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Scholarships (Blog or Resources)

Preparing for FAFSA: Parent Edition

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If you plan on sending your child to college, you’ve probably given some thought to financial aid. When you think of financial aid, the FAFSA may come to mind first. 

 

Already know what FAFSA is? Skip ahead to the next paragraph. 

 

The FAFSA, or Free Application for Federal Student Aid, must be submitted for your child to apply for federal and state financial aid for college, such as federal grants, work-study programs, and student loans. This application must be submitted each year that your child will require financial assistance. College admissions officers recommend that you complete the FAFSA application even if your child may not need financial aid. Some private scholarships at certain colleges even require the submission of the FAFSA application. Each school that you have listed on the FAFSA will receive your financial information after you’ve completed the form. 

 

When it comes to preparing your child for college, it’s important to understand the FAFSA process and the steps you should take when submitting it. Here are the things you should keep in mind when submitting the FAFSA with your child.

 

Submit the FAFSA Early

While this isn’t common knowledge, financial aid is awarded on a first-come, first-served basis in some states, specifically when it comes to Federal Supplemental Educational Opportunity Grants (FSEOG grants) and federal work-study programs. Because of this, it’s important to find out your prospective or current college’s priority deadline and submit your FAFSA application before it. 

 

While filing after the priority deadline won’t impact your child’s eligibility to receive federal student loans, they may end up taking out more in student loans due to missing out on other federal aid and even money from the institution. You can start the FAFSA application here. Find out some other important reasons why completing the FAFSA early is critical.

 

Create Your Federal Student Aid (FSA) ID

The U.S Department of Education replaced the Federal Student Aid PIN with the FSA ID in 2015. Your FSA ID will be the username and password you will use to access certain federal student aid websites, including fafsa.gov, studentloans.gov, and even the myStudentAid mobile app

 

If your child is a dependent student and submits the FAFSA online, both you and your child will need to create an FSA ID. An FSA ID is required to sign the online FAFSA application, and you and your child cannot share an FSA ID since it serves as a signature and must be unique to each person. You can create your FSA ID here.

 

Use the FAFSA on the Web Worksheet

Before your child files the FAFSA online, it’s smart to check out the FAFSA on the Web Worksheet. This worksheet consists of the questions you’ll see on the FAFSA so you can know the information your child will need when filling it out. 

 

Keep in mind that the FAFSA on the web worksheet is not part of the FAFSA application and will not be submitted – it’s simply a helpful guide for knowing what to expect on the FAFSA so you can organize your information. The questions are listed in the same order as they appear on the website and the app.

 

Gather Your Documents

When filling out the FAFSA, your child will be asked for basic personal information as well as information about your family’s financial situation. Depending on your situation, you and your child may need the following documents while filling out the application: 

 

  • Your child’s driver’s license and Social Security card
  • Income tax returns from the prior-prior year
  • W-2 forms and other records of money earned
  • Current bank statements
  • Records and documentation of other untaxed income received such as welfare benefits, Social Security income, veteran’s benefits, AFDC, or military or clergy allowances
  • Records of stocks, bonds, mutual funds, and other investments
  • Current mortgage information
  • Business or farm records (if applicable)

 

Most of the above-mentioned steps can be completed before October 1st, which is the earliest your child can submit the FAFSA for the following academic year. By being prepared, you can help ensure that your child’s FAFSA will be filed on time so he can get as much aid as possible for your family’s financial situation. For more information on the FAFSA, check out our blog, “What is FAFSA? And Why You Should Care,” and watch our quick video, “FAFSA 101: What You Need to Know About Paying for College.”

 

While financial aid and grants are certainly helpful methods of paying for college, sometimes they don’t cover the complete cost of school, meaning that additional expenses will need to be covered out-of-pocket or through student loans. When considering applying for federal or private student loans, it’s important to look at the details to determine which type of student loan will be best for you and your child’s future. 

 

If you need assistance in working through your options, contact ELFI. We have years of experience devoted to helping students realize their college dreams, so don’t wait – give us a call today.*

 


 

*Subject to credit approval. Terms and conditions apply.

Motivating your student to apply for scholarships

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Do you find your child lacking motivation when it comes to finding grants and scholarships? While some students are intrinsically motivated and will search out and apply for scholarships on their own, other students may need a little encouragement in order to accomplish these tasks. While it can be frustrating, it’s important to remember that this is likely the first time your child has had to navigate financial waters. Because of that, we’re sharing some simple ways you can motivate your child to apply for scholarships before and during their college years.

Discuss college costs and finances with your child.

Your student may not fully understand how much college can cost. Hold an honest discussion with your child where you review the costs of their top college choices, how much money (if any) you will be able to contribute, the significance of creating a college budget, the realities of student loans, etc. While they may be more focused on which clubs they’ll join and their newfound freedom, helping them understand the importance of financial help can make their college year much more enjoyable.

Share scholarship success stories.

Sometimes, all it takes to motivate your student to apply for scholarships is sharing how their peers are reducing the cost of college. Ask other parents which scholarships their child was able to secure, and even let your child know the lump sum their friend was able to save. Take note of the steps each student performed in order to obtain the scholarships and go over with your student ways they can implement strategies into their application process.

Assist with developing a scholarship organization plan.

When it comes to applying for college scholarships, it pays to be organized. From deadlines to account passwords to application requirements, your student will have a multitude of details to remember. Developing a scholarship organization plan will help deter your child from becoming overwhelmed, which in turn will motivate them to complete applications. Share these organization tips with your child to make the process of applying for scholarships a little easier.

Provide incentives.

Using extrinsic motivators, such as rewards, can prod your student into action. Just as you may have bribed your toddler during the toilet training phase, that same concept should work with your teenager. Consider making a deal with your child that if she applies for a certain amount of scholarships, then you will provide half of the money so she can purchase that new phone or outfit for which she has been saving up money.

Give your child a free pass.

Most teens would gladly give up their household chores to complete other tasks, even if the task involves academics. Allow your child a free pass on chores if they use that time to search out and complete scholarship applications.

Set realistic goals.

If you expect or nag your child to spend most of her free time looking for scholarship leads and filling out applications, no wonder they aren’t motivated. Work with your student to set realistic goals for the number of hours spent each week on the scholarship application process.

Acknowledge and encourage your child’s efforts.

Positive encouragement can work wonders to increase your child’s motivation. By letting your child know that you have seen and appreciate their efforts to apply for scholarships, you are giving them the confidence they need to continue applying for more.

For more information about scholarships, be sure to read the scholarships and grants from our friends at eCampus Tours. Your teen can also perform a free scholarship search by clicking here.

 

Note: Links to other websites are provided as a convenience only. A link does not imply SouthEast Bank’s sponsorship or approval of any other site. SouthEast Bank does not control the content of these sites.

FAFSA 101: What You Need to Know About Paying for College (Video)

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If you plan to enroll in higher education, you’re probably giving some thought to financial aid. Completing the FAFSA will help you earn the federal financial assistance you need and deserve. If you’re already in college, you likely filled out the FAFSA without giving much thought about what it meant, and what it means for you each year that you apply for federal student aid. This video breaks down the process of applying for federal student aid and explains why it’s necessary to do so – so you can feel a bit better about filling it out each year!

FAFSA 101 Video

 

For more information on the FAFSA, check out our blog, “What is FAFSA? And Why You Should Care“. Subscribe to our YouTube channel or follow us on Facebook, Instagram, Twitter, or LinkedIn for more videos about student loans, refinancing, and achieving financial freedom.

 

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

What is FAFSA? And Why You Should Care

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What does FAFSA stand for? FAFSA stands for Free Application for Federal Student Aid. You must submit the FAFSA to apply for federal and state financial aid to see you through college, and it must be submitted every year that you want financial assistance. Even if you don’t need federal financial aid, college admissions officers recommend that you complete the FAFSA process. Also, some private scholarships require the submission of the FAFSA. In both instances, this is because the application indicates your interest in the school and can boost your chances of getting in. Each school that you have listed on the FAFSA will receive your financial information after you’ve completed the form.

 

How do I Get a FAFSA?

The FAFSA paperwork is available in both a printed and online format. Most families find it more convenient to complete the FAFSA online these days – to do so, go to www.fafsa.ed.gov. Here you will find pre-application worksheets and step-by-step instructions for filling out the FAFSA. You can sign your completed form electronically with a Federal Student Aid (FSA) ID that can be obtained by going to this link. You can even opt to file your FAFSA from your mobile device.

There are the following advantages to completing the FAFSA process online:

  • You’ll likely receive your Student Aid Report (SAR) quicker than if you had used the paper or PDF forms.
  • Your FAFSA will be less prone to mistakes because the online process comes with built-in error checks.
  • The expenses of the federal government will be lowered as its processing costs are reduced.
  • With the online FAFSA, you can list up to ten colleges; the paper version only has space for four. You should list all of the schools you’re interested in whether or not you’ve applied or been accepted yet. 

 

School Codes

Each school has a six-character Federal School Code (also known as a Title IV Institution Code) that you need to enter into your FAFSA. Be aware that some institutions have several codes to designate different campuses or programs. You can obtain a code by using this search form or calling the school’s financial aid office. 

 

Paper FAFSAs

Paper versions are no longer distributed in bulk to high schools, libraries, and colleges, except in areas where students may not have access to the Internet. However, if you want a paper version, you can order up to three copies by calling 1-800-4-FED-AID (1-800-433-3242) or 1-391-337-5665. (Those with hearing impairments should call 1-800-730-8913.)

 

Expected Family Contribution (EFC)

Your Expected Family Contribution (EFC) is a number that colleges use to calculate the amount of financial aid you’re eligible to receive. The EFC takes into account various factors such as your family’s income, assets, size, and any other family members who are attending college at the same time as yourself. Usually, a lower EFC increases your eligibility for more financial aid. Use a handy EFC Calculator, such as the one from FinAid to calculate your EFC and receive an estimate of your eligibility for financial assistance. You can also run “what-if” tests to find out how much assistance you’ll receive under various scenarios.

 

When Should I Submit my FAFSA?

The FAFSA is available on October 1 of the year before you plan to attend school. Applications are considered on a rolling basis up until a summer deadline (which varies). Earlier dates may apply to state and school-specific aid programs. Don’t wait until the deadline; the earlier you submit your application, the more aid programs you’ll be in line for.

 

So What Does This All Mean?

If you’re planning on enrolling in higher education, you’re probably giving some thought to financial aid. Completing the FAFSA will help you earn the federal financial assistance you need and deserve. For a very detailed guide to filling out your FAFSA, click here. And, don’t forget that help may be available from an advisor at your school. 

 

After college, if you want help and advice on managing your student loan debt, talk to ELFI. Give us a call at 1.844.601.ELFI to speak with a dedicated Personal Loan Advisor.

 

 

Terms and conditions apply. Subject to credit approval.

 

NOTICE: Third Party Web Sites

Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

What You Need to Know About College Scholarships: Part 2

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Part 1 of this series covered the basics of searching for scholarship money to lessen the cost of college and the average cost of college. Part 2 looks at scholarships available through the federal government and gives you additional information about qualifying and applying for these opportunities to help you achieve your educational goals.

 

Federal Scholarships for College

 

It’s a big part of the American Dream: graduating from college to pursue a productive and rewarding career. In fact, Americans value a college education so much that our federal government awards over 120 billion dollars in annual aid to help students achieve this goal. Much federal financial aid is in the form of student loans, work-study programs, and tax credits for education. However, the government also awards “free money,” which often doesn’t have to be repaid. Instead of calling this type of award a scholarship, the government calls it a federal grant. Grants are awarded based on need, plus special conditions and circumstances. A federal scholarship or grant could be your ticket to a great education at a lower cost.

 

Federal Grants & Private Scholarships: What’s the Difference?

 

You may be eligible for both federal grants and scholarships from your college, state, service club, foundation or business. One of the main differences between the two types of aid is the application process. Each private scholarship has its own process, and you must carefully adhere to the instructions and meet all deadlines if you hope to qualify. Eligibility for a federal grant is determined using the comprehensive FAFSA® form, which students submit to apply for all federal student aid (grants, loans, work-study and other types of federal assistance). An exception to this is military ROTC scholarships and VA programs, which have varying application processes. ROTC and VA applicants must go through the appropriate service branch or agency to apply.

 

Private scholarships are frequently awarded on merit (scholastic or athletic achievement), specified condition (area of study, heritage, college or state) or financial need. Sometimes, more than one criterion is used to determine the award. Federal grants are based primarily on need, although some federal programs have been established for specific purposes like promoting teacher education or community service. Such grants may have additional requirements, like academic achievement and service commitment, in exchange for education benefits. Likewise, scholarships awarded through U.S. military ROTC programs come with a specific commitment to serve.

 

How Do You Apply for a Federal Grant or Scholarship?

 

Application for federal grants begins by filling out the Free Application for Federal Student Aid (FAFSA®) form. To apply for scholarships through military ROTC programs, you must apply with the associated military branch. Application for VA benefits can be accessed through the Dept. of Veterans Affairs website. The Dept. of Defense also offers scholarships and graduate fellowships with their own application process. Links to these federal sites are listed here:

 

 

Resources for Grants & Scholarships Through the Federal Government

Check out these federal grant programs that could help you lower the amount of money you have to borrow to attend college.

 

Pell Grants:

These grants gave eligible students a maximum amount of $6,195 toward their education in 2019 – 2020. Students may receive this assistance for up to 12 semesters of college.

Available To: Undergraduate Students

Qualifications:

  1. Must show exceptional financial need.
  2. Have not earned a bachelor’s, graduate, or professional degree. May be eligible if enrolled in a post-baccalaureate teacher certification program.
  3. Must not have been incarcerated in a federal or state correctional institution.

Amount Received Dependent On:

  • Expected Family Contribution (EFC). Defined by the Department of Education as “an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school.” The FAFSA form information is used to calculate this. The formula takes into account your family’s taxed and untaxed income, assets, benefits, family size, and the number of family members who will attend college.

Cost of Attendance – Expected Family Contribution = Financial Need

  • Cost of Attendance. Determined by your school for your program.
  • Attendance Schedule. Will you be a full-time or part-time student?
  • Are you attending school for the entire year or just a semester?

 

 

Federal Supplemental Educational Opportunity Grants:

This is an additional grant program distributed by participating colleges and allocates anywhere from $100 to $4000 toward a recipient’s undergraduate education. Submitting your FAFSA early can have a direct impact on this type of grant. Each school sets its own deadline for campus-based funding. You should be able to see the deadline on the school’s website and if it’s not there be sure to speak with a member of your financial aid office.

Available To: Undergraduate Students

Qualifications:

  1. Must show exceptional financial need.
  2. Have not earned a bachelor’s, graduate, or professional degree.

 

 

Teacher Education Assistance for College & Higher Education (TEACH) Grants:

You must also be pursuing a career in teaching. In order to qualify you will need to teach at the elementary or secondary level school in a high-need field in a low-income area after graduation.

Available To: Undergraduate Students, Post Baccalaureate Students, or Graduate Student (Attend a Participating School)

Qualifications:

  1. Enrolled in a TEACH-Grant-eligible program.
  2. Meet academic achievement requirements (scoring above the 75th percentile on one or more parts of a college admissions test or maintaining a cumulative GPA of at least 3.25)
  3. Receive TEACH counseling to explain the terms and conditions of the service obligation. Must complete counseling each year you receive a TEACH Grant.
  4. Sign a TEACH Grant Agreement to Serve.

 

Iraq & Afghanistan Service Grants:

Eligible students who lost a parent in military service and do not meet the need-based threshold for a Pell Grant can apply for additional college funds through this program.

Available To Qualifications:

  1. Not eligible for the Federal Pell Grant due to Expected Family Contribution.
  2. Meet Federal Pell Grant requirements for eligibility.
  3. Parent or guardian was a member of the U.S armed forces, who died as a result of military service performed in Iraq or Afghanistan after the events of 9/11.
  4. Under 24 years old or enrolled in college at least part-time at the time of the parent or guardian’s death.

 

 

SMART Scholarship Program:

The Dept. of Defense offers undergraduate scholarships and graduate fellowships to encourage participation in the STEM sciences and recruit future civilian employees for the DoD.

Available To Qualifications:

  1. Must be a U.S., Australia, Canada, New Zealand, or United Kingdom Citizen at the time of application
  2. As of August 1, 2019, must be 18 years of age or older.
  3. Ability to participate in summer internships at a DoD facility.
  4. Willingness to accept employment post graduate for DoD
  5. Minimum of 3.0 on a scale of 4.0 and in good standing.
  6. Pursuing one of these disciplines for undergraduate or graduate degrees.

 

Jobs to Reduce Student Loans

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

 

Why Completing FAFSA Early Is Critical

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The process of completing the FAFSA application might be something you’ve complained about. If you haven’t complained about it yourself, it’s likely you’ve heard others mention as not their favorite thing to do on a Saturday night. Though difficult, it is a crucial step for college attendance each year. Sorry—it’s unavoidable! Doing your FAFSA early can be a huge benefit, it makes it a little easier to get motivated and start the process as soon as you can. Why is it so crucial to complete your FAFSA early each year? Here are the reasons why completing the FAFSA early each year are imperative to your financial future.

 

An early application means a better chance at more money.

If you do your FAFSA early, you’ll have a better chance at more federal financial aid or school financial aid. The FAFSA application can be submitted for the next year of college starting October 1. That sounds early, but the sooner you get it in the better your chances for getting financial aid. For example, some colleges award their aid on a first-come, first-serve basis. If you wait too long, the school’s available financial aid may have been awarded to other students that did the FAFSA sooner. The same applies for federal financial aid. Only so many funds are available, and the institutions can’t wait until the last minute to select who gets awarded the aid. They often dole out aid earlier in the window. Meaning the earlier your application is submitted the better chance you will have at receiving financial aid.

 

Get your Student Aid Report faster.

If you file closer to that October 1 deadline, your Student Aid Report will arrive sooner. This gives you a better idea of where you stand for aid awards faster. The faster you have that report, the sooner you can start planning for how you’ll pay for the rest of your upcoming academic year. Having more time to apply for loans or look for other forms of aid will take the weight off of your shoulders!

 

Skip the stress of procrastinating.

Get it out of the way! There are so many things that you have to do to prep each semester. From registering for classes to picking up housewares and finding a roommate to getting your parking permit. Preparing for the upcoming academic year can usually mean a long to-do list. Plus, you will be wrapping up the previous semester. Do you really want to be worrying about FAFSA when you’re trying to study for exams? Not a chance! You don’t want to be overwhelmed with the amount of work it takes to complete the FAFSA. Be wise and get it out of the way and clear yourself up for focusing on other tasks.

 

These deadlines are real.

There’s not a lot of leniency if you don’t get your FAFSA done in time. Those deadlines are serious, and even being a little late could mean that you’re not eligible at all. Yikes! You don’t want to miss out on aid that could have saved you money on student loans just because you flaked on the application process. Plan ahead and get it done.

 

Other FAFSA Tips

  • Even if you don’t think you’ll qualify for aid, it’s still a good idea to complete the application. Some schools have increased their income levels for aid. The application may be required to qualify for other types of scholarships at some colleges.
  • You generally have until the end of June to file, but some states and schools have earlier deadlines. Know what those deadlines are so that you’re not kicking yourself later!
  • Does your school use the CSS Profile? That’s an additional application required by 400 major colleges and it’s just as important as FAFSA. Check with your financial aid office to verify.
  • When FAFSA changed a few years ago from the January 1 start date to October 1, this also changed the tax information you need to submit. You don’t have to wait until January 1 to file because you use the previous tax year’s information. For example, taxes from 2018 won’t be used until October 1, 2019, which will apply to the 2020-2021 school year.

 

If you have any questions about FAFSA or any other aspect of financial aid, don’t wait to talk to an advisor or someone in your school’s financial aid office. They specialize in these topics and are there to help make sure you get as much aid as you deserve. All you have to do is listen, be on the ball, and get all of your paperwork in order to make this happen!

 

What You Need to Know About Scholarships

How To Find The Best College For You

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Picking the right college for you is quite a task. There are so many to choose from! Plus, with the birth of digital experiences, vlogs, and just plain slick marketing materials, it can be a challenge to determine what matters when making such a big decision. It’s important throughout the college search process to remember the main goal which is getting an education. It can be easy to become distracted by the brand new apartments on campus and the conveniences that the college offers. Yes, it’s important to be comfortable while attending school, but it’s not worth losing out on education. How do you find the right college for you? Here are some things that you should take into consideration. Not every aspect will matter to you, but it’s nice to think about big-picture options.

 

Major Malfunctions

The major that you’re interested in studying and how the college meets the major’s needs could be a huge deciding factor. For example, does the college have a good reputation, appropriate resources, and a notable department? Really take into consideration what the school’s reputation for the program.  Is your major available and are there classes that will challenge and engage you? Is the reputation of the college’s program going to further your career upon graduating?

 

Most people know their preferred major or industry before starting, but it’s common for college students to change majors. Does the school have a few appealing options for you? Get in touch with an advisor or the head of the department of your choice and see how you can find out more. You are attending college to further your education and get a career, so if that program isn’t available that could be deal-breaker.

 

Location, Location, Location

Have you always wanted to live on the east coast, dreaming of the mountains, or would you prefer to stay closer to home? Being close by to your family and paying lower in-state tuition could be great options for you. A school in the city could be a better option since you’ll have the ability to take in everything that urban life has to offer. From expansive green grounds to bustling urban towers, there are so many different types of locations you could pick. Don’t rule anything out too soon. You might be surprised how friendly a university in the city can be, or how lively you’ll find a more rural campus.

 

 

When selecting a school it’s important that you consider the distance from your home. Many people often times will want to be available to go home on some weekends or for big events. What the cost is to go home? Can you take public transportation, can you have a car on campus your first year, can a friend or parent pick you up, if needed? A primary consideration for location is the cost. In-state-schools provide a much lower cost to attend than an out-of-state school. If you know you’ll need to borrow student loans for college it may be best to stay with an in-state-school. Paying to attend an out-of-state school will mean more money you’ll have to borrow and eventually pay back. Your decision on school location should be influenced by your comfortability level with being away from home and the cost associated with the location.

 

Tally Total Cost

Cost is a huge factor in selecting a college.  Fees aren’t only limited to tuition but can be dependent on the school. One school may have lower tuition, but fees like room and board, off-campus housing, meal plans, or transportation. We touched on this previously but, if you opt for a school that’s farther from home, how much will you spend coming home to visit? If you really want to go far away from home you may need to factor in the cost of airfare to visit home. Plus, look into fees like a parking permit and departmental fees. It’s worth doing a little math to see what the total cost is before you get your heart set on one or another.

 

Finding Financial Aid

If you can qualify for financial aid and are being provided with financial aid from a college that should heavily impact your decision. Can you get more aid at one school vs. another? Are there more scholarship options available through one college over another? Does staying in-state offer enough benefits that you don’t want to leave? There’s nothing wrong with picking a school because it will offer you the most aid. Aid is especially important if you are borrowing money to attend college. Even if the school doesn’t check all of your other boxes for wants, the cost savings could help make it a front-runner. Make sure you check into scholarships and applications for aid before you make your decision.

 

What You Need to Know About Scholarships for College

 

Culture Shock

Schools usually have a discernible culture that students or faculty can feel and describe. For instance, a school with a robust exchange student program might be more inclusive and have a culture that appreciates diverse perspectives. Another school might be steeped in tradition and fit better for someone with traditional values. Schools with bigger arts programs or specialties in STEM could have a culture all their own. You really can’t get a good depiction of the culture from marketing materials. Understanding a school’s culture is the kind of thing you can ask while visiting or inquire about online in places like forums or Reddit.

 

Sweet Student Life

You will be spending a lot of time on campus. Even if you are non-traditional or live off campus. You should take advantage of entertainment, attending special activities, and participating in one or more organizations. Maybe you want a certain Greek life experience—check into it! Ask around and see what the reputation of campus life is like. Look at upcoming events and see what types of organizations you can join. It can be difficult the first year to make friends and get connected into a social group. Well-supported campus life can make this big task a breeze and set you up for some awesome lifelong friendships and memorable experiences.

 

All About Amenities

Relatively little things can make a big difference—especially if you’re between a few schools or have close contenders. Think about recreation and facilities on campus, what their sports, athletics programs or teams are like. Does the school have a special connection to a family member or your culture? Small things like cafes that better serve your dietary needs or campus dining options that stand above the rest can weigh into your decision. Your decision should not be based solely on these relatively small things, but if you’re on the fence of two universities it could be what gives you the push needed.

 

It’s important to understand how you’ll be financing college before you start looking at the school. If you plan on financing college by taking out student loans, they can impact your future. Once you understand your finances, you’ll be able to prioritize what is most important to you and start there. Remember too that schools usually have lots of opportunities for you to visit and learn more. There are entire departments of people whose job it is to acquaint you with the campus and community. Don’t be afraid to reach out and ask questions. Go in person and get a feel for the school if you can. Don’t forget to connect with potential faculty for your preferred major. You’ll probably learn a lot about what life would be like as a student, which will help make your decision much easier.

 

Happy school hunting!

Lower College Costs with These Jobs

 

 

What you Need to Know About College Scholarships: Part I

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Paying for College? Here’s Where to Find College Scholarships

 

So you’re going to college. That’s great! But now you need to find a way to pay for it. Lots of people have a successful college career by borrowing student loans for college, but scholarships for college can help lessen the amount you need to borrow. Here are some things you need to know about college scholarships and how to find them.

 

When should I search for college scholarships?

 

One of the most important things to know about searching for scholarships for college is that you should start early to make sure you’re meeting deadlines. The sooner you start looking for aid, the better. You want to be top of the pile when it comes time to apply, and you don’t want to miss out because you were late on a deadline. If you are late to apply to a scholarship deadline, chances are they won’t accept your submission.

 

If you know what degree you want and where you’ll be going to school, it cuts out the guesswork. Your degree and school will heavily impact how much you’ll pay for college.  Any amount of schooling that can be paid for by a scholarship will be the best option. If you’re earlier in the process, here are some helpful figures on the average cost:

 

What does it cost to go to school?

 

School costs vary widely depending on multiple factors. Factors that impact schools costs include your degree, choice of school, and the type of field you’re going into. You may also be able to work while going to school, which can lower the cost.

 

Degree Type

Average Cost – Public Average Cost – Private
Associate’s Degree – Two Year[1] $3,570 $14,587
Bachelor’s Degree – Four Year[2] $102,352 $250,576–$341,184

(For-profit vs. Not-for-profit)

Master’s Degree[3] From $30,000 to $120,000, depending on the program and school
Doctorate[4] From $15,000 to $50,000, depending on the program and school

 

 

What should I look for in a college scholarship?

 

Scholarship qualifications can vary significantly based on the person or organization that created it. You might have to keep up a religious commitment or affiliation, meet performance requirements, or prove you are completing projects or work. Most commonly scholarships require that you need to maintain a certain grade point average and enrollment status. Don’t be surprised if other stipulations apply to a scholarship. It’s important to know the details when considering if you should apply or accept scholarships for college.

Secondly, you also need to look into how you are allowed to use the funds. Some scholarships cover strictly academic fees. Others scholarships may be used for room and board or general living expenses. Know the restrictions on funds before you accept any financial aid. The last thing you want to do is risk losing the money or having to pay it back.

Finally, be sure to find out what the worst case scenario might be. If you change programs or don’t achieve the grade you needed, what happens? It’s nothing that should scare you away from scholarships, but you need to know. Knowing if you’ll be on the hook later if something goes wrong is important.

 

Federal Scholarships

The U.S. Department of Education has lots of tips on finding federal student aid and federal scholarships. Be sure you start your scholarship search for college at studentaid.ed.gov. In order to avoid taking out student loans for college, checking with government programs is a must. An added bonus is that the details and requirements are pretty clearly laid out. Using the U.S. Department of Education website is usually a quick search that’s easier to do, so we’d recommend starting your scholarship search there.

 

College Scholarship Categories

There are lots of different categories of scholarships. Here are some of the main ones you might qualify for. Narrowing down your search to a category can really help you focus on what applies to you and make your search more effective.

 

Scholarships for Academic Excellence (or even average performance)

As you can imagine, the top academic scholarships are highly competitive and only apply to the tip-top of high-performing students. Very few of us fall into that category. The good news is that whether you’re an ace or have more typical grades, you can still search for scholarships based on the level you’ve achieved in school and see if you qualify.

 

Athletic Scholarships

Are you good at a sport or activity? Search for those scholarships! From chess to volleyball to football and soccer, there are scholarships for lots of different types of athletes.

 

Legacy Scholarships

Your parents might have a connection to a university or organization that offers scholarships. Ask around the family and see if you can make that connection.

 

Military Scholarships

Most people are aware that the military offers money for college. There are lots of options from military reserves up to enlisting for a few years of full-time military membership. Check out this list of military scholarships and aid for active duty service members and veterans.

 

Scholarships for Parents

Single parents, working parents, and young parents are just some of the people who might qualify for this type of scholarship. Lots of organizations and schools want to promote education for all members of the community, and sending parents to school (or back to school) might make you their prime applicant.

 

Scholarships for Minorities

Scholarships for minorities often come from community organizations, colleges, and institutions, or even national and global groups that want to promote education for your ethnic or cultural group. Search this type of scholarships for college to learn more.

 

Scholarships for Women

Similarly to scholarships for minorities and parents, women often face barriers to attending school at higher rates than men. Scholarships for women offer extra help to make sure educating women is a priority.

 

Creative or Writing Scholarships

Essay contests, portfolio reviews, and performance arts-based scholarships exist for students in the arts. They often vary based on the school and focus of study, but there are many available. Don’t pass up searching for scholarships if you’re going into the arts or humanities, or even if you are a good essay writer and want to search for writing opportunities that might help you get a scholarship for college.

 

Community Service Scholarships

Community service covers a huge array of possibilities. If you’re passionate about helping your community, see if you can get involved with some projects, start one of your own, or search community service scholarships now to see what you could be doing that would make you eligible.

 

Unusual Scholarships

From scholarships for tall women to people with red hair to fans of HAM radio, there are all kinds of unusual scholarships for college out there. Check out lists like this one at Scholarships.com to see what you might qualify for that you never would have thought of!

 

Look for Upcoming Parts to This Guide

If you’re looking for scholarships for college because you want to save on your student loans for college, we’ll be posting more information soon to help guide you!

 

Jobs to Reduce Student Loans for College

 

NOTICE: Third Party Web Sites

Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.

 

 

[1] https://www.studentdebtrelief.us/news/average-cost-of-college-2018/

[2] https://www.campusexplorer.com/college-advice-tips/E66537B4/Costs-Of-A-Bachelor-s-Degree-Program/

[3] https://www.bestmastersdegrees.com/best-masters-degrees-faq/how-much-does-a-masters-degree-cost

[4] https://study.com/articles/How_Much_Does_a_Doctorate_Degree_Cost.html

Scholarships to Save Money on Student Loans for College

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People have all kinds of amazing hopes and dreams for what to do with their lives. From those passionate about teaching and making a difference to talented analysts who want to help steer the ship. There are so many incredible careers to choose from, but once you pick the path it’s time to think about school. How do you make that dream of going to school a reality?

 

Financing an education can be challenging, but there are options and ways, even if you don’t have a nest egg for tuition. One option that is worth looking into is finding scholarships to save you money on student loans for college. Have you checked out what’s available? Here are some things to consider in your search.

 

Look for scholarships based on need.

All types of people from all different backgrounds go to college, but some are at a disadvantage when it comes time to pay for school. For instance, some students can’t get student loans for college if they don’t have co-signers but might qualify for federal loan programs that don’t have the same requirements. Some scholarships aim to help these people specifically—like people who are more likely to need aid because they’re non-traditional students with children or over a certain age, or they are the first generation in their family to attend a university. There are also options for students who have been on other government aid programs as children or teenagers in a low-income family.

 

What kind of scholarship fits your abilities?

Lots of people receive scholarships for any number of abilities—either because they are gifted academically or because they excel at a sport or activity. Talk to your school counselor or other college resources about your grades and test scores. It might be worth it to retake something like the SAT if you are pretty close to qualifying for academic scholarships. If you’re just starting to look at scholarships, now probably isn’t the time to become a master volleyball player or flutist, but scholarships for activities like those do exist! So if you are looking for ways to save money on student loans for college by getting a scholarship, don’t forget to search based on your extracurricular. Here are some common scholarship types provided based on extracurricular.

 

Community Service Scholarships

Have you been busy volunteering? If so, you’ll want to look into community service scholarships. Many institutions hope to have students who make a powerful impact in the community. This scholarship is a great option as there is no special talent required it just takes time and dedication to complete.

 

Now we’re not saying to volunteer only for a scholarship, we’re just saying to try it out. Who knows, you may even like volunteering and actually have fun and make new friends!  In addition to making new friends, having fun, and saving money on student loans for college volunteering can expose you to new environments and things that you may have otherwise been unaware of. If you’re volunteering with an organization, be sure to ask them if they offer a scholarship.

 

Segal Americorps Education Award

Do Something Scholarships

Youth Changing The World

Tylenol® Future Care Scholarship

 

Creative Scholarships

Creative scholarships are just what you would think they are. These are scholarships provided to users for unique and creative creations. These scholarships consist of anything from designing a logo to playing a musical instrument. When you’re applying to a creative scholarship be sure to include an impressive portfolio of your additional work.

 

Doodle for Google

Create-A-Greeting-Card Scholarship

Stuck at Prom Scholarship Contest

Shout It Out Scholarship

 

 

Academic Scholarships

Academic scholarships are the most common. These scholarships are often based on your GPA, leadership, and ACT or SAT scores. Typically academic scholarships are provided by the institution but private academic scholarships can be another great way to pay for college. On your application, you’ll want to be sure to include any additional activities you are involved in. Some private academic-based scholarships will require the student to pursue a specific type of degree.

 

Shell Incentive Fund Scholarship

USRA Scholarship Awards

Alpha Chi Omega Foundation Scholarships

SouthEast Bank Scholars Program

 

 

Look for fruitful memberships.

If you or your parents are members of a fraternal organization, church/denomination, or if you work in a particular industry you may qualify for a scholarship. Some companies even offer scholarships to employee families. If you were a member of an applicable student group in high school, then you may qualify for a scholarship based on this. There are even scholarships for people who have survived cancer. Talk to your parents and other family members about memberships you may not be aware of!

 

You might qualify for employer-sponsored scholarships

In an increasingly competitive market, employers are doing more to find and retain top talent. Do you work for a company that offers scholarships? Check out this list of companies that offer scholarships. Everywhere from fast food restaurants and service jobs to large corporations offer financial aid and scholarships to their employees. If you’re not sure, talk to your HR person and see if you qualify. It’s worth a try!

 

Get the scoop on where to search.

School counselors are the first place to check for scholarship opportunities. You might be able to apply for a local scholarship from a company in your region through your high school, or your college or university of choice might have scholarships for attendees. You can also take your search to the Internet and look for ideas, search based on your specific requirements or areas of interest, and get information on how to apply. Check out this scholarship search tool from the Department of Education.

 

If you’re looking to save money on student loans for college, make sure that you check for scholarship opportunities every semester. Student loans can be a great tool and easily manageable if you’re informed, so don’t be afraid to ask questions and check out all of your options. Do your best to decrease the amount you need to take out in student loans to pay for college.

 

FDIC Backed and Why You Should Care

 

NOTICE: Third Party Web Sites
Education Loan Finance by SouthEast Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the websites that have links here. The portal and news features are being provided by an outside source – The bank is not responsible for the content. Please contact us with any concerns or comments.