Archive for the ‘College Financial Aid Updates’ Category

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How to Negotiate w/ a Financial Aid Officer


2011
03.14

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Posted in Advice for UMC Parents, Advice for UMC Students, College Financial Aid Updates, Financial Aid Formula | No Comments »

College acceptances are pouring in.  Upper middle class (UMC) students are getting excited, realizing they’ve accomplished their dream of acceptance into the college of their choice.  However, when students and parents look at their financial aid award letter, another emotion washes over them.  One of dread.

Financial aid is a tough game to play these days.  And the government and colleges are not giving much aid o UMC families.  If this happens to you, is there any way to get more money?


Let’s start with the federal government.  Their answer is pretty much set and it’s impossible to reach anyone at a US government office in regard to a financial aid package.  Therefore, the only option you have is to go directly to the individual college and talk with the Financial Aid Officer (FAO).  The FAO is the person who decides how much money each student receives.  It is possible to negotiate for more money, but your reasons have to well-documented and legitimate.

Therefore, as you can guess, the FAO holds a lot of power.  It is in your best interest to be polite to her/him and not waste the FAO’s time.  If the college is too far, simply request a phone meeting.  Or if possible, request an in-person meeting.  Remember, you have every right to ask about your financial aid package.  And if you have the supporting documents, you have every right to ask for more aid.

Here is an article that covers everything you should know when dealing with an FAO:

How to Negotiate a College Financial Aid Package

Best of luck to you and your family.  Please contact us with any questions.  We’ll be happy to assist you in this stressful (but joyous) time.  And congratulations to all those students who were accepted to their dream colleges.  Well-done!

~ the WPC team


$3.4 Billion in Free Scholarships.

© White Picket College, 2010 – College Funding for the Upper Middle Class

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I Received My Financial Aid Package, Now What?


2011
02.16

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Posted in Advice for UMC Parents, Advice for UMC Students, College Financial Aid Recession Tips, College Financial Aid Updates, College Scholarship Money, Federal Government Student Loans, Financial Aid Formula | No Comments »

There it is.  Staring you in the face.  Your college financial aid award letter.  If you don’t understand everything that’s on it, please refer to Understand Your Financial Aid Package.  The second thing you need to think about is: is this a good enough amount of money?  Will this combination of student loans and college grant money be able to pay all of my educational expenses for the entire school year?


For upper middle class (UMC) families, lack of grants and scholarships can be a frustrating consequence.  However, the UMC can find their way back into the abundance of receiving college financial aid.  How is this possible?

Firstly, UMC parents and students have to understand how the college financial aid officer (FAO) does her/his job.  It’s good for everyone to know how the FAO came to the award s/he created for your family.  This is the first step in a possible negotiation with the FAO.  It’s imperative you understand the process fully before talking with a school’s FAO.

We suggest reading this easy-to-understand, straightforward article on:

Financial Aid Officer and the Truth of Student Loans Grants

For this week, make certain to understand your award and understand the process of how you came to receive it.  Next week, we will delve into negotiating with a financial aid officer, so your family can find yourselves back in abundance.

~ the WPC team


$3.4 Billion in Free Scholarships.

© White Picket College, 2010 – College Funding for the Upper Middle Class

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Understand Your Financial Aid Package


2011
02.14

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Posted in Advice for UMC Parents, College Financial Aid Updates, College Scholarship Money, Federal Government Student Loans, Financial Aid Formula, Merit Scholarships | No Comments »

Can you truly say you understand your college financial aid package?  Well, if not, you definitely should.  This is not a time to “skim” or overlook the little details because it could cost you and your family big money!

We’ve arrived at a great time at White Picket College when upper middle class (UMC) students receive their acceptances to colleges.  Congrats to all of you!  You may have received your financial aid award letter along with your acceptance, or it’s coming very soon.  Either way, it’s best to read up on what you’re receiving or not receiving.


In honor of all of you, we’ll be giving you straightforward, easy-to-understand and short articles on how navigate through the financial aid award process.  We’re so happy for you if you love your award–it’s full of scholarships and grants–then that’s awesome!  But many of you may be left saying, “Show me the money!”

To those of you, we have a series of articles that discuss everything from how to understand your award to how to negotiate with a financial aid officer to how to receive more money.  So let’s get started.

Our first article is entitled:

A Breakdown of the College Financial Aid Package

It discusses how to understand what you are receiving in regard to scholarships, grants and loans.  Learn what is the best of the best and how to decide if you need to go into negotiations with the college of your dreams.

~ the WPC team


$3.4 Billion in Free Scholarships.

© White Picket College, 2010 – College Funding for the Upper Middle Class

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State of the Union, Will Education Be Addressed?


2011
01.25

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Posted in College Financial Aid Updates, Future of College Education, White Picket College Weekly Updates | No Comments »

The State of the Union address is tonight, January 25, 2011.  Will President Obama address the topic of college education or not?  So far, it doesn’t seem a likely subject.

Education Week reports that sitting in First Lady Obama’s box will be a host of children who have excelled in math, science and technology.  There are only two college students featured.  Both students attend community college and study in the areas of math and science.


While we think it’s great to applaud the scientific and mathematical youth, and we applaud them as well, we’re left wondering for another year: when will college tuition rates be addressed?  The upper middle class (UMC) struggles year after year with the skyrocketing cost of college.  The government has already addressed the concerns of low income households as well as middle class households.  But alas, the UMC waits its turn with bated breath.

Perhaps Obama will discuss the exorbitant cost of college tonight.  If he does, we’ll be anxious to see his proposal on how to fix it.  If he doesn’t, we’ll be left disappointed after another year of being ignored.

Do we write to our elected officials?  What is the best method for UMC families to be heard during this college financing crisis?  Let us know what you think.

~ the WPC team


$3.4 Billion in Free Scholarships.

© White Picket College, 2010 – College Funding for the Upper Middle Class

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The Social Network & I Need Money for College


2011
01.17

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Posted in Advice for UMC Parents, College Financial Aid Recession Tips, College Financial Aid Updates, College Scholarship Money, Non-Need Based Financial Aid, White Picket College Weekly Updates | No Comments »

… I watched the Golden Globes last night.  The blockbuster movie “The Social Network” took home the big prize for best motion picture in the drama category.  I haven’t seen the movie (yet), but this big win made me think about how much Facebook, Twitter and other social media platforms in general have helped me help all of you here at White Picket College.

Every week I have to find ideas and hot topics for blog posts and articles.  Sometimes, it can be a daunting task.  And many times, it can be a relatively easier task because ideas come to me or I use my good ole friend named Twitter.


When Twitter came out I was one of those people who scoffed at it.  I thought of it as a narcissistic device for egotistical people.  For example, I really didn’t care to hear what you just had for lunch or that your baby just burped.  I didn’t need to know about Ashton Kutcher and Demi Moore’s every move through their tweets.  Thus, I stayed away from Twitter completely.

Then I realized the HUGE mistake I was making.  I could leave all the egomaniacs and fluffy celebs out of my tweeting existence.  So I started an account and signed up to receive tweets from informative sources such as: CNN, WSJ, US News & World Report (Kim Clark writes fantastic college financial aid articles), TIME, FastWeb, Sallie Mae and a plethora of sources for scholarships and other educational financial aid information.

With Twitter especially, I feel I can stay on top of everything and help all of our readers in a timely, efficient manner.  I strongly advise you to utilize Twitter too.  If your child is nearing or is in the college application process, start a family Twitter account.  Receive tweets from your child’s top choice schools and financial aid sources.  Educate yourself about the process and find free money along the way.

So I urge you to use social media to find college financial aid info.  Please join us on our Facebook page.  Just type in “White Picket College” in the search feature atop your FB page.  Also, receive our tweets on Twitter: @whitepicketcoll.

And remember, if you have a question, comment or request for White Picket College, simply tweet or Facebook us anytime!

~ the WPC team


College Expenses Piling up

© White Picket College, 2010 – College Funding for the Upper Middle Class

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Scholarship Search for 2011


2011
01.12

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Posted in Advice for UMC Parents, College Financial Aid Updates, College Scholarship Money, Merit Scholarships, Non-Need Based Financial Aid, White Picket College Weekly Updates | No Comments »

We understand that upper middle class (UMC) parents and students search for non-need based scholarships and non-need based financial aid.  It’s often a search that lasts all year long.  Those who receive the most financial aid start the earliest.  So it’s time to start your search for college scholarship money in January 2011.

White Picket College aids in your search.  We have a whole section entitled Non-Need Based Scholarships.  Simply click on the scholarship name in the pull down list and read about the requirements and deadlines.  No scholarship is under $1000 in award money.  To date, we have 30 scholarships listed and we’re working on more.


College Expenses Piling up

This is a great time to organize for the year and plan for deadlines.  Some scholarships will take a large amount of time, while others only have a few requirements that can be done quickly.  Either way, make sure to check out all the scholarship opportunities listed.

Keep in mind, if you win a few, smaller scholarships, that’s $3000.  No, it won’t pay your tuition, but it is some extra money for spending, books, fees, etc.  So make sure to submit applications to the scholarships you’re interested in.  Take this process seriously and apply when possible.

Don’t forget to continue checking as we add more scholarships.  Join us on Facebook or on Twitter @whitepicketcoll.

Best luck in your search for college scholarship money.

~ the WPC team


College Expenses Piling up

© White Picket College, 2010 – College Funding for the Upper Middle Class

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Let’s Talk Base Year


2011
01.10

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Posted in Advice for UMC Parents, College Financial Aid Recession Tips, College Financial Aid Updates, Financial Aid Formula | No Comments »

Parents and students, it’s time to discuss the Base Year.  What is the base year exactly?  It is the year colleges and the powers-that-be of the FAFSA examine; it decides a student’s financial aid award.  It starts from the student’s junior year in high school on January 1st to the student’s senior year in high school, ending on December 31st.

We must remind upper middle class (UMC) parents and students that the base year makes you or breaks you in regards to financial aid.  It sets the precedence for all four years of financial aid packages.  Unless you have a huge change in income (i.e. you lose your job, you win the lottery, you inherit thousands of dollars) in the four years the student attends college, the base year will determine what you receive in financial aid for all four years.


So you have to prepare to make your family look as poor as possible in this base year.  How do you do that?  There are many ways, which depends on an individual family’s situation.  Check out our Tax & Finance Help section for tips and suggestions.

This is IMPERATIVE to discuss with your family now because tax season is right around the corner.  A lot of ways to look poorer on paper is how you fill out your taxes.  If you’re about to fill out taxes for the base year, find a highly qualified accountant who is an expert in college financial aid.

Best of luck to UMC families who are in the base year or will fill out taxes for the previous base year.  Peruse White Picket College to find the best ways to ensure a better financial aid package.

~ the WPC team


College Expenses Piling up

© White Picket College, 2010 – College Funding for the Upper Middle Class

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Scary Credit Card Habits of College Students


2011
01.07

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Posted in Advice for UMC Parents, College Financial Aid Recession Tips, College Financial Aid Updates, White Picket College Weekly Updates | No Comments »

So your child has been accepted to a great school.  And you’ve received a great financial aid package.  Congratulations!  It’s the first semester of school and your child starts receiving these letters from credit card companies.  One, two, three, four letters a month from four different companies.  They don’t look like advertisements–they look like bills!

So you open one then another then all of them only to find out: yes, they are indeed bills.  Your child, without your knowing, has signed up for four credit cards and owes hundreds of dollars in credit card debt.


In the September 2010 Newsweek article entitled “College Credit,” writer Angel Wu reports, “Half of college students have four or more cards, according to a 2009 Sallie Mae survey, and only 17 percent report regularly paying off their balance.”

Yikes.

If this startles you as a parent, it should.  I remember back to my college days when credit card companies would solicit students to sign up.  They lured in their young prey with perks and giveaways.

But the government said no more.  They put their foot down when creating the 2009 credit card reform bill.  Card issuers are not allowed anymore to offer giveaways on campus.  Students under 21 years of age cannot sign up for a credit card without a cosigner or they must prove they have disposable income.

Be careful when your child leaves for campus this semester.  Explain to them the dangers of credit card debt.  Set a reasonable limit on credit cards.  Parents can add their child as an authorized user on one of their credit cards or they can obtain a secured card for their child.

When I went away to school, my parents and I went to the local bank and opened up an account for me.  It was an emergency account and I understood this rule.  I never touched it in my four years at school.

I also had a credit card.  I hardly touched it.  I believe I used it for big purchases on study abroad or a big school purchase.  And I was responsible for paying the bill–not my parents.

I believe my parents did a good job of setting credit card expectations and spending limits with me.  Basically, I was to pay all my bills and emergency meant emergency.

So make sure to set the same types of limits with your kids.  You certainly don’t want them to graduate from college with student debt and credit card debt.  Have an honest and upfront talk with your college student today.

~ the WPC team


Upromise - Join Now 125x125

© White Picket College, 2010 – College Funding for the Upper Middle Class

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DREAM Act & How it Affects Upper Middle Class


2010
12.30

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Posted in College Financial Aid Updates, Federal Government Student Loans, Future of College Education, White Picket College Weekly Updates | No Comments »

The Development, Relief and Education for Alien Minors (DREAM) Act was originally introduced in the US Senate in 2001.  It was shot down again in December 2010.  What is the DREAM Act and how does it affect upper middle class (UMC) students and their parents?

The DREAM Act provides college and citizenship options for children of illegal immigrants.  Children qualify by having moved to the US before age 16.  They must have graduated from a US high school or earned a GED.  In order to receive conditional permanent residency, children must complete two years in the military or four years at an academic institution.  After two years, a six year temporary residency period is imposed, but only if the child earned a degree, enrolled in a Bachelor’s program for two years or served in the military for at least two years with an honorable discharge.


Children of illegal immigrants would be allowed to take out federal loans and participate in work study under the DREAM Act.  They are not eligible for government grants or scholarships.

Illegal immigration is quite a hot topic and it’s becoming even hotter as illegal immigrants attend American universities.  In California, this topic is scorching due to a recent ruling by the CA Supreme Court, which now allows illegal immigrants to receive in-state tuition prices.

Many people are scathing mad, including UMC parents and students.  The taxpaying citizens of the UMC do have a right to be upset.  Their financial aid woes are being ignored while illegals receive college benefits.  We can’t imagine how the citizens of California must feel, especially since it’s a nearly bankrupt state.

What does this mean for the UMC?  Technically, it could lead to dire consequences because more money will be given to the 65,000 children of illegal immigrants who graduate from American high schools each year.  For example, work study jobs are extremely hard to get right now because funding was cut so drastically.  Can you imagine if an illegal immigrant got a work study job over your kid, a taxpaying citizen?  Talk about unfair.

It seems that illegal immigration and financial aid woes are being inextricably linked.  What will the UMC do about it?  It’s one thing to allow illegal immigrants to live in your area.  It’s a whole other ballgame to let them take away college financial aid.

What do you think?

~ the WPC team

Source:

Williamson, Jennifer.  “The DREAM Act: What it Could Mean for Immigrant Students.”  Distance-Education.org, December 27, 2010.

Student Financial Guide

© White Picket College, 2010 – College Funding for the Upper Middle Class

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Wells Fargo Changes Student Loan Policies


2010
12.29

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Posted in Advice for UMC Parents, College Financial Aid Updates, Federal Government Student Loans, Post Graduate Help, White Picket College Weekly Updates | No Comments »

Did you know that if you are a co-signer on a student loan, you are responsible for repayment of that loan if the primary borrower becomes permanently disabled or dies?  Many parents do not realize this situation when signing up to co-sign a student loan, especially a bank loan.  This make sense though.  Usually, when a person dies, her/his debt is passed onto a co-signer.


Wells Fargo bank, however, changed its policies on student loan repayments.  Wells Fargo will forgive (or cancel) student loans if the primary borrower becomes permanently disabled or dies.  This is a huge step for borrowers and their co-signers, especially in light of the Christopher Bryski Student Loan Protection Act.  This act awaits its turn on the Senate floor as of press time.

Bryski was a primary borrower.  His parents co-signed for his student loans.  Bryski became permanently disabled and eventually died.  His parents still continue to repay his student loans.

Though Wells Fargo states their decision has nothing to do with the Bryski Act, we’re happy to hear a bank is making concessions at all.  As usual, we push federal government student loans at White Picket College for their repayment schedule and student loan consolidation interest rate.  We always tell parents to take out bank loans as a last resort.

Parents now know if they must co-sign a private education loan, Wells Fargo may be the best choice.  Check into the bank’s policies further and see what works best for you and your family.  It may be upsetting to think about your child’s death, but it’s better to be prepared than in mourning and still repaying a hefty loan.

Source: “Wells Fargo Will Forgive Student Loans Upon Death,” OvertureMarketplace.com, December 20, 2010.

~ the WPC team

Student Financial Guide

© White Picket College, 2010 – College Funding for the Upper Middle Class

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