Scholarships Are Extending Education To A Wider Student Body

Contributing Author: Natasha Bright

Students have an opportunity to attend college for free - and take a friend, family member or another deserving individual along for the ride. This essay-based scholarship opportunity is being offered by a college with locations in Virginia, Ohio, Wisconsin and New York. Called "Pay It Forward" these scholarships are available via online degree programs at the associate degree level. In addition to providing five students with two full-tuition scholarships each, one for themselves and one to pay forward, five finalists will be awarded $5,000 each in scholarship money to be applied to its online degree programs.

College and university tuition gets a lot of attention for rising faster than the rate of inflation. There is, however, what's known as published and net tuition rates. Thanks to scholarships such as the one being offered by one college, the published tuition rates are discounted enough that the average "net" tuition that students pay has increased at rates slower than that of inflation, information from the non-profit College Board suggests.

A university in Boston this year alone provided public high school graduates in the urban Boston area more than $3.3 million in full-tuition scholarships for four years. The scholarships were made as part of the university and high schools in a scholarship program. Since 1973, when the program was launched more than $1,700 students have received more than $132 million.

In Dayton, Tennessee, a college there this year awarded what they called a new presidential scholarship. One of the founders, a Christian education instructor, and the other was a career-long professor of bible studies. Both had spouses who were also influential in this program orientation.

Still other colleges and universities have found methods outside of scholarships for making college and university studies more affordable. One institute is working with corporate tuition reimbursement company. As a part of this company's preferred school network, this particular college provides substantial discounts on tuition to employees of Fortune 1000 companies that contract with the reimbursement company for their tuition benefits.

Those who take advantage of tuition reimbursement benefits can work toward bachelor's or associate degrees in technology, healthcare, business, nursing, justice studies, design and education. This particular college has campuses in Minnesota, where this institution was founded, and in Illinois, Wisconsin, North Dakota and Florida. The college also offers online degree and certificate programs at the associate and bachelor's degree levels.

Many colleges and universities also offer discounts in instances where family members, such as siblings, enroll. One recently began offering tuition discounts of five percent to family members in instances where more than participates in its programs at one time. They also offer five percent parent discounts to parents of students in traditional undergraduate programs as well as Christian worker discounts to students who work in positions as pastors, missionaries or Christian music or education directors.

In addition to colleges and universities, students can find scholarships available from government agencies, large corporations, non-profit organizations, professional associations and community and civic groups. Counselors can help students complete scholarship and grant applications. They can also help students with completing a Free Application for Federal Student Aid, which is available online and provides information about the type of government assistance that students might expect to receive.

Some of these scholarships are used as a way to take a free course online, with the student learning if online education is right for them. As technology advances, it's believed that more students will obtain their education via the Internet - when costs - such as no travel, no childcare expenses, no on-campus residency fees - are deducted, distance learning is definitely more cost effective.

Natasha Bright is a platinum level freelance writer with over 938 articles published on the field of college education and financial aid.

Paying on time + in school = $1 million in rewards for Sallie Mae private education loan customers

NEWARK, Del., March 15, 2012 — Good habits can pay off, and Sallie Mae’s Smart Option Student Loan customers proved it. These students earned $1 million back in Smart Rewards for making payments on time while in school. The Smart Reward, introduced in 2010 by the nation’s No. 1 financial services company specializing in education, allows Smart Option Student Loan customers to earn back 2 percent of their scheduled in-school payments simply for making their payments on time.

“A borrower making in-school payments on a Smart Option Student Loan is a sensible way for today's students to establish a good credit history while managing their student loan debt," said Cheryl Williard, associate director of financial aid at Baldwin-Wallace College in Berea, Ohio.

Sallie Mae’s Smart Option Student Loan, designed to supplement federal student loans, assists students to save money, build credit, and repay their student loan faster. Customers are encouraged to make payments while in school to help minimize finance charges and the overall cost of the loan.

When Smart Option Student Loan customers choose to make payments on their student loans while in school, they can earn 2 percent of that scheduled on-time payment. They can choose either monthly interest payments or fixed, low monthly payments. That reward goes into their Upromise by Sallie Mae account and can be used to pay down their eligible Sallie Mae loan, transferred into a Sallie Mae High-Yield Savings Account or turned into a check for expenses like books.

“With the Smart Reward, good habits can turn into cash. By getting into the routine of successful loan repayment early in life, students can build a credit history and are better able to achieve other financial goals such as home ownership,” said Joe DePaulo, executive vice president of Sallie Mae. “We’re very proud of these customers who are making responsible financial choices and we’re happy to help them along the way.”

Sallie Mae advises families to follow its 1-2-3 approach to paying for college: first, tap college savings and maximize scholarships and grants. Second, explore federal student loans. Third, fill the gap with a responsible private education loan with your choice of in-school payment options to help you save money.

Contacts:

Debby Hohler, (617) 454-6741

Jennifer Zeberkiewicz, (302) 283-8206

Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for its 25 million customers. With products and services that include college savings programs, scholarship search tools, education loans, tuition insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

The Eight Worst College Financial Aid Mistakes - Avoid Them

Contributing Author: Keith Maderer

With college costs rising faster than inflation and financial aid shrinking, you can't afford to make mistakes when it comes to sending your child(ren) to college. If you do... it will definitely cost thousands, even then of thousands of dollars per child. Now if you have an extra $5,000, $10,000 or $20,000 sitting around and don't mind giving it to a college... then this article isn't for you. For all others... Please read carefully!
Going to college can be a very complex and stressful time for many families. Especially with your first child that begins the process. While it may get easier with each child, if you make any of the following mistakes, it will cost you money.
If you are fortunate enough to be reading this while your oldest child is still in middle school or just entering high school, then you should have plenty of time to methodically make the most out of the college financial aid process. If your child is about ready to graduate or already in college, then you better get started right now and plan to spend some quality time making the adjustments necessary.
Eight Mistakes That will Cost You Plenty
Mistake 1: Not Starting Early Enough: The main reason families make costly mistakes during the financial aid process is that they wait until the last-minute and are rushed. If you start early and plan your steps on a timeline, you will be ready and prepared to take full advantage of the process.
Mistake 2: Not Paying Attention To Deadlines: Another big mistake is missing a financial aid deadline. If you don't file the right forms with the right departments before the required deadline, you lose the opportunity to get the financial aid for that semester and generally cannot reapply until the following semester.
Mistake 3: Not Filing The FAFSA: The dreaded first-time FAFSA (Free Application for Federal Student Aid) isn't as bad as most families believe it is, but if you never file it, you are guaranteed to be overlooked by the financial aid system. Most colleges require the FAFSA to be filed, even if you will not qualify for Federal aid, just so they can offer you any private scholarships, grants or endowment opportunities. So always file the FAFSA.
Mistake 4: Not Utilizing EFC Reduction Strategies: Every applicant that applies to college and requests financial aid will have an Estimated Family Contribution or EFC calculated based on the financial information that is provided. If you know how to use these EFC reduction strategies before you are required to file, you can lower your EFC and increase your financial aid dramatically.
Mistake 5: Student Loans: Many students and their families use the wrong types of students loans, don't use them at all or fail to look into which student loans are custom-made for their situation. A vast amount of information on student loans is available and all you need to do is read it. It will compare the different types and then you should be able to decide which is best if loans are required.
Mistake 6: Paying For College With Retirement Money: Every year I hear and read about parents that are tapping their 401K or other retirement plans to help pay for their children's college expenses. They either withdraw or borrow funds for education and neither method is a good idea for most families. Don't sacrifice your retirement for your child's education, because they probably will not be able to take care of you in retirement if you do.
Mistake 7: Not Appealing Your Offer: Appealing a financial aid offer from a college can be a great way to get additional aid, especially if you believe some mistakes or omissions were made when you initially filed. This is the time to clarify and correct any issues that you discover and request an adjustment if possible. It generally cannot hurt to ask for more and it gives your student the opportunity to make some great contacts inside the financial aid system.
Mistake 8: Not Asking For More... In Years 2 to 4: As a student continues through college, most never visit the financial aid office again after their freshman year. If you make regular visits each semester and inquire about additional aid, scholarships or grants, you may be pleasantly surprised by how much aid is available (and sometimes unclaimed), specifically for 2nd, 3rd and 4th year students.
Summary: This is a just a summary of the major mistakes that I hear about each and every year. Each of them is avoidable if you just take the time to do your research, get organized and plan your strategy. Obviously, the earlier you start, the better prepared you should be... so get started today and save a bundle.
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Keith Maderer is a financial expert, author, speaker and father of five. He has been a financial adviser in the Western New York for over 30 years. He is the owner of SENIOR Financial and Tax Associates and founder of the Maderer Foundation, a private scholarship program for area youth.  He is the author of the book, "How To Get Your College Education For Less.",

Federal College Loan Vs. Private College Loan

Contributing Author: Roger Ross

Student college loans are basically created in order to offer financial assistance to college undergrads as well as college graduates for them to be able to pay their university expenses including tuition fees, books and even for daily allowances. Pursuing a college degree is quite expensive that is why student college loans were designed to encourage students to provide assistance in continuing a college degree. Unlike other loans, student college loans have considerable lower interest rate attached to the loan with a very flexibility payment terms. The regulation of such loans may differ to the policy per government, but majority of the provisions are pro-student for the reason that this policy was ratified to create more degree holders.

In the US, there are various types of loans that are available to students. Theres the Federal Loan and the Private College Loan. The federal college loans are those that are provided from the states coffer. The government sets aside money to be allocated to students who are continuing with college education. This is the most availed type of loan as it is cheap to repay.

Many college students qualify for federal college loans. However, there are various factors that are measured before students are given the federal loans. Some of the basic factors include the income level of parents - the higher the amount of money earned by parents the lesser the amount of loan the student will be given. Other financial obligations are considered too.

Federal college loans are need based this means the amount of loan granted to the student would depend on how much he needs for his college education through a thorough evaluation both by the school and the government representative. The best part for this kind of loan is that there is no need for a credit evaluation.

Another type of loan in the United States is the Private loan. This loan is mainly offered by private financial institutions, such as banks and lending institutions, to substitute or sometimes to supplement if the government loan grant is not enough to satisfy college education in full.

Many students prefer this type of loan because it has faster approval and there is no need for a thorough evaluation and filling up of a federal aid application since it is not need based. The only problem with this loan is the charge of higher interest rate since it is offered by private entities.

Some students have accumulated bad credit and they can miss on the loan. But there are also institutions that will give the loans despite the history of bad credit. Those who excel in academics can get pass their bad credit history, whether from federal college or a private school loans.

The bottom line is, whatever types of loan a student would apply for, he needs to repay it because at the end of the day it still is borrowed money. The best thing to do is to use the loan wisely and go for that college or university degree.

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