Sunday, January 26, 2014

Scholarship Season Is Here --- Don't Miss Out!!

January is the start of scholarship season and the majority of application deadlines run through early July.   Note that college scholarships from private organizations are not for freshmen only. In fact, many scholarships are open to all undergraduates and even graduate students.

To maximize your chances of earning a scholarship, you need to treat the scholarship like a part time job.

1. Do your research.

2. Keep a calendar of application deadlines and list of requirements (application, HS transcripts, SAT/ACT scores, essay, recommendation, etc).

3. Prioritize which scholarships you wish to apply for.

4. Any scholarship you either did. to receive or did not apply for one year, apply for it next year.

5. Do a Google search for scholarships, check with your guidance office and organizations you or your family are associated with such Knights of Columbus,  Rotary Club, &  employers.

If you make the effort to apply for scholarships, it will reduce your need for student loans.

Good luck with your scholarship search!!

Federal Student Loan Consolidation Helps Borrowers With Monthly Loan Burden

In the last year I have begun working with recent college grads who are struggling under the burden of their monthly federal student loans. Consolidating the loans in many instances can lower monthly payments by 2/3 in my experience. There a few things to consider when consolidating.

1. You can only consolidate federal student loans.

2. There are 7 different repayment options and you may not be eligible for all of them, but you should be eligible for 3-4.

3. With consolidation your interest rates on existing loans will be averaged, so your interest rate will be reduced.

4. While your monthly payments will be reduced with consolidation, you may owe more overall.

5. You can only consolidate federal student loans once.

6. You can pay off you federal consolidated loan early without penalty, which woul reduce the overall loan debt.

Choose your consolidation option wisely for the greatest benefit. If you need student loan debt counseling, contact me at