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  • 14 Important Financial Aid Questions You Must Ask

    14 Important Financial Aid Questions You Must Ask

    It is almost impossible for most families in America to cover the costs of education with their personal savings alone. Fortunately, financial aid is available to help them bridge the gap between tuition fees and personal funds. If this is your first experience with college finance, it’s a good idea to prepare a list of financial aid questions to ask a financial advisor.

    Financial aid comes in many forms, from free grants and scholarships to loans that must be repaid. Each college differs in the type of financial aid. Eligibility requirements, application format, and other terms and conditions also vary between colleges. This can affect the total cost of your tuition fees. It also determines whether that particular school is affordable for you. To avoid this situation, it is helpful to ask a college financial advisor questions related to financial aid.

    We’ve put together some basic questions to ask a financial advisor before paying for college. Getting answers to these questions will help you decide which college is right for you.

    1. What types of financial aid packages does your school offer?

    Each school creates different financial aid packages. Usually this is a combination of scholarships, grants, and student loans. Scholarships are awarded on the basis of merit and do not have to be repaid. Grants are awarded on the basis of need and do not have to be repaid. The more free financial aid you receive from the school, the less you need to borrow through loans.

    2. Are your financial aid packages pre-loaded?

    Each college differs in how it distributes its financial aid packages. Scholarships and grants are available to first-year students only. 

    Not all colleges upload their financial aid upfront, but many do, and it can make a huge difference in the overall cost of tuition. With a college that offers a consistent financial aid package, you know exactly what to expect for four years. This will help you budget better. On the other hand, if your financial aid changes every year, your budget will be completely screwed up. Having an answer to this question will help you gauge whether the school is affordable for all four years, not just the first year.

    3. What is the deadline for your school to apply for financial aid?

    One lesser-known fact is that financial aid application deadlines for colleges differ from the FAFSA deadlines. The FAFSA (Free Application for Federal Student Aid) deadline is June 30 of the year you attend school. However, many colleges have set earlier deadlines for receiving financial aid applications. This means that although you can file for a FAFSA at any time before June 30, you may lose financial aid from some schools.

    Once you have shortlisted the colleges you are interested in, contact the financial aid office and ask about application deadlines. Don’t forget to write it down. 

    4. Do I need to fill out a CSS profile for your school?

    Many colleges also require students to fill out a CSS undergraduate assistance profile. If the college requires you to fill out a CSS profile, remember that it will be in addition to the FAFSA. Only some colleges may require the FAFSA. Others may require both a FAFSA and a CSS definition file. Either way, the FAFSA is a prerequisite to qualifying for federal financial aid.

    5. Can you help me understand the details of my financial aid award letter?

    Once the school has accepted you, it will send you a financial aid award letter along with your acceptance letter. 

    Your financial aid award letter will include a description of the personal financial aid package the school has put together for you. This will include details of the types of aid offered and the amount you will receive of each type. The award letter will also include details of when and how funds will be disbursed, along with any special requirements for securing funds.

    Although a financial aid award letter is very detailed, it can be very technical. This is done intentionally to avoid any misunderstandings. However, this also makes it difficult to understand. If you’re not sure about something that seems vague, call the school’s financial aid office and ask them to clarify. Don’t make the mistake of assuming anything. If I am wrong, it will be a costly mistake.

    6. When and how will the funds be distributed?

    It is important to know when and how the money will be distributed. This is because you may have to pay some expenses like lodge fees and meal plans up front and you will need to make arrangements.

    Generally, all money other than work study is deposited directly into the school account before the term starts. Payment is made twice a year before each semester. From there it is added to the student’s tuition bill. Any funds remaining after tuition and fees have been paid are transferred to the student’s account within approximately fourteen days.

    The only financial aid you don’t get at the beginning of the semester is the study and work part. You will receive these amounts as a weekly check once you begin working.

  • 05 Top State Grants for Massachusetts Students

    05 Top State Grants for Massachusetts Students

    Students and residents of Massachusetts can take advantage of a number of scholarships, grants, and other financial aid programs to help mitigate college costs. We review some of them below, and also give you some links to explore other opportunities available to students at MA State!

    Massachusetts Scholarships

    1. Christian A. Herter Memorial

    Scholarship Program Christian A. Herter is for students who have overcome major obstacles in their lives. Established in 1972, the award is for those who have overcome mental, physical, geographical or social difficulties. Eligible students who have demonstrated academic merit may receive 50% of the offer requirement at any college within the United States.

    Other eligibility requirements include:

    The student must be in the tenth or eleventh standard.

    The student must be nominated by a school, agency or organization.

    Minimum GPA of 2.5

    To be a legal and permanent resident of the country.

    2. Early Childhood Teacher Scholarship Program

    The Early Childhood Educators Scholarship Program is for current teachers, educators, service providers, and those seeking to enroll in a degree program or college to further their career. Award amounts vary depending on the school an individual attends—between $250 and $500 per credit to a maximum of $2,250 to $4,500 per semester.

    To apply, students must

    Complete their Free Application for Federal Student Aid (FAFSA).

    Create a MASSAid student portal account

    Be enrolled in an early childhood education program or similar program.

    Agree to continue working after completing school.

    Work toward your first bachelor’s or master’s degree.

    3. Massachusetts High Demand Scholarship Program

    This special program is designed to support the economic development of the country. The 2022-23 application was open to students pursuing a STEM-related degree or career in the healthcare field. Awards vary based on enrollment status (full-time vs. part-time), and range from $1,000 to $3,250 per semester.

    Students interested in applying need to:

    Complete their FAFSA.

    Be enrolled in a field of study defined as having a “high need” in the year of application.

    Maintain a GPA of at least 3.0 after high school

    4. Paul Tsongas Scholarship

    The Paul Tsongas Scholarship is a merit-based programme. Students with a minimum 3.75 GPA and at least 1200 on the SAT (or equivalent on the ACT), tuition is waived entirely if they are attending one of the nine participating state universities. But they are eligible for the waiver. The award is renewable annually but the student must maintain a GPA of 3.3 or higher.

    5. and more

    Agnes M. Lindsay Scholarship Program

    Gear Up Scholarship

    John and Abigail Adams Scholarship

    Lida@Liberty Scholarship

    Family Scholarship Program

    Assistant Teacher Preparation Scholarship

    Massachusetts Public Service Scholarship

    Custody grant for children

    Gilbert Scholarship for the matching student

    Tuition fee waivers based on need

    and more

    Where can you find more information about Massachusetts scholarships?

    For additional information about grants, scholarships, and financial aid programs within the state of Massachusetts, we recommend visiting the Massachusetts Office of Student Financial Aid. There, students can also find resources for getting loans, tuition reimbursement, guides for paying for college and more.

    Dealing with college can be stressful, but there are options available to you. In fact, there are billions of dollars in scholarships available to students across the country.

  • 5 Best State Grants for Maine Students

    5 Best State Grants for Maine Students

    Maine has a few different college scholarships available to students, and the Financial Authority of Maine (FAME) website lists over 100 scholarships specifically for residents of the state. Here are some of the details you will need to know about eligibility for these grants and scholarships!

    Maine College Scholarships

    1. Maine Scholarship Program

    The Maine State Grant Program is designed for any in-state college student who has demonstrated financial need. Eligible students may be awarded up to $2,500. Other eligibility requirements include:

    EFC is less than the maximum EFC set for the current year

    Attend school at least part-time (but maximum part-time award amount up to $1,250)

    2. Maine Scholarship Program For Adult Learners

    For students age 24 and older, there is also the Maine Scholarship Program for Adult Learners. In addition, students may automatically be entered to be nominated for this award by completing a FAFSA by May 1.

    Students Should Also:

    Have an EFC less than the maximum you set for the current year

    Maine Scholarship has not been received in recent years.

    3. Tuition Waiver (Nursery) Program

    For students who adopt or are adopted children who receive support from the Maine Department of Health and Human Services (DHHS), they may qualify for the Tuition Waiver Program. To apply, student applicants need to:

    FAFSA Completed

    Contact information

    Educational plans, including the school the student intends to attend.

    A copy of the acceptance letter

    The amount of the award depends on the school the individual attends, and the award is renewable for up to 5 years of undergraduate study.

    4. Tuition Waiver Program (Public Employee)

    Children and spouses of firefighters, emergency medical providers, and law enforcement officers who died in the line of duty can apply for the Public Servants Tuition Waiver Program. Children must be under 21 years of age on the date of parent’s death.

    Requests Must Include:

    Maine college acceptance letter

    College lecturer

    Proof of marriage and/or age

    Death certificate

    A statement notarized by a government official

    FAFSA

    There is no fixed amount for the award as it will vary from school to school, but the award is also renewable.

    5. And More

    Maine also offers some other scholarship programs for eligible students, including

    Low out-of-state tuition

    Dr.. For the Maine Futures Scholarship

    Competitive Skills Scholarship Program

    Adult Degree Completion Scholarship

    Where can you find more information about Maine scholarships?

    For more information about grants in Maine, we recommend visiting the Maine Financial Affairs Authority website. There, students can find details about scholarships and grants, as well as resources to help with scholarship searches. The site hosts over 100 state and local awards, and includes links to the Maine Community Foundation with more information on scholarships available to Maine residents, including non-traditional students, graduate schools, and more.

    Finding scholarships and determining which ones you qualify for doesn’t have to be like looking for a needle in a haystack. In fact, scholarship databases make finding these awards easier than ever.

  • 5 Best Scholarships for Returning Students

    5 Best Scholarships for Returning Students

    Contrary to popular belief, scholarships are not just for students who have recently graduated from high school. Many of the awards are for those who have decided to go back to college after years or decades! Here are some scholarships for returning students that you may want to consider.

    1. Return2College

    Return2College is an award with no age limit (as long as you are over the age of 17. Winners will receive $1,000 and the application process is very easy. All you have to do is provide your contact information, you need to enter details about your education. career goals, and write an “essay” that consists From three sentences about why you want to earn your degree, you can also enter several times with different essays. Applications are due in late January.

    2. Hermann Lehmann Education Fund Scholarship

    The Hermann Lehmann Scholarships are designed to assist individuals with financial need and transform racial justice. To be eligible, applicants need

    First, one must be a US citizen

    In addition, one must be entering college for the first time or transferring to a four-year university prior to their junior year.

    Therefore, one must prove financial need.

    He has a history of academic achievement.

    Fill the Free Application for Federal Student Aid FAFSA.

    Submit an essay, two letters of recommendation, a resume, an application form, and an acceptance letter to the college

    SAT and ACT scores, although there is no minimum score required to qualify.

    A professional photograph, if chosen.

    Applications for the Hermann Lehmann Scholarship are due in early April.

    3. Unigo $10k Scholarship

    Anyone over the age of 14, including adult learners, is welcome to apply for the $10,000 UNIGO Scholarship as long as they are legal residents of the United States. The application process is easy too! Students only need to submit an essay of 250 words or less that answers the question, “Would you rather be smart, funny, or rich?” Essays are judged on writing ability, creativity, originality, and overall excellence.

    Applications for this special award are due at the end of the year (December 31).

    4. Michelle L. Scholarship. MacDonald Memorial

    The Michelle L. McDonald Memorial Scholarship is dedicated to mature women who plan to return to school to study accounting, and the award provides up to $1,000 and is available to both full-time and part-time students.

    To apply, students must:

    Be a US citizen.

    Not currently in high school.

    Complete the application form.

    Proof of financial need.

    Demonstrated experience in accounting and/or business.

    Have clear accounting goals

    Preference is given to students who are returning to college after joining the workforce or who have raised children. Those interested in this scholarship can apply on the Education Foundation for Women in Accounting (EFWA) website, which lists many other awards for women interested in pursuing this major. Other prizes include:

    Women in Transition

    Awards of up to $16,000 over four years

    You must be enrolled as an incoming student and have a 3.0 GPA to renew the award.

    Women in Need

    Awards of up to $2,000 annually over two years

    A 3.0 GPA is required for renewal.

    Institute of Management Accountants IMA

    Awards are $2,000 and include student membership in the IMA, CMA exam admission fee, and CMA exam registration fee.

    Rhonda GB O’Leary Memorial

    Students must be attending an undergraduate or graduate school in Washington state.

    Prizes up to $2,000

    Moss Adams Foundation

    Finally, for minority women who are returning to school as a junior or senior, entering their fifth year of undergraduate school, or graduate students.

    Prizes are $1,000

    Applications for all of these awards are due by the end of April, and students should be in touch by the end of June.

    5. Working Parent College Scholarship Award

    In addition, for adult learners who have at least one child under the age of 18 and are currently attending college, there is the Job-Applications.com Working Parent Scholarship Award Program. The award is annual and gives the winners $1,000.

    Eligibility requirements include:

    Study full or part time at a college, university or trade school

    Have a 3.0 GPA or higher.

    Work at least 12 hours a week in the last 4 weeks before applying.

    18 years or older

    Complete an application that includes contact information, current GPA, field of study, and employment information.

    Write a 600 to 1,000 word essay covering the three keys to balancing work, school, and parenting.

    Applications for the Working Parent College Scholarship are due in early-mid-December.

    These are just a few of the many scholarships for returning students that you should consider! Using scholarship databases and talking to your college’s financial aid department can help you find others you might qualify for, and remember that scholarships are available year-round, which means you should look for them all year long!

  • How to Set Up a scholarship fund

    How to Set Up a scholarship fund

    Did you know that there are many scholarships that are offered by individuals or non-profit organizations and small organizations? If you want to create a fund of your own, whether to remember a loved one or to help others, here are five questions you should ask yourself about how to create a scholarship fund!

    #1 How much do you want to reward students?

    First, you should consider your budget. Even if it is only $500, it will help a student who needs financial aid to attend college. You don’t have to donate thousands of dollars, but you may have a budget for it, or you may have people willing to fund your scholarship.

    Some things to keep in mind that may affect the award amount include whether or not you form a nonprofit organization, the people you partner with (if any), and tax benefits.

    #2 Who do you want to help?

    Next, you’ll want to think about who you’ll be helping with your prize. Will the scholarship be available to all types of students or to a specific group? Some awards will be reserved for minorities, certain religions, some major institutions, and more. Others may only be available to those who have demonstrated financial need.

    If your scholarship is meant to be memorable, you may want to dedicate the award to those who exemplify your loved one. Or something close to your heart. The great thing about scholarships is how customizable they are!

    #3 What are the scholarship requirements?

    You also need to think about how students qualify for the scholarship. It includes deadlines, eligibility criteria, application process, and whether or not the award is renewable. Here are some questions you should ask yourself to help you determine the eligibility requirements (if you have any) and how to create a scholarship fund:

    What is the required educational level?

    High school, college, graduate, trade school?

    Is the location of the award specified?

    Is there a minimum GPA, ACT, or SAT score required?

    Does the student have to prove financial need?

    Should the student perform volunteer or community service?

    Is there a specific major or desired career field required to qualify?

    What application materials will you need?

    And if you include an essay, what should students write?

    What is the deadline for the award?

    Will there be any race, ethnicity or other restrictions on your scholarship?

    Will there be different eligibility requirements for renewal?

    #4 How will you manage the grant?

    Of course, you cannot insert an award into a scholarship database and call it a day. Here is more work on how to create a scholarship fund.

    You will need to finalize your scholarship program by making it a non-profit organization, working with a university, or partnering with the Scholarships Administration Service. The most cost-effective option is to work with a scholarship management service.

    Once you have established your scholarship, you will also need to promote and market the award. This can be done through the Scholarship Management Service, but you may also want to make announcements on social media, high schools if students qualify, and any personal networks in your community.

    #5 How will the winners be chosen?

    How winners will be selected must be decided before the awards are launched. You’ll be able to start reviewing applications once the deadline has passed, but here are some aspects you’ll want to consider before and after the deadline.

    How will the winners be chosen?

    Do you have specific criteria or aspects that you are looking for? Will applications be ordered using a formula? If so, you may wish to include this information in the scholarship announcement and rules.

    How many winners will there be?

    How will you work through all the applications?

    Many scholarship management services will recommend the best candidates based on your scholarship needs.

    How long will it take to notify the winners?

    Of course, at this point, after you get a scholarship, you may want to ask yourself, “Do I want to do that again?” Some scholarships are awarded for only one year, while others last for decades! Your budget and goals will come into play here, but it’s important not to rush into a decision.

    Starting a scholarship can be very rewarding and allows you to give back to students within your community while supporting a cause you believe in. Budget, goals, and more to develop a scholarship that not only benefits potential recipients, but also aligns with your intentions.

  • What if your parents refuse to help with the FAFSA?

    What if your parents refuse to help with the FAFSA?

    Some students have circumstances that prevent them from accessing their parents’ financial information or parents refuse to provide the information for one reason or another. In cases where parents refuse to fill out the FAFSA, there are options.

    1. Talk to your parents.

    If your parents refuse to fill out the FAFSA, it’s important to find out their reasons first. Is your relationship strained and they are not willing to help you in any way? Or maybe they misunderstand how the FAFSA works and think they are co-signing a student loan?

    Understanding their reasons will help you plan your next steps. If there is just a misunderstanding regarding your financial aid application, you should talk to them. Explain without judgment and with plain facts what the FAFSA is and how it actually helps you afford college tuition.

    Some of the advantages and points you may want to mention include:

    The filling is easy.

    This could save you thousands of dollars.

    They do not have to sign the loans.

    Even if you are offered a financial aid package with loans, you don’t necessarily have to take it

    Failure to complete this could result in you graduating from college with high-interest debt.

    If they are having trouble seeing your side, you may want to schedule a meeting with them and your guidance counselor or financial aid office. Professionals have seen it before and can help explain how the app works, even if your parents are a little stubborn.

    2. Get a dependency override.

    Students under the age of approximately 24 need their parents to complete a FAFSA with them because they are not considered legally emancipated from their parents at this age. However, some students may be in a strained relationship, already financially independent, or unable to convince their parents of the benefits of applying. If you are in one of those boats, you may qualify for a dependency bypass.

    An affiliate bypass allows you to complete a FAFSA without them knowing. If you can qualify for one.

    There is an enmity.

    Parents or guardians are imprisoned.

    Parents or guardians who are physically or mentally disabled.

    Unfortunately, students may not qualify for a dependency exemption simply because their parents won’t support them financially or they misspelled the FAFSA. Even if you are financially independent, you must have one of the qualifying factors listed above.

    3. Visit your financial aid office.

    Just because you don’t qualify for dependency override doesn’t mean you don’t have options! Your next step is to speak to your college’s financial aid office. They can help you apply for an unsubsidized direct loan that is not based on financial need.

    To be eligible, you will need a form signed by your parent or guardian stating that they will not help you complete the FAFSA. If your parents refuse to do so, you will need a third party to verify the situation. It could be another relative or a teacher.

    4. Explore your options.

    The FAFSA is required to apply for some federal student loans, as well as to qualify for college scholarships and financial aid packages. Failure to complete it may make it difficult to tolerate college.

    If your parents still refuse to help, you have other options available to you — other than applying for an unsubsidized direct loan. Must

    Talk to your financial aid department or guidance counselor about other assistance options available to you.

    Apply for scholarships that do not require you to prove financial need.

    Find private student loans.

    Find job opportunities near your school.

    Apply for state grants.

    Go to a community college because it is much more affordable than four-year schools.

    If you can’t afford college at this point in life, you may want to consider returning to your education when you turn 24 — when you complete your FAFSA without the help of a parent or guardian.

    In most cases, you will need a parent or guardian to help you complete your Free Application for Federal Student Aid. While there are options available to you—such as applying for state scholarships and grants—students who don’t complete the FAFSA miss out on financial aid packages and some federal student loans. It can make college unbearable. However, following the above steps can help you take advantage of these options—and even help convince your parents that the FAFSA is an easy-to-complete form that only needs to be filled out. It will benefit your future.

  • 16 of the Best On-Campus Jobs

    16 of the Best On-Campus Jobs

    If you have been accepted into a federal work-study program as part of your financial aid or if you want to earn money between courses, you may be curious about what kind of jobs you can get on campus. Each college differs in what it offers, but it is entirely possible to apply for a work-study position that will be beneficial to your future career. Keep reading to learn more about the benefits of working at your school, plus the 16 Best Campus Jobs!

    Benefits of working on campus

    For some students, working on campus means being accepted into a work-study program. However, this is not always the case. You can find jobs at your college even if you don’t get a financial aid package. Doing so has many benefits.

    You gain experience on your resume.

    This can lead to a career in college after graduation.

    You won’t have to travel a lot for work.

    The college understands that you have classes and that you have to study and complete your homework. They will be flexible to your needs and schedule.

    You can get discounts based on your job, including money you spend on books, coffee, and other supplies. Some may even give you free stuff!

    And of course, you’ll earn money while you’re in school!

    16 of the best on-campus jobs

    1. Library assistant

    There are certain tasks that you must complete as a library assistant. This includes putting books where they belong, helping students find texts, helping with computer work, or showing books to students, faculty, and staff. These jobs look even better when you’re starting out, because working in a bookstore is no joke! Between organization and customer service, there’s a lot going on.

    2. Office assistant

    There are many places you can work as an office assistant on campus, from the school gymnasium to the math department. You will answer phones and possibly emails, file documents, assist professors, and complete other office tasks.

    3. Tour guide

    Every college and university offers open houses and tours to high school students. Maybe you brought some yourself! However, positions are also open to work-study program students.

    4. Marketer

    When it comes to your college’s marketing department, it may need help. From social media to open house brochures, there is a lot of ground to cover. There may be opportunities for students but what you are hired to do depends entirely on the needs of your school. Other on-campus jobs related to undergraduate marketing may include typist, interviewer, photographer, and writer.

    5. Department of Art – Assistant

    There is a lot going on in the technical department and a lot of content needs development. Students and faculty can’t always handle it all on their own. Your job might be mixing soil or organizing equipment. This work can vary since there are many different areas of art.

    6. IT help desk or computer lab assistant

    Many computer lab staff and help desk staff are work-study students. You can help fellow students with computer or printer problems, monitor computer usage, or answer the phone at the help desk. This can be a great job because you often have time to work on your own projects between calls.

    7. Teacher

    If there is a particular subject in which you excel, teaching may be right up your alley when it comes to work study programs. This can help your peers, but you may also be asked to help out at local K-12 schools.

    And you don’t have to work in school for that! You can go out and advertise your services yourself. There are also many online opportunities for students looking to teach others.

    8. Fitness center assistant

    Health care assistants can have a wide range of required tasks. You may be responsible for cleaning, sanitizing, or organizing supplies, or you may be required to be a receptionist at the center. Other schools require students who attend a fitness center to fill positions as sports team directors, judges, referees, or fitness programmers. The work you get will likely be set based on availability, but your experience in sports may also play a role.

    9. Research assistant

    Many laboratories in colleges and universities are understaffed. Research assistants in work-study programs can provide much-needed support for research, equipment, and laboratories. You may be required to clean and maintain equipment, but some students engage in fun work.

    Research assistant jobs pay more than other study and work positions, but they also have more stringent requirements. The school may only require students who are studying a related major or have laboratory experience.

    10. Day Care Assistant

    As employee and student benefits expand, many colleges have begun offering day care to parents. This position may be hard to come by (your school may not even offer it), but work-students plan, implement, and welcome the children’s daily activities. They can expect to help complete various assignments. Schools typically require students interested in this position to focus on early childhood development or other areas related to education.

    11. Mailroom Assistant

    Mailrooms can be busy places, especially at a large university, and they need all the help they can get. The school will need a Mailroom Assistant to sort and deliver mail, run errands, receive work, deliver supplies and equipment around campus, and more.

    12. Positions of the local organization

    It won’t necessarily be on campus, but it’s still worth a mention. Sometimes, local nonprofits are looking for employees. Colleges will partner with these organizations for their work-study programmes. Available jobs can vary from helping an animal shelter to working at a food bank to helping out at the Boys & Girls Club.

    You can even be in charge of fundraising for these campus organizations or recruiting others to the cause!

    13. Barista

    Like coffee? You might want to spend more time at the campus cafe! The position offers flexible hours, and you can walk away with free or discounted coffee after your shift. Even if you tend to be artistic, you can add some creativity to the lattes you make.

    14. Library assistant

    College libraries regularly help students build stocked shelves and counters and help other students find what they are looking for. If you are interested in, or even studying, a career, this could be right up your alley and give you some valuable retail experience.

    15. Food court attendant

    Dining halls often employ both students and local residents. You can also choose to schedule breakfast, lunch, or dinner according to the class schedule, which makes it an ideal on-campus job for students. If your schedule changes the following semester, you can always choose another shift!

    16. Resident advisor

    The dorms are on staff with a resident advisor, also known as an RA. These students are usually upperclassmen and are responsible for the dorm floor. They help resolve conflicts, make sure rules are followed and search rooms. RAs can also organize building-wide activities or lead your residence in competitions against other buildings. One of the perks of being an RA is that you sometimes get a free private bedroom (which can get expensive!).

    These are some of the best jobs available on your school’s campus. Although every campus is different, job opportunities may change from year to year. When applying for a job on campus, try to find one that matches your interests or will enhance your resume after graduation.

  • What is the statute of limitations on private student loans?

    What is the statute of limitations on private student loans?

    Once this statute of limitations is reached, the creditor can no longer sue you. It is important to note that this time limit only applies to private student loans. Federal student loans are not subject to application restrictions. The federal government can take steps to recover money from you at any time.

    What is the statute of limitations on debt?

    The statute of limitations on debt refers to the time a creditor can sue you for arrears if your debts are in default. When your loan exceeds this deadline, it is considered “time out”. Once the loan period expires, the lender cannot engage with the legal system or sue you for money back.

    This does not mean that your student loans go away when the loan becomes delinquent. You will still owe the creditor after the statute of limitations expires. The creditor may still require you to pay. However, the only difference is that the creditor cannot use the legal system to recover the money.

    If you have private student loans that have been in default for several years, it helps to understand how the law works.

    What is the statute of limitations on private student loans?

    The statute of limitations on private student loans varies from state to state. Your student loan debt is subject to the laws and guidelines of the state where you live. The time frame in most states is usually 3 to 6 years, although some states have longer periods.

    If the statute of limitations in your state is 3 years, that means the creditor has only 3 years after your failure to sue you for payment. After that, they cannot sue you in court to collect what you owe, although they can demand that you pay back the amount owed.

    Here’s a look at student loan law timelines for some states:

    Arizona – 6 years

    California – 4 years

    Colorado – 6 years

    Florida – 5 years

    Georgia – 6 years

    Illinois – 10 years

    Kansas: 5 years

    Louisiana: 3 years

    Major – 6 years

    Massachusetts – 20 years old

    Michigan – 6 years

    Missouri – 10 years

    Mississippi – 3 years

    Nebraska – 5 years

    New York – 6 years

    Ohio – 8 years old

    Oregon – 6 years

    Pennsylvania – 4 years

    South Dakota – 6 years

    Texas – 4 years

    Vermont: 6 years

    Washington – 6 years

    Wyoming: 10 years

    As you can see in this small sample of cases, timelines can vary greatly between states. 

    When does the statute of limitations begin?

    In addition to timelines, the rules governing the start date of the statute of limitations also vary from state to state.

    In some states, the statute of limitations begins on the last date you were paid. In other states, the date begins on the day you lose your first payment.

    In other cases, it starts on the day your loans default. This usually happens 120 days after a missed payment, but sometimes a loan can default after one short payment.

    What happens after the statute of limitations expires?

    After your state’s statute of limitations has passed, the creditor can’t take you to court and sue you to pay off your debts. However, the lender is unlikely to let you off the hook so easily. There are several scenarios that can occur after a timeout.

    The creditor may not realize that the statute of limitations has expired and decide to sue you after the deadline has expired. If you receive a subpoena for your debt after the limitation period has expired, don’t ignore it. You still have to go to court and argue that your student loans should be considered suspended under the statute of limitations. Under these circumstances, it can no longer be collected.

    If you do not appear in court and do not make this defense, the judge will not know that the debt has expired and may issue a judgment against you. If the judge rules in favor of your creditor, the debt is collected. If you are not comfortable representing yourself, hire an attorney to defend you.

    Even if the judge rules in your favor, your creditor will not easily let go of outstanding debts. Depending on the laws in your state, they may still contact you and pressure you into repaying the loan. But they can no longer threaten you with lawsuits, and they won’t be able to use other collection methods like foreclosure on your paycheck or placing liens on your property.

    Be careful about restarting the statute of limitations

    Lenders can still legally contact borrowers after a student loan repayment holiday ends. Sometimes, the loan holder is not aware that the deadline has expired. Or they may feel pressured or harassed to pay even if the debt is on time. This is something you have to be very careful about.

    If your state’s private student loan prohibition has expired, don’t make the mistake of agreeing to pay that loan back. If you make a payment on a loan that has expired, it restarts the statute of limitations. With that first payment, the clock starts again, and groups will suddenly have the legal means to collect debts that have been outstanding for another 3 to 6 years. 

    In some states, the statute of limitations may run again when you make a written promise to pay the debt. Even if you don’t actually make any payments, a written promise will turn the clock back on time.

    In some states, the time limit starts again even if you admit you owe a debt.

    You need to be very careful about how to proceed after the private student loan prohibition in your state is over.

    How to move forward after your State Statute limits expire

    Often, creditors will be willing to accept a settlement for less than you owe after the law is passed. They know they have no legal recourse and would rather cut their losses. However, it may not be very beneficial for you to do so. It is best to speak with an attorney before responding to any creditor communications after the time limit has expired. By doing so, you can inadvertently activate the stat again. 

    If you absolutely believe your private student loan is past due, send a formal notice to the collector. Tell them that the loan is past due and that you will not be making the loan payments.

    The next step is to send a cease and desist letter by certified mail. The letter should include some basic components. It should tell them not to contact you about any refunds. However, they must acknowledge receipt of the letter and inform you of any legal action they intend to take.

    In the meantime, do not promise to repay the missed loan in whole or in part. If you feel morally obligated to pay, wait until you can pay in full. Making partial payments or promising to make them may force you to repay the loan before you have the funds to do so.

    Final Thoughts

    Waiting for the statute of limitations to pass seems like an easy way to get out of paying off your student loan debt. this is not. You may have to default on your student loan for several years before the loan becomes effective. During this period, the creditor will have time to sue you and collect his debts.

    If you can’t make the payments on your private student loans, the best option is loan refinancing. Choosing lower monthly payments on your new loan will make it more affordable, lowering the risk of default. 

  • 7 ways to help finance your financial aid gap

    7 Ways to Help Finance Your Financial Aid Gap

    Have you checked student finance for next semester? If you haven’t checked, now is the time to do so. That way, if you’re facing a financial aid gap, you still have some time to find a way to collect some money. If you waited until the last minute, you may want to consider private student loans. However, we hope that private student loans are a last resort.

    So go ahead and check your loan funds for next semester. Do you have enough funds or are you lacking? If you have enough to cover the next term’s fees and other school expenses, great! If you don’t, here are some things you can do to help bridge your financial aid gap.

    7 Ways to Help Finance Your Financial Aid Gap

    1. Apply for a scholarship.

    Scholarships are available throughout the year. Organizations prepare scholarships at different times of the year, each with different deadlines. It is always a good idea to research and apply for scholarships regularly even if you have significant funds from student loans. Scholarship award money is free and you don’t have to pay it back, which makes it a great source of free money for college. Yes, you should spend time researching opportunities and putting together a solid app. 

    Start by searching for scholarship opportunities online, but don’t stop there. Expand your search by exploring local newspapers, your school’s bulletin board, and even local bulletin boards. Many local companies offer scholarships to help students in their community.

    Apply to a mix of major and minor scholarships. Larger scholarships can offer a bigger prize but are also more competitive and harder to win. On the other hand, smaller scholarships are less competitive and easier to win. Small grants can dramatically increase and reduce loan fund gaps over the course of a year. The most important thing is to ensure that all scholarship applications are sent before their respective deadlines.

    2. Ask about tuition payment plans.

    Many colleges offer tuition payment plans for students who cannot afford to pay tuition fees in advance. These plans allow students to spread tuition costs over multiple payments throughout the year. Cutting costs can take the stress out of paying your college tuition bill in one big payment. This helps you optimize your payments budget while giving you time to collect more money between payments. Best of all, you don’t have to worry about late payment fees if you can’t afford the lump sum.

    3. Start a part-time job.

    Yes, it can be difficult to juggle work and study but you can do it. All the money you earn means you’ll need to take on less student loan debt. When you graduate with less student debt, you’ll feel glad you worked so hard.

    If you are awarded a federal work study, use that money because it comes to cover some of your semester expenses. If you are not offered a federal work study, talk to your school’s financial aid office and ask about part-time jobs on campus. If none are available, look for part-time jobs off campus. Fast food places always require part time employees and this is a great place to start.

    Freelancing is another great way to make some money if you run out of loan money for the next semester. With freelancing, you can take on tasks that best suit your strengths and skills. The best part is that you can do as much or as little work as you can handle.

    4. Ask for a reassessment of your circumstances.

    When you file a FAFSA (Free Application for Federal Student Aid), your financial aid eligibility is calculated based on your family’s financial situation. If your family’s finances have changed since filing your FAFSA, you may be eligible for more federal financial aid. This could be due to several conditions. Parents may have lost their jobs or have decreased income. Divorce or separation also changes your eligibility for financial assistance.

    If your family’s finances change, talk to your school’s financial aid office and ask them to recalculate your eligibility. You will need to provide documents that support your application. The Office of Financial Aid will not proceed without proper documentation indicating a change in financial circumstances.

    5. Check your eligibility for additional federal student loan funds.

    Regardless of family circumstances, you may qualify for additional federal student loan funds. Your school’s financial aid office will be able to assist you with this. Before you talk to them about getting more student loan money, make sure you’ve exhausted all other options, including scholarships and part-time jobs. You do not have to repay money earned through scholarships or work. But you have to pay off student loans with interest.

    Even if you qualify for additional federal student loan money, only borrow what you need for your college expenses. 

    As a last resort, your parents may be able to get a PLUS direct loan. This is a type of federal student loan that only parents can apply for on behalf of the college student. The advantage of these loans is that there is no limit to the amount your parents can borrow. The downside is that these loans carry high interest rates, so use this option wisely. Borrow only as much as you need and no more.

    6. Consider asking for family assistance.

    Family members are usually very supportive and will be more than happy to help if you prove yourself responsible and reliable. Talk to them about needing more student loan money for the next semester.

    It also helps to spread it out and let family members know that you want to receive cash gifts once in a while. This amount can increase or decrease the amount you need to borrow in student loans.

    7. Apply for a private student loan.

    Finally, private student loans can help you bridge the financial aid gap and secure your funds for the next semester. These loans certainly help but may come with higher interest rates and more stringent terms. You can get a lower interest rate if you apply with a cosigner.

    If you are interested in obtaining a private student loan, it is important that you take the time to compare lenders, their rates, and loan terms. These vary widely between lenders and you want to make sure that you are not paying an unnecessarily high rate. 

  • How is income calculated for student loan forgiveness?

    How is income calculated for student loan forgiveness?

    In case you were wondering, yes, there are income limits for student loan forgiveness. There is a reason for that. Imposing income limits on student loan forgiveness ensures that debt forgiveness is focused on those who need it most. The amnesty program is designed so that only individuals and spouses who earn less than certain thresholds are eligible for exemption. This loan forgiveness applies only to federal student loans. Personal student loans are not eligible for forgiveness.

    What is the income limit for student loan forgiveness?

    Income limits for student loan forgiveness differ for single and married borrowers.

    Individual borrowers earning less than $125,000 per year are eligible to cancel a loan of up to $10,000.

    Married borrowers who file jointly are eligible for debt forgiveness of up to $10,000 if their combined earnings are less than $150,000 per year.

    Borrowers who meet the Student Loan Forgiveness threshold and also have Pell Grants are eligible for up to $20,000 in loan forgiveness.

    Income limits for student loan forgiveness are not based on a sliding scale. The federal government has set limits for single borrowers and married borrowers. It doesn’t matter if your income is just below this limit or much less. As long as your income is below the specified limit, you will receive the full exemption amount.

    How is income calculated for the purpose of student loan forgiveness?

    There are two things to know when calculating the income threshold for student loan forgiveness.

    First, the cutoff will depend on your annual income earned in 2020 or 2021. These were the years during which borrowers were most likely to experience a decline in income. If your income was below certain thresholds during 2020 or 2021, you are eligible to apply for debt forgiveness.

    Second, income eligibility is determined based on adjusted gross income (AGI). AGI is basically the total of all taxable income items minus certain expenses that are listed in Part II of Schedule I on your tax return. Taxable items include your salary if you are employed and net business income if you operate your own business.

    How do you calculate your adjusted gross income:

    Include all of your earnings including salary, side earnings, and interest on bank accounts and other assets. 

    From this total, subtract the items on Part II of Schedule I of Form 1040. Deductions may include contributions to health savings accounts, teacher expenses, and individual deductible retirement accounts.

    This will give you your adjusted gross income for the years 2020 and 2021.

    If your AGI is below the income limit for student loan forgiveness, you are eligible to apply for loan cancellation.

    For many individuals, gross income and adjusted gross income will be nearly identical. In some cases, it will be the same. For married couples, there can be a huge difference between the two.

    What do you do next if you qualify for a waiver?

    You are eligible for a waiver if you meet two basic requirements. The first requirement is that you have federal student loans. The second is that you earn less than $125,000 per year for singles or $250,000 for married borrowers. If you meet both criteria, there are a few things you need to do to ensure that your loan is not foreclosed.

    Start by logging into your FSA account and making sure your contact details are up to date. Verify your phone number, email address, and postal address. This will ensure that you get the latest notifications and updates from your loan service about forgiveness.

    At this time, the student loan subsidy program was temporarily suspended by the court. While the issue is resolved, you can sign up for updates so you will know when the software is available again. If you have already submitted a waiver application, the Department of Education will maintain it for you. Once the order is raised, they will process it.

    What to do if you do not qualify for a waiver

    If you do not qualify for forgiveness, you should begin to put your finances in order and prepare to start making payments. Loan repayments were initially set to resume on December 30, 2022, but the moratorium has been extended to June 30, 2023. This means that payments will resume on July 1, 2023. Don’t wait until the last minute to see how you’ll get it done. Payments Use the next few months to organize your finances and create a payment plan.

    Sign in to your FSA account to review your federal student loans. Make a list of all your debts with interest rates, outstanding balances, and payment dates for each.

    Calculate the total monthly loan payments for all your loans. Don’t forget your student loans. If you have any that stand out, add them to the list. Will you be able to afford these payments each month from July 1, 2023, until they are paid in full?

    Consider your options if you think you won’t be able to make those payments. Two of the best options out there for making payments affordable are income-based payment plans and refinancing. Take the time to understand how each option works and the pros and cons of each. By doing your homework today, you’ll be better equipped to make an informed decision about how to proceed when the time comes.