Share this post:The first step in applying for financial aid is to complete the FAFSA. Families of high school seniors have been at work since October 1, filing a FAFSA for the 2023-24 academic year. However, many were horrified to learn that the application uses data from their 2021 federal income tax return to calculate financial aid eligibility. Offers from selected colleges will be based on this income information; however, many families have undergone a tumultuous upheaval in this difficult year of 2020. Some lost loved ones due to the COVID pandemic, others lost income or saw their earning capabilities slashed, and others may even have lost their homes or suffered personal property damage due to wildfires and other natural disasters. They soon come to realize that there is no possible way they will be able to meet their Expected Family Contribution, or EFC. Do they have to tell their student to delay or change their college dream, look for any other possible sources of money, or refinance their home and dig into their retirement savings to come up with the necessary funds? Let’s take a look at some things that you can change on your FAFSA, and then discuss what to do if your financial situation is vastly different. What You Can Change on the FAFSA While most information cannot be changed on the FAFSA form, some information must be updated if it changes: Social Security Number: You must file the FAFSA using a valid Social Security Number. If it is incorrect, you will have to change it. Make sure your name exactly matches that associated with your SSN. Contact Information: You may update your mailing address, email address, and other contact information if it has changed. Dependency Status: You must update anything that changes your dependency status except a change in marital status. Number of Family Members: This may be updated only if you are selected for verification. Number of Household Members: This may be updated only if you are selected for verification. Schools: You may add or delete colleges listed on your FAFSA. Making corrections or updates online requires the student to sign in using his or her FSA ID username and password. The parent cannot sign in and make changes to the form. You can make changes to the FAFSA online or contact your college and ask if they can make revisions for you electronically. Write in the corrections or updates on your paper SAR, sign it, and mail it to the address provided on the SAR. If you filed an amended tax return you can also contact the school’s financial aid office to determine if that information can be updated. Changes That Could Affect Your Financial Aid Award If your financial situation has changed already this year or changed dramatically since you filed your FAFSA, you need to contact your financial aid office directly, provide details in writing, and submit documentation to support your new circumstances. Some circumstances which might motivate a college to reconsider its calculation include: Job loss or income reduction due to COVID, natural disaster, or other circumstances. Unexpected medical or dental expenses that were not covered by the family’s health insurance. Serious illness, disability, or death of a household wage earner or family member. Mental incapacitation of a household wage-earner. Loss of home due to eviction or natural disaster. Marital strain, separation or divorce. Severe reduction in the family’s income or assets. Pregnancy or change in marital status of the student. Change in the number of family or household members, or a change in the number of household members attending college. Contact your colleges as soon as possible so they can take this information into consideration when making financial aid award decisions. Another strategy is to up your search for scholarships to fill any anticipated income gaps.
Recognizing the uniqueness of each student's situation, College Financial Aid Advisors offer personalized care to maximize financial aid awards and scholarship.
Share this post: While it might feel like it is getting more difficult to apply to college than ever before, there are actually those who are trying to make the process easier. One area that has always been somewhat disjointed is the system of applying for financial aid. The way it stands now is that students usually start applying for colleges in the fall of their senior year, but don’t find out anything about financial aid until April or May because the FAFSA isn’t available until January 1. They might have to make decisions on which college to attend based on incomplete financial information. That is all about to change with a recent announcement from President Obama and the Department of Education that the FAFSA will now be available October 1. As part of the transition, there will actually be two FAFSA application periods in 2016. There will still be a FAFSA available on January 1, 2016 which high school seniors will use to apply for financial aid for the 2016-17 academic year, and then there will be another FAFSA available on October 1, 2016 which will be used to apply for financial aid for the 2017-18 academic year. Both will be based on information from the 2015 tax year. Anticipated benefits of these changes include: • Easier to retrieve tax information: It has always been difficult for families to complete their income tax returns and have that information available to use on the FAFSA, especially for those families which have complicated returns or need to file extensions. Moving the FAFSA application period to October 1 means that the tax return season will be long gone, and will make it much easier to use the IRS Date Retrieval Tool to submit financial information. • Better quality of information available: College applicants will now have their application decision and financial aid information available at the same time. In conjunction with the president’s College Scorecard, they should be better informed on how much it is going to cost to attend each of the schools on their list. • More access to financial aid: Because of the perceived difficulty of completing the FAFSA, many students don’t even attempt it and miss any chance of receiving financial aid. According to a White House fact sheet, “an estimated two million students who are enrolled in college and would be eligible for a Pell Grant never applied for aid and an unknown number failed to enroll in college because they did not know that aid is available.” It is anticipated that many scholarship organizations will also change their deadlines to correlate with these new timeframes. The goal is that students and parents will be able to have a more accurate cost picture on which to base their final choice of college. It may make things a little crazier at the beginning of the high school senior year, but will definitely take away a lot of the uncertainty that now exists at the end of the year.
College financial aid advisors share 3 ways to prepare your rising senior for financial aid deadlines in advance with less stress.
Share this post:Despite our best efforts in the professional college financial aid advisement business, there are still far too many families that miss out on the financial aid they deserve. They think they don’t qualify, or don’t have the time or computer access needed to work through the confusing process. According to NerdWallet, an astonishing $2.3 billion in college aid was left on the table by the high school class of 2017, primarily because more than one-third of the eligible families did not even complete the FAFSA. At the very least, students might have been eligible for a Pell Grant of about $3500. Missing out on free financial aid opportunities might mean taking on more student loan debt to pay for college expenses. To motivate more students to apply for financial aid, the Department of Education announced some major changes for next year: • FAFSA is Going Mobile: In April of 2018, the Department of Education plans to launch a mobile FAFSA app to reach out to more students who might not have access to a laptop or personal computer. Secretary DeVos notes that the goal is to give students the ability to easily complete a FAFSA on their phones in just one sitting, and also have access to the College Scorecard to learn more about their prospective colleges. • Improving Customer Service: Another goal that the Department of Ed would like to meet is to improve the customer service experience. They are currently researching methods of being able to deliver informative, tailored customer service to students and their families. • Site Consolidation: One concern that has greatly added to the confusion factor is that there are two websites associated with Federal Student Aid – fafsa.gov and ed.gov, meaning that applicants have to familiarize themselves with two different formats to obtain aid. The Department aims to consolidate all of the customer-facing websites into a single, integrated and user-friendly online platform. This will provide students, parents and borrowers with a consistent and seamless experience from application through student loan repayment. Incorporating student loan information is designed to provide more information to make better decisions. • An Easier App? Many critics argue that even if the form itself is more accessible, it is still far too daunting. The hope is to reduce and simplify the number and type of questions, and increase the use of skip logic to create a more intelligent form. Although the average time of completion is about 30 minutes to an hour, many would like to see Congress reduce the number of questions and the associated timeframe even more. FSA is referring to these changes as a “Next Gen Financial Services Environment.” They plan to begin showing meaningful improvements in the customer experience in early 2018, and continue to make significant technology and operational infrastructure changes throughout 2019. Stay tuned for more information on how this affects your possibility of easily and successfully applying for college financial aid.
Share this post:As we wind our way towards the end of the year, high school seniors start making the transition from application to acceptance and decision-time. Unless some new inspiration suddenly strikes, all of the college admissions and financial aid applications should be completed by now. The focus shifts to waiting to hear back from various colleges with news about the hoped-for acceptance. Once the jubilation of getting into a preferred college begins to die down, though, it starts to dawn on the excited families that there is a financial aid award letter to be considered as well. These enigmatic documents can hold the answer to parents’ questions about what this whole college experience is really going to cost. There are some changes from school to school, but here are things you should look for in each letter: Understand the meaning of grants and scholarships: These are amounts that go toward the cost of college, and are usually merit-based or need-based. In most cases, these will not have to be repaid unless your student does not continue to meet the award criteria. Look to make sure these offers apply to all four years, as some colleges will front-load grant amounts to entice acceptance. Also find out what happens if your child has to attend longer than four years to receive that degree. Watch carefully for loan amounts: These can sometimes be carefully disguised, but anything that says Direct, Subsidized, Unsubsidized, or PLUS is a loan that will have to be repaid after graduation. Loans do not actually cut the cost of attendance – they just defray payment of certain sums, and add interest on top of the principal amount. Take the cost of these payments into consideration when choosing a college. Find out how many students actually graduate with your child’s major, if they go into jobs in their chosen profession, and whether they will be able to earn enough money to cover these loan payments. Know what work-study means: There is a chance that your student will be expected to work as part of the financial aid package. This is not a bad thing, in most cases, but it is important to ensure that your student has the capability to invest a certain amount of hours each week in a work environment that could take away from study time. Know the net: The difference between the total cost of attendance and the financial aid awarded by the college and the government is your true net price. This is not always obvious in the information provided. In addition to the known quantities, such as tuition and fees, you also want to consider such costs as books, room and board, transportation, and personal expenses, to get a real feel for what you will be paying. Some help for comparing costs can be found on the U.S. Department of Education’s College Navigator While one college might look a little more generous in its grant and scholarship awards, it could still cost you more through loans or out-of-pocket to attend. Outside scholarship policy: If your student has earned a significant private scholarship, be sure to find out the college’s policy on scholarship displacement. Some colleges will actually reduce their grants if the student wins a private scholarship, which could end up being a wash to your budget planning. Rank the various financial aid award letters against your family’s budget for the next few years. Discuss with your student the emotional and financial aspects of each college, and be sure any work and loan repayment responsibilities are completely understood. Comparing costs can help make a wise college choice for the entire family. CFAA helps with every step of the financial aid process, from completing the FAFSA and completing the CSS Profile to comparing financial aid offers and making the best choice for your family. Set up a CFAA new client free strategy session to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.
Too often, money issues aren’t even on the table. That’s a big mistake for both parents and students.
Share this post: Parents often ask me when they should start saving for their child’s college education. My flip answer is usually, “As soon as you know you’re expecting!” After we laugh a little, I explain that the answer really depends on each family’s individual financial situation. The ultimate goal would be to save for your child’s entire lifetime. If you can put aside as little as $50 every month, even without interest, that adds up to more than $10,000 over 18 years. Double that to $100 a month and you’re over $20,000. The reality for most families, though, is that it is very difficult to save any amount of money on a regular basis. There are mortgage, car and health insurance payments to make, along with day-to-day expenses like food and clothing. Emergencies and medical expenses often drain any existing savings accounts. Time flies by, and you’re suddenly facing the fact that you don’t have any money for your child’s education. What is a family to do? Here are some tips that might help: • It’s never too early to start saving: If you’re young enough, definitely try to start saving money as soon as you can. If you can’t commit to saving a certain amount every month, then put aside money you may receive when your baby is born, for yearly birthdays, graduations or special events. Every little bit really helps, and it can add up over the years. Make sure you do look into savings options so that your account will grow with interest added. • It’s never too late to save, either: You may think you’ve waited too long to save, so you just give up on the idea. But that doesn’t help the situation. Even if you don’t save anything until your child is in high school, it can help pay for books, fees and other expenses. Most students qualify for some type of financial aid, but these cost of living expenses can really eat into a family budget. • Get your family involved: Most grandparents, aunts and uncles, and other relatives are very generous over the years. Instead of the big, impressive gifts they might want to buy, talk to your family about buying smaller gifts and putting aside part of the money in a savings account. • Dedicate part of “windfall” events to college: Some families might be tempted to spend any “windfalls,” such as an inheritance, bonus, or unexpectedly large tax return, on a vacation or luxury item. Make a promise to yourself that you will put at least a portion of any surprise income into the college fund. Saving can be hard, and it may feel like you are depriving your family, but the alternative is to use student loans to pay for college. That course could put even more financial pressure on you and your student for a much longer time in the future.
Share this post:It is finally August and we are all trying to squeeze in every last minute of summer fun before the back-to-school rush begins. For many families this means some last minute shopping for clothing, school supplies and dorm accessories, but for those with students already in college or about to start college, it might mean a mad scramble to put the finishing touches of their financing package in place. As the new college year gets closer to reality, some families are finally looking at the exact cost involved in sending their child to college, and some might be realizing they are in for a bit of a financial shortfall. The tuition bills arrived, with listings for the exact amount of tuition, room and board, and fees. The college subtracted the final amount the student is receiving in financial aid. Whatever remains is due and payable immediately. A hoped-for scholarship or gift from a relative might not have come through as expected. Or the family may not have completely calculated the full costs of travel back and forth to the campus, books, lab fees, data plans, living expenses and some extra entertainment money. Whatever the reason for the shortfall, they need to find some money quickly. If all of the federal student loan options have been utilized, then it is time to turn to private student loans. One company that provides a better student loan experience is College Ave Student Loans. They have made it simple to apply – it only takes about three minutes on a laptop or mobile device with their easy-to-use application. Select your loan type – undergraduate loan, graduate loan, career loan, or parent loan . Applicants get an instant decision, so you’ll immediately know where you stand. Those who are not sure whether they qualify for a student loan can access their free credit pre-qualification tool. If a cosigner is involved, get them to use the tool so you will know whether you qualify and what interest rates you can expect from College Ave. Using this tool does not impact your credit score. Available loan amounts for undergraduates start at $1,000, and you may be able to borrow enough money to cover up to 100% of your school-certified costs of attendance, depending on your financial situation. There are no application fees, and no penalties if you are able to payoff your loan earlier than anticipated. Competitive fixed and variable interest rates are available, and there is even an auto pay discount. If you are not sure how much your loan will cost, use the handy student loan calculator so you will know exactly what is involved. You can also calculate how much money you can save by making payments while you are in school. When it comes time for borrowers to start making payments, there are a number of helpful options and repayment plans available. You can choose full principal and interest, interest only, flat $25 payments or deferred payments to suit your budget needs. Plus you’ll be able to pick a repayment term that fits in best with your other financial requirements. College Ave stacks up pretty well overall against the other private student loan lenders. It has an equal or more number of repayment options, and is the only one that lets you apply in three minutes and choose the number of years that you want to take to repay your loan. Current customers seem to agree – out of 371 reviews, 321 were 5 stars! Comments like “easy process,” “good customer service,” or “great communication” support these positive reviews. In fact, the word “easy” is found quite frequently in review customer statements, and that’s not something you hear a lot when talking about private student loan lenders. When it comes to student loans, College Ave is the complete package – easy, flexible and personal. You have a lot to do with your last precious few days of summer fun, so don’t spend your valuable time searching for private student loans to cover last-minute college financing needs. Make a quick stop at College Ave and get back on the road to achieving your college dreams!
Share this post: As the parent of a high school junior or senior, you are probably getting an eye-opening first look at the cost of sending your child to college. Don’t be shocked by your first glimpse of college expenses, though. These are a starting point before financial aid and college scholarships are taken into consideration. Colleges have a net price calculator on their websites to give you a better idea of what your out-of-pocket costs will be, but you really won’t get the final picture until you submit the Free Application for Federal Student Aid (FAFSA) and receive your Student Aid Report (SAR) and financial aid award letters. Until then, there are a few steps you and your child can take now which might help cut the costs of college later: Save More Money: The more you can pay out-of-pocket toward college costs, the less you will have to borrow. There are several kinds of tax-advantaged college savings plans which help you accumulate the necessary funds while also getting a tax break. Earn College Credit in High School: Many high schools offer Advanced Placement classes where students earn college credits after passing a special exam. These classes are frequently offered at little to no cost as part of the high school curriculum. Learn More in High School: Many colleges require students to take placement exams to determine their knowledge level in various topics. Students who score lower on these exams might need to take additional college classes to catch up to their peers, which could cost more money and extend the length of time they spend in college. Make sure your student takes advantage of as many classes in high school as possible so he or she doesn’t have to complete additional work in college. Apply for Scholarships: Start applying for scholarships as early as possible to maximize the amount of “free money” your child receives. Consider the Military: Military academies and ROTC programs offer college educations in return for military service after graduation. If students are willing to delay graduation for a few years, they may be able to attend college classes while they are on active duty in the military, depending on their military duties and where they are stationed. They may also qualify for benefits under the GI Bill which can help reduce costs significantly, depending on the college they choose to attend after their military service. Learn About Financial Aid: The world of financial aid may initially seem confusing, but knowing more will help you make the most beneficial decisions. Don’t wait until you are completing the FAFSA to start learning about college financial aid; start gathering information now while your child is still in high school. Ask a Financial Aid Professional for Advice If you need more ideas about cutting the costs of college while your child is still in high school, contact College Financial Aid Advisors (CFAA) or visit my About.com website, Paying for College.
Share this post:It has been about a year now that the world has been dealing with the Covid pandemic. Even though you logically know that so many others have been affected, it can certainly seem like your family is the only one that took a gut punch in 2020. You thought you had everything under control mentally and financially, but then it all seemed to change in a second. Students were suddenly studying at home, jobs disappeared or changed substantially, or someone got sick and needed costly medical care. And now your child still wants to attend college – either as a returning student this fall or as a new student next fall. Of course that is what you wanted for your student all along, but it does raise the question – just how are you going to pay for it now? Fortunately, there is some help available: Emergency Financial Aid: Authorized in December, 2020, colleges are now starting to distribute a second round of federal emergency financial aid grants to students. This is part of HEERF II (the Higher Education Emergency Relief Fund). Unlike the previous CARES Act, though, students do not have to be eligible under Title IV of the Higher Education Act to receive the new grants. Students may need to complete an application with their institution to receive the aid in some cases, and those with exceptional financial need will still be prioritized. Eligible students can then use this grant aid to pay for any component of their college’s cost of attendance or for emergency costs that arise due to the coronavirus pandemic, like tuition, housing, food, medical care, mental health care or child care. Federal Student Loans: The federal student loan interest rate on Direct Subsidized Loans and Direct Unsubsidized Loans for undergraduates is 2.75% for the 2020-21 year. This is extremely low, and could provide a needed injection of funding without a major future debt downside. Financial Aid: All students should file the FAFSA to determine financial aid eligibility. The FAFSA application for the fall 2021 session is still available. The FAFSA for fall 2022 will come online October 1, 2021. Financial Aid Appeal: If you already have a financial aid decision from a college for this year or next, you can file an appeal if your financial situation changed. Be prepared to provide documentation to support your claim. Some schools are also offering their own emergency assistance programs to students struggling to make ends meet. Scholarships: Students at all levels and all capabilities can find scholarships to help cover the costs of college. Deadlines vary throughout the year, and are available to those still in high school and those already in college. Over the course of three months, the CFAA Scholarship Program helps students locate, organize and apply to 60 personalized scholarship opportunities that could help fill any potential financial aid gap. Federal Work-Study Program: For current college students, if your school or employer closes and you lose your federal work-study job, you may be eligible to receive multiple payments or a one-time full payment for the remaining period you were set to work. The amount you receive will be based on your award amount rather than hours worked. Contact your college to find out how they are carrying out this policy. If you are the parent of a high school junior, and you are concerned about the cost of college, one great starting point to begin learning about financial aid is a CFAA new client free strategy session. This gives us a chance to look at your individual situation, and coordinate your college search and financial aid timelines. This is certainly a time unlike any other, but it does not have to mean the end of your student’s college dreams. It might take a little more work, but there are many alternative avenues left to explore that might uncover the necessary funds you need to help pay for college. For the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.
Share this post:October is typically a frenzied month in the life of a high school senior who wants to attend college the following year. Applications for early decision and early action admissions are looming, and the financial aid season has begun with the arrival of the FAFSA and CSS Profile. That certainly keeps our seniors on their toes but, rolling around somewhere in their mind, might be the question of how to pay for everything if they get into a great college but don’t receive sufficient financial aid. Many don’t want to turn to student loans because they are concerned about taking on large debt loads in a time of such financial uncertainty. So that is where the concept of independent scholarships, or those not awarded directly by the college, come in. Although there are any number of scholarships with deadlines throughout the year, a large number do want you to apply by some time in December. That can put an extra layer of stress on the student to cram everything into a few short months. Here are a few tips to get you ready to meet those scholarship deadlines: • Create Your Own Deadlines: Research your list of possible scholarship opportunities, and list out the application deadline for each. Then work back two weeks and set that as your own personal deadline for applying to every scholarship. This gives you plenty of time to look at requirements, think about essays, get letters of recommendation, and submit the actual application, while still leaving a little wiggle room for errors, letters that don’t arrive, and revisions. • Set Up a Balanced Opportunity List: Many students will go directly after the big-money scholarships, but there is certainly going to be a lot more competition. Try to build a balanced opportunity list that has a few of the big-name contenders, but also a few smaller opportunities where your chances to win might be better. Look for the generic contenders where everyone has an opportunity to win, but also find a few that apply only to those individuals with your unique personality and skills. Don’t forget the local scholarships that can help bring in a few extra dollars, and look for some scholarships with later application deadlines when your head might be a bit clearer for applying. • Check Out the Requirements: Some scholarships have very few requirements, which makes applying a breeze. But others have more requirements, like a video or project, which could take more time. They might be less competitive because other students have time constraints, too, but really think about how long it will take you to complete everything required to submit an application. If you never worked within deadlines before, you will certainly have to do that now. Gaining the ability to meet scholarship requirements builds life-long deadline skills. The three-month CFAA Scholarship Program can help you locate scholarship opportunities that are personalized to your background and capabilities, and we will even help you find some with varying deadlines.
Share this post:Good news – your student got accepted at a great college – yay! Bad news – you just took a look at the financial aid offer and checked it against your bank account – yikes! Now what? College application time is stressful for parents and students, but college acceptance time can be even more agonizing. That is the time when you begin getting letters of acceptance (and sometimes rejection) from colleges. It is also the time when the colleges make their financial aid offers based on the information submitted when you filed the FAFSA. Financial aid offers contain information on federal, state and institutional financial aid eligibility, as well as federal work-study and federal student loan opportunities. Now, you can sit down as a family, look at the bank balance, and figure out exactly what your costs will be to attend each college. If there is one particular college that is high on the “want to attend” list, but low on the “we can afford this” list, here are some steps you can take: Appeal the offer: Each college has an appeals process, if your financial situation has changed or if the offer does not meet those from other colleges. Check out the website or admissions packet to determine what the process is, and follow the recommended procedures to state the grounds of your appeal and provide supporting documentation. Look at all ways to lower costs: It might be possible to afford the college if you really tighten the budget. Analyze each area such as living, transportation, food, books, and personal living expenses, and try to minimize those costs. Any additional income your student can earn during the year or on breaks can make a big budget difference, too. Rethink the second choice: Given the new financial information, the second choice college might suddenly look a lot more appealing. There can be huge differences between in-state and out-of-state costs, or one college might be more interested in somebody with your student’s exact qualifications. Really talk about the variances in your options, and discuss whether they are as insurmountable as you think. Consider the possibility of a transfer to the first option as a junior or senior to save some of the initial costs. Is a gap year a good idea? There are pros and cons to this option. The family can all pull together during the extra year, and save as much money as possible, which could dampen the impact of the out-of-pocket costs. But, there is no guarantee the same financial aid offer will still be available, especially in light of any new income that might have to be reported on subsequent financial aid applications. On the other hand, if there is the chance that family income might decline, a gap year could have a positive financial aid implication. Look into public service: There are several job categories where the government will forgive certain portions of federal student loan debt for taking jobs in certain high-need occupations or locations. There were significant administrative problems with this program in the past, but great strides were taken this year to address those concerns. If your student is going into one of these fields, the future loan forgiveness could offset the current financial squeeze. Military opportunities: ROTC scholarships can alleviate the entire college cost conundrum, in exchange for military service after graduation. The military has every type of career field available, including those in law, medicine, and engineering. Don’t forget scholarships: It might be time to do a deep dive into the scholarship pool. You could snare a really great scholarship that would eliminate all your financial worries. CFAA helps with every step of the financial aid process, from completing the FAFSA and completing the CSS Profile to comparing offers and making the best financial choices for your family. Set up a CFAA new client free strategy session to learn more about finding ways to pay for college. To get the latest financial aid information and college application to-do lists, look for my weekly JustAskJodi emails and check out my monthly CFAA e-newsletter.
Share this post:While most parents realize that their high school juniors should definitely be on the lookout for scholarships, many do not know that they should still be advising their high school seniors – and even their college students – to keep looking for additional forms of “free” money. Although some scholarships are part of the college’s financial aid package, students also have the ability to search anywhere else they choose to find scholarships on their own. This can be especially important if you compare financial aid award letters and find that your student’s preferred college is just slightly out of reach. A little extra money from a timely scholarship award can mean the difference between a first and second level choice college. Many scholarships do have application deadlines in December, which is important for high school juniors to keep in mind. But others have deadlines that are much later, which can help high school seniors on the last leg of their college journey. Even those students already in college should keep an eye out for possible scholarship opportunities that can help cover the cost of books or other expenses as they attend their classes. Parents and students should keep an eye out locally for scholarship opportunities, as well as perform regular searches online. It may be surprising to find out that scholarships of all types are available – from gamers to lovers of history, and artists to intellectuals. If your child has a special strength or interest, look for associations or clubs that follow that passion, and scour their websites to see if they offer a scholarship. Look at scholarship sites online or subscribe to a newsletter service like Financial Aid Finder, which provides regular updates on all manner of scholarship opportunities. If you’re not convinced yet, here are a few more good reasons why your student should still search for scholarships: • It keeps your student thinking about money: With everything else they have on their plates, it can be surprisingly easy for students to forget the financial end of attending college. Once they file the FAFSA, or get their financial aid award letters, they think the money part of the process is complete. But, just like in real life, money should be a part of the everyday thought process. Students should always be concerned about how they are going to pay for college, and looking for ways to “earn” extra money should be a top concern. • It covers the incidental costs: Sometimes scholarships don’t seem like a lot of money, but it can really be a lot to a student who is trying to get along on a budget every month. They might allow the student to purchase a few extra educational materials, enjoy a campus activity, or work a few less hours in order to study. It’s always great to have “spare” money on hand. • It means you have to borrow less: Every penny you get in grants, scholarships or income from work is one less penny you have to borrow through student loans. One of the greatest factors contributing to the current student loan crisis is that student loans are used for everyday expenses, and not just educational costs. No real thought is given to the interest that is accruing, or to the student’s future ability to repay those loans. After graduation, a cruel reality begins to set in when students realize they are not earning enough money to live on their own and repay their loans. • It reinforces a goal-oriented mindset: Learning to set goals and following a schedule to achieve them are two powerful life skills. Students who know that they need to complete certain tasks within a specified timeframe are building life skills while they are also filling their heads with academic knowledge. A scholarship can be a welcome addition to the “paying for college” pot, but it shouldn’t be something that is left to chance. With an intentional approach to seeking out and applying to scholarships at all levels of their school career, students can often find sufficient funds to help support their academic aspirations.
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Share this post: With negative economic impacts from the COVID-19 crisis dragging on and on, college financial aid is the new “hot topic.” Excited students and their anxious parents now want to get as much information as they can about paying for college. Although schools, states and the federal government do have a generous amount of money available, some families are realizing that it might not be enough to cover all the costs involved in getting a college degree. That is when they start to think about the possibility of finding scholarships to help cover their anticipated costs. Some scholarships are large and some are small, but their main appeal is that they can help families pay a portion or all of the bills at a time when money might be especially tight. So then, the question arises as to when the student should begin to look for scholarships. As with just about everything else in life, there is really no single “best” time to search for scholarships. You can actually begin the hunt as early as age 13, and some organized students do it throughout their junior year of high school. Most students, however, start the process during the summer between their junior and senior years of high school, as part of the college application process. Since that happens to be the timeframe we find ourselves in now, here are some steps to get you started: • Get organized: Really think about your unique skills and abilities, and look at your circle of influence. These are the places where you will be most likely to find your first hints of scholarship possibilities. Consider trade associations or groups in your field of interest that might want to support young talent. Look for friends or relatives who might work in that area as well, or who might know of opportunities from other clubs and philanthropic organizations. • Start your possibility list: Create a chart to help you organize your scholarship opportunities. List out the deadline and submission qualifications for each. Allow sufficient time for each. Be aware that some may require letters of recommendation, which can often take some time to obtain, so you will need to build that into your schedule. • Slow and steady: You don’t want to get yourself so wrapped up in the scholarship side of things that you neglect the application side. Work out a schedule where you spend a certain amount of time every week on each. • Early is fine: Even though a deadline might not occur until December, you don’t have to wait until the last minute to apply. Knock off the top scholarships on your list as soon as possible, and then keep going. • Pay attention: Keep copies of everything. Don’t let your scholarship communications get lost among your other notices. Keep a separate file and email address so everything is easily accessible. It is never too early to apply for certain scholarships, and for others it is also not too late. Some have deadlines after December, and others may be available only to those already in college. Some scholarships require you to complete the FAFSA for the 2021-22 college year. That will be available October 1, 2020, so by then you’ll want to file your 2019 federal income tax return, apply for an FSA ID, and have all of your financial documentation in order. We are happy to announce that the CFAA Scholarship Program is now available to help you locate and organize crucial scholarship opportunities. For three months of in-depth, personalized counseling and guidance to help you apply to scholarships that are uniquely suited to you. Visit our website, and be sure to enter your name and email to receive a FREE COPY of “Top 5 Tips for a Successful Scholarship Search.” If you will be graduating from high school in 2021, you can also sign up to receive in-depth financial aid counseling from CFAA to help clarify your college search. For the latest information, look for my weekly JustAskJodi emails and tune in for my weekly Twitter chat at #CollegeCash every Thursday at 5pm Pacific/8pm Eastern.
