Personal Finance and Investing

Why providing workers with a solid financial education is a wise business decision:

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If you have read this book by Robert Kiyosaki, “Rich dad, Poor Dad”, you will realize that getting a college education, securing a 9-5 job and then climbing the corporate ladder is not the most effective way to get rich.

However, this doesn’t mean college education is getting cheaper, just because the rat race is no longer in vogue among the younger generation. In fact, it cost a decent amount of money which requires financial planning right from the child’s birth.

Between the costs of tuition, books, room and board and school service fees, the total bill can add up fast. However there are ways to get reduced or even free tuition for your college education.

Aim For Scholarships

This is obvious but you will be surprised that many students don’t apply for scholarships. There are many scholarships available and while good grades are a must, you don’t need to be the valedictorian of your class. Check with your high school counselor or college academic adviser for application criteria.

Get Free Tuition

Some states offer free tuition for bright students from lower income families so that they can attend college. In New Jersey, you may be eligible for free tuition at your community college if you are in the top twenty percent of your high school class. Just do some research online and see what is available.

As of 2008, Stanford University will no longer charge tuition fees to students whose parents earn less than $100,000 a year. In addition, all room and board fees will be waived for students whose families earn less than $60,000 a year. The program also eliminates the need for student loans.

In 2008, MIT also announced plans to offer free tuition for those whose families are earning less than $75,000 a year.

Other ways to get free tuition include:

1. Employee Benefits

Human resource is one of the most important assets in a company, hence, a lot of employers are focused on retraining and upgrading the skills of their workers to become more productive and gain a competitive edge.

If you want to advance your education, there are usually partial to full reimbursement, especially for tuition classes related to your job description.

To qualify, you will usually need to get a passing grade of no less than a “C”. Check with your employer for the terms regarding any tuition reimbursement policy.

For school employees (in colleges and universities), there are usually perks like reduced or free tuition. In some cases this extends to immediate family members. This could be one more incentive for working as a college volunteer helper for the sake of your children.

2. GI Veterans

If you are a veteran of the United States military, you may be eligible for free tuition which includes college courses, job training, certification tests, and much more.

3. Test Out of A Class

This means you take a test out of the class which is usually cheaper (about one-third) than paying for the full class. However, you have to possess in-depth knowledge of the subject and it is up to the college discretion. You have to convince them with your resume and reasons.

Obtaining free tuition is not an impossible task. There are options available, but it is a matter of getting creative, pro-active and persevering. For saving the exorbitant cost of between $25,000 to $80,000, I think it is well the effort though.

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If you are a college student looking for a personal loan, the best place to start is at the bank your parents use. Most student personal loans will need a co-signor. If your parents are in good standing credit wise, they may be able to co-sign a loan for you at their bank. Not all banks will make this type of loan though. If their bank does not make this type of loan, you may need to have them help you through another bank, however they may be in a much better position to help you get the loan, rather than you applying completely on your own.

Before, you even consider getting a student personal loan though, check to see if you can get your loan through the FAFSA program. This is the federal government’s student loan program. If you have not used up all your funds from this program, this is a much better program to get a student loan from. Typically, you will not need a co-signor, but if you do, your interest rates are likely going to be much lower with this program. If you are maxed out on this plan though, getting a student personal loan will be your next option.

You should prepare a monthly budget of tuition expenses, books, other school related expenses, room and board expenses and transportation expenses. When you go to the bank to apply for the loan, you will need to have this information. If you are working part time while attending school, this is likely to help you get a positive decision. If you are an older student and are going back to school after working for a while, your credit history will be important. If you own a home, this is be helpful in getting the loan. Obviously, the lender simply wants to be sure they will be repaid.

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You want to go to college and you know you need to go to college to achieve your goals in life. But you think it’s just too expensive and you just don’t know how you’re going to pay for it. Well it’s probably easier than you think. It will probably be harder just going to class and making good grades than paying for college. Here are some little known facts that you may not be aware of. Did you know that there is over 168 Billion Dollars in financial aid available to undergraduate students? Two thirds of all full time undergraduate students receive some type of grant aid. The average yearly tuition for a public university is around $7020.00 per year. If you’re serious about getting a college degree, there is help available, regardless of your personal situation.

There are 5 basic components, or cost areas, that you need to look at when considering college. There is tuition and fees, room and board, books and supplies, personal expenses, and travel, (depending on how far away from home you might decide to go to school).

You are probably thinking that a public university is probably cheaper than a private school. That may not necessarily be the case. Many private schools have large endowments and the there is more financial aid available for qualified students which might make it less expensive than a public university. You may not know what the cost will be until you actually apply and they review your personal situation.

Financial Aid is intended to make education available to everyone. There are some common myths about financial aid that are just not true. One is, my parents have too much money and I will not qualify. Financial aid is based on family income, not how much money they have in savings or how much their house is worth. There may be other factors that affect how much you might qualify for such as medical expenses, other siblings in college, or any number of things that might affect your families’ ability to pay for college.

Regardless of what your situation is, the single most important thing you can do is to start early in applying for financial aid and explore all the possibilities that might be available to you. There are a lot of different sources of financial aid and 1000′s of different schools and opportunities available.

One of the resources available to you is Fast Web. You can go online now and fill out their simple form and let Fast Web go to work for you. They will help you sort through the maze of opportunities and help you find the package that is right for you. But regardless of what you do, start early and explore all of your options. Financial Aid is available.

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American fathers can now fulfill their educational dreams that had to be stalled due to various personal, financial, social and family-related reasons. President Obama has designed a scholarship plan specifically for fathers to help them complete their post secondary education. This scholarship is provisioned in the Federal Pell Grant.

Obama being a father realizes that the ratio of fathers in the set of those deprived from higher education is very high as fathers often have to sacrifice their educational dreams for varying responsibilities. For such fathers who wish to go back to school but find them short of money, this scholarship plan comes as a once in a lifetime opportunity that they must hold on to.

The grant Obama is providing is $10,000 per year or $5100 per semester for up to 18 semesters or its equivalent time frame. This scholarship amount usually covers student’s tuition fees, expenditures on books and other daily expenses incurred during education. This scholarship is awarded to fathers once they enroll for any higher education at any participating institute and apply to the government with their age and nationality proof. Obama’s scholarship plan is not limited to regular courses only; it also covers online and part-time courses which will definitely benefit those who have to dedicate their time somewhere else such as kids, jobs, etc.

Application forms are easily available at FASFA’s official website. For any additional information regarding the scholarship, fathers can either contact their school in person or they can also simply log on to Federal Government’s or FASFA’s website.

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