1001 Ways to Pay for College: Practical Strategies to Make Any College Affordable

512 Pages·2011·2.09 MB·English

by  Gen Tanabe

Critical Acclaim for Books by Gen and Kelly Tanabe
Authors of Get Free Cash for College, e Ultimate Scholarship Book and How to Write a
Winning Scholarship Essay
“Upbeat, well-organized and engaging, this comprehensive tool is an exceptional
investment for the college-bound.”
—Publishers Weekly
“A present for anxious parents.”
—Mary Kaye Ritz, e Honolulu Advertiser
“Helpful, well-organized guide, with copies of actual letters and essays and practical tips.
A good resource for all students.”
—KLIATT
“Upbeat tone and clear, practical advice.”
—Book News
“Unlike other authors, the Tanabes use their experiences and those of other students to
guide high school and college students and their parents through the scholarship and
�nancial aid process.”
—Palo Alto Daily News
“What’s even better than all the top-notch tips is that the book is written in a cool,
conversational way.”
—College Bound Magazine
“A ‘must’ for any prospective college student.”
—Midwest Book Review
“Invaluable information ranging from the elimination of admission myths to
successfully tapping into scholarship funds.”
—Leonard Banks, e Journal Press
“e Tanabes literally wrote the book on the topic.”
—Bull & Bear Financial Report
“Offers advice on writing a good entrance essay, taking exams and applying for
scholarships and other information on the college experience—start to �nish.”
—Town & Country Magazine
“Tanabe, an expert on the application process, can discuss such topics as how to get into
the college of your choice, ways to �nance your college education, applying online and
what universities are looking for in a student.”
—Asbury Park Press
“Filled with student-tested strategies.”
—Pam Costa, Santa Clara Vision
“e �rst book to feature the strategies and stories of real students.”
—New Jersey Spectator Leader

1001 Ways to Pay for College (Fih Edition)
By Gen and Kelly Tanabe
Published by SuperCollege, LLC
3286 Oak Court
Belmont, CA 94002
650-618-2221
www.supercollege.com
Copyright © 2011 by SuperCollege, LLC. Previous editions © 2003, 2005, 2007, 2009.
All rights reserved. No part of this book may be reproduced, stored in a retrieval system or transmitted, in any form
or by any means, electronic, mechanical, photocopying, recording or otherwise, without the written permission of
SuperCollege. is book is protected under International and Pan-American Copyright Conventions.
Credits: Cover design by TLC Graphics, www.TLCGraphics.com. Design: Monica omas. Cover image ©
istockphoto.com/Alex Slobodkin. Illustrations by Terry Smith (www.t-smith.org). Back cover photograph by Alvin
Gee (www.alvingee.com).
Trademarks: All brand names, product names and services used in this book are trademarks, registered trademarks
or tradenames of their respective holders. SuperCollege is not associated with any college, university, product or
vendor.
Disclaimers: e authors and publisher have used their best efforts in preparing this book. It is sold with the
understanding that the authors and publisher are not rendering legal, accounting, investment, tax or other
professional advice. e reader must seek the services of a quali�ed professional for such advice. e authors and
publisher cannot be held responsible for any loss incurred as a result of speci�c �nancial, tax or investment planning
decisions made by the reader. e authors and publisher make no representations or warranties with respect to the
accuracy or completeness of the contents of the book and speci�cally disclaim any implied warranties or
merchantability or �tness for a particular purpose. e accuracy and completeness of the information provided herein
and the opinions stated herein are not guaranteed or warranted to produce any particular results. e authors and
publisher speci�cally disclaim any responsibility for any liability, loss or risk, personal or otherwise, which is incurred
as a consequence, directly or indirectly, of the use and application of any of the contents of this book.
ISBN 13: 978-1-932662-97-9
Manufactured in the United States of America
10 9 8 7 6 5 4 3 2 1
Library of Congress Cataloging-in-Publication Data
Tanabe, Gen S.
1001 ways to pay for college / Gen and Kelly Tanabe. -- 5th ed.
p. cm.
Includes index.
ISBN 978-1-932662-97-9 (alk. paper)
1. College costs--United States. 2. Student aid--United States. 3. Scholarships--United States. 4. Student loans-United
States. I. Tanabe, Kelly Y. II. Title.
LB2337.4.T357 2011 378.3--dc23
2011026678
CONTENTS AT A GLANCE
Chapter 1: e Many Ways to Pay for College
Chapter 2: Win a Scholarship
Chapter 3: Contests for Students
Chapter 4: Guaranteed Scholarships
Chapter 5: Reward Programs for Students
Chapter 6: Save for College
Chapter 7: Tax Breaks for Students
Chapter 8: Maximize Financial Aid
Chapter 9: Asking for More Financial Aid
Chapter 10: Avoid Financial Aid Scams
Chapter 11: Get Your State to Pay
Chapter 12: Borrow Money for College
Chapter 13: Loan Forgiveness Programs
Chapter 14: Military Options
Chapter 15: Save Money While in College
Chapter 16: Make Your College Cheaper
Chapter 17: Be a Dorm Room Entrepreneur
Chapter 18: Internships and Part-Time Jobs
Chapter 19: Be a Part-Time Student
Chapter 20: Opportunities for Adult Students
Chapter 21: Opportunities for Graduate Students
Chapter 22: Conclusion
Index
TABLE OF CONTENTS
Chapter 1: e Many Ways to Pay for College
ere’s more than one way to pay for college
e right psychology
Chapter 2: Win a Scholarship
How to �nd a scholarship
Backyard scholarships
Service clubs
Religious organizations
Unions
Hit up your employer
Get cash from your professional sports teams
Scholarships from your extracurricular activities
College �nancial aid offices
Search your community newspaper for past winners
Search beyond your backyard
Scholarship websites
Big business
Professional associations
Don’t ignore scholarship books
Double your scholarship with Dollars for Scholars
Awards based on race and ethnicity
Awards for disabilities
Athletic scholarships
Don’t let colleges take away your money
Oeat scholarships
Chapter 3: Contests for Students
Do you feel lucky?
Contests for writers and poets
Contests for performing arts
Contests for artists
Contests of chance
Chapter 4: Guaranteed Scholarships
Guaranteed scholarships do exist
National Merit scholarships
GPA and test-based scholarships
Scholarships for transfer students
State entitlement awards
Get in-state tuition
Take advantage of residency agreements
Chapter 5: Reward Programs for Students
Save money by spending money
Upromise
BabyMint
Stockback
Chapter 6: Save for College
Save for college
e Coverdell Education Savings Account
How to open a Coverdell
e 529 Savings Plan
What to consider before choosing a 529 Savings Plan
Beware of the pitfall of 529 Savings Plans
States that allow contribution deductions
Prepaid College Tuition Plans
List of state 529 Savings and Prepaid Tuition Plans
Consider transferring a custodial account to a 529 Plan
Jumpstart your 529 Plan with a super gi
Independent 529 Savings Plan
Compare Coverdell, 529 and Prepaid Tuition Plans
Take advantage of both Coverdell and 529 Savings Plans
Government savings bonds
Individual Development Account program
Gi money for college
Invest for college
Save money every day
Chapter 7: Tax Breaks for Students
Get your tax dollars back
Timing is everything
e $2,500 American Opportunity tax credit
e $2,000 Lifetime Learning credit
Choose your tax credit wisely
Don’t carelessly miss getting your credit
Deduct your tuition and fees
Deduct student loan interest
Tax-free educational bene�ts from your employer
Cash in government bonds tax-free
Money-saving bene�ts of scholarships and fellowships
Chapter 8: Maximize Financial Aid
Get your share of �nancial aid
FAFSA and CSS/PROFILE
Learn how to qualify for �nancial aid
How Expected Family Contribution is determined
A quick estimate of your Expected Family Contribution
How to determine your �nancial need
Lower your Expected Family Contribution
Keep your child poor
Consider deferring bonuses and raises
Time stock sales
Build your 401k and IRA accounts
Complete the �nancial aid application
Use estimates if you haven’t �nished your taxes
Use the �nancial aid application as an insurance policy
Work with the �nancial aid office
Don’t hide the dirty laundry
Give the college a reason to give more money
Don’t ever try to trick the college
How the �nancial aid is packaged makes a difference
Compare and accept �nancial aid
If you need more aid ask for a re-evaluation
Chapter 9: Asking for More Financial Aid
How to ask for more money
Present any special circumstances
Don’t wait for something bad to happen if you know it will
Play one college off another college
Example of a successful �nancial aid reassessment
Chapter 10: Avoid Financial Aid Scams
Keep your money safe
Common scams
General red �ags
Chapter 11: Get Your State to Pay
Get money from your state government
Directory of state aid programs
Chapter 12: Borrow Money for College
How to borrow money
e Federal Perkins Loan
e Federal Stafford Loan
e Parent Loan for Undergraduate Students
PLUS Loan for Graduate and Professional Degree Students
e Nursing Student Loan
Lower your monthly payments with a Consolidation loan
Choose a loan that offers the best “borrower bene�ts”
Save money by paying off your loans as early as possible
Put loan payments on hold with deferment
Private loans
Use your home equity to pay for college
Borrow from your whole-life insurance policy
Borrow money from rich relatives
Get emergency cash from your college
Chapter 13: Loan Forgiveness Programs
Loan forgiveness and scholarships for service
National programs
State loan forgiveness programs
Chapter 14: Military Options
Soldier your way to an education
ROTC
e Montgomery G.I. Bill
State-sponsored National Guard bene�ts
Military academies
Earn credit for your military training
Special military scholarships
Chapter 15: Save Money While in College
Save the money you already have
Put yourself on the envelope budget
Use credit cards responsibly
Save your pennies
Never buy a new textbook
Shop like a senior citizen
Use VOIP
Don’t go crazy with the meal plan
Get free food
Commute to college