ISO - Great resources/websites/information on college loan types and scholarships

[Gracie]

DD is finishing 9th grade and I have got to start to learn about the different types of college loans, places to find scholarships and different loans and scholarships offered by the colleges themselves.

I think that what I learn now might be outdated by the time she applies, but it's really only 2 more years and it'll take me awhile to fully learn what I need to know to get her the most aid and the best type of loan for us. She's really bright and gets super grades, but I don't think we'd qualify for financial aid because of our income.

However, we haven't done much about saving for college and I've heard that colleges look at your income and they decide how much they think you should be able to pay. Well, just because we make X per year, certainly doesn't mean we have a lot of available liquid cash. Plus, we only have one DD, so colleges would be sure to think we can afford much more than we can.

Please post any and all great resources that you know or have used to help me get started on this learning process!

TIA!

Loren

[Gumbeaux]

I like savingforcollege.com. It has a lot of info on 529 plans but also has info on loans and financial aid and links to sites about scholarships.

[Laura]

www.collegeconfidential.com has a lot of good information. I also used this site to anticipate what colleges were expecting me to pay. www.finaid.org/calculators You are more likely to get money from a private school so that often the costs will be more comparable to a state school. DD's college advisor has told her to apply regardless of the tuition. Once you get accepted you can find out if you will get a financial aid package that will allow you to get there.

[boisewinesnob]

www.collegeconfidential.com has a lot of good information. I also used this site to anticipate what colleges were expecting me to pay. www.finaid.org/calculators You are more likely to get money from a private school so that often the costs will be more comparable to a state school. DD's college advisor has told her to apply regardless of the tuition. Once you get accepted you can find out if you will get a financial aid package that will allow you to get there.

I echo what Laura said. My DS was offered a lot of money in merit to a private college which would make it cheaper than another state u he was also accepted to. Many super-elite schools (don't ever call them "fancy" ) won't offer merit money; they only give need-based, and even that will vary widely from school to school. Sometimes other state universities will offer great students in-state tuition as an incentive. Hopefully your DD's high school GC will be familiar with a lot of this, but sadly many of them are not.

Feel free to PM me

[Laura]

I echo what Laura said. My DS was offered a lot of money in merit to a private college which would make it cheaper than another state u he was also accepted to. Many super-elite schools (don't ever call them "fancy" ) won't offer merit money; they only give need-based, and even that will vary widely from school to school. Sometimes other state universities will offer great students in-state tuition as an incentive. Hopefully your DD's high school GC will be familiar with a lot of this, but sadly many of them are not.

Feel free to PM me

Suzy, if you don't mind telling, where is DS going to go?

[boisewinesnob]

He is juggling 3 schools right now, but unfortunately the school which offered him the best financial aid (full scholarship, no loans!) doesn't have his sport so he will likely not go there. U of WA offered him horrible fin aid so he promptly ditched that idea, so now he is really deciding between Gonzaga and Calvin. He should have his mind made up by May 1st, of course.

[Laura]

He is juggling 3 schools right now, but unfortunately the school which offered him the best financial aid (full scholarship, no loans!) doesn't have his sport so he will likely not go there. U of WA offered him horrible fin aid so he promptly ditched that idea, so now he is really deciding between Gonzaga and Calvin. He should have his mind made up by May 1st, of course.

How exciting, both Calvin and Gonzaga are good schools, but Gonzaga obviously is closer. DD is frustrated because the schools that have her desired major and are the size that she wants are tough, tough schools to get into, and I don't know if she will get enough money to go there. We are visiting some schools this summer, not just the ones that she thinks are her first choice to possibly broaden her horizons. Still University of Colorado, Boulder offers her exact major and is fairly inexpensive in the scheme of things. We will see. Our situation is complicated because she will likely be in France much of spring semester of her senior year.

[whocares]

I echo what Laura said. My DS was offered a lot of money in merit to a private college which would make it cheaper than another state u he was also accepted to. Many super-elite schools (don't ever call them "fancy" ) won't offer merit money; they only give need-based, and even that will vary widely from school to school. Sometimes other state universities will offer great students in-state tuition as an incentive. Hopefully your DD's high school GC will be familiar with a lot of this, but sadly many of them are not.

Feel free to PM me

As the parent of a child finishing the first year a a "super-elite" or as I would say highly- competitive school, I can safely say that there is nothing remotely elite about the student body or fancy about the school. It is highly competitive, the academics are demanding and the facilities are anything but "fancy". Eventhough the tuition is high, approximately 50% of the class receives some sort of financial aid. Sorry I can't help with scholarship or grant information, but we are paying for whole bill. I guess we did the wrong thing - saving bit by bit since early childhood and then as our income increased saving more. Lucky us! Clearly not the new American way. Just my 2 cents. And don't even get me started on college athletics and the special treatment given to student- athletes or as I like to call them athlete-students.

[Gracie]

Many super-elite schools (don't ever call them "fancy" ) won't offer merit money; they only give need-based

That's what I'm afraid of happening with more than just the "super-elite" schools. DD should definitely qualify for merit scholarships - she is likely to finish 9th grade with straight A's for her final grades and no reason to think that won't continue (she's only gotten 1 B in her life as a quarter/semester/final grade). But if it's only need-based, I'll have to find 3 more jobs!

Loren

[Kathy B]

Loren,

I am glad you posted this question, and I will also be checking out some of the suggested sites as DS is just finishing his freshman year, too.

I agree that private schools often offer more than state schools. I had three private colleges offer me great scholarships while the state school only offered me $500 per semester. I couldn't afford the state school, but had my pick of the three private schools. Go figure!

One teacher recently mentioned to me that kids can get a scholarship in an academic area even though they may not plan to major in that topic. They may have to take a certain number of classes in that subject, but not major in it. The teacher was specifically talking about music scholarships. Your child might be able to get a scholarship based on the instrument they play or their singing abilities, even though they plan to be a math major, for example. There would probably just be a requirement that they play in the college band or orchestra, sing in the choir or take some other types of music classes. She did mention a student who got an engineering scholarship and took some classes in that subject but had a totally different major. DEFINITELY worth checking into.

[tbb113]

On the subject of music scholarships, I understand that trombone players are in huge demand because not that many people play them. Of course I found this out after my son stopped playing the trombone Some of the more unique sports can get you scholarships also (rowing for example).

Right now, I'm just worried about DS being eligible to go to a 4 year college in Sept 2007. Once he is accepted, I'll worry about how we will pay for it.

[boisewinesnob]

And FYI, D3 schools are prohibited by NCAA rules to give scholarships for sports. Ivies also do not give scholarships for sports, even though they are D1.

Many people who whine about "student athletes" don't know this.

[Gumbeaux]

USA Today had a story in Friday's paper about financial aid. They listed www.scholarships.com and www.scholarshipexperts.com as places to look for scholarships.

[Aubergine]

everyone is entitled to apply to FAAFSA (sp?), a federal aid program, and also Pell Grants. what we found with DS (who is about to graduate) was to worry about admission first, and let the school figure out the financial package later. he has been attending one of the top schools in the country where tuition runs about $36K/year, but we are only $6k/year out of pocket, because the financial aid office put together a package of assistance: grants, 15 hrs/week work-study in one of the college labs, FAAFSA, etc.

one thing to NOT do: never pay money to a company that promises to find your kid financial assistance. they are scams, and descend like buzzards on carrion every year at local schools, offering an evening workshop for parents of seniors. i have been fighting with our district for years about sponsoring these events.

that is not the same as an individual college advisor, who may charge some big $$ but can help you fathom the entire nightmarish process. if you consider such a path, be certain to check credentials and references.

hth, suzanne

[whocares]

And FYI, D3 schools are prohibited by NCAA rules to give scholarships for sports. Ivies also do not give scholarships for sports, even though they are D1.

Many people who whine about "student athletes" don't know this.

My issue is not related to scholarships, because I know that neither merit nor athletic scholarships are awarded at my child's school. However, student - athletes are given preferential treatment when it comes to housing and registration, that other students are not given.

[Laura]

My issue is not related to scholarships, because I know that neither merit nor athletic scholarships are awarded at my child's school. However, student - athletes are given preferential treatment when it comes to housing and registration, that other students are not given.

I go back and forth on this issue. SO's son is a scholarship athlete and not only does he get preferential treatment regarding housing and meals, he gets an incredible amount of help in school (tutors, an advisor just for their team, etc.). My DD is a much better student than SO's son, more well rounded, leadership skills, etc. and she won't get nearly the attention or the money. That said, schools make money off of their athletes and those programs benefit more than just the athletes. So, in fairness, maybe the athletes should get some extra benefits.