College Planning Virginia - Don't Lose Your Free Money For College
Business → Marketing & Advertising
- Author Mark Maiewski
- Published October 30, 2010
- Word count 412
"What am I going do?" pled the frantic voice over the phone. "I really
want to return to college but HOW am I going to pay for it? Can they take
away all the money they gave me my freshman year?" This frantic student had
just received her financial aid award letter for her sophomore year at an
out-of-state public university.
This time around all she was given was a loan. Her freshman year she had
received quite a bit of free money. Unfortunately, this family hadn't taken
the time to identify each award. Sure it was "free" money, but was the
free money based on merit or need and could she receive it again?
If it was based on merit, was it renewable - meaning she could receive it for
her freshman, sophomore, junior, and senior years? If it was renewable money,
what did she have to do to receive the money? Was it based on a GPA? Was it
based on a number of credit hours? Or was it based on a combination of these
two? Or is there something else entirely involved in remaining eligible?
If the money wasn't merit money, then it was need-based money. This kind of
free money was based on her family's income. As the family's income
increases, the student's need-based financial aid will decrease. If the
number of students in college decreases, then the student's need-based aid
will decrease as well. Any need-based aid cannot be depended upon for future
years.
Not identifying what money she would be able to "keep" for the remaining
three years of college led this family to make a very short term decision for
a long term need. Sure she can return to this university but the entire cost
will be covered by loans which have to be repaid at some point.
And remember, student loans cannot be discharged through bankruptcy. Her
family will also have to find parent loans and additional money in their
budget to pay these costs.
The explanation given for this choice was "But this college is such a great
match for me." Matching needs to include "paying for college". Just
like understanding your job's compensation, you need to completely
understand what money the college is offering and the limitations of each
award.
As for this student, the family is still struggling to decide what to do. The
cost, without a lot of help, is not doable. But transferring brings its own
set of struggles.
Mark Maiewski has spent the last 10 years showing students how to
successfully get admitted to college and keeping parents out of deep debt by developing a workable plan to get it paid. For three amazing free gifts on how to get started successfully in the college planning process, go to Mark's website at http://www.collegeplanningvirginia.com.
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