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this weeks dilemma & responses
Most of us work or pursue some vocation or avocation that brings us money. We spend a good chunk of our waking lives working, and another chunk spending or trying to save the money we earn. And, unfortunately, work & money can bring us exasperating, frustrating, or otherwise difficult problems: ethical choices, unfair bosses or companies, ends that don't meet, worker-companions who rile, careers that get off-track..... But, hey -- you're not alone! In this forum Tripod members ask each other for help and advice; the results are often very enlightening (and always interesting).From the many very deserving questions we receive every week, we select one and post it so that Tripod members can help unstick their financial sticky wickets. How about giving us your two cents worth?
"I am 15 years old and will be a Junior in high school next year. I really like computers and have a knack for them. I would really like to go to college, preferably Michigan Technological University, but I do not have the money to go. It costs a little over $9,000 for one year at the university. I live in a rural area in Northern Michigan, and even older people can not find jobs here. How can I get financial help for school without getting in debt up to my eyeballs?"
posted Tuesday June 25, 1996
sizefield: My sister-in-law is in a similar boat. A Good thing to do is contact the school. When you contact them, ask them to send you a list of scholarships and financial aid. You will still need to go into some debt with school loans. People still live with it. But you want to minimize them. I wish my sister-in-law got started when you did. Even check in your state they might give you a grant but you would need a major. That might a good thing to think about when have a major. I had a roommate who got one and what he had to do was to agree to work in that state for 3 years. That might mean a job in your field and that might be hard to find. Good luck in whatever you decide.
Mankin: Here's my advice on financial aid: Apply early, apply often. Start looking now for scholarships for which you might be eligible. There are a lot of places you can look for scholarships. First, I would suggest using the FinAidpage on the web . Use the link from there to FASTWeb, which will use information you give it about yourself to find scholarships that you meet the criteria for. See if there are other links on the FinAid page that look helpful. In addition to the web, go to your counseling office. Many scholarship sponsors send information directly to the high school. Also, the office may have books of scholarships you can look through. Once you've found a scholarship you'd like to apply for, write immediately for the application. Sometimes it takes several months to receive a reply or application.
If you already know where you want to go to college, write to them and get on their mailing list now. Watch for info about applying for scholarships (both need and merit based) there. You don't need to start applying at the school until you're a senior, but it doesn't hurt to get on their list. Once you do start applying for need based aid at your college, the most important thing to do is meet deadlines so that they don't give "your money" to someone else. Once you have applied and the school has given you an offer, if you cannot live with it call the financial aid office (or have a parent call) and explain your situation. Ask them to reconsider your aid package. If they still don't give you enough, keep calling until they offer you something you can live with (once again, do this early). As soon as you know where your first choice is, call them if you need to. Don't wait until a week before you have to tell them where you're going.
Lastly, make sure that you apply to a "financial backup school" so that if nothing works for your first choice you can still go somewhere.soroko: My first reaction -- having borrowed heavily for graduate school -- is to research scholarship/financial aid as much as possible, but also to consider working while in school, paying as you go, and keeping debt to a minimum.
Second -- I used to tutor someone in law school whose employer paid for 2/3 of her tuition. She got an MBA, a JD, and a bunch of other courses (non-degree). Not many companies do this -- it's slower, but it's another way to avoid leaving school heavily in debt.
Third, maximize your earning potential during school and between semesters.AIMSTER: Apply for any and every scholarship that you can. Even apply for sholarships that you might not have every requirement. Even if you don't meet every requirment you may still get the scholarship because nobody else has applied. Also go to your local library and see if they have books listing available scholarships (national and statewide).
MalcolmH: This may not be a popular response, but I think it's something you should consider. Try looking into the Armed Services. I'm just about to seperate from the Air Force after 6 years of service. I'm planning on going into my local Air Guard unit and finishing my degree once I get out. The State of Nebraska will pay 50% of my tuition while I'm in the Air Guard. Add in the $10,800 I have available from the Montgomery G.I. Bill (of which I contributed only $1,200), and my now excellent computer qualifications (which have already helped me get a job) and my college carreer is mostly paid for. I don't know what the percent of tuition the Guard pays in Michigan (if any), but it definitely worth the look. Good luck to you!
talia: Being a college senior and in debt up to my neck, start now. There is millions of dollars available in scholarships that are never given out each year. Follow up on any leads and be willing to go the extra mile. Good luck!
PHILLIPBRIGGS: Don't take any loans (the future is spent paying them off) and check into every scholarship and financial aid possibility possible. Community Colleges have scholarships and they are great for the basics.
StuFarm: Your dilemma strikes a chord with me as I work with student and families like your own to maximize their financial aid. Having read some of the responses, I won't be repetitve as there is a lot of good advice there, especially from Mankin. However you should be aware that the schools use formulas to calculate financial aid and through the formulas arrive at a figure known as your Expected Family Contribution (EFC). This is the amount of money you and your family are expected to contribute to your education. It is a somewhat complicated formula that takes into account both your families' and your assets and income as well as debts. Furthermore, you should know that many schools will take any scholarship money that you are awarded and use it to reduce the financial aid you would receive from them. This would leave your EFC the same. This is a neat little trick used by most schools. However, you should still apply for aid and the fact that you are starting early is great. There are many things you and your family can do to increase your chances of obtaining financial aid. If you would like more info, please feel free to e-mail me at [email protected] or call me at my office toll free at (800) 440-9020. Good luck.
krisi: Try a co-op program at the University, or find some internships with major companies in the area of your choosing. Mich Tech probably has a co-op program and if not many other schools do. Co-op helps you get valuable work experience in your field, get PAID as U get it, and lessen or eliminate your college debt by helping U pay as U go. (Several engineering majors I know found this a great way to get through).
If co-op not available at the school you prefer now, consider others. Email me if you'd like to discuss co-op further. Remember that out-of-state tuition at state universities is outrageous, so you might plan to spend a year (or whatever it takes) getting official resident status in whatever state you choose to go to school. (I didn't end up doing co-op, but chose a cheap in-state school over eternal debt at the private out-of-state colleges that accepted me, and I wouldn't change it. I also changed my mind about which college I wanted--2 or 3 times between ages 15 and 18.) Best of luck!
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