Dream BIG - College Is Possible With Proper Planning

Too many families and students fail at the college game. It's true. They fail by giving up before they start. Overwhelmed by out-of-control college costs and the general feeling of just not knowing where to start, they simply "give up".

Sometimes they "give up" by thinking smaller - "I really want to go to Cost-A-Lotta U, but it's so expensive. I'll just go to the community college/local State U".

Sometimes they just quit trying and end up limiting their college opportunities and a better future.

What a waste!

No matter how much money you make or have, there is money out there for your circumstances so that you pay a lot less for college. You just need to know what type of family you are so you can begin outlining the right type of plan that will help you reach your college goals.

There are three types of families out there and you are one of these three:

No Need Families - they are about 10% of the families out there. Based on their income and assets, colleges believe they can pay the full bill. But, with proper planning, they don't necessarily have to.

Some Need Families - they are about 80% of the families out there. Depending on the cost of attendance of a college, they will qualify for "SOME" financial aid based on their financial need. With proper planning, they can often reduce how much the college will expect them to pay - so that they can pay even less.

All Need Families - they are about 10% of the families out there. Based on their income and assets, colleges will believe they can pay very little towards the college bill. With proper planning, they can hone in on the colleges that have more of the financial aid resources they will need.

One strategy that works for students regardless of what type of family they come from is that students with terrific grades and test scores will get better scholarship and financial aid offers.

So pursue your best dreams and, with proper planning, you could be rewarded with scholarships, grants and aid monies to attend the four-year college of your choice.

But, without your efforts to excel, this college dream can't happen.

Your Assignment:

1. Take the time to dream big; what do you want to do with your life? What kind of lifestyle do you see yourself having?

2. Now figure out what pieces will have to be in place to achieve that dream. A bachelor's degree? An advanced degree? Work experience?

3. Get the best grades possible in the most challenging classes you can handle at your High School. Take AP or IB classes whenever possible.

4. Prepare for your standardized tests - you should be studying 15 to 20 minutes per day in preparation. Daily preparation over a longer period of time (3-4 months prior to the test) will do more to boost your scores than "cramming" a week or two before the test.

5. Remember, we don't run out of money, we just run out of ideas. College is possible, we just have to come up with the creative ideas needed to find the money you'll need.

Jeanmarie Keller has helped thousands of students get into colleges they love while making sure their parents save a fortune on the bill. Jeanmarie is the creator of the Smart Plan For College System which teaches her client-families how to get noticed in the admissions office, get in at the colleges right for them and how to get the money they need to help pay the bill.

To receive Jean's weekly email newsletter and Jean's free CD: How To Find Cash For College, subscribe today at http://www.JeanKeller.com

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.
****
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.",

Teaching Your Children How To Manage Their College Debt May Be The Best Route To Take

Student loans are a serious undertaking, and many parents wonder if they should take out loans on behalf of their child or else allow the student to have primary responsibility for the loans. Many parents wish that they could pay for their children's education in full, but the rising costs of education often make this prohibitive. As a parent, should you foot the bill and the debt for your child's education? You may be surprised to hear that you may be doing more good for your child if you let him or her take responsibility for college funding.

As a parent encouraging your child to be responsible for his or her student loans, your role in your son or daughter's college funding is not without risk. After all, you will likely serve as a co-signer for any loans your child takes out. This means that while you will not be the primary loan-holder, you still assume partial responsibility for the loans and will be adversely affected if your child does not handle her or his loans in a responsible manner. You will want to be sure that your child is truly serious about college and is able to take on debt responsibly.

Making it clear that your child will be financially responsible for a college education will likely influence him or her to make a smarter college choice. After all, when mom or dad is footing the bill, a student may opt to attend a costly private college. If students are forced to take out loans in their own names, however, they are likely to select a more economical college that meets their needs, such as a state school.

Managing his or her finances independently will help your child to learn responsibility. After all, handling money is something every student should learn, and college is certainly the time to instill a sense of fiscal accountability in your child. By managing student loans and figuring out a college funding plan with only minimal assistance from you, your child is learning valuable money-managing skills that will benefit her or him in the future.

Paying back the student loans post-graduation is an important lesson in interest, repayment plans, and budgeting carefully in order to afford payments. Your child will learn a lot from having to navigate the terms of his or her student loan debt.

Furthermore, having loans will compel your son or daughter to have a goal in during college, as well as a deadline for finding employment upon graduating. After all, those student loans will come due before you know it. Without the worry of student loan debt hanging over their heads, many students lack focus during college. They are often in no hurry to graduate and grow up, unless given a very compelling reason to do so.

Students who are held financially responsible for their education also tend to do better in college because they are aware of the monetary value of their education. They get better grades and have fewer absences, since they are paying for every course on their own.

As a parent, it is hard to know when to step in and help your child or when to insist that he or she take responsibility in regards to debt and financial aid options. When it comes to student loan debt, taking the "tough love" stance is a good way of instilling ownership and responsibility in your children as they pursue college or online school.

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How to Get A College Tuition Loan

Getting a college tuition loan seems hard at first, but it gets easier as you learn how to do it and what to look for in a loan.

Here you'll find several places to look for a loan, and what kind of loans work best. These pointers are guidelines, of course, but can help you get better loans.

First, places to look for a college tuition loan:

1. Your bank or credit union

2. Your school

3. Federal financial aid (using the FAFSA form)

4. State financial aid

5. Independent lenders like Sallie Mae, Citibank, Chase, and so on.

What Makes The Difference in a College Tuition Loan

Borrowing money for school hinges on just a few points. Your credit is important typically in the case of a private loan. Your school mainly becomes a factor because it needs to participate in the government financial aid system if you use government aid. Qualifying for government aid, whether grants or loans, depends on your income or the income of your parents.

Beyond those, you may have to be careful of hitting the ceiling on your government loans, or limiting yourself to less private loans.

The above comprise the top sources for a student loan. I'll give you a few more below, less common.

Get The Best Student Loan You Can

First, look at these things to remember when you look for a college tuition loan. Remember, I list these as guidelines. If you can get all of them, great. If not, get the best you can, and understand how the loan characteristics affect you.

1. Low, fixed interest rate

The benefits here should be obvious - stable and hopefully less interest, lower payment, faster payback. A variable interest rate opens your loan up to a higher rate. Of course, during recent events, many variable rates have dropped, but that is not the rule. With a fixed rate, you can set your payment and not have to worry that it will rise over time.

2. Forbearance and deferment available

These can be very helpful. Deferment and forbearance allow you to miss payments at certain times. You will have to apply for these, but the application is easy.

In many cases, when you do not have a government subsidized student loan, you will your interest capitalized, which is bad and increases the balance of your loan.

However, having the safety valve of deferment and forbearance available is a good idea in any college tuition loan. Just don't use it much. If you have to use it, often you can still pay the interest payment on your loan to avoid capitalization.

3. No capitalized interest

When you use forbearance or deferment, many unsubsidized loans will capitalize your interest. This means that the bank adds it onto the loan, and you then pay interest on the capitalized interest.

Your small loan can become much larger very fast - bad idea. If you can, get a loan that doesn't capitalize interest. This one can cost tens of thousands in your future.

4. Consolidation

When you finish school, you might have more than one loan. If so, consolidation may help you get a lower payment or a longer payoff. This can really help you.

Those are the most important options to look for in a college tuition loan.

Emergency Sources

When you can't find a loan from the tuition sources listed above, consider some less common places. IF you have a 401K, you might want to borrow from it. Understand that this may mean you will not have it to grow for your retirement, but you might finish your degree.

Another place to look, your home equity loan. Many people have used a HELOC to go to school. And finally, if you expect a sizable tax refund, use it for tuition instead of a cruise.

Now get to it!

Need more info? Come to Beat-Tuition.com and download my free ebook on grants and scholarships all over the US. Thousands of students every year get free money for tuition. I can show you several places - I've done it. You'll find tons of sources in my free grants ebook at Beat-Tuition.com

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Paying Full Price for College Tuition - Who Does It Apply To?

Many people ask the question, who has to pay full price tuition, and who gets the discounts? Many people will then assume that since their parents make a certain amount of money that they will not be eligible for grants from the government or from the colleges or universities they are applying to.

If you think about college tuition logically, then the students, who can't afford the maximum tuition, were usually paying the maximum amount. If the college accepts you as a student, but they really do not want you to attend or do not like you, then they will require you to pay the full amount. Believe it or not, there are some students who do not apply for financial aid in any way. The colleges and universities will automatically assume that the students can afford the full tuition price. If you come from a family who is worth millions of dollars, the chances are you will not need the money as much as another student coming from a working-class family whose combined income is $50,000 per year.

By marking up the sticker price for college, then offering higher discounts for students who are in need, everyone thinks that they are getting such a good deal. This is all just part of business in basic psychology. Member, colleges and universities are a business that makes money when you attend. The college admissions officer is the salesman for the college.

Pvt. Colleges that are very expensive, usually about $15,000 per semester, generally offer more of a discount for students in financial need. Many colleges stand behind the only money they offer and forms of assistance to students are the ones who are in need of assistance. Pvt. Colleges can do as they please with their own money, so they make their own rules and break their own rules. Whether this is fair or not, this is totally legal because it is a private institution.

There is a way to get a discount off of the sticker price if you are paying with cash and you have no financial aid assistance. This is where negotiation and bargaining comes into play. You may need the help of your parents, since they will most likely be the ones writing the check. Many colleges and universities offer discounts in the form of merit scholarships, which can be determined on an individual needed basis. Colleges would rather use the word merit scholarship, instead of calling it a discount. It is really all the same, just with different names. Make sure to ask about this discount to save money on your college tuition.

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