CollegeTreasure.com Blog

Finding Financial Aid for Summer School Programs

admin — Fri, 09 Jul 2010 16:59:13 +0000

Colleges love to see applicants who have gone the extra mile to find challenging coursework and become accustomed to college life. In other words, colleges love to see students who have taken college courses during high school. One of the best ways for prospective students to do this is by attending a college summer program. With room and board, a single session of such a program can cost as much as $10,000. However, financial aid does exist for summer school students, and with a few pointers a student could attend an 8 week session for as little as a few hundred dollars.

1. Choose your summer program wisely. One of the worst kept secrets in college admissions is that a school’s overall prestige has little correlation with the quality of its summer program. Even the top schools in the Ivy League hire professors from local colleges to teach their summer term courses. Thus, you should all-but-disregard prestige when choosing a summer program, looking instead at its cost and proximity to the colleges that interest you (after all, campus visits are a large part of the summer school package).

2. Look at the financial aid offered through the program itself. Some programs cover more than half of the total cost for eligible students.

3. Apply (early) for the www.questbridge.org College Prep scholarship. This award provides a full-ride to select summer programs.

4. Apply for any local scholarships that you can find. Local awards often have more flexible rules governing when a recipient can use the money, and many will let students apply funds toward a college summer program.

5. Talk to the leaders of clubs of which you or your parents are members. Some set aside funding specifically to help students pursue niche-type educational goals for which few other sources of aid exist.

Summer school can be expensive and is by no means a necessity. However, it can be a great experience if you can find enough financial aid.

This article was contributed by Dakota Meyers, who just completed his freshman year at Yale University and is a regular contributor to the CollegeTreasure.com andAdmissionHook.com blogs. He is a 2009 graduate of Hoisington High School in Hoisington, KS. At Hoisington High, he won varsity letters in debate, speech, scholars’ bowl, and band. He won the 2009 3A Kansas State Championship in extemporaneous speech.

At Yale, Dakota intends to major in Economics and Mathematics. He writes for the campus publication Business Sphere and is an active member of the Yale chapter of Nourish International. He also participates in the Yale Political Union as a member of the Independent Party.

As a current college student, Dakota has recent first-hand experience with the college admission process.

Technorati Tags: applying for summer financial aid, college financial aid, locating financial aid for summer school, scholarships for summer programs, scholarships for summer school, summer financial aid

Surviving Freshman Year

admin — Fri, 09 Jul 2010 16:48:06 +0000

For almost all students, freshman year in college is an exciting, tiresome, and overwhelming experience. Every student has a list of things that he or she would like to have known before going into freshman year; here is mine:

Moving In

· Student deals aren’t really deals. Most package deals are filled with shoddy merchandise and are only marginally cheaper than buying higher quality items from a retailer. Before you commit to buy bedding sets or bathroom packs, compare prices with Walmart or Target.

· Don’t buy expensive electronics or furniture! Your friends, your roommates, and your roommates’ friends will all use them throughout the year (probably without your permission), and your all-leather desk chair and Xbox 360 will quickly be reduced to ruins.

· Pack lightly. It reduces clutter in your room and makes going home for breaks a lot easier.

· Buy a student insurance policy. They’re cheap and can really put your mind at ease.

· Let your parents help you on move-in day (that’s move-in DAY, not move-in DAYS). It’s especially helpful if they bring a car to drive you and your new friends to IKEA and K-Mart.

Academics

· Think outside of the box, but don’t go crazy. Many upperclassmen will tell you that freshman year is a time to explore and take a plethora of new courses. While this is true, make sure that you adequately prepare for your major. In other words, if you plan to major in economics, don’t start sophomore year having taken nothing but underwater basket weaving courses.

· Avoid the freshman academic slump. It’s real and will consume your GPA in the blink of an eye.

Living

· Introduce yourself to everyone. You all got into the same school; you were made for each other!

· Enjoy camp college! The grace period between the opening of dorms and the beginning of classes can be really fun, especially for freshmen.

· Don’t be afraid to throw a party in your room; be afraid to throw a party in your room every week. A nice get-together that’s within university rules can help you to meet new people, but if you become known as the “party guy,” you’ll start to meet the wrong type of people and spend countless hours cleaning your dorm.

The above advice will help you to navigate your freshman year. However, perhaps the biggest tip that I can give an incoming freshman is not to precisely follow all of my tips. Your freshman experience is just that, yours!

This article was contributed by Dakota Meyers, who just completed his freshman year at Yale University and is a regular contributor to the CollegeTreasure.com and AdmissionHook.com blogs. He is a 2009 graduate of Hoisington High School in Hoisington, KS. At Hoisington High, he won varsity letters in debate, speech, scholars’ bowl, and band. He won the 2009 3A Kansas State Championship in extemporaneous speech.
At Yale, Dakota intends to major in Economics and Mathematics. He writes for the campus publication Business Sphere and is an active member of the Yale chapter of Nourish International. He also participates in the Yale Political
Union as a member of the Independent Party.
As a current college student, Dakota has first-hand experience with the college admission process.

Technorati Tags: college academics, college activities, college freshmen, college life, college social life, surviving freshman year

Gates Millennium Scholarship Program

admin — Thu, 01 Jul 2010 18:42:11 +0000

This year, the Gates Millennium Scholarship Program awarded 4-year scholarships to 1,000 minority students,

Nichols College in Dudley Massachusetts

making it the nation’s largest minority scholarship program. The award was established in 1999 with a $1 billion grant from the Bill and Melinda Gates Foundation.

The scholarship’s format is very unique. It does not offer predetermined awards. Instead, it selects the nation’s best and brightest minority students and grants them awards based on individual financial need.

The scholarship is open to all students who:

· Are nonwhite.

· Have an unweighted GPA of at least 3.3 on a 4.0 scale or have obtained a GED.

· Will enroll for the first time as a full-time, degree-seeking student in an accredited US college or university.

· Have an exemplary record of community service, extracurricular participation, and leadership.

· Meet federal Pell Grant eligibility.

· Submit application materials by the scholarship’s deadline.

To apply for the Gates Millennium Scholarship, visit the scholarship website. Read through the “nominee instructions,” and create an account. The application consists of three parts:

· Nominee Form. This asks questions about you and your finances.

· Nominator Form. One of your educators should fill-out this form. It asks for information about your academic qualifications and habits.

· Recommender Form. Any non-relative familiar with your participation in community service and extracurricular activities should fill-out this form. It asks about your leadership abilities and community service experience.

All necessary forms can be completed online, and the application deadline is usually in January.

This scholarship can be an excellent resource for qualified minority students, and anyone who meets the above criteria should apply.

Technorati Tags: college scholarships, ethnic scholarships, gates millennium scholarship program, hispanic scholarships, minority scholarships, private scholarships, scholarships for hispanic women

A Financial Aid Checklist for High School Juniors and Seniors

admin — Thu, 27 May 2010 14:38:40 +0000

The University of New Haven is a Liberal Arts college with an emphasis on Career Preparation.

The financial aid application process can be exhausting and complicated. Some students, through preparation or chance, will find the process easy because they have at their disposal everything that they need. However, many are left confused and alone five minutes before their colleges’ financial aid application deadlines. If you read (and use!) the following list, you will be one of the former rather than the latter.

Juniors:

The good news: You can take your time! Set aside 30 minutes each day and begin to browse through scholarships. Apply for all of them that you can find, which won’t be many compared to the number that you’ll find next year.

The bad news: It’s difficult to stay motivated during junior year, and your likelihood of winning multiple scholarships is low. Remember, financial aid is a marathon not a sprint; hang in there!

· Necessary Information:

· Your parents or guardians’ complete tax returns and W2 Forms

· A list containing the net value of each of their assets, including home value but excluding tax-exempt, 401K type retirement plans

· Your complete tax returns and W2 Forms

· A list containing the net value of each of your assets

Things to-do:

· Start your scholarship search.

· Apply to all of the scholarships for which you are eligible.

· Draft a rough list of the colleges to which you plan to apply, and check their financial aid offerings and requirements.

· Begin to consult with your high school counselor (make him or her your friend).

· Consult with your parents’ financial advisor, their tax preparer, or a family member who knows a lot about finance. Ask questions about the taxability of specific scholarships and financial aid components in order to get a better idea of how much college will cost.

Seniors:

The good news: You are the prime target for most scholarships! Seniors in general are more likely to win scholarships than students in any other grade, and it will be easier for you to start a confidence-snowball.

The bad news: The second semester of senior year is the 11^th hour for financial aid. Get ready for late nights and weekends of essay writing. Just remember, many students will be in the same position.

Necessary Information:

· Your parents or guardians’ complete tax returns and W2 Forms

· A list containing the net value of each of their assets, including home value but excluding tax-exempt, 401K type retirement plans

· Your complete tax returns and W2 Forms

· A list containing the net value of each of your assets

Things to-do:

· Spend an hour or more each day looking for scholarships.

· Apply to all of them for which you are eligible.

· Finalize your list of colleges and figure out the net cost of each. Carefully read each college’s financial aid application instructions (you’ll submit much of the necessary information when you apply to each school, unless you plan to do so early).

· Consult extensively with your high school counselor about financial aid options, and ask him or her to proofread your applications.

· Pose any last-minute tax related questions to your parents’ financial advisor, their tax preparer, or a family member who has extensive knowledge of personal finance.

The financial aid application process can be taxing and confusing. However, if you use the checklist outlined above, you will have an advantage over many applicants.

Technorati Tags: academic excellence scholarships, academic scholarships, college financing, college funding, college-based merit scholarships, FAFSA, financial aid, financial aid checklist, financial aid deadlines, university academic scholarships

The American Opportunity Credit

admin — Thu, 06 May 2010 18:22:22 +0000

Students On Mitchell College in New London Connecticut

The American Opportunity Credit is one of the best education related tax incentives, and knowing how to use it can save qualifying taxpayers up to $2,500 per year.

Any part or full-time student who attends a postsecondary institution eligible to participate in federal student aid programs (this includes nearly all universities, colleges, and technical schools in the United States) may qualify for the credit. A qualifying student must also have been enrolled in postsecondary courses for fewer than four years prior to any year in which he or she uses the deduction. In other words, students are usually eligible for the credit during their freshman, sophomore, junior, and senior years of undergraduate studies but not during graduate school. Parents may claim an American Opportunity Credit for each dependent child enrolled in a post-secondary institution; however, a student and his or her parents may not claim the credit simultaneously. Additionally, one cannot claim both the American Opportunity Credit and the Hope Credit.

The amount of the rebate is based on the amount a student (or his or her parents) spends on qualifying expenses during a particular year. Qualifying expenses include tuition, fees, and books and supplies necessary for a student’s program of study. The cost of room and board is not considered a qualifying expense. Any expenses paid by a scholarship or grand do not count toward the credit.

The exact amount of the tax credit is given by the following formula: 100% of the first $2,000 in expenses and 25% of the next $2,000. In other words, if a student has $4,000 or more in qualifying expenses in a specific year, he or she may claim the maximum $2,500 tax credit; however, if the student has only $3,000 of qualifying expenses, he or she may only claim a $2,250 credit. Up to 40% of the credit is refundable; thus, if a student needed to pay no income tax and could claim an American Opportunity Credit of $2,000, he or she would receive a refund check for $800.

Cutting through the IRS jargon, the rules for the credit are essentially as follows:

· Almost any student in the first through fourth years of postsecondary education may claim the credit.

· Parents of a dependent student may claim the credit; however, in this scenario, the student cannot also claim it.

· Students may not claim an American Opportunity Credit in addition to a Hope Credit or tuition and fees deduction.

· Costs paid by a scholarship or grant are not considered qualifying expenses.

· Nearly all costs (except cost of living expenses and room and board fees) related to necessary courses are considered qualifying expenses.

Over four years, the American Opportunity Credit could save a student’s family up to $10,000. However, in order to accrue these savings, one must be aware of the credit’s guidelines and keep a record of qualifying expenses. For additional information, consult IRS Publication 970.

Technorati Tags: american opportunity tax grant, college financing, college funding, FAFSA, financial aid, hope credit, lifetime learning credit

How Healthcare Reform Will Affect College Financial Aid

admin — Mon, 12 Apr 2010 16:08:55 +0000

During the last few months, newspapers have been filled with articles about how the recent healthcare reform bill will affect different groups of Americans. They mention the elderly, the young, the rich, the poor, the majority, the minority, the Democrats, and the Republicans. However, many of these reports fail to mention college students, who will be affected by a piece of legislation attached to the healthcare bill. This legislation will have an immediate impact on students and could make a lasting mark on the student loan industry.
Most changes included in the bill (called the Student Aid and Fiscal Responsibility Act or SAFRA) will save college students money. Primarily, SAFRA discontinues the program that allowed private banks to offer federally backed student loans, mandating that all federally backed student loans be taken directly from the government. However, private, nonprofit organizations will still be allowed to service the loans. This will reduce the amount of fees that students have to pay while maintaining a similar level of customer service. The act also caps the maximum monthly loan payment that the government can demand after the recipient graduates at 10% of his or her income. The Congressional Budget Office has stated that these changes will save the government about $61
billion over the next 10 years. Under the legislation, most of these savings will go toward raising the size of the maximum Pell grant from $5,550 to $5,975 by 2017 (it will begin to rise in 2013 by a yearly amount that is based on changes in the Consumer Price Index). Without this legislation the maximum Pell grant would have fallen to a mere $2,150 by 2011.
Though SAFRA will help the average student, many claim that its provisions will make student loans tougher to repay. There’s no question that federal student loans are slightly cheaper when taken directly through the government. However, private banks were able to compete with the government by offering repayment
incentives and missed-payment forgiveness. SAFRA will eliminate these things by removing private banks from the government-backed student loan market, but
little evidence exists to suggest that this will significantly raise the overall student loan default rate, especially since the bill lowers the cap on the monthly payment that the government can demand.
Students will need to make a few changes in order to adapt to the new legislation. All recipients of federal student loans will need to sign a new Master Promissory Note with the Department of Education (parents will also need to sign a new one for any student loans under their names). Many colleges have already begun to hold workshops that explain how to do this. Anyone who took a
federally backed student loan through a private bank should also thoroughly review his or her repayment plan to ensure that it has not been affected.
Though SAFRA will have an immediate and lasting impact on the student loan market, it will not significantly affect financial aid eligibility requirements or the amount of aid that college students receive. However, those who have or may need student loans should review applicable guidelines and sign a new Master Promissory Note.

Additional Information:
House of Representatives Website

Technorati Tags: college financing, college scholarships, financial aid, Healthcare Reform

Evaluating a Financial Aid Award

admin — Mon, 12 Apr 2010 15:56:49 +0000

You should consider academic, social, and financial factors (probably in that order) when deciding whether to apply to a school. However, as acceptance letters begin to arrive in March, financial aid will become one of the major considerations you utilize in making final college plans. That is why it’s important to know some basics about financial aid awards. Though two schools
may require equal family contributions, one may have inflated its aid package with unsubsidized student loans and work study programs. Knowing the precise
makeup of your financial aid options will allow you to choose a better college and avoid hassle after school has begun.
You likely submitted some financial information to each school shortly after applying; thus, they all have a rough idea of what your family can afford.
Because the schools that accept you won’t make unreasonable financial demands (they want you to enroll) and obviously don’t want to throw money away by
helping the financially capable, all of your financial aid awards will probably demand similar family contributions. These awards can differ greatly, though, in their ratios of gift aid to self-help aid.
Any sort of “free” financial aid, primarily grants and scholarships, constitutes gift aid. Grants are often tax exempt and have few requirements. Scholarships
have more requirements and may be taxable; however, the amount of the tax is usually negligible and most students can easily meet the requirements (for
example, enrollment in four classes and a GPA better than 2.0). Self-help, on the other hand, is barely financial aid at all. It is more like an institution-endorsed payment plan that helps you find a work-study program or
appropriate student loans. You will be required to pay back self help aid through work or loan payments.
You should also consider a school’s cost of attendance (COA) when evaluating financial aid offers ($15,000 goes a lot further toward a COA of $17,000 than $16,000 does toward a COA of $30,000). The estimated cost of attendance takes into account tuition, room and board, and some estimate of other living expenses. Subtract the amount of gift aid a school offers from its estimated
COA and look primarily at this figure when considering a school’s financial aid package. It represents the amount of money that you and your family will actually have to pay the institution.
Picking a school can be as difficult as applying. However, with the above information, you can easily discern the real amount of financial aid schools
are offering. This adds clarity to the process and helps you pick the best college.

Additional Resources:
IRS Guidelines: Taxable Income for Students

Technorati Tags: college, financial aid, student loans

Using the New GI Bill to Pay for College

admin — Mon, 12 Apr 2010 15:40:35 +0000

Are you a US military veteran who served on or after September 11th, 2001? If so, you, your spouse, and your children may be eligible to receive extensive
college financial aid benefits.
On June 30th, 2008, congress passed the Supplemental Appropriations Act of 2008, which, among other things, significantly expanded federal tuition
assistance to military veterans. Under this act, any military veteran with 90 or more days of active duty service on or after September 11th, 2001 is eligible to receive some sort of financial assistance for college, and those who served for more than 36 months are eligible for full benefits. These include:
• Tuition assistance for up to 36 months of post-secondary education. At most, this amount can be equal to the tuition of the most expensive public university
of the state in which the recipient attends college. This means that someone with 36 months of active duty military service can essentially attend any public college in America for free. Additionally, the new GI Bill offers
financial assistance to cover part of the cost of more expensive private school tuition.
• Monthly housing stipends. The amount of the payments varies by location and is based on the estimated cost of living.
• A yearly $1,000 stipend for books and supplies.
These benefits are payable for up to 15 years after one’s release from active duty service. Additionally, those who have served or plan to serve for 10 or more years may transfer any or all unused benefits to their spouse or children.
Any veteran interested in using his or her GI Bill benefits should take action right away in order to simplify the process and ensure fast payment. For eligibility or application information, visit www.gibill.va.gov or text
“GIBill” to 99702.
Military service can offer great financial incentives for college students.
However, in order to take full advantage of these benefits, one must take action by checking eligibility requirements, making college plans, and promptly applying for assistance.

Technorati Tags: GI bill, paying for college

Collegeweeklive.com: The Virtual College Fair

admin — Tue, 23 Feb 2010 14:16:12 +0000

The college fair has always had its share of flaws. It’s loud; it’s crowded; the booths run out of brochures; all of the presentations happen at the same time; only local universities attend; the most popular colleges leave too early; it’s too far away from home. However, the next generation of college fair has arrived. At www.collegeweeklive.com, students have convenient, online access to virtual college fairs that include over 200 colleges and universities from across the world.

Virtual fairs are usually held once every few months, and each lasts about two days. They feature live Q&A sessions with admissions representatives, digital college brochures, keynote presentations on topics ranging from financial aid to standardized testing, and many other interactive events. Additionally, the website frequently hosts regional fairs, such as the upcoming “Texas Day,” and presentations by individual colleges. Unlike the videos on other college admissions websites, most of collegeweeklive.com’s presentations utilize a videoconference-type format that allows viewers to interact directly with the presenters. The website also keeps a temporary archive of all of its events for students who are unable to view them live. Access to both live presentations and archives is free, and the site has minimal technical requirements (the interface is an Adobe Flash application that can operate on almost any web browser). The registration process also allows students to opt-into receiving news and scholarship offers from College Week Live’s partner college admission websites.

With more than 25,000 students attending its last virtual fair, www.collegweeklive.com is a fast-growing source of college admissions information. It is a convenient way for prospective students to either discover new colleges or narrow their existing list of schools before making campus visits.

Technorati Tags: campus tours, college selection, college visit, collegeweeklive.com

Smart Planning Helps Save On College Costs

admin — Sun, 21 Feb 2010 17:18:22 +0000

Increasing college and university costs make decision-making more and more pertinent for younger students.

Tuition outpaces the rate of inflation and has for more than 30 years. With most colleges and universities releasing data that indicates increases at 5 percent to 6 percent in tuition and fees, most students need to stick with a four-year plan of attack. Students unsure of majors can cost themselves or their parents for a fifth year of college. In today’s money, for tuition alone, a fifth year of college at a private institution will cost $35,636 (including room and board) and at a public institution, $15,213 (including room and board at an in-state rates).

While there seems to be no end in sight for increasing college costs, being better prepared when entering those college or university doors may mean big savings. According to MyMajors.com founder Dr. Fritz Grupe, failing to get started on time with a highly structured major such as engineering or computer science, may make an extra year of studies necessary, costing not only an extra year of tuition, but also books, lodging and meals, lost wages and a delay in beginning “real” life.

Grupe says about 80 percent of incoming first-year students lack focus and that indecision can be expensive. To help undecided students, especially those finishing the last couple of years in high school, Grupe created an interactive Web site that unites school experience and personal values to recommend majors. The majors are for consideration and direction, plus the site features other information about coursework and the jobs they could lead to and other resources to find success in those specific majors.

Grupe says most students can be helped, including those who fall into categories like “naïve,” “indecisives,” and “the clueless.” These are students that think they know what career they would like, but careers and majors are not the same things. Perhaps they cannot see how to make the transition from the career they want to a major that will get them there. Maybe they simply do not know what majors are available. Or they are students who waffle on all decisions and are overwhelmed under the weight of so much data. Still others lack direction.

The Web site www.MyMajors.com may just be that resource designed to aid students and to recommend majors that appear to be good ones based on the student’s high school experience and personal values. In providing direction, Grupe’s creation may provide tangible savings for the student and parents.

Technorati Tags: Add new tag, choosing a major, college advising, college major, college planning, college selection