Getting inside the mind of a scholarship winner

I’ve been researching the qualities and attributes of scholarship recipients from scholarship search services such as Fast Web and College Board, and I’ve noticed that there is something different about these students. It’s not that they are home schooled individuals who went to bed dreaming about The Golden Ratio, or didn’t have any friends growing up because they were overly dedicated to their schoolwork. No, that’s a stereotype. What I am talking about are scholarship recipients, who are creative, innovative, out-of-the-box thinkers. These kinds of people will thrive in our culture, because everyone is looking for new ideas so that their business can become bigger, better and more established.

You are a creative, innovative, out-of-the-box thinker

Don’t look over your shoulder, I’m talking to you. Education is one of the ways that shapes us as individuals, shaping an extent of our identity. Be it Math, English, Web Design, Linguistics, or Biology, the ways in which we learn as well as the content we learn expands our mind and teaches us to think differently. A math major will look at the world differently than an English major and a student majoring in Web Design will look at the world differently than a student majoring in Biology. And beyond our education, there is experience which is dense and inevitable. Are you getting my point? We are all unique individuals, just like Mr. Rogers probably said, and we each bring something different to the table. When applying for a scholarship, being set apart is the key. Whether the set-apart-ness is big or small. But we don’t have any excuses if we think we are inept to fulfill this duty. Here’s how to get that free money:

• Answer the question and follow the instructions.
• Be real, and add your own experience to what you decide to write on.
• Be original.
• Be grammatically correct.
• Know that you have a chance.
• Think before you write. Brainstorm some good ideas and create an outline to help you get going.
• Show what you are trying to say through stories and examples, individualizing your essay while demonstrating the point you want to make.
• Know your audience.
• Develop a theme. Don’t simply list all your achievements. Decide on a theme you want to convey that sums up the impression you want to make. Write about experiences that develop that theme.

What the scholarship givers look for:

• A positive and confident attitude
• A clear definition of who you are and who you want to be
• An assessment of your top skills

And here is what NOT to do. And here’s some more of what not to do.

Did tedious just become easier?

That’s what three members of the Department of Education in September 2009 explained to hundreds of high school counselors who gathered in Baltimore to hear the changes being made to the Free Application for Financial Student Aid. Hey, that applies to us! The Obama Administration announced the changes in June and they have been in effect since the beginning of this month.

Some Facts on the 2010 FAFSA

• The online application, which previously asked for more than 150 questions, now asks 22 fewer questions
• The applicant will be led to 17 less web screens than they would have in 2009
• Applications online for the FAFSA must be submitted by midnight Central Daylight time, June 30, 2010
• Corrections made to the application must be submitted online by midnight Central Daylight Time, September 21, 2010
• The online form is now more organized into categories such as, “student demographics,” “parent demographics,” “basic eligibility” and “dependency status”
• Once an applicant has filled out the application online, it will give an estimate of the student’s Pell Grant, giving them a figure of their eligibility for student loans
• Students who are married or are over 23 can skip over a section of parent finance questions that no longer apply to them
• Low income students no longer have to go through questions of assets that are irrelevant to their situation
• Students who are applying for aid in the spring 2010 quarter are able to upload their IRS tax data directly into the online FAFSA forms
• Full summary of changes on the FAFSA

There are several different ways to pay for college…

Deb: Um, hello. Would you like to look like this?
[holds out a photo]
Napoleon Dynamite: [Napoleon takes the photo and looks at it] This is a girl.
Deb: [Deb continues nervously] Because for a limited time only, Glamour Shots by Deb are 75% off.
Napoleon Dynamite: I already get my hair cut at the Cuttin’ Corral.
Deb: Well, maybe you’d be interested in some home-woven handicrafts?
[Scene continues after Rex Kwon Do TV ad Kip's watching]
Deb: … And here we have some boondoggle key chains. A must-have for this season’s fashion.
Napoleon Dynamite: I already made like infinity of those at scout camp.                                   Deb: I’m trying to earn money for college.

Though making home-woven handicrafts would be quite fun, you don’t have to earn money for college the way Deb chose to. There are other options.

1. Join an on campus group that offers free room & board. A great option for anyone with great leadership abilities who wants to be involved. For example, a Residential Advisor. Look into the benefits of positions on campus that are related to residential life and food services.
2. Attend your campus wide Job Fair: Bring a resume, dress well, and pay for college by working it off through an on or off campus job .
3. The Summer Melt is an opportunity few know about. It’s the time right before fall term when students resign their spots in a university, thus resigning their scholarship money. Writing a letter to your financial aid office asking for more money doesn’t hurt, and usually helps.
4. Write a killer scholarship essay, and use it for multiple scholarship entries. Kill multiple birds with just one sweet stone.
5. Join a free scholarship search service such as Fast web, College Board’s Scholarship Search or Sallie Mae and let them find scholarships for you to apply for.
6. Using Advanced Placement credits towards college means super cheap college credit.
7. Have the government cancel all or part of your educational loans by qualifying for loan forgiveness. To qualify for loan forgiveness you must match the criteria specified by the forgiveness program which can include community service, joining the armed services, and teaching or practicing medicine in certain types of communities.
8. Seek out jobs that pay your college tuition. Three national companies that assist employees towards their education are UPS, FedEx and Home Depot.
9. If you’ve got a knack for writing, or just have things to say that would be useful in any way to others, create a blog and make money through advertisement placed on your website.
10. Host an event (more likely if you are living in a house) and organize a house show with the musicians on campus, or host a Scrabble tournament with incentives. The suggested donation for attending should be posted as anywhere from $1 to $1,000,000.

Save Save Save

1. Accelerate your degree by getting yourself into an accelerated degree program, which cram a semester’s worth of content into a shorter amount of time. In an accelerated degree program, tuition is about half the price of a traditional degree program, while encompassing a greater intensity of work.
2. Bulk up on transfer credits! During the summer, enroll in classes at a community college that will transfer to your university and save you a whole lot of money.
3. Consider transferring into your preferred university after two years, if it is more expensive, while going somewhere else at first. Doing this will allow you to still gain the benefits of your chosen university while also taking away a diploma from the college of preference.
4. Create a budget to calculate the money you spend on coffee, late night fast food runs and other things that are unnecessary. Being able to track your money will help you save and spend responsibly.
5. Keep coupons of local grocery stores and follow weekly sales, avoiding expensive grocers.

Halloween is for kids.

You’re right. And so are Trix, but that’s not stopping me from eating them. Halloween is a holiday providing opportunity and spontaneity. Young children, babies and yes.. even college students, dress up on this one day of the year, receiving an opportunity to be anyone, or anything, that they want to be. This choice should not be taken lightheartedly. What will you choose to be on this one day? I’ve provided you with some Halloween costume ideas that are practical, easy, and most importantly: not you.

1. Michael Jackson. People are not ready to let this pop icon go. What can I say, he had me at “My Girl.” Let MJ live on, by representing the classic “Thriller,”  that you and even your parents enjoyed. While sporting the classic red leather jacket, and some morbid makeup, you are set for this costume. And learn his moves. Need I say more?

2. Pocahontas. I don’t know if it’s the stylish suede boots or the beads in braided hair that attracts girls to this costume. Or maybe it’s just reliving the Disney Classic. Either way, bring John Smith or whoever else along and stick some feathers in your hair. Every Halloween party needs a Pocahontas. It’s a necessity.

3. The Fruit (and vegetables) of the Loom. You’ve seen the commercials. They’ve been the trusty entrees that our mothers have forced us to eat. They’ve been there with us through thick and thin. Oh yes, good ol’ fruits and veggies. This is a great option for groups that want to dress up together, and thank their mothers for how they turned out. Just be prepared to sing.

4. The Mad Hatter. We have Johnny Depp to thank for this costume. Because of his recent performance in an adaptation of Lewis Carroll’s book Alice in Wonderland, the Mad Hatter is a must have costume this year. Did I mention it’s my very merry unbirthday today?

But what if I’m a dirt broke college student?

I’ve got you covered. An extra long twin sheet, tin foil, or the empty boxes from those hefty (and expensive!) books you ordered will suffice. Hmm, and maybe even get some free food out of it.

1. The Toga. Wrap it around you and voila, you are an Ancient Roman fashion statement. Use that spare extra long twin sheet from your dorm room and make sure to double knot. Just to play it safe. This option is perfect for the frugal college student.

2. Burrito. Yes, I meant it. Step 1: Using the same wrapping technique as the former costume, wrap yourself just like a burrito from Chipotle. Step 2: Go to Chipotle and get a free burrito! Yes, it’s that simple my friends. A great Halloween costume and free meal in one. Or, as some say, “kill two birds with one stone.” It’s figurative.

3.Optimus Prime. If you’re really serious about a costume, you’ve come to the right bullet point. Warning: this costume requires a deep love for dressing up and building. Were you ever a Bob the Builder fan? Always played with Legos as a wee lad? With some hard work and perseverance, you will have yourself an Optimus Prime costume by following  these directions.

save money in college?

Yes.

Oh, you want more than that? Yes, it is possible to save money while in college. The way to do it: Make it automatic.

Seriously, set up an online savings account. It takes about 10 minutes. You can auto-draft your savings any time of the month. Boom. Now you’re saving.

The nice things about these type of savings accounts is that unlike Certificate of Deposits, you can access money in these accounts very easily. But, not too easily. And that’s the key, if you just keep a savings account at the same bank as your checking account, it’s TOO EASY to pull money out of it.

To save money in college, you need some sort of income source right? I mean, if you’re not pulling anything in, you can’t save anything!

Get a part time job

Part-time college jobs are plentiful around most campuses. Hit up the job-fair your school hosts each quarter. Approach a local business that you’d be interested in working for and offer to work 10 hours a week. I guarantee if you offer $10/hour they might just at the offer.

Now if you have an income coming in, you still can’t blow your wad on beer and donuts every weekend. Seriously, no one cares how much money you have in college, so why not be frugal now and avoid the serious trap of debt?

Good luck saving! It can be done!

The newly acquired status of a ‘collegiate’ can give vulnerable young minds an instant high.

For the first time in their lives, the dependence on parents for financial support takes a back seat. And what comes to the fore are some confident under-grads (and some overconfident too!) taking important financial decisions without giving much thought.

Most often than not, they end up committing not just small mistakes, but big blunders that could have been easily avoided had they acted a little bit diligently and with slightly better knowledge about the functioning of financial institutions in the US.

Here are the top 5 specific financial mistakes committed by students and how to avoid or correct them.

Mistake #1 Lack of Budgeting or Lack of Common Sense!

Budget is not a four letter word.

Many undergrads just don’t have a financial clue when they enter college! With no financial planning and budgeting, they try to weather a hurricane. Expenditure and income imbalance leads to chaos, and ultimately results in deep in debt undergrads. With peer pressure at its peak, the students generally don’t think twice to spend mind-boggling amounts on leisure activities. Though, leisure is not bad per se, but leisure without financial planning is definitely bad.

Solutions

1. Prepare a Monthly Budget Worksheet on the very first day of your college. It’s a simple worksheet prepared on a plain paper. Divide the page into 2 columns – Income and Expenses. List expected sources of income and expenditure under the relevant headings. And keep filling them throughout the month as and when you earn money or make some expenses. At the end of the month, (Total of Income Column – Total of Expenditure Column) will give you Monthly Net Income (or Monthly Net Loss if expenditure is more than income).
2. Regularly monitor your bills throughout the month (and not just add up the expense at the end of the month) and compare them with your budget to keep everything under check.
3. Keep your monthly debt obligation below 10% of your Monthly Net Income (after taxes). For example, if your net income is $1000 a month, your monthly loan payments shouldn’t be more than $100.

Mistake #2 Not Investing

Investing as a student is one the best actions you can take to secure your financial future. Getting starting trading stocks with a free online broker like Zecco. $0 trades with a few thousand dollar min. account balance. You can’t beat that price.

Start investing early!