Private Colleges Can Be a Better Deal

In today’s Houston Chronicle Tammy Vo, a freshman at University of St. Thomas in Houston, says that St. Thomas “proved a better deal than most public schools” she applied to because of the financial aid they give her. Next year St. Thomas, a Catholic college, will raise financial aid by $250,000 or more. This is one way that private universities are trying to stay competitive in today’s tighter economy.

Other universities are cutting faculty, freezing jobs, and admitting more students in an attempt to make sure that their classes are filled in the fall. This is good news for cash-strapped parents who are worrying about sending their children to college. To help students pay tuition and expenses, colleges are cutting their expenses and digging deeper into their endowments.

The important message for bargain-hunters is that you need to look at the bottom line when comparing colleges, because private universities give out lots of financial aid. This is especially true with smaller, lesser known colleges like University of St. Thomas.

Parents shouldn’t tell their children that they will be able to go to any college they are admitted to, unless the parents can afford the school without financial aid. However, they should encourage their children to apply to private colleges that might try harder to get them to attend by giving them the financial aid they need to make that a reality.

COMING SOON:“The Secrets of Financial Aid” – an ebook with all the secrets I’ve discovered in my comprehensive research of the subject. Make sure you’re on my email list, so you can get a copy as soon as it is released. Just fill in the boxes on the right hand site of this blog. You’ll also get a free copy of the ebook “A Parent’s Survival Guide to College” by insider Neil P. O’Donnell, academic advisor and professor at a private college in NY.

Blessings,
Bonnie

More Help with the FAFSA

Since filling out the FAFSA ranks right up there with filling out the income tax forms as a fun activity, I’ve been researching places on the web that offer help. (By the way, you’ll have to have at least an estimate of your 2008 taxes in order to fill out the FAFSA.) In addition to the ebook “Completing the FAFSA 2000- 2010,” published by the federal government that I mentioned in my last blog, there are other places where you can find useful information.

VIDEO TUTORIAL
The Financial Aid staff at the University of California, Santa Barbara has designed a video tutorial on filling out the FAFSA called “Eight Easy Steps to the FAFSA: A Student's Guide to the Free Application for Federal Student Aid.” Because it is divided into eight segments, you can use all of it or just the segments for the sections of the FAFSA that are giving you trouble. Two people named Natalie and George go through the entire FAFSA line by line. They are a little too happy for my taste, but that might reflect my previous hours of struggling with the FAFSA.

Help from the FAFSA Itself
There’s a help button in the lower left-hand corner of every page of the FAFSA that you fill out online. This will give you help on the specific questions that are on that page, as well as links to FAQs and Customer Service.

The FAQ for the FAFSA says that it will take you less than an hour to fill it out. HA!!! It takes less than an hour IF you’ve already found all the information and filled in the worksheet they provide,which is basically a FAFSA that you can print. If you’re just copying answers from the paper to the web, then, yes, it can be done in less than an hour. Otherwise, allow more time, and DON’T wait until the day before the deadline for your state or college. That’s just asking for trouble.

Believe me, I know. The first FAFSA I ever filled out was done in the middle of the night the day before I thought it was due. Luckily, I was wrong and I had more time. Unluckily, I didn’t know that and my internet connection kept crashing. It was a rough night. By the way, if your internet connection crashes while you are doing your FAFSA on the Web, it will automatically save it and you will be able to access it in 45 minutes. (Of course, if you’re panicking because you think you’ve got just hours until it’s due, 45 minutes seems like a lifetime.)

Besides the FAQs, there is a link to “Web Customer Service Chat.” However, when I tried to access that, I got a screen that said that the following browsers had not been certified for use with Live help: Netscape Navigator (all platforms), AOL (Windows), Firefox (all platforms), Internet Explorer 7.x (Windows). Since I use Internet Explorer 7, I could not use it.

COMING SOON
“The Secrets of Financial Aid” – an ebook with all the secrets I’ve discovered in my comprehensive research of the subject. Make sure you’re on my email list, so you can get a copy as soon as it is released. Just fill in the boxes on the right hand site of this blog. Blessings,
Bonnie

Fill Out the FAFSA!

I'm back from California, where I spent seven weeks with my mom, who had major surgery. I was there at the beginning of the year, so I missed reminding you to FILL OUT YOUR FAFSA!

The FAFSA is the Free Application for Federal Student Aid. Most financial aid, even that which comes from the states and the colleges, start with the FAFSA. Many college deadlines are in February and March, so time’s a wastin’. Financial aid is given on a FIRST COME, FIRST SERVED basis, so the quicker you get your FAFSA done and submitted, the better off you are.
With the economy tanking, more people than ever will be applying for financial aid, so there's even more competition than usual. Some states are cutting back their financial aid and many colleges are raising their tuition. More reasons to get going on the FAFSA.

Even if you are fortunate enough to have a job and make a decent living, you want to fill out the FAFSA. Many colleges are so expensive that even people making good money can qualify for financial aid. Also, if you're going to have to take out a loan, government loans have better interest rates and terms than private loans. The government will pay the interest on some federal loans while the student is in college, and repayment of some federal loans don’t begin until after the student graduates or stops going to college. You can't get a government loan for college without filling out the FAFSA.

So get going! The official FAFSA site is www.fafsa.ed.gov. Note that it is not a .com site. If you go to a .com site you may be asked to pay to have the FAFSA submitted.

If You Need Help
If you need help in completing the FAFSA, check out the government publication “Completing the FAFSA, 2009-2010”. This has an explanation for each question asked in the FAFSA. You can also call toll-free 1-800-433-3243 or TTY users (for the hearing impaired) can call 1-800-730-8913.

COMING SOON: “The Secrets of Financial Aid” – an ebook with all the secrets I’ve discovered in my comprehensive research of the subject. Make sure you’re on my email list, so you can get a copy as soon as it is released. Click here to sign up. You’ll also get a free copy of the ebook “A Parent’s Survival Guide to College” by insider Neil P. O’Donnell, academic advisor and professor at a private college in NY.

Blessings,Bonnie

Student Loan Update + Wedding News

I looked at the date on my last blog entry, and can’t believe it’s been so long since I’ve written anything. So many things have been happening…

On a personal note, the most important thing that’s happened to me is that my son Chris got married. It was a beautiful wedding and my son and his new wife Nicole are very happy. Here’s a photo of the lovely couple.

Nicole and Chris

In addition to my son’s wedding, I’ve been writing two ebooks on financial aid for students, as well as working on some other projects for Christian College Parents. The writing is going well, but it hasn’t left much time for other things, like my blog!

Several things over the last few weeks have caught my attention, however, and I wanted to share them with you.

FIRST THE GOOD NEWS:

President Bush has signed legislation to help parents and college students with their student loans.

HIGHLIGHTS of the College Cost Reduction and Access Act:

· Monies received by institutions from selling their student loans must be used to provide more loans for students

· Temporarily removes medical bill payment delinquencies up to 180 days as a reason to reject parent applying for PLUS loans for their children’s tuition

· New subsidized Stafford loans interest rate dropped to 6%

And that’s just the beginning!

· The new maximum Pell Grant scholarship is now $4,731, up $490 from last year. This is the first in a series of increases to eventually raise the grant by $1090 by 2012.

· The interest rates for unconsolidated student loans taken out before July 1, 2006 has now dropped to 4.21 percent. You can get a fixed rate of 4.25 percent and combine all your student loans into one payment by getting a consolidation loan now. (Those loans taken out after July 1, 2006 won’t be eligible for this rate because they are at a fixed rate of 6.8 percent.)

· Even if your local bank has stopped issuing consolidation loans, you can still get one through the federal government’s Direct Loan program.

THE NOT-SO-GOOD NEWS:

Although government undergraduate student loans should be available to people who have filled out the FAFSA and qualify, private loans and loans through the Parent Loan for Undergraduate Students (PLUS), available to parents and graduate students are harder to come by.

Why is that?

· PLUS loans require a credit check, something the undergraduate student loans through government programs do not. Higher credit scores are required for these loans as a result of the subprime mortgage crisis.

· Credit score requirements for private loans will be even higher since they are not guaranteed by the federal government.

· Lenders make more money on loans for four or more years of college than they make on loans for two years of college.

This means that people with less than wonderful credit scores, low to moderate income, and/or plan to attend trade schools or community colleges will be the ones that have a harder time paying for college.

These are the very people who need the most help. If we want an educated citizenry with the knowledge and skills needed in today’s world, we need to make education easier to get, not harder.

If you are still trying to figure out how to finance this fall’s college education, here are some things to try:

· Contact your financial aid office. If you have not filled out the FAFSA, ask them if your child could still get government aid, if you did fill it out now.

· Ask the financial aid office if any scholarships or grants have become available that your child might qualify for.

· Ask if your child could get in the work/study program.

· Ask them if you could pay with an installment program over several months.

· PRAY

I don’t guarantee that any of those options will result in new funding, but it doesn’t hurt to ask. You just might be pleasantly surprised.

What about you?

Have you been affected by the student loan crunch? If so, please leave me feedback on how you’re coping with the situation.

Blessings,

Bonnie

Student loans-good and bad news

Recently I read two very different articles about student loans. The first one was all about the bad news concerning student loans and the second one was all about the good news. I sure was glad to read the second one!

BAD NEWS-

First I read a Newsday article by Carrie Mason-Draffen that appeared in The Houston Chronicle entitled Student loan market pinched. It said that the “subprime mortgage meltdown and the ensuing credit-market crunch have slowed lending and cooled investor interest in securities, including those backed by student loans.”

MORE BAD NEWS-

The article went on to say “In addition, the federal government has cut billions of dollars in subsidies to lenders who make federally guaranteed student loans.” According to the article, this makes lenders less likely to offer the federally guaranteed loans.

You wouldn’t think that there would be any good news after that, would you?

GOOD NEWS-

However, an article written by Stacy Teicher Khadaroo for The Christian Science Monitor, called Amid loan worries, a silver lining for students, states that the credit crunch in the private sector will push some students to apply for the federal loans with interest rates that can be half that of the private loans. The article also said that “Almost half of college students fail to collect all the federal loans – fixed at 6.8 percent – that they are eligible to receive.” In other words, because of the publicity that the credit crunch is receiving, students and their parents are finding out about the federal loans for which they qualify and saving themselves a lot of money in interest. WHOOPEE! That’s what I’ve been talking about!

So what about the problem regarding the federal loans?

MORE GOOD NEWS AND SOME BAD NEWS

The good news, according to the same article, is that, the federal loan system has “’impressive backstops…to make sure there’s loan availability,’” according to Robert Shireman, executive director of the Project on Student Debt in Berkeley, California.

However, it seems that these backstops are not completely ready to be used, if it becomes necessary. The story goes on to say that “Congressional education committees have urged Secretary of Education Margaret Spellings to make sure those ‘backstops’ are ready if needed. Under a lender-of-last-resort provision, 35 guaranty agencies would be obligated to serve as lenders if any problem arose. But that’s never been implemented before, and requires work to be made operational.”

EVEN MORE GOOD NEWS-

“Financial aid officers are eager to help students sort through the confusing news,” says the Christian Science Monitor article (emphasis mine). See that? “Financial aid officers are eager to help.” When approached the right way, most financial aid officers are eager to find a way that all accepted students can go to their colleges. Unfortunately, some parents start thinking that the financial aid officers are their opponents, especially if their students don’t get the financial aid packages that they wanted. I think this is a very harmful attitude, because, after all, financial aid officers are just people doing their jobs, limited by the resources they are given by their colleges.

As Christians, we always want to apply the Golden Rule when we interact with other people. You and I both know this isn’t always easy, especially when a big stressor, like money, is involved. However, I’ve found that using the Golden Rule will also yield better results, all other things being equal.

Not that I always manage to do this, but I do try. Right now I’ve got someone I need to apologize to because I didn’t treat her as I would want to be treated, because she didn’t treat me the way I wanted to be treated. And I was big time stressed at the time. I know that’s not a legitimate excuse, but I’m human.

God’s been working on me about this for a couple of days. First, my Beth Moore Bible Study homework included the verse: “Let your conversation be always full of grace, seasoned with salt, so that you know how to answer everyone.” (Colossians 4:6)

Then today at church the pastor talked about forgiving people, even if you think they were wrong and you were right. Boy, that struck home with me. So I decided that I not only had to forgive her, but that I also needed to apologize for being less than Christian in my reaction to her.

BACK TO STUDENT LOANS-

So there you have the good news and the bad news about the state of student loans today. I think the good news somewhat negates the bad news. However, with bad news being what sells papers, it’s often hard to find the good news of a situation. However, I’ll always give you the good news with the bad news, if I possibly can. In addition to the things I’ve learned through experience, and the eighteen months I spent doing research on the issues facing Christian high school and college students and their parents, I continue to monitor the news regarding these issues.

QUESTION FOR YOU-

Is anyone facing situations that have been affected by what’s going on with student loans? Please add a comment. Sharing could help others facing a similar situation, especially if you’ve found a good solution.

NEW EBOOK COMING-

I apologize for not blogging much lately. I’ve been working on an ebook, (tentatively-titled “The 10 Things You Absolutely Have to Know about Financial Aid) , and it’s taken up some of my blogging time. I’ll let you know when it’s ready (soon), and how you can get a copy.

Blessings,

Bonnie

GOOD NEWS in College Financial Aid

As I continue to research college financial aid for you, I've come across wonderful news!

Bowing to pressure from the American people and Congress, many colleges are using more of their endowments to limit or completely eliminate loans from their financial aid packages!

At Stanford, where this year the cost of attendance is $49,500/yr, they recognize that many people will not be able to afford that. Students whose families’ total income is lower than $45,000/yr get a free ride, with the exception of some self-help, which Stanford requires of all their students receiving financial aid. The standard amount of self-help required is $4,000/yr, which the student is expected to provide through working or taking out loans. Stanford has also set aside an additional $5 million for financial aid for families with incomes from $60,000 to $135,000.

This year Emory University, where the cost of attendance is $47,000/yr, eliminated loans for undergraduates whose families earn under $50,000/yr. For families that earn up to $100,000/yr Emory is capping the students total loan amount at $15,000 for four years. Considering that borrowing $80,000 --$100,000 for college is not unheard of, a cap of $15,000 is great. Private loan companies advertise that you can get up to $40,000 a year!

Brown University recently announced that it is eliminating tuition for students whose parents earn less than $60,000. Their cost of attendance for the 2007-2008 school year is $48,660. Not only are they helping families that earn under $60K, Brown will also substitute grants for student loans in the financial aid packages of students whose families earn less than $100,000 a year.

And this is just the tip of the iceberg!

Reports of universities cutting or limiting the loans from their financial aid packages are coming fast and furious! Every week another college announces that they are using more of their endowment to lessen the burden on their students. I don't know about you, but I consider this a great victory for parents and students! Maybe now students can get an education without graduating with the millstones of massive debt hanging around their necks.

Nice to have a bit of good news for a change. I hope all your news is good news when it comes to financial aid!

Blessings,
Bonnie

Increase Your College Financial Aid

Last time I told you I’d give you some ethical ways of increasing college financial aid and decreasing the EFC (Expected Family Contribution). I’ve been researching this and there are ways that I feel a Christian can do this without feeling that they are doing something unethical. This is somewhat like tax planning, which can also go both ways – some “tax planning” borders on illegal and can be definitely unethical. As Christians we want to steer clear of anything like that.

Since the FAFSA (Free Application for Federal Student Aid) is a snapshot of a certain day in terms of assets, you can control the assets somewhat. If you are planning on making a large purchase in the near future and you’ve been saving some cash for this, you might want to go ahead and buy that big purchase so the cash is gone. I wouldn’t say to go out and buy things just so you have less cash, but buying something a little earlier than you planned is another thing entirely.

If you’re going to owe the IRS, one of the things you could do is pay your taxes before you fill out the FAFSA. You need to do your taxes, or at least estimate them, before filling out the FAFSA, so you’ll know if you owe taxes. I know it’s normal to wait to pay until you absolutely have to, but in this instance, it might be better to go ahead and pay, if you have the cash. If you’re going to have to put your tax payment, or anything else, on a credit card or loan, then it won’t help with the EFC, because they don’t take debt into consideration.

While, it would be financially positive for the EFC to pay the taxes before you fill out the FAFSA, don't let that be a reason that you put off completing the FAFSA. You don't want to miss a deadline or miss college-funded financial aid because they've run out. (See last blog.)

If you’re looking at long-term savings, then consider that a larger percentage of your child's assets than your assets will be included in the EFC . If you’re wondering whether to put something in your name or your child’s, putting it in your name will save you money, as far as the EFC is concerned. Of course, if it’s already in your child’s name, I don’t think you can legally move it.

Which brings me to this important note: I’m not an accountant, a financial planner or a lawyer, so before you do anything that might impact you financially or legally, you should consult a professional.

I hope everyone is getting their FAFSA’s done without a lot of hair-tearing. If you have questions about federal financial aid or filling out the FAFSA, you can call toll-free 1-800-4-FED-AID (1-800-433-3243) or go to Completing the FAFSA, a 68-page ebook, prepared by the federal government, with lots of answers to your questions.

Blessings,

Bonnie

Financial Aid – Fill Out FAFSA Now

Well, the holidays are over, and it’s time to start thinking about the FAFSA (Free Application for Federal Student Aid). I do hope you had a wonderful Christmas, but it's time to get to work!

EVERYONE should fill out the FAFSA, even if they don’t think they qualify for financial aid.

The reasons are simple. Believe it or not, colleges with high endowments and universities that are expensive offer financial aid to families with high incomes. You might be surprised by how much financial aid you qualify for. Many colleges have stopped including loans as part of their financial aid packages and are using more of their endowments than they have in the past.

Even if all you qualify for are loans, you may be eligible for federally-subsidized loans, which have lower interest than private loans. Private loans should only be used as a last resort!

If you don’t fill out the FAFSA, you may miss out on all sorts of financial aid.

Although the federal deadline for submitting the FAFSA is June 30, 2008, many states and schools have earlier deadlines. Two of the colleges I checked had deadlines of Feb. 15, 2008 and one said to submit it as soon after January 1^st as possible.

Besides the state and university deadlines, there is another good reason for getting it in as soon as possible. Part of the financial aid given students is provided by the individual colleges. When it is gone, it’s gone, so the sooner you apply the better.

So go to the FAFSA website and start getting organized. There are papers to be collected, taxes to estimate or complete, PINs to apply for. The sooner you get started, the better!

Next blog I’ll talk about ethical ways to minimize the EFC (Expected Family Contribution).

Blessings,
Bonnie

Three College Financial Aid Secrets

Last blog I shared FINANCIAL AID SECRET #1 - You can appeal the amount and type of financial aid, even if a college hasn’t awarded you any.

In this blog I will tell you how to appeal your student's financial aid package(s). I will also share two more financial aid secrets.

Appealing Financial Aid Packages

If you believe that the FAFSA (Free Application for Federal Student Aid) doesn’t reflect your correct financial situation the first thing you need to do is include a letter with each college application. (The colleges probably won’t pay any attention to the letter when they are putting together your first financial aid offer, but you can refer to it when you appeal the financial aid packages.)

One reason the FAFSA might not reflect your financial situation could be large medical bills or some other expense that isn’t part of the FAFSA. Or your job situation might have changed since the last year, which is what the FAFSA is based upon. The colleges should take these things into account when they are putting together a financial aid package, but you can’t assume that the first financial aid package reflects these factors.

Appealing your financial aid package will mean that you will have more paperwork to do. You will have to send the colleges the evidence of whatever you’re claiming makes it impossible to pay the EFC (Expected Family Contribution). You may have to send them copies of your tax return too. And you will have to do this for each college you are considering.

When I was appealing my daughter Kat’s financial aid package, I sent huge packages full of copies of doctor bills and prescription receipts as well as tax returns to four colleges. By the time my daughter was applying to colleges my husband was ill with ALS, so we didn’t have an EFC of $20,000 to challenge, as we did with my son's first EFC. However, appealing Kat's financial aid packages did make a difference, especially in the kind of aid she received. (Grants vs loans) One college took the information we gave them and actually had the Federal Aid Office change our SAR (Student Aid Report) and EFC. Most deal with it internally.

Even if you don’t have huge medical bills or have lost your job, you may still find the EFC is more than you can afford. Most people in this situation aren’t poor, but they don’t have the extra funds that the EFC assumes. They are middle-class, hardworking people who have too much money to be considered economically disadvantaged, but not enough money to be able to write out a check for many thousands of dollars.

So challenge your EFC if it’s way out of line with what you can really afford. It doesn’t cost you more than time and postage, but it could make a difference of thousands of dollars in financial aid. It could also make a difference in whether your student receives scholarships and grants instead of loans.

FINANCIAL AID SECRET #2 - Be sure you get this information to them by the deadlines that they give you. In many cases being late is the same as not doing it at all.

FINANCIAL AID SECRET #3 - The earlier you get all financial aid information done, including the FAFSA, the better. The same goes for the college applicatons, because the financial aid that comes from each individual college (as opposed to state or federal aid) is given until it runs out. If you are one of the last ones to apply and get accepted, you may not get as much aid as you would have if you'd applied and gotten accepted earlier.

Blessings,
Bonnie

Excessive College Financial Aid Debt – Part 2

This series of financial aid blogs cites a Houston Chronicle article, that explains how huge college loan debt is handcuffing college students to monster payments for years after they graduate. As a result, this excessive college loan debt severely limits the graduates’ life options.

The newspaper article mentioned a lawyer who couldn’t afford to buy a house, go on vacation or do much of anything because of her $150,000 college loan debt. With a huge debt hanging over their heads, Christian college graduates can’t go into mission work, the ministry, or non-profit work, all of which pays less than corporate jobs.

When my son Chris was selecting a college, this issue came up. One of the colleges that accepted him was a private university in Texas. It was his first choice, but it was very expensive. (I should point out that it was less expensive than Ivy League colleges and even some Christian colleges.)

The Federal Aid Office, the government agency that determines how much parents can afford from their FAFSA (Free Application of Federal Student Aid), sent us our SAR (Student Aid Report) with an EFC (Expected Family Contribution) of $20,000 a year. In other words, they thought we could afford to spend $20,000 on Chris’ freshman year. We couldn’t. And Chris didn’t want to graduate with a debt of $80,000 (which assumed he would graduate in four years). He chose to attend the University of Houston, a state school. This was before I knew the secrets of financial aid.

As it turned out, Chris’ choosing to go to the University of Houston resulted in multiple blessings. My late husband Hugh was diagnosed with ALS (Lou Gehrig’s disease) only months after Chris started college. Chris took small class loads and even a whole semester off to help me care for Hugh. (A real blessing for me and Hugh.) Because of his maturity and unselfishness, Chris will graduate three years after his original graduation date, but without a huge debt weighing him down. (A definite blessing for Chris -- You can imagine what seven years at the expensive college would have cost!) He also met his fiancé at University of Houston, so there’s a third blessing.

The first secret I learned was that you don’t have to accept the first financial aid package that a college offers you – you can appeal the amount and the kind of aid. (Some kinds of “aid” are loans.) You can appeal even if the university has not awarded you any financial aid.

I will go into the process of appealing financial aid packages in my next blog.

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Blessings,
Bonnie

Excessive College Financial Aid Debt –Part 1

As Christian parents, we are very protective of our kids. Our kids might even say over-protective. (At least mine do.) However, there’s one area where we may be not protective enough – their college loan debt.

I recently read an article in The Houston Chronicle, entitled School Loans Could Spell Trouble, that really upset me. The article, by Marcy Gordon of the Associated Press, begins “The near doubling in the cost of a college degree the past decade has produced an explosion in high-priced student loans that could haunt the U.S. economy for years.” (Italics mine.)

From my standpoint of a mother, that's not the worse news. It goes on to say that college loan debt could haunt our children for years too.

The article cites Kristin Cole, a 30-year-old graduate from Michigan State University’s law school, who owes “$150,000 in private and government-backed student loans.” Kristin is quoted saying “I could never buy a house. I can’t travel; I can’t do anything. I feel like a prisoner.”

She now works as a legal aid worker, but says that she may need to go to work for a law firm, which is “something I’m not real dedicated to, just for the sake of being able to live.” Her payments, currently $660/month are scheduled to increase to $800/month in a year or so!

How can our Christian graduates accept calls to be new pastors or missionaries if they have huge college loan debts? I don't think they can, and that's a situation that's bad news for Christian students and for our community of faith.

The good news is that there are solutions to this problem. There are ways you can maximize scholarships and grants while you minimize loans. Through extensive research and personal experience, I've discovered the secrets about financial aid. I will share financial aid tips in the next and future blogs.

As we advise our children on financial aid, I believe it is our duty to protect them from excessive debt. If we don't, we will have to watch them struggle for many years under the burden.

What do you think? Are you facing this situation? Or do you know someone who is? Share your story with us.