In this issue:
- Introduction
- Featured Article: Scholarship Search Secrets, Part 1 of 4
- Interest Rate Update
- Scholarship Update
- A Word from our Sponsors
- Privacy and Subscription Information
- Back Issues
- Sponsor this newsletter!
Welcome to the November 2005 issue of the Financial Aid Newsletter, from FinancialAidNews.com! This month, we're beginning the first in a series of Scholarship Search Secrets, based on our wildly popular book by the same name. You won't want to miss the next four issues of the Financial Aid Newsletter!
Recently, we celebrated the 100th episode of the Financial Aid Podcast (www.FinancialAidPodcast.com). As part of the celebration, I'm giving away an iPod Nano PLUS the cool lanyard headphones. To find out how to enter to win this device just in time for Christmas, visit:
http://www.FinancialAidNews.com/show100contest.php
Want to win some free music, videos, or TV Shows? We're giving away five $15 iTunes Music Store Gift Cards (you could purchase about 7 episodes of Lost or Desperate Housewives if you were so inclined) in a drawing on November 11, 2005 for anyone who responds to our new Financial Aid Sources survey.
Click here to take the survey and enter to win a $15 iTunes Music Store Gift Card!
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 FinancialAidNews.com today!
Enjoy this month's newsletter!
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: Consolidating - and why you need to do it NOW!
If you have federal student loans and you haven't already consolidated them, now is the time to do it, doubly so if you're in your grace period (which will save you an additional 0.6% off your rates!) Two reasons point to now as the best time to consolidate:
- The interest rate of the 91-day Treasury Bill, the index which student loan rates are set each year, continues to climb higher and higher; if the current 26 week trend continues, Stafford Loan rates next year could be as high as 7.56%
- Congress has been making numerous proposals to increase the cost of loan consolidation with additional "fees" to consolidate as a way of paying for other programs like Hurricane Relief and the overseas military campaigns; any number of these proposals could be passed into law, costing graduates thousands of dollars.
Consolidate right now. Call the Student Loan Network toll-free at (877) 328-1565 or visit http://www.StudentLoanConsolidator.com right now.
Feature Article: Scholarship Search Secrets, Part 1
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.
Are you ready to get started? Before we get into the scholarship search materials, let’s review some scholarship search tips and hints.
Tip #1: This is a numbers game!
Numbers matter in the grand scholarship game. The more awards you apply for, the more awards you are likely to receive. As in sales, it’s a question of ratios. Ultimately, the goal is scholarships awarded, so for every scholarship you are awarded, you have to apply for 10. For every scholarship you apply for, you’ll need to find 10 you qualify for, or 100 eligible scholarships. For every eligible scholarships, there needs to be at least 10 prospects, or 1,000 awards. Happily, at last count by the Financial Aid Officer premium scholarship search service (www.GotScholarships.com) there are approximately 2.4 million scholarships available, worth approximately $14 billion in aid.
The bottom line: to get more, apply for more.
Tip #2: Small = Big
Small = big. A seemingly contradictory statement, but a true one. If you are awarded 10 scholarships for $1,000 or one scholarship for $10,000, the net effect is the same - you don’t pay that money out of pocket or in loans. Every scholarship for which you are eligible is worth applying for, because a bunch of small scholarships will add up to a big one.
Tip #3: A portfolio is a time-saver.
We’ll get to the construction of your scholarship portfolio in the next issue, but it’s important to know what one is and why to build one. Each scholarship application asks for information about you. Questionnaires, essays, quizzes, and forms all want information about you, the prospective award winner. Rather than re-invent the wheel all the time, develop a portfolio of materials that you can draw on, time and time again. As you write essays for scholarships, fine tune them so that the essay which was rejected out of hand for award #1 is a first place winner by the time you get to award #6. Have friends and family review your portfolio and offer insight and advice. If you don’t know anyone who is a strong writer, check with your school or English teacher. Which brings us to the next point...
Tip #4: The Devil is in the Details
What’s the number one killer of scholarship applications? If you guessed simple, preventable mistakes, you’d be right. Attention to detail is vital for scholarship applications, from when to meet deadlines to the format in which you submit your application. This is a great time to invest in a notebook or day planner, whether it’s on a computer or it’s a paper one. If you want to win, you have to get organized from the very beginning and stay organized!
Tip #5: Scholarship Search is a year round sport.
Scholarship deadlines are scattered throughout the year, and as such scholarship searches should be performed throughout the year. As you’ll see later on in this guide, there are ways to automate part of the process of scholarship search so that you can have agents working on your behalf - for free - 24 hours a day, 7 days a week. Be sure to set aside time each day - even if it’s only 5 minutes - to review new scholarship opportunities. As fishermen say, don’t let the big one get away because you weren’t ready!
Tip #6: There are scholarships for everyone.
While it may seem that a great many scholarships are intended for the very top academic performers or the poorest students, the reality is that there are scholarships for everyone. For example, the Duck Tape Brand duct tape prom dress award for students who attend their prom wearing nothing but duct tape doesn’t require to to be the valedictorian, merely someone who shows up at the prom in a nice duct tape outfit. While that sounds absurd, the $5,000 scholarship that comes with it is deadly serious.
Tip #7: It’s never too early or too late to search!
When is the best time to start searching for scholarships? Right now - and never stop until you’re out of school and debt free. There are even scholarships which will help you pay off school debts, so keep searching. The best time to start is always right now, even if you’re halfway through your last year. Obviously, the earlier you start, the better, but better late in the game than not playing.
Stay tuned - next month we'll continue with the Scholarship Search Secret Guide, Part 2: Developing Your Scholarship Profile!
The Interest Rate Update is back! After a few months off from the July 1 consolidation frenzy, it's time to keep track of the 91 day Treasury Bill (T-Bill). For those of you who are new subscribers to the Financial Aid News, we watch the 91 day T- Bill like a hawk, because it is the interest rate on which federal Stafford student loans are based upon. Take a look at this year's T-Bill rates so far:
- January 3, 2005: 2.32%
- April 4, 2005: 2.792%
- July 5, 2005: 3.214%
- October 3, 2005: 3.606%
- November 1, 2005: 3.983%
What does this mean for you? If federal Stafford Loan rates were set today, the repayment rate would rise from the current 5.3% to 6.28%. However, what's more concerning is the consistent upward trend of the T-Bill rate. 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 to watch T-Bill rates yourself, you can do so at the US Department of the Treasury's Public Debt site at: http://www.publicdebt.ustreas.gov
Are you looking for the best scholarship search on the Internet? If so, don't miss the Financial Aid Officer Premium Scholarship Search Service. Why choose our premium search service over other services?
- Gain unlimited access to our up-to-date database of over 2.4 million awards worth over $14 billion.
- Find out about the latest scholarship programs, scholarship tips, and scholarship news!
- Join our growing list of satisfied students who are finding and winning domestic and international scholarships each month.
- Obtain time-saving customized scholarship application request letters and download some scholarship applications directly from our site.
- Receive search results tailored to your specific needs, hobbies, interests, and academic background.
Membership begins at $29.99 per year and gets you immediate access. To sign up, visit:
http://www.GotScholarships.com
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