This week on #MoneyChat, my co-host @benitatyler and I (@dorethiaconner), interviewed Ms. Ashley Hill (@prepforcollege).
Ashley is an expert in assisting future college students and their families with the college process, getting scholarships, etc. She is the CEO and Founder of CollegePrep Ready, which provides educational consulting and tutoring services for students.
Please visit http://collegeprepready.com/ to learn more, but in the meantime check out our convo below:
Q1. How much does a college education cost?
The basic costs of college are tuition, fees, and other expenses. Tuition can range from a few thousand dollars for your local community college to more than $30,000 per year for a private university. Fees are charges (usually small) that cover costs generally not associated with the student's course load, such as costs of some athletic activities, student activities, clubs, and special events. Besides tuition and fees, students at many colleges and universities pay for room, board, books, supplies, transportation, and other miscellaneous costs.
Q2. How can I afford to attend college?
Ideally, the first option should be to save money. Parents should work with their students to set aside funds for college as early as possible. Additionally, students can help cover some of the costs of college by working during the school year or summer breaks. Lastly, financial aid including loans may be available to parents or their students.
Q3. What is the difference between merit-based and need-based financial aid?
Merit-based assistance, usually in the form of scholarships or grants, is given to students who meet requirements not related to financial needs. For example, a merit scholarship may be given to a student who has attained a high GPA or one who is a talented athlete. Most merit-based aid is awarded on the basis of academic performance or potential.
Need-based means that the amount of aid a student can receive depends on the cost of the college and on his or her family's ability to pay these costs. Most financial aid is need-based and is available to qualified students.
Q4. What other alternatives exist besides taking a loan out for college?
Alternatives include work study, scholarships/grants, employment, or internships. Many students work during their summer breaks or part-time during the semester to pay for college. Many colleges also offer work-study programs to their students which is often part of a student's financial aid package. The jobs are usually on campus and the money earned is used to pay for tuition or other related costs. Grants and scholarships provide aid that does not have to be repaid. However, some require that recipients maintain certain grade levels or take certain courses. Lastly, many students seek paid internships to cover some of their tuition or other fees.
Q5. Should I obtain or co-sign for a loan for my college student?
Many parents will obtain a loan for their college student to cover any remaining costs not covered by the financial aid package. The parent and student must keep in mind that an education loan must eventually be repaid. Often, payments do not begin until the student finishes school, and the interest rate on education loans is usually lower than other types of loans. Parents and students should discuss other alternatives such as scholarships, summer work, etc. before taking out loans. Many people have attended college debt-free using scholarships - and there are many available regardless of academic standing.
Q6. How do I keep the costs of college down?
Students can keep the costs of college down by saving early as possible. For example, high school freshmen students can set aside half of the earnings from their summer positions into a savings account for college. Alternatively, seek financial assistance early. Do not wait until the senior year of high school to start considering options to pay for college. Research local organizations who may provide scholarships. Make a goal to fill out scholarship applications on a daily or weekly basis.
Another way is to research affordable schools, go to in-state schools or community college as opposed to private or out of state universities if you can't afford them.
Q7. What should I do if my financial aid package didn’t cover all of the costs of my tuition?
First, consider the colleges to which you have applied for financial aid. Are you attending this college because it is a “party school” or are you attending this college because of its reputable degree programs? You may find that you may want to start at a local community college which may be more affordable depending on your financial situation. Secondly, seek scholarships from other sources. Lastly, call the financial aid department at the college and discuss your situation with the administrators. Do not be afraid to share your desire to attend the college but difficulty with paying the tuition. The financial aid staff may be able to work with you.
Find out how much your teen will need for college--> College Costs Calculator
Q8. Where do we find scholarships?
Parents and students can find scholarships at Fastweb.com or Scholarships.com. There are also many foundations, civic groups, local churches, etc. that may have scholarships available. Also, a #MoneyChat participant mentioned that for certain professions, such as doctors, nurses, teachers, etc., there are loan forgiveness programs.
Q9. What systematic approach can we use when applying for scholarships?
Oftentimes, parents end up doing most of the work and have to push students to do the work, write the essay, complete the application, etc. Have a conversation with your son or daughter, that looking for scholarships will be like having a part-time job for them.
- Complete 1 per week; bi-weekly if there's research necessary or an extensive list of answers required. At lease complete 2 per month.
- Parents can help find the scholarships each week if they want.... but...
- Student writes the essays - NOT THE PARENTS! This is where students often miss the boat, weak writing skills. It is smart to add an essay class or other writing class during 8-10th grades.
- Students often get caught up in not wanting to do essays they aren't interested in or wanting to write in their voice. Focus on getting the scholarship and do whatever you have to to accomplish this goal.
- Don't just look for the big money scholarships $500 x 10 scholarships = $5,000 - got it?
- You should do MANY scholarships - don't do 10 and pat yourself on the back. Keep on until you get as much money for college as you can - your goal should be covering ALL college costs.
Q10. What other resources are available?
There are a wealth of resources to help you pay for college. First, talk to your guidance counselors to discuss your options for covering the costs of college. Also, you can call the financial aid departments of potential colleges of your interest to get perspective on college costs and options to pay for college.
I also recommend that you visit www.college.gov for much more information.
Check out more articles by Ashley Hill -> http://ezinearticles.com/?expert=Ashley_L_Hill
Need some inspiration from the #moneychat fam?
@shaylaprice - went to undergrad and law school winning over $100,000 in scholarship money!
@judithstephens & @prepforcollege - also went to college and/or graduate school on scholarships/fellowships
There are countless more, including the money lady (ME), who applied for and received quite a bit of money in scholarships for college! YOU CAN DO IT!
-Dorethia
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