4 Ways to Get Free Money for College

Written By Guest Author Vivian Kerr

Who wouldn't want someone else to pay for their education? While getting a full “free ride” from a big school is getting more to be a rarity these days, it’s possible to attend even the most expensive private university with a combination of scholarships/grants, loans, work-study, and savings. Follow these 4 tips to maximize your financial aid and minimize your debt!

Make friends in the Financial Aid office. When you get your financial aid package from your school, it’s not the “final” amount. It’s just the opening offer! Remember that your financial aid package is arranged by a computer and a very few people. Those numbers can definitely change, and the people in the office do want to help you attend their institution. Don’t hesitate to contact them and ask what you could do to qualify for more money. If it’s a question of a few thousand dollars, an adjustment is highly possible.

Do extensive online research. College Board’s Scholarship Search and Fast Web are great sites which offer searchable databases of scholarships. Create an online profile and watch as scholarships are matched to you based on your gender, race, religion and field of study. There’s a number of other excellent resources on this Scholarships and Financial Aid Learnist board as well.

Get the FAFSA done early. The Free Application for Federal Student Aid ( FAFSA) is a major requirement for most schools to apply for a Financial Aid Application. The FAFSA for the current school year is available after the first of each year online (http://www.fafsa.ed.gov/).  Parents often need to estimate income for the rest of the fiscal year in order to get the FAFSA done early, so make sure you plan ahead! Students may also need to fill out the CSS Profile. CSS stands for the College Scholarship Service Profile. Schools that have Early Decision usually require the CSS Profile since the FAFSA is not available until Jan 1^st.

Stay positive! While the application process will be done in January, applying for financial aid scholarships is an on-going process that will take you well into the late spring (or even into the summer). Scholarships are competitive, so you may apply for dozens before landing one. Stay organized and keep motivated. Six months of hard work might mean you’re debt-free for years after undergrad!

Remember to keep your eyes open – in recent years there are more scholarship “scams” out there as well! If something sounds too good to be true, it probably is. Always confirm a scholarship from multiple sources. The guidance counselors at your high school are a great resource for this!

About the Author:

Vivian Kerr: Vivian Kerr has been teaching and tutoring in the Los Angeles area since 2005.  She graduated from the University of Southern California, studied abroad in London, and has worked for several test-prep companies including Grockit & Kaplan for whom she taught ACT, SAT, GRE, GMAT, and did admissions counseling.

Planning Ahead Can Save Thousands On College Expenses (Part II)

Author's note: Are you the parent of a student either currently enrolled in college - or who is planning on attending a post-secondary school next fall? You don't have to be told that college is expensive and planning is time consuming.  This two-part series, designed for parents and employee assistance (and other) professionals who are assisting them in this often-difficult process, can really help!

In part I of this two-part series, I outlined some of the issues that are just the "tip" of the college planning iceberg influencing whether today's "modern" family will be able to actually afford a 4-year college.  In this post, I will go over more key points.

Most EFC calculators pivot off a handful of data points- our calculator actually pivots off close to 20 significant data points that provide a more accurate picture of what your expected family contribution (EFC) might be. By knowing this number ahead of time,  you can create a more efficient plan for how best to pay for college. While EFC is mostly “income”-driven in nature, our work with families has uncovered additional “peripheral” areas, like assets, that can influence what a family’s “true” EFC looks like. Did you know that assets held in a student’s name can often be assessed as high as 26% in some formulas? 

This is because assets that are held in a student’s name typically do not have an asset protection allowance. There is over $150 billion in financial aid available each year if you know how to get it and with the competition for admissions becoming increasingly competitive, students need to know how best to present themselves to their targeted colleges.

If you are like many of the thousands of families who feel they are not receiving the kind of attention from their high schools that is needed during the college application process, take a peek at some of the various web-based tools that we have launched to help simplify this process. (www.smarttracktoolkit.com).

Be sure to monitor deadlines (both admissions and financial aid) for each college you are applying to.  Believe it or not schools often have different deadlines for their admissions applications versus their financial aid applications.  For students applying to state schools, did you know that different states have different deadlines for families to submit their FAFSA (Free Application for Federal Student Aid) forms? States like Kentucky, Tennessee and Vermont award aid on a first come, first-served basis so its critical to have your forms submitted in January (as a general rule of thumb) before most of the available aid disappears by late spring.

If you are a parent of a senior in high school or you have kids who are currently in college and are applying for financial aid, you can get a head start by using our College Funding tool to actually submit all of your financial aid forms on time (including the FAFSA & CSS Profile forms) and be entitled to a professional review with one of our experienced college funding advisors. 

Remember to use the promo code: “Impact” to receive 20% off when you purchase any of our 5 components and feel free to contact me with any questions you might have: jay.robie@smarttracktoolkit.com or 800 863-9440 ext. 277. Good luck!

About Smart Track™ Toolkit: The toolkit is a web based service that assists families with everything from admissions and test prep, to student athletics and financial aid.  Our intuitive software and on-demand workshops are key components to making sure students find their top choice colleges, and families can afford to send them there.

About the author: Jay Robie is the VP of Business Development in the Corporate and Education channels with the College Resource Center, LLC.  Jay has previous work experience as an Admissions Counselor at St. Lawrence University and Boston College as well as the Director of the Corporate Internship Program at Notre Dame High School.  Jay also has consulted for Road to College as an Admissions Planner.

Scholarships

Good vs. Not-so-Good Scholarships

There are three types of college scholarships:

      1.      Merit Based Scholarships

      2.      Private Scholarships

      3.      Campus Based Scholarships 

The most abundant types of scholarships are typically the need-based and merit-based scholarships. You may be surprised to learn that private scholarships can actually work against you with regard to financial aid.

Many students spend countless hours searching and applying for free private scholarships. They locate the sources, gather letters of recommendation, write essays and meet the deadlines. Yet private-sector scholarships make up only about 3% of the college funding awarded annually. We think of this as spending valuable time and energy going after the crumbs. These private scholarships still help pay for college costs, right?  Maybe not!

Many colleges deduct private-sector awards from the money that the school already offered you or would have offered you. Simply put, the money from your private scholarship may go back into the school’s treasury, and is eventually given to another student! The funding package from your college still contains the same proportion of gift aid (free money) and self-help aid (money that student works for or loans that must be paid back), but the college’s “contribution” is now less. Who may really benefit from all of your hard work? That’s right, the college!

Detecting Scholarship Scams

Some college scholarship companies are making false claims regarding their services, such as claiming they can help families receive thousands of dollars in unclaimed free college scholarships.  They assert that there are millions of dollars in unclaimed scholarships just waiting to be awarded.  As you read above, even if you are awarded some of these private scholarships, in some cases it may benefit your college and not you!

Watch out for claims such as:

• We've already secured funding for your college.
• "The scholarship is guaranteed or your money back".
• You've been “pre-selected" by a "national foundation" to receive a scholarship.
• We have you scheduled for an "interview" 

 

Maximize Your Scholarship Opportunities

1. Apply only if you’re eligible! Read all of the scholarship requirements and directions carefully to make sure you’re eligible before you send in your application. Your application can’t win if you’re not eligible for the scholarship.
2. Complete the application in full. If a question doesn’t apply, note that on the application. Don’t just leave it blank.
3. Follow directions. Provide everything that is required, but don’t supply things that are not requested. You could be disqualified.
4. Neatness counts. Make several photocopies of all the forms you receive. Use the copies as working drafts to develop your application packet. Always type your application. If you must print, do so neatly and legibly.
5. Make sure your essay makes an impression. The key to writing a strong essay is to be personal and specific. Include concrete details to make your experience come alive.
6. Watch for deadlines. To keep yourself on track, impose a deadline on yourself that is at least two weeks before the stated deadline. Use this time to proofread your application before you send it off.
7. Make copies before sending. Before sending your application, make a copy of the entire packet and keep it on file in case your application goes astray. Make sure your name (and social security number, if applicable) appears on each page of your application to ensure that nothing is lost.
8. Give it a final “once-over.” Proofread the entire application carefully. Be on the lookout for misspelled words or grammatical errors. Ask a friend, teacher or parent to proofread it as well.
9. Ask for help if you need it. If you have problems with the application, call the funding organization and ask questions. 
10. Remember: your scholarship application represents you! Your ability to submit a neat, timely, complete application reflects on you. It’s your face to this organization. Take pride in yourself by submitting your best application.

Any additional tips to share?  Leave your comments!

About Smart Track™ Toolkit: The toolkit is a web based service that assists families with everything from admissions and test prep, to student athletics and financial aid. Our intuitive software and on-demand workshops are key components to making sure students find their top choice colleges, and families can afford to send them there.

About the author: Laura Guarino is the Student Services Coordinator with College Planning Strategies, LLC. Laura has a degree in Human Development from Boston College and is currently pursuing a Master’s degree in School Guidance Counseling.  She is also enrolled in a certificate program in College Admissions Counseling.  Laura is at the forefront of the college admissions process for the families of CPS and The Smart Track™ Toolkit.

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