How to pick the right college?

What are primary reasons to select the right college for you and once you do what is the next step? There are so many factors involved with selecting the right college that seem to get overlooked during the decision making process. The default takes on many forms resulting it’s where mom and dad went to school, it’s the best engineering school in the country, it’s not too far away from home and so on. Think about it for the next 4 -5 years you are going to be engaged in the best and worst years of your young adult life is that really enough to base so an important decision on? What about things like a feeling of safety, financial assistance, study programs, graduation statistics,  tuition and related cost compared to colleges of equal or similar rankings for your educational goals, size of student body and acceptance criteria. This is not to complicate matter’s, it’s more of an overall assessment of your targeted college to determine how many of these factors would get a thumbs up. Selecting the right college is a substantial commitment of time and money.  Making the right choice should at a minimum meet with objectives required to view the experience as a successful one.

Student Loan Debt Higher Than Credit Card Debt

Consumers owe more on their student loans than their credit cards, according to data released this month by the Federal Reserve.
The data found that in June, Americans owed $826.5 billion in revolving debt - which usually takes the form of credit card debt - and $829.78 billion in student loan debt. This is the first time in history Americans have carried more student loan debt than credit card debt. It is believed to be another consequence of the troubled economy.

If as illustrated by the chart below students are completing college with an average debt of $30,000.00 maybe they should be considering other forms of paying for their education. The ability to get student loans maybe easier than completing a FAFAS application but the end result could make the extra time and effort worth it. The reality of the situation is that you have everything to gain and nothing to lose by attempting to get financial aid in this manner that might provide a debt free education. It holds true that everyone that decides to get a college education cannot afford it on the front end. However, in the past there was good chance they could afford it on the back end once employed. This being said many approach the idea with a level of comfort and experience of others that have gone before them that you finish college get a job and then make paying off your student loan a priority. This probably still holds true but acquiring the job that allows you to pay off that debt in a reasonable amount of time maybe a little harder to find in this economy. The point being look for every opportunity to get grants and scholarships that will assist you or your college bound child to finish college not necessary debt free but as little debt as possible.

College Not for Everyone - But It Could Be For You

I'm sure you have heard it at least once or twice, why go to college? Why, because it doesn't guarantee success right? Is there anything that guarantees success? The fact of the matter is how do you measure success and what are your plans to achieve this success, in your desired field of expertise? These are but a couple of the questions you need to ask yourself or your potential college bound kid? What are your/their goals for the future in the area of earning a living and gaining access to the opportunities required to attain a desired lifestyle? It would be great if we knew without a doubt what was the minimum amount of education required to guarantee success in our society? Then the solution would be a bit easier to determine, but that would be to easy, we all know of situations where just having the drive, dedication, focus and hard work have resulted in an amazing lifestyle for people in our society. There are people who have amassed great fortunes and the highest level of national and global recognition with limited to no formal education, but are they the rule or the exception? The point I'm attempting to make is that it should not be viewed as a hard and fast rule that everyone should go to college just as everyone in our society is expected to finish high school. Acquiring a High School diploma is viewed as the minimum amount of education in our society to position a person for success. The word here is position a person for success, not guarantee. There are very few things guaranteed in life, however I believe we are blessed to live in a society that if you make the right investments in yourself, be it in sports, academics or other desired area of expertise, there is a good chance of seeing a positive return on those investments. The magic is doing everything possible to position yourself to gain access to every opportunity in your desired field. It is crucial that you don't limit yourself by not taking advantage of every available resource to you to achieve your goals. If you believe college is for you don't be discouraged by others opinions and obstacles that would suggest not even trying to achieve that goal. I encourage you to tap into every resource available by your School, State, Federal Aid and Community, because deciding to go to college is only the first step to positioning yourself to achieve your goals, dreams and vision of a successful lifestyle.

Documents You Need Before You Start

FASFA is required to make a fair assessment of your need based on available income and support and will provide an immediate response to what amount of aid and alternative funding is available based on your individual profile. This information is all treated with the highest level of confidentially and check and balances are in place to assure fair and equal treatment for all that apply. So don't let pulling together the required information and submitting to FASFA be an obstacle because ultimately you have everything to gain and nothing to lose in attempting to get the financial aid.

A record of income earned in the year prior to when you will start school. A records of your parents´ income information if you are a dependent student. 


For the 2010-2011 school year you will need financial information from 2009

The student requiring aid will need the following:
 
-Your Social Security Number. Be sure it is correct!
-Your driver's license (if any)
-Your 2009 W-2 Forms and other records of money earnedYour (and your spouse´s, if you are married) 2009 Federal Income Tax Return.
■IRS 1040, 1040A, 1040 EZ
■Foreign Tax Return, or
■Tax Return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau
-Your Parents´ 2009 Federal Income Tax Return (if you are a dependent student)
-Your 2009 untaxed income records

■Veterans noneducation benefit records
■Child support received
■Worker's compensation
-Your current bank statements
-Your current business and investment mortgage information, business and farm records, stock, bond and other investment records
-Your alien registration or permanent resident card (if you are not a U.S. citizen)


 





 

Money for College – FASFA could help

Speaking from my own personal experience as a parent whose son has just completed four years of college with the support of an Athletic Scholarship and FASFA federal and state assistance. I believe every parent with college bound kids should be aware of FASFA and if applicable take advantage of it. There will be situation where it may not cover 100% of your financial need, but even in those cases low cost educational loans are made available to those that qualify. FASFA is a resource to help you in your efforts to position your kid’s for the future. The beauty of FASFA is that it is an online program that provides educational insight to raising funds as well as providing financial assistance to those who qualify, for their kid’s postsecondary education. The FASFA application is set-up to be a joint effort between the agency, student and parents to determine eligibility for financial assistance from the program.

Free Application for Federal Student Aid

What is FASFA (Free Application for Federal Student Aid, an office of the U.S. Department of Education) A federally funded program with an objective of promoting and providing assistance to all eligible Americans to pursue postsecondary education. Another way of saying it is that every high school student and parent of a high school student in the United States should consider FASFA as a possible resource to assisting them in acquiring financial support for a college education. Since it is a federally funded program managed by the United State Department of Education it covers all 50 states and territories of the United States. FASFA is in partnership with postsecondary schools (colleges, trade schools etc.) and financial institutions (banks, credit unions etc.) to provide services that help students and families.

FASFA provides education

• FASFA provides education, assistance and insight to students and parents on the process of obtaining financial aid for postsecondary education and training. FASFA has a formal online application process that administers millions of applications a year. The applications result in FASFA disbursing billions of dollars in financial aid to students through schools.


• FASFA is a regulatory and enforcement agency that enforces financial aid rules and regulations while servicing millions of student loan accounts, and securing repayment from borrowers who have defaulted on their loans.

• FASFA utilizes state of the art technology to administer billions of dollars in financial aid. FASFA places a high value on the mission and its importance to our society as a whole

• The FAFSA is the federal application for financial aid, but it is also used to apply for aid from other sources, such as your state or school.

Who should complete a FASFA application?

Every high school student in the United States anticipating a need for financial assistance for postsecondary educational should complete a FASFA application.

What type financial aid does FASA make available?


They include federal grants, loans and work-study programs. These are set-up as separate programs each having processes, procedures and rules to follow in how they are awarded.

What are the deadlines for completing the application?

TIP: The deadlines for your state or schools may be different from the federal deadlines and you may be required to complete additional forms.


Additional information on Federal and State Financial Deadlines is available on the FASFA website via the following links:



 Federal Student Financial Aid Deadlines

 State Student Financial Aid Deadlines

Check with your high school guidance counselor or a financial aid administrator at your school about state and school sources of student aid.



Federal Student Financial Aid Deadlines

The 2009-2010 School Year (July 1st, 2009 - June 30th, 2010):

 FAFSA on the Web applications must be submitted by midnight Central Daylight time, June 30, 2010.

 Corrections on the Web forms must be submitted by midnight Central Daylight Time, September 21, 2010.

 Note: Your school must have your complete and correct information by your last day of enrollment in the 2009-2010 school year.

The 2010-2011 School Year (July 1st, 2010 - June 30th, 2011):

 FAFSA on the Web applications must be submitted by midnight Central Daylight time, June 30, 2011.

 Corrections on the Web forms must be submitted by midnight Central Daylight time, September 15, 2011.

 Note: Your school must have your complete and correct information by your last day of enrollment in the 2010-2011 school year.

Pay close attention to deadlines! Ask your school about their definition of an application deadline - whether it is the receipt date and time or the process date and time of the application.