Financial Aid News, December 2007 Issue
This month, we’re going to examine some end-of-year tips for improving your financial aid eligibility, plus refresh the financial aid calendar so you know how to map out your 2008 plan.
As always, if you have comments or questions, please give us a call at 877-328-1565. If you know someone who should be getting this newsletter but is not, please forward them a copy.
Christopher Penn, Editor
http://www.FinancialAidNews.com
http://www.StudentLoanNetwork.com
PS: In our last issue, we asked our readers to share their own personal finance tips and creative gift ideas for the holidays. Check out what they had to say.
Featured SLN Announcement
Once you have maximized your federal financial aid, look into a private student loan to help cover the entire cost of education. With second semester right around the corner, an Act Education Loan is ideal for those additional expenses you may not have planned on, including transportation home for the holidays, a new computer, or books for the winter semester.Visit http://www.studentloannetwork.com/winter/index2.php
today or call a representative at 877-328-1565.
Featured Editorial: 5 Year-End Financial Aid Tips
As we approach the end of calendar year 2007, it’s a good time to turn our eyes to the future and start thinking about your 2008 financial aid efforts. Here are 5 advises to help you make the most of the waning days of 2007 with payoffs in the coming year.
1. See an expert. Many community banks and credit unions provide access to a certified financial planner for little or no charge, making them a great, hidden resource for figuring out your finances. Take the time to see one and review your personal finances. Get a sense for where you are and how your finances are currently set up.
2. Start writing scholarship essays. Scholarship season really starts in earnest in January of each year, and the sooner you can get your applications to a scholarship foundation, the sooner you can move onto the next application. Do your research for which scholarships would be appropriate to apply to, and download their applications. The most time consuming part of the scholarship search is the essay, so start writing now.
3. Make last changes and adjustments to your 2007 taxes. For instance, the FAFSA form derives much of its information from your IRS 1040, specifically your adjusted gross income (AGI). Whatever you can do to lower your AGI, such as making contributions to individual retirement accounts (IRAs), will benefit both your taxes and your financial aid eligibility. Consult with a certified financial planner to determine whether the tuition and fees tax adjustment makes more sense than the education tax credits which do not impact your AGI, as well as evaluate any other tax tactics you can employ.
4. Set goals. Set measurable, achievable goals for yourself in 2008, like a scholarship application a weekend. Create an application calendar to help facilitate your application priorities.
5. Get ready to file your FAFSA. The FAFSA process kicks off on January 1st, but having your IRS 1040 mostly completed will speed up the process, as will completing the FAFSA worksheets. Run through our FAFSA tutorials on FAFSAonline.com and make notes of where you have questions - then contact your financial aid officer or attend a College Goal Sunday event to get those questions answered.
For more information about the financial aid calendar, visit our Financial Aid 101 calendar at:
http://www.studentloannetwork.com/financial-aid-101/aidcalendar.php
Holiday Financial Tips from Our Readers
In our last issue, our staff got together and shared their holiday personal finance tips for making the most out of your money – giving great gifts, and not breaking the bank. We also asked our readers to share their personal finance tips and creative gift suggestions. Here’s what they had to say:· Don’t underestimate the power of the written word. What is unique about this person? Was there something special you did together, or he/she did for you or someone else? What is it about him/her that inspires you to be a better person? Write a few paragraphs about how this person has affected your life. People that don’t seem thrilled with all the gift-giving tend to like this type of gift. Hand them the letter with a hug and say, “I just wanted you to know that you are a very special person in my life.” This is my favorite gift to give, and especially to get.· You can register a friend or family member’s name as a domain name and give this registration as a holiday gift. Even if the recipient is not tech savvy, he or she will have ownership of the name when it’s needed in the future. It is becoming more important for people across many career fields to have an online presence and creating a career folio is a great way to do that.
· I received a personalized cookbook from my aunt last Christmas with recipes for my favorite dishes and a list of easy-to-prepare meals for during the school year. It comes in very handy whether I just want to fix up a quick, tasty meal that remind me of home, or try to impressive friends with an awesome appetizer.
· Get your friends and family members to stop using wrapping paper and switch to cotton reusable bags. Every year my mom makes bags for the gifts we give to others - and the following year our friends and family use the bags to give their own gifts. We reuse the same bags in our own house year after year. This action would cut the amount of wrapping thrown out and, needless to say, helps the environment.
· My younger cousin made me a CD of music completed with a set of handwritten liner notes explaining why she had chosen the song, why it was important to her, or why it made her think of me. I have blue eyes and there were a number of songs that mention blue eyes. The music was great but the personal liner notes made the present very special to me. It was a present that made me feel close to her and also appreciated.
· Last year for Christmas, I made small pillows (5″ x 5″) out of scrap fabric and filled them with soothing herbs, lavender, rose, etc. Buying these herbs in bulk at the health food store cost almost nothing. My friends loved these gifts and I spent only a small amount of my budget and my time in making them.
Last Words: Blog Highlights from SLN Experts
- I posted the procedure for changing lenders if you’re not happy with yours.
- Monique Leonard cautions against parental over-involvement.
- David Bonvie gives you a great two-step entry plan to make college as affordable as possible.
- Jon Rudy chronicles a less visible but still important milestone in your financial aid.
- Russ Ain lays out the details of how to avoid common financial tricks online.
- An important debate is happening about the cost of a college education and whether it’s worth it or not.
Please take a moment to rate these blog posts and many more at Financial Aid News Stories (FANS). http://www.FinancialAidNews.com/fans/
Scholarships
Have you registered for Scholarship Points, our free college scholarship awards site? Every month, we pick a lucky recipient for two hundred and fifty dollars; every quarter, we select a lucky recipient for $1,000. Visit: http://www.ScholarshipPoints.comHere’s a selection of awards from StudentScholarshipSearch.com - visit the site to see all the new awards (over 60!) posted recently: http://www.StudentScholarshipSearch.com/new/
- Fashion Institute of Design & Merchandising National Scholarships
- Kathi Bowles Scholarship for Women in Computing
- American Medical Technologist Scholarship
- Caterpillar Scholars Award
- E. Wayne Kay High School Scholarship
- AiCHe Minority Scholarship Awards for College Students
Keep in mind that you can get daily scholarship updates by listening to the Financial Aid Podcast (http://www.FinancialAidPodcast.com) and visiting the Student Scholarship Search website (http://www.StudentScholarshipSearch.com).
A Word from our Sponsors
Ever take out jackets from last year and find money in the pockets? Is that always a pleasant surprise? You’ll feel the same way after you combine your federal or private student loans. Cut your monthly payment by nearly half, simplify your budgeting, and start finding money in your pocket every month. Visit: http://www.StudentLoanConsolidator.comGet daily free financial aid information on your iPod or computer! Tune into the Financial Aid Podcast every weekday for news, scholarships, and great music. Money talks. Are you listening? Visit: http://www.FinancialAidPodcast.comWant to participate in our special drawing for a $250 scholarship? Tell us what you think about the SLN by taking our brief online survey (only takes a few minutes) and you’ll be entered into this special drawing for a scholarship or an Amazon.com gift certificate if you are not currently in school. Take our survey at: http://www.studentloannetwork.com/survey/index.php?code=SLN1107C
The Very Last Word
Financial Aid News is a publication of the Student Loan Network.
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