July 31, 2008 by Mara Strom

I can't believe it: The last day of July. With August upon us, the start of school is right around the corner. Are you ready? Are your finances?

If you're still searching for some last-minute scholarship opportunities, we've got three great suggestions for you this week, all with deadlines in the next week.

1. Calm-A-Sutra of Tea National Scholarship Competition: $20,000

Yup, you read that right. $20 Grand. Even if you don't love tea, you'll love this prize. The Tea Council of the USA, an organization of tea importers, packers and others, is behind this whopping prize. How do you snag it? Make a 1-2 minute YouTube video about the health benefits of tea drinking. The more off-beat, the better. The Council could care less about your grades or leadership experience. Their judges are just looking for originality and a compelling statement about the health benefit of tea. Competition is extremely fierce (think tens of thousands of applicants), but the prize is definitely worth the effort. Deadline: Midnight on Wednesday, August 6, 2008.

2. The Mario Cugia Italian Studies Scholarship: $600 - $1,000

Majoring in Italian? Check. Italian descent? Check. Catholic? Check. If you've got three checks, then you may be able to qualify for another check — in the amount of $600 (if you're a junior) or $1,000 (if you're a senior). The winners will be chosen on the basis of scholastic achievement, financial need, leadership experience and faculty recommendations. Deadline: August 1, 2008 (tomorrow!)

3. Brickfish Just Face It Scholarship: $1,000

Here's another great scholarship opportunity that nearly anyone can win. Take a photograph of yourself and describe something interesting and unique about yourself. That's it. Of course, you'll be competing with no fewer than 12,600 applicants; that's how many other would-be winners had already submitted their mugs as of 5 o'clock EST today. With a little more than 24 hours left to go, don't waste your time sizing up your competition. Focus instead on yourself - quite literally. Deadline: Midnight on August 1, 2008.

We love celebrating success stories, so please be sure to leave us a comment if you land a scholarship from one of our scholarship listings.

Top 4 Military Aid Programs for the College-Bound

July 28, 2008 by Mara Strom

With the cost of college skyrocketing (the national rate of inflation on tuition is 7.2% a year — and rising), many students are looking for creative ways to pay for school.

Did you know that enlisting in the US Armed Forces, Coast Guard or the National Guard could you help you fully fund your undergraduate — or graduate — education?

There are a number of education benefits available to those serving in the US Armed Forces and their family members as well as to veterans. Here are the Top 5 financial aid programs you should know about.

1) Military Tuition Assistance
Tuition Assistance (TA) is a federally funded education benefit for members of the US Armed Forces. TA can be used to fund up to 100 percent of your total educational expenses (not to exceed $250/semester-based credit hour).

2) The Montgomery GI Bill
This mammoth federal bill to aid veterans, the GI Bill will typically fund about three-fifths of your in-state college education. Beneficiaries are still eligible for traditional forms of federal and state financial aid, including the Pell Grant, Stafford student loan and federal work-study.

3) Private Scholarships
Members of the military, veterans and their family There is over $300 million in private student scholarships for college and grants available for members of the military, veterans and their families.

4) State Tuition Assistance
Almost every state in the Union offers its veterans and the military dependents some form of educational assistance. The most common: fee waivers or reductions for military dependents or veterans.

Want to learn more? Check out our Guide to Military Aid or visit www.military.com.

July 24, 2008 by Mara Strom

We've got some great opps for your today — big and small. You've got a whole weekend ahead of you, so why not sit down, fill out a few applications and whip up a couple of essays. Who couldn't use several thousand dollars more for college?

1. The OP Loftbed $500 Scholarship Award: $500

The OP Loftbed Company is awarding a $500 scholarship to the student who answers their questions best. Unlike many other scholarships, OP doesn't discriminate based on your GPA, involvement in the community, or even your writing skills. They just want to read original, creative answers to the following questions:

• What personal characteristics are most important to you in a Presidential candidate and why?
• Some psychologists say all families are dysfunction to a degree. What makes your family dysfunctional?
• If you could be a living advertisement for any product or company, what product or company would you choose?
• Nike has "Just Do It." Larry the Cable Guys has, "Git-R-Done!" What is your life motto?

Sounds like fun, right? The kitty isn't huge, but $500 will buy a semester's worth of books (or more if you buy second hand!) The application deadline is midnight on July 31st.

2. SGNA RN General Education Scholarship: $2,500

Are you studying to be a Registered Nurse? If so, the Society of Gastroenterology Nurses and Associates (SGNA) has a $2,500 scholarship for any student in an accredited nursing program. You must be a full-time student with a minimum GPA of 3.0. To apply, you must complete an application, write a short essay and include a letter of recommendation along with a transcript of your coursework. Applications are due July 31; the recipient will be notified in October.

3. Military & Veterans Benefits Law Scholarship: $2,000

If you're a second or third year law student *and* a member or veteran of the U.S. military service, then you might be able to win a $2,000 scholarship from the Military and Veterans Benefits Scholarship Program. If you're interested, you have to write a short (2-4 paragraph) essay. Submit your essay and complete your application on line. The deadline is July 31.

We love celebrating success stories, so please be sure to leave us a comment if you land a scholarship from one of our scholarship listings.

July 20, 2008 by Mara Strom

Wisebread had an interesting post yesterday about students whose families' middle class income status has squeezed them out of the golden Medina of federal and state financial assistance: Financial Need.

Blogger Xin Lu cites two college friends whose families were well off enough to be denied financial assistance to their top picks — Harvard and MIT. When their families decided the Ivy League was out of their league, the friends went to their second choice: public in-state schools, where they presumably managed to graduate debt-free.

There's a wealth of food for thought in this post — and especially in the comments section. For me, one of the most salient issues comes down to the following question:

What is the true value of a college education?

Is there inherent worth to a degree from a certain college? And does that worth correlate to the added tuition — which, for many, means 10-30 years of repaying hefty student loan debt?

Let's look at it in terms of strict dollars and cents: Are starting salaries for Harvard grads really larger than those for UC-Santa Cruz grads (from Lu's example)? For the sake of argument, let's say that they are. But are they large enough to compensate for education costs that are, in many cases, 10 times (or more) higher?

And then there's the issue of the college experience itself. Whether or not one's diploma is "worth" more than another school's in terms of future earning potential, what about what happens during the four+ years you're in college? Where do things like class size, faculty pedigree, social life, athletics and other community issues figure into the value of your college experience?

What do you think? If you fall into the middle class no-man's zone for financial aid, how do you decide if the cost of a certain college is "worth" it?

July 17, 2008 by Mara Strom

July is more than half-way through, which means you're probably starting to think about heading off (or back) to school. Believe it or not, it isn't too late to earn a few more thousand dollars for your college education.

This week, we've got a list of three great opportunities, that could net you over $23,000! So amidst your busy back-to-school shopping schedule, be sure to leave yourself some time to fill out a few scholarship apps.

1. CosmoGIRL of the Year Scholarship: $20,000
You're odds are about one in a million to land this scholarship, but it's still one sweet deal (and not a lot of work.) In 300 words or less, express why you deserve to be CosmoGIRL of the Year. (Yes, you must be a female to apply!) Focus your essay on what you've done, big or small, to make your school, community or the world a bigger place. The winning applicant will earn a $20,000 scholarship for college plus a trip to New York City to participate in the annual Born to Lead awards event in November. The deadline for applications is July 28, 2008.

2. Academic Scholarship for NRAEF ManageFirst Program: From $2,500
Are you a chef in training? If you are enrolled in an accredited culinary institute or food service management program, then you may be eligible to win an academic scholarship of $2,500 or more. Qualified applicants must have completed at least one semester of study and earned at least one ManageFirst certificate. The deadline for applications is July 31, 2008.

3. The Lincoln Forum / Platt Family Scholarship Prize Essay Contest: $1,000
This coming February, America will celebrate Abraham Lincoln's 200th birthday. Does the U.S. President who presided over the Civil War still have relevance for American society of today? If you have an opinion to share, you could win $1,000. In 1,500 - 5,000 words, expound on the following question: "What relevance, if any, does Lincoln's life and accomplishments have to the challenges faced by today's generation?" To be eligible, you must have been enrolled in an American college or university during the spring semester 2008. First prize is $1,000; second prize is $500 and third prize is $250. The deadline for applications is July 31, 2008.

We love celebrating success stories, so please be sure to leave us a comment if you land a scholarship from one of our scholarship listings.

July 15, 2008 by Mara Strom

Some of you may be wondering whether qualifying for a federal loan is really that big of a deal. You figure money is money, and debt is debt. Plus, you've heard that applying for and getting accepted for a private loan is easier and faster.

While it's true that any green will pay the bills, not all loans are equally emerald. Here's a look at the major differences between federal and private student loans.

Federal Student Loans
Backed by the U.S. government, federal student loans are available through your school (Perkins loans) or through lenders and banks (Stafford and PLUS loans). To qualify for a Federal Student Loan, you must complete a FAFSA, the Free Application for Federal Student Aid. Benefits of federal loans include:

• Lower, fixed interest rates
• Multiple repayment options with longer loan terms
• Less stringent credit requirements than for private loans

There are three kinds of federal student loans: Perkins Loans (for students with extreme financial aid), PLUS Parent Loans (for parents of undergraduate and graduate students) and Stafford Loans (for undergraduate and graduate students).

Private Loans
When federal student aid is insufficient to cover the cost of college, many students turn to private loans. Despite the "credit crunch", the market for private loans has grown rapidly in recent years, helping to fill the gap between federal aid and skyrocketing college costs. While private loans are widely available, it's wise to weigh your options carefully before signing up for one.

Pros:
• You can borrow up to the total cost of your education
• You don't have to complete a FAFSA
• Funds may be use for any education-related expense
• Up to 1% reduction on interest rate for loans pay directly to your school

Cons:
• Subject to credit check
• Lower credit score will raise your interest rate on the loan
• Higher interest rate (relative to Federal loans)
• Interest rate is variable and may increase over the life of your loan
• Less amenable terms, may not allow for deferment while in school or for subsequent graduate study

In short: Private student loans undoubtedly fill a real and growing need for many students. The terms and interest rates on private loans, however, make them a less attractive option than Federal student loans. Therefore, be sure to complete your FAFSA on time so that you can qualify for Federal assistance. Only once you've exhausted your financial aid award from Uncle Sam should you consider a private student loan.

July 10, 2008 by Mara Strom

Welcome to Scholarship Thursday! Did you know that scholarships are FREE money for college? This week we've got three great opportunities for you to earn some of that FREE money. Each of these scholarships has a deadline of July 15, so time is of the essence. Good luck and please let us know if you land a scholarship that was featured here. At FAF, we love a happy ending!

1. Emc2 Election Multimedia Contest: $2,000
Do you have an opinion on energy security, genetic engineering, stem cell research or space militarization? If you could share your thoughts about a science, technology or health issue with the next American President, what would you tell him? Student Pugwash USA (SPUSA), a nonprofit educational organization devoted to multi-dimensional scientific study, is offering a $2,000 grand prize scholarship to the student with the best message. Share your ideas in a 5-minute video (uploaded to YouTube), a 5-minute digital podcast or a 750-word written essay. Eligible candidates must between the ages of 16 and 25 at the time of their submission. The contest deadline is July 15.

2. Access Group One Less Worry Scholarship: $10,000
Are you a worried law student? Stressed out about finals, mock court and, of course, tuition? Here's a scholarship that might reduce at least some of your angst - to the tune of $10,000. Access Group, a nonprofit student loan company serving law students, is offering a $10,000 scholarship to students currently enrolled in any accredited U.S. law school. To win the prize, make a video no longer than four minutes and upload it to YouTube, detailing all that worries you in law school. A panel of judges will whittle the entrants down to the top 10 - and then the contest will open up to public votes. Submit your entry form no later than July 15th. The winner will be announced on September 1, 2008.

3. Thurgood Marshall College Fund Wacchovia Scholarship: $4,400
Are you a sophomore, majoring in business or finance, attending a HBCU (Historically Black College or University)? If you fit that bill, you might win one of 35 $4,400 scholarships offered by the Wachovia Fund together with the Thurgood Marshall College Fund. Qualified applicants must be U.S. citizens with a minimum 3.0 GPA. First generation college students are strongly encouraged to apply. Download an application online and apply no later than July 15, 2008. (And be sure to check out the Thurgood Marshall College Fund website, because they have a host of other scholarships opportunities for students attending HBCU, all with July deadlines.

We love celebrating success stories, so please be sure to leave us a comment if you land a scholarship from one of scholarship listings.

July 7, 2008 by Mara Strom

Most of the time I come here and talk about what you should do to get financial aid…Gentle reminders about filing before the FAFSA deadline, applying for as many scholarships as you can, and picking the right student loan to cover the gap.

Well, today, I'm going to be a little more ruthless. I'm going to tell you what NOT to do — under any circumstances — if you want financial aid. Don't let one of these goofs gut your chances for the education you want and deserve.

1. Not Applying for Financial Aid

This made sound too obvious to be true, but many students and their families assume they won't qualify for financial aid so they don't even bother applying. They think they make too much money — but even families making more than $100,000 a year can get assistance. And according to the American Council on Education (ACE), it's not just six figure earners that skip the financial aid application process.

In 2006, ACE estimated that 1.8 million low- to moderate-income families didn't even complete the FAFSA (the Free Application for Federal Student Aid)… and 1.5 million of them would have qualified for the Pell Grant.

2. Missing Deadlines

Even among those who do apply for financial aid, many are lax about deadlines. If you miss the FAFSA deadline, YOU WILL NOT QUALITY FOR FINANCIAL AID. Forgive me for shouting, but there's no excuse for not following directions — especially when we're talking about thousands, if not tens of thousands, of dollars on the line.

Beyond the FAFSA, each school you apply to will have different deadlines and beaurocratic requirements. Make sure you understand what you need to do — and when you need to do it by. Mark it in a calendar, set multiple alarms for yourself. Whatever you do, don't miss the deadlines.

3. Not Applying Early Enough

Okay, so the FAFSA (and other financial aid paperwork) deadline for your school is April 1. That doesn't mean you should wait until March 30 to send in your stuff. Get it done as soon as humanly possible after January 1st (the first day you can file your FAFSA). That means that your previous year tax returns need to be filed early. Not on time. Early. If you're dependent on your parents, make sure they realize the gravity of the situation and get their returns done early, too.

4. Skipping Over Scholarships

There is free money out there for the taking — literally thousands of private scholarship and grant programs. And you probably fit the bill for dozens of them. Yes, it is extra work and you might even have to write an essay or get some recommendations. But trust me when I say that it pales in comparison to stocking shelves all summer long.

For more information about scholarships, talk to your guidance counselor (if you're in high school still), meet with your adviser (if you're already in college), and sign up with one of the many free scholarship search engines (here is a post we did a while ago about some of the better ones.)

5. Paying for Something That's Free

It's called the FREE Application for Federal Student Aid (FAFSA) for a reason: It's free. And so should any website be that you're searching for scholarships on. If someone is offering to manage your college financial aid process, he (or she) is more than likely offering to rip you off. There is no such thing as a secret scholarship; if a "scholarship professional" can find it, so can you — and with relatively little searching. If you do get stuck on your FAFSA, there is online support available. Or you could call your local college's financial aid office: They are usually more than happy to answer your questions on the phone or in person.

6. Taking Our Private Loans Before Exhausting Federal Ones

In an ideal world, you wouldn't need to take out any loans. You'd be able to cover the entire cost of your college education from savings, grants and scholarships. But this isn't an ideal world for most Americans, and educational loans are a reality that's here to stay. That said, Federal loans for students — meaning Stafford and Perkins loans — are far.better.deals than private loans.

Unsubsidized Stafford loans are capped at a 6.8 percent interest rate; subsidized Staffords do even (in 2012, they'll be capped at 3.4 percent). Private student loans, on the other hand, can reach more than 12% APR: That's approaching credit card territory.

7. Living Like You Already Have a Fat Paycheck

Even if you have a part-time job — heck, even if you have a full-time one — you should not be living large while you're in college. Now is the time for frugality. If you must take out student loans, do so extremely prudently. You don't want to owe Sallie Mae a penny more than you have to, and certainly not because you coveted a nicer off-campus apartment. If you actually live like a starving college student while you're in college, then maybe — just maybe — you won't have to when you graduate. If you don't know what I'm talking about, check out this post on the Real Cost of Paying Back Your Student Loans.

Applying for and getting enough financial aid to cover your college costs isn't rocket science. But it does require a better-than-average attention to detail, the ability to follow instructions , a keen desire to make it work, and some self-discipline. Do you have what it takes to make the grade?

July 3, 2008 by Mara Strom

Happy 4th of July! Tomorrow is Independence Day - and since even the most diligent scholarship searcher out there is probably enjoying a little patriotic partying, FAF is taking a break from our regular Scholarship Thursday format.

Instead of three scholarships with impending deadlines, this week we've got four 4th of July-themed scholarships. If it's got the words liberty, freedom, or proud-to-be-an-American in it, we're all over it. You may have to wait 'til next year to apply for some of these, but keep them in your back pocket - or your Yankee Doodle Dandy cap!

1. True Patriot Scholarship: $25,000
Yes, you read that right: $25,000. That's a lot of credit hours, books and cafeteria meals right there! To win this major scholarship prize, you'll need to write a stellar essay on the question, "What does true patriotism mean to you?" The essay competition is open to high school students across America. Your essay may be no more than 1,500 words - for an idea of what the judges will be looking for in terms of content, check out the mission statement on the True Patriot Network. Submissions are due no later than September 1, 2008 and the sole winner will be announced in January 2009.

2. American Patriot Freedom Scholars: $1,000
If your parents are in the military, you might be eligible for a $1,000 scholarship from Homefront America, a volunteer organization devoted to assisting military families. Since 2006, Homefront America has given out forty-five scholarships based on merit and an essay competition. The fund is currently closed for the 2008-2009 school year, but check back with the website after January 1st.

3. American Dream Scholarship: $500 - 5,000
Student loan giant Sallie Mae, together with the United Negro College Fund, offers scholarships ranging from $500 - $5,000 for African Americans with financial need. Applicants must meet Pell Grant eligibility criteria, have a minimum 2.5 GPA, and be enrolled full-time at an accredited undergraduate institutions.
This program is now closed for the 2008 academic year, but check back with the website after January 1st.

4. Families of Freedom Scholarship Fund: Unlimited
The Families of Freedom Scholarship Fund provides generous scholarship assistance to children and spouses of 9/11 victims. Scholarship assistance is available for four years of college and can aid a student in attending any accredited post-secondary school, including those outside the United States. Limited funds are also available for graduate study. The minimum scholarship amount is $1,000. The Families of Freedom fund reviews applications year-round - so if you think you, or someone you know, qualifies for a scholarship, call the Fund toll-free at 1-877-862-0136 or email them at familiesoffreedom@scholarshipamerica.org.

Enjoy a safe and happy Independence Day and check back in with us after the holiday weekend for a great post about the 7 financial aid mistakes students make (talk about a buzz kill!)