In this issue:
- Introduction
- Featured Sponsor: FAFSAapplication.com
- Featured Article: Manage Those Post-Holiday Financial Blues
- Scholarship: $1,000-$3,000 National MS Society Scholarship Program
- Scholarship: $1,000 American Foundation for the Blind
- Scholarship: $3,000 Annual Edward Zigler Research Scholarship
- Scholarship: FULL FOUR YEAR TUITION WPI Allaire Scholarship
- Scholarship: $1,000-$4,000 Combined Jewish Philanthropies
- Scholarship: $1,500 Ameen Rihani Arab American Scholarship
- International Scholarships
- A word from our sponsors
- Privacy & subscription information
- Back Issues
- Sponsor this newsletter!
Welcome to the first issue of Financial Aid News in 2004! We hope you had a wonderful holiday season and wish you the best for the New Year 2004. In this issue, we've got a boatload of good stuff, from debt reduction secrets to a bounty of scholarships, including a $100,000 four year scholarship at WPI. Yes, that's right - a four year free ride. The conditions for winning it are stringent but well worth it. We've also got information about the 2004 FAFSA, news for international students, and more.
This issue is longer than most, owing to the fact that there are so many new scholarships available with the start of the New Year. To find even more, consider enrolling in our Scholarship Search service for a nominal fee at http://www.FinancialAidOfficer.com/scholarship_search/
Thank you for subscribing to the Financial Aid Newsletter, and Happy New Year!
Sincerely,
The Staff at the Student Loan Network
It's that time of year again! January 2, 2004 marks the beginning of two very important seasons. First, of course, is the United States IRS personal tax year 2004. The second is the US Department of Education FAFSA application season for academic year 2004-2005.
We all know that 2003 was a tough year for anyone receiving federal funds, and no one was harder hit than schools. As a result, schools have raised tuition and fees again, on the order of 6% - 12%. What this means for you is a clear need to have your FAFSA professionally prepared. You cannot afford to miss even a single dollar of eligible federal student financial aid. Currently the FAFSA application gets you qualified for up to $17,250 in US federal financial aid, but up to 70% of all students file FAFSA applications with one or more errors that excludes them from obtaining the maximum amount of aid.
If you want to be certain you receive as much aid as possible, have your FAFSA application professionally prepared, just like your IRS 1040 tax return. Apply online today at:
http://www.FAFSAapplication.com
Featured Article: Manage Those Post-Holiday Financial Blues
The party's over, the good cheer enjoyed, and the gifts given. Now comes the hard part - paying for it all. We're going to take a departure from our normal financial aid news focus to give you a few tips on managing your post-holiday credit card bills, and how you can pay them off faster than you might expect.
The Not So Secret to Debt Reduction, courtesy of StudentPlatinum.com
You probably get the same spam every day that we do - "reduce your debt now with our service!", "get out of debt fast", etc. Well, we at StudentPlatinum.com decided to get in on the action and really research how all this debt calculation works. It's not a secret - in fact, by law the calculations which determine your interest and payments cannot be a secret, it's just somewhat unpleasant math.
So, that said, here is the not-so-secret formula to reduce your debt faster:
Pay more often.
Probably not the closely guarded formula you were looking for, but it's true. It works on the principle of average daily balance, the billing method most credit cards use to compute interest. The faster you reduce your average daily balance (ADB), the more you'll save in interest. Here's an example. Say you have a starting balance of $1,000 on a credit card with 15% APR. If you do nothing all month and pay $100 at the end of the month, your finance charge will be computed as such:
(APR * days in billing cycle * ADB) / days in year = interest
(.15 * 31 * 1000) / 365 = $12.74 interest
Now, suppose instead of paying $100 at the end of the month, you pay $25 per week, on the first day of that week.
- At the end of the first week, your ADB is $975.
- At the end of the second week, your ADB is $950.
- Week 3, $925.
- Week 4, $900.
You've paid the same amount of money, just more frequently. But it does affect your interest computation. Your average daily balance, instead of $1,000, is $937.50.
(.15 * 31 * 937.50) / 365 = $11.94 interest
A difference of 80 cents may not seem like much, but consider what it means for you. You paid exactly the same amount of money - at the end of the month, your wallet is $100 lighter. However, you are 80 cents richer because your ADB was lower. That's 80 cents that you didn't fling into the giant black hole known as interest payments.
Okay, so 80 cents per month will not knock out your debt as fast as you would like. Add this into your weekly budget: in addition to paying more frequently, pay more. If you can spare $5 per week (about 2 cups of Starbucks coffee), you can take even greater advantage of the average daily balance computation.
| $100 Pmt/Mo | $25 Pmt/Wk | $30 Pmt/Wk | |
| End of Week 1 | $1,000 | $975 | $970 |
| End of Week 2 | $1,000 | $950 | $940 |
| End of Week 3 | $1,000 | $925 | $910 |
| End of Week 4 | $1,000 | $900 | $880 |
| ADB | $1,000 | $937.50 | $925 |
| Interest | $12.74 | $11.94 | $11.78 |
| Monthly pmt. | $100 | - | - |
| End of month balance | $912.74 | $911.94 |
$891.78 |
With that extra $5 per week, you've managed to reduce your balance AND save nearly $1 on interest, $1 that you would have otherwise never seen again.
The secret to debt reduction can be summarized as pay more, pay often. Take advantage of this unique mathematical weakness in the computation of your interest rate! With the advent of Internet Home Banking, most banks and credit unions allow you to automatically schedule payments - take advantage of that, set up your weekly payment, and start saving money!
Caveat : be sure your credit card uses the Average Daily Balance computation! Check your disclosure statement to verify. It is required by law to disclose how your interest is computed.
For more financial management tips, visit:
http://www.StudentPlatinum.com
Scholarship: $1,000-$3,000 National MS Society Scholarship Program
In, 2003, 36 awards were given nationwide to people with MS or their children entering an accredited post-secondary educational program. Awarded based on financial need, academic record, and a personal essay discussing the impact of MS, the non-renewable scholarships ranged from $1,000 to $3,000.
The National MS Society Scholarship Program is administered by Schoarship America. Applications will be accepted between January 1, 2004 and February 16, 2004. For furthur information, call 1-800-FIGHT-MS or (314) 781-9020, or click here to print an application:
http://www.nationalmssociety.org/pdf/NMSS_scholarship_app.pdf
Scholarship: $1,000 American Foundation for the Blind
The Delta Gamma Foundation Florence Margaret Harvey Memorial Scholarship provides one (1) scholarship of $1,000 to an undergraduate or graduate student who is legally blind, of good character, has exhibited academic excellence, and is studying in the field of rehabilitation and/or education of persons who are blind or visually impaired. The applicant must be a United States citizen.
Applicant must submit:
- Evidence of legal blindness.
- Official transcript(s).
- Proof of acceptance at a college or university to study rehabilitation and/or education of person who are blind or visually impaired.
- Three letters of recommendation.
- A typewritten statement of no more than three double-spaced pages describing educational and personal goals, work experience, extra-curricular activities, and how scholarship monies will be used.
Apply at:
http://www.afb.org/info_document_view.asp?DocumentID=1842
Scholarship: $3,000 Annual Edward Zigler Research Scholarship
The National Head Start Association is pleased to announce the creation of the Edward Zigler Research Scholarship. Sponsored by the Helen H. Taylor National Memorial Fund, this $3,000 annual award honors Dr. Zigler’s deep commitment to Head Start children and families. It is designed to encourage the scholarly development and professional preparation of future child development leaders.
The scholarship will be awarded to a student currently pursuing a Ph.D. in research with an emphasis on psychology, public policy, education, or a related discipline. Designed to further Dr. Zigler’s legacy, the award will be granted to an individual who demonstrates a strong commitment to child development and the welfare of children and families.
Apply at:
http://www.nhsa.org/program/program_scholarship.htm
Scholarship: WPI Allaire Scholarship FULL FOUR YEAR TUITION
In recognition of the extraordinary commitment that Paul A. Allaire, WPI Class of 1960, has made to the programs of FIRST and to the young people of America, WPI is again offering a full-tuition, four-year scholarship (valued at more than $100K) for a student to attend WPI in pursuit of a career in engineering, science, or management. This scholarship is intended to be awarded through the normal admissions process at WPI to a student who is a Native American, African American, Hispanic, and/or female and is currently a high school senior participating on a FIRST team.
Apply at:
http://www.usfirst.org/robotics/2004/scholarshipsummary.htm
Scholarship: $1,000-$4,000 Combined Jewish Philanthropies
The Combined Jewish Philanthropies Scholarship Committee coordinates and administers a number of funds providing supplemental financial aid to eligible undergraduate and graduate students in the Boston area. Undergraduates do receive preference in the award process. The CJP Scholarship Committee has helped hundreds of students to further their education since its formation in the early 1970's. Be an undergraduate or graduate student whose permanent address is in a Combined Jewish Philanthropies service community in the Boston area. Primary consideration is given to Jewish students.
Apply at:
http://financialaid.syr.edu/scholar-combinedjewish.htm
Scholarship: $1,500 Ameen Rihani Arab American Scholarship
The Ameen Rihani Scholarship (ARS), funded by a grant from the Ameen Rihani Organization, was established in 2002 to provide Lebanese Americans and other Arab Americans with an opportunity to complete a college education, particularly those intending to study literature, philosophy, or political science. The goal of ARS is to promote academic excellence and to provide an opportunity for outstanding students to reach their fullest potential. The Ameen Rihani Organization established this initiative to encourage and support Lebanese American and other Arab American students in attending undergraduate institutions of their choice and be prepared to assume important roles as leaders in their professions and in their communities.
Apply at:
http://www.ameenrihani.org/ars.htm
International Scholarships & Loans
We usually receive at least one inquiry each month about scholarships for international students, and we always try to let students know that there's a resource online devoted exclusively to international students. InternationalScholarships.com offers a FREE scholarship search for all international students.
Visit: http://www.InternationalScholarships.com
Need a loan? Visit: http://www.InternationalStudentLoan.com
And now a word from our sponsors...
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