In this issue:
- Introduction
- Student Loan News
- Scholarship Updates
- Featured article: The One Page Budget
- A Word from our Sponsors
- Privacy and Subscription Information
- Back Issues
- Sponsor this newsletter!
Welcome to the July 2006 issue of the Financial Aid News. In this issue, we tackle the one page budget, student loan interest rates, scholarships, and more. Be sure to listen to our daily podcast as well (no iPod required) at www.FinancialAidPodcast.com so you never miss a scholarship opportunity or money-saving tip!
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: Financial Aid Resources !
Here's a compendium of student loan and financial aid resources online to help speed your way through the financial aid process!
Start with:
- http://www.StudentScholarshipSearch.com - free scholarship database
- http://www.FAFSAonline.com - free FAFSA filing information
Next:
- http://www.StaffordLoan.com - for federal Stafford loans
- http://www.ParentPLUSLoan.com - for PLUS loans for parents
- http://www.AlternativeStudentLoan.com - private student loans, no FAFSA
- http://www.GradLoans.com - graduate, law, and medical students
After Graduation :
Finally, a quick word about consolidation. Though the 2005 - 2006 interest rates expired on July 1, 2006, anyone who filled out an application request before that date and is eligible for consolidation will still get the lower rates. Not sure if you are qualified? Visit http://www.StudentLoanConsolidator.com today and fill out an application request. You'll recieve information by email about your eligibility to obtain last year's rates.
On July 1, 2006, a whole new set of interest rates took effect for student loans:
+ Stafford Loans are now 6.8% fixed rate loans, regardless of whether you are in school or not
+ PLUS loans are now 8.5%
+ PLUS loans for graduate students are now available at 8.5%
+ For students at Direct Lending schools, PLUS loans of all kinds are 7.9%
These new interest rates only apply to student loans disbursed after July 1, 2006. Please note that the disbursement date controls what rates the loans have, not the date you applied. Loans prior to July 1, 2006 remain variable rate loans (unless you consolidated them).
Another big month for our scholarships web site, www.StudentScholarshipSearch.com - now with over $1.5 BILLION in scholarships! Here's a selection of awards added in the last month.
- Unique Scholarship to Foster Native American Economic Development
- University of Miami Black / African-American Scholarship Directory
- NASE Future Entrepreneur Scholarship
- AFSCME Jerry Clark Memorial Scholarship
- International Scholarship Search
- International Education Financial Aid Scholarship Search
- Graduate PLUS Loans
- Financial Aid Updates and News
- State directory of scholarships for firefighters and families
- The Vesalius Trust Medical Research Grants and Scholarships for Medical Illustration
- Johns Hopkins Medical School Scholarships
- Scholarships, Fellowships and Postdoctoral Awards in Medical Fields
- The Ninety Nines Scholarships for Women Pilots
- University of California, San Diego (UCSD) Scholarships
- The Tylenol Scholarship from the Tylenol Foundation
- George Hutchinson Writing Competition
- San Jose Buddhist Church Betsuin Buddhist Scholarships
- The Harry S. Truman Scholarship Foundation Truman Scholarship
- Lilly Scholarships in Religion for Journalists
- Seton Hill University Scholarships
- Those Who Serve Foundation Scholarship
- Podshow Earthlink Ad Challenge Contest
International students can find resources at:
Remember, you can get daily scholarship updates by listening to the Financial Aid Podcast and visiting the Student Scholarship Search web site!
Featured Article: The One Page Budget
Want to get a handle on your finances? There's no better way than with a budget - and a budget doesn't have to bankrupt your free time. The One Page Budget is incredibly easy to do and helps you get a real understanding of where your money goes - and how to have more of it every month.
Let's start with a blank sheet of paper. Draw a line down the middle. On the left, label the column "Money In". On the right, label the column "Money Out". Draw a horizontal line about an inch above the bottom and label that area "Totals".
On the left hand side, list all the income you have for the month - paychecks, gifts or loans, money you found on the sidewalk, tips, etc.
On the right hand side, list everything you spent money on for the month - cash, credit, debit, however you paid for it. You can group stuff together, like "Weekly trip to Donut Shop - $65 total".
Total up each column and put the totals at the bottom.
You've just completed the monthly One Page Budget. Congratulations. Now, what can you do with the One Page Budget? Well, it's a great way to help you get on the road out of debt and onto the road of financial self-sufficiency. If the exercise was a lot to handle for a month's income and expenses, then do it every week.
Examine the totals. Ideally, your Money In side should be 10% bigger than your Money Out side. So if you spent $1,000 this month, your Money In side should be $1,100. Trim back any expenses you can on the Money Out side until it's at least 10% smaller than the Money In side.
What should you do with the leftover money each month? Pay off debts. There's no better investment than to not pay interest, particularly on high interest loans like credit cards. Not paying interest is guaranteed money in the bank - or at least not out of your pocket.
Incidentally, what you just completed was actually a cash flow statement in business terms. It's a good measure of how you're doing financially because it completely disregards any money you may already have. The only thing that matters on a cash flow statement is that you have more money coming in than going out. Interestingly enough, you'll notice that things like houses and condos would count on the Money Out side, not the Money In side. The decision to buy or rent should be based on how much you can afford to spend, not whether it's a "good investment" or not. Keep Money In bigger than Money Out on a consistent basis, and soon it won't matter whether you rent or buy - you'll be well situated financially to make whatever choice you want.
And now a word from our sponsors...
Need lots of money for college fast? Try alternative student loans! With funding as fast as 5 business days, alternative student loans can help bridge any shortfall or unexpected expense you might have. Learn more and apply at:
http://www.AlternativeStudentLoan.com
The Financial Aid Podcast is financial aid radio whenever you want it - for free! No iPod required! On your PC, on a CD, on your iPod, at school, home, or work. Learn about student loans, scholarships, how to get a job, and more. Make sure you have the latest copy of iTunes from www.Apple.com and then visit:
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