The benefits of using student loan consolidation services are varied and immediate. It provides the opportunity to make repayment easier helping the borrower to avoid default on your loan. Understanding the process is the key to getting the best results with your loan consolidation. Student loan consolidation programs allow borrowers to merge all of their outstanding loans into one large loan. If a student has separate government student loans, the student can merge them by paying them off with the single consolidation. The consolidated loan takes its place at lower rates and on a different payment schedule.

Some benefits of consolidating loans through student loan consolidation services include convenience, less paperwork with multiple loans and the ability to keep track of one payment instead of three or four. It can also save students money if done correctly. Three outstanding loans at $100 per month totals $300 per month. After using the student loan consolidation service, only one payment is required, usually at a lower interest rate. The final payment per month will generally be much lower than three separate payments at various interest rates. This can be hugely beneficial to a student who has just graduated and short on funds.

Consolidating loans offers opportunities to borrowers to negotiate deferment and repayment strategies that are not available on the original loan. When trying to find work or considering continuing educational possibility, flexibility with loan consolidation may be the key difference between struggling and having a manageable budget that is livable.

Every student is eligible for government student loan consolidation services. While there are requirements that must be met before a student can apply for consolidation. First, if you have only one loan, you have nothing to consolidate. You can’t be in default on any of your loans, and you either must still be in your six-month post-graduate grace period or have made three full payments on each of the loans you want to consolidate in order to qualify. You can consolidate either subsidized or non-subsidized loans although if you have a combination they must be separate consolidation according to law.

Looking for student loan consolidation services is not as hard as you might think. Direct Loans is a good source of information. Direct Loans provides additional information online at http://loanconsolidation.ed.gov/borrower/borrower.shtml or by calling (800) 557-7392.

Consolidating your student loans is both intelligent and highly recommended after graduation. Money is tight as you try to move into the working world, and every penny counts. It behooves a student to do as much research as possible; however, it is a fundamental part of making repayment as painless as possible.

For more information on student loan consolidation services, visit http://www.student-loan-zone.com

With the high cost of a college education, no one wants to pay more than they must. Yet thousands of families pay too much for college every year because they don’t understand the basics of financial aid and don’t know the right questions to ask. So let’s learn the basics and then what questions to ask.

Basics Part I

There are three types of financial aid for college: grants or scholarships, loans and work-study.

Grants and scholarships are free money that you do not need to pay back.

Most grants and scholarships come from the federal and state government or from the individual college.

Loans need to be paid back after college.

There are many loan programs available from the federal and state government. Most of these loans have fairly low interest rates. There are also private loans available although these generally have a higher interest rate.

Work-study is a job offered on the campus of the college.

Basics Part II

Need based aid vs Merit based aid

Need based aid is given by all colleges to students who have need. Anyone who can’t pay the full cost of the college has need.

A form called the Free Application for Federal Student Assistance (FAFSA) determines the amount of need for federal grants and scholarships. Many highly selective colleges also require a form known as the Profile form The FAFSA form is filled out after January 1 of the year the student will first attend college.

The FAFSA and Profile forms ask questions about the income of the parents and student using information that you gave on your tax returns. These forms also ask questions about the amount of money you have in savings or investments. The Profile form is more detailed than the FAFSA form. Once these forms are completed the government uses the FAFSA form to determine how much your family can pay for college. This is your expected family contribution or your EFC. Your EFC is the same regardless of the cost of the college. Similarly the individual colleges who use the Profile use that form to determine what your family can pay for college.

Your need is the cost of the college you are looking at minus your EFC. For example, if you are looking at a college that costs $20,000 a year and your EFC is $5,000, your need at that college is $15,000. If you are looking at a college that costs $40,000 a year your EFC is still $5,000. Your need at this college is $35,000.

Merit-based aid includes scholarships typically for students who have good grades or have some other special talent such as athletic or musical talent. Most highly selective colleges offer little or no merit-based aid.

Finally, in looking at colleges you should ignore the cost of the college. Yes, you read that right. Ignore the stated cost of the college when you are first deciding which colleges to investigate further. You will see why later in this article.

So now you know the basics. Now comes the fun part: How to save money by asking the right questions.

Questions to ask the colleges

Question 1- What percent of my need do you meet?

Remember that EFC, or expected family contribution that the FAFSA determined? Some colleges will meet 100% of your need. Need again is defined as the cost of the college minus your EFC. So what does it mean if a college says they will meet 100% of your need? It means that once the FAFSA or Profile form has determined how much you can pay for college, the college will pay 100% of the rest of the bill.

Colleges will typically meet the need you have using a combination of grants, loans and work study. Most colleges will award work study and loans first and if there is a need after that, the remaining need will be supplied by grants. The colleges will typically have a standard loan and work study amount that they award and you should ask about what these numbers are when investigating the college.

Let’s see an example of a financial aid award from a college that provides 100% of need with a student who has an EFC of $5,000.

Total cost of college $40,000

Expected family contribution $ 5,000

Need $35,000

Financial aid award

Work study $ 2,000

Loans $ 4,000

Grants $29,000

At a college that meets 100% of your need you pay $5,000.

But what happens if the college doesn’t meet 100% of need? Many less selective colleges don’t pay the total amount of need that their students have. Let’s use the example of our imaginary college from above only this time assume that the school only provides 90% of need.

Total cost of college $40,000

Families expected contribution $ 5,000

Need $35,000

This college only provides 90% of the $35,000 need or $31,500. Thus, your out of pocket expenses are the $5,000 EFC plus an additional $3,500 for a total cost of $8,500.

This example makes it easy to see why a school that meets 100% of need is often a better financial aid deal than a school who doesn’t meet all of the families need.

Many of the most expensive private colleges meet 100% of the students need while cheaper public colleges usually meet less than 100% of the need. This means that for many students it can be cheaper to go to an expensive private college than to attend a cheaper state school. Until you know what percent of need the college meets, don’t eliminate a college from consideration just because it is expensive.

Question 2- Do you have merit based aid?

Many colleges that don’t meet 100% of a students need do offer scholarships for some students. If your student is near the top of the application pool for a less selective college they may get some money if they qualify for merit based aid. Thus, in some cases, if the student is willing to look at a less selective college, they may get a better financial aid package. Here are some questions you should ask if the college provides merit aid.

How many merit awards are available?

What is the value of the merit awards available?

What are the qualifications to receive one of these merit awards?

This works even for families that don’t qualify for need based aid at all. If your student can qualify for a merit based award you won’t need to pay the full stated cost of the college.

Question 3- How is financial aid determined after the first year?

Some colleges have a policy of providing good financial aid for the first year and then substantially reducing the grant aid in the following years while increasing the loans. You should ask the college in which you are interested how they determine financial aid after the first year and what the average loan is after the first year. While it is typical that the amount of loans will increase each year if the increase is substantial you will want to take that into consideration.

Question 4- What is the average loan amount at graduation of those students who have loans?

This question will give you the best indication of the amount of loans that this college requires compared to other colleges in which you may be interested. Although most students will have some loans when they graduate, you don’t want this amount to be any more than necessary.

Question 5- What is your policy regarding outside scholarships?

Most colleges will subtract money earned in outside scholarships from your financial aid package. Some colleges will reduce the loan burden by the amount of the scholarship, but other colleges will reduce your grant money. If the college reduces the amount of loans you have to take out that is a benefit to you. There is no benefit to you if the college reduces the grant aid.

Question 6- What is your packaging policy?

Most colleges give a financial aid package that includes grant money, loans and work study. But each college combines this money differently. Specifically you want to know:

What percentage of an aid package from your college is grant vs. self-help (loans, work study)?

The greater amount of grants versus loans and work study the better for the student.

Do you have a preferential packaging policy?

Preferential packaging occurs when a college gives a better financial aid package to a student with a stronger academic profile than to another student with the same financial need but with less academic credentials.

Question 7- What is your four year graduation rate?

What difference does a college’s four year graduation rate make? This is an important question that many people never consider. Another way to phrase this is, How many years of college am I going to have to pay for? If the college has a high four year graduation rate, you will most likely only have to pay for four years of college. However, if the college graduates most students in six years then you can plan on paying for six years of college, not four.

Conclusion

Now that you know something about financial aid, including the questions to ask each college you are considering, you can make an informed decision in paying for a college education and hopefully also save some money.

Colleges look at many different factors in deciding which students to admit. To complicate matters further, these factors, and the weight given to each, differs from school to school. However, in general terms, colleges are looking for students who have the academic ability to succeed at their school. They begin that process by looking at the courses taken in high school, the grades received, the student’s standing relative to their classmates, and their test scores. Once they have determined that a particular student could succeed academically, many schools will look at a variety of other factors. Some of the other factors are discussed below.

In general terms, larger state schools tend to rely more on grades and test scores. The smaller the school and the more selective the school, the more factors are generally considered in deciding whether to admit a particular student. To determine what factors for admission are looked at by any particular school you should ask an admission counselor from that school.

Academic Achievement Reviewed

Your transcript

The colleges will look at the level of difficulty of the courses you took and the grades received in those courses. They will also be looking to see if you challenged yourself by taking advantage of the AP and accelerated courses that are available.

Class rank

The colleges will review your GPA and where you rank in your class Standardized Test Scores

SAT I, SAT II and ACT. How well did you do on the standardized tests compared to the average candidate to that school. Teacher and counselor recommendations

Most schools have forms that they ask your teachers and counselor to complete. These forms provide specific information about strengths, accomplishments, areas of improvement and recommendations

Achievements/Awards/Scholarships

What academic awards have you received.

Academic interest (major)

Some schools have a reputation in a particular area of study. At such schools, it may be easier to gain admission if you are planning on studying a major for which they are not known.

Personal Achievement Reviewed

The list of factors a particular college is looking for in a student in a particular year varies widely. Listed below are some other factors that may be considered:

Extracurricular activities

The college will be looking at the amount of time you spent in your activities and whether you held a leadership role. The more time involved and the greater the involvement (i.e. captain of a team), the more impressive your activities will look. Remember that colleges are not looking for the well-rounded student; they are looking for a well-rounded first year class.

Character traits

What traits do you possess that reflects on your leadership, fellowship, inspiration, discipline or determination?

Interview

The interview can give put a face to your application and might highlight a special talent or problem in your record.

Recommendations

What sort of person and student do your teachers and counselor think you are?

Summer experiences

What have you done in the summer and how has that influenced your life/perspective? Don’t worry if you haven’t had any great experience during the summer. Most schools are impressed by someone working during the summer to save money for school. It reflects a certain level of maturity to be able to hold a job.

Other Considerations

The list of factors a particular college is looking for in a student in a particular year varies widely. Listed below are some other factors that may be considered:

Gender

Many schools try to achieve as close to a 50-50 balance between men and women as possible. Depending on the school, this may give one sex or the other an advantage if the school needs more men or more women.

Family background, race or ethnicity

Students who are the first in their family to go to college are often given additional consideration. This is also true if you are of an ethnic background that school seeks for diversity.

Residence Schools are often looking for geographical diversity in their students.

Special talents

If you are particularly talented in some area (art, music, writing, athletics, etc.) you may be given more consideration.

Area of interest

If you have a particular interest that is very unusual and to which you have devoted a great deal of time, you may get additional consideration.

Legacy status

Many schools give preference if one of your parents or siblings has previously attended the college to which you are applying.

Financial need

Some schools make admission decisions based on whether you are seeking financial aid or not.

Disciplinary issues

If you have been disciplined by your school, the colleges will look closely at what occurred.

In trying to decide what type of college will best meet your wants and needs there are many things to consider. Listed below are some of the factors you will need to consider in deciding where you want to go to college.

Type of institution- Private or Public. College or University. Church sponsored.

Colleges can be either public or private. Public colleges are those that are supported by the state in which they are located. Many highly ranked colleges in the United States are state-supported institutions. These colleges can often provide an excellent education at a price for an in-state resident that is much less than comparable private colleges. At the early stages of your investigation, I would encourage you to consider both private and public colleges.

While private colleges frequently cost more than comparable state institutions, they often have the financial means to offer generous need-based or scholarship-based financial aid. This aid can make the cost of a private college the same or less than attending your state college.

Many of the more selective private universities and colleges have a religious affiliation. The extent of spiritual influence varies. But at the beginning of your college search, we strongly encourage you to investigate all private colleges, regardless of religious affiliation.

Academics- What courses and majors are you looking for

The most important reason for going to college is to get an education. The type of academic atmosphere and variety of courses studied is an important factor to be considered when choosing a college. Be careful, however, of choosing a college based solely on it having a particular major or field of study. Research shows that 90% of all college graduates do not major in the field of study they originally had intended. This happens for several reasons.

First, most colleges have majors in subjects you have never before studied such as political science or anthropology. Second, as you gain experience and maturity in college, your interests may change. Take time to explore your options and be realistic about your talents. Be sure to pursue a course of study that is of genuine interest to you, not just one you think might lead to a good career.

If you do have a strong interest in a particular area, such as science, it is important to evaluate a college’s facilities and offerings in those areas to make sure they have adequate resources. Remember that many smaller colleges may not offer majors in certain professional fields, such as engineering, business, or physical therapy. If you are certain of a specific field of study, be sure that the colleges and universities you are considering offer that major.

Don’t exclude a smaller college, however, simply because you think the resources may be inadequate. Remember that all of the resources of a college are available to its undergraduate students whereas at a large university, many of the specialized equipment might be reserved for graduate students only. Some of the largest producers of PhD’s in this country are small colleges.

Atmosphere- Liberal, conservative or something in between

Each college has a particular “feel”. Many factors go into creating the feel of that college’s including the responsibility the administration of the college allows the students, the competitiveness of the students with each other and the students involvement in social concerns.

Every campus will have a different feel. What is important is to determine if the campus atmosphere will be comfortable for you as a person. The best advice regarding student life is to look for an intellectual and social climate in which you will feel comfortable and challenged.

There is no substitute to visiting the college to discovery how any college feels. By talking to students, professors and administration on a campus, students can gain a better feel for that college’s culture. Also, look around as you are on the campus. What activities are putting posters up, and what are people talking about? These are just a few of the issues to look at in understanding the feel of each college

Student body and gender- Co-ed college or single sex

While most campuses now are coed there are still some all women colleges available for students to consider. The women’s colleges can be an excellent choice for the right student as they often offer not only strong academics but also strong support for women that might be lacking in similar coed colleges. And lest you fear that you will be living in a convent, almost all women’s colleges now have some sort of relationship with coed schools so men will be around even in an all women’s college.

Setting- Where do you want to live

The physical environment of the college may be very important to you. Some people prefer the variety of activities offered by a large city. However, a large city requires certain adjustments that not everyone will be comfortable with. For instance, an inner city college will often not have the classic college campus look. Rather, it will consist of high rise classes rooms and dorms.

Others want to go to college in a more rural setting. These more rural campuses will often have the classic ivy covered buildings with beautiful scenery in all directions. But the excitement of a large city will be missing from such a campus and for those students seeking big time athletics or popular concert venues may not be comfortable in such a setting. The decision of a location and campus setting comes down to the question of where you would like to spend the next four years living.

Size- Large university or small college

The following are generalizations, so if some of these areas are of concern, ask questions at the colleges you are considering:

A large university (15,000-50,000+ students) may offer a variety of academic opportunities including elaborate facilities and large libraries, as well as the stimulation of a large faculty, graduate students and undergraduates. However, housing may be more difficult to obtain, more courses may be taught by graduate students, lecture sessions may be very large, and opportunities for leadership in campus organizations may be diminished.

A medium-sized university (5,000-15,000 students) may offer fewer majors and more modest facilities than a large university, but also may offer greater opportunities to participate in the activities of your choice.

Small colleges (under 5,000 students) usually offer smaller classes, earlier opportunities to take classes with well-known professors, and more chances for participation and leadership in campus activities. However, facilities and classes may be limited and options for activities and diversity reduced.

Location- Where do you want to spend the next 4 years

When considering the possible locations of your future colleges, consider questions such as:

How important is it for me to attend college close to home?

How much do I value attending college with students of different geographic backgrounds?

How frequently do I anticipate going home during the academic year?

How extensively does the weather affect my studies or quality of life?

Consider whether you would prefer a geographically diverse student body, or a regional community of students from more homogeneous backgrounds.

Campus life- What happens on campus when people aren’t in class

Whether you enjoy your college years will often depend on the experience of living on a college campus. Learning in college comes not only from your class work but also through interacting with your college friends, extracurricular activities, and just hanging out in the dorm. Here are some factors that can affect your college experience.

Housing Living on-campus for the first few years of their college experience is important for many students. Dormitories can become a focus of college campus life and the easiest way to meet new friends. If it is an important consideration for you, remember to ask any college in which you are interested about the availability of on-campus housing for all four years. Some colleges only have enough housing for the first year or two of the college experience.

Extracurricular activities The extracurricular activities you engage in are not only fun but can be part of your learning experience. Look at the view books of the colleges to see what activities are available. Talk to people at the colleges you are considering to find out what activities are popular on that campus. Many colleges have 100 or more groups for students with a variety of interests. Also ask about how easy it is to start a new group if you have a particular interest not currently represented on the campus.

Fraternities and Sororities The presence of a Greek system can have a dramatic effect on campus life. Ask people on campus about how the fraternities and sororities affect the social life of any college in which you are interested. Do they dominate the social scene or is it spread between many different groups? Can anyone go to a Greek party or are the limited only to certain students?

Campus Employment Many students will hold a part-time job on or off campus while enrolled full time in college. Talk to current students about the availability of jobs and what types of jobs students typically get. With budget cutbacks, some colleges are starting to limit the number of jobs available to students on campus. If you need to have a job but have to seek one off campus, think about the time involved in getting to such a job and the additional costs of transportation.

Athletics- Are big time athletics important to you.

Many students who engage in high college athletics may want to continue to play that sport in college. College students participate at three levels: intramural, club, and intercollegiate. Intramural play is most common. Intramurals allow students to compete at a variety of different levels of competition with a primary emphasis on enjoying the sport for personal fitness, relaxation, and fun. Club sport teams are usually jointly sponsored by students and the college, and may compete against other colleges’ club teams.

Intercollegiate athletics is the university equivalent of varsity-level sports. These programs are categorized by the NCAA into three divisions of varying degrees of competition: Division I, Division II, and Division III.

Selectivity- How hard is it to get into a college.

Your academic performance in a challenging, rigorous program of study is the most important factor in determining your admissibility to colleges. Admission committees value a consistent level of achievement over four years, but they also give strong weight to students who demonstrate significant improvement over the course of their academic career. While your grades are the most obvious indication of potential future success, colleges also want to see that students have challenged themselves in a competitive, demanding academic program throughout their entire high college career. The more honor and AP courses you are able to take successfully, the stronger candidate you will be. Does that mean that you should take AP courses even if the material if too difficult for you? No. But most admission committees will give more weight to a B in an AP course than an A in a much simpler course.

Standardized testing also plays a critical role in admissions. Virtually all colleges will accept either the SAT I or the ACT. Many of the highly selective colleges also require or recommend SAT II subject test. The most important thing to keep in mind for each of the colleges you are considering is their ‘middle 50%’ range of testing. While a quarter of admitted students have scores either above or below this test range, such a median range will give a general indication of the strength of the applicant pool and how you compare.

After looking at your academic performance and your test scores, most selective colleges will then look at subjective factors such as your recommendations, your essays and your extracurricular activities. The amount of weight given to these subjective factors varies from college to college.

Financial aid- If I do get in, how am I going to pay for the college.

Financial aid may consist of grants or scholarships, loans and work study. Grants and scholarships are money that does not need to be repaid while loans need to be repaid. Work study is generally a job offered on the campus of the college offering the financial aid although it may also be a job off campus.

There are two basic types of financial aid; need based aid and merit based aid. Need based aid is given by all colleges to students who have need. Anyone who can’t pay the full cost of the college has need.

A form called the Free Application for Federal Student Assistance (FAFSA) determines the amount of need for federal grants and scholarships. Many highly selective colleges also require a form known as the Profile form The FAFSA form is filled out after January 1 of the year the student will first attend college.

Merit-based aid includes scholarships typically for students who have good grades or have some other special talent such as athletic or musical talent. Most highly selective colleges offer little or no merit-based aid.

In looking at colleges you should ignore the cost of the college. Yes, you read that right. Ignore the stated cost of the college when you are first deciding which colleges to investigate further. Many of the most expensive private colleges meet 100% of the students need while cheaper public colleges usually meet less than 100% of the need. This means that for many students it can be cheaper to go to an expensive private college than to attend a cheaper state school. Until you know what percent of need the college meets, don’t eliminate a college from consideration just because it is expensive.

There are many women who are dedicated to their families that go off to college and get their degrees. This is a sign that women are advancing, not only in the business world, but also in stature and gaining respect in every field of study they obtain degrees in.

Taking advantage of President Obama’s call for all moms to go back to school is a way for moms to thrown away their aprons and to discover more about the world, push themselves into learning new skills, and going into the job market with a degree in hand. Men have always held the top jobs, gotten bigger salaries and made the typical women secretary into a sex symbol. Now, women are being reckoned with. Moms are standing up and toeing the lines to make their male counter-parts acknowledge the benefits of having their expertise in any job, valuable and worth their higher salaries.

With the passing of a higher federal grant by President Obama, this year’s Pell grant has added over $1000 to the pot for moms to take advantage of getting their secondary education. Along those lines is the Tax break that allows a mom to apply the first $4000 towards any college entry tuition she desires. The doors of every college, junior, community, private or big campus universities are open to today’s mom, in every field of study. This is why taking advantage of President Obama’s scholarship for moms program is so important for today’s moms.

There are many other state, federal and private grants and scholarships out there for the average mom who wishes to go back to school. One such grant is the Teacher Educations Assistance for College and Higher Education, or TEACH. This grant is for moms that would like to go into a teaching field. They can do just that when they start taking advantage of president Obama’s scholarship for moms program.

Moms can even further their initial degrees with applying for a SMART grant; this is for math and sciences. This grant is available to third and fourth year college students, and is called Science and Mathematics Access to Retain Talent grant. With so many grants for a mom to choose from, there is no need for her to worry about her ability to get out into the world with financial backing. These grants do not have to be repaid; they are unlike loans and student loans that do have to be paid back.