Many students don’t know how to apply for college financial aid, what loans types are available, where they are able to get a student loan, or that there are various free scholarships and grants they can use to go back to school. They also may not realize that many companies provide assistance to their employees to further their education.

One untapped option for many students is college scholarships. Scholarships are a great way to pay for your education. Many colleges and organizations offer a wide variety of free scholarships.

Contrary to popular belief, college scholarships are not always based on academics. Many organizations give scholarships based on athletic ability, various talents and skills. Volunteer services also play a big role in qualifying for a scholarship. There are over 600,000 college scholarships available to students, which are worth a total of over $1 million in funding.

Also, the downturn in the economy has created a competitive loan market among financial institutions. There are many low interest rate loans available to finance your education. Student loans are the most common in the market followed by corporate assistance programs. Many schools are backed by Stafford student-loans and carry the lowest interest rates.

Private financial companies also offer loans and have the advantage of loaning larger sums than government loans. Government loans are usually only offered to full time students, as opposed to private loans that can be taken for certification programs.

Interest on loans is tax deductible for the first 60 months of the payback period. You may also be eligible to deduct other educational expenses if continuing your education is required by your employer.

Students will need to do some research on what choice is the best method to pay for continuing education. Finding the right form of aid can take months but is well worth the evaluation. Remember, though some degrees may seem expensive, there may be college financial aid, federal financial aid, or student loans available to fund them.

How to Pick the Right School for You

Finding the right school for you is an important part of continuing your education. When considering schools you don’t have to see who’s #1, but looking at various school rankings can help you research what you want. In the end, the it will be your choice to decide if you would like to go for a top five, ten, or fifty school.

Many companies have created ranking lists to help students choose the best law school, best business school or best place to get a bachelor degree. However, none of the rankings have come out to be the same.

Why?

Each company looks at different criteria. Since the determining factors for higher rankings were different, this results in ranking lists that place schools differently. For example, one company might focus on average student GPAs at a school, while another company might focus on universities teaching staff.

The best idea is to decide what degree program you would like to pursue. This will help reduce the number of schools to only the ones that specialize in the field you want.

Other criteria to think about are: what are the admission requirements for that school, how long is the degree program, what are the required courses/tests for the degree program, what are the required courses and commitment levels for the degree program and how much does the program cost.

All in all, lists can help, but the only one who can really decide which school is best for you or what degree to get, is you.

How a Continuing Education Can Help You Get Ahead

Changes in the job market make it difficult to predict where we’ll be in the next 5 years. We may or may not be at the same company. We may even be in a completely different market as a whole.

One important thing to remember is that you must plan ahead to stay ahead.

Continuing education can help you prepare for changes in the job market. A continuing education is not only important to stay informed, but it can help you acquire new skills. As the world becomes more and more global and job requirements change, you can prepare for the future studying new technologies or by acquiring specialized knowledge. Whether the economy is heading up or down, the more you know, the better prepared you will be to deal with opportunities.

Recently, companies have focused on education because of its growing importance for their workforce. Many institutions pay for placing their employees in programs that will help standardize the skills of their workforce. Recent graduates that have completed a continuing education program have a competitive advantage in the workplace based on their educational background. Employees that have continued to take classes in their industry have also been found to rise within a workplace faster than those who have been their longer, but have not continued their education.

Fields such as healthcare, law and technology are jobs that require a fair amount of education, and are some of the fastest growing markets in today’s economy. More and more people are looking for nursing schools to get a nursing degree. Criminal justice degrees and computer science degrees are also very popular.

However, there are other jobs that are growing just as fast. Jobs in government security, defense and finance are on the rise. These are also jobs that don’t require much education, but having some education will help you get placed and stay placed in the market.

With the interest rates being low, many people are going back to school and continuing their education. They are acquiring skills that will give them a competitive advantage in the marketplace. The investment you make now to further your education can help you increase your value in the future in the market.

Why You Should Go Back to College for an Advanced Education Degree

In an increasingly competitive job market, many are facing the question of whether going back to school is the most viable option. Often companies take their time recruiting qualified employees and it may take several months to find a new job in the current marketplace.

Many people, employed and unemployed, are deciding to go back to school and finish a bachelor degree or further their education. The number of students applying to schools has increased over time and many companies are starting to only consider those who have completed an advanced education degree. Also some companies are using education as a qualifying standard.

You may hold an advanced degree, but you can do more to further your education and increase your marketability. It is important to think about where you stand with your current educational status.

Completing your education or going back to further your eduction may be the best option in the job market today. Having an advanced degree will help open a whole new set of doors and give you a better chance of keeping your job during downturns in the economy.

Careers in law or medicine are known to pay well, but not everyone is cut out for law school, nursing school or other medical degrees. However, everyone carries a skill set that can be enhanced with the right education. Not all jobs require a Ph.D., getting a basic bachelor’s degree or a master’s degree often does help. Earning a college degree in certain industries not only helps during the hiring process, it also brings a lot of respect.

There is a great demand for those who carry an advanced degree. Students are more attractive employees coming out of advanced education programs and tend to get hired for higher paying positions. This is because recruiters have an easier time evaluating applications based on education and related college degrees.

If you are passionate about the field you work in, furthering your education shouldn’t be a problem.

What are Some Features of Private Student Loans?

To pay for college, you may need a student loan. If you’re unable to get a low interest rate government student loan, you may want to look into getting a private student loan. These are offered by private finance companies like BankOne or CitiBank.

Private student loans generally carry higher interest rates, typically 4% to 12%, and the rates are variable. You will need to pass a credit check to qualify and your credit rating will affect the interest rate you’re offered.

However, if approved for a private student loan, you can likely borrow more than you could with a government student loan. Additionally, there are no requirements for a minimum number of credit hours being taken, as is the case with government student loans.

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How to Learn More About Free Student Aid Information and Sources

Excerpted from: The Student Guide, Financial Aid from the U.S. Department of Education 2005-2006. More in-depth information can be found at http://studentaid.ed.gov.

Check out these other great resources for federal or nonfederal student aid:

Financial Aid Administrator

Talk to the aid administrator (or his or her staff) at each school you’re interested in to find out about the school’s aid programs and total cost of attendance.

State Higher Education Agency

This agency in your home state can give you information about state aid—including aid from the Leveraging Educational Assistance Partnership (LEAP) Program, funded jointly by states and by the US Dept of Education. (See the agency contact information list under “State Government Financial Aid.)

Public Libraries/Internet

These are excellent sources of information on state and private forms of aid. When using either source, search using keywords like “financial aid,” “student aid,” “scholarships,” etc.

AmeriCorps

This program provides full-time educational awards in return for work in community service. You can work before, during, or after your postsecondary education, and you can use the funds either to pay current educational expenses or to repay federal student loans. For more information, visit www.americorps.org.

Robert C. Byrd Honors Scholarship Program (Byrd Program)

To receive aid, you must demonstrate outstanding academic achievement and show promise of continued academic excellence. For more information, visit www.ed.gov/programs/iduesbyrd/index.html.

Companies and Labor Unions

Check with your place of work. It might have programs to help pay the cost of postsecondary education for employees.

Organizations, Foundations, etc.

Foundations, religious organizations, fraternities or sororities, and town or city clubs often offer financial assistance. Include in your search community organizations and civic groups such as the American Legion, YMCA, 4-H Club, Elks, Kiwanis, Jaycees, and the Girl or Boy Scouts. Organizations connected with your field of interest can be helpful—for example, the American Medical Association and the American Bar Association are good sources for students seeking specialization in those fields.

U.S. Armed Forces

The Armed Forces also offer financial aid opportunities. For more information on recruitment incentives, visit the U.S. Department of Defense Defenselink Website at www.todaysmilitary.com.

U.S. Department of Veterans Affairs

If you (or your spouse) are a veteran or you’re the dependent of a veteran, veterans’ educational benefits may be available. Information is also available through the Internet at www.gibill.va.gov.

Internal Revenue Service (IRS)

The IRS offers two federal income tax credits (dollar-for-dollar reductions in tax liability) for higher education expenses.

The Hope tax credit, worth up to $1,500 per student, is available for first- and second-year students enrolled at least half time.

The Lifetime Learning tax credit is a tax benefit equal to 20 percent of a family’s tuition expenses, up to $10,000. The credit can be used for virtually any postsecondary education and training, including graduate and professional schools and even for less-than-half-time study.

For more information on the Hope and Lifetime Learning tax credits, and other tax benefits for postsecondary students, go to www.irs.gov. IRS Publication 970, Tax Benefits for Higher Education

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How to Use Credit Cards to Pay for Your Education

Used wisely, credit cards can be an effective way to finance your education, but there are some important tips to keep in mind:

1. Check to make sure that the school you want to attend accepts credit card payments. Some schools do and others don’t. Some credit cards will allow you to write checks with your credit, which you can do if the school doesn’t accept credit cards. Just make sure that the interest rate is, and will stay, reasonable if you write checks.
   
   
2. If you don’t have one already, apply for a credit card that has a low ongoing interest rate, not just a low introductory offer. You don’t want the interest rates to hike up a year from now after you’ve put a year’s tuition onto the card.
   
   
3. Pay your tuition in installments if your school has that option. Carrying a large balance on your credit card can cost you in finance charges. Always keep your balance as low as possible.
   
   
4. Make as large a monthly payment on your credit card as you can. Ideally, you want to pay off each semester by the time the semester is over. If that’s not realistic for you, try to pay off at least 5% of your balance per month. This tells credit card companies you’re a good customer and makes them more likely to give you a credit line increase after you’ve made payments for several months.
   
   
5. Important Note - If you are planning to buy a home in the near future, you should be especially cautious about using credit cards to finance your studies. Applying for credit cards and carrying large balances can negatively impact your credit score, which could reduce the amount of home loan that you can get approved.
   
   
6. Try to reserve a credit card just for tuition. By separating credit card spending, you can ensure that you don’t exceed your credit limit on other items. Your education is a serious commitment; make sure you can be there for it.
   
   
7. Lay out your financial plan for the entire duration of your studies. Check if you will be able to finance each semester with your credit card and keep up with regular monthly payments or if will you need another source of funds to make it through to the end. Keep in mind, the more you put on your card, the higher your minimum payment will be. Your debt could increase quickly if you’re using more than one card. If you fall behind in your payments, you can wind up with bad credit in just three months that will take seven years to come off your record. If the numbers don’t add up, look for other options. Get a supplemental source of funding in place, like loans or scholarships, and limit yourself to sustainable use of your credit card.

Bearing all of these tips in mind, using a low interest rate credit card can be a smart way to finance your education. Comparison shop and make sure you find the lowest rate you can.

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What You Should Know About Corporate Tuition Reimbursement

Some employers will pay all or part of your tuition expenses. About 20% of all graduate students receive college tuition reimbursement from their employers. Check with your Human Resources department to see if your employer offers college tuition reimbursement.

Some things to keep in mind:

• Your company may only pay for schooling that is directly relevant to your current position.
  
  
• You may need to maintain a certain grade point average (typically a B or better) to receive tuition reimbursement.
  
  
• Your company may have a reimbursement cap ($2,500-$5,250 per year is common).
  
  
• Your company may pay for tuition, but not fees.

If you are looking to advance in your current career, tuition reimbursement can be a great way to finance your education.

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How to Apply for Federal Government Financial Aid Programs

Excerpted from: The Student Guide, Financial Aid from the U.S. Department of Education 2005-2006. More in-depth information can be found at http://studentaid.ed.gov.

Need help paying for college or for a career school? The following is a quick reference to federal student aid programs.

What is federal student aid?

It’s financial help if you’re enrolled in an eligible program as a regular student at a school participating in the federal student aid programs. (“School” means a four-year or two-year public or private college, university, career school, or trade school.)

Federal aid covers school expenses, including tuition and fees, room and board, books and supplies, and transportation. Aid can also help pay for a computer and for dependent care.

There are three categories of federal student aid: grants, work-study, and loans. Check with your school to find out which programs your school participates in.

Federal Student Aid Summary

Most student financial aid comes from federal government programs. The following chart is a summary. In-depth information on how to apply can be found at http://studentaid.ed.gov.

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How to Get Scholarships to Pay for a College Degree

If you’re seeking a college degree, you may also be looking for a scholarship to help pay for your education. You may know that you want a criminal justice degree with an on-line university, but don’t know if there are any college scholarships that you qualify to receive. You may be looking for a sports scholarship to help pay for a Bachelor’s degree, but don’t know where to begin.

The important thing is to start looking. There are many different kinds of scholarships for many different kinds of students. With so many types of scholarships, students don’t need a 4.0 average to qualify for a scholarship. There are thousands of scholarships available based on characteristics you may naturally possess such as race, gender, country of origin, or language. Others may be based on athletic or other extra curricular abilities. Still other scholarships are granted based on your affiliations, such as church or club membership.

Scholarships come in all sizes. They may fund your entire college degree, including tuition, books, fees and living expenses, or cover only a small portion of your expenses.

There are several places to look for scholarships:

1. Your School
   
   Many schools, including distance learning schools, offer scholarships. These are often based on academic achievement or potential for success. Check with the financial aid office at your school to find out what is available.
   
   
2. Organizations and Clubs
   
   Many organizations grant scholarships based on talents, accomplishments or other qualifying characteristics. These scholarships are not necessarily based on academic achievement.
   
   
3. Contests
   
   Many companies and clubs sponsor scholarship contests. Often, but not always, these involve writing an essay.

So how do you find a scholarship that is right for you?

One excellent resource is FastWeb.com, a search engine that provides free information on over 600,000 scholarships. You can also try searching the web by typing in the word “scholarship.”

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How to Use a Home Loan to Finance Your Education

While getting a degree can cost you anywhere from $2,750 to over $100,000, it may be possible to use the value you have invested in your home to help pay for your education.

Ideally, you want to fund your education with a grant or scholarship that you never have to pay back or with a low interest rate student loan. However, these are not always sufficient or even available. You may find that you’re considered too wealthy for financial aid, but you know you don’t have enough cash to pay for school.

If you have exhausted other possible sources of financial aid, you may want to consider using a home loan to fund your education. Two options to consider are getting a home equity line of credit or refinancing.

Home Equity Line of Credit

A home equity line of credit functions like a credit card. You can borrow money when you need it up to a set limit. Some colleges even offer their own home equity loan programs.

Some of the advantages include:

• Low interest rates – Since your house is used as collateral, you may be able to get lower rates than you could for an unsecured student loan.
  
  
• Flexibility – You can borrow only the amount you need, when you need it.
  
  
• Lower taxes – Home equity lines of credit are usually tax deductible.
  
  
• More aid – Some schools count your home equity in determining your net worth. By reducing the equity in your home, you may make yourself more eligible for receiving other forms of student financial aid.

However, it is important not to borrow more than you can afford to repay. Also, the interest rates for home equity lines of credit are tied to the prime rate. So, if the prime rate rises, your interest rate will rise within the limits defined by your loan.

Refinance Loan

This may be your preferred loan if you’re worried about rising interest rates. You can refinance your home with a fixed-rate mortgage and take out enough cash to pay for your schooling. Mortgage rates are lower than rates for home equity lines of credit so this loan would cost you less to finance.

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