As the cost of college has sky-rocketed, students are accumulating more and more debt. You hear horror stories of student graduating with over $100,000, $150,000, or $200,000 in college debt just for an undergraduate education. And with tuition at some schools exceeding $60,000 a year, you have to wonder if that high student debt is … Read more
When creating a list of colleges to apply to, smart families make sure the list includes several “financial safeties.” These are colleges that the students are likely to be admitted and the family is certain to afford. However, given the need to apply for financial aid, it’s increasingly difficult to identify financial safeties. After all, … Read more
Sometime ago, I listed 15 schools to avoid if you’re making a list of affordable colleges. After all, just as there are colleges that are known for their generosity, there are expensive colleges that you should avoid if you’re looking for significant help in cutting the cost of college. Since I’ve just recently updated the … Read more
Financial aid is money students are awarded to pay college. There are two forms of financial aid: gift aid and self-help aid. Gift aid is money that the student doesn’t have to repay. It can take the form of scholarships or grants. Self-help aid is money the student will be responsible for repaying such as … Read more
Colleges and universities award students financial aid packages to help cover the cost of attendance. The package is typically made up of combination of aid types. Some aid types are better than others. There are two broad categories for financial aid: self-help and gift. Self-help aid is money that has to be earned through work-study … Read more
Financial aid is awarded based on two general categories, need-based and non-need (merit) based. When people hear the term “financial aid,” they are generally thinking of financial assistance provided because of the student’s financial need. A student’s financial need is based on her financial status and the cost of the school she actually attends. Financial … Read more
Independent college counselors also known as independent educational consultants (IEC), are individuals other than high school guidance counselors who provide college counseling to students and families. They are hired to provide these services independent of the high school. A common depiction of independent counselors in the media are high-priced consultants who “package” students for admission … Read more
No–with a big assumption. The assumption is that you already know approximately how much you can afford and how much financial aid a college is likely to give you. That means that you have already used a calculator such as the College Board’s EFC Calculator to estimate your expected family contribution (EFC) and the college’s … Read more
There are four types of federal loans. Three are loans to students and one is a loan to parents. The most common loan is the Direct Loan, formally known as the Stafford loan. These are direct loans to the student from the federal government. There are two types of Direct loans, subsidized and unsubsidized. Both … Read more
