May 28, 2008 by Mara Strom If you’re a community college student applying for financial aid, then know this: You’re in exceedingly good company. The number of your fellow students in need of aid has skyrocketed over the last five years, according to Robert Shireman, president of EconomicDiversity.org: “As costs like housing and textbooks continue to rise along with tuition and fees, financial aid is becoming a necessity for more community college students.” Shireman’s organization reports that in 2000-2001, just over one-quarter of all community college coeds completed a FAFSA; in 2005-2006, that number jumped to 34%. While the percentage of students applying for aid from two-year colleges is lower than at public four-year (59%) and private four-year (66%) sch...

America’s Top Colleges Are More Popular Than Ever April 7, 2008 It’s April, which means that if you were one of the hundred thousand high school seniors shooting for an Ivy League education, you already know your fate. Hopefully you’ve spent the past few days celebrating that golden acceptance letter. But if you’ve been consoling yourself instead, perhaps this will help: you’re in very good company. The number of applicants to America’s Ivy League has reached an all-time high (the rates are double what they were just 10 years ago), and the percentage of students offered admission is scraping the bottom of the award letter barrel. Here are some stats: According to The New York Times, Harvard fielded over 27,000 applicants – and only 7 out of every 100 got in. Yale was a bi...

Every year, the federal government spends more than $86 billion to help young people go to college. As the single largest provider of student aid in the world, the US federal government offers grants, fellowships, loans and work study programs. Your key to this massive treasure chest is the FAFSA, otherwise known as the Free Application for Federal Student Aid. The application, which can be filled out on paper or on-line, calculates your family’s ability to pay for your college degree. Calculations are based on income, assets and other factors, such as the number of additional dependents in college. The FAFSA is used not only by the federal government to determine your aid eligibility, but also by your college or university to allocate its own scholarships, plus state and private a...

For students looking to find funds for their higher education, federal work study should be a consideration. According the the Federal government’s Department of Education, work study “provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient’s course of study.” In short, if your award letter indicates that you have “need” you are most likely eligible for work study. Although work study is a form if financial aid, it is administered like a regular form of employment. In other words, you will not be handed work study funds on disbursement day like your student loans and grants. You will,...

Don’t make any of these five college financial aid mistakes 1. Failing to Apply 2. Missing the Deadlines 3. Starting a College Savings Account in Your Child’s Name 4. Forgetting to Budget for “College Life” 5. Failing to Investigate Lenders Failing to Apply for Scholarships, Grants, and Student Loans: Many families miss out on financial aid simply because they have a pre conceived notion that they won’t qualify. The old saying “you’ll never know unless you try” could not be more true and in this instance it could save you a lot of money. Private schools are so pricey these days that it is not uncommon for families that earn $100,000 or more to be granted financial aid. What many people don’t realize is that financial aid offices will also take into account extra ...

What Is Financial Aid? With today’s increasing college costs, traditional funding from personal and family savings may not be enough. Many students will have to rely on outside sources to help finance their post-secondary education. There are many sources of aid available to students and their families – grants, scholarships, loans, internships, work-study, as well as other more alternative approaches. The first step is to become acquainted with all financial aid options and then decide which are best for your particular situation. Show Glossary of Terms Eligibility: the degree to which a student qualifies for financial aid, usually expressed in a dollar figure; eligibility is based on a number of criteria Federal Work-Study: a form of gov...