Financial aid from a university (you know the kind every family wants) is separated into two forms: need based aid and merit aid. Need based aid is the one that families–typically professional, middle/upper class families, comfortable, yet not abundant in extra cash–worry about being qualified to receive.
Tag: Need based aid
Guilt? I Didn’t See that On My College Bill
Without understanding the value of a college degree, students can sense, what they often term, “guilt.” They may not confidently understand why their families, and increasingly themselves (in the form of student loans), are paying the thousands of dollars (and rising each year) that a college degree costs. Listen to the following podcast, featuring Julie…
Thinking Outside the Box to Pay for College
What are you willing to risk to pay for college? Would you seriously consider these alternative methods of paying for college? If it sounds too good to be true, definitely take a second (or a third) look. From the Wall Street Journal, 7/31/2012
Before Choosing Transfer Admissions…
The Community College Transfer option to a 4 Year College, while seeming to save money in the short term, can include other costs. Currently, community colleges in California are challenged to service their students, given the budget reductions from the state. At the same time demand is rising for space in California community colleges–300,000 students…
“No Student Loans”: Is that possible?
Don’t want to borrow for college expenses? Some universities across the U.S. are implementing financial aid policies, where no (or limited amounts) of loans will be offered in the financial aid award letter. Knowing the financial aid policy of colleges–before applying–can help a family have dollar amounts to determine the value of a college, given…
House & Senate Approve Student Loan Interest Rate Freeze
Today, the House approved the bill to keep student loan interest rates at 3.4% for the 2012-13 school year. The Senate approved the freeze on Tuesday. President Obama has been campaigning for the continued lower rate, over the scheduled 6.8% increase, as we reported earlier this spring. See The Washington Post for more details
CA Budget Affects Cal Grants for Private, Non Profit Colleges
Proposed reductions in funding for the Cal Grant program, in the current 2013 Fiscal budget plan, would reduce private, non-profit university student’s grants by 17% by 2014 to $8,056 per year. (Examples of private non-profit colleges are the University of Pacific or University of Southern California.) Current Cal Grants for private, non-profit university students are…
College Application Advice for Rising Seniors & Their Parents
“OMG, I’m going to be filling out college applications in the fall!” Rising seniors (and their parents) can react on a scale, somewhere between total avoidance and frenetic activity to get it all done. Here’s a few tips to prepare for Fall applications:
“College is too expensive” or Is It?
Multiple kids maturing to college age, shrinking retirement funds, loss of home equity, loss of personal wealth, plus annually rising college tuition and costs…no wonder middle class families are concerned about financial aid. When families assume all children will graduate from college, the question is, “What is the family’s collective (this includes all siblings, not…
Future Success + Financial Constraints = College?
More families, and younger, are asking Creative Marbles about financial aid and paying for college. Parents are facing difficult choices between supporting multiple kids through 4 years of higher education and saving for retirement, while confronting the challenge of encouraging their children to dream big, yet understanding the realities of financing that educational dream.
What I Did for Summer Vacation: College Tours
With summer breaks, many families are busy planning vacations that include college campus tours. The expense and time families invest in visiting colleges can be more valuable, with preparation by both parents and students. Here’s a few tips:
College costs more than 4 years of tuition
Student loan debt is future income brought forward. To an 18 year old college Freshman, with little experience in financial responsibility, this concept may be foreign. Financial literacy is only part of the resolution; students and parents need foresight and continued roll-up-their-sleeves effort to pick colleges that will give them the greatest value for their…
Financial Aid: There is No Free Lunch
There is no-magic-bullet-one-time-conversation-painless-and-costless solution to paying for college. Increasing the amount of financial aid–either need based or merit based–are multiple year efforts that extend through a student’s entire college career. Basically, there is no free lunch. Moving equity from one’s home to a life insurance policy or rolling all savings into retirement accounts are strategies…