Financial Aid News December 2005 Issue
In this issue:
- Introduction
- Featured Article: Scholarship Search Secrets, Part 2 of 4
- Interest Rate Update
- Public Service Announcement
- Scholarship Update
- A Word from our Sponsors
- Privacy and Subscription Information
- Back Issues
- Sponsor this newsletter!
This month, we continue the Scholarship Search Secrets newsletter, plus a selection of scholarships from our new StudentScholarshipSearch.com web site. If you haven't stopped by yet, you should - it's completely free to use, and filling up with scholarships each day. Visit:
http://www.StudentScholarshipSearch.com
As always, please share The Student Financial Aid News with your friends, family, and colleagues, by simply forwarding this message, or letting them know to subscribe by visiting:
http://www.FinancialAidNews.com
Enjoy this month's newsletter 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: International Student Loans!
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Feature Article: Scholarship Search Secrets, Part 2
Over the next couple of months, we're going to publish the contents of the Scholarship Search Secrets Guide, first made available in August 2005. However, if you don't want to wait for the serialized editions, you can get the whole entire thing in one 10 page guide. Download it by subscribing for free to the Financial Aid Podcast - instructions for doing so are at www.FinancialAidPodcast.com - and as a bonus, you'll get regular updates to the guide.
Scholarship Search Secret #1: Who are you?
"Who are you?" is a fundamental question not only of life, but of scholarship searches. You see, scholarships are essentially gifts to students from individuals or groups who want to help a certain group of people achieve their higher education goals. The sponsors of scholarships very often choose criteria which mirror either their own characteristics or the characteristics of the person they wished to be. As such, it's vitally important that you determine who you are in great detail - that detail will be essential to finding scholarships specifically tailored to your background.
What's special about scholarships tailored to your background? In addition to making connections with individuals or groups that are like you, the more specific your scholarship search is, the better your chances are of being awarded a scholarship, because you will face less competition. Everyone and their cousin can apply for a Pell Grant, for example, but a significantly smaller part of the population can apply for a Pennsylvania Resident Left Handed Mennonite Scholar's Award.
So what should you know about yourself? Here are some key questions, questions that will help you to find scholarships. Make note of them on a separate sheet of paper or in a separate document on your computer. A word of caution: you may be tempted to skip this step or gloss over it. Don't. The work you do now will pay off later, and if you skip this step or the details in this step, it will definitely hurt you in your search later!
Question 1: What have you done so far in life?
Make lists of different things you've done, different hobbies, sports, activities, events you've attended, places you've been or lived, grades and awards achieved in school so far. All of these seemingly trivial details will come in handy during your search, so be thorough. Even things that seem inconsequential, like a club you belonged to when you were very young such as the Boy Scouts or Girl Scouts is important.
Question 2: Who do you know in life?
Again, make lists of people you know, famous or not, as well as companies you or your family do business with, groups or organizations of which you are a member, friends, family members, service providers, even silly things like who your doctor or dentist is. Don't leave out organizations that you may not be a part of, but your immediate family is, especially your parents. Everything is in the details.
Question 3: Where are you going?
In life, in school, in all things. If you have strong feelings about the direction of your life, your education, and your future, make note of them. Is there a career or a selection of careers that you are interested in? Is there a hobby you love so much that you would love to make a career out of? Is there a school you've visited in your travels that really resonated with you, that felt almost like a long lost home? Make notes on these items.
Make a list of things that drive you, that motivate you, things that keep you awake at night. What's always on your mind? What do you have dreams about? Ending poverty? Fighting injustice? As always, make a list.
Question 4: What's so interesting?
This will probably be the hardest question to answer, and also the most rewarding, at least scholarship-wise. Name five things about you that, as far as you know, are unique to you and only you. If you have trouble with this, get together with some close friends and ask them.
Question 5: May I see your papers?
This is where things get organized - take all of these lists and combine them with all the papers and tidbits you've gathered so far - report cards, certificates, business cards, etc. Do you have a comprehensive picture of your life so far? Organize what you've gathered into a few major categories - the five A's: academics, activities, athletics, achievements, and associations.
By now you should have a personality and history profile of yourself that is astonishingly, and perhaps even alarmingly, complete. You know who you are to a great degree, and you know in general what you are thinking about doing with your life, and why. If you haven't completed these lists, stop. Put down the rest of this guide. Put away all other distractions and go do these lists!
Done? Good.
Next month we'll continue with the Scholarship Search Secret Guide, Part 3: Meet Your New Best Friend! If you don't want to wait for the serialized editions, you can get the whole entire thing in one 10 page guide. Download it by subscribing for free to the Financial Aid Podcast - instructions for doing so are at:
http://www.FinancialAidPodcast.com
...and as a bonus, you'll get regular updates to the guide.
The 91-day T-bill just crossed 4%. Specifically, 4.034% as of late November. That's STAGGERING. If rates were computed for student loans today, they would be:
- Stafford loans in grace: 5.734%
- Stafford loans in repayment: 6.334%
- PLUS: 7.134%
At its current rate of increase, by the time next May rolls around, when T-Bill rates are set again, the projected repayment rate for Stafford Loans would be 7.56%.
To make the most of your money, if you have federal student loans and you've graduated, consolidate them to lock in today's rates and avoid a potential increase next year. Visit
http://www.StudentLoanConsolidator.com
for more information.
If you'd like more information on other things happening with interest rate yields on Treasury securities, check out a few of our blog posts on the topic:
A reminder that as 2005 winds down, you still have time to make charitable contributions to the worthy cause of your choice. Charities, especially at this time of year, need your help, and you can take the tax deduction on your 2005 income taxes in January. You have until midnight New Year's Eve, so please donate what you can. Remember, it can be as little as a can (unopened) of coffee at your local homeless shelter - every bit helps. Not sure where to donate? Try Charity Navigator, an independent site that rates charities as to how well they use their donations. Visit:
http://www.CharityNavigator.org
Thanks again for all your generosity in 2005.
A few new things since the last newsletter. First, we opened a brand new free scholarship search site at:
http://www.StudentScholarshipSearch.com
So far, we've got 61 awards in it, with new awards being added daily. In addition, we continue to maintain our paid scholarship search site at:
http://www.GotScholarships.com
And of course, not to leave out international students, visit:
http://www.InternationalScholarships.com
Finally, subscribe for free to the Financial Aid Podcast. DAILY scholarship and financial aid information!
http://www.FinancialAidPodcast.com
Here are a few selections from www.StudentScholarshipSearch.com:
New England Patriots Charitable Foundation Totally Patriots Scholarship
Enter the Patriots' Write On Contest and you could win a $15,000 college scholarship! To enter, write a paragraph of at least 100 words and no more than 500 words on the Patriots’ last game. Each week, a first place winner will receive a $2,500 college scholarship, second place will receive $1,000, and three third place winners will receive $500 in scholarship money. All first place winners will be eligible to win the $15,000 Grand Prize at the end of the season! So show off your skills! Make it fun and creative... and enter today! Visit:
http://www.FinancialAidNews.com/show.php/award1
Duck Brand Duct Tape Scholarship
Make a prom outfit out of duct tape to win a $5,000 scholarship. There will be Three (3) Overall Prizes: One (1) Overall First Place, One (1)Overall Second Place and One (1) Overall Third Place Potential Winning Couples, selected from among all eligible Contest Entries. Those Couples wishing to be considered for the Top of the Tape Award must designate their entry within one of the three Attire Categories: (1) Traditional Prom Attire; (2) Theme/Costume Attire; and (3) Just Plain Silver Attire. All Contest Entries, regardless of submission category, will be judged collectively according to the same judging criteria, and those three Contest Entries with the highest scores will be awarded a prize. Overall Prizes may be awarded within a single Attire category or among the Attire categories – winning an Overall Prize is determined solely based on the highest scores achieved under the Judging Criteria. Each entry will be reviewed by a panel of judges and the potential winners will be selected based on a composite score using the following criteria (“Judging Criteria”): • Workmanship (30%) • Originality (30%) • Use of Category Appropriate Colors (15%). • Accessories (15%) • Quantity of Duct Tape Used (10%)
http://www.FinancialAidNews.com/show.php/award2
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