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 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?

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?