The Assumption College Merit Scholarship Program was established to reflect the College’s commitment to upholding a campus culture that champions academic excellence and student leadership. Scholarships of up to $20,000 are awarded to students whose high school records demonstrate strong academic achievement, leadership, and potential for success at Assumption College. All students who apply and are admitted to Assumption College are considered for these awards. Presidential Scholars will receive scholarships of $20,000. These scholarships are guaranteed for four years, provided the recipient maintains the required level of academic achievement at Assumption.
With the most recent jobs report showing significant weakness, there’s never been a better time to focus on improving your personal career network. Start by using LinkedIn to build out your profile and gather recommendations, then hit up social networks. Check out this video tutorial on powering your LinkedIn profile.
Mail Bag
Kelle writes in:
I’ve been thinking about getting my Masters degree, but I’d need to get some financial aid to do it. What’s the chances of me actually getting funding these days?
For graduate Stafford loans, your chances are excellent. There’s also the graduate PLUS loan to cover the remainder of the cost of education. Those are also widely available and can cover up to the cost of education.
Be sure to do some exhaustive scholarship searches for your master’s degree as well. Whereas a lot of undergraduate scholarships focus on need, graduate scholarships and fellowships tend to focus on field of study.
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Tons and tons and tons of mail. Let’s knock it down.
Manuel writes in:
this dosent make any sense why am i still a dependent if im going to have no support of my parents.(moving out). is there another way?
Melissa writes in:
Hi I`m 18 years old and having the same problem I have’nt been living with my mother for over 2 years and dont have any contact with my father I started to fill out my fasfa and was ask to pervide my parent information. What can I do to become independent.
Dependency is judged based on the status listed. If you have no support of your parents and are fully self supporting, you can ask your financial aid officer for a professional judgement override of dependency status. Be prepared to provide a ton of documentation like rent and utility bill copies, etc.
Jean writes in:
Hi im am 22 yrs old and I am currently married. I will be getting divorced soon and want to know if this will revert my status to dependent because i am not yet 24.
Sorry to hear that. Your status would indeed revert to dependent student.
Bob writes in:
Can a student over 24 change his Fafsa status form dependent to independent for the current year?
holly writes in:
if i get married a couple months after i filed my fafsa for 08 09 school year, can i re-file as an independent if I am starting school spring quarter 09?
Yes. The student can file a FAFSA correction online to change their age and thus their dependency status.
Hema writes in:
Would fafsa would give me financial aid if I am going for a Second Bachelor Degree? My first Bachelor is from Mexico
Only if you’re a US citizen or eligible non-citizen.
Laura writes in:
I feel for all of you. We are parents of 3, we have a laughable number assigned as our family responsibility. This system is shameful. Our oldest is about to graduate with more debt due to loans than we ever would have imagined or desired for her. The Feds and all grants or other opportunities for this highly advertised “free money” are obviously skewed towards anyone who is not middle income or higher. She is ineligible for Pell which virtually removes loads of the “freebies”. Higher education is required to provide any true opportunity, in this country it should be a given being the land of opportunity and all. I feel like we provide more than ample opportunity to any and all but not our own. The more I delve into this system the more wretched I find it to be. The point of being one who can go to war but not be independent from one’s parents is really even more insulting. Who writes these laws? I know many students in the system I work in who do not truly apply themselves as compared with my own and yet they will be eligible to go to any number of schools cheaply vs my own kids. Does not do much for my confidence in the government whose salaries we pay.
I am attending Unversity of Phoenix since last year. WHen I applied I was paying my full tuition. I was EFC 834 eligible, but UOP did not give me the funding because I am legally married, separated since 1996. my tax returns support my head of household status, and now my daughters are 25, support single status. UOP says that I am not eligible. I do not have a husband. Who is correct?
That’s really confusing. If UoP denied you aid that you were eligible for, that’s a violation of a whole bunch of things. You can file a complaint at http://www.ombudsman.ed.gov/ or call toll-free 877-557-2575 to report a federal financial aid violation.
Thea Mills writes in:
Ok so i have a difficult situation. I just turned 18, i’ve graduated from high school, and i am now ready to start college. Since i have to pay my way through college i thought i’d fill out a FAFSA form to see if i can get any financal aid. The only problem is that my mother, who i am still dependent of, doesn’t agree with giving out all her personal/financial information. so what do i do?!? how am i supposed to get any financal help if i dont get my FAFSA filled out?!? i dont know what to do…please help!
Unfortunately, as long as you are a dependent of your mother, she is required to provide her information to successfully complete the FAFSA. The bottom line for her is that her child is potentially missing out on THOUSANDS OF DOLLARS OF FREE MONEY by withholding information that the government already has, thanks to the IRS. She’s not telling Uncle Sam anything he doesn’t already know in a different department. Feel free to share this with her.
lauren writes in:
Hi, I just i am 18 years old and just recently moved out on my own. My mother no longer claims me on her taxes I claim myself, so when filling out a fasfa how could I use my own taxes. I dont think its right to use my parents when they dont help. Is there any way around this ?
Nick writes in:
i am 21, my parent has cut all ties and communication with me. she will not provide her tax information for the next year. what can i do to become independent?
KB writes in:
Hi i will be 19 in a few months i have the same ? my parents on paper make to much money for me to recive fafsa but i am financially on my own i really need aid to go to school bc for two yrs its going to cost a lil over 50,000 dollars and financially i can not afford it i will be receiving no help from my parents and living on my own any advice?
If you don’t qualify for 1 of the 7 conditions of an independen student, no, there’s not much to be done. You can seek a professional judgement override from a financial aid officer at your school if you can document your independent status, but that’s entirely up to your school to grant.
Bob R writes in:
I am 39 and just lost my job. I’ve probably made around 30k this year but currently recieving unemployment. I just registered full time @ my local comm college. Although it doesn’t seem to matter that I have good credit, do I qualify for financial aid?
Sorry to hear that you lost your job. The only way you’ll determine whether you qualify for aid is if you file the FAFSA. It’s free, so go ahead and do that.
Lauren writes in:
I’m in a bind because i dont know what to do about my situation.. I am independent and do not keep in contact with my dad nor mom. They have nothing to do with me and do not support me so i live back and forth between a friend and my grandma. My issue is that my aunt and uncle claimed me on their tax return when i dont even live with them, and they dont support me. Basically, i’m on my own and get no help from my family. I don’t know what kind of documentation to show the financial aid office because i have none? I don’t know how to file the fafsa with my situation.
The only way you can be determined to be truly independent is with a decision by a court that you are an emancipated student, orphan, ward of the court, or under legal guardianship. As of the 2009 FAFSA, you would probably qualify as a homeless, unaccompanied youth and you should talk to someone at a transitional shelter about getting paperwork certifying that.
Ryan writes in:
Hi my question is do you get more finacial aid if your parents work for the state such as in a prison or is it just based on money ?
No sir. Financial aid is based on need alone. That said, there may be outside scholarships that are worth investigating for that kind of situation.
sam writes in:
Hi,
I recently married my wife who is 20 years old, but we are worried about her financial aid which is filed by her dad and covers about 99% of her tuition. I am also a student and 25 years old, and we are currently not living together. Although I have a job that pays around 40k a year, I am not currently supporting her and can barely support myself and I am not eligible for financial aid because I am not a US citizen.
She would like to stay as a dependent because I cannot support her nor her father or herself.
Since I am not supporting her in anyway, we would like to keep it as is. Do we have to file any differently? Also, since it is the truth, and her father is supporting her and paying for her and filing for her every year, would there be any changes to her financial aid program?
Regardless of age, if she is married, she is automatically an independent student and should complete the FAFSA as such. Being an independent student will actually work to her advantage, and her father can continue to support her. Congrats on your marriage.
Gary R. Anderson writes in:
A friend of the family (20) has moved into our home as an independent renter of an extra room. We did this since several of mom’s abusive boyfriends threaten her. Her non-contributing parent, who WAS on FAFSA never helped in housing or college, and the only past money in gifts came from a grand-parent –now it is ending, and she needs to change FAFSA as independent student, by petitioning the school to override standard requirements. “If approved,” will this increase her award to cover continuing in college? Is there any housing or dorm allowance?
If the financial aid officer at the school does grant a professional judgement override of dependency status, she’ll automatically qualify for additional financial aid. The aid granted should include total cost of attendance for the college with an eye towards only her finances now.
Nicole writes in:
If you could help me, that would be awesome! I am 20 years old and haven’t seen my dad in years, or lived with my mom for the last two. I had to provide her information for the FAFSA so I called my mom and she gave it to me. My question is, how can her income affect my financial aide, if none of it went to me at all. I live on my own rent free for now in my friends attic when I am out of school, and in a dorm when I am at school. I a full time job just to pay for it. It’s so frustrating and doesn’t seem right. Any suggestions?
If you can gain certification as an unaccompanied youth who is self supporting - from a HUD-approved homeless shelter, transitional program, etc. - then you would be granted independent student status for the 2009 FAFSA.
The Assumption College Merit Scholarship Program was established to reflect the College’s commitment to upholding a campus culture that champions academic excellence and student leadership. Scholarships of up to $20,000 are awarded to students whose high school records demonstrate strong academic achievement, leadership, and potential for success at Assumption College. All students who apply and are admitted to Assumption College are considered for these awards. Presidential Scholars will receive scholarships of $20,000. These scholarships are guaranteed for four years, provided the recipient maintains the required level of academic achievement at Assumption.
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As the price of a college degree continues to rise, there’s growing evidence that the monetary payoff isn’t quite as big as often advertised. The best estimate now is that a college degree is worth about $300,000 in today’s dollars—nowhere near the $1 million figure that is often quoted.
“That $1 million number has driven me crazy!” says Sandy Baum, a Skidmore economist who studied the value of a college degree for the College Board last year.
Baum’s research showed that college graduates earn, on average, about $20,000 a year more than those who finished their educations at high school. Add that up over a 40-year working life and the total differential is about $800,000, she figures. But since much of that bonus is earned many years from now, subtracting out the impact of inflation means that $800,000 in future dollars is worth only about $450,000 in today’s dollars.
Then, if you subtract out the cost of a college degree—about $30,000 in tuition and books for students who get no aid and attend public in-state universities—and the money a student could have earned at a job instead of attending school, the real net value in today’s dollars is somewhere in the $300,000 range, a number confirmed by other studies.
Commentary
I’ve often said that a college degree is like a driver’s license. It entitles you to operate a vehicle, but where you go, where you take it, how fast you get there, and whether it was worth the journey is entirely up to you, degree or no degree. We’ve talked a lot recently about ways to undercut the cost of college with online degrees, CLEP tests, and more, and will continue to research new ways of reducing the overall cost of education until higher education becomes a national priority in the US as it is in other countries.
We also have a new administration under President-elect Barack Obama and the Democratic party coming into office soon. Regardless of your politics, now is the time to speak up, to email, phone, and fax your newly elected or re-elected representatives, from President-elect Obama on down, and tell them why higher education at an affordable cost should be a national priority. With everything going on in the country, higher education can easily find itself without a seat at the table if we don’t speak up and make some noise about why investing in education is a better use of taxpayer money than stimulus checks for HDTVs.
Show your elected representatives the math above. Make it very simple and very clear that if you were to invest $10,000 per student per year for the 4 years they’re enrolled in a public college or university that meets affordability benchmarks (i.e. no tuition increases above core inflation, CPI, PCE, or the generally accepted inflation index of your choice), the return on that $40,000 investment will be an average $20,000 per year in additional taxable income for the remainder of that student’s working lifetime. At 45 years in today’s dollars, we’re asking that $40,000 be spent to earn $900,000 in taxable income, and at a 25% tax rate, that’s an additional $225,000 the government can reel in. The ROI? Spend 1 dollar to earn 5. That’s a pretty good return on investment, if you ask me.
YouthLaunch is an Austin-based nonprofit organization that promotes the empowerment of young people through service. Since 1994, YouthLaunch has developed and supported empowering service programs and opportunities for young Texans. The YouthLaunch Scholarship for Outstanding Service is a non-renewable $3,000 scholarship that honors young Texans who lead and serve in their community and who inspire and activate their peers. In 2009, three scholarships will be awarded to graduating or recently graduated high school students who have attended high school in the state of Texas. Scholarship checks will be made out to the college or university of the recipient’s choice and may be applied to any direct education expense, including tuition and fees, on-campus room and board, or books and supplies. The deadline for applications is Feb. 28, 2009.
So I’m going back to finish my degree soon, and filled out my FAFSA recent;y, and it gave me my Estimated Family Contribution. Is that number a dollar amount or a code? Thank you Chris, the work you do is phenomenal!
EFC is indeed a dollar amount, what you’re expected to pay out of pocket or through borrowed/gifted resources.
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Daily Aid 33: Financial aid professionals comment on the CSS Profile
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Student Financial Aid News
From Inside Higher Ed:
The reality that only about 7 in 10 students earn degrees after four years in high school has been widely deplored. But if that situation is seen as such a crisis, why aren’t more people upset about the fact that graduation rates in higher education are quite a bit worse?
That’s the fundamental question underlying a new paper by Mark S. Schneider, vice president for new educational initiatives at the American Institutes for Research who was, until a few weeks ago, commissioner of education statistics in the Bush administration’s Department of Education.
Comparing American higher education unfavorably to its peers internationally as well as to U.S. high schools, he zeroes in, particularly, on about 408 four-year institutions that graduate fewer than one third of their students, and calculates the cost of those “failure factories,” as he calls them, at about $770 million in federal grant aid and lost tuition payments, to the government and families.
Commentary
Here’s the part that a lot of people miss. Not everyone is meant to have a college degree. Not everyone is meant to go to college or succeed in college.
Here’s the even more shocking part to some: that’s okay. Just like everyone is not a painter, musician, dancer, scientist, etc., it’s okay if college isn’t the right choice for you, as long as you’re pursuing whatever is the right choice for you. True, there are generally more jobs and economic opportunities for degree holders than not, but at the same time, there are also plenty of people who do just fine in life without a college degree.
What matters most in the debate about the education of America is not whether you go to college or not, but whether you have an opportunity to go at an affordable cost if you want to go. Whether or not you go through that door, it should be unlocked and open if you want to go there.
That’s why we recommend investigating lots of options for education. For some people, a traditional 4 year education is neither possible nor desirable, but something like an online degree program might make sense, especially for an Associate’s Degree. For others, an apprenticeship in a trade might make sense, especially if you love doing what you do. Watching someone in a trade who is a master and loves what they do should be a source of inspiration, rather than denigration.
Bill Emerson National Hunger Fellowship. $21,500 for one year of service. The Bill Emerson National Hunger Fellowship, a project of the Congressional Hunger Center, is a unique leadership development opportunity for motivated individuals seeking to make a difference in the struggle to eliminate hunger and poverty.
Each year 20 participants are selected for this eleven-month program. Fellows are placed for half their term of service with urban and rural community-based organizations all over the country involved in fighting hunger at the local level, such as grass roots organizing groups, food banks, economic development agencies, local advocacy groups and faith-based organizations. They then move to Washington, DC to complete the year with national organizations involved in the anti-hunger and poverty movement, including national advocacy organizations, think tanks, and federal agencies. Through this unique program, the Bill Emerson National Hunger Fellows Program develops effective leaders with a deep understanding of hunger and poverty at both the local and national level that enables them to find innovative solutions and create the political will to end hunger.
A couple of updates from fellow financial aid professionals about the question of EFC and the CSS profile from last week’s blogs and show.
Robin writes in:
You mentioned in the Friday mailbag that a student should look at their mandatory expenses and subtract this from the EFC.
This is already accounted for in the EFC. Income listed from work is given an Income Protection Allowance (I think 30%) and then they look at the state and zip code you list on the FAFSA and adjust for the Cost of Living in that area.
So it would be inappropriate to subtract these items from the EFC since it has already been accounted for.
I would just use the EFC. You could always consult the school to see what they are really looking for but they most likely want the EFC.
Gail writes in:
I tell people to put what they think they can reasonably contribute to educational expenses out of pocket for the year. This really shouldn’t include any amount they plan to borrow. It is a good faith kind of question that acknowledges the sacrifice and partnership that families are entering into for higher education. It also serves to flesh out those circumstances where the calculation (EFC) does not accurately match up to their true ability to pay (i.e. the offer is higher than the EFC calculation). Many families do in fact put zero and many families of significant means put a very low number. This doesn’t affect the calculation of their EFC, but it could potentially impact an appeal decision if the impression they have given is that they are unwilling to be a partner in meeting the higher education costs for their child and assume as much of their responsibility to contribute to their child’s education as they are able to.
Many thanks to both Gail and Robin for their suggestions about how to handle that box on the CSS Profile. Easiest suggestion: file the FAFSA and use the EFC for that box. If the EFC is wildly out of alignment with your actual ability to pay, then be sure you can document how it’s different.
If you’re wondering whether you should put something different down than the EFC, be sure to do your personal budget to find out just how much discretionary income you do have, versus how much you think you might have. A personal budget is absolutely essential whether or not you’re a student!
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Moody’s Investors Service has placed two colleges that invested in Commonfund’s short-term fund on a watch list for credit-rating downgrades and has issued a negative ratings outlook for a third. The colleges — Franklin Pierce University, Simmons College, and Suffolk University — are among 1,000 institutions that had their short-term accounts frozen by Wachovia Bank, the account manager, in late September. As of October 21, such colleges were able to get access to 48 percent of their original balances.
Moody’s, which is analyzing the effect of the freeze on colleges’ ability to operate and make debt payments, stressed in a report issued today that the ratings revisions were not based solely on the colleges’ exposure to Commonfund. Other factors taken into account were an inability or unwillingness to secure capital elsewhere, a history of weak operating performance, and high levels of variable-rate debt.
Commentary
Unsurprising. Colleges, like individuals, need to readjust to the mindset that cash is king in the current economy, and that any kind of investment that ties up your money is going to hurt.
Cash is king for you, too. If you have money in the markets (529 plan, 401K, etc.) that you will need in the next year or two, consult your financial advisor about getting it out of the market or moving it to something that carries insurance of some kind.
A former Sallie Mae employee, in a False Claims Act lawsuit against the loan company that was recently unsealed in federal court in Indiana, alleges that Sallie Mae had been using the practice of granting forbearances to systematically balloon student-loan debts. In the system of government-guaranteed student loans, the tactic was part of a strategy to grow student debts as large as possible, increasing Sallie Mae’s profits, before taxpayers and debtors were stuck with the final bill, said the former Sallie Mae employee, Michael Zahara.
Commentary
I applaud Michael Zahara’s bravery for coming forward and bringing to light this tactic. This practice may be illegal and is also just reprehensible. Just to be clear, the Student Loan Network does not and has never engaged in any kind of practice like this.
If you’ve been a victim of this kind of practice, you’ll want to consult a lawyer. Any debt that you’ve incurred that is the result of fraudulent or illegal practices is invalid and a court can order the debt dismissed, so if you’ve been a victim of this, call a lawyer to see if the practice is illegal. Depending on how strong your case is, they’ll probably do it on a percentage basis of money won in a lawsuit, rather than have you pay legal fees out of pocket.
A special blog post while I’m on the road to Arizona for a couple of days off - and yes, vacation for me is doing public speaking! I’ve been working on the 2009-2010 FAFSA guide for the coming year over the past week or so, learning the ins and outs of IRS tax code, the new draft FAFSA (which won’t be finalized until November), and a bunch of stuff that goes with it all. Some interesting lessons I’ve picked up so far:
The FAFSA has a LOT of undocumented gotchas, far more than the average student is probably prepared to deal with. For example, Question 23 on the 2009 FAFSA asks if you’ve ever received a conviction for illegal drug use while receiving federal financial aid. What the question doesn’t elaborate on anywhere is that the conviction has to be a federal or state conviction to disqualify you from financial aid. A local/municipal court conviction has no impact on your financial aid, but the question isn’t worded that way. The question doesn’t elaborate anywhere that if you’ve successfully completed an accredited rehab program, the conviction will be disregarded for the purposes of financial aid. The question also doesn’t make clear enough that you have to have received it WHILE receiving federal financial aid, so if you messed up in high school and have since cleaned up your act, that prior conviction is meaningless from the perspective of financial aid.
Why is this important, particularly when the form goes on to say you’ll get an additional worksheet in the mail to determine your eligibility? That kind of question is a showstopper. That kind of question is likely to cause someone to self-select out of the financial aid process, and in doing so, alter their future.
A lot of students fill out the IRS 1040EZ form, for those who file taxes. This may turn out to be a huge mistake, since the full 1040 contains three provisions that are important for college students. First, the full 1040 allows you two offsets to adjusted gross income, one for student loan interest paid and one for tuition and fees, that will reduce your AGI. Reducing your AGI has a direct impact on your financial aid - the lower your AGI, the more eligible you are. The full 1040 also has an AGI offset for moving expenses, which might impact you. If you’re an independent student, filing a full 1040 rather than a 1040EZ is absolutely essential, since your finances alone will impact the FAFSA and not your parents’ finances.
Here’s why this is a gotcha - nowhere on the FAFSA does it recommend you do a full 1040 rather than the 1040EZ. Yes, the EZ is “easier” from a paperwork perspective, but it may be costing you some serious money.
There are also new provisions for homeless students, unaccompanied homeless students, and students in danger of homelessness that will simultaneously open up opportunities for more students while also proportionally adding complexity to the financial aid office, so be aware that lines this coming year might be a little longer.
Overall, the FAFSA has changed quite a lot from previous years, and knowing some of the tricks to maximize your aid is what we’re all about in the new guide. I expect to have a beta available to you, my dedicated listeners and readers, by mid-November, with the full version going out with all the bells and whistles in January. As always, to thank you for reading and listening, you’ll get first crack at whatever I find, whatever inside secrets I can share with you to make the financial aid process easier.
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Evidence from New York State suggests that students realize how tough a budget year public higher education faces. Leaders of the Student Assembly of the State University of New York have endorsed a proposal — now slated to go to the full Student Assembly — that would call for modest annual tuition increases, The Times-Union reported. SUNY student leaders have traditionally opposed tuition increases, and the new policy would represent the first time that the Student Assembly has endorsed the idea of paying more. Students did put an emphasis on modest increases, but also said that they realized that potentially significant drops in state support leave the university system in need of revenue.
Commentary
An interesting move by a student group, but realistic, and not a bad idea. Rather than staunchly oppose any tuition increase, they’re acknowledging the university’s needs but asking the school to be moderate.
From the Chronicle:
Two universities that are considered leaders in a trend within higher education to offer more work/life benefits for employees have gone in the opposite direction and cut out health insurance for the families of graduate students.
According to an article in the San Jose Mercury News, the University of California at Berkeley and Stanford University will still offer health insurance to graduate students but have cut coverage for their families. The universities said extending coverage to students’ families simply cost too much.
Commentary
Expect more benefits at more schools to be trimmed back, eliminated, or have the price tag for said benefits go up or be unbundled from tuition. If you rely on benefits like these, expect to budget additional money in your financial aid to cover the new or increased costs. You may even need to take out additional student loan funds to cover the increased cost of health insurance if your coverage is dropped or your family’s coverage is dropped.
Greenhouse Scholars. All Scholars must also meet the following requirements: be a U.S. citizen or permanent resident of the U.S., be a legal resident of Colorado, be a high school senior in Colorado, have an unweighted GPA of 3.5 or above, demonstrate a strong interest and commitment to the community, demonstrate an ability to persevere through difficult circumstances, possess excellent leadership skills, and demonstrate financial need [annual household income no greater than $70,000]. All selected Scholars will receive a four-year renewable financial grant, but awarding financial grants is only the beginning of what Greenhouse Scholars offers. Our program provides mentorship and scholarship support, addressing each Scholar with our Whole Person approach. Through our program, Scholars have access to as much intellectual, academic and professional support as they do financial subsidies. The program includes: program mentors, peer mentors, internship opportunities, access to a network of professional liaisons, and our summer symposiums. The amount of the financial grant will be based on unmet educational costs after other forms of financial aid have been assessed. The grant will range from $4,000 - $20,000 over four years. The financial grant and participation in our program is renewable based on Scholars meeting a variety of program requirements. All applications must be emailed or postmarked by Tuesday, January 20, 2009. Complete applications include: essay questions, three letters of recommendation, a signed contract, and up-to-date transcripts.
If I have multiple checking accounts (three accounts in three different states) will this have a negative impact on my personal credit? If the answer is yes, then should I close them immediately or over a period or time? Thanks!
Checking accounts have absolutely no impact on credit at all, as they’re not credit instruments. If you’ve got overdraft protection on them and you’re overdrawn on all three, that will generate a credit event, because overdraft protection is essentially a short term loan, but if you’re just using plain checking, it has no impact at all whether you have 1 checking account or 100.
Jen writes:
Good afternoon,I am currently a full time student.My financial aid advisors has don’t know the answer to my question,I am prayin that do.I am unable to aply for the parent plus aid,my mother does not reside in the u.s.and i have not spoken with my father in years.I am also unable to get the full pell grant,even though I claimed my own taxes last year,the school refuses to see me as an independent they keep tellin me I am a dependent because I am not 24 or over.what can I do when I file my own taxes as a dependent?
You need to ask your financial aid officer for a professional judgement dependency override. Document your lack of contact with your parents and that will get you classified as an independent. You will NOT be able to get a PLUS loan regardless, as that’s a Parent Loan for Undergraduate Students (PLUS), but you will qualify for additional Stafford Loan amounts.
Zack writes:
So, I’ve decided I want to go to school, the problem is I don’t have any money. I’m from Ontario (Canada) and our program for student loans is called OSAP. I would be able to get about 9000 (a max. of 12,000 if you qualify) per year, and I can get about $45,000 from the Bank of Montreal. Both of the loans come with an interest rate of prime plus 1 percent, and the loan from BMO requires I pay interest during the period of study and also requires a co-signer. I want to do this as independantly as possible and I was wondering what advice you could give a poor potential student so that I can afford to go to school!
Bear in mind for the last resource, you’ll need a cosigner who is a citizen of the country in which the loan company resides. If you’re studying in the UK, a UK subject; in the US, a US citizen or permanent resident.
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5 most recent Financial Aid Podcast postsDid you enjoy this? If so, please consider subscribing for free to get it delivered to you. Subscribing for free means you don’t have to remember to download it every day.
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