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We make too much money |
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Hi Ruth, |
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Let’s talk about Anna’s cost of college this
year and next year. |
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2009-2010 |
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According to Anna’s Financial Aid offer, she
has $15,330 ($7,665 per semester) in grants
and scholarships. This is awesome. $5,747
($2,874 per semester) is what’s left to pay.
She could accept the loans, but I believe
she should try to get a part-time work study
job (20 hours/week) to reduce her borrowing. |
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I know, you want her to focus on her studies
her first semester, but consider this: I
worked every year in college (around 20
hours/week) and graduated in 4 years. Most
of my friends who worked every year were out
in 4 to 4 ½ years. Contact the financial aid
office to see if they will replace one of
those loans with work-study. Visit this link
for possible work-study positions:
https://jobsforaggies.tamu.edu/forstudents.asp?mainkey=239&pop=8&disp=8
. I graduated from college with $0 credit
card debt and did not rely on student loans
for my school expenses. Oh yeah, and I did
not have full ride scholarships. My grade
point average was 3.68.
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Maybe Anna is like me when I started
college. I didn’t know exactly what I wanted
to do, but I knew I wanted to have lots of
options. I didn’t want debt to choke my
dreams. |
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Of course, another way to reduce the
borrowing is to control book costs. Buying
books on-line is one way to cut down on the
estimated $630/semester.
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2010-2011: The year they start counting the marriage |
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Let’s talk about the costs. According to
finaid.org, (http://www.finaid.org/savings/tuition-inflation.phtml),
tuition rates increase 8% per year. I’m
going to apply this to the entire cost
because fees, room and board, books and
supplies, transportation, and
miscellaneous/personal will increase as
well. So, you’re looking at next year’s
total to be $22,763 ($21,077 * 1.08).
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Let’s talk about the scholarships. Anna
might not get the Opportunity Award next
year (https://scholarships.tamu.edu/display.asp?disp=20&pop=20&Section=0&mainkey=62
) . She’ll keep the Top 10% scholarship if
she meets the academic requirements. (https://financialaid.tamu.edu/futureaggies.asp?mainkey=2372&Section=0&pop=2&disp=2
) . So, we know she has $2,000 in
scholarship money.
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Oh, but those grants are a beautiful thing.
I know you’re concerned that your matrimony
will mean no financial aid money for your
honey. You are facing $20,763 to pay (or
borrow) for next year. |
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To fight this $20K bill, follow these steps: |
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1. Develop a relationship with a financial aid counselor. Start at
the New Student Conference (http://newaggie.tamu.edu/).
When is she going to New Student Conference?
I’m sure there will be a financial aid
person there. Explain to the counselor that
you, and not your husband, are paying for
her expenses. Maybe they can recommend
something that you can be doing now before
you have to file the financial aid papers
again.
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2.
Apply for the FAFSA again in January 2010. Be as honest as
possible. No matter what anyone tells you,
do not mislead the FAFSA people. They
randomly audit families and ask for
everyone’s tax returns. |
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3.
Start looking at other scholarships now. What is she majoring in?
I can teach her how to go through the books
and websites to find scholarships.
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4.
Start looking at becoming a resident advisor. In exchange for
Anna’s time, the school might pay for her
room and board.
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5.
She can take some classes at
Blinn Junior College (not far from A & M)
during the school year and at a local
community college in the summer. |
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I know I wrote a book, but I hope this
helps. Please keep me updated. We’ve got to
fill this possible $20,000 hole. |
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An efficient search for scholarships that
you can qualify for |
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1. Start
looking at the university-based scholarships. Look for
these types at the college: |
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◊ General scholarships; |
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◊ Scholarships awarded for
studying in a certain field or pursuing a certain
career; |
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◊ Demographic scholarships that
are based on race, ethnicity, gender, disability,
hometown, etc.; and |
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◊ Alumni Scholarships. |
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2. Mom and
Dad’s employers, unions, and organizations. Yours too.
Since my father worked at Exxon, I was eligible to apply
for the Teagle Foundation Scholarship. The foundation
awarded me $15,500.
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3.
Scholarship bulletins at your counselor's office are
designed to help high school seniors find money for
college. Take a peek at other schools' bulletins, too.
Some high schools' scholarship lists are a Google search
away. Bellaire, Memorial (Spring Branch), Lamar, North
Shore, and Pasadena are good starting points. |
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4. People in
the community. Tell everyone you know that you are
looking for scholarships. |
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5. National
sources: fastweb.com, scholarships.com, and scholarship
books from the library. |
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These steps
are listed in priority order. |
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