In 18 years, a degree from a public school will cost around $200,000 and a private university will run closer to $400,000, according to the College Board, which administers the SAT standardized college admissions test.
Adapted from "The Wall Street Journal Financial Guidebook for New Parents," by Stacey L. Bradford. Copyright 2009 by Dow Jones & Co. Inc. Published by Three Rivers Press, an imprint of the Crown Publishing Group.
For most of us, the only way to accumulate that kind of cash is to start setting money aside while our kids are still in diapers.
How?
529 Basic College Savings Plan
The 529 plan is a tax-advantaged savings account that allows you to invest money today and withdraw the funds free of federal income taxes, provided the money is used for qualified college expenses.
Continue reading "Think College When They Are in Diapers!"
Posted by Candice Arnold on June 23, 2009 at 7:51 AM | Leave a Comment (0)
I know I sound like a broken record but I am reading article after article on college debt. Sallie Mae just released some statistics. Sallie Mae is one of the nations largest student loan organizations. What caught my eye is that the college student is carrying an excess of $3000 in CREDIT CARD debt.
This is what the report shows:
Article by, College Parenting Expert, Dr. Debi Yohn, whose advice on successfully getting college students through college with an emphasis on graduation and rewarding employment is sought by parents from around the world. Now for the first time, she reveals 27 Winning Strategies for Success - a guidebook geared to parents of new college students. Get her free e-Book now at http://www.collegeparentsadvice.com/ and improve your child's chances of a successful college experience.
Posted by Candice Arnold on May 19, 2009 at 7:16 AM | Leave a Comment (0)
Students are using their credit cards for food, clothes, cosmetics... During orientation, credit card companies are on campus in droves. Credit card companies have come under fire for this but they are still there.
I caution students not to fall for the "deals" offered by these companies. Free "T-Shirts", water bottles etc... are offered.
Here are some stats by college year:
67% of Freshmen have credit cards
90% of Juniors have credit cards
88% of Seniors have credit cards
Since 2004, there has been and increase of 60% of students carrying credit cards and 35% of the students report that they do not discuss credit cards with their parents.
Students need to have credit education BEFORE getting that first credit card. Adults have a problem with credit cards so why would we expect anything different from our young adults.
How will you discuss this with your student? Have you considered a debit card instead of a credit card?
Be sure to see my blog for even more information on credit cards...
Article by, College Parenting Expert, Dr. Debi Yohn, whose advice on successfully getting college students through college with an emphasis on graduation and rewarding employment is sought by parents from around the world. Now for the first time, she reveals 27 Winning Strategies for Success - a guidebook geared to parents of new college students. Get her free e-Book now at http://www.collegeparentsadvice.com/ and improve your child's chances of a successful college experience.
Posted by Candice Arnold on May 19, 2009 at 7:13 AM | Leave a Comment (0)
Money is hard to come by, especially because of the recent recession and the bad state of the economy. And this is why parents and students alike are worried about the latter's academic future. A college education has become more expensive, so it's natural that parents are on the lookout for any scholarship they can get their hands on. It's the best way to get your child through college if you don't have any money saved up or if your nest egg has diminished in value because of the economic downturn; you don't have to worry about the repayment of a loan on graduation, which often takes years to pay back because of the high interest rate.
It's not wrong to keep your eyes and ears open in order to secure a good scholarship for your ward; what could go wrong is your being taken for a ride by people who use your money troubles to rook you. If you're worried about a scholarship being a scam, here's how to read the signs:
Continue reading "Tips to Avoid Scholarships Scams"
Posted by Candice Arnold on May 7, 2009 at 9:31 AM | Leave a Comment (0)
1. The first mistake parents make is assuming that the Award Letter your child receives is set in stone because too much is still in the air at the time the awards letters go out. Many students will end up going to other schools leaving money on the table. Schools will have vacant seats and may be willing to sweeten the deal to fill their classrooms.
2. Many parents and students do not understand the "Early Decision" process. The early decision process is often binding. Your child agrees to the commitment if the college accepts your child with an adequate financial aid package. The school knows by this action, that they have no competition. This does not put you in the best position for cutting the best deal.
3. It is a big mistake not to develop a great relationship with the Financial Aid Officers at the potential schools. Financial Aid can be subjective. The Director is able to make adjustments and can use professional judgement to change items taking into account your current financial situation. So document your expenses and notify the financial aid office of any special circumstances as they occur.
It is now as important as ever to be very wise in our financial commitments. Understand how the college financial aid system works and allow it to work for both you and your student.
Article by, College Parenting Expert, Dr. Debi Yohn, whose advice on successfully getting college students through college with an emphasis on graduation and rewarding employment is sought by parents from around the world. Now for the first time, she reveals 27 Winning Strategies for Success - a guidebook geared to parents of new college students. Get her free e-Book now at http://www.collegeparentsadvice.com/ and improve your child's chances of a successful college experience.
Posted by Candice Arnold on April 29, 2009 at 7:22 AM | Leave a Comment (0)
You've finished college and now that your student loans are due, you're in more financial difficulties than ever. So as a student in financial trouble, you need help. Can you get financial aid for paying back student loans?
The truth is, no. It doesn't exist. But you do have some options, and there is some financial help available from the department of education as well.
If you're having trouble paying off student loans, one of the basic options is consolidation. If you want to play this card later, you can get through temporary financial difficult by deferring or forbearing payment. Stafford loans offer deferments but some private lenders do not; they are generally granted for unemployment or other economic hardship, or if you are still studying.
During deferment, you can either pay the interest only, or you can capitalize the interest, adding it to the total debt and paying interest on the interest after the deferment period. If your loan is subsidized, the government pays the interest during the deferment. If your loan was a need-based subsidized federal loan, you will receive help in this form if you have trouble paying back your loan.
Lenders may or may not allow a forbearance due to extreme circumstances. Generally they last 12 months, and interest continues to accumulate in every case.
Avoid defaulting a student loan. You can lose access to financial aid or social security services, your wages can be garnished, your tax returns withheld, and your professional title suspended or revoked. Continue reading ...
Article by, Adam Hefner and courtesy of Associated Content, Inc.
Posted by Candice Arnold on April 17, 2009 at 10:57 AM | Leave a Comment (0)
Financial Aid for College Students
The answer to the question "how much does financial aid cover" will vary on the amount that you received from the financial institution you accepted, where you are going to college, if you have any scholarships, how many hours you are taking, if you are attending an instate or out-of-state college, and the cost of classed per credit hour. If you are a first year applier for financial aid for college, the amount you will receive will be approximately enough to cover 15 to 18 credit hours. In layman terms, about $2000 for both semesters.
The college you have chosen to attend will split the financial aid in half to cover both semester. The reason this happens is because when you filled out the forms for the financial aid, you are doing it for a spring or fall term. The semesters are broken down into a school year like when you attended public schools.
You will then need to look at whether you are attending a community college, a public style four year college or a private college. Community colleges will have lower tuition fees per credit hour than the other two styles of colleges. The midlevel state colleges will have higher tuition fees than a community college. State colleges, such as Kansas State University, will have higher tuition fees than the other two styles of colleges. The accreditations for each of the colleges will vary slightly with each other due to the curriculum and actual setup of the colleges. Continue reading ...
Article by, Karen Barnes and courtesy of Associated Content, Inc.
Posted by Candice Arnold on April 17, 2009 at 10:50 AM | Leave a Comment (0)
