Thursday, April 30, 2009
Monday, April 27, 2009
When most high school students start looking at colleges, they think about what the college offers in terms of academics and extracurriculars. But when the financial aid packages from schools come in the mail this spring, the final decision will likely be made with dollars and cents in mind.
"A good financial aid package is as important as the major, course of study and geographic location," says Bob Friedman, the university director of student finance at Yeshiva University in New York. "It comes at the end of the search, and it's absolutely a top concern."
Though financial aid officers have some latitude in how much they can offer students, don't expect that securing a better aid package will be as easy as snaring a deal on a vacation or a flat-screen TV, says Marty Carney, DeLand, Fla.-based Stetson University's director of financial aid.
"Don't come in with the expectation that financial aid offices are in the business of negotiating like used-car salesmen," he says. "In many cases, schools don't negotiate financial aid awards."
A jump-start for the economy means a helping hand for many new college students entering the 2009-10 school year.
Thanks to the recent passage of the 2009 American Recovery and Reinvestment Act, students from both low- and middle-income households will receive increased financial help this year.
However, the financial breaks won't last forever. One major problem with the stimulus bill is that the changes are temporary, says Lauren Asher, director of the Berkley, Calif.-based student finance think tank The Project on Student Debt.
What will happen in future years remains uncertain, Asher says. But she hopes the bill will provide a springboard for further boosts in federal financial aid.
"Students need access to even more need-based aid," she says. "But hopefully this (bill) will help families continue to invest in education so when the economy does bounce back, they're well-positioned to benefit instead of go deeper in the hole."
Thursday, April 23, 2009
By Jeffrey Kam
Many high school seniors faces the most challenging problem with their parents in the month of April, how to pay for college. This year college funds have been taking hits this year due to the stock markets. Parents might not have amount saved up for college tuition. Although there is a portion of the stimulus bill from the Obama Administration are aiming to give some cash to save the mess, but it takes time. Below are two tips that will help families to pay for college.
Limit your student loans, this year freshman’s are allow to borrow up to $5000, $6,500 sophomores and $7,500 for seniors this year. Although these are small loans, parents can borrow from the federal PLUS loans for the rest of the college fees. Banks also offer loans but at a higher rates and more expensive, these are mostly for families that can afford to repay in the future, or school that are worth the extra debt.
Wednesday, April 22, 2009
One of the first places to look at is the College Planning Network, a website that guides you through different steps of attaining money for college. It helps with student positioning, cash flow planning, and much more. Check out the website here.
Another website that I used when I was applying for colleges was College Planning, which is actually a more detailed website from the College Planning Network, but based out of the Northwest. Since I am from Seattle, I found this to be a great site when I was a senior in college. Although most of the website doesn’t pertain to Syracuse students, it help direct us to the next step and what to look out for. Click here to browse the site.
And lastly, check out our very own Syracuse University Office of Financial Aid and Scholarships office and website. Although it seems impossible sometimes to win a scholarship or receive more financial aid, you’d be surprised how much our school really wants to help. Never think that you won’t receive any more money because your parents are in a high income bracket. Always ask!
Well Hope this helps and good luck in the years to follow.
by D. Babbs
When applying to graduate school, one really needs to figure out whether this option is worth the time and of course, money. Just like paying for undergraduate degree, grants and fellowships, work-study, and loans are available. However there are three additional sources of financial aid that can cover the costs of grad school. Many colleges and universities offer assistantships. Assistantships provide students with a stipend to help them cover the expense of their education, while in return providing their institution with a source of labor for teaching and performing research. Individuals may consider early withdrawals from their IRAs. Withdrawals for qualified postsecondary educational expenses are not subject to the 10% penalty. Potential grad students may also want to consider having employers pay for their college expenses. Some employers offer some type of tuition reimbursement plan. This benefit is a classic win-win situation for employers, as they are essentially investing in the competency of their employees while their employees enjoy a free benefit.
Considering graduate school, of course, requires a lot of research but before you commit to a program, or an education loan, check out:
- What salaries people in your intended field are earning.
- What your monthly payments will be on your student loans.
- How quickly graduates from your school got jobs.
- What salaries graduates from your program are earning.
Like with any major decision, brainstorm the pros and cons of your decision. People with graduate degrees tend to make more money than those with just bachelor degrees, which is an advantage. Now finish the list of pros and cons.