Need money for college? Follow these tips

(ARA) - Even though the economy has slowed down, college applications are up. Many people are enrolling in undergraduate programs or going back to school for an advanced degree.

But, unfortunately, some people don't consider pursuing a degree because they lack the finances. The costs can be steep. During the 2009-2010 academic year, the average annual cost of a public four-year degree was $7,020 and for a private four-year degree, $26,273, according to The College Board.

The good news is there is money out there to help you pay for tuition and room and board -- you just have to find it. Here are some tips:

* Apply for every scholarship or grant you can find.
It may seem like a full-time job searching for and applying for scholarships, but the dollars do add up. And they're free. Start your search early -- many scholarships have deadlines. If you're a high school student, begin with your high school guidance counselor for a list of local resources, and then move on to the college you plan to attend. Educational websites are also good sources for scholarship information -- but remember, the information should always be free. Don't expect large amounts and the competition will be fierce for these scholarships. But smaller awards of $1,000 or less typically have fewer applicants and are easier to obtain.

* Plan to earn some extra cash.
Working and going to school at the same time is very common for today's students. Some are earning money for tuition, others for living expenses. You can apply for the Federal Work Study program, find a job on campus or look for something off campus. Graduate students can look for teaching assistant or research positions, which sometimes offer tuition discounts in addition to a salary.

* Apply for federal aid
Student loans are some of the most commonly used financial tools. Use the following steps to apply for financial aid:

1. If you filed an extension for your 2009 taxes, get them finished immediately.

2. Fill out a Free Application for Federal Student Aid (FAFSA form) and submit it as soon as possible.

3. When you receive the Student Aid Report, double check the information, and make corrections if needed. Return the report.

4. You will receive an award letter containing all the details about the financial aid you can receive. Consider your options carefully -- look into your anticipated tuition costs, living expenses, and the cost of books and supplies. Reply with your acceptance before the deadline. If you have questions, contact your school's financial aid office.

* Get a private student loan for the rest of your expenses.
Private loans are often used in addition to federal student loans when you find you still need more financing to cover the cost of your education. U.S. Bank offers a No Fee Education Loan for students enrolled part-time or more and making satisfactory academic progress in a bachelor's degree or post baccalaureate program at an eligible college or university. Students receive the full approved loan amount, and let's face it, every penny counts, considering the expense of books, laundry and food. Visit usbank.com/studentloans or call (800) 242-1200 to learn more.

Courtesy of ARAcontent

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Obama's stimulus bill includes huge student aid investments

(ARA) - The Obama administration has set forth an extensive bill designed to get the economy out of the recession and moving again. This $70 billion bill has a large portion directed towards students and investing in their education.

House Appropriations Committee Chairman Rep. David Obey (D-Wisc.) said, "Our short-term task is to try to prevent the loss of millions of jobs and get our economy moving. The long-term task is to make the needed investments that restore the ability of average middle income families to increase their income and build a decent future for their children." The financing for continuing education will help people get the skills and knowledge they need to get jobs in the future, thus boosting the economy.

According to the summary of the bill released by the House Appropriations Committee, the bill would provide the following additional funding for student aid.

* Pell Grants: $15.6 billion to increase the maximum Pell Grant by $500, from $4,850 to $5,350 for the 2009-2010 academic year.

* Federal Work-Study: $490 million to support undergraduate and graduate students who work.

* Student Loan Limit Increase: Increased limits on unsubsidized Stafford loans by $2,000.

* Student Aid Administration: $50 million to help the Department of Education administer surging student aid programs while navigating the changing student loan environment.

The bill also provides funding that will benefit higher education institutions, including:

* $20 billion for school renovation and modernization, including technology upgrades and energy efficiency improvements: $14 billion for K-12 and $6 billion for higher education.

* $1 billion for 21st century classrooms, including computer and science labs and teacher technology training.

* $79 billion in state fiscal relief to prevent cutbacks to key services, including $39 billion to local school districts and public colleges and universities distributed through existing state and federal formulas, $15 billion to states as bonus grants as a reward for meeting key performance measures, and $25 billion to states for other high-priority needs such as public safety and other critical services, which may include education.

"These kinds of incentives from the government don't come along very often," says Janet Hill, financial aid and education counselor at ClassesAndCareers.com, a free online education service. "If people have been thinking of going back to school, now would be the time to do it. If they are hurting financially, they can easily get the money they need to get a degree." These benefits are set to expire after the 2010-2011 school year and are available for campus and online colleges.

Thanks to a growing number of online education options, degree-seekers can take advantage of President Obama's stimulus bill without leaving their jobs. Sites like ClassesAndCareers.com have helped nearly 500,000 degree-seekers get their stimulus money and enroll in online universities.

"We help people learn how to take advantage of this bill," says Hill. "All they have to do is visit our form and fill it out. We guide them through the rest."

Anyone interested in going back to school can visit www.OnlineSchools247.com to see if they qualify. They simply fill out the form and an education advisor will help them get their share of the stimulus money and find the best degree program for them. Or, call directly at (888) 361-6349.

Courtesy of ARAcontent

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Sallie Mae Reminds Families: Paying for College in a Recession is Possible and Starts with the FAFSA

(BUSINESS WIRE)--A full 25 percent of families did not complete the Free Application for Federal Student Aid (FAFSA) last year, making them ineligible for federal financial aid to help pay for college, according to a recent study by Sallie Mae and Gallup on “How America Pays for College.” Sallie Mae, the nation’s leading saving- and paying-for-college company, reminds students that they may file a FAFSA beginning Jan. 1 and urges them to complete the form to qualify for federal financial aid for college.

According to the U.S. Department of Education, an estimated 15 million students file FAFSAs annually. The federal government, state governments and higher education institutions each award financial aid and rely on a student’s FAFSA information when making award determinations. Federal aid includes need- and non-need-based grants, scholarships, work-study and low-cost student loans.

Submitting the FAFSA early and before state and higher education institution deadlines maximizes a student’s chances of receiving the gift aid they are entitled to. Gift aid, such as grants and scholarships, is financial aid that does not have to be repaid. Last year, approximately $163 billion in student aid was awarded, according to the College Board, with grants comprising approximately 40 percent of that total.

“Don’t think for a second that you can’t pay for college in these difficult economic times,” said Martha Holler, spokeswoman for Sallie Mae. “You can, and it all starts with the FAFSA. Investing an hour or two to complete your FAFSA will pay off over a lifetime.”

Sallie Mae’s award-winning CollegeAnswer.com Web site has free tools and information to simplify the application process and help families navigate the financial aid process. Resources include sample FAFSAs in both English and Spanish, a list of state financial aid deadlines and a three-minute FAFSA podcast which can be downloaded to an MP3 player or computer. CollegeAnswer.com also contains the largest free online scholarship database, containing more than 2.8 million scholarships worth over $16 billion. Visit www.CollegeAnswer.com/fafsa for more information.

Sallie Mae recommends students and their parents gather relevant documents and information, including Social Security Number or alien registration card, driver's license, latest federal income tax return, W-2 forms, bank statements and investment information, before going online to www.fafsa.ed.gov to complete the application. This will help them complete the FAFSA in as little as an hour or two.

Students need to submit a FAFSA every year they are in college to receive federal student aid. Students who are already attending college and who are renewal-eligible for 2009-2010 will be sent a Renewal Reminder notification from the U.S. Department of Education. The Renewal FAFSA form is pre-populated with information from the student’s previous FAFSA.

Students and families completing the FAFSA will find Sallie Mae’s new Education Investment Planner useful. The free Planner helps students and families understand the total cost of college and how to pay for it without going beyond their means. The Planner estimates the total cost of a college degree, builds a plan to pay for college, and estimates the salary a graduate would need to keep repayment of student loans manageable. Visit www.SallieMae.com/plan for more information.

Sallie Mae always advises families to use its 1-2-3 approach to paying for college: first, use free money by filling out the FAFSA to access need-based grants, research and apply for scholarships. Then, supplement with current income, college savings, and an interest-free monthly tuition payment plan. Second, explore federal loans. Available to both students and parents, they can offer low, fixed interest rates and flexible repayment options. Third, fill any gap with private education loans. They are convenient and designed to help students meet the total cost of college.

The recent passage of the Higher Education Opportunity Act will simplify the federal student aid application process in the future. Sallie Mae strongly supports efforts to make applying for college financial aid quicker and easier for families. The new legislative changes include:

* Reducing the number of questions on the FAFSA form over the next five years.
* Revising the FAFSA form so that it contains consumer friendly language.
* Creating a two-page FAFSA-EZ form for low-income families.
* Simplifying the FAFSA re-application process.
* Sharing data from federal tax forms between the Internal Revenue Service and the U.S. Department of Education to further simplify the FAFSA process upon consent from students and their families.

In addition, the U.S. Department of Education is planning a $300-million upgrade of www.fafsa.ed.gov, the Web site students visit to complete the FAFSA. The upgrade will take place over the next five years.

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