what your passions are, how you express yourself. This contest is for you, about you, celebrating your self-expression. We're asking students across every discipline to take our breath away, to leave us stunned.
There are 5 chances to win US$10,000 and 36 chances to win US$550!
Show us the power and depth of your imagination using Adobe® Creative Suite 5.5 Student and Teacher Edition software.
Click the link to enter the contest or get additional information or copy & paste into your browser:
http://www.students-adobe.com/na?sdid=JBEST
NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 15+ (If entrant is not of the age of majority in his/her state/province of residence, parent/legal guardian will need to accept/verify.)
or
A full-or-part time student in high school or enrolled at an accredited college, university, or institution of secondary education in the United States or Canada (This includes graduate, law, phd or undergraduate students.)
and a legal resident of the 50 United States (including District of Columbia) or Canada (excluding Quebec), at time of entry
You have four chances to enter from August 21, 2011 through October 15, 2011.
Please share this posting with others and help to show that Planning and Preparing for College (Scholarships, Internships, Etc) has the readers that can be the winners of the Imagination Challenge Contest.
