A few things that families with college-bound students should know

college students
If you are going to college this fall, now is a good time to have your parents teach you financial skills like budgeting and bill paying. Learn now will make life on campus away from home much easier.

JeffStateCollege/Pixabay

StatePoint - Perhaps even more nerve-wracking than waiting for your child’s college acceptance letters is learning whether they’ve been awarded financial aid. Recent changes to the Free Application for Federal Student Aid (FAFSA) designed to simplify the process have led to unforeseen hiccups and technical glitches, causing academic institutions to delay sending out financial aid award letters. However, once you finally get the results, it can give your family a better idea of what to do next.

“Our research shows that for a majority of parents, figuring out how to pay for college was the ‘road to college’ activity that caused them the most stress. By making a financial plan and prioritizing it, you can be well prepared to avoid the most common bumps in the road,” explains Angela Colatriano, chief marketing officer, College Ave.

Colatriano recommends using the spring to teach your child these valuable financial skills: how to set up a budget, how to pay bills and how to manage credit. If your family will potentially be borrowing to finance college, students should also gain an understanding of how loans work, and how the different terms of the loan will affect their monthly payments and overall loan cost.

Speaking of budget, you should set a realistic budget for yourself. A recent College Ave survey found that in addition to helping pay for tuition and housing costs, parents also contribute to their child’s phone bill (65%), health insurance (61%), food and groceries (42%), cable and internet bill (35%) and transportation (32%). Be realistic about which expenses you can afford and where you want to ask your child to chip in.

Decode Award Letters

Financial aid award letters can look different for each school. Familiarize yourself with their components so that when they arrive, you’ll be ready to decipher them. Here’s what to look for:

1. Free money: The award letter will list whether your student is eligible for scholarships and grants (sometimes called Merit or Gift Aid). This is money you typically don’t need to pay back.

2. Federal Work-Study: Your child might be eligible for Federal Work-Study jobs. While jobs aren’t guaranteed, they can be a good opportunity to help cover educational expenses.

3. Student Loans: Schools will list any federal loans your child is eligible to receive. Helpful hint: They may be grouped with scholarships and grants. You should also note whether the loan is subsidized or unsubsidized. Because unsubsidized loans accrue interest while your student is enrolled and during deferment periods, this will affect the overall loan cost.

4. Other factors: Check if awards being offered are for all four years and understand what your child will need to do to continue being eligible for them, year-to-year.

To get an apples-to-apples look at the offers, calculate the net direct cost of each school by subtracting offered scholarships and grants from the cost of attendance (tuition, room, board, textbooks and fees). If applicable, you can subtract work-study aid too. You should also factor in expected increases in tuition, room, board and other fees.

Fill in the Gaps

If after doing the math, you find you have a financial gap to cover, look into private scholarships. One easy one to enter on a monthly basis is College Ave’s $1,000 Scholarship Monthly Sweepstakes.

You may also want to consider a private student loan or parent loan. Look for a lender with great rates, flexible repayment terms, and the opportunity to customize the loan to fit your budget. For example, College Ave offers student loan calculators, a pre-qualification tool that offers quick answers without affecting your credit score, and other helpful tools and resources. To learn more, visit CollegeAve.com.

“The important thing is not to panic. If you filled out the FAFSA, financial aid award letters are on the way. And once you receive them, you and your student can get to the fun part of planning for the future,” says Colatriano.


Illinois high school seniors already facing a challenge applying for college financial aid

Michael Wysmierski/Pixabay

by Joe Ulery
Illinois News Connection


CHICAGO - Illinois high school seniors have new hurdles to overcome to get to college. High school students are waiting several extra weeks to get their hands on a newly designed Free Application for Student Aid. You might know it better as FAFSA.

The delay in the current process puts students behind when applying for financial aid.

Tabitha Jackson, senior seminar instructor for CICS Longwood High School, works with seniors at the charter school in Chicago. She said FAFSA has always been an Achilles heel, but the delay -- combined with the U.S. Supreme Court's decision to repeal affirmative action -- has further exacerbated the process.

"It's so frustrating and it's so hurtful to let a student know, 'Because of who I am, I may not have some additional support or some additional support benefits of being able to go to this school,'" she said. "My question is to my students: 'If affirmative action stops at this level, what's next?'"

Jackson added a lot of students don't want debt, and financial aid helps determine which college they can afford. The 2024-25 FAFSA form is expected to be available by the end of 2023.

The cumbersome conditions coincide with a downward trend for high school seniors who are participating in career and college aid counseling.

Doug Keller, partnership lead with San Francisco-based YouthTruth, said its Class of 2022 Survey underscores troubling findings from respondents.

"We found that there's significant declines among particular student groups and their participating in counseling about how to pay for college -- specifically, among Hispanic or Latinx students, multi-racial and multi-ethnic students and boys," he explained.

Keller said the largest gap is among American Indian, Alaskan and other Indigenous students, with a 14% gap between those who want to go to college and those who expect to attend.

This summer is the time for high school juniors to start looking for college scholarships and grants

Student studying at desk
Photo: Kojo Kwarteng/Unsplash
StatePoint Media - More than half of American families used scholarships to pay for college last year. From merit-based to artistic-focused, there are a variety of awards available.

High school senior Grace Vaughn of Trinity, Florida, knows how to successfully secure a college scholarship. After winning the $10,000 dress grand prize in Duck brand’s Stuck at Prom Scholarship Contest in 2022, Vaughn is sharing helpful tips to increase students’ odds of earning funds for college:

Research, research, research

Search databases and websites to discover award options that may be new to you. Scholarships.com, FastWeb and Bold.org are resources to help narrow down opportunities that match your interests and unique talents. Vaughn also encourages students to leverage social media, where she discovered the Stuck at Prom contest, which challenges teens to create Duck Tape prom creations for a chance to win cash scholarships.

In addition to researching national opportunities, check in with your school counselor and teachers to learn about any local or regional scholarships that are offered through the school or other nearby organizations.

Apply early and often

Federal Student Aid recommends searching for scholarships during the summer between your junior and senior year, but some awards are open to teens as young as 14. Vaughn says entering Stuck at Prom early on in high school gave her an edge on the competition. When she wasn’t selected as a finalist her sophomore year, Vaughn submitted for the contest again as a junior and went on to win the $10,000 dress grand prize.

"When I began working on my entry in 2022, I already knew how to construct the dress from Duck Tape, so I went into the process with confidence," Vaughn explains.

If you have the time and energy, she suggests applying for multiple awards to increase your chances of securing funds for school.

Leverage your creative side

Not all programs are focused on academics and athletics, so flex your creative side to win scholarships that will reward artistic abilities in drawing, painting, music and more. Beginning at an early age, Vaughn excelled at visual arts and design, which is how she knew Stuck at Prom was a perfect fit for her.

"Creative awards programs are a good outlet for students to show off their talents outside of typical schoolwork," Vaughn says. "Even if you aren’t crafty, scholarship applications could be a chance for you to try something new."

Make scholarships a priority

Vaughn spent 143 hours crafting her prom dress made from Duck Tape to enter Stuck at Prom.

While not all scholarship program submissions will take 143 hours or require making Duck Tape attire, Vaughn says it’s important to block off areas on your calendar so you can balance busy school schedules and extracurricular activities along with applications—ensuring there’s enough time to work on a polished entry, whether it’s creating a piece of art or writing an essay.

While applying for scholarships is time consuming, it can make a huge impact when it comes to paying for college.

Vaughn notes, "It takes commitment and drive to apply for scholarships, but the results are worth it."


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