Student loans for middle-income students are available for those willing to put in the legwork. (Photo Credit: CC BY-ND/Federal Student Loan Debt)

Financial aid is a necessity for many low- to middle-income students and their families. Thankfully, there are student loan programs designed specifically for people who fall within the low- to middle-income brackets. Banknote suggests those looking for ways to pay for college use this three-pronged attack.

Aim high for need-based qualification

If a student doesn’t qualify for student loans at one college, it is quite possible that student could qualify at a more expensive university. Sally Donahue, Harvard’s director of financial aid, points out to Banknote that need-based financial aid is contingent upon income and assets, relative to admission costs. Thus, not qualifying at a $20,000-per-year school doesn’t mean a $60,000-per-year option is out of the question.

“We have probably 600 families with incomes over $180,000 receiving grant aid right now, and that’s usually because they have two or three students in high-cost colleges,” says Donahue. “It just depends on where you go.”

Harvard happens to be a “no-loan” school that enables students to obtain the necessary financial aid via grants, scholarships and work-study programs. The Institute for College Access and Success indicates that there are more than 50 such no-loan schools across the U.S. from which to choose. Keep in mind that most require family income to be below $50,000 annually.

Tax credits offer long-term help

Carol Stack, co-author of “The Financial Aid Handbook,” claims that 2011 is a banner year for student loan tax credits. Specifically, the American Opportunity Credit is one to watch. Extended through 2012, this credit can mean an extra $2,500 for families, as long as at least $4,000 is spent each year on college-related expenses. Intended for the first four years of post-secondary education, the American Opportunity Credit applies 100 percent to the first $2,000 spent during the tax year, and 24 percent to the next $2,000. At least half-time enrollment is required and family income must not exceed $160,000 per year. Check with the IRS for more information.

The Lifetime Learning Credit is great for part-time students and those who attend college for more than four years. Approved college expenses up to $10,000 are reimbursed at a 20 percent clip.

Good aid for good students

Merit-based aid exists for men and women who may not qualify for need-based student loans, grants or scholarships. Collegiate financial aid search engines, like College Navigator and Meritaid.com, state that $11 billion in merit-based aid is distributed annually. Thus, there are plenty of opportunities for good students to take advantage. Chris Long from Cappex, a Meritaid.com sister company, advises students to find schools outside their geographic area that would benefit from their test scores and GPA.

“You should also apply to schools where you’re at the upper end of the academic scale. You’re going to be very attractive to those schools because they want to increase their average GPA, SAT and ACT (scores),” he said.

Sources

Bankrate

Cappex

College Navigator

IRS.gov

Considering scholarships and grants

Find a scholarship and get ahead!

The amount and kinds of scholarships available from individuals and corporations is mind-boggling. Unlike loans for bad credit, you never have to pay back anything with scholarships. The companies and individuals who offer them are interested in helping others who are enthusiastic about getting or furthering their education.

Applying for scholarships is a great way for kids to challenge themselves. The entire process will help them develop proficient skills, such as getting organized, learning to present themselves and learning to match their message to their target audience. This process helps them understand who they are, where they are going, where they have been and what they want.

Process of getting ready

Sometimes, just the preparation process of putting everything together can help them determine if there are any gaps that can be filled with community work, internships, etc., which could in turn strengthen their scholarship requests, making them highly prospective recipients of almost any scholarship.

Ways to find a scholarship

There are so many scholarships to apply for; start hunting them down. One way to find them is to ask the people around you. You never know, they might work for a company that offers scholarships. Even your local church may offer scholarships. If not, other church members might know someone else who offers them. Finding the right scholarship is not as easy as applying online for short term installment loans or no credit check personal loans, but it’s a lot easier that you might think.

Harvard University is a pillar of higher learning. Administrators there are as observant as pillars, as Adam Wheeler has proven. (Photo: Flickr)

Ivy League college administrators no doubt viewed 23-year-old Adam Wheeler as a young go-getter. He had the grades, the references and more extracurricular activities than Batman. But as stories go, Mr. Wheeler’s tale was a bedtime fairy tale for our cynical age. The prince charming Adam Wheeler faked his entire educational career, according to ABC News. He gained admittance to Harvard University and was able to fool grant agencies into giving him more than $45,000 in grants, scholarships and other forms of financial aid, perhaps even including payroll loans. Now he awaits arraignment on more than 20 charges, among them identity fraud, larceny and forgery.

Adam Wheeler could roll fake transcripts in his sleep

It was all too easy for him to fool college staffers who were eager to collect his ill-gotten scholarship funds. The cash register sounds in their minds drowned out the thought of verifying his documents and claims. Or is it that Adam Wheeler simply was that good at the con? Whatever the case, administrators in charge of the Rhodes and Fulbright scholarships actually paid attention and began to uncover work samples Wheeler claimed were his own. The reality is that they were plagiarized, of course. One lie discovered led to another, and then the house of cards began to fall.

‘An elaborate, entangled web of lies’

That’s what Middlesex County District Attorney Gerry Leone said about Adam Wheeler’s ruse. From the sterling prep school grades to allegedly perfect SAT scores that led to a stint at MIT, Adam Wheeler rode his lies into Harvard. He’d also applied at Brown and Yale Universities as an Ivy League transfer student. The reality of his scholastic situation is that he went to public school, did not have perfect SAT scores and had actually been kicked out of Bowdoin College in Maine.

Fellow students can’t figure out how Wheeler got so far

“What are these accomplishments if they’re not something that you kind of have done yourself?” one anonymous student asked the media. It was of course a rhetorical question, as much of the collegiate experience could be considered legalized fraud, with U.S. politicians fully on board. Then again, it can also be said that college indeed has value, but not quite as much as when a bachelor’s degree actually meant something.

(Photo Credit: http://www.flickr.com/photos/the-o/ / CC BY 2.0)

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Many parents are looking to their credit cards to fund college for their children. This year some states, businesses and colleges are aiming to help people pay for the expense. There are some rules, of course. And of course, if something sounds too good to be true, it probably is. Parents need to do some research on any offer that comes in the mail or via the phone before they accept any funding. Here are six ways to get free money to help defray the cost of college.

State aid

There are nine states in which government agencies and charities are offering grants for college costs. Arkansas, Colorado, Louisiana, New Jersey, Michigan, Minnesota, Rhode Island, Utah and Maine are all a part of the initiative to help defray school costs. For example, in Maine, legislators began offering $500 to newborns whose parents agreed to open 529 College Savings Accounts. Many of these states offer financial extras to low to middle-income families. Louisiana and New Jersey offer wide varieties of grants and scholarships for their residents. Each parent should check with their student’s high school counselor and the FAFSA website for details on what plans are available to help with college costs.

Parents should be aware that each state has its own list of rules and regulations. Some require parents to fill out detailed forms annually, and others have very strict deadlines. Utah for example has introduced some new grants available to families, but their regulations were so limited that only 19 families ended up qualifying for them.

Employers and credit cards

Two other ways to find funding for college are through employers and with credit cards. In 2008, some employers began giving new parents grants of $700 if the parents opened a 529 savings account prior to the child’s first birthday.

Credit cards are another way to help fund college. Fidelity offers an American Express card that rebates 2% of all purchases and diverts them into a Fidelity 529 account. Also, Upromise just introduced a MasterCard that rebates money to an Upromise 529 or to a Sallie Mae education loan. The card rebates 1% on all purchases, 10% on groceries at certain stores and the user can choose to accept other rebates on gas and restaurant purchases.

Online deals to help with college

There are also many online websites that offer cash back to shoppers who click through their websites to partner websites. Littlegrad, Futuretrust, Upromise and Babymint are all websites that offer these types of cash back deals.

Colleges are also offering matching grants for parents who are saving for college. Sage Scholars, Inc. convinced 230 private colleges to “guarantee Tuition Rewards scholarships” to families who invest or shop at Sage’s website partner companies. Also, over 274 private colleges are part of the prepaid Independent 529 Plan. This is a plan that gives parents a 0.5% discount if they purchase tuition for children at current costs.

Relatives and friends

Finally, relatives and friends can aid in college funding. Freshmanfund.com and Ugift.com both offer tools that request relatives and friends donate to a college fund “in lieu” of birthday, graduation or Christmas gifts. Freshmandfund works with the 529, while Ugift works with Upromise.

Funding college

Whichever way parents choose to pay for college, there are methods of help out there. State aid, employer’s help, credit cards, online tools and relatives and friends are all viable options to look to for additional funding.

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Personal loans for funding college or retirement? Think carefully. (Photo: flickr.com)

One key question Americans are asking themselves is whether to use personal loans as a means of funding retirement or college funds. There is a careful balance between choosing to put hard-earned money into a person’s long-term future, or their children’s. Senior financial advisor Evelyn Dinkins recently reported on why consumers should be looking to their own retirement funds before their children’s college account.

An Expert Sounds Off

Dinkins stated that there are some very important points to saving for retirement religiously. First of all, retirement is funded one way: consumers resolutely saving. With the state of Medicare and Social Security, ancillary funding is most likely not going to be available for much of the future.  Consumers are most likely reaping the last benefits of these programs now; future generations will be on their own. For this reason alone, it’s important to realize that saving today is what’s going to take care of the average American’s future.

In addition, Dinkins spoke on how retirement funding is pretty much a fixed cost. If a consumer knows their cost of living and can project inflation somewhat accurately, they can pinpoint how much they need to save for a comfortable retirement. This amount is non-negotiable, unlike a college fund. Plus it’s important to take stock of funds at various times throughout the career to reassess if retirement fund goals are met, or if more savings need to go into the account.

Finally, with employers willing to match 401(k) contributions, it benefits all employees to take advantage of the extra money for their futures. Dinkins subscribes to the philosophy that people should “fully save for retirement and if there’s money left over, then save for education.”

On the Other Hand, There’s College

College has a good number of ways to be funded. Personal loans, scholarships, grants, and part-time jobs can all contribute to a college fund. Plus there are ways to alter this cost by going to a community college for the first two years of an education or live at home for the duration of college rather than dorm living. Schools can be chosen for a specific budget and other cutbacks can be used to save money.

How to Face Reality

Dinkins states that when a child is about 16, parents should have a serious discussion about their college future. Parents need to lay out specific financial guidelines, making it a point to communicate the total amount they can contribute. Children should understand that anything above and beyond the total parental contribution will need to be funded by their own efforts. Even if parents are able to totally fund a college experience, children should be aware of the total cost. Dinkins explained college funding to her own child this way: “My daughter looked at one particular school and I just had to say that can’t be on your list unless you want to come out with a massive student loan.”

Retirement Funding is a Priority

In the end, the temporary cost of college can be funded with a wide variety of tools such as personal loans, scholarships and grants. However, retirement funding is going to be a result of proactive savings. If their retirement years aren’t prioritized, then retirement may need to be postponed indefinitely. The bottom line is that Americans need to make sure their retirement futures are secure prior to contributing to any other funds.

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The kind of summer camp I always wanted, but I didn't have the installment loans to pay for it. (Photo: flickr.com)

Parents are using installment loans to fund summer camp for their children in 2010. Due to the economy, many parents are finding it difficult to finance their children’s summer vacation away from home. On average, summer camp costs anywhere from $90 to $1,200. It depends upon the length and type of the program. Peg Smith, CEO of the American Camp Association, reported that while some parents are opting to keep their children home due to their financial constraints, others are working hard to create summer adventures for their kids. Many are utilizing installment loans as a means of paying upfront costs of summer camp.

How to Cut Summer Camp Costs

Keep in mind that there are ways to cut costs for summer camp, but parents need to act quickly to receive help. Last year, enrollment across the country at summer camps was at full capacity. The National Camp Association offers free summer camp placement. They also help find funding for qualified parents who need aid.

In addition to the NCA, there are also other tactics parents can use to fund the summer camp costs.

1. Early-bird discounts. For example, Lake Greeley Camp, a privately owned co-ed campground in Pennsylvania, is cutting prices anywhere from $400 to $1,300 for children registered before June. Prior to the discount, tuition is a standard $7,400 for an eight-week stay. In addition, many campgrounds offer discounts for first-time summer campers, so parents need to be sure to ask about these when registering.
2. Payment plans. A lot of parents are funding the costs of summer camp by using payment plans. Many campgrounds understand the financial difficulties of consumers. Rather than suffer low attendance, they will work with people. Payments can be extended over weeks, sometimes months, to help parents.
3. Limit the camp stay. Many campgrounds have summer camp options that last two, four and eight weeks. Cutting back to a two-week summer camp session can also help parents afford the payments. With the elevated price, this may be the best compromise. Allowing the child to still participate in summer camp but keeping the cost down by limiting the time can serve both parties well.
4. Installment loans. Installment loans can help pay for summer camp with payment deadlines. If a parent is qualified, he or she can make the payment to the campground on time and their child can participate. Installment loans are especially helpful in cases where upfront money is needed, but isn’t yet available.
5. Ask for help. Parents can look for accredited campsites that offer scholarships and financial aid to participants in need. According to Smith, the ACA generates over $39 million in scholarship monies every year. For example, The New York YMCA Camp in Huguenot, New York offers scholarships that families can utilize and make up the difference of $540 to $980 for tuition requirements. They can receive the money without showing any financial documents, but only asking for an application. If a parent is willing to show financial documents, camps are even more generous, often times paying for well over 75 percent of tuition costs.
6. Tax credits. Children under the age of 13 who go to day camp can make their parents eligible for the Child and Dependent Care Credit. This credit allows a 20 to 35 percent deduction on expenses for one child and double the amount for two children or more.

Finding Funding for Summer Camp

Whatever way parents fund their children’s camp stay, it’s clear that the recession has affected every aspect of life as the U.S. citizen knows it. Parents are using government assistance, installment loans and tax credits creatively to fund their children’s vacations. Research and asking are keys to finding the funds for summer camp. The money is out there!

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