August 29, 2008 by Mara Strom

We've got three September-deadline scholarship opps for you today.  Hopefully you'll find some time to complete some applications in the midst of all your back-to-school activities.

1. OXY Cash for College: $25,000

It doesn't get easier than the OXY Cash for College competition.  If you are aged 13-18, ask you parents to head on over to the OXY site and complete their super fast on-line application.  One grand prize winner will be selected for a $25,000 contribution to your 529 Plan College Savings Plan. There are also five 1st place prizes of $10,000 each and five 2nd place prizes of $5,000 each. Deadline: September 28, 2008.

2. Red Vines Drawing Contest: $5,000

Do you love red licorice (mmmmmm)?  Even if you're not a licorice junkie, you can still win a cool $5,000 if you can create an original drawing incorporating those little red vines. There are three categories — for children, teenagers and adults — and everyone gets to submit one drawing in any single color.  Check out the official entry form using the link above. Details: "Red Vines Drawing Contest. Are you a fan of Red Vines licorice? Whether you are or not, this is a great opportunity to win $5,000! Entering is Easy! Submit an original drawing, using any single-color medium (one color), and … must feature the Red Vines logo as well as the Red Vines packaging or Red Vines candy product. All drawings must be submitted on an Official Entry Form."  Deadline: September 30, 2008.

3. Xerox Technical Minority Scholarship Program: $1,000 - $10,000

To demonstrate its commitment to the academic success of minority students and the cultivation of minorities in technical fields, Xerox is offering scholarships to cover students' balance of tuition. Qualified applicants must be U.S. citizens with a minimum 3.0 GPA.  Students may undergraduate or graduate, majoring in chemistry, information management, software systems, material science, printing management science, laser optics, physics or material science. Deadline: September 30, 2008.

Good luck and please stop by to let us know if you land one of the scholarships we list here on the Financial Aid Finder.

August 25, 2008 by Mara Strom

It's a conundrum. When you graduate from college, you'll want to have a good credit score. Everyone from mortgage banks to potential employers will be checking your credit report to see if you are a credit worthy individual. And if you have never had a credit card (or some kind of secured debt, such as a mortgage or car loan), then your credit worthiness will not be rated very high.

How can that be? — you might be wondering. You chose not to take out a credit card because you wanted to be responsible: To *avoid* the trap of consumer debt. Well, unfortunately for you, the credit reporting agencies use your credit card history to calculate your credit score. Also known as a FICO score, your credit score is configured using a mathematical formula to measure how responsible you will be — as a borrower, as a tenant or even as an employee. Your FICO score is based on factors like your debt to income ratio and even whether you've ever been late on a payment. No credit card, no payment history, no passing credit score.

Of course, odds are that you will be signing up for a credit card — if you haven't already. Three out of four college students carry at least one credit card. And the average balance come graduation is $2,200. Most of these balances have nothing to do with tuition, room or board. These are consumer expenses — a slice of pizza, a new DVD.

Let's play this out. Say you’ve got a $2,200 debt at the relatively low annual percentage rate of 20%. If you pay the minimum faithfully and never charge another dime, it will take you two decades to pay off your college debt. Imagine being in your late 30s and still paying off a CD you listened to when you were 18.

How do you avoid the pitfalls of student credit card debt while still establishing yourself as a credit worthy individual? Try following these 3 tips for being a responsible manager of your plastic:

#1 Keep Your Limit Low
When you take out a credit card, the lender sets a credit limit — the amount they are willing to loan you based on your income and repayment history. If you've had a credit card for a while, most lenders are more than happy to increase your limit if you ask. Some don't even wait for you to ask, they just raise it. Why? Because the higher your limit, the higher your interest payments when you max out your limit. Avoid temptation by not spending to your limit and keeping tight reigns on the limit increases.

#2 Pay the piper on time.
Pay close attention to the due date on your credit card(s). Your check must arrive to the credit card company by this date — not just be postmarked by this date. If your payment arrives even a day late, you will face steep late fines (as much as $35 or $40). But beyond the monetary sting, late payments will show up on your credit report — and stay there for seven years.

#3 Live like a starving student.
Last week, we talked about how to make (and live by) a budget. All too often college students rack up credit card debt because they assume they will be able to pay it off easily once they get a full-time job. But between the pinch of paying off student loans, rising costs of living and diminishing starting salaries, paying off $2,000 or more in college debt won't be that easy after all. Instead of climbing that mountain, why not try living like a starving college student while you are in college, so you don't have to once you graduate.

If you want to read more about how to manage your money while at college, check out our earlier posts on buying textbooks on a budget and eating on a budget.

August 21, 2008 by Mara Strom

I'm changing things up this Scholarship Thursday. For the last couple of weeks, I've been mentioning the August slow-down in scholarships with immediate deadlines. That's because everyone is getting ready to go back to school — including scholarship committees.

Now the truth is that if you are looking for local niche scholarships, you may still be in luck. But since I try to bring you national (or at least regional) opportunities, there are definitely fewer choices this time of year.

So, instead of my regular format, today I'm bringing you three major scholarship sources you NEED to know about. All of these are big foundations associated with big businesses — and all of them have extremely generous college scholarship programs available for regular Americans like you. (In other words, you don't have to be the child of an employee. You do, however, have to have smarts, leadership and some mad essay skills working in your favor.)

#1 Coca-Cola
Since 1986, the Coca-Cola Scholars Foundation has been supporting over 1,400 college students each year. The Foundation provides $3.4 million in annual scholarships through its two nationally recognized programs: the four-year award and the two-year award.

The four-year award program provides 50 high school seniors with a four-year $20,000 scholarship, and it gives another 200 high school seniors a four-year $10,000 scholarship. Scholarships are intended to reward leadership and excellence, with a focus on academic achievement, extracurricular activities and community service. The application is available online beginning in August and is due no later than October 31. If you're planning on attending a four-year institution, why not take advantage in the lull in scholarship opps to get a jump on your Coke Scholars application?

If you are planning to work toward your AA at a junior college, then you'll want to make a note about Coca-Cola's two-year program. It awards 350 one-time scholarships in the amount of $1,000 to students attending any accredited two-year institution. Winners must demonstrate significant volunteer contributions and/or work experience. Applications are accepted from March 1st - May 31st. For more information, visit www.ptk.org.

#2 Wal-Mart
Each year, more than 8,000 students get help paying for college from Wal-Mart Foundation scholarships. The Foundation has three different programs: the Wal-Mart ASSOCIATE, Higher REACH, and Sam Walton COMMUNITY scholarships. If you're interested in learning more, mark your calendar for November — That's when the Wal-Mart site will make applications and program guidelines available online.

#3 Gates Millennium Scholarship
Funded by a $1 billion gift from Microsoft founder Bill Gates and his wife Linda, the Gates Millennium Scholars Program aims to provide educational opportunities to outstanding minority students with significant financial need. Since its founding in 1999, the Scholars Program has supported more than 12,000 students enrolled at over 1,500 colleges and universities across the United States.

Awards from the Gates Millennium Scholars Program support the cost of education not covered by self-help and financial aid. In other words, the award amount will vary, depending on how much your school costs, how much aid you receive, and how much you and your parents can contribute. Scholars with satisfactory academic progress may have their scholarships renewed. In addition to scholarship money, the program also offers leadership development, mentoring services, and an online resource center.

The application deadline is January 12, 2009 for the 2009-2010 school year. The online scholarship application is already available here.

August 20, 2008 by Mara Strom

Welcome to part three of our series on living on a budget at college. (If you haven't already read them, check out the previous posts: Eating on a Budget and Textbooks on a Budget.)

Let me start by apologizing for not getting this post up on Monday. I just moved this weekend and despite Major-Internet-Provider's most fervent promises that I'd be on-line Monday, that obviously did not come to pass.

Anyway, the move has given me a great opportunity to reflect on all the millions and millions of little expenses that seem to crop up when you move to a new place. From light bulbs to toilet bowl brushes, Target has done a brisk business from me the past few days.

Come the start of school, you, too, will likely encounter the bottomless money pit that is Target (or pick your mega-store of choice). Granted, on-campus living affords you certain basics: a desk, a chair, a bed, a closet, and maybe even a lamp. But there are still plenty of start-up costs, whether this is your freshmen year or your senior one.

If you're renting an off-campus apartment, then the potential expenses are limitless. While outfitting your new pad can be a wonderful opportunity to assert your independence, it can be a black hole of credit card debt out of which you'll be crawling for years. And it isn't just the coffee makers and futons that you have to watch out for. Going away to college is for many students the first chance they've had to manage their own money. According to the College Board, the average cost of tuition, room and board at public colleges is just over $12,000.

But another $3,000 (national average) is spent on textbooks, transportation, supplies, and ahem, entertainment. Of course, if you're not careful that $3,000 can double faster than you can cure yourself of a Sunday morning hangover.

So, how do you keep yourself from spending wisely (and possibly even frugally) while at college? The key is making a budget — a written game plan for how you will spend your money. If you're the typical college freshmen, then you've probably never made a budget — let alone had to really and truly live on one.

Don't panic! You won't need a crash course in macroeconomics to make a budget. Just follow these 4 basic steps:

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August 14, 2008 by Mara Strom

It's the middle of the August and the scholarship pickings continue to be slimmer than normal. The pace will pick up in the fall, though, and by November, you'll need to plot out your application strategy in an Excel chart. In other words, enjoy the quieter season and the opportunity it provides to focus on some of the other pressing money matters for college, like picking a meal plan or snagging a deal on your textbooks. Of course, I do still have two great scholarship opportunities for you today!

And winning just one of these could cover a major chunk of your costs, so be sure to check them out.

1. True Patriot Scholarship: $25,000
You might remember reading about this scholarship back on July 4, when I did a spotlight on Independence Day-inspired opportunities. This is a big prize. Very big. $25,000. To win it, you'll need to write a seriously killer essay in response to the question: "What does true patriotism mean to you?" High school students across America are eligible to apply. Write no more than 1,500 words and be sure that you're vision syncs up with those of the judges. The True Patriot Network is a progressive organization, so staunch right-wingers probably won't be in the running. To learn more, check out the mission statement on the True Patriot Network's website. Submissions are due no later than September 1, 2008. The winner will be announced in January 2009.

2. "Speak New Words" Music Video Contest: $5,000
Here's a great way to showcase your talent and creativity, while possibly earning as much as $5,000 for college. Grab your camcorder and record a music video that addresses the 13 character traits you believe will bring true cultural change for our country. Applicants must be at least 13 years of age and produce a video no less than one minute (and no more than four minutes) long. Lyrics must be original, and music can be original or karaoke. Keep your messages positive (and free of "controversial words".) The deadline for this fun competition is September 7, 2008.

If you're looking for a scholarship in a particular niche, please let me know. I'll add it to my search index. And, as always, please let us know if you land one of the scholarships posted here. At the Financial Aid Finder, we love to celebrate your victories!

August 11, 2008 by Mara Strom

We've been talking on the Financial Aid Finder about how to get through college without blowing your whole budget in the first few weeks. Last week, we put the spotlight on textbooks — a major budget buster for many students.

This week, we're looking at how to eat at school without eating up your budget. If you've spent anytime at a grocery store lately, you know that prices are going up (and up and up). In 2006 and 2007, the cost of food went up 4%, the biggest jump since 1990. This year, that bump is expected to come in at 5% to 6%.

Whether you're planning on living on campus and eating at the dining hall, or renting an off-campus apartment and fending for your own food, you'll undoubtedly feel the pinch of these price hikes. Here are six tips for staying within your budget (you do have a budget, right? If not, don't worry: Next Monday, we'll look at how to make a college budget!)

1. Shop at grocery stores, not convenience stores.
You'll quickly find that there are a plethora of convenience stores dotting the perimeter of your campus. Everywhere you look, you will be able to grab a quick bite to eat for "only" $5.99. Six bucks a day, twice a day, seven days a week, adds up to a big hole in your budget faster than you can finish that ready-made sandwich.

2. Avoid the 21-meal plan.
Many colleges require on-campus freshman to buy a meal plan. If at all possible, don't buy the 21-meal plan. The odds of your eating every.single.meal in the dining hall are slim (no pun intended on how dining hall eating will impact your figure) to none. Instead, purchase 14 meals and leave yourself some flexibility.

3. Cook at home.
If home is an off-campus apartment, you're set. Invest in an inexpensive set of pots and pans, a cheap cutting board, and a good knife. Check out garage sales and thrift stores, or buy on clearance at big box stores. For less than $50 you can outfit a functional kitchen. Don't bother buying cookbooks — you can check them out from your campus library, or find a plethora of recipe sites online (my favorites are epicurious.com and recipezaar.com).

If you're living in the dorms, you still have some options that are thriftier than going out or eating in the dining halls. Most residence halls allow microwaves and mini refrigerators; some permit rice cookers, hot pots and crock pots — all of which open up a world of possibilities. Even if you only buy an electric kettle to make oatmeal for breakfast, you'll save a ton over the dining halls — and get a much healthier start to your day than from four bowls of Capt'n Crunch. Trust me.

4. Clip coupons.
Seriously. If this woman can spend just $40 a week to feed her family of four, then you can definitely save yourself some serious cash by clipping a few coupons. The Money Saving Mom also has some great ideas for saving on toiletries and household goods (yes, you will need toilet paper if you are living off-campus) by shopping at CVS.

5. Buy a Brita. And invest in your own water bottle.
Soda costs a fortune. So does bottled ice tea, juice and anything else you can grab out of the refrigerator section at your local Quick Mart. Bottled water isn't much (if any) cheaper. Instead, pick up a Brita pitcher and a water bottle to take to class — and everywhere else you go. (I love these eco-friendly ones — good for you and the environment.)

6. Hold the reins on late night eating.
Ordering pizza or Chinese food is a nightly ritual in college. Treating yourself once in a while is okay, but ordering weekly — or daily — will undue your budget (and your pants). Allow yourself to spend a set amount on ordering out every month. Once that money is gone, it's gone. This little foray into self-restraint won't be easy (especially when it's Two-for-Tuesday buffalo wing night), but your wallet and your waistline will thank you!

So, tell us: What are you doing to save money on food while at college? What's your game plan?

Don’t forget to stay tuned for our suggestions next week about how to make a college budget.

August 7, 2008 by Mara Strom

The scholarship pickings are a bit slim this week. I've pulled together three scholarship opportunities, though - two of which you should be able to knock out quickly. And the third is only for doctorate students, so if that applies, you're probably used to a lot of work anyway ;).

In addition to applying for a scholarship or two, why not take advantage of this slower week to focus on getting ready for the start of school. Review your budget, plan your expenses and make sure you have enough money to cover all those start-up costs. (Yes, this is a not-so-subtle plug for my new Monday mini-series on budgeting for school. If you haven't already done so, be sure to check out this Monday's article about buying textbooks on a budget. And stay tuned for next Monday's discussion about frugal eating at college.)

1 …. & 2. Scholarships.com College Education Scholarship and College Computer Science Scholarship: $1,000
Scholarships.com frequently offers $1,000 scholarships to students from specific majors. This August, the free scholarship search site is offering two more $1,000 prizes. Application requirements are a breeze, so if you're majoring in either education or computer science, you'll definitely want to apply. Here's what you do: Go register for scholarships.com and submit your brief essay (no more than 350 words, no less than 250) on what has influenced you to choose your field of study. Application deadline: August 31, 2008.

3. Florence P Kendall Doctoral Scholarship
The Foundation for Physical Therapy is offering a $5,000 scholarship for physical therapists and physical therapist assistants with outstanding academic potential who are entering their first year of doctoral studies. Applying online involves creating a brief personal data page and then uploading other application materials. Application deadline: August 15, 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.

August 4, 2008 by Mara Strom

With the first day of college right around the corner, it's time to start thinking about all those beginning of semester start-up costs. Are you trying to stretch your scholarship dollars? Or make your work-study money go as far as possible?

Over the next few Mondays at the Financial Aid Finder, I'm going to focus on some frugal(ish) ways to save money and reduce your overall expenses.

This week, we're talking about textbooks. Books are often one of those unplanned — or under-planned — for expenses that can really bust your budget. The cost of books has gone up more than 180 percent in the last decade and it's not unusual for students to blow $1,000 or more on buying them.

Given that textbooks are unavoidable (assuming you're not planning on intuiting all that info, that is), why not look for some more affordable ways to purchase them? Here are a few places to look:

Your Campus Bookstore
Believe it or not, there are some bargains to be found at your on-campus bookstore. And with the cost of gas these days, those bargains — in the form of used books — probably seem even sweeter than driving all over town. Here are two important warnings, though, before you buy:

• DO NOT BUY NEW. Sorry for shouting, but this is important! New textbooks are anywhere from 20% to 80% more expensive than second-hand books. Plus, as you may have already discovered, most second hand textbooks are in pristine condition (as in, the previous owner never even cracked the cover.)

• Don't buy anything without comparison shopping first. The biggest book-buying mistake students make is not shopping around. You might get some great deals at your on-campus store. Or you might find that same used book for pennies on the dollar from one of the websites below.

BookByte

This is a great site to search for bargains on nearly 500,000 college textbook titles, conveniently divided into subjects. The list is also searchable by title, author or key words. Plus you can resell your gently used textbooks at the end of each semester and earn some cash to pay for the next round.

Affordabook

If you're not up for full-on comparison shopping, this site is for you. Affordabook is paired up with 17 discount retailers and it searches through each of them to find the lowest price on new and used textbooks (and other books, too). Search by ISBN, title or keywords.

BigWords

Like Affordabook, BigWords does your research for you. The site searches through several other online retailers to pinpoint where the best deals are.

Textbookz

If you like eBay, you'll love buying your books from Textbookz, an e-Bay based site for student book exchanges. The site is super fast and easy to use, and like BookByte you can buy and sell your books back.

Where do you buy your textbooks? Have you found a great way to save money on books? Please share in the comments section! And, tune in again next week when I look at how food (and drink) figure into your costs of living. And I'll try to answer the question: Should you buy a meal plan?