Personal Finance and Investing

It might happen that you or any other member of your family is planning to join a college and you don’t have enough money to pay tuition fee and other expenses. Then what do you do? The first solution to your problem is scholarships or grants provided by the government but if you are not enough poor and intelligent to grab a federal grant, then the only solution is student loans.

But most of us don’t know how to choose a better option of college loans.

Here are some tips to follow before applying for college loans:

Make a list of colleges that interest you (Stanford, Johns Hopkins, Harward or others of your choice.)

Also make a list of college, which you are likely to get into.

After making both the lists decide how much money you would like to borrow as a student loan, which can be obtained by adding the given data:

Fees, Tuition, Campus expenses, if you wish to live in hostel provided by college, Food, transportation, lab fees and other relevant expenses.

Now it’s turn to search for a better lender, who will finance you. Most of the colleges or universities have their own list of lenders who can provide you suitable college loan. If you are unable to find any suitable lender in their list then you are recommended to visit financial institutions located in your area. Almost all the lenders have their websites so, check their norms and terms.

Some lenders offer attractive offers like interest reduction, discounts and rebate programs. So spend a little time to search lender with beneficial offers.

The most popular type of student loans are:

1. Stafford Loans

Stafford loans are suitable for both undergraduates and graduates. Both unsubsidized as well as subsidized options are available.

2. Plus Loans

Suitable for parents of undergraduates.

3. Private college loans or student loans: Private student loan or private college loan is meant for additional funds.

Before applying for a student loan or private student loan you should try your best to get any grant or scholarship just to minimize the burden of loan.

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For the older student, going back to school can be a frightening experience. Many people choose to go back to school to obtain the degree that they have always wanted, to effect a career change, loss of employment, and for many other reasons.

Continuing your education is hard work. You must be able to prioritize and organize. Balancing school and home life can be extremely challenging, and more so if you have children at home. There are many things that you can do to help you manage the college work load, ease your stress, and increase your chances of college success.

1. Know why you chose to go back to school

What are your goals? If your goal is to take a class just to gain knowledge, you will be better off to take a community education class that doesn’t require grading and homework. Many community colleges offer community education classes, and the fees are usually low. If your goal is to obtain a degree, have a clear idea of what you want to achieve, and reaching your goal will be much easier.

2. Define your priorities

If you want to succeed in college, you need to determine what is the most important to you. During my college years I had classmates that had low grades or failed because the football game came before homework. Movies came before homework. Traveling came before homework. Procrastination only hurts you as a student, and shows that you are not serious about your education.

3. Financial aspects of attending college

Planning your finances while in college is something that every college student must do. Nontraditional students often have back-up sources of income such as a working spouse, parents, or other family members that can help with the cost of college. Financial Aid is also an option, and your school will have information on how to apply. Planning for expenses outside of college also has to be included in your financial planning. A solid financial plan will help minimize leaving college due to financial issues.

4. Classes and programs of study

Choose your major carefully. Decide what you want to do after graduation and choose a curriculum that corresponds with your needs and desires. Pay close attention to when classes are offered by your school because many required classes are offered semiannually or annually, and you might have to spend extra time in school just to get one or two required classes. Try to take the required classes first, then take any electives. I always enrolled in the required classes that were offered each term and enrolled in an elective class to fill any gap in my mandatory credit load.

5. Time management

Managing your time is essential to succeeding in college. Each class requires at least two hours of study time outside of class per hour spent in class. For example, if your class is meets three hours per week, your study time for that class is six hours per week. A time management tool such as a day planner is great for time management. You can use a calendar, notebook, or anything that works to help you with time management. Time blocks can be designated for studying, homework, research, work, family time, errands, and a multitude of activities. Balancing school and life isn’t easy but it can be manageable.

6. Attendance

Class attendance is critical to your success because it is a supplement to your textbook and other course materials. Many instructors and professors include attendance in their grading system, and missing classes can cost you points. Attendance affects your grade, and missing class when it is not due to illness or other extenuating circumstances is self defeating.

7. Homework

College classes are taught at a very fast pace. A math class that takes all year in high school is taught in one term in college. Planning your homework and working ahead when possible are things that will help keep you on track. Know when your assignments are due, and don’t procrastinate. Writing a term paper the day it is due almost always guarantees a low grade because your concentration is on getting the paper done, and things such as facts, citations, spelling and grammar errors are often overlooked.

8. Have a personal investment in your education

Ask questions and get involved in class discussions. Learn your instructor’s teaching style, expectations, and preferences for assignments. If you don’t understand something, meet with your instructor after class or schedule office time to go over what you need help with. If you are getting low grades, seek tutoring in those subjects. Many colleges have tutors on campus that provide free tutoring to students.

9. You are responsible for your education

College provides a learning environment to students who want to learn, but it is up to you to go to class, seek help, study, and ask questions. Your investment in your education is what determines your return so make the best of it. Think of it as money in the bank; the more you put in, the bigger the return you receive.

10. Stick with it, don’t give up

College changes your life. You will have good times and difficult times, and the rewards are greater than the sacrifices. The college experience is unforgettable; it is a time to learn and try new things, meet new people, and make new friends. It takes persistence, commitment and dedication to get through college but you can do it. Use your support systems to help you through the rough times, and don’t give up.

When you make it through, celebrate your success and make a toast to your future.

According to the United States Department of Education, non-traditional college students make up 47% of the overall student population. Other studies and experiences show that older students bring life experiences to the classroom that are related to family, work, and culture.

I went back to school in my early 40′s, and did extremely well. I had to sacrifice personal and family time, projects, and many other things. Time management, diligence, and a strong desire to learn became my friends. I really enjoyed my college experience and made the best of it. You can too.

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Permanent life insurance, either universal life or whole life, written on one of the parents is excellent as either a primary or alternate funding vehicle to pay for a child’s college education. There are several good reasons.

1. Life insurance is a “self-completing” plan. If a parent dies while the child is still young, life insurance would pay an income tax-free death benefit to the beneficiary (presumably the surviving spouse) who can use that money for the child’s college education.
2. Cash value in a life policy will not only grow tax-deferred, but can be removed tax-free (within limits) for college expenses, through policy loans.
3. After borrowing from the policy, it will still have cash value that can grow for years to come. When the parent is in retirement, he or she can access that cash through withdrawals and policy loans. This is using your policy to its greatest potential.
4. Also, money in a permanent policy is not a countable asset when a child applies for college financial aid.

Self-completion, locked-in investment gains, tax-favored access to cash throughout the owner’s life, and exemption from countable assets are significant values to the client.

Furthermore, the client may choose to have his children take out student loans to pay for college knowing that the interest rate is very low and that the money in the life policy will grow at a better rate. This provides leverage and options for the parent, and the ability to give more money to the child tax-free later on, to pay off the student loans and then some.

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There has been a lot of news lately regarding the Obama administration’s drive to get single mothers back into colleges across our nation. There is a movement to do so in order to stimulate the economy by elevating these women into higher positions where they will be paid a higher salary and benefits for themselves and their families. It is amazing how many families right now, especially single mothers with children, that do not have adequate healthcare because they do not have a job that provides.

Thinking about this situation, if you are single mom and you would like to improve your lifestyle, there are very few things you can do right now to begin to effect change. You could begin by considering what type of work you would like to do. It could be something in the teaching field, you could go back to nursing school, or you could do any number of things in the corporate world including running a corporation.

The problem is with any of these positions, you need the proper training. Without the proper training, you will not qualify for the position. That is why you need to consider spending a few extra hours in the evening to you last were that can be done in the comfort of your home after the children have gone to bed in order to begin your quest for a better financial future.

There are billions of dollars waiting for single moms to apply for and receive this college grant money. All you have to do is make a decision to change your life, applying for this stimulus package might. Going forward is not always an easy thing to do but it is a necessary struggle that she must endure if you want to earn a college degree and find a better paying job in the near future.

Update: single moms are not the only students eligible for this grant money. You can be a student out of high school and apply for this same grant money. This is for all aspiring students, male or female, that want to go back to college or attend for the first time.

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I am a few years past college. Okay, maybe more than a few. But I work with homeschool students every day who are planning to go to college or already taking college courses through dual enrollment, and like me, there are some items that they all wish they had known before attending college. So based on my daily experiences, here are my personal top five items that I feel students should take with them as they enter college. Five principles driving towards one end result – a successful college experience in every way. This is true for all students, but particularly for homeschool students who may or may not have put their educational and personal success into the hands of others before.

First of all, and this will seem obvious, but read the syllabus that you are given. Read it again and again! Professors will include highly relevant information in the syllabus including dates and necessary reference materials. Far too many students disregard this piece of paper only to realize later that they needed it for staying on track or they omitted something that affects their grade. The syllabus should be like your class “bible” in some ways – be sure to follow it, check it, review it, and do it all over again throughout the semester! Along with this rule, be sure to keep a calendar in which you note tests, assignments, etc. and the preparation steps that you will need to take to be ready. Actually block out study time, reading time, etc. throughout the semester so that you are well-prepared, and not left to cram.

Next, get to know the professor. If you are a homeschool student particularly, you will realize that the adult in charge of your class while in high school was an adult, your parent, who knew you and could tailor their instruction to fit your learning needs. College professors won’t tailor their teaching to fit you, but if they know who you are, and how you think, and can relate to you, they are much more likely to watch your face for visual cues during the lectures to be sure that you understand the content. If they see a puzzled look, they will be inclined to elaborate until they see you “connect” with the information. Never discount how valuable it will be to have an open-door with your professor for getting clarification and insight into his or her class content.

Third, take an interest in the material you are studying. Approaching the class with the mindset of “What is this all about?” will be much more helpful than a, “When can I get out of here?” mindset. If you look for the things that are interesting or unique, different or unusual, most likely you will find them. This will make learning more enjoyable, and easier, too. If you just think you are going to be bored, you probably will be. An engaged mind will always learn more than a bored one!

Fourth, take opportunities to regularly visit with your college’s graduation advisor. There is nothing more frustrating than realizing that you needed a particular class in a particular semester and because you didn’t take it at the right time, you will have to postpone graduation by a semester in order to sequence your prerequisites correctly. This happens all the time because students fail to seek degree planning help early in their college careers. Don’t omit this part of your college work, and be sure that you know your advisor by name, just as you do your professors. Getting the right courses in the right order is much like finishing a puzzle. You will have to connect some pieces first in order for the others to fall into place.

And finally, remember that many of the lessons you learn in college will not be academic in nature. There will be some that will develop your character, or prepare you to manage your own finances and personal life. Some of your college experiences will be positive and some will be negative. But as you are walking out your days in college, try to keep a “litmus test” in place for your social and recreational activities, as well as for your academic efforts. Unfortunately, many college students make decisions in college that they come to regret or wish they could redo. That’s true for all people, but for some reason, the self-checking step seems to be skipped during college. Don’t do that. Continue to ask yourself if what you are doing is building a successful person who can be proud of what they are doing in the years to come. Stick to those things that give you a resounding “yes” answer – both for your social life, and for your academic life!

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