Reach Institute

Looking for financial aid to fund your study? If you plan to go to college or graduate school, you should apply for financial aid; even you don’t think you will qualify. Although financial aid just pays for only a small part of the tuition fee, it is still money that your family doesn’t have to pay out from their pocket. Applying for financial aid shouldn’t be that complicated, here are some tips to guide you.

Most of colleges do have financial aids offer to their students. So, the first thing you should do is meet the financial aid officer at each college where you are applying for admission. You can schedule an appointment with the officer during your campus visit; if you can’t meet him personally, make a phone call or contact him through email. The purpose of the meeting is to understand in details what are the financial aids offered to the students from that colleges. Remember to check out the deadline of each financial aids application submission date. Get all your questions answered by the financial aid officer and make sure you understand all the requirements and support documents need to be attached with your application before you submit it.

Another tip is, apply first even you have not decided to go to the college yet. Because financial aids often awarded on a first-come, first-served basis, and the school may close the application submission even before the deadline reach. So if you wait until the acceptance letters arrive, you will most likely to miss out. You may apply more than one financial aid, and later decides which offer to accept, if you receive more than one offer.

The first step in apply any of financial aids, either offer by community college, four-year college, or university, you need to first fill up the FAFSA (Free Application for Federal Student Aid), which enable you to receive financial aid from federal government programs. You just need to file one copy regardless the number of admissions you apply for. Always plan to file the FAFSA on or as soon your senior year in high school as possible, because the earlier you apply the faster you will receive your results and the more aid you are likely to get. The fastest way to apply the financial aid is through internet and you can file FAFSA online to speed up the application process.

Approximately a month after you file for FAFSA, you will receive a Student Aid Report (SAR). This form tells you what your Estimated Family Contribution (EPC) is, based on your family’s financial capability as reported on the FAFSA. Review the SAR over carefully and correct any mistakes you find right away. After all errors have been corrected, the colleges can decide how much to award you in financial aid and what kinds of aid to give you.

Soon after you receive the acceptance letter from colleges you apply for admission. You will also receive a financial aid package offers by the colleges. Carefully review the offers before you decide which one to accept.

Summary

You don’t need to pay in full for your college study; there are financial aids available for you to apply for. Hope the tips above will give some guide for applying your financial aids. Start to apply for financial aids as early as possible so that you won’t miss any of them which you are qualified for.

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Financial aid is probably one of the best things that could happen to students who cannot afford to attend the college simply because they do not have the financial means to do so. However, a recent study showed that colleges are deviating from their pattern of offering financial aid from students who really need the financial aid to those who do not.

The main aim of the financial aid is to help the students that need the money to continue with their studies. But nowadays, the number of need based financial aid has significantly dropped due to the merit based financial aid.

Students who have a perfect SAT score and a strong academic background are usually given the financial aid regardless of whether they can afford it or not. And many times the students who get financial aid based on merit can afford it, and are still preferred over the needy students. Merit based aid is normally used to draw remarkable students that would prove to be an asset for the institution.

This behavior is not only applied by the top notch private institutions but also by the public colleges as well. The entire point of providing access to education to students who cannot afford it is being defied by this rule. To offer financial aid to a student just because he might bring fame to the college even if he can afford the tuition, over a student who was did not have the perfect SAT score, could not afford a college degree and was never given a chance, is unethical, immoral and insensitive.

Most of the financial aid given by universities is based on merit. In a research done by Hossler and Zipskin of Indiana University, it was claimed that “institutional financial aid may be going disproportionately to students who are more likely to persist overall.”

Also, the students that really need financial aid are said to perform better in their academics than those who did not need financial aid. This is because they have to keep up with a brilliant grade point average because otherwise they might not be further considered for financial aid. So they work more and harder because they know if the financial aid is not offered they might not be able to continue their studies. Further, we must be careful or government grants for needy families may follow the same suit and are currently running the risk of shifting purely to merit based awards rather than taking student needs into account.

The purpose of financial aid is to help the disadvantaged, and we have to keep this purpose in mind before giving away the aid.

If you’re stuck and need some help finding good information online try using Financial-Aid-Directory.com for finding the latest information on financial aid to help you when you need it most.

As the cost of college continues to skyrocket,  you should take heart – if you plan properly, you won’t have to pay “sticker price” for your son or daughter’s college of choice.  Here are five facts about college financial aid that could help you slash college costs:

Some Colleges Have More Money to Give Than Others.  Most schools use the same financial aid formula to determine your financial need.  However, they differ vastly in how they apply that formula.   In other words, different colleges meet different percentages of your financial need.  The older, prestigious private colleges – Ivy League and similar – tend to have large endowments.  This endowment money fuels the financial aid awards that these colleges and universities dole out.
Private, High Sticker Price Colleges Can Actually Cost You Less Under Some Circumstances.  Even though one year of college at a state university can run around ,000-,000 (tuition, fees, room and board, etc.) and a private college can top out over ,000 per year, the more expensive college can cost you less!  Why?  Because state universities very rarely award significant financial aid packages, so many families float the entire cost.  On the other hand, private colleges and universities with large endowments regularly meet 90%, 95% and even 100% of financial need.  So don’t rule out expensive private institutions until you examine their financial aid awards!
Even if You Earn Six Figures, You Can Still Receive Substantial Financial Aid.  This may be the most surprising fact of all – colleges and universities have courted the “forgotten middle class” in the last few years, regularly giving five figure awards to parents earning six figure incomes.  Just because you think you make too much does not mean that you should blow off filling out the FAFSA and other financial aid awards – you may be pleasantly surprised!
Your Student’s Grades Have Little-to-Nothing To Do With Her Financial Aid Award.  Many parents think that their child must have good grades to qualify for financial aid, but this is not correct.  Most financial aid is based on financial need, not merit.  Although a minority of colleges will award merit-based financial aid, most aid is issued on a need-blind basis.  In other words, if your child is good enough on paper to get into Harvard, MIT or some other competitive school, she’ll be issued aid based on how her family’s finances look on paper.   That’s the way most colleges award financial aid.
Although Two Families Can Have the Same Amount of Money Saved, One Will Receive Far More Financial Aid Because of Where They Saved it.  It’s a little known fact, but some assets count against you in the financial aid formulas more than others, and some don’t count against you at all!  In general, money saved in your child’s name will penalize you more in the financial aid formulas than money held in your own name!  (This is because the Department of Education reasons that you’re going to tap money in your child’s name for her education – this makes sense, but it also penalizes you for being thrifty…I’ll stop her before I feel a political rant coming on!)  So even though your stock-broker or CPA recommended you establish an UTMA account (Uniform Transfer to Minors Account) for your child, this could penalize you to the tune of 20-25% in the financial aid formulas.   You could be better off holding this money in your own name, or in an asset class that’s entirely exempt, such as retirement accounts, insurance, some annuities and some business assets.

Clearly this brief article will fall way short in making you an expert in financial aid. For more information, please visit our website and sign up for our newsletter – The College Success Bulletin – and receive five free reports worth more than 0 for the month of May.

Andrew Lockwood, J.D.

College Funding Specialsits

“The 10 Deadliest Mistakes Most Parents Make When Applying For College Funding…”

Mistake #1: Most middle and upper-middle class parents assume they won’t be eligible for financial aid because they own a home and make over ,000 per year.

Reality: Most families with incomes ranging from ,000 – 0,000 per year who own homes are eligible for some form of financial aid. There is over 30 billion dollars available each year from the Federal Government, the states, colleges and universities, and private foundations and organizations. You just have to know how to get your “fair share”. Unfortunately, most parents give up before they even start and assume they won’t be eligible. This is exactly what the government hopes you will do so they can keep more of these funds. Don’t make this mistake! If you fall into this category, make sure you apply; you’ll probably be eligible for SOME money.

Mistake #2: Focusing your time and energy on a private scholarship search instead of spending your time trying to qualify for “need-based” financial aid.

Reality: Private scholarships make up only 1% of the money available to you to help pay for your child’s college education. The other 99% comes from the Federal Government, the state you live in, and the colleges and universities your child is applying to. Therefore, you are much better off spending your time and energy going after the 99%, rather than spending your time on the 1%.

Mistake #3: Assuming only minority students, athletes, and academically gifted students get financial aid.

Reality: Nothing could be further from the truth! “Need-based” financial aid is solely awarded based on “financial need” which is calculated by taking the cost of attendance at a school and subtracting the family contribution (which is the minimum amount the government feels you can afford to pay based on your income and assets and your child’s income and assets). Whatever is left over after you subtract these two numbers is your “financial need” or eligibility for financial aid at a particular school. If you haven’t noticed, this has nothing to do with a student’s ethnic background, athletic ability, or grades. It’s purely based on this simple formula:

COA (Cost Of Attendance)
- FC (Family Contribution)
= FN (Financial Need)

Mistake #4: Picking colleges and universities without paying attention to where your student lies in comparison to the rest of the student body.

Reality: To increase your chances of getting the best possible financial aid packages, it is imperative that you pick schools where your child lies in the top 10% of the incoming freshman class with respect to their GPA and SAT/ACT scores. Although schools give financial aid based on your calculation of “need” at their school, they will definitely give preferential packaging (i.e., more FREE money, less loans) to students who lie in the top 10% of the incoming class. The reason they do this is to attract the better students to their school. Use this to your advantage and apply only to those schools where your child would fit into the top 10% category.

Mistake #5: Assuming all schools are created equal and will be able to give you the same amounts of money.

Reality: All schools are not created equal and will not be able to give you the same financial aid packages. Some schools are well endowed and get a lot of money from alumni and corporations. These schools have more money to give out and are generally able to meet most or all of a student’s financial need at their school. Other schools, like state universities, get no private funds and rely solely on state and Federal funds to help fill a student’s need at their school. In many cases, these schools leave students short and give them less money than they are eligible to receive. It can actually end up costing you more to send your child to a “cheaper” school if they don’t have the money to meet your need. It is very important that you know each school’s history of giving money before you ever apply, so you’re not blown away when you get a bad financial aid package from your child’s top school choice.

Mistake #6: Not understanding the difference between “included assets” and “unincluded assets” for purposes of filling out financial aid forms.

Reality: Certain assets are counted much more heavily in the financial aid formulas than others. For example, savings accounts, CD’s, stocks and bonds are all included and asked about on the Federal Financial Aid form. However, it does not ask about the value of annuities or cash-value life insurance anywhere on that same form.

Mistake #7: It doesn’t matter where I keep my money; it’s all counted in the same way.

Reality: Nothing could be further from the truth. Where you keep your money could mean the difference between you getting ,000 in financial aid or getting nothing! For example, money in the child’s name is weighted much more heavily than money in the parent’s name. If you don’t know how to legally and ethically position your money properly for purposes of financial aid, you could end up losing thousands in financial aid!

Mistake #8: “My CPA or tax preparer is qualified to fill out my financial aid forms – I’ll let him/her do it.”

Reality: Unfortunately, CPA’s and tax preparers are experts at tax planning and preparation – not financial aid planning. For example, a CPA or tax preparer might suggest that you put some or all of your assets in your child’s name to save money on taxes. While this advice is well meaning, it will usually kill most or all of your chances of getting financial aid. Also, CPA’s and tax preparers are not trained in filling out financial aid forms. In many cases, they will unknowingly fill out these forms improperly (i.e., using pen instead of pencil, using white-out to cover mistakes, omitting social security numbers, etc.), and these “minor” mistakes will bump your financial aid forms. If this happens, you will have to re-submit these forms all over again, and you will probably end up losing thousands in financial aid since it is awarded on a first come, first served basis.

Mistake #9: Waiting until January or even worse after January of your child’s senior year of high school to start working on your college financial aid planning.

Reality: Since financial aid is based on your previous year’s income and assets, it is imperative to start your planning as soon as possible before January of your child’s senior year. If you want to legally set up your income and assets so you can maximize your eligibility for financial aid, you must start working on this, at least, one year in advance – preferably in the beginning of your child’s JUNIOR year of high school. The longer you wait and the closer it gets to your child’s senior year, the tougher it gets to set up your financial picture without creating a “red flag” for the colleges and universities. It is also important for you to know what your “Expected Family Contribution” is so you can start saving for it. And, you should also know which schools can give you the best packages before you start visiting and applying to them. My advice is if you haven’t started planning, DO IT NOW!

Mistake #10: Going Through The Financial Aid Process By Yourself Because It’s “Cheaper”.

Reality: If this describes you, the colleges and Federal Government are going to love you! This allows them to keep control over the process instead of you, the parent, understanding how the process works and taking back control from them. It always amazes me that people will readily use a doctor when they get sick, a lawyer when they get sued, but suddenly when they are going to send their child to college and spend between ,000 – ,000 per year, parents want to save themselves a couple of dollars and do it themselves. Unless you spent the last 5 – 10 years of your life studying and understanding the financial aid process, there is no way you are going to know how to get the maximum amount of money from each school. And, if you do try it yourself, you’ll probably spend countless hours trying to figure it out. The moral to this story is “Don’t Be Penny Wise And Dollar Foolish!” Use an expert who can help you through this process and make sure you get everything you’re entitled to.

For more helpful tips like this go and to come to one of our monthly workshop go to http://www.CollegePlanningExperts.com

Whether you’re thinking it’s Spring Cleaning Time or time for an annual checkup, your business needs to undergo a checkup each year.  No matter how large or small your business is, you cannot gauge the effectiveness of any changes you’ve made without analyzing the benefits and bottom line.

Here are 10 questions to get you started:

• How do your year-to-date sales compare to the last couple of years? Don’t be satisfied if you managed to match them because if sales stayed the same then you’ve achieved zero growth.  With inflation, this flat growth line is a warning sign for more trouble down the road.

• What percentage of your business is from repeat customers? This is important to know because if it’s too low, then it needs to be improved.  The estimated cost of getting a new customer versus retaining an existing one can be as much as five to one in terms of dollars spent.  Keeping customers is more cost-effective than constantly seeking new ones.

• How long has it been since you offered a new product or service?  Loyal customers like to see you changing and progressing with the times.  If you’re stuck for an idea, ask your customers what they need.

• Do you consider marketing and advertising expenses or investments?  How you look at the money spent in these areas affects your willingness to spend money at all.  Would you look at prescriptions as a waste of money?  Marketing is really investing in you, your vision, and your company.  The old adage that you must spend money to make money is true, but you must spend it wisely.  Spend it on ads that are pulling responses and orders, and if they’re not maybe you need to change publications.

• Do you know what PR is and how to use it to positively position your business in the media?  I’ll bet that at least one of your competitors does.  Nearly every mention of a company or business in the newspapers and magazines is a direct result of publicity efforts.  Being quoted or featured in an article speaks volumes to your clients and readers who are your potential prospects.  A good PR consultant can do that for you and show you ways to extend the shelf life of that article beyond its publication.

• Are you listed in the yellow pages?  If you only have a line listing, consider including a small ad in the yellow pages.  If you can afford it, it will pay dividends throughout the year.

• Do you teat your regular customers better than your drop-ins?  You should.  If your customers don’t feel special when coming to you for products of services, why should they remain loyal to you?  Have a customer appreciation day or a special invitation only sale for your regulars.  Create a mailing list of your regulars.  Send occasional post cards or greeting cards for special events or just to keep in touch.  Learn to recognize them on sight and greet them by name when they visit you.

• How long has it been since you really talked to one of your customers?  Just as you appreciate when your Doctor takes time to talk to you, your customers will appreciate you if you take an interest in their needs.  If you have a service business, have lunch or coffee periodically with some regulars – even if they only contact you once or twice a year.  The personal touch in an impersonal world will be remembered.

• How is your business doing compared to your competition?  Every company, no matter what the size, has competition – even home-based businesses.  Is their business growing or downsizing? Is their pricing or service better than yours?  If so, what can you tell potential customers about the price difference?  Think about how you can improve your service to meet or exceed your customer’s expectations.

• Are your employees happy?  Don’t ask them directly, but observe them throughout the day.  Watch, listen and learn.  Employees who like their jobs don’t watch the clock for quitting time, aren’t habitually late, don’t have poor body language, don’t spend time on personal phone calls, and don’t look like they never smiled.  Observe how they interact with customers.  Not everyone is a match for direct contact with the public, so make sure you don’t have an employee who is driving business away.

I can remember when I was working at my very first job out of school.  It was a service business with just the owner and me at work.  There was direct contact with the clients, and there was never a problem with smiling when talking face to face with them.  I was given the best business tip of my life by that employer, when he pointed out to me that when talking to clients on the telephone I should smile too.  For some unexplainable reason, when you smile as you talk on the phone, the exchange with the client becomes more pleasant and more productive.  It’s as if that smile went right through the phone wires to the person to whom you’re talking.

Exploring your backyard is not only a fun activity, but it is also educational.  There are a large number of living, breathing creatures that can be found outdoors.  All children love exploring nature, but there are some who may enjoy this exploration more than others. Those children are likely to be toddlers or elementary school aged children. Since young children may need your assistance, you will want to pick backyard activities that you will also enjoy.
One of the many ways that you can incorporate science into your backyard is by studying the plants that can be found in your yard. While all backyards are likely to have a number of different plants or flowers, yours may have more. For the best type of environment, you are encouraged to explore areas of your yard that have yet to be mowed.
Your backyard is also likely full of a number of different insects. Like plants and flowers, your child may enjoy examining these bugs. It is not only fun to see what bugs live in your backyard, but it is also exciting to learn about how they survive. There is also a good chance that your children may leave your yard with a new pet.
In addition to the living things that can be found in your backyard, you and your child may also want to examine the weather and the impact it has on the yard and everything inside of if. Backyard conditions change as the weather changes. By examining your backyard after a rainy day, your child may find that many of the plants, flowers, and bugs have either changed or retreated to safer grounds. Examining the effect the weather has on the things in your backyard is not only fun, but educational.
To make the most out of your child’s next backyard adventure, you may want to consider purchasing them some science supplies. These supplies may include, but should not be limited to containers, butterfly catching nets, magnifying glasses, picture books, and resource guides. If your child is planning on capturing a few insects, a small cage or breathable container may be just what they need. These supplies, along with others, can be purchased from most retail stores. These stores may include department stores, home improvement stores, and toy stores.
To keep your exploration focused on education, science books and nature resource guides may be a nice addition to your child’s science collection. Many books and resource guide have a focus on insects, birds, plants, and flowers.  Many of these resources will provide you with information and pictures. For a large selection of science and nature books, you are encouraged to shop online or visit your local book store.
When examining the plants, bugs, and flowers in your backyard, you and your child may want to document what you see.  This can easily be done with a notebook or a camera. By taking pictures, your child will always be able to remember their exploration adventures.  Those pictures could also be used for other crafts. Scrapbooks and collages are a great way to turn traditional photographs into something much more.
Whether your child plans on exploring your backyard or they do so without intending to, it is likely that they will interested with what they see and learn. Incorporating science into your next backyard adventure is just one of the many things that you and your child can do outdoors; however, it may be the most beneficial.
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Applying for financial aid is always necessary for all students who wish to study at better educational institutions than they actually can afford. The state’s aid spreads on a wide set of population categories, but still there are some requirements into which the citizens have to fit in order to receive the financial aid they want and deserve. Knowing that financial aid one is eligible is about knowing the state laws that determine the categories of citizens who can and cannot receive aid, together with the requirements that identify the amount of financial aid that may be received by one household.

Legislative Regulations for Financial Aid.

1. The most important criterion for the majority of financial aid programs is being a citizen of the country that provides the financial aid. There are different periods of being a citizen mandatory for receiving different kinds of aid, so the family has to think carefully about the term of their citizenship and bring it to compliance with the regulatory provisions for financial aid.

2. The key figure from which the amount of financial aid derives is the expected financial contribution (EFC) of the family. It is calculated in accordance with all financial indicators of the family and is compared with the cost of tuition that the chosen colleges require. State awards and the ability to receive some scholarships are also taken into consideration when defining the amount of financial aid needed for the household.

3. There is a set of other requirements that the citizen has to meet in order to get financial aid for studying in certain categories of colleges and higher educational establishments. It also depends on the state in which the citizen applies for the financial aid (e.g. in the USA eligibility is determined by being a citizen of a certain state, and not only USA) and the opposition of the citizen as a dependent or independent one.

Applying for financial aid is always necessary for all students who wish to study at better educational institutions than they actually can afford. The state’s aid spreads on a wide set of population categories, but still there are some requirements into which the citizens have to fit in order to receive the financial aid they want and deserve. Knowing that financial aid one is eligible is about knowing the state laws that determine the categories of citizens who can and cannot receive aid, together with the requirements that identify the amount of financial aid that may be received by one household.

Legislative Regulations for Financial Aid.

1. The most important criterion for the majority of financial aid programs is being a citizen of the country that provides the financial aid. There are different periods of being a citizen mandatory for receiving different kinds of aid, so the family has to think carefully about the term of their citizenship and bring it to compliance with the regulatory provisions for financial aid.

2. The key figure from which the amount of financial aid derives is the expected financial contribution (EFC) of the family. It is calculated in accordance with all financial indicators of the family and is compared with the cost of tuition that the chosen colleges require. State awards and the ability to receive some scholarships are also taken into consideration when defining the amount of financial aid needed for the household.

3. There is a set of other requirements that the citizen has to meet in order to get financial aid for studying in certain categories of colleges and higher educational establishments. It also depends on the state in which the citizen applies for the financial aid (e.g. in the USA eligibility is determined by being a citizen of a certain state, and not only USA) and the opposition of the citizen as a dependent or independent one.