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Who is Professor A?
Special Note: Refinancing college loans should wait until July of 08 when rates will go down!
1)
How can I maximize college financial aid?
Answer: Colleges compete for
students
and
award financial aid accordingly. Students with high standardized tests scores
relative to
other freshman applicants receive more money. Students with
an above average rate of community participation also receive more
funds.
Scholarships: Not Just For The Needy,
which appeared on page 96 of the March
19,2007 issue of Business Week, explores the situation.
Answer: Communicate with the admission and financial
aid offices of the schools you have applied to.
2) Should I pay someone to maximize my financial aid?
Answer: Probably not. College admission and financial aid
personal are paid to do this for you.
3) Someone said filling out the aid forms incorrectly will result in
no aid, grants or loans. Is this true?
Answer: Definitely
not. Someone will call or send forms back with a note for correction.
4) How do I follow the money?
Use
Yahoo School
Search to print out the financial aid data of
schools you are considering.
Be sure to compare comprehensive fees with average
need and non-need based gifts plus need-based loans.
This is the amount you will have to finance through state loans Pell
grants.
Here is a comparison of how my
former employer, Franklin Pierce College and my alma Mata, Marietta College, use
financial aid to attract students.
|
Sample Data is a little old but still appropriate. E-mail
Professor A |
Franklin Pierce |
Marietta |
FPC's first Offer |
Marietta's first offer |
| Comprehensive Fees | $30,165 | $26,838 | ||
| Average Loans | 4,802 | 3,258 | ||
| Average need-based gifts and non-need-based gifts Students the college wants fall into one of these two categories. For many colleges, the money for these funds comes from students the college isn't crazy about but can pay the full bill. These students do not receive college aid. Colleges pay a lot of money to consultants that design a financial aid program specific to their audience. |
11,000 | 6,300 | ||
| Sub Total | 15,802 | 9,558 | ||
| Annual family contribution | 14,363 | 17,280 | ||
| Four year family contribution | 57,452 | 69,120 | ||
| Average debt upon graduation reported by graduates | 20,815 | 17,643 | ||
| Marietta College
requires a larger contribution but their graduates have a smaller debts.
Students attending Marietta have the ability to contributes a little more. My debt upon graduating from Marietta College in 1966 was $3,000, about one half of my first years teaching salary. |
||||
5) Interesting Articles
April 29, 2007
For many, loans for college pay off in trouble
It's a decision filled with daydreams and nightmares
Chicago
Tribune
May 8, 2007
Your Money: Careful when consolidating student loans -
USATODAY.com If you plan to graduate
from college this spring, your mailbox may soon be filled with congratulatory
cards from family friends, checks from distant ...
May 18, 2007
Study Now—And Pay And Pay And Pay Later
shows how borrowing at high interest rates get many
students into too much debt. BUSINESS WEEK, page 66
July 26
Cutting the cost of college extras CNN Money
July 29, 2007Student-loan hunt takes
study Orlando Sentinel
July 31
Recent tax laws affect many college savings strategies Nevada
Appeal
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