April 25, 2008
Many intelligent, talented and hard-working students, ones who have the know-how and determination necessary to succeed at top universities, feel that finances are holding them back from the education they dream about. With the annual costs of Harvard estimated at $34,000, Duke $35,000 and Columbia $37,000, it’s no wonder that students shy away from just the though of prestigious schools. When one considers tuition, a troublesome economy and the weary prospects of student lenders, high school dreams become just that.
However, students are often unaware that many of the best financial aid packages are available to those who plan to attend the most impressive (and expensive) schools. Cream of the crop universities know that many cannot afford their high costs. To avoid missing out on a diverse student body—one that can contribute to academics and cultural perspective—they offer very generous financial aid packages. Elite schools often cut tuition by the thousands, if only students knew that.
If you have high hopes about attending an elite college or university, don’t give up before you start. Instead, become educated about your financial aid options. Check out university websites, conduct a free scholarship search and take a look at the hefty financial aid options below.
Stanford Financial Aid
In the ongoing Ivy League battle for the most promising students, Stanford has once again increased the size of undergraduate financial aid packages. Students whose parents make less than $60,000 will soon be attending the school for free—no tuition, no room and board, no additional expenses. Those whose parents make between $60,000 and $100,000 will have their tuition paid for but will be expected to cover other expenses. Unfortunately for those whose parents make more than that, tuition will increase this year.
Harvard Financial Aid
Like Stanford, Harvard has already eliminated contribution requirements for students whose household income is lower than $60,000 per year. But that's not all; they have also upped financial aid for to the less needy. Students whose parents make between $60,000 and $120,000 will be expected to pay no more than 10 percent of estimated college costs and those making between $120,000 and $180,000 will be expected to pay 10 percent.
Duke Merit Scholarships
Students who apply to Duke are automatically considered for one of Duke University’s Merit Scholarships. A number of awards are granted, and they can be quite generous. Students who are selected for the Angier B. Duke Memorial Scholarship, for example, can win full tuition for four years, a spot at a Duke/Oxford College summer program in England, a $2,500 stipend for expenses and a President Research Fellowship of up to $5,000.
Northwestern University Scholarships
Northwestern University gives away more than $50 million annually to helps undergraduate students meet the financial costs of this private university. All awards are based on financial need and funding availability. About 50 percent of students receive university aid packages which range in size from $250 to $33,000 (with $15,000 being the average).
University of Chicago College Honor Scholarship
Twenty undergraduate students attending the University of Chicago will be awarded the College Honor Scholarship—an award that covers full tuition for all four years. To be considered for this award, students should check the scholarship box upon filling out their college application. The awards are merit-based so students who have an exceptional academic record will be the ones rewarded.
April 29, 2008
Financial aid in the form of scholarships and grants is a student’s best bet when searching for college funding. Families who cannot pay for a student’s education without outside assistance should first turn to cost-free resources. When these prove insufficient, students can consider borrowing money for college.
With recent articles detailing the plights of indebted students and their troubled lenders, it’s no surprise that students are intimidated by the borrowing process. If one’s economic situation calls for assistance in the form of student loans, getting comfortable with the lending process is a good way to get rid of the loan jitters. So before you sign on the dotted lines, familiarize yourself with the following terms:
May 1, 2008
When doors to the new University of Central Florida College of Medicine open in 2009, they will open with a bang. In the hope of attracting the best and the brightest, medical practitioners and college representatives from the University of Central Florida have raised enough money to reimburse the first class for all four years of medical school. They will cover not only the tuition but also the fees and living expenses. With the Association of American Medical Colleges estimating the average debt of medical school graduates to be at about $139,000, the deal is sweet enough to cause a toothache.
“I think setting the bar high for the quality of the first class will set the stage for the caliber of every class that follows,” said Tavistock Group director and donor Rasesh Thakkar. Fundraisers have been in place since 2007 to make that happen. After tapping all possible resources, the school is expecting to admit a class of about 120 students which, based on a four-year plan, will receive a grant worth approximately $160,000.
Students interested in attending the school may begin applying in June of 2008. If accepted, they will automatically receive the award---no lengthy essay competitions, no laborious commitments, just money. “UCF stands for opportunity,” states the university website. When studies and internships leave little time for outside work, a full tuition scholarship is the epitome of such opportunity.
May 2, 2008
After passing the Senate and the House in varying formats, a compromise was reached on legislation that would help lenders stay afloat in a troublesome student loan market. The Ensuring Continued Access to Student Loans Act of 2008 was sent to the President yesterday, and rapid approval is expected.
If signed into law, the bill would give the Secretary of Education the right to buy loans from struggling lenders, thus providing them the capital needed to offer new student loans. Worried that lenders may continue to depart from the Federal Family Education Loan (FFEL) program—as fifty have already done—legislators have been scurrying to provide financial assistance before the school year begins. Though the law would only serve as a backup plan, the hope is that knowledge of a federal cushion would make both lenders and students more willing to engage in business.
To decrease student dependence on private lenders, ones generally offering loans options that are more expensive and less flexible than those offered by FFEL lenders, the maximum sum a student could borrow from the government was also increased. According to The Christian Science Monitor, the caps on unsubsidized loans available to students of any income level would increase by $2,000 for each school year. Dependent students would now be able to borrow up to $31,000 for their undergraduate education.
May 5, 2008
As a means of promoting diversity and developing talent, Scholarships.com has created a new set of scholarships for high school and undergraduate students. The “Fund Your Future” area of study scholarship consists of thirteen $1,000 awards to be granted to students who pursue a postsecondary education in one of thirteen designated fields and 185 related majors. Included is the Scholarships.com Business Scholarship, an award for students who plan to or are already majoring in business and related studies.
Scholarships.com understands that writing a 2,000 word paper on trickle-down economics can be a turnoff to students who lack both money and time. That’s why we’ve simplified things, and cut the requirements down to a 250 to 350 word scholarship essay. Students interested in applying for the award will have to submit an online response to the following question: "What has influenced your decision to pursue a career in business?"
1. Applicant must be a registered Scholarships.com user. Creating an account is simple and free of charge. 2. Applicant must be a US citizen 3. Applicant must be undergraduate student or a high school senior who plans to enroll in a college or university in the coming fall 4. Applicant must have indicated an interest in one of the following majors:
Business, Accounting, Actuarial Science, Business Administration, Advertising, Economics, Finance, International Business, Management, Marketing/Distribution, Hotel/Restaurant Management, Human Resources, International Affairs, Real Estate/Development, Sports Administration, Manufacturing, Engineering Management, Retail
May 31, 2008
A 250 to 350 word response to the following question: “What has influenced your decision to pursue a career in business?"
Further details about the application process and about contacting the scholarship provider can be found by conducting a free college scholarship search. Once the search is completed, students eligible for the award will find it in their scholarship list.
May 6, 2008
The rising cost of college rates has been a headache for families across the nation. However, college tuition is not the only expense expected to increase. Due in part to the high costs of gas, the price of food transportation—and therefore food—has been on the rise. Like consumers, campuses have to deal with the effects that food costs have had on meal plans.
If you're one of the many dorm-residing students subscribing to an on-campus cafeteria plan, especially one with a buffet-style layout, you can imagine how quickly prices could escalate. Numerous students make it a habit to fill their trays with one of everything…just in case. The quantity of wasted, expensive food has college representatives worried that a hike in cafeteria prices is inevitable.
Colleges are doing what they can to minimize expected charges, but pricing continues to be a problem. According to The Chronicle of Higher Education, some schools have taken to skimping on the amount of ingredients used in each dish while others have managed to save by eliminated cafeteria trays. In an interview with Mr. Simon of Western Washington University, it was reported that, “Western Washington dining halls observed a 34-percent reduction in waste during one week last month when the institution went trayless.”
For students who aren’t fond of dorm food as is, the idea of having to save money to afford it is extremely frustrating. Unfortunately, many students see few alternatives. Unless they can stuff all groceries into a portable, shared fridge, it’s just one more pain to deal with.
November 27, 2007
The government funds a number of financial aid and mentoring programs, and you are probably—no offense—unaware of most. It’s not your fault. Most students are not well-versed in matters of federal aid because they have not been informed about their options. Aside from the best-known federal grant, the Pell Grant, most students know little about available federal aid.
The TRIO program (no, this is not an acronym) is one of the lesser-known federal financial aid and counseling programs. It was created to assist students from disadvantaged backgrounds as well as those facing circumstances that hinder their academic pursuits. The TRIO program is made up of six different student programs and a training program for TRIO program staff. It not only addresses financial obstacles caused by affording an undergraduate education but also those caused by affording graduate school.
To be considered disadvantaged, students must have an maximum annual income of $15,315 for a one-person family unit, $20,530 for a two-person family unit, $25,750 for a three-person family unit and $5,220 for each additional person. (The income cutoff is higher in Hawaii and Alaska.)
The student programs offered through TRIO include:
Ronald E. McNair Post Baccalaureate Achievement Program- This program was created to increase the number of underrepresented students who obtain graduate and doctorate degrees. Eligible students who demonstrate strong academic potential are assisted in their preparation for graduate studies with counselor support, financial aid, research and internship opportunities as well as tutoring programs.
Student Support Services (SSS) Program- The SSS program assists students in meeting their basic college requirements. The goal of the program is to increase student graduation rates and the number of students who continue their education. Eligible students will receive help in securing admission and financial aid to four-year colleges and universities, personal counseling, tutoring assistance, career planning and college scholarship information.
Talent Search- Students eligible for the talent search aid are assisted in completing their high school education and attending a college or university. Eligible disadvantaged students will be offered tutoring, career search aid, college information, counseling and mentoring services.
Upward Bound- The Upward Bound program assists high school students in preparing for college. It awards aid to financially disadvantaged students, students whose parents did not obtain a bachelor’s education and low-income first-generation veterans pursing a college education. Upward Bound projects include tutoring in math, science, composition, literature and foreign languages. Students are also offering counseling, cultural enrichment programs and work-study programs.
The Upward Bound Math-Science Program- This program was created to improve the math and science skills of students and to encourage them to pursue a degree in the math and sciences. Participating students will receive aid with the help of summer programs, counseling, computer lessons and the opportunity to work with college faculty and graduate students on science research projects.
The Educational Opportunity Centers Program- The Educational Opportunity Centers Program is an assistance service for adults who need help in their pursuit of a postsecondary education. Eligible adults will receive personal counseling, information on college financial aid and tutoring aid.
November 28, 2007
Understanding college aid jargon can be tough. Learning about college requirements, school testing and financial aid applications is difficult enough. Bring snooty words and acronyms into the picture, and you’ll find yourself rereading the same sentence ten times.
To get into the college game, you have to know how to talk the talk. That’s where we come in. Scholarships.com offers you free access to a college prep and financial aid glossary that will help you decipher “advanced” school vocabulary. Before you get into the nitty gritty details of college planning, you need an overview, and we can help you with that.
Those applying for federal financial aid will need to know what a Pell grant is, how the Cost of Attendance (COA) is determined, and what the federal work study program (WSP) has to do with their student aid report (SAR). It can be a lot to handle at first, but these are words worth knowing. You are likely to come across them when applying for aid, and when you do, you’ll know what you’re dealing with.
Such knowledge is particularly important for students who apply for loans. To make the best, most affordable choices, these students will need to know the difference between Perkins loans, Stafford loans, PLUS loans and private loans. Before signing anything, it’s important to know about Annual Percentage Rates (APR), accrued interest, loan deferment, loan defaulting and consolidation. The glossary will provide quick answers to these and other financial aid questions.
By taking advantage of the resources offered at Scholarships.com, you can feel confident about your financial aid and college planning decisions. Just breathe, and take things one step at a time. Sit down at the table with your financial aid documents and a glossary. Slowly things will begin to make sense. When you think you have the basics down, you can count on Scholarships.com for more in-depth information.
December 13, 2007
Hey high school seniors (and superstar juniors), how would you like to have your school pay for your AP exams? I’m assuming there are no jeers in the crowd, at least not from students who know that College Board, the administrator of AP tests, charges students $84 for each exam.
Students lucky enough to belong to the numerous high schools in major North Virginia districts no longer have to worry about these rates. Since 1998, numerous counties in the state have been adopting the idea of helping students get an inexpensive head start on a college education. By paying for the students’ tests, these schools have been able to save students hundreds.
Those who take an AP class don’t always stop with one. Many students are taking on increasingly large loads, enrolling in two, three, four, even five college-level classes per year. There are students who begin earlier than that, building up their resume during their junior year. The money they dish out for these tests adds up. Some students take advantage of the discount prices offered to low-income students, but most can't count on them.
Many North Virginia schools take care of this problem by entirely covering the cost of the exam. The testing fee policies do vary by school, and not all students can expect the same assistance. In return for the coverage, some schools require that all students take the exams. Others do not. Some cover the whole cost, and others only pay a portion of the fee. Regardless, these schools deserve props for helping students meet their financial needs. It would be nice if the word spread to other states.
December 14, 2007
In a move that’s both impressive and grossly irritating to poor students across the nation, Harvard University announced on Tuesday its intent to improve the financial aid packages of well-off students. Of course that’s not how they announced it. According to the Harvard Crimson (the university newspaper), the Dean of Admissions William Fitzsimmons proudly declared that the aid would allow students to pursue careers in public service without fear of outstanding debt--as if that's the ultimate goal of most Harvard graduates.
In 2006, Harvard eliminated contribution requirements for students whose families made less than $60,000 per year. It has taken things one step further this year by increasing the amount of financial aid offered to students whose household income was greater than that. Mr. Fitzsimmons stated that families making between $60,000 and $200,000 were in a state of “crisis” when it came to finding money for college.
Hmmm…Crisis eh? That’s quite a hyperbole, especially when one considers the rising number of students who leave school with debt that exceeds $100,000. I somehow don’t feel bad for people making $200,000 each year, and I definitely don’t subscribe to the fact that they are going through a crisis. According to the 2006 U.S. Census Bureau, the median (not average) income in the U.S. is $48,201 and only 19 percent of households make over $100,000. Double that and the word crisis does not apply.
Under Harvard's new plan, families with incomes between $60,000 and $120,000 per year will soon be expected to pay 0-10 percent of their income for an education. Those making between $120,000 and $180,000 will be expected to pay 10 percent of that amount. To put things in perspective, the sticker price for the Harvard package is $45,620, and a family making $180,000 will pay 39 percent of that.
After reading the article, Harvard graduate Andrew Kalloch offered his thoughts on the news in a letter to the editors, “I wear old T-shirts, and they suit me just fine. Others wear designer clothing and there is nothing wrong with that. What is wrong is asking alumni to contribute to the embarrassment of riches already bestowed upon the American upper class.”
I'm not saying we should begrudge any students their financial aid, popped collars or not. After all, low or nonexistent tuition would be a deserved dream come true for most hard working students. It's just a bit disconcerting that myriad students with incomes far below those acknowledged by Harvard are burdened by student loans, and no one is giving them a reasonable piece of the pie.
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