Filling the Gap Between Award Money and Tuition Costs

Posted on Updated on

Financial Aid Awareness month encourages students who are getting ready to attend (or are currently attending) college to put together a game plan that helps them achieve their college dreams in the most cost effective way possible. Completing the Free Application for Federal Student Aid (FAFSA) is the first step and a vital one. But once that’s done, where do students go to figure out how to get the money they need for college.

Iowa College Aid not only awards and administers state grants and scholarships for Iowa students, but helps students stay on top of all the resources available to help them graduate college with as little debt as possible.

The financial expert team from Iowa College Aid ranked the ways for students to fill that gap between the money awarded to students in a school’s financial aid award package and the cost of attending the school of their dreams. Here are their top picks:

60890118_Object_Planning

You filed your FAFSA, you submitted the State’s Financial Aid Application, you met the deadlines and you’ve done the math – your financial aid is just short of covering your tuition bill.  You still need a few more dollars to pay for the semester and buy books, what else can you tap into?

Savings and 529 Plans: The first resource to explore is your own savings account or 529 account.  If you (or your parents) have been saving money for college, now is the time to use it!  Not only has the money been set aside for this purpose, but using savings or college investment accounts could reduce or eliminate the need to borrow additional loans.

Explore private scholarships: There are many scholarship search websites that allow you to create a profile and search for scholarships that fit your skills, abilities and interests and often scholarship essays can be tweaked and customized allowing you to use the same essay multiple times.  Make sure to read directions carefully and pay attention to deadlines.  And don’t rule out “fun” scholarships like those found on unigo.com – who knows, maybe your creative 250 word essay on what flavor of ice cream would you be could score you a $1,500 scholarship?

Payment plans and paychecks: Since colleges bill you for the entire semester at once, it can be overwhelming to get a bill in the mail for the whole semester.  But what if the amount you owe could be divided into 4 or 5 monthly payments?  If you’re working part-time, maybe it becomes more manageable to think about making monthly payments to your college when you know you have a paycheck coming.

Parent PLUS and other student loan options: If borrowing more money becomes an option, talk to your Financial Aid Office about which loans are available to you (and your parents) and which loans have the best repayment terms and interest.  Your student loan options will differ depending on if you have a co-signer, or if you want to start repayment after you graduate (versus starting repayment while you’re still in school), or if you want a fixed or a variable interest rate.  Your Financial Aid Office can help you sort through options and pick the loan that works best for you.

Scholarship Resources:

fastweb.com

collegegreenlight.com

https://iowacollegeaid.gov/content/helpful-websites#scholarship

https://www.unigo.com/scholarships/our-scholarships

Being Smart About Money Helps Get More Out of Financial Aid

Posted on

Since November is Financial Aid Awareness Month, we’re providing students and families with tips and information for helping pay for college at all ages: high school senior, current college student, adult learner and more. While finding ways to get financial help with your college education is important, making sure students use that money wisely is possibly even more important.

Getting the most of your money in school is vital to keeping your finances under control. Scholarships and grants might only be allowed for specific school costs, while student loans will have to be paid back (with interest) after graduation. So having a good game plan when it comes to finances in college can pay off not only in school, but for years after graduation.

girl-with-card

  1. Make a budget. Commit to creating a monthly budget AND live within your budget each month.
  2. Utilize a calendar. A calendar is not just for plotting your class schedule, campus organizational meetings, and social events. A calendar can be an effective tool for managing the due dates for your monthly bills—rent, cell phone bill, car payment, utility bill, etc. Making note of due dates helps to ensure that you will not miss a payment and potentially harm your credit history.
  3. Shop around for text books. Many bookstores, as well as online retailers, offer used textbooks for much cheaper than buying a “new” textbook. If you won’t want to keep your textbook for future reference after a class has concluded, consider renting a textbook for the semester.
  4. File the FAFSA on-time, every year. If you plan on attending college in the upcoming school year, be sure to file your Free Application for Federal Student Aid (FAFSA) prior to your college’s priority deadline. Doing so will ensure you are considered for all financial aid opportunities the school has to offer.
  5. Get a part-time job. A part-time job can allow you to meet your basic needs, as well as reducing the amount of student loans you need to borrow. Working 15 hours per week at a part-time job can dramatically reduce your need for student loans to cover living expenses. Additionally, most colleges have numerous on-campus employment opportunities for students.
  6. Plan early for a summer internship. During the first week of the spring semester, visit your college’s career placement office and discuss your desire for an internship during the upcoming summer with a career advisor. Career advisors can provide information about companies looking for interns, as well as information regarding career fairs on campus. Many internships  pay a stipend or salary which can help pay for expenses while you’re in college and can lead to a job after graduation.
  7. Know your financial aid options. Visit the Financial Aid office on your campus during the first three weeks of the spring semester to discuss your current year’s financial aid and to check into scholarships and grants available for next year.
  8. Be a savvy shopper. At the grocery store, opt for the store-brand product. It is often significantly cheaper than its name-brand counterpart, and the money you save can be used to pay interest on your student loans or keep you from having to borrow more loans next year.
  9. Protect your Personal Information. If you aren’t already, start safeguarding your Social Security Number, credit card and bank account numbers, along with any other non-public personal information. Shredding sensitive information will ensure it doesn’t fall into the wrong hands and can help protect you from identity theft.
  10. Separate Needs from Wants. Although it may seem like you need that morning latte from the local coffee house to start your day; at $3.50 per day, that adds up to $1,277.50 per year! Make your financial choices based on what is necessary to meet your basic needs, and avoid wasting money and borrowing more to satisfy your wants.

Even implementing some of these tips into your regular routine will turn you into a smarter consumer when it comes to money and help set you up for a bright financial future.

Applying To Multiple Schools With Common App Can Be A Key to Success for Families

Posted on Updated on

October is #CollegeApplicationMonth, recognizing and encouraging high school seniors who are starting the process of applying for college. Iowa College Aid’s “College Application Campaign” works in schools around Iowa to help students complete at least one college application during the course of the school day.

According to many education professionals (including a high school principal and college representative), completing only one college application can severely reduce a student’s chances to getting accepted to a school. While students may have already targeted which school is their number one choice, applying to other schools will provide alternatives, should they not be accepted. The term “safety school” might be thrown around, but, for many students, finding a school that fits their needs can result in having more than one option when it comes to a school that can help them meet their goals.

77018277_student_college

One way of applying for multiple schools easily is by completing the “Common Application.” This application allows students to complete one application and then choose the schools to which the application should be sent. While this can save time, not all schools accept the Common Application. Eleven Iowa schools are included in the 149 schools in the Midwest available through the Common Application, but include public schools such as the University of Northern Iowa, as well as many private colleges and universities, such as Drake University.

For Katie Pilcher, a mother who has recently sent her son to college, the Common Application provided a great tool for saving time and relieving some of the stress connected with the college application process. She shares her recent experiences:

My advice is to attend any meetings with counselors about the application process that schools provide.  It is also helpful to become very familiar with the Common App, since most colleges use that.  Parents and students should do online searching about colleges they’re interested in so that they understand each college‘s application process and deadlines.

The whole process can be stressful at times.  My sons wanted some freedom and independence in filling out applications, yet at times they needed gentle reminders about deadlines!

Both of my sons applied to several schools so that their bases were covered and because they were interested in more than one school.  Some colleges require essays above and beyond the essay part of the Common App, which can prolong the application process and put added pressure on students.  Therefore, it’s important to determine the application process of colleges, especially when applying to several colleges.

Personal Connection is Key for College Apps, Says Drake Professor

Posted on

College Application Month focuses on encouraging students to take the first step toward their future by completing their college application. But for many students and families the process of what makes a good application can seem a mystery.

Once students have found a school that seems a good match, completing the application and essay that goes with it can be a stressful process that, when done well, can help a student stand out from the pack. But how to do that? Drake University professor Jeff Inman serves as an interviewer and application reviewer for some of the school’s most prestigious scholarships, but even he admits that the upcoming application process his 15-year-old son will be undertaking in a few short years can be daunting.

74699385_student_college

To better help students and families gain focus on the process, he offers some advice on what makes a student’s college application stand out:

While I am always impressed with the resumes of the applying students, many of who are so busy I always wonder if they have to go without sleep to get everything done, it’s the essay that really solidifies the standouts for me. Those students who don’t just answer the question, but tell a story, really catch my eye. They don’t just talk about a fictional character they relate to or a quote they are inspired by. They find a moment in their life, an epiphany they had, or a failure they learned from and relate it to the question. To me, that shows they not only understand the essence of the question but also can make the kind of connections college demands of them. That said, typos undermine everything.

 

As with other educators, Inman also thinks that students who limit their college search to just one application are putting themselves at a disadvantage.

There are benefits from filling out multiple applications. There are lots of amazing schools out there where students will have a great experience, learn amazing things, and grow as people. I might be in the minority here, but I don’t feel there is one perfect school for any student. So apply to the schools you feel comfortable at, provide you the opportunities and experiences you want, and work for your family.

For Belmond-Klemme Principal, Research is Key for College Application Success

Posted on Updated on

October is National College Application Month and Iowa is joining in the celebration with the annual Iowa College Application Campaign. Both programs aim to encourage and empower students to take the time to complete at least one application to a college or university during the regular school day.

For many students, especially first-generation students, filling out college applications during school allows them to get answers on related questions that they might not be able to find on their own. In honor of the Iowa College Application Campaign, we’re talking with representatives from high schools, colleges and even families who have recently gone through the college application process with their student to share their advice for those students and families completing college applications for the first time.

Greg Fisher, Principal and Athletic Director at Belmond-Klemme High School in Belmond, IA, suggests that before completing any applications that students research and target those schools that will best meet their needs. “College fit” describes that connection between student and school that can make a significant difference in whether a student succeeds or transfers to another school (or worse, drops out of college altogether).

greg-fisher

Fisher discusses what he tells his students when they consider college applications:

When discussing college applications with students, I feel students need to do a thorough job of researching institutions of interest to them.  I talk with them about determining if the institutions offer specific academic programs in which they have a strong interest.  I ask the students to spend time looking for social aspects that will allow excellent opportunities for them to enjoy the campus and or college life.

I want the students to choose several schools, which are high on their lists and make out applications to those institutions.  With the competition to get accepted into colleges, or acceptance into specific college programs, and with the awarding of scholarships at a highly competitive level for today’s high school students, it is important that a student give themselves options as they proceed through the application process.  For a student to limit themself to a single school/program could result in the student scrambling late in the process if their original plan doesn’t work out.

Early Admissions Can Save Time, Money

Posted on Updated on

As larger numbers of students apply to college and colleges compete for quality students who are dedicated to their school, colleges and universities have expanded the application options available to students in order to not only manage applicant pools but also increase the number of candidates that they consider “high-quality.” When considering the college application process, it’s important for families to understand each type of admission program and what those programs require.

56067668_student_college

Early Action
Colleges that offer “early action” application do so to give families a quick response to those who submit on or before their early deadline (typically early November). Early Action admission decisions are non-binding, which means that students do not have to promise to attend if accepted. They just hear back sooner. Some universities offer “Restricted Early Action,” which works much like Early Action, but limits the number of EA applications a student can submit to other schools. Colleges do this because they are looking for students who are committed to them instead of just applying early to find out sooner. While families can benefit from the quick response of applying “early action” they face an smaller applicant pool that will usually have strong candidates and a possibly more selective admissions process.

Early Decision
Where many early action applications require little commitment, early decision applications are more serious. Student should only apply early decision to a college if they are certain that it is the college they wish to attend. Students accepted on early decision are required to attend the college at which they were applied and accepted, as well as withdraw all other applications.

Some colleges also offer an “ED II,” which allows students extra time to apply, allowing for more research, and application preparation. ED II applications often have deadlines that are the same the regular application deadline, but receive an earlier decision, usually in early February.

For a student with a clear vision of where they want to go to school, early decision applications offer a great advantage. Not only will they be informed of a decision earlier, but they also show the admissions office that they are a student dedicated to attending their school. If they are accepted, the student has the rest of their senior year to enjoy (early decision applicants usually hear back in December). If they are deferred or rejected, there is still plenty of time to regroup and apply to other colleges.

However, students that want to compare financial aid packages may want to hold off from early decision applications and the locked-in commitment that comes with them. Being able to look at different schools and compare costs can often show a student that their dream school might not be the best long-term decision, financially.

Regular Application
Regular application deadlines are later than early action or early decision applications and is the time when the majority of students will submit their applications.

Having a set timeline for applications helps students take more time to reflect on their goals, visit colleges, research and narrow down a list of schools that are the best fit for their needs. Students are not limited to the number of schools to which they apply, though each school will require an application processing fee when submitting an application. Applying by regular deadlines, allows students the luxury of comparing financial aid awards and admission offers without any restrictions that might come with early applications before choosing the college that is a perfect fit and meets his financial need.

Rolling Admissions
Colleges with rolling admissions offer important options and opportunities that regular deadlines do not. Rolling admissions colleges will accept and examine applications as they are sent in, instead of waiting to judge all applications at the same time. This admissions option can be great for late admissions, or for finding out early whether or not a student is accepted.

College Fairs Offer Students a Great Tool for Finding College Fit

Posted on

The new starting date for filing the Free Application for Federal Student Aid (FAFSA) is just about here. Completing the FAFSA, though, isn’t the end of the road for college preparation. Throughout the school year, students have opportunities to visit with colleges and find out more about what each school offers and how that school does (or doesn’t) relate to a student’s plan for their future.

Making that match is called “college fit” and it can mean the difference between getting the most of education after high school and frustrations that could lead to transferring schools or, worse, not completing a degree.

48229680_student_college

The good news: Colleges offer tours that allow students to see the campus, talk to professors and students and get answers to questions about their education. Even better: Students can get much of that information without even leaving their own high school thanks to college fairs held throughout the year. These events, often held at the local high school, include representatives from schools both near and far looking to put their best foot forward for prospective students.

College fairs are the first step toward finding college fit and students who attend college fairs will get a head-start on making a smart choice on where to go to school. As with anything, approaching the event with a game plan will help students get even more out of college fairs.
Start with these five tips:

  1. Is a college strong in a student’s major? Not all high school students are going to have an idea of what their major will be, but it helps to have some idea of what they might be interested in as a career. If students have an idea, they can ask schools about programs in those areas. Some colleges specialize in certain majors or are known for having strong programs in particular fields.
  2. Does a school’s size matter? Larger schools often mean more students in classes (sometimes over 100 students), but a bustling community. Smaller colleges might have fewer students, but that might mean more direct interaction with teachers and smaller class sizes. A student can talk to representatives at a college fair to get an idea of the school’s size and start to consider which appeals to them.
  3. What’s college life like? While a visit to the actual campus will give students the best idea of what life is like at a given school, college fairs frequently include representatives from schools who are either current students or recent graduates. Of course, these representatives will always look to emphasize what makes their school better than the rest, but talking to college students is a great way for high school students to get an early idea of what life is like in college.
  4. Take all the materials available. Schools visiting college fairs will have lots of giveaways: stickers, squeezeballs, pens, and more. But the most important materials to take away from college fairs are the informational brochures that talk more about the school. These materials might not answer every question a student might have about a school, but they will frequently include websites or links to other resources to learn more if interested.
  5. Make notes, take it all in, but don’t rush to any decisions. College fairs are the introduction to schools for many students and representatives are chosen by schools to present their school in the most attractive way possible. It’s great if students are inspired to learn more about schools after a college fair. But rather than eliminate schools from their list, students would be better off ranking a list of schools that grabbed their attention and listing the reasons why that school might be a good fit. From there, it’s easy to start researching further into which schools should really make the cut.

For more tips and advice for preparing and planning for college, as well as financial aid and college information, check out Iowa College Aid’s “Your Course to College.” You can read, download or order your own copy on our website.