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Posts tagged college
College Financial Aid: What are your options?
Jun 12th
The planning process to send your child to college is a long one. Planning the educational expenses of college is the biggest financial project that an average US family undertakes. Four years of college education can cost you thousands of dollars. The average annual expense at private US college is around $35,636. You, as a parent, must be wondering as to how you can afford to send your child through college.
If you have a high school bound child, it is not too late to plan for his/her future. It is better to start planning early so that paying the college tuition is manageable. It is certainly not going to be easy. However, if it is done with proper planning, it can be manageable and affordable.
There are two ways to pay for college:
- Start saving early and gather enough before your child enrolls for college.
- Apply for loans like the 529 plan. Start repaying the loan, once your child graduates.
There are various financial aids that are available now, including earn & learn employment, scholarships, need based financial aid etc.
Need based Financial Aid:
Almost two third of full time college students receive need based aid. It’s eligibility is determined by two basic calculations: The total educational cost (tuition fees, living expenses & boarding charges) and the family’s affordability. The educational cost definitely varies from institution to institution.
To apply for the need based financial aid, your family must fill up the free application for financial aid (FAFSA). This is of utmost importance, since this document is used later to determine how much a family can contribute towards the college expenses.
Applying for loans:
Borrow money for college only when after checking all the available resources and options, there is still a shortage of money,
There are many private companies offering loans with interest rates ranging at variety degrees. All these loans require a prior credit check. It also requires your debt to income ratio.
College grants:
The college grants are not required to be payed back, and hence, they are the best form of financial aid. The grants are awarded by government, both state & federal as well as colleges.
Earn & learn employment:
Another financial aid option is a job funded by the federal work-study program. Your child can earn thousands of dollars toward tuitions with the help of this program. In this kind of program, the college directly pays your child. Then the government reimburses the college. The major benefit of such a work-study program is that, it gives priority to your child’s education. The average work-study schedule is anything between 10 to 15 hours a week.
Scholarships:
Merit based scholarships are not based on financial need. It is awarded to students with strong academic background, specialized abilities like music, arts etc. The most important things to know about the merit based scholarships are:
- These are offered by very few colleges. So, before enrolling, check out the details thoroughly from the financial aid office of the college.
- Deadlines for merit scholarships are extremely important. You must know when and how to apply for such a scholarship.
Few Financial Aid tips to remember:
- Start saving now. The more you save, the less you borrow. The less you borrow, the lesser are your chances of getting into debts.
- Look into the net cost of education in a particular college. Do not eliminate a college from the list of prospective institutions just because it is expensive. You might find assistance from unexpected places.
- Involve your child in paying for college at an early age. Ask them to save up during school and work during college years. This way, they will learn to value money too and would not waste.
- Create a budget that fits your circumstances and follow it religiously. Remember, there is no easy way to pay for college.
How I Got Through College With Little Money
May 19th
I didn’t want to go to college. I didn’t prepare for it in high school either. I chose to train for office work through my high school’s stenography class (this was not through a vocation school, btw). And so my junior and senior year of 1988 was spent learning word processing, typing, short-hand and more. I wanted to be an…office girl!
So, I got my “dream” job…well, that might be a stretch actually. But I became an “office girl”. Actually, it was such a small office that I was the ONLY office girl. I was THE office girl of a garbage REFUSE business. Sounds better that way 
Well, fast forward about a year. I wasn’t liking it so much. I bailed. I did some odd jobs like travel to South Carolina to work with my dad and brothers under the Army Corp of Engineers to clean up the devastation that Hurricane Hugo left, later I delivered pizzas, started college at a technical school and then transferred to Liberty University.
Eight years later, I graduated with a Bachelor’s of Science degree in Interdisciplinary Studies (related to psychology and educational ministry) which was a four. year. degree. That was a long eight years of good times, hard times, and growing for sure.
See, my parent’s couldn’t afford college for me and I was the oldest of 9 kids. The prospect of college wasn’t looking too bright for the younger one’s either, huh? Remember that when I get to the end. A bit of irony comes in to play.
So for the next eight years I went to school full-time, part-time, worked, didn’t work, lived on campus, lived off campus, Clepped out of classes, took week long intensives, supplemented my degree with community college and finally finished the last stretch at home through Liberty’s home program (because I moved back home to Ohio). This was a time when you used video tapes and proctor’s. “Nowadays” we have online courses.
Bottom line, I got through college (paying for it, that is) on post-dated checks, any grants or scholarships I could get, and loans (and as a Christian might I add – the grace of God). Fortunately I did not have to take out a ton of money in loans.
Yes, its possible to get through school with little. It will probably be hard, but it can be done. There were timesI wavered, thought about quitting. Probably did quit once or twice come to think of it, but in the end I did finish.
My only regret regarding college now might be that I didn’t pick a very good income producing degree. Knowing what I know now, I think I could have probably gotten interested in something that would have a better return on investment. At any rate, I’m happy that I finished and have a degree period. And not to be knocked is the experience that moving away to college provided for me.
Oh yeah and for the ironic part. After all we had to do to get me through college, my dad’s VA benefits finally kicked in for several of my younger siblings and they got to go to Ohio colleges tuition-free. Go figure.
The above is a guest post by Tracy Zdelar. Tracy is now happy to be a work from home Christian mom and wife, professional blogger and more. You can find out more at her blog Hall of Fame Moms.
Haven’t I done this Before?
May 5th
First off, I need to apologize for not writing on my normal schedule last week. I haven’t been too good with my time management, but I sat down and gave myself a set schedule. I’ll be back to posting on my Wednesday, Friday and Saturday routine from here on out.
Now for the important things.
No More Franklin University
I am lucky enough to have a professor that teaches at both Columbus State as well as Franklin. We were discussing the way that classes are ran at Franklin and she let us know that:
- Classes are sped up so that you can complete the class in about half of the time that you would at other schools
- The class time is divided up into a 10-15 minute lecture with the rest of the class being group project/presentations
I know myself, and I know that I could not survive in that type of environment(see the two E’s (CSCC doesn’t give F’s) that I received in my online classes). I need the professor to lecture. I need the professor to be there to answer my questions. After all, that’s why the professor is there, right?
So where are you looking?
Well, it seems like I’ve done this before. I’ve gone from having my deposit paid at Grace (So, Is Grace the Place for my Face) to changing to CSCC with my sights on transfer out to Franklin (So, about College) and now I am at CSCC and looking at the following three schools:
- OSU and/or OSU Marion
- Miami University
- Cincinnati
All three of those schools have good Schools of Business, which is important as I look to get into Accounting and Finance.
I’m at Square 1.5
With taking two years worth of classes (and this upcoming year), I will be looking for one of those before mentioned schools that can offer me the following:
- The most transfer credits for the classes that I’ve taken
- The most money (remember, my goal is to get through school with under $10,000)
- The best opportunity for employment
Negatives of this news
- I’m going to have to be incredibly wise with my time as I look to make it through school with under $10,000 of debt. Each of those schools cost around $10,000-20,000 a year.
- I will have to go longer than four years to school, which will make it more difficult to get through with under $10,000 of debt.
Positives of this news
- I will be able to attend some of the most prestigious Schools of Business in the Midwest
- I will be able to experience a new side of college
- I will be with friends at either of the three schools
What I’ve learned
Four years ago, I had my college choice narrowed down to three: Ohio State, Grace and Wheaton.
Three years ago, I was all set on heading to Grace for four years.
Two years ago (give or take a few months), I was having second thoughts.
A year and a half ago, I decided to not go to Grace but go to Columbus State and transfer to Franklin.
Today, I am still at Columbus State, but not sure where I am going.
In the midst of all of this, I’ve learned that God is in control of it all. I can make plans all that I want, but God will come in and change them in order to bring glory to His name.
As you look to your future, be flexible and let God work through you.
You won’t regret it.
Working Overtime
Mar 31st
College is an important time for growing up and learning what life’s about…yada yada yada. It’s also an important four year period when our parents learn how to cut the cord and let us fend for ourselves financially. In my experience, my monthly allowance was reduced year after year as my parents encouraged me to work more on campus. It was incredibly frustrating at first, but the lessons in time management and fiscal responsibility I learned through the process have proved invaluable.
College is a time for growing up, making mistakes, and learning about your place in the world. Many students are scared that a job will hinder this kind of development. For instance, if you have to work at the library on a Saturday morning, you might have to stay in on Friday night. Sounds like a bummer, but I assure you, working will only enhance your maturation. I recommend working 7-15 hours a week throughout college in order to learn 3 vital skills:
Time Management
College students have a knack for wasting time. And that’s not a bad thing! Often times it’s in these moments of laziness that some of the best friendships are formed. But eventually, you’ll need to know how to organize your day and prioritize tasks. You class schedule does a good job with this, but having a hard and fast time to report to work really hammers the lesson home.
Fiscal Responsibility
Before I go any further, it’s time to recognize the best part about working during college…MONEY! By getting yourself off the futon and working, you’re building your bank account. Eventually, relying on your parents to buy all your beer and burritos gets old and burdensome. A job will grant you funds that you can spend guilt free.
You’ll also start practicing fiscal responsibility. You’ll see just how valuable money is when earning your own wages. It certainly does not grow on trees. Many of my peers resorted to taking out loans instead of working a few hours each week to fund their collegiate adventures. After 4 years of that strategy, they’re facing piles of debt, while I can focus on keeping my money.
Social Responsibility
I don’t mean this in the volunteering sense…I mean it in the “making friends” and hanging out sense. Working 7-15 hours a week around campus means you won’t be able to do everything with your friends. Occasionally, you’ll have to skip a night at the bar to save money or because you have to work in the morning. As hard as it is to say “No, I have to work”, you’ll survive. It takes character and integrity to be able to focus on work when everyone else is partying. You’ll find time to catch up with your friends the next day…or next weekend. Believe me, you’ll get drunk eventually.
Picture from nailgun
Picture from nailgun
Invaluable Frustration
In the short term, working at a minimum wage job throughout college was very difficult for me. I worked in the Rec Department, the library and the campus Ice Arena and the hours occasionally frustrated the living heck out of me. I had to skip a football game here and there, but looking back now, it was no big deal.
There were plenty of my friends that attended college without ever asking themselves if it was the right choice. Of course, an education is always the right option, but are you truly motivated to get the most out of your tuition dollars when you’re taking out loans wily nilly and your parents provide for all your expenses? Maybe, maybe not. I was able to confidently say I wanted to be at college and I understand how much money when into my education because I had a job.
P.S. It never hurts to have another job on your resume when talking to recruiters.
Case Ernsting is a digital marketer and blogger for FindItLocal411.com, a Small Business Resource Center in the upper Midwest. FindItLocal411 provides solutions for businesses looking for exposure and an increased online digital presence.