Financial Aid

According to Snagajob.com's snagablog, Here are some ideas to ponder as you consider what to do this summer: * Lifeguard. Lifeguards get to hang out in the sun and get a nice summer glow while interacting with the public every day. You can usually expect to receive free admission to the pool when you’re not on duty, and maybe even a couple passes for guests. And you can’t beat a cold ice cream sandwich from the snack bar at the end of your shift. Just make sure to load up on SPF—“lobster red” isn’t a color you want to sport at summer social events this year. * Retail associate. In retail jobs, you can beat the heat in an air conditioned environment, and probably get to see your buddies shopping around as well. You’ll be the first to discover this summer’s latest fashions by taking a peek at merchandise in the stock room before it hits the floor. And the real perk? Most retailers offer an employee discount, so you can stock up on flip-flops and beach cover-ups to wear when y...

According to PHEAA/AES here is the low down on work-study guidelines. Information for Students The State Work-Study Program (SWSP) provides Pennsylvania students with employment opportunities in high-technology and community-service fields. Through SWSP you gain career-related, on-the-job work experience while earning money to help pay for your higher education. You may work up to 40 hours per week during term breaks and the summer and no more than 20 hours per week while classes are in session. To qualify you must: * Be a Pennsylvania resident. * Be enrolled at least half-time (6 – 11 credits) in a PHEAA-approved higher education institution, in a program of study at least two years in length. * Be a State Grant or subsidized federal loan recipient. * Be able to benefit from a career-related work experience in a high-tech or community-service job. * Not owe a State Grant refund or have defaulted on any student loan. You and your employer must complete the SWSP Stud...

This date is one you will want to remember. On July 1st, the interst rates on student loans change and set for the following year. Check out Projectonstudentdebt.org for more information. This could end up saving you lots of time and money!!!

Considering a Cosigner? Private student loans are credit based. That means not only do they require an acceptable credit rating but, in many cases, the better the rating … the lower the interest rate. It’s important to realize, though, that cosigning a loan or asking someone to cosign one for you, makes another person just as accountable to repay that loan as the borrower. As a result, if your cosigner has excellent credit (and you do not), you are likely to benefit from a loan with lower rates and fees. This table shows you how much interest would be paid—based on different loan rates—on a $10,000 loan taken out your freshman year. You take out a $10,000 loan: Interest Rate Capitalized Interest Total Interest Paid 8% $3,267 $12,821.55 10% $4,083 $17,241.43 12% $4,900 $22,186.89 Having a cosigner could save you a lot of money. Cosigner Rights and Responsibilities A cosigner is guaranteeing the debt. That means you (or your parents or spouse, if they are the cosigners) will have to repa...

I found an article in BusinessWeek that talks about the next wave of student financing options. Here's the deal, private individuals are now interested in financing student loans. To me, this seems a bit odd. First off, if giant companies like Sallie Mae and The Pennsylvania Higher Education Assisstance Agency(PHEAA) are sketchy about making non-government backed loans to students then why should individuals be better off in this game? The interesting part is that there hasn't been any data compiled on the student default rate for this type of lending! Let me ask you a question. If you got two $1000 loans, one from a giant corporation who will has the ability to put you into collections, and one from the guy up the street, who are you going to pay first if you only can make one payment? I thought so. This entire way of lending does not, in my opinion, bode well for our econmonic future. It leads the average person, who has little financial training by the way, into thin...

Technorati Profile

In earlier posts, we've discussed different types of loans (federal, parent+, and private) and some links and information regarding your FAFSA forms and how to submit them. What happens if the federal loans don't cover your costs? You still need to find a way to pay for school right? Private student lending may be the answer. Basically, a private student loan is a just a loan made by a traditional for-profit lending institution. The terms work roughly the same as the federal loans in that you don't start paying, in most cases, until you have graduated. The interest rates are credit based however and you may not like the rate that you get. This particular type of financial aid should not be first on your list. In fact, I'd use this as a last resort. Despite that, college costs are rising faster than the ability to pay for it and this alternative may mean the difference between your education and you taking "a couple years off" to "save for college...

The US Federal gov't offers a number of programs to help relieve some of the burden of paying for higher education, from Pell grants to Perkins loans. Take a look at some of the options available to you: 1. Pell Grants 2. Federal supplement opportunity grants 3. Work-study programs 4. Perkins loans 5. Stafford loans 6. PLUS loans ... Check Bankrate's website to learn more about these options!!