Financial Aid for the Utterly Confused

by Bellia, Anthony

• ISBN13: 9780071467315
• ISBN10: 0071467319
• Edition: 1st
• Format: Paperback
• Copyright: 2006-09-19
• Publisher: McGraw-Hill Education

Summary

Yes, you can afford a top-notch college education!You'll want to leave no stone unturned when it comes to paying for a great college education, so get the guide that answers all your questions! Written by a top financial aid pro with 30 years' experience,Financial Aid for the Utterly Confusedclues you in on all your financing aid options. And it walks you through the entire process of obtaining the maximum amount to which you may be entitled. You get: Expert guidance on applying for all forms of financial aid Insider tips on government and private financing, grants, and more Proven cost-cutting strategies Sample forms and worksheets Early financial planning strategies for parents

Author Biography

Anthony J. Bellia has been a financial aid professional for 30 years. He is currently Dean Emeritus of enrollment management and was formerly the director of student financial aid at Canisius College in Buffalo, New York.

Table of Contents

Acknowledgments	xv
Introduction	xvii
Early Financial Planning Strategies	1	(32)
Early Financial Planning Strategies	2	(1)
Estimating Future College Cost	2	(2)
Developing a Savings Plan	4	(2)
College Savings Plan Worksheet	6	(1)
Savings Tips	7	(2)
College Savings and Investment Plans	9	(1)
529 State College Savings Plans	9	(1)
529 State Prepaid Plans	10	(1)
Independent 529 Plan	10	(1)
Coverdell Education Savings Account	11	(1)
Custodial Accounts	12	(1)
Savings Bonds	12	(1)
Roth IRA	12	(1)
Taxable Accounts	13	(1)
Education Tax Credit	13	(1)
The Hope Scholarship (Tax Credit)	13	(1)
The Lifetime Learning Tax Credit	13	(4)
State Prepaid Tuition and/or State College Savings Plan	17	(11)
Some Tips for Maximizing Your Aid Eligibility	28	(1)
Tips	28	(2)
Collection of Additional Information by Colleges	30	(3)
The Real Cost of a College Education	33	(26)
The Real Cost of College	34	(1)
Affordability Facts	34	(1)
The Wide Range of College Options	35	(8)
Two-Year College Option	43	(1)
Tuition Charges at Public Colleges and Universities for Non-State Residents	43	(2)
Estimating the Sticker Price of a College	45	(1)
Sticker Price versus Net Price	46	(3)
Colleges' Concerns about Sticker Price	49	(1)
Financial Need Varies According to College Cost	49	(1)
Student Financial Aid: Myth and Reality	50	(1)
Myth One: College Is Just Too Expensive for Our Family	51	(1)
Myth Two: There Is Less Aid Available Than There Used to Be	51	(1)
Myth Three: You Have to Be a Minority to Get Aid	52	(1)
Myth Four: My Parents' Income Is Too High to Qualify for Aid	52	(1)
Myth Five: The Financial Aid Form Is Too Hard to Fill Out	53	(1)
Myth Six: My Parents Saved for College, so We Won't Qualify	53	(1)
Myth Seven: Only Students with Good Grades Get Financial Aid	54	(1)
Myth Eight: If I Apply for a Loan, Then I Have to Take It	54	(1)
Myth Nine: Working Will Hurt My Academic Success	54	(1)
Myth Ten: I Should Live at Home to Cut Costs	55	(1)
Myth Eleven: Private Schools Are Out of Reach for My Family	55	(1)
Myth Twelve: Millions of Dollars in Scholarships Go Unused Every Year	55	(1)
Myth Thirteen: My Folks Will Have to Sell Their Home	56	(3)
Student Aid Programs	59	(52)
Submitting Your Application: the FAFSA	60	(1)
Annual Submission	60	(1)
The FAFSA	60	(1)
Processing the FAFSA	61	(1)
What Happens After You Submit the Financial Aid Forms?	62	(1)
Federal Verification for Federal Student Aid Programs	63	(7)
Supplemental Aid	70	(1)
CSS/Profile Form	70	(1)
Institutional Aid Application	70	(1)
General State Residency Guidelines	71	(2)
Student Financial Aid Programs	73	(1)
Federal Student Aid	73	(4)
State Aid Programs	77	(5)
Other Ways to Save Tuition Dollars at Public Colleges	82	(1)
New England Regional Student Program (RSP)	82	(1)
Academic Common Market	83	(1)
Midwest Student Exchange Program	84	(1)
Western Interstate Commission for Higher Education	85	(1)
College-Sponsored Aid Programs	86	(1)
Athletic Money	87	(1)
National Collegiate Athletic Association (NCAA)	87	(3)
National Association of Intercollegiate Athletics (NAIA)	90	(1)
Military Financial Assistance Opportunities	91	(1)
Montgomery GI Bill (MGIB)	92	(1)
Montgomery GI Bill for Selected Reserve Training (MGIR-SR)	92	(1)
Tuition Assistance Top-Up Benefit	92	(1)
Reserve Officer Training Corps (ROTC)	93	(1)
Health-Related Programs	93	(1)
United States Military Academies	93	(2)
College Loan Repayment Programs	95	(1)
College Fund Program	95	(1)
State Educational Assistance	95	(1)
Rotary International Scholarships	96	(1)
Ambassadorial Scholarships	96	(1)
Application Procedure	97	(1)
Aid for Students With Disabilities	97	(1)
Where to Look	97	(4)
Other Sources of Funds	101	(1)
College Planning Calendar, Middle School to High School Senior Year	101	(1)
Middle School	102	(1)
Grade 9: Freshman Year	102	(1)
Grade 10: Sophomore Year	102	(1)
Grade 11: Junior Year---Fall/Winter	103	(1)
Grade 11: Junior Year---Spring	104	(1)
Summer before Grade 12: Senior Year	104	(1)
Grade 12: Senior Year---Fall (September to December)	104	(1)
Grade 12: Senior Year---Winter (January to March)	105	(1)
Grade 12: Senior Year---Spring (April to May)	106	(1)
Summer Before College	106	(1)
Summary: Financial Aid Applications	107	(1)
November/December	107	(1)
January/February	107	(4)
Your Share of the Cost of a College Education	111	(24)
Federal Methodology	112	(1)
Institutional Methodology	112	(1)
Calculating the Expected Family Contribution Under federal Methodology	113	(1)
Principles of Need Analysis	113	(1)
Calculating the Expected Family Contribution	114	(14)
Financial Need Calculation	128	(1)
Simplified Need Analysis Formula	128	(1)
Dependent Students	128	(1)
Independent Students	129	(1)
Who Automatically Qualifies for a Zero EFC?	129	(1)
Independent Students	130	(1)
Who is Considered a Parent?	130	(1)
Definitions	130	(1)
Non-Custodial Parent	131	(1)
Home Schoolers and Federal Student Aid	131	(1)
Independent versus Dependent Status	132	(1)
Special Circumstances	133	(2)
Student Financial Aid Office and Award Notification Process	135	(20)
The Role of the College Student Financial Aid Office	136	(1)
Award Letter Notification	137	(1)
Determining Student Financial Need	137	(2)
Reviewing the Award Letter	139	(3)
Case Studies: How Aid Packages Will Differ	142	(1)
Fictional Case Study 1	143	(2)
Fictional Case Study 2	145	(2)
Fictional Case Study 3	147	(1)
``Let's Make a Deal'': Appealing the Aid Package	148	(1)
How Outside Private Scholarships Affect the Aid Package	149	(1)
How Will the Receipt of an Outside Scholarship Affect My Financial Aid Package?	150	(1)
Post-Enrollment Activity With The Financial Aid Office	151	(4)
Student Debt: An Investment in Your Future	155	(14)
Investment with a Return	156	(1)
What Is Reasonable Debt?	157	(1)
Tips for Borrowing	158	(1)
Incentives from Lenders	158	(1)
Loan Repayment Plans	159	(1)
Standard Repayment Loan Plan	159	(1)
Graduated Repayment Plan	159	(1)
Loan Consolidation Plans	159	(1)
Income Sensitive Plan	160	(1)
The Extended Repayment Plan	160	(1)
Other Financial Terms	160	(1)
Calculating Estimated Loan Repayments	161	(1)
Alternative Loan Programs	161	(3)
Websites and Telephone Numbers for the Private Student Loan Lenders	164	(5)
Controlling the Cost of a College Education	169	(10)
Cell Phones	170	(1)
Credit Cards	171	(1)
Leave the Car at Home	172	(1)
Purchasing School Supplies	172	(1)
Selecting the Right Meal Plan	173	(1)
Travel to and from College	173	(1)
Checking Accounts	173	(1)
Preventing Identity Theft	174	(1)
Three-Year BA/BS Programs	175	(1)
What Are the Benefits of Graduating in Three Years?	175	(1)
Advanced Placement/College Credit Courses	175	(1)
Some Other Tips	176	(3)
Options for Paying College Expenses	179	(14)
Loan Programs to Finance Parental Contribution and Unmet Need	180	(1)
Your Credit Score	181	(1)
Financing Options	181	(1)
College-Sponsored Payment And Loan Programs	182	(1)
Home Equity Lines of Credit/Home Equity Loans	183	(1)
Home Equity Line of Credit	184	(1)
Home Equity Loan	185	(1)
Federal Loan	185	(1)
Federal Plus Loan	186	(1)
Alternative Loans	187	(1)
Other Financing Options	188	(1)
Retirement/IRA Plans	188	(1)
Life Insurance Loans	189	(1)
Will Loans Impact the Student Aid Formula?	189	(4)
Consultants, Scholarship Search Companies and Other Resources	193	(18)
Financial Aid Consultants	194	(1)
Selling Points for Financial Aid Consulting Companies	195	(1)
Consultant Services	195	(3)
Guidelines to Consider Before Hiring a Consultant	198	(1)
Negative Experiences	199	(1)
Financial Aid Source Books	199	(1)
Scholarship Search Companies: Private Scholarships	200	(1)
Scholarship Assistance	201	(1)
Materials to Submit	201	(1)
Scholarship Letter Tips	202	(1)
How to Identify a Scholarship Scam Company	202	(1)
Internet Resources	203	(4)
Financial Aid Resources in Spanish	207	(1)
Websites	207	(1)
Sample of Publications and Aid Applications	208	(3)
Tips: College search and Financial Aid Process	211	(8)
High School First Steps	212	(1)
Understanding Tuition Costs	212	(1)
Applying for Student Financial Aid	213	(1)
Merit, Athletic, and Private Scholarship Opportunities	214	(1)
College Selection/Award Letter Process	214	(1)
Renewing Financial Aid/Individual College Policy	215	(1)
Student Loans	215	(1)
Cutting College Costs	216	(1)
Parents	216	(3)
Appendix	219	(12)
Glossary	231	(30)
Index	261