The words, “financial aid,” can send chills down any parent’s spine, as they wonder, “How in the (insert expletive) are they going to pay for college, without going bankrupt?” Many American families approach college, like other purchases in their lives–dream big and figure out how to pay later. Parents often believe, “If my kid…
Tag: Merit aid
Guest Post: The Savings for College Challenge, Part Three – How Much to Save in a 529
About the authors: For over 25 years, Cynthia S. Meyers, CFP®, MBA, has assisted people with their Lifetime Financial Planning–helping to build and preserve wealth in every area of life. Jenny Hood, CFP® has been a paraplanner with Cynthia S. Meyers for five years and enjoys being a part of the financial planning process. _____________…
Financial Aid Reality Check (That Won’t Cost Your Checkbook)
We’re hearing from parents of seniors, who’re looking through their check registers and not seeing $30,000 to $60,000 available for next year’s college expenses, nor in their savings or investments. Actually, we’re hearing from parents of juniors, parents of sophomores, parents of freshmen and parents of pre-schoolers about the continued rise in costs and…
Guest Post: Budgeting for the College Years
By: Lisa Dalton, California parent of a senior at the University of Oregon, and sophomore at Washington State University _________________________ With two kids in college, both at out of state universities, friends and neighbors ask all the time, “How do you do it?” The answer is planning, financial education, and sometimes hard choices.
Working With Financial Aid
Financial aid from the university doesn’t work like mom & dad’s checkbook. Although mom & dad may share their concerns, generally they’ll continue sending money when kids ask or need. However, financial aid offices may not be so lenient.
“We’re Not Going to Get Any Financial Aid”
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.
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
“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…
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…
ACT & SAT Scores Can Affect Financial Aid, Too
Many families ask Creative Marbles about preparing for the ACT and/or SAT, as a way to boost a students’ competitiveness for admissions. There’s another reason to prepare. Merit aid scholarships can be awarded on a sliding scale, based on ACT & SAT scores and GPA–as scores and GPA increases, the amount of merit aid increases.…