Studying Abroad:

When I was in my Junior Year of college (1998-1999), I decided to spend a year studying abroad in Dublin, Ireland. I transferred to Lynn University to attend their study abroad program at a cost of $16,000 for the entire year (an excellent price at the time). This price included my room, board, tuition, food, and even my books for both semesters. The dorm I lived in had students from all over the world, and those students attended colleges all over Dublin. My Irish roommate was attending Trinity College Dublin at the same time. When I first laid eyes on this esteemed school, I absolutely drooled. Not only was the place steeped in 400 years of history, but it was also beautiful in a way that made your heart ache. To my disgruntlement, I found out that another American student in the dorm was attending Trinity all four years at a cost of $4,000 US dollars per year, the same cost as my one year through an American college. Plus, his semesters were nine weeks long whereas mine were the standard 16 weeks used in the American system. Apparently, Trinity only charged “International Students” a fee to attend, but their students have to attend for all four years and could not transfer in. Were I to decide to attend Trinity, I would have had to start over as a freshman.

This is really something to think about before sending your child to a university. Not only could your student receive an excellent education studying abroad, but also the college could cost a fraction of what it costs in the United States, especially if you go to a country where the exchange rate favors the US Dollar or where the country gives a lot of money to their higher educational institutions. Your student could receive an advantage in a corporate workplace since they will gain a unique perspective into the culture of another country, and they will gain a new perspective on international politics. They could also spend less time in that country and more time at home since their semester would be shorter in another country.

If you do not wish to send your student to another country for four full years, you still may want to look into study abroad programs at your student’s college since they offer so many advantages. Such advantages include the possibility of spending less for the school the study abroad (because of currency exchange rates) while they still receive credit at a US college and can still get grants and scholarships. Plus, they would still gain all the other advantages mentioned above. Either way, here are a couple of books that can help you find scholarships for studying abroad: Financial Aid for Study and Training Abroad, 2006-2008, Grants Register: The Complete Guide to Postgraduate Funding Worldwide.

College Credit for Work Experience:

If your college student has any work experience, they may be able to get college credit for it. In fact, there are many colleges that will allow your student to take a simple test and gain as much as 30 credits in order to get their degree faster. The College Level Examination Program (CLEP) is one such exam that gives “credit” or “hours” to their participants and is accepted by more then 2,900 colleges. In addition, some colleges don’t require any testing at all and will simply look at the student’s verifying documentation. Each college has different policies regarding work experience, so check out the program at your local college to find out what free credit your student might qualify for to get their degree earlier.

Going to School for an Extended Period of Time:

Although most people would like to rush their students through college in four years, this is not always the best course for your student. They may end up getting a degree in something they don’t enjoy simply because they feel the pressure to graduate quickly, and thus end up in a job they hate. However, since there is no limit to how many times you can fill out a FAFSA or apply for grants and scholarships, it may be in your student’s best interest (and your financial best interest as well) to let your student attend half time for more then four years. This way, your student can continually apply for a wide variety of free money, have time to work should that be necessary, and be able to really figure out “what they want to be when they grow up.”

Continuing Education:

If you have a student that is dying to go to a four-year university like Harvard, why not discuss the possibility of attending that school’s Continuing Education program instead of its four-year undergrad program. A few years ago, my friend Marina informed me that she had transferred to Harvard’s Extension School and was taking their Continuing Education program towards a Graduate Degree for a cost of $620 per class. When you consider that the 2006-2007 year cost at Harvard was $43,655, you can see how a 99% discount might make attending Harvard later a more feasible option for your student, even if they have to attend another college first.

Being an Independent Student:

Although many students will not qualify for financial aid because they have parents who make “too much money,” a student can always apply for financial aid as an “independent student” and their parent’s income is not taken into consideration. Generally, the student has to be over 24 years old and not living with their parents, but in actuality, each school and each state has a different set of qualifying standards. When I was applying for financial aid to study abroad in Ireland, I found that the standard in California (my home state) was to have been living “on my own” for more then two years, and that to qualify, I had to prove that I “could not live with my parents.” However, when I applied through Lynn University in Florida, their standard of an independent student was simply that my parents could not have “claimed me on their taxes for the last two years.” Therefore, when your student is applying at a college, find out what that school’s requirements are to file as an independent student as this may net them a higher financial aid award.

Fee Waiver:

Whether or not your student qualifies as an Independent Student, they may be able to qualify for a Fee Waiver at their local school. In some cases, a fee waiver only waives the application fees to a specific college, but in many instances, the fee waiver will waive all college fees. Ask your local financial aid office about this program and you may find your college costs cut in half.

Community College First:

Although many students may have their heart set on attending a four-year university (and only a four-year university), you may want to talk to them about the possibility of going to your local community college first. Not only is it a huge savings in college fees, but I once had a four-year university professor inform me that they preferred transfer students to students who came directly from high school. Their explanation was that the transfer students had a better understanding of how to write a report and study for an exam, as well as having a better foundation in the course they were studying. At community colleges, the classes are smaller and so the students have a better chance at acquiring the teacher’s undivided attention. Plus, by transferring from a community college into a four-year university, you will be more able to afford a graduate program at a school of their choice…and excellent way to get a stubborn student to cooperate. Plus, the degree will be from the college they transfer to instead of the community college.

Don’t forget to read the first four articles as well of this series: “Starting with Pennies,” “Tax Programs,” “Hundreds of Grants,” and “Searching for Scholarships.” With all of these tools under your belt, anyone can get their degrees quickly at a fraction of the cost or for free.

Free Money for College Part 5: Alternative Education Options was created by and is property of American Consumer News.

In Free College Money Part 3 of this five-part series, college grants were defined as “a gift of money…not a reward that you have to pay back or compete for…” Unlike grants, you do have to compete to win scholarships and they are awarded based on prearranged criterion, creativity and a unique application. While grants are usually given from a budget and awarded on a first-come, first-serve basis, scholarships are given all year long and have definitive deadlines that you must keep in mind when applying. Also, where grants are given to any number of students, scholarships are awarded to a select few applicants.

In the past, it was common for scholarships to be awarded largely based on merit, but nowadays, scholarships are awarded for a large variety of reasons including where a student lives, goes to school, the profession they are pursuing, and personal interests. The key in searching for scholarships is to apply where your student fulfills the largest number of criteria, thereby eliminating the competition and increasing the odds of taking home the award.

Listed here are seven places to begin your scholarship search:

1. Federal Student Aid: The U.S. Department of Education has set up a website (Student Aid) to provide free college money information, as well as money for technical schools, trade schools or career enhancement. This handy little website has a Scholarship Matching Wizard that anyone can use to create a search for free college money. You simply enter as much of the student’s information as possible to find all types of related scholarships. Once entered, this site will match you with hundreds of potential scholarships based on race, ethnicity, high school, college, national merit status, Greek organization, sports, religion, disability, profession, affiliations, marital status, art, interests and other miscellaneous criteria.

2. By State: One of the best ways to find available grants and scholarships is to do a search at the website of the state a student resides in or is planning to attend school in. State websites gather information for legally registered programs within their boundaries, and scholarships listed there have the best chance of being legitimate as well as having a more narrowed criterion. These scholarships are often state-related and generally awarded first to residents of the state.

3. By College: Each college a student may wish to attend (whether community college, trade school or university) has a financial aid office. This is an excellent place to begin a search for free college money since they have lists of scholarships created strictly for their own attendees. These scholarships often come from local contributors and corporations, but the college financial aid office will also have the 4-1-1 on other scholarships frequently awarded to their students. Drop by the prospective colleges and find out from their financial aid officers exactly which scholarships your student might receive for attending their college instead of another.

4. By Major/Minor: Once a student has stated their desired major, they will be able to find a long list of scholarships awarded strictly to that major. However, just because a student has declared a major, this does not mean they cannot qualify for scholarships in other fields as well. Declared minors also open up the possibility of winning more free college money. Therefore, apply for everything your student is interested in regardless of whether you think your student will qualify or not.

5. By Trade Affiliations: Checking with your job is an excellent way to find money for students. Not only can you deduct up to $5,250 of money given to you by a job for college expenses, but it gives your employer tax advantages as well. If this is out of the question, look for trade associations related to your student’s future profession since many of these trade associations offer discounts or scholarships that are never awarded. These programs are not advertised as widely as other scholarships, so your student will have a better chance of winning them.

6. Online: Fastweb.com, Scholarships.com, and CollegeBoard.com are three excellent online resources to begin your search for college scholarships. You simply fill out a free application and within minutes, thousands of scholarships will be listed that are related specifically to your student’s future. Through these websites, you can also download scholarship applications, apply directly in some instances, find out the amount of the awards before you apply, review detailed deadlines at a glimpse, and quite possibly win hundreds of thousands of dollars for your student’s college education. As an added bonus, these companies will e-mail you whenever a new scholarship becomes available that fits your students application.

7. Books: Although I would recommend doing a search online before getting a book, there are many books available that provide excellent resources on scholarships and their qualifying criteria. Some of these books include: the Fiske Guide to Colleges, The College Board Scholarship Handbook 2008, and Kaplan Scholarships: Billions of Dollars in Free Money for College. However, you can also find books dedicated specifically to your student’s criteria, grades or major, like College Guide for Performing Arts Majors 2008: Real-World Admission Guide for All Dance, Music, and Theater Majors, Financial Aid for Asian Americans 2006-2008, and Technology Grant News : Everything Technology 2008. These are just a few that you could look for in your local bookstore.

BEWARE OF SCAMS

A scholarship or grant is free money…money you should never need to pay for. Beware of companies that charge an application fee, demand money to pay out an awarded scholarship, claim you’re a finalist in a scholarship contest but need money for that scholarship, or request your social security number, credit card number or bank account information in relation to “holding a scholarship or grant for you.” Be wary of free seminars that turn into high-pressure sales pitches regarding financial aid since financial aid information is easy to find for free. Also, do not believe companies that “guarantee” a scholarship. Any and all claims should include qualifications or disclaimers.

Now that you have an idea of where to begin looking for scholarships, don’t forget to check out Parts 1, 2 and 3 of this series (Starting with Pennies, Tax Programs and Hundreds of Grants) for other great resources on Free College Money. Also, check back next week for the last article in this five-part series: “Free College Money Part 5: Rock Bottom College Alternatives.” This last article discusses the little-known options that can help your student get their degree for a fraction of the cost.

Free College Money Part 4: Searching for Scholarships was created by and is property of American Consumer News.

1. Affiliate Programs: I mentioned Affiliate Programs in Part 2 of this series, and I am revisiting this issue because of its effectiveness. You see, even though having affiliate links on your website can save you money, it can also supplement your income when your customers, family and friends shop through your website. The best part about being an affiliate is that you are able to find out first what discounts an affiliate company is offering. By placing linked coupons on your website, your website will soon become the place where your acquaintances will look first for the best deals, thus supplementing your income when your affiliates pay you a commission. A few excellent choices are Commission Junction, Affiliate Showcase, and ClickBank.

2. Google AdSense: For anyone running a website or blog who does not want to go to the trouble of searching for and picking out affiliates, then Google AdSense is the perfect solution. When you sign up, you go through a three step process to create an HTML that you then paste on your website or blog. Google AdSense then reads the tags you create for your site and posts related ads that it changes constantly. It’s a sweat free way to make extra money that takes you less then a half hour to set up.

3. Blogging: Whether you own a business or are just looking to make some extra cash, a blog can actually help you achieve both goals. By writing something interesting and informative, you can build up a loyal readership that can easily turn into a clientele. Post some affiliate banners or ads from Google AdSense on your blog pages, and soon you will be adding bit by bit to your bank account, plus building your expertise and credibility among your “fans.” Check out HubPages or WordPress for a few places to get started blogging for free.

4. Freelance Writing: By occasionally writing articles for websites like Helium or Constant Content, you will be able to supplement your income a little at a time. Both companies sell articles to other websites giving you cash in your pocket as well as giving you a chance to become an expert in your field. Post links to your articles on your websites and your colleagues will soon believe you are an expert and look to you first for advice on shopping.

5. Surveys: If you have very little time to create a supplemental income, then I recommend you try filling out surveys. They are delivered to your e-mail inbox and you fill them out on your own time. (Just be sure to create a new e-mail to receive these offers or you will soon be inundated.) MyPoints has many wonderful survey offers which they give you points for, and those points can be turned in for gift certificates. Also check out Cash Crate for a plethora of offers that will net you cash fast.

6. Secret Shopping: Secret Shopping is a valuable tool to many businesses when they want to know exactly how customer-oriented their employees are. Obviously, when they watch their own employees to decipher this information, an employee is going to be on their best behavior. Many companies hire Secret Shopping Companies to gather this information on the sly. When you apply for these assignments, you are given a time frame, a scenario to play out, and a target to watch and review. You complete the project in your free time and then fill out a survey later. The Secret Shopping Company pays you once a month (usually the month after you complete the shop). Just be sure to NEVER PAY to become a secret shopper, as making you pay is a common Secret Shopping Scam. I’ve worked with SG Marketing, Bare International and Shop N Chek in the past, and all three have paid when they said they would. Also, check out this thorough list at Moms Wallet for other companies.

7. Online Auctions: Whether you are looking to sell a business product or something from your home, online auctions are a great way to move your items without spending a lot of time or effort to get the best price for your goods. Sign up for a free eBay account and you will soon be moving your product without investing much of your own capital. If you do go this route, be sure to always respond quickly to any comments and to do your best to keep your ratings up. By doing so, you will make more sales since ratings give people a sense of confidence in you and your products.

8. Use a Card that Offers Cash back Bonuses: Although I brought up getting a rewards card in Part 1 of this series, it bears mentioning again. A rewards credit card is always a better decision then a regular credit card since you can receive annual cash bonuses. Discover, Citibank and Chase all offer low interest cards that have no annual fees, plus you can cash in any time of year.

Be sure to check out the first two articles in this series (Cut Your Expenses and Get the Best Deals). Also, come back next week for the final article on strategies for increasing your income.

Keep Your Money to Yourself Part 3: Supplement Your Income was created by and is property of American Consumer News.

FEDERAL GRANTS

To qualify for federal grants, you have to fill out a FAFSA (Free Application for Federal Student Aid). Be sure to submit this free application between January 1^st and June 30^th of any given year to qualify for the next school year’s enrollment. Although sometimes you are able to submit the FAFSA after these deadlines for the current year, it is always best to get your application in as soon as possible to qualify for funds that may be limited by federal budgets. Once you’ve submitted your FAFSA, you will be notified if you qualify for any of the following grants:

1) Federal Pell Grant: Pell Grant eligibility is based on financial need. Although students with a family income as high as $45,000 may be eligible, most awards go to students with a family income below $20,000. For the award year of 2007 – 2008, the maximum grant is $4,310 and will increase to $4,731 for the 2008 – 2009. By 2012, the award will be as high as $5,400. This grant can be used for tuition, fees, and education-related expenses. To receive a Pell Grant, here are some of the basic criteria:

a) Submit a FAFSA and qualify as a financially needy student;

b) Be a U.S. Citizen, U.S. national, or eligible non-citizen,

c) Have a high school diploma, a GED Certificate, or pass an approved test;

d) Meet satisfactory academic progress as determined by your institution;

e) Be enrolled in an eligible post-secondary school; and

f) Be working toward a first undergrad degree or teaching credential;

2) Federal SEOG (Supplemental Equal Opportunity) Grants: This grant awards money to undergrad students who have extraordinary need. The student can receive between $100 and $4,000 a year, depending on when you apply, financial need, the funding at the chosen school, and the policies of the financial aid office at that school. To further qualify, you must:

a) Fill out a FAFSA.

b) Be a U.S. Citizen or eligible non-citizen,

c) Not have a Bachelors degree.

d) Not be in default on any federal student loan; and

e) Not have a Federal Pell Grant overpayment.

3) SMART Grants: This grant gifts up to $4,000 for third and fourth-year full-time undergrad students who are studying science (physical, life or computer), mathematics, technology, engineering, or a foreign language important to national security. To be eligible for the SMART Grant, students must:

a) Fill out a FAFSA.

b) Qualify for a Pell Grant.

c) Choose a major.

d) Maintain at least a 3.0 GPA (on a 4.0 scale); and,

e) The maximum grant can only be awarded for two years.

4) TEACH Grant: The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program was established to benefit current and prospective teachers. This new grant offers up to $4,000 per academic year for a maximum of $16,000 for undergrad students or $8,000 for graduate students. When combined with other aid, the award cannot exceed the cost of attendance and is prorated for those attending less than full-time. To be eligible, students must:

a) Fill out a FAFSA.

b) Meet basic eligibility requirements.

c) Be currently completing coursework or plan on completing coursework necessary to begin a career in teaching.

5) Academic Competitiveness Grant (ACG): This grant is offered to full-time eligible undergrad students and provides up to $750 for the first year and $1,300 for the second year of study. When combined with a Pell Grant, this award may not exceed the student’s cost of attendance. To be eligible for each academic year, a student must:

a) Be a U.S. citizen;

b) Be a Federal Pell Grant recipient;

c) Be enrolled full-time in a degree program;

d) Be enrolled in the first or second academic year at a two or four-year eligible institution;

e) Have completed a demanding secondary school program of study;

f) Not have been previously enrolled in an undergrad program (if a first-year student); and

g) Have at least a 3.0 GPA on a 4.0 scale for the first academic year (if a second-year student).

While these are the most common grants currently offered, there are hundreds more awarded every year by the US Department of Education. Click here to see a more thorough list. To see their newest grants, click here for their Federal Register.

STATE GRANTS

Almost every state in America features a wide variety of grants for their student residents. A lot of the money for these grants is funded by local lotteries. State budgets earmark portions of the gaming profits and set them aside specifically for education. This increases a resident student’s odds of financing their future whether they choose to attend a college, university, community college, technical or career school. Here are a few specific student categories that this money is set aside for:

• Minority grants: There are two main categories of minority grants. The first is grants for ethnic minorities designed to offer assistance based on ethnic challenges. The second is non-ethnic minority grants offered to individuals who may be challenged or disadvantaged. This category includes grants for students with disabilities, and grants for women.
• Low-income and disadvantaged students grants: These grants are awarded specifically to low-income and disadvantaged students.

Every state offers different grants to their students who attend one of their qualified education institutions. Click here for a list of State-Based College Grants from CollegeScholarships.org. Also, click here for a list of 101 fabulous grants, which anyone can apply for.

INSTITUTIONAL GRANTS

Every college provides institutional grants to their students in order to help make up the difference between college costs and family contributions. Many of these grants are awarded on the basis of academic achievement, while some are offered only to students whose families demonstrate financial need. Still more are awarded regardless of a family’s finances, while others come with special privileges or obligations. Be sure to find out about the types of grants awarded by every college your student is considering since these grants vary from institution to institution.

Grants-for-Service programs

Also known as Grants for High-Need Fields of Study, Grant-for-Service programs are administered by many government and university sources. They are set up as mutually beneficial service agreement where a student agrees to work for the state in a medically underserved facility or educationally underserved school after graduation. In exchange, the state will cover the student’s tuition in nursing school or as a student teacher. Click here for a list of nursing and teaching grants-for-service programs.

Now that you have an idea of where to find grants, don’t forget to check out articles 1 and 2 in this series (“Free College Money Part 1: Starting with Pennies,” and “Free College Money Part 2: Tax Programs”) to learn about additional college funds available to everyone. Also, return here next week to see the fourth article, “Free College Money Part 4: Searching for Scholarships.”

Free College Money Part 3: Hundreds of Grants was created by and is property of American Consumer News.

Raise Your Deductible – The premium that you pay is inversely proportional to the size of deductible that you have. If you have a higher deductible, you’ll pay a lower rate. Usually you’ll want to go with a higher rate because insurance companies tend to cancel you if you make a lot of small claims. Get a high-deductible and use the savings to pay for the little things that come up here and there.

Compare Prices Between Companies – It’s worth your time to go sit down with an independent insurance agent. They will be able to look through dozens of different insurance companies at once and be able to tell you which company will be able to provide you the best deal on your homeowner’s insurance. You will want to read a review of the company before signing on, because the quality of service each company offers can vary dramatically.

Quit Smoking – A very common cause of house fires is a lit cigarette. It might fall out of the person’s mouth if they fall asleep, or if they throw it into a trash can full of flammable materials. Often your insurer will give you a discount for quitting smoking!

Get a Security System – Installing a home security system will statistically decrease the likelihood that your home will be robbed. Since your premium is directly associated with the amount of risk you represent to the insurance company, you can almost always get a lower rate when you decrease the risk to insure you by installing a home security system.

Raise Your Credit Score – Insurance companies use your credit score as part of the calculation which determines how much your premium should be. If you have a higher credit score, you statistically represent less risk to them and will likely be able to save some money on your premium.

Smoke and Carbon Monoxide Alarms – Getting smoke detectors and carbon monoxide detectors (if you use natural gas), are a great way to give your family and early warning sign if there’s a fire or a gas leak. Many companies will lower your rate if you have a good amount of detectors in your home.

Homeowner’s insurance is certainly not the most exciting topic of discussion, but who doesn’t want to save a few dollars each month? Follow these tips and you’ll be able to cut back significantly on the check you write to your insurance company each month.

Cash In: How to Lower the Cost of Homeowner’s Insurance 6 Different Ways was created by and is property of American Consumer News.