Posts Tagged College Student
What Type of Financial Aid You May Qualify For
Do you need financial aid to fund your college study? If you need it, do you know what type of financial aids you can look for? Most students will search for scholarships first before they look for other alternatives while other students may just realize a few of them, making them miss the other opportunities to get money to fund their education. Let’s explore the type of financial aids available for college students so that you have a better idea on what to look for.
There are many types of financial support given out by various organizations, universities and colleges, either private or government bodies to college and universities students. While a few of them are free money which do not to be paid back, others financial aids are offered to the students in a form of loans that need to be repaid after the students complete their study.
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College Financial Aid – How Your Student Can Help
There are a number of things you can do to prepare your child for no debt college besides starting a college savings account. In my family I taught my kids the value of money and as they finished high school, the importance of investing. My goal was for them to take ownership of their money and to know how easily it can slip away. I wanted to raise savers and not borrowers. This pays off when they go to college because they will avoid the prison of credit cards so promoted on college campuses and they will become partners with me in getting grants for their education.
As a young parent I never saved for college. But I did something even better: I taught my kids the value of money and the horrors of debt. Now they have lifelong skills regarding money that will enable them to succeed from college all they way to a comfortable retirement. I began early to expect that they be involved in the process of managing money. My wife’s parents have faithfully given all their grandkids money at Christmas. So I made a point to set up “Accounts” for all my kids where I could keep a ledger for them of their savings balance and interest earned. I paid them the going CD interest rate, typically 5% and enjoyed explaining to them how their money grew over time by earning interest from the bank. Whenever they spent some money, I showed them how it left their account. And should they ever spend over their balance, I showed how they got charged interest for debt. This taught them the value of money in a tangible way. Proof of the result from this training can be found in my oldest daughter’s bank account. A junior at a university, she has $10,000 in her checking account from work and savings that earns 4% interest. She makes $30 a month in interest while her peers pay that on their credit card debt. Granted, I also coached her how to find a free checking account that pays 4%, but I have been training her to think this way since she was three years old. She is learning that wealth creation builds peace and makes life much more fun. Think she will have a peaceful, successful life as an adult? You bet. You should train your kids the same way. Start early.
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Student Financial Aid Award Letters
Once you receive an award letter you have moved up the financial aid ladder one rung. You have moved from financial aid applicant to financial aid recipient. The award letter, or letters if you have applied to more than one school, can and should be used as a critical tool in your decision about where to attend school. More and more students are waiting for their award letters before they make their intentions known by the national day of intent deadline of May 1. This strategy has not gone unnoticed by financial aid offices around the nation. We all strive to get our letters out, especially to incoming freshman prospects, as soon as possible.
Why this is a good strategy is evident when you look at more than one award letter. Awards among schools can vary by thousands of dollars even to the same student. And, as any one can attest, there is an intensely persuasive quality to waving money in front of someone’s face. For students who have the ability and resources to apply to more than one school, most financial aid advisors would strongly suggest you do. People in financial aid offices call this strategy “getting to yes.” Once the institution has accepted you and you have received an award offer, you hold all the cards. Now, with a stacked hand, you can decide what institution you wish to attend and you also have the ability to use your award letter from a competitor’s institution to ask whether your school of choice can sweeten the pot to keep you from “jumping ship.”
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