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Posts Tagged ‘Kalman A. Chany’

7 Tips For Winning The College Costs Battle

November 27th, 2009 by Matthew C. Keegan | 5 Comments | Filed in College Budgeting, College Planning

The following information was sourced from Paying for College Without Going Broke: 2010 Edition by Kalman A. Chany (Random House / Princeton Review Books).

Just the other day I spoke with a father whose daughter is in her senior year of high school and is preparing her essays and applications for college. This particular family has some unique needs, but they are not too different from the typical American middle class household: money is tight, college is expensive, and they certainly don’t feel confident that they have enough funds to pay for college.

Begin Researching Now

dictionaryI had also just finished reviewing the latest edition of Kalman A. Chany’s Paying for College Without Going Broke, so I passed my copy of the book over to them, with instructions on what to look for inside. Time didn’t allow me to bring up all of the key points that Chany made, including a number of tips I will share with readers here:

1. Research Aid Options Now – Though mostly everyone is thinking about leftover turkey, buying a Christmas tree, and discount shopping, Chany says that families should start looking for financial aid now. A weak economy means more families will be looking for assistance which also means that competition for funds will be intense.

2. Apply For Aid Regardless – You may think that you can afford to pay for your son’s or daughter’s education, but that could all change if your financial picture changes suddenly. Some schools may allow you to file for reconsideration should that happen, but only if you filed for aid on time in the first place.

3. Consider All Educational Opportunities – Plenty of families steer away from colleges which they deem to be too expensive. This is a mistake as many private colleges have boosted their aid packages accordingly. Have a back-up plan in place – that is, apply to a state institution where your college student can live at home if necessary.

4. Begin With Community Colleges – From personal experience I can tell you that this option may work out well for your student. Community college tuition is reasonable and, if your state allows it, those credits can transfer to a four-year institution. A number of private universities are receptive to accepting community college transfers; check with these schools to see if they will accept those credits.

5. Take Those AP Courses – SayCampusLife covered this trend previously – students who take Advanced Placement (AP) courses while still in high school can receive credit for completed coursework. Dual enrollment programs allow students to complete their high school education and get college credit too.

6. Retake Your Standardized Tests – Perhaps your son or daughter has already taken the SAT or ACT and done quite well. Is there room for improvement? A higher score can mean a more attractive aid package as colleges and universities seek out the best and brightest minds to populate their student bodies.

7. Avoid The Debt Monster – Don’t put your tuition on a credit card, consider federal student loans, and avoid private student loans at all costs. Consider how much debt your student can reasonably carry once in the work world given their major, starting salary, and career path.

Get To Work

Will these tips be enough? That isn’t for certain, but by taking action now you can avoid scurrying for funds later. Rising college freshmen need every edge that they can get; apply for aid early and you may come up with a more attractive financial aid package.


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Book Review: Paying For College Without Going Broke

March 12th, 2009 by Matthew C. Keegan | 5 Comments | Filed in Book Review, College Budgeting, College Financial Aid, Scholarships, Student Loans

When the opportunity came up for me to review “Paying For College Without Going Broke,” I immediately jumped at the chance. After all, at SayCampusLife.com we’re here to share tips and stories about college life, something that wouldn’t matter to you if you weren’t a college student or planning to attend in the first place.

college aidKalman A. Chany’s reference book isn’t new, having been published and updated for several years. I got a hold of the 2009 edition, thus what I’ll share with you here is the latest “insider tips” on how to cover college costs. At least the highlights therein.

Skim The Contents Page First

Because it is a reference book, you’ll want to turn to the Contents page to find a topic of interest to you My children are a number of years away from attending college, therefore I paid minimal attention to what I would need to do as a parent if they were going to school beginning this fall.

But, what I did note that Chany included a number of helpful forms and strategies which can take the mystery out of the financial aid application process, empowering families to make the right decisions on education funding. Something as simple as filling out the right form can make all of the difference for applicants including the famous FAFSA (free application for student aid) form which is color-coded for the year submitted (2009-2010 forms are green and purple).

Beating Deadlines Will Make All The Difference

Chany places a huge emphasis on deadlines noting that “missing a financial aid deadline is worse than missing a mortgage payment.” In short, don’t expect your college to give you a second chance whereas your mortgage company may.

Once acceptance letters have been received, families need to sit down and decide which schools they can afford to send their children to. That decision is usually based on a combination of what the student wants and what the family’s contribution will be in covering college costs.

What To Do If The Aid Isn’t Enough

Chany breaks down the “Notification of Financial Aid” notice that families receive from their college which outlines exactly what the parents and students contribution is (in addition to other resources such as scholarships) and how much the costs will be for the coming academic year. Based on tax information previously submitted, the financial aid package shows what the college will cover for the year ahead.

While many families are transfixed by how much aid one school is offering versus the next, Chany emphasizes that the “real measure of an aid package is how much YOU will have to end up paying, and how much debt the student will have to take on.” Also, Chany shares critical tips on how to negotiate with the Financial Aid Officer (FAO) at a school if the package isn’t as generous as expected. I won’t go into those tips here, but it could dramatically alter a family’s college costs if the FAO can be persuaded to sweeten the aid package.

“Paying For College Without Going Broke” is an excellent reference for families particularly helpful during these trying economic times. Published by Random House, this Princeton Review book is available wherever books are sold including Amazon, Barnes and Noble, and Borders books.

Adv. — Don’t let the recession get you down! SayRecession.com offers the tools you need to keep your head above water during difficult economic times. Be proactive and check out our tools on how you can pay off your mortgage early and to build up emergency funds to help see you through a crisis.


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8 Tips For Getting College Financial Aid

January 27th, 2009 by Matthew C. Keegan | 5 Comments | Filed in College Financial Aid

On SayCampusLife.com, we’ve been dispensing advice on how to get college aid and are including the following article from Kalman A. Chany, author of Paying For College Without Going Broke to keep the momentum going. Published by Random House/Princeton Review, we’ll have a full review of the book posted to this site next month.

college studentThe following tips can help you in your quest to secure financial aid:

1. Assume you’re eligible — Don’t rule yourself out because of income or academics. And don’t rule out a college because you think that it’s too expensive. The higher the cost, the more aid you may receive.

2. Don’t wait to be accepted to a college to apply for aid. The coffers may be empty by spring.

3. Get application forms as soon as possible. You’ll need the 2009-2010 FAFSA form — online versions are available on New Year’s Day; paper copies are available by calling 1-800-433-3243. You may also need to complete the CSS/PROFILE form, state aid forms, and forms provided by the college.

4. Check the deadlines and be sure to meet each one. Many colleges have different deadlines for different forms. Some may be due in late December, though most are due in the first quarter of the year, January-March.

5. Figure out your “expected family contribution.” Use worksheets in financial aid guidebooks to calculate — before you apply — what the colleges will estimate you can afford to pay. Be sure to get up-to-date information, as formulas can change year to year.

6. Before December 31st, maximize your aid eligibility. Freshmen year aid awards are based in part on income for the year ending December 31st of the student’s senior year in high school. Consider making appropriate adjustments to your assets, debts, and retirement provisions before you apply.

7. Do your income tax forms early. To meet early aid application deadlines, you may need to do a draft version of your 2007 income tax return with estimated numbers. Many schools will require a copy of your actual return in the spring to verify your information.

8. Follow instructions carefully on application forms. Common mistakes which can disqualify your applications are: forgetting to sign them, leaving lines blank, or using the wrong academic year’s version of the forms.

The first semester of college is months away for incoming freshmen, but acting now will hellp you save a bundle of money later and perhaps make a huge difference in where your offspring attend college.

Adv. — If you have already found the college you want to attend, get prepared to apply to that school in November. Otherwise do an online college search to find the schools of interest to you and print out a Summary Aid Map to help you plan your financial aid strategy.


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