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

512 Pages·2011·2.09 MB·English
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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

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Completely revised with updated descriptions, contact information, websites, and available monies, this guide to financing higher education is the only resource students need to fund their pursuit of knowledge. Balancing detailed explanations with real-life examples and practical resources, the feat
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Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.