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Considering Financial Aid
Scholarships are free money that can help you to pay for your college expenses including tuition fees, room and board, book, supplies and other required materials. Do you need to apply for scholarships? If you ask this question to different people, you may get different answers. Some may tell you that it depends whether you can afford to pay for your own education cost, if yes, then you do not need to apply for a scholarship. While other may tell you to go for it since scholarship are free money from some one who is wiling to pay you money to go to school
The rule of thumb, whenever you go for college, it is necessary to apply for scholarships because the costs of attending college are rising, and current bad economy that leads to a recession may causes the situation worse. You don't want any economy or financial factors to be your road block to your college study. There are students or parents think they don't need to apply for a scholarship or did not put a priority on it. When they realize they need it, it will be too
late as they may miss most opportunities or rushing to prepare for the application requirements that make their applications not complete or making mistakes that cause them fail to win any scholarship. These students who should be qualified for a scholarship end up with a student loan, which need them to pay back later. So, make your scholarship searching as early as possible so that you grab the most opportunities to win scholarships you are qualified for.
late as they may miss most opportunities or rushing to prepare for the application requirements that make their applications not complete or making mistakes that cause them fail to win any scholarship. These students who should be qualified for a scholarship end up with a student loan, which need them to pay back later. So, make your scholarship searching as early as possible so that you grab the most opportunities to win scholarships you are qualified for.
How many scholarships do I need to apply for?" Most often, it would better to apply for more scholarships to increase your chances to win a few or at least one of them. There are thousands of other students around the country who applying the same scholarships with you, you are not guaranteed to win it. However, there are several strategies as to which scholarships you should apply for and which ones you shouldn't. By implementing some strategies in applying for scholarships, you will increase your chances to win the scholarships that you have applied and minimize the waste of time in preparing the requirements of those scholarships you shouldn't
apply for. However, it would be more beneficial to apply, say 10 scholarships and focus to win them then apply for 30 scholarships without giving much time on particular one. While the free money from scholarships can cut down your college cost considerably, the process of applying for scholarships help to develop the winning
skills that you may found it useful in whatever you do in your life. For example, the essay writing, one of requirements in scholarships applications will sharpen your writing skills considerably, making your transition to college easier. In addition, the process of applying for scholarships that required you to meet the deadline with all the necessary document preparation will develop you with organizational skills. Attending the award ceremonies provide you with opportunities to network with those success individuals
apply for. However, it would be more beneficial to apply, say 10 scholarships and focus to win them then apply for 30 scholarships without giving much time on particular one. While the free money from scholarships can cut down your college cost considerably, the process of applying for scholarships help to develop the winning
skills that you may found it useful in whatever you do in your life. For example, the essay writing, one of requirements in scholarships applications will sharpen your writing skills considerably, making your transition to college easier. In addition, the process of applying for scholarships that required you to meet the deadline with all the necessary document preparation will develop you with organizational skills. Attending the award ceremonies provide you with opportunities to network with those success individuals
A Must Read: Before Applying
As they were ringing in the New Year on January 1, high school juniors and their parents were also ringing in their college financial aid "base year." Although the actions taken in the base year can mean the difference between saving thousands on college expenses and needlessly overspending, few people understand what they need to do to achieve the former rather than suffer the latter. So, let's take a closer look.
If you are like the vast majority of American's in our sagging economy, your family will be looking for additional funds to help cover the cost of a college education. The largest share of this need-based supplemental money comes from the federal government through its financial aid system.
If you are like the vast majority of American's in our sagging economy, your family will be looking for additional funds to help cover the cost of a college education. The largest share of this need-based supplemental money comes from the federal government through its financial aid system.
But the government also assumes that you are able to participate in the expense of educating your child prior to considering how and to what level they will participate in funding your child's education. Therefore, in order to determine your initial level of participation, families are required to fill out the Free Application for Federal Student Aid, or
FAFSA form.The FAFSA captures the required financial information used to calculate how much your family is expected to pay via a formula known as the Federal Methodology (FM). Your initial or beginning
monetary participation level is known as your Expected Family Contribution (EFC).
The data used to generate the initial EFC calculation is collected beginning in January of your child's junior year in high school and ends on December 31 of that same year, which would be his or her senior year in high school. This time frame is referred to as your "base year."
FAFSA form.The FAFSA captures the required financial information used to calculate how much your family is expected to pay via a formula known as the Federal Methodology (FM). Your initial or beginning
monetary participation level is known as your Expected Family Contribution (EFC).
The data used to generate the initial EFC calculation is collected beginning in January of your child's junior year in high school and ends on December 31 of that same year, which would be his or her senior year in high school. This time frame is referred to as your "base year."
In essence, if you're in your base year, you are now under the financial aid microscope and any financial moves being considered (including the sale of real estate or stocks, withdrawals from IRAs, contributions to retirement plans, receiving monetary gifts, etc.) must be weighed not only from a federal tax standpoint but also in relation to the financial aid system. The catch is that what makes sense from a 1040 point of view may have adverse consequences on your chances of receiving financial aid.
Case in point: Consider contributions made to your 401(K) plan at work during your child's base year or any year prior to financial aid application. In order to encourage individuals saving for retirement, the federal government does not tax contributions made to 401(K) plans up to a specified annual limit. This money enters the retirement plan on a pre-tax basis with taxes being accounted for as money is withdrawn to supplement retirement.
The Federal Methodology used to calculate your EFC treats these contributions from an entirely different prospective. The financial aid system believes that you can stop contributing towards retirement and apply these contributions to college expenses. They anticipate you playing "catch up" with these contributions after your child is out of school.
Accordingly, your pre-tax retirement contributions, which are not considered taxable 1040 income, are considered "untaxed income" by the financial aid system and are added back into the EFC calculation and assessed at the applicable rate.
If we assume an assessment rate of 30 percent and $10,000 of retirement contributions, your initial EFC just increased by $3,000 for the year in which federal aid is applied for. This could very well eliminate you from being considered for preferred financial aid.
This is not to suggest that you discontinue your retirement contributions. However, the harsh reality of the situation is that the enormity of funding your child's college education and your retirement collide with each other at an inopportune time, especially as our national economy struggles. As you make decisions regarding college education versus retirement funding, you should carefully weigh how each decision will impact your wallet, both during the base year and well into the future.
Case in point: Consider contributions made to your 401(K) plan at work during your child's base year or any year prior to financial aid application. In order to encourage individuals saving for retirement, the federal government does not tax contributions made to 401(K) plans up to a specified annual limit. This money enters the retirement plan on a pre-tax basis with taxes being accounted for as money is withdrawn to supplement retirement.
The Federal Methodology used to calculate your EFC treats these contributions from an entirely different prospective. The financial aid system believes that you can stop contributing towards retirement and apply these contributions to college expenses. They anticipate you playing "catch up" with these contributions after your child is out of school.
Accordingly, your pre-tax retirement contributions, which are not considered taxable 1040 income, are considered "untaxed income" by the financial aid system and are added back into the EFC calculation and assessed at the applicable rate.
If we assume an assessment rate of 30 percent and $10,000 of retirement contributions, your initial EFC just increased by $3,000 for the year in which federal aid is applied for. This could very well eliminate you from being considered for preferred financial aid.
This is not to suggest that you discontinue your retirement contributions. However, the harsh reality of the situation is that the enormity of funding your child's college education and your retirement collide with each other at an inopportune time, especially as our national economy struggles. As you make decisions regarding college education versus retirement funding, you should carefully weigh how each decision will impact your wallet, both during the base year and well into the future.
Resources
Find Scholarships in Places that you Visit
Many people don't think about places where they can find scholarships. If you visit a local store
like: Target Best Buy, Walmart etc. you should inquire about any scholarships they offer. A retail
clerk may not be able to help you with this information but a manager might. Also if you go to the company website you will see all the benefits the company offers. They may offer fellowships, scholarships, and tuition reimbursement.
like: Target Best Buy, Walmart etc. you should inquire about any scholarships they offer. A retail
clerk may not be able to help you with this information but a manager might. Also if you go to the company website you will see all the benefits the company offers. They may offer fellowships, scholarships, and tuition reimbursement.
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