Mompreneur » College

Am I Eligible for Federal Student Aid?

admin — Wed, 03 Jun 2009 18:22:50 +0000

You have applied for every scholarship you feel will be a good fit. Now what? Start looking into Federal Student Aid. The Free Application for Federal Student Aid (FAFSA) is the form used by the U.S. Department of Education to determine your Expected Family Contribution (EFC) by conducting a “need analysis”.

The first thing you want to know is who is eligible to receive Federal Student Aid? From www.fafsa.ed.gov here is your answer.

· Be a U.S. citizen or eligible noncitizen.

· Have a valid Social Security Number.

· Be registered with Selective Service if you are male and 18 to 25 years of age (go to www.sss.gov for more information).

· Have a high school diploma or a General Education Development (GED) Certificate or pass an exam approved by the U.S. Department of Education.

· Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs.

· Not have a drug conviction for an offense that occurred while you were receiving federal student aid.

Also:

· You must not owe a refund on a federal grant or be in default on a federal student loan.

· You must demonstrate financial need (except for unsubsidized Stafford Loans).

You might be wondering how much financial aid you are eligible to receive. This all depends on your Expected Family Contribution (EFC), your year in school, your enrollment status, and your cost of attendance at the school you will be attending. You will want to contact your school’s financial aid office to get this information.

Don’t forget to look at state and school resources to help pay your school costs as well. The financial aid administrator at the school you plan on attending can help you with that.

Start researching non-federal aid early (ideally, start in the spring of your junior year of high school). Many states, colleges and universities have filing deadlines that are much earlier than federal deadlines. Find out all application deadlines and make sure you meet them.

Questions You Need to Ask When Looking for College Scholarships

admin — Mon, 01 Jun 2009 22:55:49 +0000

Finding college scholarships may be a daunting task, but there is no reason for you to not look. There are scholarships out there for almost everyone. When looking for scholarships, it really is as easy as going to Google and typing in something to the effect of “how to find scholarships for college”. You will probably have to register at some of the Web sites, but there are plenty out there ready, willing and able to help make some connections.

Remember, not every scholarship is going to be a perfect match for you and/or your family. From www.getreadyforcollege.org, here are some questions you may want to ask to see if you have found a good match.

· What is the maximum scholarship award? They can range from $100 to $10,000 or more.

· Is the scholarship based only on merit (no financial need requirement), or does it require both merit and need?

· How is financial need defined for scholarships that require need? Each program has its own definition of need. If you cannot find that information readily, check all the other eligibility criteria. If there is a good match overall, submit an application and your need will be assessed in the scholarship review process.

· How does the scholarship program define merit? Some scholarships are very strict, requiring a minimum grade point average of 3.0 to 3.5, along with other leadership skills that are highly competitive. Other scholarships have more flexible criteria.

· Does the scholarship require admission to a degree-granting program? This is a common requirement, but some scholarships offer flexibility.

· Does the scholarship require full-time enrollment? This, too, is a common requirement, but some are flexible and may fund students who are less than full-time.

· What are the other eligibility requirements? Is the scholarship targeted to a specific educational institution, specific field of study, resident’s of a specific geographic area?

· What is the application process? Many scholarship programs have their own application forms. Some you can apply for through the Free Application for Federal Student Aid (FAFSA) program.

· What is the application deadline? Scholarship deadlines can be six to nine months preceding the start of the academic year, while some may be closer to the start of the fall term.

For free and valuable information, visit www.Scholarshiphelp.org. Please don’t overlook resources out there to help you.

Health and Money: Why Save?

admin — Fri, 15 May 2009 14:01:12 +0000

There is absolutely no way Kristie could have prepared for what she is currently going through…mentally, physically, emotionally or financially. (You can read more at http://www.carepages.com/carepages/KristieTunick/patient, you have to register, but it is easy and free.) However, when asked last week what words of advice she had for people, one of the things she said was for people to have savings.

People should pay themselves first, not last.

Here are some of my favorite reasons for you to save right now:

Expect the unexpected –
While Kristie’s situation is extreme, these types of medical situations do come up. So many people go through life thinking it will never happen to them, or if it does, it will be when they are older. Kristie proves that is not the case. She was not even 30 when her life was turned upside down by her illness. It is not only medical emergencies that we need to think about; job loss, car repairs and home repairs can also cost us if we do not have a savings account.

Financial freedom –
Doesn’t that just sound wonderful? I love the thought of never having to worry about money again. Many do not realize if they put a little bit of money away each pay period, it really does add up. Think about how wonderful it will feel to know you can financially handle whatever comes your way.

Lead by example –
Children tend to do as we do and not as we say. If your children know you are putting money into savings each month, it is likely they will do the same as adults. Not to mention they feel our tension or our calm. If you are constantly stressed out about money, they feel that. On the contrary, if you do not stress about paying the mortgage or car payment because you know you have it all under control, they feel that as well. Explain to them (at an appropriate age) how you do things and why. Chances are, you will raise a financially savvy child.

College –
It is no secret that college costs an arm and a leg these days. Paying for college can be a daunting thought, but if you start now, you and your children will thank you later. Setting up a college savings account could end up being one of the best gifts you could ever give your children.

Retirement –
With inflation what it is today, it is also a little scary to think about retiring. The time value of money is an amazing thing. The earlier you start the better. Contribute as much as you can to your employer-provided 401(k) or 403(b). If you are self-employed, look into the different Individual Retirement Accounts that are available. I know people really do not like to think that far in the future, but the fact of the matter is we are living longer and longer. We want to make sure your money does not run out before you do!

Vacations –
Wouldn’t it be really nice to take your family on an amazing vacation…without putting it on a credit card? Believe it or not, it is possible. With constant saving throughout the year, you may find a surplus at some point. Go ahead, take the family for a little rest and relaxation. This is not splurging, it is necessary for not only your health and well being, but of the family as well.

There are many more reasons, but I think you get the picture. It is okay to start small. Just start!