In this issue:
- Introduction
- Student Loan Updates
- Scholarship Updates
- Featured Article: When Enough is Not Enough
- A Word from our Sponsors
- Privacy and Subscription Information
- Back Issues
- Sponsor this newsletter!
Welcome to the April 2006 issue of the Financial Aid Newsletter. This month, we've got a close-up on Stafford Loans, financial aid award letters, and what to do when your award letter provides you some aid, but not enough to pay for the cost of college, plus the usual scholarships and good stuff.
Enjoy this month's newsletter, forward it to your friends, and please send feedback to financialaidpodcast {at} gmail.com with any comments, suggestions, etc.
Christopher S. Penn
Publisher, The Student Financial Aid News
Producer/Director, The Financial Aid Podcast
A Publication of the Student Loan Network
1250 Hancock Street, Suite 703N
Quincy, MA 02169
Featured Sponsor: Stafford Loans !
Stafford loans are the first loans to turn to when you need a student loan. The federal Stafford loan offers flexible repayment terms, low interest rates, and an easy application process. Loans can be applied for at any time of year, so if you just received your Student Aid Report or financial aid award letter, apply now to beat the rush. Visit:
Stafford loans at http://www.StaffordLoan.com
Be sure you have filled out your FAFSA at http://www.FAFSAonline.com before you apply.
Not qualified for federal financial aid? Not enough financial aid? Try:
http://www.PrivateStudentLoans.com
or if you're a graduate student, visit:
http://www.GradLoans.com/private
It's been a HUGE month for scholarships at our free scholarship search web site, www.StudentScholarshipSearch.com - stop by today. Here's a selection of recent awards.
+ Apple Computer Apple Scholars Program
+ http://www.studentscholarshipsearch.com/New/2006-03-30.php
It’s a new college scholarship program that rewards students for their innovative use of technology in their schoolwork. This year, we will select ten college-bound high school seniors from across the nation based on each student’s innovative use of technology in academics. $2,000 plus Apple gear.
The Boston College Presidential Scholars Program is a university-wide co-curricular four-year honors program whose members have been recruited as incoming freshmen from the top 1-2% of the national applicant pool, based on academic achievement, leadership potential and an orientation toward service to society. It carries a four-year, full-tuition scholarship and is limited to fifteen incoming freshman per year.
The Marine Corps Scholarship Foundation is a non-profit, tax exempt corporation of volunteer men and women dedicated to providing financial assistance in the form of scholarships for higher education to deserving sons and daughters of United States Marines and children of former Marines, with particular attention being given to children whose parent was killed or wounded in action.
Awards of Distinction * Covers all tuition and fees and includes a $800 annual book stipend. * Must have a minimum grade point average (GPA) of 3.75 - may be calculated at end of junior year. * Requires full-time enrollment (minimum of 12 credits during fall/winter semesters). * Available to current year high school graduates. * Renewable for students who complete 26 credits their first year with a GPA of 3.25 or higher.
A limited number of these prestigious, full-tuition scholarships are offered to full-time students (12-18 credits per semester). Recipients living on campus also are eligible for an additional University Grant of $5,800 for housing. The scholarship is awarded for four years of undergraduate study. Eligibility is determined based on the overall strength of the academic pool. If you have an impressive academic record, St. John's University will reward your efforts. Our selective Academic Scholarship Program recognizes academic achievement.
Remember, you can get daily scholarship updates by listening to the Financial Aid Podcast and visiting the Student Scholarship Search web site!
http://www.StudentScholarshipSearch.com
http://www.FinancialAidPodcast.com
Featured Article: When Enough is Not Enough
Financial aid offer letters are beginning to arrive in mailboxes around the country. These letters, if you've never received one before, are pretty straightforward. The letter begins usually with a computation of the cost of attendance at the university. Your financial aid is presented, and then the expected contribution of the family. Here's an example award letter:
The University of Buckleshoe
Dear Bright Student:
After reviewing your FAFSA, we are pleased to provide you with the following financial aid offer. This award is contingent upon anticipated annual renewal of funding from federal, state, and private sources.
Total Cost of Education: $22,500
Parent/Family Contribution: $3,000
Student Contribution: $150
Total Financial Need: $19,350
Financial Aid Available
Pell Grant: $600
School Grant: $100
StudyHard Scholarship: $2,000
Work study: $2,000
Perkins Loan: $1,500
Stafford Loan: $2,625
Total Financial Aid: $8,825
Amount Not Covered By Aid or Contribution: $10,525
If you accept this aid package, please sign, date, and return this letter to our financial aid office.
Yours truly,
Buckleshoe Brimstone
Financial Aid Officer
In this example, even with financial aid and scholarships, there's still a significant amount of money - $10,525 - that the school is essentially saying you'll need to locate funding for. So, what do you do when enough is not enough? There are a series of steps you can take to help pay for the remainder of the tuition you owe.
Step 1: Touch base with your school's financial aid office. Financial aid officers are empowered to execute what is called "professional judgement", allowing them to adjust your aid package under certain circumstances. Let's say, for example, that you are estranged from your parents. Even though the FAFSA and EFC indicate a parental/familial contribution, you know one is not forthcoming. Speak with your school's financial aid officer, bring any and all documentation about your situation (make additional photocopies in advance for your financial aid officer), and they may be able to help you.
Step 2: Hunt for more scholarships. Every dollar of scholarship aid you get is a dollar you don't have to pay out of pocket or pay back as a loan. Use our free scholarships database at http://www.StudentScholarshipSearch.com or listen to our daily podcast to find scholarship opportunities. Use search engines like Google, Yahoo, and MSN to locate more scholarships online. Scholarship hunting is a year-round occupation - be sure
Step 3: Apply for private student loans. Private student loans can help bridge the gap between the aid you've been awarded and the total cost of your education. Visit:
http://www.PrivateStudentLoanss.com
or if you're a graduate student, visit:
http://www.GradLoans.com/private
And now a word from our sponsors...
Student loans of every kind and type! Get them while you can - here's a compendium of student loan and financial aid resources online:
- http://www.StaffordLoan.com - for federal Stafford loans
- http://www.ParentPLUSLoan.com - for PLUS loans for parents
- http://www.PrivateStudentLoans.com - private student loans, no FAFSA
- http://www.GradLoans.com - graduate, law, and medical students
- http://www.InternationalStudentLoan.com - loans for itinerant students
- http://www.StudentLoanConsolidator.com - make your loans affordable after graduation
Other Financial Aid Sites
- http://www.StudentScholarshipSearch.com - free scholarship database
- http://www.GotScholarships.com - premium scholarship database
- http://www.InternationalScholarships.com - international student awards
- http://www.FAFSAonline.com - free FAFSA filing information
- http://www.FAFSAonline.com - free FAFSA information service
- http://www.FinancialAidPodcast.com - daily free financial aid info
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