6 Reasons Your College Financial Award Changed

“Why did my financial aid award change?” is typically a question asked after the student has lost money compared to the previous year.  Rarely does anyone ask this question if they received more money.

Here are 6 reasons why a student’s financial award offer will change from year to year…

1.  The family’s income has changed.  If income goes down, then the expected family contribution (EFC) will likely go down.  This typically results in a better financial aid package.  However, it is more likely that your income went up from the previous year.  This means your EFC went up and your financial aid package will be lowered according to the established guidelines.

2.  The family’s assets have changed.  As with income; if the assets go up, EFC goes up.  If the assets go down, EFC goes down.  Since most families will spend assets while their students are in college, this will most often have a downward pressure on your EFC (good for you).  But if you won the lottery or inherited money, those new assets are going to drive your EFC up (bad for you… sort of).

3.  The number of students in college changed.  The more students you have in college… the lower your EFC will be.  If a student graduated last year and you only have one in college this year, then you will see a big spike in that student’s EFC.  Consequently, they will get less financial help from the college.

4.  Changes in the federal Stafford loans.  Stafford loan amounts increase as a student progresses through college.  Currently freshman students can borrow $5,500; sophomores – $6,500; juniors – $7,500; and seniors – $7,500.  As students are able to borrow more under the Stafford program, colleges will typically lower the other sources of help in the financial award.  For instance, the student get’s an addition $1,000 in a Stafford loan, but their college grant is lowered by $1,000.

5.  Your college’s endowment has taken a hard hit in the market.  One of the unfortunate results of the current recession is many colleges have seen their investments drop… big drops in some cases.  This means the schools have less money they can give to their students.  The recession is unfortunately limiting the amount of money many schools are able to give away compared to previous years.

6.  Your college is a cheap-skate.  It is rare, but some colleges will do a bait and switch to get freshmen students.  They will give them very generous offers their first year, but then pull back the money in the subsequent years.  This is not common, but there are unfortunately some institutions that will do this.

Scholarships For Single Moms – Suze Orman’s Tips For Single Moms to Get Financial Aid Revealed!

To be a single mom today is like one of the toughest thing to face in the world. One of the hardest things to do is to pay the huge bills. Dept is a hard reality for everyone but it turns out to be even harder for a single mom. Scholarships for single moms to get financial aid are a must these days. Looking at this, Suze Orman gives you some tips to get financial aid easily. Obama’s government has made this procedure quite easy in the year 2009.

You may begin this by consulting non profits around your resident who offer government financial aid for single moms. These organizations happen to offer assistance in employment, housing and even tuitions. State government also has offered programs to give help to single moms when they are in need. You may refer to TANF; it’s a program that helps you with food stamps, job training and assistance in placements. You can also take help from LIHEAP to give you assistance with the heating bill.

According to Suze Orman, Government assistance programs have certain criteria to give grants. Basic is that a single mom should be very poor in order to qualify for scholarship for single moms.

* Her income should not have many resources as well as they will just prove to be hurdles in her way.

* Some of the single mothers even have to resort in order to get a second job.

* Single mother is also offered to get counseling session to get over stress and frustration.

ASEAN organization gives scholarships for single mom to do their post graduation study. The fact that single parent households are getting increased in number day by day and the head is women leads to the fact that women should be independent and be financially settled. This organization makes it easier for single moms to get their post graduation degree and help them to take care of family side by side. University of waterloo deals with under graduation study and offers scholarships to single mothers.

Society survival in the United States may be dependent on the survival of single mother only. Scholarship for single moms is becoming easier to get provided you fulfill the conditions. This aid proves to be a safeguard for them.

Financial Assistance SOS

One of the most worrying aspects of applying to college is working out how you are going to be able to pay for your studies. Check out our guide below to see the options that may be available to you.

Need-Based Aid

Need-based aid is money awarded based on the ability of you and your family to pay for college. To apply for most need-based aid, you need to first fill out the Free Application for Federal Student Aid (FAFSA). FAFSA is the determining factor controlling all federal aid programs, such as student loans and grants. Many other forms of financial aid for students, including college scholarships and private initiatives, will also use FAFSA information as a factor in determining who is eligible for their financial aid programs.

Scholarships

Like Merit aid, scholarships are another type of financial aid that you won’t have to worry about paying back! The government, colleges, public institutions, private companies and religious groups are all possible sources of scholarships. Most are awarded based on specific criteria, such as your academic performance, extracurricular activities, community involvement, ethnic heritage or religious affiliation. Some scholarships are also need-based. No matter what the requirements, applications for scholarships are always hotly contested, so apply early! A small batch of students with 4.0 GPAs and high test scores may win a disproportionate number of scholarships.

Grants

Another great way to fund your way through college, grants are in essence money for nothing financial aid. The government aims many grants at students who would otherwise struggle to pay college fees, and these may be offered at state level, or through federally sponsored programs like the Pell Grant. They may be tailored to students who excel in an area of academic study, or be linked to the course or career that you choose to study for. Some colleges offer their own grants to students, while private groups or companies fund others. Be sure to check whether the grant you aim for has strings attached – you may find that there are certain qualifying requirements connected to your program of study or your future career.

Merit Aid

Merit aid is usually awarded as a scholarship, in recognition of your personal achievements in a specific area of study, sports, the arts or community activity. The great thing about merit scholarships is that you do not need to pay back the money, and may be offered on a renewable basis for several years. Another advantage is that merit-based scholarships are not competitive in its nature – as long as you meet the specified requirements, you are eligible to receive this form of financial aid.

Student Loans

As with a normal bank loan, you will be charged interest on student loans for college courses. The good news is, institutions that offer student loans are limited to charging a capped rate of interest, so they work out to be cheaper than other types of loan. Another big advantage is that you will not usually be required to start paying back your student loan until you’ve secured employment after graduating. You can find out which federal student loans you are eligible for by filling out the Free Application for Federal Student Aid (FAFSA). While some, such as the unsubsidized Stafford Loans and Parent PLUS loans disregard your perceived level of need, others, like a Perkins loan, are needs-based. If you’re still strapped for cash after trying all the federal opportunities, you can choose to look into private loan contracts with banks and credit unions, although the conditions of these may not compare favorably to federally sponsored loans.

Work-Study

Exactly as the name suggests, work-study programs offer you a financial incentive in exchange for work that you carry out while studying at college, and usually involve jobs that are completed on-campus.

Accredited Online College Degree and Financial Aid

Online College academic degree programs have now become a respectable way for otherwise meddling individuals to acquire a distinguished degree to help improve their careers.

The advancement of technology has opened up a lot of new opportunities for people all over the world. In the field of education, many top colleges and universities in the country today has open their doors to pupils who want to study online.

One still needs to go through the usual application and student selection process of these top colleges and universities to be able to enroll in their accredited online college degrees. However. the fact that one can now study in the comforts of his or her home is already a huge reward. This is particularly true for students who are living in far away areas and could afford to relocate near the college or university. You can attend a college or university from any state in the United States or even from Canada. Your classroom work can be completed on your own time by accessing the class work online. Your professor or instructor will be available through e-mail and you will be able to convey and exchange ideas with your classmates through e-mail, instant messaging, chat rooms or blogs. You will be able to turn in assignments and take tests through the Internet.

Eligibility for Student Grants and Assistance

The price of an online degree is often more affordable than at the actual college or university and out of state costs are not usually incurred. Think how much you can save on gasoline or public transportation alone! You may be qualified for scholarships, student loans or Pell grants to help with the cost of your education. If you are accepted to an accredited online college degree of a college or university in the country, you are eligible to apply for study grants and financial assistance. Note that just because you are studying online does not mean that you are not considered as a regular student of the college or university so you can still make use of whatever study grants and student financial assistance available.

Since most colleges and universities now offer online applications for student grants and financial assistance, you do not need to visit the campus to enroll for these student assistance programs. All you need to do is go online and log-in to the college or university’s website and go to the page for student financial assistance. Use your student number to apply for student grants and financial assistance. Your application will now be processed by the college and university.

Since you are enrolled in accredited online college degree program of the college or university, the sum of financial assistance that you can get may vary from the assistance given to students who are studying in campus. In most cases, students that are enrolled in accredited online college degree programs acquire a fraction of the financial assistance given to students who are studying in campus.

The reason behind the decrease in the amount of assistance that you can get is that since you are not living and studying in campus, you are supposed to incur lesser amount of expenses compared to those students that are living and studying in campus. However, the good news is that you will still enjoy the same rate of interest and payment schemes for student loans enjoyed by those students who are living and studying on campus.

To further your career aspirations, an online degree is the best feasible choice. However with quite a large number of universities offering online courses and degrees, choosing the one which is right for you can be a difficult process. The abundant development and enhancement of internet technology leads to the rapid growth of online education. The increasing popularity and creditability of the online universities influences more and more people to take up online courses and get geared up for life!

Earning a valuable and degree sitting at the comfort of your home or office seems to be quite alluring idea and finding an appropriate college or university is free, fast, and easy! Simply fill in the blanks to find the school for you. After you have identified the type of program and degree you are looking for, we will furnish you with information about several colleges and universities that offer options you can select from. You will have access to a live advisor who can explore different options with you. This personalized service is free to you once you fill out for more information.