Extra Financial Aid Money and Loans Some schools give students more freedom -- and more responsibility -- to manage their costs with financial aid. The students are supposed to use the money from financial aid to cover expenses such as tuition, books, transportation, and room and board. But if the student chooses to spend the money elsewhere, he or she will encounter problems later on once there are bills to pay. Many schools limit the amount of financial aid any single student can receive. This prevents a student from receiving more aid than what is necessary to pay for a college education. But students who win grants and scholarships from multiple sources may find themselves in possession of more money than they need for basic costs. It's a big mistake to dedicate this money to short-term desires. Using financial aid money to cover costs unrelated to school can lead to trouble down the line. This is particularly true for student loans. Recipients of student loans must repay the … [Read more...] about How can financial aid be spent?
Financial aid virginia tech
Private Aid A wealth of private scholarships exist for women who are single parents, minorities, of nontraditional age, or who are pursuing an under-represented field. Photo courtesy of Maryland.gov A single mom with a low income is pretty much guaranteed some financial assistance through the Pell Grant. With private grants, she can get even more help with the costs of schooling. It takes a bit more effort to find these sources, but there are a number of organizations and Web sites dedicated to helping applicants search through the bog of financial aid (beware the scammers, though). Private foundations target all sorts of students. They're typically need-based as well as achievement-oriented, meaning students must exhibit and/or maintain a certain GPA or other measure of work quality. Many are aimed at women, and several scholarships offer help to single moms specifically. In other cases, a single mom may meet another criterion that makes her eligible for a private grant. … [Read more...] about How Financial Aid for Single Mothers Works
The Economics of Early Decision It would seem logical that during an economic downturn, early admission applications would drop -- that students would want to cast a wider net to capture the best financial aid package. However, the opposite of that has been true for highly selective colleges like Northwestern, Brown, Duke, Cornell, Columbia, Johns Hopkins and Dartmouth. Each of these universities received more early decision applications in 2009 than in 2008 [source: Steinberg]. Despite the economic climate, students continue to fear rejection from their dream school. And they think early decision will prevent the dreaded small envelop in the mail. In many cases, that might be true. For example, at Brown University, the acceptance rate of early decision candidates is 21 percent, while regular decision is 11 percent [source: Admission Consultants]. But the reason for these admissions rates may not be early decision candidacy. Early decision candidates tend to be top students, so … [Read more...] about How Early Decision Affects Financial Aid
Getting (and Keeping) Financial Aid Despite your other accomplishments, you'll likely still need a high GPA to secure competitive scholarships. ©iStockphoto.com/topshotUK Generally speaking, few merit-based scholarships consider students with anything below an A average. The most prestigious national scholarships typically go to those with a perfect 4.0 grade point average (GPA) coming out of high school. GPA isn't the only consideration, of course. SAT/ACT scores and excellence in a particular area (such as basketball or music) also factor into the equation. But the GPA requirement is often non-negotiable, if only because scholarships and grants are so competitive. Let's say 10,000 students are applying for five scholarships, and the qualifications call for a 3.8 GPA. Reviewers probably won't even bother opening the full application for students with a 3.7 if there are plenty of applicants who meet or exceed the GPA criteria [source: FinAid]. Need-based aid relies … [Read more...] about How does GPA affect financial aid?
Be prepared to support your appeal with documentation. © 2009 Jupiterimages Corporation Going to college is expensive. Many students depend upon financial aid to provide the money they need to cover expenses like tuition and textbooks. But what should a student do if a college gives less aid than the student needs or turns down his or her request? Most college financial aid offices have an appeals process. By following this process, it may be possible for the student to secure financial aid that had previously been denied. For students who had financial aid but then lost it, this process gives them a chance to ask the college to reinstate it. There are many reasons a college might deny or revoke financial aid. If financial aid administrators determine the student's financial status doesn't warrant aid, they may choose to deny that student in favor of others. A student's performance can also affect his or her chance to receive aid. Students who perform poorly may fall below … [Read more...] about How Financial Aid Appeal Letters Work