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COLLEGE
BILL WOES
GENERAL
DISCUSSION
COLLEGE
FINANCIAL TIME LINE
529 PLANS
OUTSIDE
PAYMENTS FOR A STUDENT
Internet Sites
GENERAL
DISCUSSION
Tuition is not the only college expense. Thee are
other expenses to consider, such as room and board, books, travel, and
personal
needs. Keep these in mind when you figure out your financial situation.
Make sure you get a rough idea of your Expected
Family Contribution (EFC). Once you have it figured out, the process of
financial planning for your next four years will be easier.
Every schools wants a FAFSA and some schools want
The Profile. You must fill these out and get them to the
appropriate agency or
school on time, as soon after January 1st of your senior year as possible. This
is the one thing you
need to do if you want to be considered for financial aid.
There are many ways to lower the cost of going to
college. Look into 2-year colleges, tuition freeze programs, cooperative
programs and AmeriCorps, for example.
The Web has an invaluable amount of information
on scholarships waiting for you.
There are many forms to fill out and deadlines to
meet, just for financial aid. Make good use of the financial aid timeline so
you
don't miss or forget any part of this very important process.
Credit card debt can bury a young person starting
out on their own. Keep the credit card for necessary expenses and
make sure all
your payments have been on time. This will affect your future credit rating.
When it is time to start paying on your Federal
Student Loans, if applicable, make sure you always make your payments
and always
pay on time. If there is a problem, call the Department of Education and explain
the situation. Don't default
on your student loans. If you default, this
will prevent you getting any future student loans and will affect your credit
rating. Your credit rating will affect any future loan and its terms, such as
for a car or housing.
529 PLANS
520 Savings Plans are state-sponsored college
savings plans that allow parents and members of the student's family to
save for
college. Members of the family include grandparents. These programs have
expanded over the past few years. Do
you research to see which plan works best
for your state's regulations, tax benefits and your financial plan. As with any
savings plan, the earlier you start the better.
OUTSIDE
PAYMENTS FOR A STUDENT
Family members (grandparents and others) may pay
tuition expenses directly to the college or university and NOT have
this count
toward the individual tax-exempt gift limitation. So grandparents, this is a
wonderful way of assisting your
grandchildren. But you have to pay this directly
to the institution -- you cannot send this money to your grandchild.
Internet Sites
(click on the icons or
headings)
U.S. Dept of Education's
FAFSA on the Web
US Department of Education
Student Guide - US Department of Education
www.ed.gov/prog_info/SFA/StudentGuide-1999-0/intro.html
US Department of Education
www.ed.gov
Tax Program Information
www.ed.gov/updates/97918tax.html
Free
Scholarship Guide
College Board
www.collegeboard.org
The Profile--College Scholarship Services
www.collegeboard.org
SRN Express Scholarship Search
www.srnexpress.com
CASHE scholarship search
www.cashe.com
Wintergreen/Orchard House Scholarship Finder
www.wgoh.com
FreeScholarships.com
www.FreeScholarships.com
Money Magazine Online - College Financing site
www.money.com
LINKS ABOUT SCHOLARSHIP SCAMS:
Project $chor$cam (FTC's)
www.ftc.gov/bcp/conline/edcams/scholarship/index.html
FinAid's Scam Alert
www.finaid.org/scholarships/scams.phtml
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