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Archive for the ‘Financial Aid’ Category

International Students and the College Search

Thursday, September 10th, 2009

Dear Babs,

I’m from Kenya with a High School Diploma, and some college-level courses under my belt. Journalism is my passion and I’m starting my college search in the U.S. because I believe the colleges and universities over there will provide me with a good foundation towards becoming a good journalist. Any advice on good and affordable schools, requirements for application for international students and financial aid?

-Collegiate in Kenya

—

Dear C.K.,

Why yes, I can give you some advice on international students and the college search, college applications and journalism school. That is, after all, what advice columnists are for. :)

There are many great Journalism schools in the U.S.: Columbia University, Syracuse University: Newhouse School of Communications, University of Wisconsin: Madison, Northwestern University, and USC in California. University of North Carolina: Chapel Hill, has developed a really excellent international journalism program that you might find interesting. All of these schools are great all-around, as well as having world-renowned journalism programs.

Normally, when a student tells me they are looking for a more affordable school, I urge them to apply to a state school over private schools. However, as an international student, you will not be eligible for the reduced in-state tuition. This means that you will have to pay an international-rate tuition for most state schools, which is equivalent to that of a private school (around 30-40,000 USD a year). Not only will you have to pay top dollar, but it is very difficult to receive financial aid as an international student. The Global Student Loan Corporation is one of the few loan companies that offers student loans to non-U.S. citizens. Other than that, your best bet is to try and get funding from your own country’s government and banks.

As for international college applications, the main difference that you will find between applications in the U.S. and abroad is the reliance on the SATs. You must take the SATs in order to apply to most schools in the states. Check the College Board online to find a location to take the test. You will also be required to write an admissions essay, and since Journalism relies heavily on writing, it better be good. If your English is a bit shaky, get a friend or teacher to review it for you. Depending on the school, they may have special requirements for international students, or for journalism students, so do your research thoroughly.

As an international student, there’s going to be a lot of paperwork ahead for your college search, so take your time, look at each school’s website thoroughly, and make sure you have met all the requirements.
Good luck!
-Babs

POSTED BY Dear Babs IN Admissions, Dear Babs, Financial Aid
09.10.09
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How much money can I get from FAFSA at a community college?

Tuesday, August 4th, 2009

Dear Babs,How much does FAFSA give to community college students? Since you have experience, I was hoping you could give me some clues as to what to look out for. Please help me!

-Frank about FAFSA

—

Dear Frank,

FAFSA is eligible to students enrolled in any institution of higher education (including community colleges) and working towards a degree or certificate. Thus, you are eligible for FAFSA if you’re attending a community college to get your Associate’s Degree or a certificate, but not if you are just taking some courses without the intention of getting your degree. As to what types of aid, and how much you can receive, it depends on a combination of your program of study, financial need, cost of attendance at your school, and your academic achievements. The maximum Federal Pell Grant you may receive is $5,350. The Academic Competitiveness Grant requires the student to have attended a rigorous program in high school and maintain a 3.0 GPA in their program. They cap-out at $750 for your first year in school and $1300 for subsequent years.

As for loans, you can borrow up to $3,500 in subsidized, low-interest loans for your first year, $4,500 for your second, and $5,500 in subsequent years. You can borrow an additional 2,000 a year in unsubsidized loans. Again, the actual amount awarded, in both loans and grants, depends on your demonstrated financial need. This takes into account savings, personal income, family income, and other assets (like property). It also depends on the total cost of attendance at your school, and whether you meet specific academic criteria.

FAFSA considers you for all eligible awards, so there is no harm in applying. Who knows, you may just get the money you need for school!

Good luck!
-Babs

POSTED BY Dear Babs IN Dear Babs, Financial Aid
08.04.09
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Should I use the Army to pay for college?

Tuesday, July 28th, 2009


Dear Babs,

I am looking for ways to earn money for college, and I am considering the Army. I was looking at both ROTC programs at other universities and military academies. Which do you recommend? Is this a good way to pay for college?

-Hopeful Cadet

—

Dear Hopeful,

The main difference between an ROTC program and a military academy is the type of institution where you would be studying. An ROTC program offered through a host university allows you to attend a civilian university while still receiving your officer training. At a military academy, you would take part in the same officer training, but in a more military-focused environment. Also, to attend a military academy, you must receive a congressional nomination-something that takes some effort to achieve. You can take part in ROTC at most colleges across the country, at University of Michigan or University of Connecticut, Notre Dame or Texas A&M. ROTC programs at both civilian colleges and military academies usually offer a generous scholarship (as much as full tuition, plus a monthly stipend) in exchange for an 8 year term of service upon graduation. During your service commitment, 3-4 years will be spent in the military full-time, while the remainder can be carried out in the reserves.

Still want to do it? Although the benefits are great, you must weigh the financial opportunity against the potential cost of 8 years in the military. In the service, you do not have complete choice over where you live, what sort of job you will do, or who you will work with. Also, as I am sure you are aware, you are at risk for being sent overseas where there is live combat. If this is something you want to undertake, than I commend you. But it is in no way “free money”-it is a serious responsibility. Think it over, and make your decision with a clear head. If you would consider joining the military regardless of the financial rewards, than it is a good sign that you should do it. If, however, you are only doing it to pay for college, I suggest you consider other ways to find scholarships and financial-aid.

As for the difference between the programs, it’s up to you. If you want to study military history, or are mostly interested in the military and not in other academic pursuits, than a military academy might be for you. If, however, you’re very interested in studying, say, English, business, or biology, you might prefer to study at a well-respected civilian school. You can even use your degree to help further your career in the military. If you are pre-med, you could eventually become a military doctor, or a business major could move into an administrative capacity after active duty is over. You would attend classes with fellow ROTC cadets, but also with civilians. This might give you more diverse and “well-rounded” college experience.

Whatever you decide, be sure to consider all the ramifications, and not just the financial benefits.

Good Luck!

-Babs

POSTED BY Dear Babs IN Dear Babs, Financial Aid
07.28.09
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What if college loans are my only financial aid options?

Tuesday, July 21st, 2009

Dear Babs,I’m looking into financial aid options for next year, and I was wondering about college loans. Is it okay to pay for the majority of my education with loans? It seems like most of the scholarships available to me are too small, and I don’t have money saved. How much is too much loans?

-Loan-ly in Little Rock

—

Dear Loan-ly,

There’s no steadfast rule for how many loans to take out. Bottom line, you need a college education. So if you need to take out loans to pay for all of your tuition, it’s better to do that than to not go to college at all. However, finding money for college is rarely about all or nothing.

Loans can be a big strain on you financially, especially in an uncertain economy where you are not guaranteed a job after graduation. If you go to a private school, then taking out loans for your entire 4-year education can cost upwards of $160,000. In a typical, 10-year loan term (meaning you have 10 years to pay back your loan) that would mean that you would have monthly bills of about $1,841.29. Ouch!

If loans are the only way for you to pay for your education, than I would seriously consider going to a local state school, or even trying to live at home. It may not be what you had in mind, but try and remember that what matters is the degree, not necessarily the name on it. There are many good schools that are more affordable, and reducing costs now will save you the embarrassment of moving back in with your folks at 23 while you try and pay off your loans.

Good Luck!

-Babs

POSTED BY Dear Babs IN Dear Babs, Financial Aid
07.21.09
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Can I put my student loan towards room & board?

Tuesday, July 7th, 2009

Dear Babs,I have a Stafford Loan and a small scholarship from my town. Can I put my student loan and scholarship toward room and board? I’m worried I won’t be able to affording a place to live.

-Hopefully Not Homeless

—

Dear H.N.H.,

Yes, you can put your loan towards room and board. Stafford Loans may be used towards anything that is part of your total cost of education, including housing, books, school fees, and, of course, tuition.

As for your town scholarship, it depends on the scholarship. Some scholarships specify that you must use it towards tuition, others allow you to put it towards any educational expense. When I was in school, I even got a scholarship that was just made out to my name, allowing me to use it as cash.

Check with your town about your scholarship’s requirements, and put your loan towards your housing if you want to.

Good Luck!

Babs

POSTED BY Dear Babs IN Dear Babs, Financial Aid
07.07.09
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As FAFSA changes, so does your financial aid strategy

Friday, June 26th, 2009

Dear Babs,

I heard all this noise about how the FAFSA has changed. Is it really going to be much easier? What should I know about it? How will it affect how my daughter applies for financial aid?

-Father asking for some advice

—

Dear FAFSA,

For those of you readers who don’t know, the FAFSA has announced changes to its forms in order to make it easier and more accessible to those in need of Financial Aid. Most significantly, the FAFSA will be cut down from 30 pages to 10. This drastic cut will definitely make filling it out much less time consuming, and less like your 2nd taxes. In addition, students will be able to save the FAFSA form without filling out their parent’s information. Although this info is still required, it will make it easier for students to complete what they can while they wait on their parents to provide them with their financial information.

So what does this mean for you? Well, it basically means 2/3 of this laborious task is no more. The process will be more automated and web-friendly, and more closely compatible to your tax forms. So take a happy sigh of relief, and figure out what to do with 2/3 of the time you WOULD have spent scrambling for obscure financial data. Perhaps a movie?

Good Luck!

-Babs

POSTED BY Dear Babs IN Financial Aid, parents
06.26.09
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Is there a way around the FAFSA?

Thursday, April 23rd, 2009


Dear Babs,

My daughter is going to SUNY Albany (out of state) in the fall, and I am worried about how to pay her tuition. I filled out the FAFSA, and it said our expected family contribution is way over what I think we can afford. Why are they doing this? Is there a chance we can get around this?

-Falling Short of Expectations

—

Dear Falling,

Just so you know, you are definitely not the first to be told that your expected family contribution be more than your personal budget will allow. To make sure you have judged correctly, calculate your financial need to figure out what financial aid you will really need to pay for college. Take into account any scholarships or loans already offered, and estimate what cash you can provide each year up front. Then see how far off your EFC is from your Real FC.

There are a few ways that FAFSA calculates your EFC, and depending on your situation, its formula may work to your detriment.

FAFSA looks at all of your available income and assigns a percentage of this income to your child’s college funds. Available income means any salary, property, savings, or investments that you could divert to your child’s education. Second homes, investment property, and valuable cars all qualify as an asset, but your primary residence does not. Therefore, if you own a vacation home that you clearly do not want to sell, this will count against you. FAFSA does not count money in an IRA, but it does count money in a general savings account, or investment funds (mutual funds, stocks, etc.). So if a large portion of your savings for retirement is in these types of accounts, it will hurt you. FAFSA also does not take into account consumer debt. If you owe a lot of money on your credit cards, FAFSA will not take the money required to pay them off from your total available income. These policies hurt a lot of middle-class families with credit card debt and moderate investments. Although your mutual funds may be non-negotiable to you, to FAFSA, they are fair game.

Unfortunately, there is not a lot you can do about your EFC this year. Unless your financial situation has drastically changed because of a lay-off or losing substantial savings because of the market. If this is the case, contact SUNY Albany’s Financial Aid Department to explain your situation-most schools are setting up procedures to deal with such situations in this economic crisis. For next year, try and pay off your credit cards with cash you have saved in the bank. This will reduce your debt-load, and reduce the income you have available in savings. If you have any savings that you have earmarked for retirement, but that are not in an IRA or other registered retirement account, consider transferring them. Do not hide assets-colleges investigate at least a third of FAFSA claims for fraud, and you can be fined as much as 20,000 dollars.

Good luck!

-Babs

POSTED BY Dear Babs IN Dear Babs, Financial Aid, parents
04.23.09
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Can a 2nd tier college compare?

Monday, April 6th, 2009


Dear Babs,

My son got into two schools, University of Chicago and University of Illinois-Urbana Champaign. University of Chicago is an amazing school, but they did not offer us any financial aid. University of Illinois is less prestigious, but they gave him a 50% scholarship (and it’s instate!). Is going to the “better” school worth the extra money?

Frugal Father

—

Dear Frugal,

That’s a tough decision. Prestige aside, how did he like the environments of University of Illinois and UChicago? Financial fit is important too; even if your son likes UChicago a bit better, he might not want the added responsibility of loans. If he’s leaning either way, than he should follow his gut and go where he feels is his best fit.

Measuring the value of a college education objectively can be pretty tricky. The most selective colleges might have better academics, more active alumni networks, better career counseling, and higher success rates of post-grad job placement.  Then again, they might not.

Looking at average starting salaries for the two schools is one way of comparing value. A college education (as opposed to just a high school diploma) amounts to about one-million dollars of additional salary over the course of one’s lifetime. So it is definitely worth it. But does a private school amount to 2 million more? No, probably not. University of Chicago has an average starting salary of about $47,500 according to payscale.com. University of Illinois-Urbana Champaign is a little over $52,000. By that measure, University of Illinois is a better value than the more elite University of Chicago. When basing your college decision on statistics like these, use a little common sense. Does your son want to be a teacher? His salary will probably be the same no matter where he goes to school. If he wants to do anything in the arts/communications/non-profit sector, I highly recommend minimizing his debt and taking the scholarship. Starting salaries in those fields are often well under $30,000, and paying off loans might be impossible.  A prestigious degree will be the most beneficial for those who want to break in business or politics, where one’s social network has a large bearing one one’s salary.

You need to have a heart-to-heart with your son about what he wants to study, what he wants out of his degree and, ultimately, where he sees himself being most happy. You also need to be honest about how much money you can contribute to pay for college. Try to accurately assess what the total college cost for each school will be. If the economic crisis has you strapped for cash, let your son know that he will need to be able to pay for most of his education himself. You both need to weigh the pros and cons of his favorite college, and try and make the most informed decision you can. Bottom line, your son needs to choose the school that’s right for him academically and financially.

Good Luck!

POSTED BY Dear Babs IN Admissions, Dear Babs, Financial Aid, parents
04.06.09
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College Guide to Bargaining

Wednesday, January 28th, 2009


Dear Babs,I got into my first-choice college, Dartmouth College, but they didn’t offer me financial-aid. I also got into Boston University with half-off my tuition, but I just feel so-so about it. Which one should I choose?

-Stuck in the Middle with You

—

Dear Stuck in the Middle,

You’re in a tough spot. On one hand, you got into your first-choice college. Yey! On the other, you got shafted in terms of financial aid. Should you settle for something “meh” if it will save you thousands of dollars?

Not just yet.college guide

Take a hint from Donald Trump. Do you think he ever accepts his first offer? No. He bargains for a better price. Consider your Dartmouth acceptance as a first-offer from which you can begin the bargaining. And the big chip up your sleeve? Your BU scholarship. Use your BU scholarship as leverage against Dartmouth. If Dartmouth accepted you, it’s because they want you. Sure they can always pull someone from the waiting list, but why would they settle? Explain to them your situation. You have limited means for college, and you just got a sweet offer. Do they really expect you to pay full price?

It doesn’t always work, but I know of cases where bargaining has made the difference. An anecdote: One friend of mine was accepted to Harvard with little financial-aid. His mother politely but firmly called the Financial Aid office and asked how on earth they expected her (a public school teacher) and his father (a musician) to pay for full-tuition. They upped his award right there.

Financial-Aid offices are as rushed and overwhelmed as admissions offices, and they may have overlooked your application. Do their homework for them. Search online for Dartmouth College info regarding available awards. You may find some that you’re eligible for.  The worst they can say is no.

If Dartmouth still isn’t biting, search for college scholarships outside of the school. If you put in the effort, there’s no reason to settle for “meh.”

Good Luck!

Babs

POSTED BY Dear Babs IN Admissions, Dear Babs, Financial Aid
01.28.09
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Can you find colleges worth the cost?

Thursday, January 22nd, 2009


Dear Babs,

I’m a junior in High School, and I’ve just started my college search. After looking at many different colleges, the one thing I’ve noticed they all have in common is their cost. College is so expensive! Is it really worth the price?

-Frugal in Framingham

—

Dear Frugal,

It’s true that going to college can rack-up a significant price-tag. Whether the benefits outweigh the cost entirely depends on your own expectations for your college education.

Most people want to go to college because they think it will significantly help them get a good job post-graduation. In general, this is true. The median income for a High School graduate is $26,505, whereas for an individual with a Bachelor’s degree it is just over $43,000. This means that just by getting a college education, you’re likely to increase your income by over 60%.  However, as you start your search for college, try and think beyond averages to make your education work for you.

If you plan on attending a private college, tuition, room and board could come to over $45,000. With debt piling on, you’ll need to make some serious income upon graduation in order to cover the hundreds of dollars a month you’ll be spending on loans. If you’re planning on studying computer science or engineering and can expect a decent entry-level job, then maybe this is an okay risk for you. However, considering today’s economic climate, or if you hope to major in English, Art History, or any other course in the humanities, you may want to reconsider your priorities. It’s not to say that English majors can’t get jobs-I am living proof that they can. But you can’t expect to make big bucks right away with a degree in the Arts. Publishing, communications, and journalism (careers that newbie graduates in the humanities tend to be drawn to) often have low starting salaries and competition is high. Money isn’t everything-it’s great if you can find work that you like, regardless of how high or low the salary is. If you have to pay five-hundred dollars in loans a month, you may have to settle for a less-than dream job just to pay the bills.

Many jobs won’t even hire employees without a college degree, so getting that B.A. or B.S. is vital. That doesn’t mean that you have to go to a top-dollar private school to earn that degree. A college education is definitely worth the money, but you have to be smart about it. Figure out how much money you have to spend on college, and work back from there. Try CampusCompare’s financial aid calculator, which let’s you calculate how much money you need to afford your favorite school. If you hope to one day work in the arts or non-profit sector, maybe find colleges like state schools or schools with good scholarship programs that will give you a bang for your buck. If you can minimize your debt now, you’ll leave yourself open to more opportunities in the future that offer rewards greater than money.

Good Luck!

-Babs

POSTED BY Dear Babs IN Admissions, Dear Babs, Financial Aid
01.22.09
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