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College Search Information
The following links should be helpful in the initial stage of deciding on the schools to which a student may be interested in applying. They will also serve as a way of finding a particular schools web site in order to gain information about that school.
Test Prep Information
College Financial Aid
Initially, students and parents should go to the web site of the college of interest to find out what scholarship and/or financial aid programs are available. This can usually be found under ADMISSIONS on the college's home page.
There are two types of financial aid: need-based aid and non-need-based aid (sometimes called merit-based aid --- scholarships). Grants, work-study programs, and subsidized loans are need-based aid and to qualify for them, you must demonstrate need. You apply for federal and state financial aid by completing the Free Application for Federal Student Aid (FAFSA). The information you report on the FAFSA is used to calculate your Expected Family Contribution (EFC) which is used to establish your financial need. Begin thinking about next year's aid early because financial aid availability is based on individual and/or family income and assets for the prior year. Anything a family can do to reduce its assets and reported income before filling out the FAFSA will decrease your EFC, and thus, could increase your financial need.
Private organizations offer need-based and non-need-based aid programs. Most of these programs are highly competitive. Potential sources include employers, clubs, professional associations in the intended field of study, local businesses, and church groups.
Colleges use non-need-based aid (scholarships) to attract students who are either exceptionally well-qualified academically or who possess some special skill or talent need by the school.
Negotiate what's in the package. Each school offers its own combination of grants, on-campus employment and loans. The differences in the packages are a measure of how eager the school is to persuade your child to enroll. As in any major purchase decision you make, don't assume a school's first offer is its best. Most colleges will consider increasing the assistance they're willing to give when they are made aware of extenuating circumstances, such as heavy medical bills or a temporary fob loss.
College-financing experts advise that a student's total borrowing not exceed what he or she can expect to earn in a first job after graduation. The amount of debt a student repays per year shouldn't exceed 10 percent of the take-home pay expected in the first year after graduation.
- www.finaid.gov The Financial Aid Information Page This page contains a wealth of information, including fastWeb, a scholarship search service, and is a most helpful page of interest to students and parents, college financial aid and admissions staff and high school counselors. All of the organizations listed provide up to date descriptions of financial aid products and related services and are often involved in various capacities in the administration of student financial aid.
- www.finaid.org/fafsa/tiv.phtml Title IV Institution Codes Use this form to find a school's Title IV Code. These codes are used to complete the Free Application for Federal Student Aid (FAFSA). There are Title IV Codes for 7,780 schools listed in this database.
- www.collegeboard.com College Board Online This page includes a wide variety of information for students and parents, college financial aid and admissions staff and high school counselors, as well as other information. Many colleges require a customized PROFILE application that can be obtained here, at College Scholarship Service (CSS) to apply for need-based financial aid.
- www.ed.gov Department of Education This is the home page for the U. S. Department of Education.
- www.college-scholarships.com Colleges, Scholarships, and Financial Aid Page
Here you will find links to ten FREE online scholarship searches, college admissionsand financial aid office email addresses and toll free numbers, links to college websites and online applications (by state), a free college admissions and scholarships email newsletter, and a list of the web's best college and scholarships websites.
- www.questbridge.org QuestBridrge
A program that links bright, motivated low-income students with educational and scholarship opportunities at some of the nation's best colleges.
- www.simpletuition.com SimpleTuition
A completely free online resource center for students and parents looking to finance a college/grad school education. It has info on financial aid, student loans, consolidation, and a very handy loan comparison tool.
- www.studentloancoach.com Student Loan CoachA free resource for student loan information and applications.
- www.salliemae.com SallieMae This organization provides student loan and other financial services to higher education. This page also has loan repayment calculators and information on consolidating student loans.
- www.fafsa.ed.gov This is the home page of FAFSA. At this site you can file an electronic version of FAFSA. All seniors must file a FAFSA online after December 31st to receive TOPS and/or receive financial aid.
- www.finaidfacts.org Information about financial aid facts.
- www.osfa.state.la.us La. Office of Student Financial Assistance This web site has information on student aid programs administered by LOSFA. They offer a free scholarship search service called "Fund Finder" and information about TOPS. Students who will be attending college in the state of Louisiana should definitely visit this site.
- www.lela.org Louisiana Education Loan Authority This is a division of the Louisiana Public Facilities Authority (LPFA), a non-profit public trust established to bring financing assistance and advantages to the people of Louisiana. Low interest loans can be made for any Louisiana student regardless of where he attends college.
- www.nextstudent.com
NextStudent provides student financial aid and financial aid counseling to parents and college-bound, college, and graduate students.
- www.eStudentLoan.com Get instant student loan comparisons and APPLY ONLINE with major lenders. Includes advice, news, and a scholarship search tool.
- www.fastweb.com Financial Aid Search Through the Web
- www.opm.gov Scholarship For Service An OPM program, "Scholarship For Service," that offers college funding in return for a period of employment by the student after graduation.
- www.todaysmilitary.com ROTC Scholarships
- www.octameron.com Octameron Press Octameron is a source for higher education publications and consulting services. It has specially written guides to help you choose and pay for college.
- Do visit the website of the college you are interested in attending and search for departmental scholarships. For example, if you are interested in majoring in a foreign language at LSU, search through the College of Liberal Arts for scholarship opportunities.
Don't fall for college cost myths
Get facts on prices, aid, saving plans
Tuesday, May 17, 2005
By John Gin
QUESTION: It seems there are a number of misconceptions about the costs of a college education and the best ways to save for those expenses. Can you shed some insights on the financial planning of college financing?
ANSWER: Paying for college education can be a daunting and challenging experience for many American families, especially because tuition continues to increase more quickly than the rate of inflation, according to CNN Money. Last year, public university costs rose 7.8 percent; prices at private universities increased 5.6 percent.
While rising rates are a concern, the reality for many families may not be as bad as you might think. Here are some common myths and misconceptions about paying for college.
Myth No. 1 -- The $100,000 tuition: For public colleges, total tuition expenses for the 2004-05 school year averaged $11,354 last year, while tuition at private universities averaged more than $27,000, according to The College Board's recent report "Trends in Student Aid 2004." However, those numbers can be deceiving because three out of four undergraduates attended schools where tuition averaged less than $12,000-a-year. The $25,000-a-year tuition is the exception, not the rule.
More than half of students paid less than $6,000 for tuition last year. Although, those costs were for public colleges, CNN Money reports that prices for many private universities also fell well below six-figures for four years.
Myth No. 2 -- The return on investment is not what it used to be: You might be worried that after your children graduate, between paying back school loans and starting their careers, they might "just get by" financially. Don't be disillusioned; the money spent on a college degree still yields a sizable return on your investment.
In fact, CNN Money reports that typical college students earn about 75 percent more than someone with only a high school diploma over a working lifetime.
Myth No. 3 -- No financial aid if you earn too much: Half of the families earning more than $80,000 per year qualified for financial assistance last year, according to CNN Money. The likelihood of receiving financial assistance increases when students attend a more expensive college or if a family has more than one child in college at the same time.
While the popular belief is that financial aid assistance is decreasing for most families, it actuality is increasing. During the 2003-2004 academic year, financial aid increased 13 percent from $108 billion to $122 billion with the average full-time student receiving $10,472 last year.
Myth No. 4 -- The more you save, the less financial aid you get: The truth is, the more you save, the less likely you will need to borrow to pay for college.
Here are some suggestions that may help you save for your child's education:
-- College savings plans: There are many college savings plans, but the two most common plans are the Coverdell Education Savings Account, or ESA, and the 529 College Savings Plans. There are some distinct differences between them, including their contribution limits.
For example, an ESA has an annual contribution limit of $2,000 per student, while a 529 has very high contribution limits, in some cases up to $200,000. Both the 529 and the ESA let investments grow tax-free until money is withdrawn. Because anyone can save for a beneficiary, including grandparents, siblings and other relatives, many people can chip in to pay for one student's college education.
Remember to keep the 529 plan in your name, not your child's, because financial aid formulas count 5.6 percent of parental assets versus as much as 35 percent of money saved in the student's name.
-- U.S. savings bonds: Consider pulling out the U.S. savings bonds you received as gifts when your child was born and cashing them in to help pay the college bills. Depending on your income level and other circumstances, you may not have to pay federal tax on the bond's interest as an additional bonus when used for higher education costs. Or you can deposit the cash from the savings bonds -- while preserving the tax-free benefit -- into your child's ESA or a qualified 529 Plan.
-- Federal and state college financial aid programs: When it comes to financial aid, countless options are available from federal programs such as Pell Grants, which are awarded based on student needs, or Stafford Student Loans, which are federally subsidized loans.
Families with high incomes also are eligible for the program if certain need tests are satisfied. Individual states offer assistance but most states grant aid only to state residents attending schools within their state.
-- Seek help: You can learn about financial assistance programs from your child's high school guidance office.
John Gin is a certified financial planner in the New Orleans-area office of a national financial services firm. Questions about money, credit or investments can be sent to Money Watch, The Times-Picayune, 3800 Howard Ave., New Orleans, LA 70125
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