Scholarship Tips
Apply Only If You're Eligible: Read all of the scholarship requirements and directions carefully to make sure you're eligible before you send in your application. Your application can't win if you're not eligible for the scholarship.
Complete the Application in Full... and Follow Directions!: If a question doesn't apply, note that on the application. Don't just leave it blank. Provide everything that is required, but don't supply things that aren't requested - you could end up being disqualified.
Neatness counts... and Make Sure Your Essay Makes An Impression!: Make several photocopies of all the forms you receive. Use the copies as working drafts to develop your application packet. Always type your application or submit online. If you must print, make sure you do so neatly and legibly. The key to writing a strong essay is to be personal and specific. Include concrete details to make your experience come alive: who, what, where and when.
Watch out for deadlines... and make copies before sending!: To help keep yourself on track, impose a deadline on yourself that is at least two weeks before the stated deadline. Use this time to proofread your application before you send it off. Before sending your application, make a copy of the entire packet and keep it on file in case your application goes astray. Make sure your name (and social security number, if applicable) appears on each page of your application to ensure that nothing is lost.
Monday, March 29, 2010
Monday, March 22, 2010
TIP OF THE WEEK - March 22, 2010
What are AP courses? Why are they so important?
Advanced Placement (AP) courses can save you time and money. They can also give you an edge in the applicant pools of highly selective colleges and universities. The national AP program is administered by The College Board. Participating high schools have been approved to teach AP courses based on the academic quality of their college-preparatory or, as it are commonly known today, honors curicula. Some high schools offer only a few APs; others can offer a dozen or more.
AP courses are college-level courses, taught with college textbooks and exams, that can give you college credit in the form of advanced standing when you enter your freshman year. There is an end-of-course AP final on which you have to score a 3,4, or 5 (depending on the college to which you are applying) in order to get college credit. Some colleges will recognize a grade of 3 as qualifying for credit. Most, though, require a 4 or 5.
AP college credit is a good buy. At this writing, an AP course can be taken for the price of registering for the final exam, which is less than $100. You'll find that price hard to beat when looking for a deal on college credit.
Another aspect provided by AP courses is a preview of college-level work. If you have any doubts about doing well in college, an AP course can confirm them or put your mind at ease. They're a lot of work and require much reading, writing, problem sets, and-for the science courses-lab time. They'll give you a rea feeling of accomlishment, though, when you're done.
If you are taking AP courses specifically to reduce the amount of credits you'll have to take once in college, or to have specific classes "waived" during your freshmen year, be aware that every college treats these classes differently. Taking AP English does not necessarily get you out of taking English 101 at a particular school. Not every college will promise an excact equivalency between the AP course you take and a specific class necessary to graduate-or even an elective, for that matter.
Two things to remember:
First, at most colleges the faculty (not the admissions office) decide how an AP course is treated in light of all credits needed to graduate. Ask the college department that seems the most likely to review the AP course (History, Math, etc.).
Second, most colleges now have a common first-year experience, many with a predetermined set of core courses all freshmen must take. English 101 may not even exist anymore! How will your AP credits be recognized within the common curriculum? Call and find out before you assume that your credits will transfer over "one-for-one."
A reasonable schedule might be to take one AP in sophomore year, two in the junior year, and two or three in the senior year. Most students aspiring to the very best colleges and universities graduate with five or more AP courses on their transcripts. Remember, to college admissions people, a B in an AP course is worth more than and A in a lesser course.
Advanced Placement (AP) courses can save you time and money. They can also give you an edge in the applicant pools of highly selective colleges and universities. The national AP program is administered by The College Board. Participating high schools have been approved to teach AP courses based on the academic quality of their college-preparatory or, as it are commonly known today, honors curicula. Some high schools offer only a few APs; others can offer a dozen or more.
AP courses are college-level courses, taught with college textbooks and exams, that can give you college credit in the form of advanced standing when you enter your freshman year. There is an end-of-course AP final on which you have to score a 3,4, or 5 (depending on the college to which you are applying) in order to get college credit. Some colleges will recognize a grade of 3 as qualifying for credit. Most, though, require a 4 or 5.
AP college credit is a good buy. At this writing, an AP course can be taken for the price of registering for the final exam, which is less than $100. You'll find that price hard to beat when looking for a deal on college credit.
Another aspect provided by AP courses is a preview of college-level work. If you have any doubts about doing well in college, an AP course can confirm them or put your mind at ease. They're a lot of work and require much reading, writing, problem sets, and-for the science courses-lab time. They'll give you a rea feeling of accomlishment, though, when you're done.
If you are taking AP courses specifically to reduce the amount of credits you'll have to take once in college, or to have specific classes "waived" during your freshmen year, be aware that every college treats these classes differently. Taking AP English does not necessarily get you out of taking English 101 at a particular school. Not every college will promise an excact equivalency between the AP course you take and a specific class necessary to graduate-or even an elective, for that matter.
Two things to remember:
First, at most colleges the faculty (not the admissions office) decide how an AP course is treated in light of all credits needed to graduate. Ask the college department that seems the most likely to review the AP course (History, Math, etc.).
Second, most colleges now have a common first-year experience, many with a predetermined set of core courses all freshmen must take. English 101 may not even exist anymore! How will your AP credits be recognized within the common curriculum? Call and find out before you assume that your credits will transfer over "one-for-one."
A reasonable schedule might be to take one AP in sophomore year, two in the junior year, and two or three in the senior year. Most students aspiring to the very best colleges and universities graduate with five or more AP courses on their transcripts. Remember, to college admissions people, a B in an AP course is worth more than and A in a lesser course.
QUESTION OF THE WEEK - March 19
College Planning Question of the Week
March 19, 2010
In an effort to help parents and students to accomplish their college planning and financing goals, we decided it might be helpful if we offer a "Question of the Week".
Answer to Question of the Week
How do my children's assets, such as 529 plans, custodial accounts, and savings bonds affect the amount of financial aid they can receive?
First of all, 529 Plans are the asset of the grantor, normally the parents, not the beneficiary of the plan. Other assets of the children such as UGMA or UTMA accounts, savings bonds, savings accounts, etc. are assessed at 20%. This means that if your child has $10,000 in assets, the federal financial aid formulas will reduce your financial need by $2,000 meaning you will have to pay $2,000 more out of your pocket. This number is recalculated every year.
On the other hand, parent assets are assessed at 5.6% after deduction of your protected assets which is a formula based on the oldest parent's age. Typically, it is about $50,000. So, if a parent has $60,000 in assets (incuding 529 plans), the federal financial aid formulas will reduce your financial need by $560 on the extra $10,000, not $2,000!
Note that all 529 plans are pulled into the parent's formula including other 529 plans for siblings who are benficiaries. Also, the federal formula is calculated from the FAFSA. Some private schools use the institutional formula which may or may not include these assets at different rates.
Conclusion: Try to title assets in your name, not your children's. However, if you already have UGMA or UTMA accounts for your child, you may cause a tax event if you liquidate. Contact a financial professional before restructuring your assets.
To continue the discussion, please enter your questions and comments by clicking on the "Comment" link below.
March 19, 2010
In an effort to help parents and students to accomplish their college planning and financing goals, we decided it might be helpful if we offer a "Question of the Week".
Answer to Question of the Week
How do my children's assets, such as 529 plans, custodial accounts, and savings bonds affect the amount of financial aid they can receive?
First of all, 529 Plans are the asset of the grantor, normally the parents, not the beneficiary of the plan. Other assets of the children such as UGMA or UTMA accounts, savings bonds, savings accounts, etc. are assessed at 20%. This means that if your child has $10,000 in assets, the federal financial aid formulas will reduce your financial need by $2,000 meaning you will have to pay $2,000 more out of your pocket. This number is recalculated every year.
On the other hand, parent assets are assessed at 5.6% after deduction of your protected assets which is a formula based on the oldest parent's age. Typically, it is about $50,000. So, if a parent has $60,000 in assets (incuding 529 plans), the federal financial aid formulas will reduce your financial need by $560 on the extra $10,000, not $2,000!
Note that all 529 plans are pulled into the parent's formula including other 529 plans for siblings who are benficiaries. Also, the federal formula is calculated from the FAFSA. Some private schools use the institutional formula which may or may not include these assets at different rates.
Conclusion: Try to title assets in your name, not your children's. However, if you already have UGMA or UTMA accounts for your child, you may cause a tax event if you liquidate. Contact a financial professional before restructuring your assets.
To continue the discussion, please enter your questions and comments by clicking on the "Comment" link below.
Saturday, March 20, 2010
TIP OF THE WEEK - March 15
Receiving Additional Financial Aid
If the student receives additional financial aid from an outside resource he/she should report it to the university they will attend. You must technically report the scholarship to the financial aid office if it is from a university or governmental sector. Unfortunately, the university will adjust your financial aid package to compensate. Nevertheless, the outside scholarship will still have some beneficial effects. At some universities, outside scholarships are used to reduce the self-help level (the amount of loans and/or work-study that was given to you in your award package). For example, at MIT, the outside scholarship is first applied to reducing the self-help level, and only when the scholarship exceeds self-help does it replace institutional grants.
And as with most financial aid packages, the student must reapply each year for the aid that they are receiving from the outside source. If your financial circumstances change, you may get more or less aid. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Therefore, it is imperative that all financial aid forms get filled out correctly and get sent to the respective colleges in a timely fashion to ensure the best funding package each and every year.
If the student receives additional financial aid from an outside resource he/she should report it to the university they will attend. You must technically report the scholarship to the financial aid office if it is from a university or governmental sector. Unfortunately, the university will adjust your financial aid package to compensate. Nevertheless, the outside scholarship will still have some beneficial effects. At some universities, outside scholarships are used to reduce the self-help level (the amount of loans and/or work-study that was given to you in your award package). For example, at MIT, the outside scholarship is first applied to reducing the self-help level, and only when the scholarship exceeds self-help does it replace institutional grants.
And as with most financial aid packages, the student must reapply each year for the aid that they are receiving from the outside source. If your financial circumstances change, you may get more or less aid. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Therefore, it is imperative that all financial aid forms get filled out correctly and get sent to the respective colleges in a timely fashion to ensure the best funding package each and every year.
QUESTION OF THE WEEK - March 5
College Planning Question of the Week
March 5, 2010 - Inaugural Issue
In an effort to help parents and students to accomplish their college planning and financing goals, we decided it might be helpful if we offer a "Question of the Week".
Here's how it will work.
We will submit one to three questions each week based on the feedback from your blog and e-mail comments. On Monday, we will explore the answers and discussion on this blog.
To celebrate the first of the "College Planning Question of the Week", we offer 5 questions for your consideration and our answers. We invite you to contibute your comments and questions at the end of this post.
Do the following activities raise or lower your Expected Family Contribution (EFC)?
1) We own rental properties in our own names.
Rental properties titled as a personal property, i.e. in your own names, will increase your EFC by the amount of equity in the property assets. For example, assume you own a home with a $100,000 market value which generates rental income. Let's assume that there are no mortgages on the home. Your EFC will be inflated by approximately $6,000 a year. Over 4 years, that equates to $24,000 in out of pocket costs!
2) We have doubled our 529 contributions in the last few years because of market losses.
529 plans are considered a parent asset and are included in the EFC formula. By doubling up on contributions when you are in your base year, you will increase your EFC and reduce your financial need!
3) Our savings are all in Bank CD's and short-term accounts.
All liquid assets, unless they are IRAs, are included in the EFC formula and decrease your financial need.
4) My brother-in-law suggested we take out a home equity loan and put the money in a Mutual Fund for college expenses.
By putting the proceeds into a mutual fund, which is a liquid asset, your EFC will increase.
5) Our neighbor said, "Let the kids borrow the money for college. I did. Let them do the same."
The cost of college today has more than doubled and in many cases tripled since you were in school. Your child is also limited on how much they can borrow in their own name. With this strategy, by the time your child finishes their college education and begins a career, the monthly payments on school loans can be staggering.
Please post your comments and questions below.
If you wish to recieve our "question of the week" by e-mail each Friday, please click on "Contact Us" at the top of the page.
March 5, 2010 - Inaugural Issue
In an effort to help parents and students to accomplish their college planning and financing goals, we decided it might be helpful if we offer a "Question of the Week".
Here's how it will work.
We will submit one to three questions each week based on the feedback from your blog and e-mail comments. On Monday, we will explore the answers and discussion on this blog.
To celebrate the first of the "College Planning Question of the Week", we offer 5 questions for your consideration and our answers. We invite you to contibute your comments and questions at the end of this post.
Do the following activities raise or lower your Expected Family Contribution (EFC)?
1) We own rental properties in our own names.
Rental properties titled as a personal property, i.e. in your own names, will increase your EFC by the amount of equity in the property assets. For example, assume you own a home with a $100,000 market value which generates rental income. Let's assume that there are no mortgages on the home. Your EFC will be inflated by approximately $6,000 a year. Over 4 years, that equates to $24,000 in out of pocket costs!
2) We have doubled our 529 contributions in the last few years because of market losses.
529 plans are considered a parent asset and are included in the EFC formula. By doubling up on contributions when you are in your base year, you will increase your EFC and reduce your financial need!
3) Our savings are all in Bank CD's and short-term accounts.
All liquid assets, unless they are IRAs, are included in the EFC formula and decrease your financial need.
4) My brother-in-law suggested we take out a home equity loan and put the money in a Mutual Fund for college expenses.
By putting the proceeds into a mutual fund, which is a liquid asset, your EFC will increase.
5) Our neighbor said, "Let the kids borrow the money for college. I did. Let them do the same."
The cost of college today has more than doubled and in many cases tripled since you were in school. Your child is also limited on how much they can borrow in their own name. With this strategy, by the time your child finishes their college education and begins a career, the monthly payments on school loans can be staggering.
Please post your comments and questions below.
If you wish to recieve our "question of the week" by e-mail each Friday, please click on "Contact Us" at the top of the page.
Wednesday, March 17, 2010
TIP OF THE WEEK - March 8
Clever Strategies on How Students Can Triumph over Deferrals, Wait Lists and even Rejections
Early applicants may be deferred to regular decision, and regular applicants may be wait-listed or… just waiting. Students may see this time as a purgatory, unsure whether to hope or grieve. Choose hope. By taking action, admissions deans say, you can increase your chances of getting in. The bottom line is: Don’t Give Up. Students should make sure that the schools have received their updated winter grades and should write a letter to the admissions dean, reaffirming their interest and updating their achievements. Most deans agree that additional materials (tapes, essays, recommendations) can help only if they offer something new.
The University of Chicago’s Ted O’Neill encourages applicants to schedule an interview if they haven’t had one. The college interview can be a turning point for the student, helping him/her to see the school in a different light, and to show the college that you are putting a priority on attending their school. Make sure you talk about what interests you and be prepared to discuss items on your application and resume. Be enthusiastic, but be yourself, sharing details about your passion in life can only help the admissions officer understand who you are.
Everyone agrees that at this time showing strong interest to a school is crucial, especially if you have decided this is the right one for you.
Early applicants may be deferred to regular decision, and regular applicants may be wait-listed or… just waiting. Students may see this time as a purgatory, unsure whether to hope or grieve. Choose hope. By taking action, admissions deans say, you can increase your chances of getting in. The bottom line is: Don’t Give Up. Students should make sure that the schools have received their updated winter grades and should write a letter to the admissions dean, reaffirming their interest and updating their achievements. Most deans agree that additional materials (tapes, essays, recommendations) can help only if they offer something new.
The University of Chicago’s Ted O’Neill encourages applicants to schedule an interview if they haven’t had one. The college interview can be a turning point for the student, helping him/her to see the school in a different light, and to show the college that you are putting a priority on attending their school. Make sure you talk about what interests you and be prepared to discuss items on your application and resume. Be enthusiastic, but be yourself, sharing details about your passion in life can only help the admissions officer understand who you are.
Everyone agrees that at this time showing strong interest to a school is crucial, especially if you have decided this is the right one for you.
Monday, March 1, 2010
TIP OF THE WEEK - March 1
TAKE ADVANTAGE OF VOLUNTEER / COMMUNITY SERVICE PROJECTS
One way to “beef up” your resume and to gain insight into possible majors and careers is to work in a volunteer or community service capacity over the summer. Taking up a service project for a few hours, days or weeks will help you to get a feel for what a particular career involves and will also allow you to give back to your community.
There are two degrees of volunteering which include Active and Passive types.
Active volunteering is when a student creates and leads a project and carries it through to the end. For example, a student from Minnesota started a nonprofit organization that collected used computers and refurbished them. The computers were then donated with internet access to economically disadvantaged families in the community. This experience required hours of investment and energy.
A Passive volunteer experience is donating time to different experiences on a smaller level. An example of this type of volunteering is a walk-a-thon where only a few hours are served. Helping in a hospital or summer school program, although possibly a passive volunteer experience will help students to understand the positions offered at these institutions and may influence their decision to pursue these types of careers.
Also, in addition to building character, on-going community service and volunteerism shows a commitment that many colleges value. It could give your application the extra edge over competition that you may need to be admitted to the college of your choice. There are also many scholarships available based on community service.
Lastly, if you cannot find a way to volunteer in a setting of your choice, you should commit to spending a few hours chatting with someone in a position you are interested in.
One way to “beef up” your resume and to gain insight into possible majors and careers is to work in a volunteer or community service capacity over the summer. Taking up a service project for a few hours, days or weeks will help you to get a feel for what a particular career involves and will also allow you to give back to your community.
There are two degrees of volunteering which include Active and Passive types.
Active volunteering is when a student creates and leads a project and carries it through to the end. For example, a student from Minnesota started a nonprofit organization that collected used computers and refurbished them. The computers were then donated with internet access to economically disadvantaged families in the community. This experience required hours of investment and energy.
A Passive volunteer experience is donating time to different experiences on a smaller level. An example of this type of volunteering is a walk-a-thon where only a few hours are served. Helping in a hospital or summer school program, although possibly a passive volunteer experience will help students to understand the positions offered at these institutions and may influence their decision to pursue these types of careers.
Also, in addition to building character, on-going community service and volunteerism shows a commitment that many colleges value. It could give your application the extra edge over competition that you may need to be admitted to the college of your choice. There are also many scholarships available based on community service.
Lastly, if you cannot find a way to volunteer in a setting of your choice, you should commit to spending a few hours chatting with someone in a position you are interested in.
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