Here is a list of colleges who have implemented financial aid programs aimed to avoid or minimize student loans in their financial aid packages.
http://www.projectonstudentdebt.org/pc_institution.php
These colleges are certainly implementing policies which will help families pay tuition bills.
Wednesday, December 12, 2007
It's easier to Pay Tuition at Harvard, too
Harvard has joined the ranks of those highly endowed colleges and universities who have decided to replace loans with grants in the financial aid packages offered to their students.
They have also announced a simplified plan that says families with incomes between $100,000 to $180,000 will not have to pay more than 10% of their income.
These changes prompted an article with questions and answers in today's Boston Globe:
http://www.boston.com/news/education/higher/articles/2007/12/12/paying_for_college_where_do_loans_fit/?page=1
It is great to see more colleges looking for ways to help families pay tuition.
They have also announced a simplified plan that says families with incomes between $100,000 to $180,000 will not have to pay more than 10% of their income.
These changes prompted an article with questions and answers in today's Boston Globe:
http://www.boston.com/news/education/higher/articles/2007/12/12/paying_for_college_where_do_loans_fit/?page=1
It is great to see more colleges looking for ways to help families pay tuition.
Monday, December 10, 2007
The growth of community colleges
I've been reading more and more about the growth of community colleges so I thought it was time to share some of the information I'm finding.
What are the benefits of spending your first two years at a community college?
1. COST - it is a fraction of the cost of most colleges plus you can live at home for free!
2. Diversity - the mix of students at community college often includes adults who are currently working or changing careers. These adults can become invaluable contacts for employment and/or a wealth of information offering an educational perspective based on real world experience.
3. Sampling - how many college freshman really convinced of their major when they start college? The price at community college gives them the freedom to try on a few different subjects to see what excites them, what they enjoy and what fits well.
Here's an artilce about the growth in Long Island New York community college system:
http://www.newsday.com/news/local/longisland/ny-licomm1210,0,76056.story?coll=ny_home_rail_headlines
What are the benefits of spending your first two years at a community college?
1. COST - it is a fraction of the cost of most colleges plus you can live at home for free!
2. Diversity - the mix of students at community college often includes adults who are currently working or changing careers. These adults can become invaluable contacts for employment and/or a wealth of information offering an educational perspective based on real world experience.
3. Sampling - how many college freshman really convinced of their major when they start college? The price at community college gives them the freedom to try on a few different subjects to see what excites them, what they enjoy and what fits well.
Here's an artilce about the growth in Long Island New York community college system:
http://www.newsday.com/news/local/longisland/ny-licomm1210,0,76056.story?coll=ny_home_rail_headlines
Should your college aged child have a credit card?
My answer is YES, if you believe you have taught your child how to be financially responsible. This is not an easy task - let's face it, most adults don't use credit cards properly, evidenced by the incredible level of credit card debt in our country.
But, let's change that and help our children do it the right way. You can establish some good rules for using a credit card and then choose credit cards that offer some advantage to cardholders.
Here's an article with some helpful suggestions:
http://www.moneybluebook.com/the-best-reward-credit-cards-for-college-and-graduate-students-to-learn-credit-responsibility/
But, let's change that and help our children do it the right way. You can establish some good rules for using a credit card and then choose credit cards that offer some advantage to cardholders.
Here's an article with some helpful suggestions:
http://www.moneybluebook.com/the-best-reward-credit-cards-for-college-and-graduate-students-to-learn-credit-responsibility/
Saturday, December 8, 2007
Davenport, IA sets a fabulous example!
A special community meeting on Friday shared the Davenport Promise Proposal with area residents. If approved by the city council and voters, the city would cover the tuition expenses for 2 years of community college and two years of a university, in or out of state. They indicated that the plan would be funded by the city's existing local option sales tax.
If you live in Davenport this is a great reason for you to get involved in local politics. This program is a real coup for the community and the development of it's students.
Read more at
http://www.wqad.com/Global/story.asp?S=7467347&nav=menu132_2
If you live in Davenport this is a great reason for you to get involved in local politics. This program is a real coup for the community and the development of it's students.
Read more at
http://www.wqad.com/Global/story.asp?S=7467347&nav=menu132_2
Friday, December 7, 2007
Parents of high school seniors!!!!
Dear Parents,
I know this is the holiday season and everyone is busy. However, your high school senior, who is about to turn the calendar to the year in which they graduate from high shool, might need some supportive encouragement from you right now.
Here are a few tips:
1. Make sure they apply to at least 4 schools. Even if they have their sights set on just one school, help them find a couple of other schools that require the least amount of work to apply (not too many essays). Make sure you make a list of these schools so that when you submit the FAFSA you can include all of them.
This should result in multiple financial aid award letters. Then, when you get the letter from the top choice school, you can see if you are happy with their financial aid award. If not, you can use the award letters from the other schools to help them understand that they need to increase their award in order to attract your child. The majorit of the time this will increase your award.
And let's face it, even if it only increases the award by $2,000 guess what you just did. All things remaining the same you just saved $2,000 times 4 years of college = $8,000. Congratulations.
2. Remember to send the SAT/ACT scores to each of those schools, as well. You want to make sure your appliation is complete.
3. Make a list of the things you need to do to finish the college applications. Make sure that you have a clear summary including when the financial aid is due as well as any other documents the school requires. This is very important for the parents becuase you are the one who is going to have to do the bulk of the FAFSA preparation. You certainly don't want to miss that!
4. Follow up with those who you have asked to write recommendations to double check that they have been completed. ALSO - it would be a really nice step to write each one of them a thank you note.
I know this is the holiday season and everyone is busy. However, your high school senior, who is about to turn the calendar to the year in which they graduate from high shool, might need some supportive encouragement from you right now.
Here are a few tips:
1. Make sure they apply to at least 4 schools. Even if they have their sights set on just one school, help them find a couple of other schools that require the least amount of work to apply (not too many essays). Make sure you make a list of these schools so that when you submit the FAFSA you can include all of them.
This should result in multiple financial aid award letters. Then, when you get the letter from the top choice school, you can see if you are happy with their financial aid award. If not, you can use the award letters from the other schools to help them understand that they need to increase their award in order to attract your child. The majorit of the time this will increase your award.
And let's face it, even if it only increases the award by $2,000 guess what you just did. All things remaining the same you just saved $2,000 times 4 years of college = $8,000. Congratulations.
2. Remember to send the SAT/ACT scores to each of those schools, as well. You want to make sure your appliation is complete.
3. Make a list of the things you need to do to finish the college applications. Make sure that you have a clear summary including when the financial aid is due as well as any other documents the school requires. This is very important for the parents becuase you are the one who is going to have to do the bulk of the FAFSA preparation. You certainly don't want to miss that!
4. Follow up with those who you have asked to write recommendations to double check that they have been completed. ALSO - it would be a really nice step to write each one of them a thank you note.
Adults returning to school should read this
Here's a great article for you ify ou are considering going back to school to change careers.
http://www.usnews.com/articles/business/careers/2007/12/04/how-to-finance-a-midcareer-move.html
That FAFSA that every undergraduate needs to submit to be considered for financial aid also works for you.
Let's face it, school is expensive and you will probably have to take loans to pay the bill. But, as the article says, if you can get the government loan that could dramatically reduce the total cost for you. The best loan is the SUBSIDIZED Stafford Loan. To qualify for that loan you need to have demonstrated financial need, based on the government calculations.
The sweet part of the Subsidized Stafford Loan is that you have no payments while you are at least a half time student (defined by number of credits taken) PLUS no interest accrues while you are in school! The repayment and interest charges don't begin until 6 months after you are out of shool.
Please note there are also many scholarships available for adults returning to school. Make sure to check with your employer, too.
Since this decision is an expensive one, you might like to try out your new profession as a volunteer for a week. I week's vacation is much less expensive than debt and no income while attending school and looking for a new job.
Good Luck.
http://www.usnews.com/articles/business/careers/2007/12/04/how-to-finance-a-midcareer-move.html
That FAFSA that every undergraduate needs to submit to be considered for financial aid also works for you.
Let's face it, school is expensive and you will probably have to take loans to pay the bill. But, as the article says, if you can get the government loan that could dramatically reduce the total cost for you. The best loan is the SUBSIDIZED Stafford Loan. To qualify for that loan you need to have demonstrated financial need, based on the government calculations.
The sweet part of the Subsidized Stafford Loan is that you have no payments while you are at least a half time student (defined by number of credits taken) PLUS no interest accrues while you are in school! The repayment and interest charges don't begin until 6 months after you are out of shool.
Please note there are also many scholarships available for adults returning to school. Make sure to check with your employer, too.
Since this decision is an expensive one, you might like to try out your new profession as a volunteer for a week. I week's vacation is much less expensive than debt and no income while attending school and looking for a new job.
Good Luck.
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