Winning Scholarships

Join Jodi Okun this week on Thursday, October 13 at 7 pm PST/10 pm EST for another community-building #CollegeCash seminar!

If you’ve participated in one (or more) of our #CollegeCash Twitter Seminars, you know that they are packed with valuable information you can use while navigating the college financial aid process.

This week on our #CollegeCash Twitter Seminar, we are very excited to feature the award-winning, nationally-recognized expert on student financial aid and paying for college, Mark Kantrowitz. Mark is the publisher of Fastweb.com, a highly-successful scholarship matching site and founder of FinAid.org, which offers information and tools to help you through the sometimes overwhelming process of college financial aid.

Over the past 20 years, Mark has not only authored two best-selling books on the financial aid process, is regarded as a financial aid expert, through numerous interviews by the top media outlets such as the Wall Street Journal, the New York Times, the Washington Post and a host of others throughout the world.

During this seminar, we’ll be discussing the basic strategies for winning scholarships, including:

1. Who typically wins scholarships;

2. What type of scholarships are most popular;

3. When to start the financial aid process;

4. Where to go for information;

5. How the best scholarships are won;

6. Why scholarship requests are often rejected and so much more!

Imagine getting information first hand from a nationally-recognized expert in the field of financial aid! Then clear your calendar for the seminar being held on Thursday, October 13, and join us. Know of someone else who could benefit from this information? Be sure to forward them the invitation.

If you have not yet attended one of our Thursday Online Twitter Seminars, please go here for more information and you’ll see just how easy it is to join us. If you have any questions, please feel free to contact me directly at jodiokun@gmail.com. I look forward to “seeing” you this week 10:00 pm EST/7:00 pm PST.

College Cash Seminar October 6, 2011

This seminar marks the one month anniversary of #CollegeCash and many of the people participating have been there each week to share and learn about Financial Aid and the complicated process with helpful tips and links from Jodi Okun.

This week Jodi had the honor of guest posting on the popular and well-respected website 12 Most to discuss her area of expertise: Financial Aid. If you haven’t been to this site before, experts from many different industries and backgrounds share their wisdom and experience to create resources. You may read Jodi’s whole post here: http://12most.com/2011/10/06/12-helpful-college-financial-aid-tips/

The topic of the seminar tonight was 12 Most Helpful College Financial Aid Tips. Jodi shared many resources and a ton of information this week. Please keep in mind that this was a live Twitter chat and the format is altered slightly for this post. There are tweets at the end of the post from attendees.

Here are Jodi’s 12 Most Helpful College Financial Aid Tips:

If you’re a parent of a college bound student, you know these days, a college education is not cheap. If you are lost in maze of financial aid process, banging into dead ends and changing direction, you need help! If you aren’t financially prepared for this stage of life or if the hair on the back of your neck stands up when you realize how much a good college education costs.

You know you need help, but the financial aid process can be overwhelming and stressful. Couple that with the uncertainty of how you’ll react to your “baby” fleeing the nest. You’ve got a recipe for an emotional melt down.That’s where I come in.

I’ve had the pleasure of helping many parents through the intimidating process of financial aid. I am excited to share my 12 Most helpful tips.

Tip One: There’s no time like the present!

Most families who have been through the financial aid process say they should have started the process sooner. In high school, there are important steps you can take to prepare for college. If you’ve graduated high school, start the process now scholarships are snatched up quickly. FAFSA submission is in January to ensure your place in federal, state & school financial aid queues.

Tip Two: Do it right the first time

Fill out your FAFSA carefully and submit it correctly. If your application has errors or incomplete responses, it will be returned to you. The correction process is long & will move you further back in financial aid queue. Most need-based financial aid is awarded on first come, first served basis. Submitting late could have a serious impact on your financial aid package.

Tip Three: Save money for college

Family assets are a factor in financial aid eligibility, it makes sense to save for college.

Your savings will reduce amount of financial aid you can receive, but not by much.

You’ll be expected to contribute some money toward college. It’s cheaper to use savings than take out private student loans. It’s cheaper to use savings than borrow against credit cards or home equity.

Tip Four: Make it a family affair

Federal government financial aid programs were designed to help families pursue their college dreams. Help those that have more than one dependent student in college at the same time. Your EFC may drop as much as 50% if more than one family member is going college.

Tip Five: Negotiate

If you’re not happy with the financial aid packages you’re offered….. appeal.

Final student aid packages are made by school financial aid officers & school officials may not know your financial situation. Talk to Financial Aid office Ask them how questions. Help them understand your position. Each school financial aid package is different: don’t give up.

Tip Six: It’s never too early

Look for scholarships & grants apply for work-study as soon as possible. Don’t stop looking for scholarships until graduation looms near. Financial situation or academic record could change over the years. Changes could have an impact on your financial aid eligibility. Free money for money (scholarships, grants & fellowship) is awarded for many reasons. You may already be eligible for more than you think.

Tip Seven: Don’t make assumptions

Almost every family is eligible for at least some type of financial aid. Even families who think they earn too much to qualify. Financial aid options are available to them.

Fill out the FAFSA let Department of Education figure the amount of financial aid you’re eligible to get you need to fill out the FAFSA in order to be eligible for any type of federal financial aid.

Tip Eight: Set your first focus low

Focus first on lowest-cost financial aid scholarships grants & work-study. These types financial aid cost you nothing they don’t have to be repaid. If scholarships & grants aren’t enough to pay for college, look next to low-cost fed student loans. Avoid high-cost financing like home equity loans & credit cards. Some lines of credit carry high interest & require immediate repayment. Some credit lines can jeopardize your creditworthiness & financial status.

Tip Nine: Aim high

Don’t turn your back on your dream school because it’s too expensive.

Your EFC is based on your financial situation but can vary from school to school. Award is based on if school is using your federal calculated EFC or its own. Your financial aid package is based on cost of attendance minus your EFC. More expensive school with lower EFC may give more financial aid than less expensive school.

Tip Ten: Meet all deadlines

The financial aid process is long & there many things to remember. Photocopy all forms & applications keep in a handy file. Use financial aid calendar stay on top of key financial aid dates & deadlines.

Tip Eleven: Ask for help

Ask a financial aid officer if you have questions about financial aid process types of aid available professionally trained educational Finance Advisors can answer just about any question you have a financial aid advisor will be happy to guide you through your financial aid options. Search for scholarships & assist you in finding best student loans for what you need.

Tip Twelve: Consolidate your student loans

Federal student loan consolidation one of the most economical student loan repayment tools. Student loan consolidation program lets you consolidate one or more eligible federal education loans single new loan at fixed-interest rate with no added fees. A student consolidation loan extends repayment period with lower monthly payments plus the convenience of making a single payment each month.

Tweets from #CollegeCash:

@GraphicDesignNY Good practice for real life, someone is always waiting in line for your opportunities! RT @JodiOkun: Tip 10 Meet all deadlines #collegecash

@stevecassady Boy a checklist seems handy :) RT @JodiOkun: T10 The fin aid process is long & there many things to remember #collegecash

@GraphicDesignNY #collegecash Ive seen student to counselor ratios over 500-1. Families have to be proactive when seeking financial aid.

@MimiOrtega Excellent #collegecash tips tonight by @JodiOkun "pay for college the smart way"

@fujifulgueras In addition to FAFSA - Some colleges require PROFILE - Link here; http://t.co/P0gHd4AB #collegecash

@dabneyporte never turn you back on any dreams....xoxo RT @JodiOkun: T9 Don’t turn your back on your dream school because it’s expensive #collegecash

@AidScholarship Yes, and he is a junior now #collegecash

@SylvanTualatin and get that essay done early!!! #collegecash

@AidScholarship Amazing Financial Aid info shared tonight via @JodiOkun and #collegecash!!!

Some stats from Hashtracking:

608 Tweets – 40 Contributors – 1.7 mil. Impressions – 103K reach

Most Popular Tweeters: Jodi Okun, Dabney Porte, AidScholarship, Steve Cassady, Mimi Ortega, Raven_73, Vi Maranto, AlexMWilliams_, FujiFulgueras, GeekBabe, GraphicDesignNY

Most Tweets: Jodi Okun, AidScholarship, CollegeCashChat, Steve Cassady, Vic Maranto, Dabney Porte, Raven_73, EA_Clark, SylvanTulatin, FujiFulgueras

Join Jodi Okun next week on Thursday, October 6 at 7 pm PST/10 pm EST for another community building #CollegeCash seminar!

Thanks to Peggy Fitzpatrick for writing this summary you can connect with her @PegFitzpatrick or check out her Twylah page at http://www.twylah.com/PegFitzpatrick

What You Need to Know About the CSS PROFILE Process

CSS/Financial Aid PROFILE is the financial aid application service of the College Board. More than 500 colleges, universities, graduate and professional schools and scholarship programs use the information collected on the PROFILE to determine eligibility for nonfederal student aid funds. The PROFILE is a fully Web-based application system that provides students a secure and efficient method for reporting their financial data to higher education institutions.

How to Register. PROFILE applications are customized for each student, based on information you supply during registration. Customization allows the PROFILE to respond to the unique needs of each applicant and provides a streamlined application process by asking only the questions that pertain to you, your family and your financial situation.

When to Register. You should register for PROFILE as soon as you're sure about where you are applying for aid. This should be at a minimum two weeks before the earliest college or scholarship program priority filing date you need to meet.

Tips for Completing the PROFILE

• Make sure you apply on time! Review the priority filing dates for all recipients to ensure the application arrives on time. Remember, colleges use PROFILE information to determine who gets limited grant dollars. Late filers must make do with what is left over and may lose eligibility altogether.
• Have your tax returns and financial documents handy. (Ideally, you'll have already completed your tax return for the most recent tax year.)
• You should leave plenty of time to fill out the form. Don't assume the entire application can be completed in one session. We recommend you start at least one week before intending to complete the form.
• Save time by using the pre-application worksheet.

What Happens After You Apply? After you submit your application, print the acknowledgment, which includes the data you entered on your application and your college list. The acknowledgment can be used to make changes to PROFILE information, and gives you information about the next steps in the process.

PROFILE data are analyzed and reported back to the colleges and scholarship programs. They then apply their own need analysis formulas to determine your family's ability to pay for education costs.

If you have questions about the CSS/Financial AId Profile...I am here to help.