Archive for the ‘Uncategorized’ Category

10 Options To Consider If You Can’t Pay Your Student Loan Bills

Saturday, January 7th, 2017

If you are a high school senior who will attend college in the fall, you need to understand the pressure and burden that follows when you take out massive student loans to pay for college. If you are a college grad and currently staring down the barrel of an overwhelming student loan repayment, you already feel this pressure and burden.

While putting off payments and hiding from bill collectors may seem like the only immediate solution, falling behind on your student loans can have a serious financial impact, especially since the IRS is the collection agent for student loans.

However, there are options that can help you to make your student loan repayment more manageable, and here are ten of those options listed by the Boston Globe:

1. Know What You Owe

The first step in getting your student loans under control is understanding how much you owe, what the monthly payments are, and where to send them. You should always hang on to all your loan paperwork, but if you didn’t, your college financial aid office should have provided you with a complete breakdown during your student loan “exit interview.” If you didn’t hang on to your exit interview folder, visit the National Student Loan Data System for a complete list of all your federal student loans. Your private student loans can be located by requesting a copy of your credit report.

2. Know What You’re Working With

The two major types of student loans are federal (government-backed Direct Stafford Loans, or Perkins Loans) and private (non-government-backed, issued from a private lender). Federal student loans usually have fixed interest rates and offer flexible repayment plans. Private student loans often carry variable rates and less flexible payment options.

If your loans are federal, there are a variety of options to help you lower or postpone your monthly payment. If your loans are private, though, all is not lost – contact your lender immediately and let them know you can’t make the monthly payment.

3. Postpone Payment With A Deferment

Unemployment, extreme economic hardship, enrolling in school at least half-time, or active military duty may qualify you to temporarily postpone payment on federal student loans with a deferment. If your loans are not subsidized, you may be responsible for the interest that accrues during the deferment, increasing the total amount you owe.

There are many different types of deferments and each one has terms and conditions. To qualify for the unemployment deferments, you be must be working 30 hours a week or less and actively seeking full-time employment. You must renew this deferment every six months and can receive it for a lifetime maximum of 36 months. If you do not qualify for the unemployment deferment, talk to the company that collects your student loan payment or check out http://www.asa.org for a complete list of other deferment types and their requirements.

4. Extend Your Payments

If you took out your oldest federal student loan on or after October 7, 1998, and you have at least $30,000 in loans, you can extend your repayment period from 10 years to as long as 25 years. This lowers your payments, but it increases the total interest you pay over the life of the loan-making your loan more expensive. You may want to consider extending your repayment by only a few years, instead of the maximum time available, to save money in the long run.

5. Choose A Graduated Repayment Plan

If you don’t make a lot of money currently, but think you will in the future, you can lower your federal student loan payments for a while – without extending your repayment period – with graduated repayment. Graduated repayment lets you pay just the interest on your loan for two-to-four years. Payments then increase gradually so the loan is repaid in the standard 10 years. When choosing this schedule, make sure to plan for those larger payments. Graduated repayment can increase the total amount of interest you pay.

6. Base Your Payment On Your Income

If you have high student loan debt but low income, there are two different repayment plans that may help: income-contingent for Direct Stafford Loans, and income-based for Direct Stafford Loans. While the details of each plan vary slightly, basically your monthly payment is based on some percentage of your discretionary income and/or family size.

In general, you must display partial financial hardship to qualify and your repayment amount could change annually based on your financial situation. You are still responsible for interest that builds up over the length of your payment period. The Income-Based and Income Contingent Repayment options allow any outstanding balances to be forgiven after 20 years of payments.

7. Consolidate Your Loans

If you are having trouble keeping track of multiple student loan payments, consolidation could help. Consolidation loans combine one or more federal student loans into one new loan. Federal Family Education Loans and Direct Loans can be consolidated together. Standard repayment is set at 10 years but you may be able to extend to a maximum of 30 years. Consolidation loans can’t be reversed but can be reconsolidated to add additional eligible education loans. From now until June 30, 2013, you may be eligible to consolidate your loans even if you’re still in school – talk to your financial aid office to see if it’s right for you.

8. Postpone Payment With A Forbearance

If you don’t meet the criteria for a deferment, you may qualify for forbearance. In most cases, forbearance is granted solely at the discretion of the company you make payment to. Forbearances are usually reserved for cases of financial hardship or illness. You will be responsible for all interest that accrues and at the end of the forbearance, the interest is capitalized (added to the principal balance of the loan).

Deferment and forbearance are both preferable to missing loan payments. But, before postponing repayment, see if it makes sense for you to lower your payments with a different repayment schedule. There are limits to how much deferment and forbearance time you can use.

9. Have Your Debt Forgiven

If you work in a profession like teaching or public service, you may be able to have all or part of your federal student loan debt forgiven. There are many different types of Teacher Loan Forgiveness available depending on when you took out your loans, where you teach and what subjects.

Public Service Loan Forgiveness forgives loan balances of eligible, full-time public service employees after they make 120 qualifying payments. Your loan must be in good standing (not defaulted) to be forgiven and only Direct Loans are eligible. If you have Federal Family Education Loans, you can gain eligibility for forgiveness by consolidating your loans into a Direct Loan.

10. Be Proactive

If you’re having a hard time making your student loan payment, the worst thing you can do is ignore the problem. There are federal programs that can help and often private lenders are willing to work with you on a solution. Contact the company that you send your student loan payment to and be frank about your situation. Ask them about all your repayment options to avoid delinquency and default. Being proactive early will allow them to provide you with the broadest number of options, without hurting your credit rating.

The author of this newsletter is Brock Jolly.

If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.

Do You Have A Game Plan For Financing College? If Not… It Could Cost You Thousands Of Dollars!

Saturday, November 5th, 2016

Each year we are amazed at the lack of planning that some families put into college, especially financing college. The proof of this lack of planning comes out when we ask these simple questions in the initial interview with the student:

  1. Why do you want to go to college?
  2. Where do you want to go to college, and why?
  3. What career (vocation) are you looking at, and why?

The lack of thought process is evident when we get answers from students such as; “I don’t know”, or “Because that’s where my friends are going to school”, or “I’ll figure that out once I get in school”. Simple answers like this not only show a terrible lack of planning, but will almost assuredly cost these families a minimum of $10,000 to $20,000.

Why is it so imperative that both students, and their parents, plan ahead?

  • With deficits in the billions of dollars, most states have little money to subsidize their state universities. As a result, the cost of these state universities are now over $25,000 per year, per student.
  • Ten years ago you could pay for college expenses with a few low-cost loans. Today, stafford (student) loan interest rates are 3.76% and it’s not uncommon today for students to graduate from college with $25,000 to $40,000 of debt.
  • The cost of college is now so high that parents must shell out a huge chunk of their own income and savings, and yet they still need to borrow as much as $100,000, or more, for education.
  • Regardless of the fact that the current unemployment is 5.1%, many students that graduate today cannot find jobs in their field of expertise and end up waiting tables at a local restaurant, or in other low-paying fields.

Today, building a game plan to pay for college is a MUST! Here’s just a few things both students and parents should consider when creating that plan:

Student To-Do List

  • Career Assessment – this could help you avoid the 5-6 year degree due to a mid-stream change in major.
  • College Selection – rework your choices to 6-8 colleges in order to create the maximum competition among colleges and increase your potential tuition discounts.
  • ACT/SAT prep – a minimum increase in your scores could boost your chance for merit scholarships.
  • Campus Visits – conduct face-to-face visits with admissions and financial aid officers so you know exactly where you stand.
  • Extracurricular Activities – maximize your resume of achievement.
  • Grade Transcript and Essay Preparation – have these ready to go for early applications and acceptance.

Parent To-Do List

  • EFC Planning – estimate your financial aid eligibility so you know exactly the amount of scholarships and loans the student can receive.
  • Loan Planning – understand exactly how much education debt you can incur without jeopardizing your current budget, or your retirement funding.
  • Tax Planning – review your 1040 tax schedules to discover potential tax savings that can be converted to funding college costs.
  • Cash Flow Planning – review your investments, health costs, insurance costs, mortgage costs, and current living expenses to discover potential areas of cash flow improvement that can be used for college costs.
  • Investment Planning – review all your investments to discover the “real rate of return” (Internal Rate of Return). Many hidden costs can be converted to cash flow that can be used for college.

Now is the time to take a proactive approach to college planning because most of your advantage in time, money and leverage may soon be gone.

If you have a high school student that plans to go to college in the next four years, and you have no idea how to develop a college game plan, then please contact us ASAP for a free consultation. It’s what you don’t know that will eventually cost you!

The author of this newsletter is Brock Jolly.

If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.

Financial Aid– It’s Time to Apply

Tuesday, September 6th, 2016

Jen R

 

It’s almost time to apply for financial aid!
Did you know the dates for the FAFSA® have changed?
For those who will go to school beginning 2017-2018, students can fill out the FAFSA® as early as October 1st.  Let’s try to get it done before the holidays!  You’ll use the 2015 tax returns, so for most, you should already have all you need.

Here are a couple of best practices:
You should fill out the FAFSA® even if you don’t think you will get need based aid.  It will give you access to federal loans that you may want to use and many merit scholar-ship programs require you to have filled out the FAFSA®.
Know which assets count and which do not and make sure you fill it out correctly.
Watch for priority dates at the schools to which you are applying and don’t miss them.
Check if the schools to which you are applying also take other forms such as the CSS Profile® or their own forms.

Fill out the FAFSA® every year, as your numbers can change, especially when you have two or more students in school at the same time.

And always consider meeting with a financial advisor to make sure you are doing eve-rything you possibly can to fund college costs efficiently!

 

Franklin Butler, CFP®, CLU® and Jennifer Rose, MBA®, CLU®, ChFC®, are Financial Planners and regular educators in community and professional groups on college financing, tax reduction strate-gies, and retirement planning. Their practice is dedicated to helping families implement creative long-term financial strategies to fund college and retirement with minimal out-of-pocket cost.  For additional questions, please feel free to call Jen at 804-301-2375 or Frankie Butler at 804-305-5587.

Don’t Use Your 401(K) To Pay For College!

Monday, July 18th, 2016

Piggy Bank for CollegeAs the cost of college heads for the stratosphere and student loans become more costly due to higher interest rates, many families may find themselves a bit cash-strapped and begin to look at their retirement fund (401k, 403b, IRA) to cover their education expenses.

While it’s a natural tendency to want to do all you can financially to make sure your kids get the best education possible; we highly caution against tapping your nest egg to pay for your children’s education. Why?

Consider this:

The average age of parents with college bound kids is 40-45. These parents are at the back-end of the Baby Boomer wave. Twenty years from now when these current college bound parents are approaching 65 years of age, the majority of baby boomers will be 70-80 years of age!

This huge number of older Boomers may end up draining the government’s Social Security and Medicare/Medicaid coffers. Will the government have to raise YOUR taxes to offset these older Boomer’s old age costs? If so, the amount of money you will have available for retirement could go down!

Did You Know That Your Retirement Plan Is Fully Taxable?

Since your 401k/403b/IRA is fully taxable at ordinary income tax rates, raising taxes to support these older Boomers at the time of your retirement could dramatically reduce the amount of money you’ll have to live on… when you need it the most!

In addition, if you do borrow money from your 401k to pay college expenses and then switch jobs; please be aware that the loan must be paid back right away, typically within 60 days of the time you leave. And if you don’t have the cash to pay off the 401k loan, then the loan balance may be considered a taxable distribution. This means you would owe ordinary income tax plus a 10 percent penalty if you’re under the age of 59½.

Nobody can predict whether the government will raise taxes to offset the aging costs of baby boomers. However, as a parent with college bound children, you need to look at the bigger picture. You need to plan for college by addressing your retirement first.

Before you ever consider taking money from your retirement account to finance your children’s education, please give us a call. We may have alternative strategies that can help you pay your college expenses without raiding your retirement accounts.

The author of this newsletter is Brock Jolly.

If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.

If You Visit Colleges During The Summer Months – Look Beyond The College Brochures

Wednesday, July 6th, 2016

Stanford_13677363 copyDon’t judge a college by its brochure! If you’re serious about going to college, then you need to look beyond those expensive, glossy, full-color college brochures, or fancy websites, which tout the institution’s image and credentials.

To get the most out of your campus visit, you must gather first-hand intelligence about the schools on your list. And the summertime is an excellent time for high-school juniors (who are about to become seniors) to plan summer/fall college visits.

The most important source of information about a college is the personal impression you receive from visiting the campus. Personal visits are mandatory. Unless you actually visit your candidate schools, you’ll never know what it’s like to be there.

Going to college is one of the most important decisions that a young person makes and with over a million students starting college every fall, the campus visit is serious business. However, most visits fall far short of their potential. This is because prospective students and parents don’t ask the right questions and they end up settling for the information that institutions routinely provide. Does it really matter how many books are in the library, or how many faculty members have Ph.D.s (which says nothing about their ability to teach)?

Many research studies show that what matters most to a high quality undergraduate experience is whether students engage in a variety of educationally sound activities, inside and outside the classroom. The more students study a subject, the more they learn about it.

Likewise, the more students practice and get feedback on their writing, analyzing, or problem solving, the more adept they become. And the more experience they have with people from different backgrounds, the more sensitive, comfortable and effective they will be when working with such people. Simply put, the more engaging the college, the more students learn.

Surprisingly, students hear almost nothing about “learning” when they visit campuses. But they can find out by asking certain questions of tour guides, admissions staff and faculty members. Answers to the following questions will reveal things about a college that you may never discover otherwise:

  • How much reading and writing is assigned in the first year?
  • How often do students meet with faculty members outside of class?
  • Are students encouraged to work together to solve problems or work on projects?
  • In what ways is information technology used in the classroom?
  • Who do students talk with about career plans? Do they have a career center?

The summer is a great time to visit colleges, but asking the right questions can reveal matters of substance and style that reflect the educational quality of a college. If your student plans to visit colleges this summer, give us a call first. We can help you get the “inside information” during your campus visit.

The author of this newsletter is Brock Jolly.

If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.

How Out-Of-State Students Can Get In-State Tuition

Wednesday, June 15th, 2016

One way to reduce the cost of higher education is to attend a public university. However, the student may face a huge “cost premium” if he or she does not qualify as a resident of the state where the public university is located.

In the past, elaborate rules for in-state tuition qualification were established to safeguard taxpayer-subsidized public universities. Here are a few guidelines to these rules:

  • Twelve months : Generally, students must live in the state for a minimum of 12 months, prior to enrolling, in order to gain residency status.
  • Proof of residency : Students need to provide voter registration, car registration, and conversion of their driver’s license as proof that they lived in the state at least 12 months prior to enrolling in school.
  • Relocation purpose : Most states won’t grant residency if the student’s purpose for moving was primarily educational. Students must usually demonstrate financial independence in the state for at least 12 months prior to enrolling in school.
  • Dependency : If parents claim the student as a dependent on their taxes, the student is considered a resident of the state in which the parents hold residency. If the parents move to a different state, the student’s residency may not change. If the parents are divorced and live in different states, the student may qualify for residency in both states.

However, while many popular public universities still do slap out-of-state students with a large tuition premium, such as U of Michigan, U of Colorado, and U of Vermont, many public colleges in less populated areas are eager for students and are willing to cut good deals.

At some of these colleges, the out-of-state tuition is so low that the total annual cost of attendance is less than $18,000 per year. Since many large public universities have total sticker prices in excess of $25,000 for their own in-state residents, this means it can be cheaper for some students to attend public schools out of state. In addition, some of these public schools also award extra scholarships to better-qualified students, bringing their out-of-state costs down even further.

Some colleges are so eager to attract out-of-state students that they are making it easy for students to qualify for in-state tuition, such as Eastern Oregon University, which doesn’t charge an out-of-state tuition premium.

Other schools waive out-of-state fees for students who meet minimal qualifications, such as the University of Louisiana at Lafayette, which awards out-of-state tuition waivers to students with SAT scores of at least 1,500 and GPAs of at least 2.5.

The bottom line is many lesser-known public universities are now offering deals for out-of-state students to come to their college. Never assume that you can’t negotiate a deal for yourself at any college. If you don’t try, you surely won’t succeed. Call the college registrar’s office to determine their rule for residency status.

The author of this newsletter is Brock Jolly.

If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.

10 Items You Should Research Before Ever Committing To A College

Wednesday, June 1st, 2016

High school juniors will begin to look seriously at colleges soon and some of the key factors that these students will look at in their college search is 1) the looks and size of the campus, 2) the quality of campus life, 3) the honors and study-abroad programs, 4) fraternities and sororities, and 5) the sports programs. However, before the student makes a commitment to any college, here are ten other areas to consider:

1. The number of course requirements

Course requirements vary widely from school to school. You don’t want to find yourself mired in courses that don’t interest you, while you’re unable to take electives in the areas that do interest you.

2. The flexibility of course requirements

Schools that require specific courses can put you in a bind if you’d rather take more advanced courses, or if you need to take more remedial courses, to fulfill that requirement. Be sure to check that the school allows a choice of course levels to satisfy the various requirements. Also, keep in mind that many top professors avoid teaching required courses that route hundreds of students through the course.

3. The availability of your college major

Never assume that your college of choice offers every possible major, especially if you have a very specialized major in mind. It’s critical to check the list of majors at each college. At certain colleges, some majors are not open to all students, especially those majors that require talent or training (music or art), or those majors that are extremely popular (psychology or journalism).

4. The availability of your desired classes

In the past few years; college enrollments have risen, but the faculty size has not grown commensurately. As a result, there may be very long wait lists for some classes and shortages in first-year classes for students who did not register on the first possible date. Be sure to check the availability of your desired courses before sending in your acceptance letter to the college.

5. The availability of professors teaching the course

At many state universities, a significant number of instructors are graduate students. It’s important to know how much of your instruction, especially in the first years of college, will be designated to graduate student teachers. It’s ok if a regular professor gives the lectures and the grad student leads discussion sections; however, the real issue arises at schools where grad students are allowed to teach entire courses on their own.

6. The student/faculty ratio

If you attend a school with 10 to 20 students per faculty member, you’re likely to get a lot of individual attention from the faculty. Once the number of students per faculty member goes above 20, you may not get much hand-holding from a professor.

7. The percentage of students who graduate

A school with a graduation rate over 80 percent is good and a graduation rate of 60 to 80 percent is quite normal; however, a school whose gradation rate is under 60 percent is not good. Also check out the average time a student takes to receive a degree. You may want to avoid schools whose students take an average of six to seven years to graduate.

8. The quality of the career placement department

Very few students even think to ask about the career placement department, but this should be a key item on your checklist assuming the student would like to graduate with a job. Students should ask questions such as, what job placement services are provided by the placement office, what percentage of graduates will be employed prior to graduation, and which companies and organizations recruit your graduates?

9. Are you required to take computer–taught or on line classes

To save money, some colleges use computer programs for course instruction, or have their lectures posted online, rather than use live instructors. It’s the new do-it-yourself method of instruction, which may not be the best learning experience for the student.

10. The total cost of college

If you plan to attend college then you should know up front what the total cost of college will be to get a degree. The student should also research any opportunities to receive financial aid to help offset that total cost. You will need to find the answers to questions such as, how does the college financially reward a good student, what forms are used by the college to determine financial aid eligibility, what non-need or merit grants and scholarships are available from the college, and what is the average debt incurred by each student upon graduation?

How can a student get this much needed information from the various colleges? Check out the college guides and the college websites themselves. Ask admissions officers, students, and recent graduates of the schools. Send e-mails to the appropriate college contacts. Regardless of how you get this information, it is very important in order to make the best possible college choice and get the most out of your college experience.

The author of this newsletter is Brock Jolly.

If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.

The Private Scholarship Game (Part 3) – Frequently Asked Questions

Saturday, May 21st, 2016

Q: How can I find out about what scholarships are out there?

A: Your best scholarship research sources include: The Internet (try the free scholarship search engine located at the FastWeb website http://www.fastweb.com), your local community (contact your local chamber of commerce); and your high school guidance counselor.

Q: Can I apply for a scholarship if I don’t know what college I’m going to attend?

A: Yes. You actually can start applying for scholarships as early as your freshman year in high school. If you win a scholarship before you know which college you’ll attend, the scholarship organization either will write you a check if you promise to use the money for college, or will give you the money when you decide where to go.

Q: Should I have to pay a fee to apply for a scholarship?

A: In most cases, no. Since scholarships are meant to support students who need funds to pay for college, they shouldn’t require those same students to shell out money. In most cases, scholarships that require a fee are scams.

Q: If I didn’t win a scholarship, can I apply again next year?

A: Yes. Unless you no longer qualify, you can apply for a scholarship again. However, consider if your application will be dramatically stronger the next time around. If you will essentially submit the same application, you probably will be better off spending your time to apply to a different competition.

Q: Can I lose my scholarship once it’s been awarded?

A: Yes. Most scholarships that are renewable, which means that you win them for more than one year, have requirements for you to keep the award. These can be requirements that you continue to attend the same college, maintain a certain GPA or keep the same major.

Q: Can I apply for scholarships while I’m a college student?

A: Yes. One of the biggest mistakes that many students make is that they stop applying for scholarships once they graduate from high school. There are literally thousands of scholarships for students in college and even graduate students. Some of these awards are only open to students who already are in college.

Q: If I win a scholarship, will my college take away some of my other financial aid?

A: Maybe. Many colleges require you to report the scholarships that you win and then adjust your financial aid package. For example, if you win a $1,000 scholarship, the college may decrease your financial aid package by $1,000. If your college has this kind of policy, you can ask them to decrease your loan amount instead of grants. It’s better to receive more in scholarships that you don’t have to pay back than in loans that you do.

Q: Can I transfer my scholarship if I go to another school?

A: Maybe. If the scholarship is from a college, you can only use it at that specific college. If the scholarship is from another organization, you can probably transfer the scholarship with you. It’s important that you contact the awarding organization to ask and make any necessary arrangements.

Q: Should I bother applying for scholarships even if I don’t have perfect grades?

A: Yes. There are scholarships for achievement leadership, public service, art, athletics, theatre and dance. Plus, even for scholarships that are based on grades, oftentimes grades are not the only factor. Instead, they seek the students who best fit their selection criteria, which may include other factors like character, motivation, leadership or involvement in activities.

Q: Do all scholarships require an essay?

A: No, but most do. Essays are the best way for scholarship judges to get to know you beyond your grades, test scores and other data that you provide on your application form. There are some scholarships that don’t require essays, especially ones for art or music that require a portfolio or project instead.

Q: Can I win a scholarship if my parents make too much money?

A: Yes. There are two types of scholarships: need-based and merit-based. As the name suggests, need-based scholarships are based on your financial need and your parents’ income. Merit-based scholarships are based on other factors such as academic or extracurricular achievements.

Q: What is a renewable scholarship?

A: Renewable scholarships can be won and reapplied for again in the following years. They are the best kind of scholarship because you can win the money for more than one year.

The author of this newsletter is Brock Jolly.

If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.

The Private Scholarship Game (Part 2) – How To Increase Your Odds

Wednesday, May 4th, 2016

 

Berkeley_9432665 copyHigh school juniors need to turn their attention to private scholarships now. There are many scholarships with applications that are due in the fall of the student’s senior year. If you delay this process due to procrastination or because you are preoccupied with upcoming summer activities, you could lose a major opportunity to get money for college.

The worst way to apply for private scholarships is by using the so-called “shotgun” approach. This is where you blast out an application, often hastily written, to every scholarship that you find. Unfortunately, this approach will most likely result in a pile of rejections.

To win a scholarship, you need to be selective in the application process. This means that for every 10 or so scholarships you find, you may only end up applying to one of them. But how do you find the scholarships that are right for you? And how do you make sure you won’t miss out on scholarships with fall deadlines?

The following tips will help you in your search for private scholarships:

  1. Begin your scholarship search during the summer of your junior year, or earlier. The number one reason most seniors miss the fall scholarship deadlines is because they do not start their scholarship search until the spring. Either on paper or computer create a master file of the awards you want to apply for, along with their deadlines.
  2. Start preparing in advance. For the scholarships that are due in the fall, make them a part of your normal homework routine. Work on them a little every day. This will prevent you from being overwhelmed and ensure that you don’t turn in a hastily completed, last-minute application.
  3. Reuse your college application essays for scholarships. You can save yourself some time by pulling out pieces from your college admission essays and reusing them in your scholarship essays.
  4. Start by throwing your scholarship net far and wide. To find the right scholarship, you need to have a lot to choose from. Search the Internet , scour scholarship books, talk to your counselor and look in your community. Your job is to find as many scholarships that you could apply for.
  5. Look for scholarships within your interests. Instead of finding scholarships that match your interests, why not look at your interests to find scholarships. If you’re interested in computer graphics, check out all of the makers of the software and hardware that you use for awards.
  6. Focus on your community. One of the best places to find scholarships is in your community. Not only are there a lot of awards, but many of them are specifically designed to help students within the community. Therefore, as a resident, you are already pre-qualified.
  7. Read your local newspaper. Community newspapers often announce scholarship winners. Use this information to learn about local scholarship opportunities and also to do some research on who wins the scholarships.
  8. Ask for help from your high school counselor. Guidance counselors normally receive an abundance of information on various private scholarships. Take advantage of their knowledge.
  9. Start eliminating scholarships that don’t match you. Look at your list of scholarships with the idea of eliminating those that simply don’t match your background and talents. Don’t feel bad since each scholarship that you remove means less time wasted and more time you can spend on scholarships that you can win.
  10. Prioritize your scholarships. After you have eliminated the obvious awards that don’t match you, the next step is to prioritize the awards that do. You will need to be familiar with each scholarship and understand the goals behind the reason for giving the award.
  11. Consider timing. There’s more to your life than applying for scholarships, which means that you will need to consider deadlines when deciding which scholarships to apply to. You simply can’t apply to every scholarship, and you’ll need to use this as another way to prioritize.
  12. Don’t despair even if you do miss a deadline. The secret to winning scholarships is that you must apply not only when you are in high school but throughout college as well. Apply for the awards that you haven’t missed and get ready for next year when, as a college student, a whole new door of scholarship opportunities will open to you.

When it comes to winning private scholarships, the early bird really does get the worm. If you’re a junior in high school looking for private scholarship money, don’t try to do it alone. Contact our office ASAP. We have experts in college planning that can point you in the right direction.

The author of this newsletter is Brock Jolly.

If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.

The Private Scholarship Game (Part 1) – The Top 10 Do’s and Don’ts

Wednesday, May 4th, 2016

Dartmouth_552x240Most college scholarships and grants are available through the Federal and State governments, which are ultimately controlled by the colleges themselves.

However, there are a few Private scholarships that are available through outside, private sources. These private scholarships are very competitive though, and scholarship judges may spend just a few precious minutes or even seconds reviewing the scholarship application.

With such a finite amount of time to make a lasting impression on these important decision makers, it’s crucial that the student make the most of this opportunity. If not, the application may be on the fast track to the circular file.

Here are the Top 10 Scholarship Do’s & Don’ts that you must know to increase your chances of winning a private scholarship:

The Do’s

Search in your own community first . Your community is one of the biggest sources of scholarships. Find out about these kinds of awards by contacting your local chamber of commerce, community chest, Rotary, etc. and by reading your community newspaper, or searching the Yellow Pages under Foundations.

Choose quality over quantity . You’ll need to prioritize which scholarships to apply for. Instead of trying to apply to as many scholarships as possible, try to apply to the scholarships that best fit your strengths, interests and qualifications.

Understand the purpose of the scholarship . Scholarships may be designed to encourage students to enter a specific career field, to reward students who contribute to their communities or to help underserved students enter higher education. Use this information to guide how you write your scholarship application.

Follow the directions . Make sure you take the time to ensure every “i” is dotted and “t” is crossed. Include all the information and forms requested, and answer every question.

Write an essay that demonstrates why you should win . The scholarship application gives the scholarship judges a sense of who you are and what’s important to you. Think about what skills and qualities the scholarship judges seek and then describe how you match them.

Get feedback from editors . You can’t write a strong scholarship essay in a vacuum, and editors are the best people to help. Friends, teachers and even parents can make great editors.

Proofread . No matter how strong of an applicant you are, it would be difficult for a scholarship judge to overlook spelling or grammatical errors. Proofread your application and essays carefully, and have your editors do the same.

Practice for interviews . Ask a friend or parent to do a mock interview with you to prepare for the real thing.

Ask your parents for help . Mom and Dad are capable of doing more than writing the tuition check. They can help you find scholarships, keep track of deadlines and give you feedback on your applications and essays.

Brag a little about yourself . You need to let your best self shine through in your scholarship applications – don’t be bashful about discussing your accomplishments.

The Don’ts

Don’t overlook your high school guidance counselor . Helping students pay for college is not their job, but you can take advantage of the knowledge they’ve accumulated over the years.

Don’t ignore the Internet . Use the many FREE scholarship searches available on the Internet to find more scholarships.

Don’t ignore small awards . When there are scholarships worth tens of thousands of dollars, you might think you shouldn’t bother with the “small potato” awards. The truth is that a $1,000 scholarship is $1,000 less that you will need to come up with for college.

Don’t think that you have to be an academic or athletic superstar to win . There are scholarships based on leadership, art, music, theatre, community service and more.

Don’t be a victim of a scholarship scam . Never pay for an online private scholarship search. You can find private scholarships on your own, and applying for these private scholarships should always be free.

Don’t use the shotgun approach . Remember that all organizations that award scholarships have different selection criteria. This means that the same application won’t work for all of them.

Don’t forget to answer the question in your essay . There’s a reason why the scholarship organizations provide the essay questions. They want to know your answer. An essay can be very well written, but if it doesn’t answer the question asked, then it’s not going to win.

Don’t wait until the last minute . You may think that you do your best work on the day before the deadline at 3 a.m., but if you review your work you’ll probably see that you don’t. Take the pressure off, and allow yourself more time to complete an application.

Don’t turn in an application that is incomplete . Scholarship organizations receive far more applicants than they can support. Don’t give them a reason to take you out of the running for not having a complete application.

Don’t think that it’s impossible for you to win . Every student who has won a scholarship has thought this. And guess what? They won, and you can, too!

The author of this newsletter is Brock Jolly.

If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.