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Most families pay for college using a combination of savings, current earnings and financial aid. How do you reduce financial worries and save money?
Start saving early!

• You can accumulate a good amount of compound interest by saving early and regularly.
• Even if you save smaller amounts, you can accumulate more by starting early.
• Early planning allows you to save for both education and retirement.
• Early investing helps you complete college with less debt.
• When you have a larger college fund, you have a broader range of college choices.

When searching for the right scholarship, contact:
• Clubs
• Businesses
• Churches
• Professional organizations
The types of scholarships listed above are not widely publicized. This means they have fewer applicants, which, if you find them, equals higher odds of winning for you! Don’t forget to ask your college financial aid office, local high school counselor or librarian for direction. Remember – helping students locate financial aid is part of their job, and they help people like you every day. Let them be a helpful resource to you!

Related Quick Facts
• 63% of all undergraduates enrolled in 2003–04 received some type of financial aid.
• Undergraduates are more likely to receive grants than student loans, but the average grant amount is usually less than the average student loan amount.
• 51% of undergraduates receive grants and about 1/3 take out student loans.
• In 2003-04, the average amount of grants students received was $4,000 and the average amount borrowed by undergraduates was $5,800.
• Enrolled undergraduates are more likely to receive federal grants than grants from any other source.
• An alternative source for grants can come from employers, parents’ employers or private foundations.

Finding Scholarships and Grants
• Your prospective school may award scholarships based on academic performance, but this doesn’t have to be the only measurement of worth.
• Ethnic heritage organizations often provide scholarships to exceptional students who share their ethnic or cultural backgrounds.
• Some employers offer scholarships to their employees or to children or spouses of employees.
• Churches, synagogues, temples and religious denominations offer scholarships to members in their congregation or who are planning careers in the clergy.
• Trade and research organizations sponsor scholarships to attract students to a field of study facing a worker shortage. They also encourage returning, international or minority students to work toward a specific degree in their designated field.

Original post by Andy Schiller and software by Elliott Back

According to the U.S. Department of Education, the amount of debt students have when they graduate is on the rise. Total student loan debt has risen to around $18,000 at graduation in recent years. With student loan interest rates set to increase after July 1, 2005, time for students to take advantage of low student loan consolidation rates is running out.

Consolidation allows students to lower monthly loan payment by extending the length of time the students can repay. "The standard payback schedule is ten years, while consolidated loans allow up to a 30 year period of repayment," according to an article in the Johns Hopkins News-Letter.

"Plunging interest rates have made consolidation, as well as other types of personal refinancing, front-page news the past several summers," Spectator staff writer Eleazar David Meléndez reported. "This year, though, a combination of fiscal and policy moves by the federal government almost certainly guarantees that there will be no more chances to take full advantage of this strategy after June."

The current student loan consolidation interest rate is expected to rise from the all-time low of 2.875 percent to as much as 4.25 percent after July 1. Failure to take advantage of these student loan interest rates can mean higher loan payments later. In addition to a hike in student loan interest rates, the federal government is considering legislation that changes federal loan consolidation rules. These proposed changes would eliminate fixed-rate consolidation.

"Since interest rates are on the rise and the fixed rate feature will quite possibly be replaced by variable rate in the next year, this senior class is likely to be the last to be able to convert their variable rate federal Stafford Loans to a fixed rate low interest federal consolidation loan," said David Charlow, Director of Financial Aid and Educational Affairs at Columbia University.

If you are a student with multiple loans or high amounts of federal student loans, consolidation is one of the best ways to help you manage your student loan debt. Take advantage of low interest rates on federal student consolidation loans before the interest rates spike.

You have some schools in mind. You have the will. You have good grades. You even have that sweatshirt that has “COLLEGE” on it. But in the money department, there’s much to be done. It has become obvious that you’re going to need financial help.
Is there any chance you could get a free ride to college? It’s not easy, says Barry W. Simmons, director of the office of scholarships and financial aid at Virginia Tech University in Blacksburg, Virginia.

“Unless you can score a 1600 on the SAT or can run faster and jump higher than anyone else, there aren’t many ‘full rides’ out there,” he says. “It’s a matter of supply and demand.”

Mark Kantrowitz, publisher of FinAid.org and co-author of The Prentice Hall Guide to Scholarships and Fellowships for Math and Science Students, agrees by saying that true full rides to college are very rare, and because of this, the people who are “in it to win it” are fierce competitors for the rewards.

How do you start?
Your best bet is to make a potent financial combination from a variety of aid, including scholarships, grants and financial awards. You’re going to have to search for quite a while and work your charm, but it can pay off. “If a student has been thorough in their research and used scholarship search tools, they will find many opportunities,” Simmons says. Another tip he has is that “too much is never enough.” Check to see if you can “bank” any excess awards for future years, Simmons says. Many come in lump sums that can be tucked away into savings accounts to make the long haul much easier during your education experience.

But Ben Kaplan, who is an author of scholarship application tip books, believes that students with initiative, resolve and creativity can cut their college costs tremendously. He knows what he’s talking about. Kaplan won $90,000 in scholarships from a large collection of programs after applying for more than 30 different awards. “Colleges are giving more and more aid to ’special’ students, including merit scholarships and preferential packages of need-based aid,” he says.

Where is a scholarship an average joe can earn?
In case it wasn’t stated clearly enough before, there are lots of places for you to look. Great scholarships are easier to find these days, thanks to the Web. The flip side of this is that there are more of your competitors using these tools as well. So get started!

Community service based scholarships:
http://www.finaid.org/otheraid/service.phtml
Scholarships for average students:
http://www.finaid.org/scholarships/average.phtml
Unusual scholarships:
http://www.finaid.org/scholarships/unusual.phtml
Full tuition scholarships (So you’re an average joe. You can dream big!):
http://www.finaid.org/scholarships/academicscholarships.phtml

The Planning Stage

Most families pay for college using a combination of savings, current earnings and financial aid. How do you reduce financial worries and save money?
Start saving early!

• Saving early and regularly gives compound interest time to accumulate to your benefit.
• By starting early, you can save smaller amounts over a longer period of time.
• Early planning allows you to save for both education and retirement.
• Early investing helps students complete college with less debt.
• Having a larger college fund gives students a broader range of college choices.

When searching for scholarships, contact:
• Clubs
• Businesses
• Churches
• Social organizations

Usually, the above types of scholarships are not widely publicized. This means they have fewer applicants, which equals higher odds of winning for you! Don’t forget to ask your local high school counselor, librarian and college financial aid office for direction. Remember – helping students locate financial aid is part of their job, and they help people like you every day. They can be your best source of help!

Related Quick Facts

• Sixty-three percent of all undergraduates enrolled in 2003–04 received some type of financial aid.
• Undergraduates were more likely to receive grants than student loans in 2003–04, but the average grant amount was less than the average student loan amount.
• About one-half (51 percent) of undergraduates received grants and about one-third (35 percent) took out student loans.
• The average amount of grants received was $4,000, and the average amount borrowed by undergraduates in 2003–04 was $5,800.
• Undergraduates enrolled in 2003–04 were more likely to receive federal grants than grants from any other source.
• An alternative source for grants can come from employers, parents’ employers or private foundations.

Finding Scholarships and Grants

• Your prospective school may award scholarships based on academic performance, but this doesn’t have to be the only measurement of worth.
• Ethnic heritage organizations often provide scholarships to exceptional students sharing their ethnic or cultural backgrounds.
• Employers will many times offer scholarships to their employees or to children or spouses of employees.
• Churches, synagogues, temples and religious denominations offer scholarships for students who are a part of their congregations or are planning a career in the clergy.
• Trade and research organizations sponsor scholarships to attract students to a field of study facing a worker shortage or to encourage returning, international or minority students to work toward a specific degree.

If you’re taking a look at this article because you just chose a new educational program at a nearby technical college, congratulations. You took the first step in making yourself more marketable and successful. There are a few more things you have to consider now to keep you headed in the right direction.

What should I consider when choosing a program?

• Accreditation, ranking and reputation of the college program
Accreditation can help with more than just the quality of the education you’ll be receiving. If your school is fully accredited, this will help because it also means your school participates in the Title IV student aid program. If you want to find out more about your school’s accreditation, you can find this at the web sites for the Princeton Review, U.S. News & World Report or Kiplinger.

• Financing
What kind of financial aid is available? Does your school offer any specific scholarships targeted toward adult students? Even if your school isn’t fully accredited for federal aid programs, your particular school might have other options that will ease the burden as you concentrate on your studies. Schedule an appointment to speak with your school’s financial aid office to find out the details. Are the college’s tuition and expenses affordable? It may sound complicated, but it is very important.

• Transfer Credits
Does your college accept all transfer credits?
How many and what kind?
Does it provide options for receiving college credit by examination or prior learning?

Transfer credits are especially important if you are interested in graduate school or an advanced degree. Speak with your admissions counselor immediately to make sure the program is fully transferable and meets all requirements. This can save you a lot of trouble down the road.

• Scheduling
Make certain that all your courses are presented at acceptable times for your schedule. Working adults, especially adults with family obligations, should seek out available night and weekend courses. The most convenient option for busy adults is the online degree program. These programs can be done in your home (or wherever you have an Internet connection), and many allow you to finish on your schedule. Is an online program for you? Here are a few questions you should ask yourself before you sign up for one.

• Staff
Does your chosen school require your instructors to be available for questions or extra help for a specific amount of time each week? Your admissions office should be able to tell you when your professors are available after class hours. Use your admissions office as a frequent source of information.

• Childcare
The college offers a community and support for adult students, but do they offer other convenient services such as childcare? Many technical and community colleges these days recognize the needs of the large returning-student population and will cater to their needs to keep them in class.

If you’re taking a look at this article because you just chose a new educational program at a nearby technical college, congratulations. You took the first step in making yourself more marketable and successful. There are a few more things you have to consider now to keep you headed in the right direction.

What should I consider when choosing a program?

• Accreditation, ranking and reputation of the college program
Accreditation can help with more than just the quality of the education you’ll be receiving. If your school is fully accredited, this will help because it also means your school participates in the Title IV student aid program. If you want to find out more about your school’s accreditation, you can find this at the web sites for the Princeton Review, U.S. News & World Report or Kiplinger.

• Financing
What kind of financial aid is available? Does your school offer any specific scholarships targeted toward adult students? Even if your school isn’t fully accredited for federal aid programs, your particular school might have other options that will ease the burden as you concentrate on your studies. Schedule an appointment to speak with your school’s financial aid office to find out the details. Are the college’s tuition and expenses affordable? It may sound complicated, but it is very important.

• Transfer Credits
Does your college accept all transfer credits?
How many and what kind?
Does it provide options for receiving college credit by examination or prior learning?

Transfer credits are especially important if you are interested in graduate school or an advanced degree. Speak with your admissions counselor immediately to make sure the program is fully transferable and meets all requirements. This can save you a lot of trouble down the road.

• Scheduling
Make certain that all your courses are presented at acceptable times for your schedule. Working adults, especially adults with family obligations, should seek out available night and weekend courses. The most convenient option for busy adults is the online degree program. These programs can be done in your home (or wherever you have an Internet connection), and many allow you to finish on your schedule. Is an online program for you? Here are a few questions you should ask yourself before you sign up for one.

• Staff
Does your chosen school require your instructors to be available for questions or extra help for a specific amount of time each week? Your admissions office should be able to tell you when your professors are available after class hours. Use your admissions office as a frequent source of information.

• Childcare
The college offers a community and support for adult students, but do they offer other convenient services such as childcare? Many technical and community colleges these days recognize the needs of the large returning-student population and will cater to their needs to keep them in class.