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Financial Aid News November 2006 Issue

A Publication of the Student Loan Network

Welcome to the November 2006 issue of the Financial Aid News. In this issue, we review the 5 key steps you need to take in order to create your own scholarship. 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! Finally, a reminder that grace periods for 2006 summer graduates are coming to a close soon. To preserve your grace period benefits, consolidate your student loans today at:

http://www.StudentLoanConsolidator.com

or call one of our experts toll-free at (877) 328-1565.

Christopher Penn, Editor
http://www.FinancialAidNews.com
http://www.FinancialAidPodcast.com

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:

Next:

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.StaffordLoanConsolidator.com today and fill out an application request. You'll receive information by email about your eligibility to obtain last year's rates.

Scholarship Updates

Two big things. First, our new scholarships web site is now open, Scholarship Points! Just by registering, you'll be entered for a $1,000, $500, or $250 scholarship. Participate in activities and earn even more points!

Visit: http://www.ScholarshipPoints.com

Another great month for our scholarships web site, http://www.StudentScholarshipSearch.com - now with over $3.08 BILLION in scholarships! Here's a selection of awards added in the last month.

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: 5 Steps To Make Your Own Scholarship

Finding scholarships can be difficult, time consuming work, particularly if you have exotic hobbies (for example, you may practice a little known form of yoga) or other characteristics that are distinctive, but that are not well-funded by more popular scholarship programs. If you find that existing scholarships can't fit the bill, and you don't want to rely exclusively on student loans to pay for college, then why not start your own scholarship? The basics of getting a scholarship fund up and running are relatively easy to do, relatively cheap to do, and can yield tremendous results. Here's how.

1. Create a web site for yourself.

You'll need a place to call home, somewhere on the Web that you can present your case for why individuals and corporations should help you get through college. There are various avenues that are either free or low cost:

Ideally, if you can, use option 3 so that you can add things like Blogs to your personal web site.

2. Create your content.

When it comes to creation, think of your personal site like a generic scholarship application. Put up an essay about yourself - provide as much relevant information as you can. If you have rich media content - videos, podcasts, etc. - be sure to feature them as well (if appropriate). Remember, what sets you apart and above the crowd is what should be center stage on your personal scholarship web site.

One important thing to do is disclose as much as you feel comfortable about your financials, about your personal financial situation. Asking for help paying for college is easier when you can demonstrate financial need to the people you're making an appeal to. It may also be easier to ask for help if you can clearly detail what your plans are and how completing a college education with as little debt as possible will work to further your plans.

3. Set up a contribution mechanism.

Accepting contributions is the most important aspect of your personal scholarship web site. Give donors as many avenues for helping as possible, such as PayPal, a mailing address for paper checks, and so forth. Be sure that the avenues for donation are explicit and obvious for visitors to find. Make it as easy as possible for people to donate to your education.

4. Locate companies.

Once you've got the groundwork in place for your campaign, it's time to find people to ask for help. Craft an appropriate cover letter, and then get a hold of a business directory for your area (such as the Boston Business Journal). Inside these types of publications you'll find lists of the area's noteworthy companies - big and small, new and old. Start locating companies that are relevant to your field of study - if you're looking to major in advertising, then look for advertising firms in your area.

5. Ask for help.

The appeal for help is going to be one of the most difficult things to do initially. However, after a few letters, emails, and phone calls, asking for help gets increasingly easier. Writing your appeal should cover a few points - think of it like a cover letter for a job, in the sense that it should be concise, powerful, and clear.

  • Cover why you're asking for money (financial need, etc.)
  • Cover what you're studying in college and how you'll use your education
  • Cover what value you can bring to your donors

The last point is the most critical. There are those individuals and companies who will make a contribution simply because they wish to help students advance their education, and for that, we're grateful. However, there are also those who would be motivated to donate if they received something, even something small, in exchange for their contribution. Some ideas for this include:

  • Links on your web site
  • Mentions in your podcast, blog, video blog, or YouTube videos
  • Wearing a t-shirt promoting your donors

What creative things can you offer of value to prospective donors? The more you can come up with, the more compelling your appeal for help will be.

Once you've determined what and how you'll ask for help, there's nothing left but to do it. Good luck - and let us know how it works out for you when you try it!

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:

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It's never too late to file your FAFSA and possibly gain additional federal financial aid. Get inside tips on completing the FAFSA and file your FAFSA line for free at

http://www.FAFSAonline.com

today!

The Financial Aid Podcast is financial aid radio whenever you want it - for free! 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:

http://www.FinancialAidPodcast.com/subscribe/

Got financial aid questions you want to have answered on the air? Call our comment line and leave a voicemail question!

Toll-free: 877-328-1565 extension 529!

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The Student Financial Aid News is a publication of the Student Loan
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Avenue, Suite 703N Quincy, MA 02169 and on the web at:

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The End