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Sunday, December 30, 2012

Scholarship Search Engine Scams


I really dislike opening my email or Facebook account to see countless emails and advertisements about going back to school, grants, and government loans. My favorite advert for incompetency is "Did you know you can go back to school and the government pays for it? Enter your major here and see if you qualify!"
Really? I am already in school so why are you advertising to me?
Second, you do realize that according the FAFSA Website, the ED.gov website and the Department of Education virtually everyone qualifies for federal student aid AND they don't have to pay a subscription for a search engine?
That's right, NO one has to pay to receive government federal funding. NO ONE.
But how do you find scholarships and not get taken for a ride? Why does every website seem to be impossible to navigate, and why doesn't someone just put a button that says "Click here to look for scholarships".
Funny some of them do that, the truth is that as a financial aid officer or a government institution they create layers and hoops to jump through. When I first started investigating the economic system three years ago I discovered that the system is fundamentally flawed. However the flaw is in the hands of the creators of the system and ultimately serves their benefit.  Think about it, when you put money in your account at the bank you expect it to be available right?
My paycheck goes in the bank automatic deposit, thursday at midnight. Friday morning I can buy coffee and a granola bar at Circle K. All pretty and neat, except when we look under the surface.
Recently I applied for a neat program at Mesa Community College, it's called the MesaCan IDA. Click the link if you want more info from their website about the organization.
Basically, a low-income person (such as myself, last year I made 6,600$) can apply for an Individual Development Account (IDA). This account is set up to teach people how to save, now the account isn't in my name so I can't withdraw anything by going into the bank teller.  MesaCan Network partnered with Mesa Community College to create the IDA for low-income students attending their college. I have to save for 6 months and after I meet the criteria for deposits MesaCan will match my tuition 3 to 1.
In February my IDA was eligible for payments to MCC. I had saved 270 dollars, my rep Jacinda Crawford at my request, sends a check to MCC for my savings amount and 3 times it to pay my tuition. An amount of about 932$ was deposited in early March for payment on my Spring tuition.  I waited a week after Jacinda deposited the money and I went to the Cashier's Office to find out if my IDA scholarship had posted.  The clerk told me no it was on hold and a woman named Carol in Financial Aid office put it on hold. I stared asking questions about my tuition and scholarships at the Financial Aid. The guy on the line said that my tuition was on hold till March 31st which I knew, Jacinda does that so that MCC will not cancel your classes for nonpayment. My EFC is 0, so I received the full Pell Grant based on my credit hours for the Spring. The pell and my student loan already processed through my account back in February, my tuition was paid for and I got my refund in my bank account. There wasn't any tuition to pay so the hold didn't make sense anymore.
I figured MCC would release the money in about a week after the deposits. Nope, they were holding it until March 31st, and here is the kicker.
The guy on the phone doesn't know why.
He actually couldn't answer any of my questions which is why he put me on hold. He went and talked to Carol and came back to tell me the funds would be released on March 31st. I thanked him for the information and then asked him a simple question.
"Why does MCC hold my scholarship when my tuition is paid for and the checks are  already deposited?"  I asked
"Um... to be honest I don't know. She just told me we release the funds for IDA scholarships on the 31st." he replied.
At this point, I knew it was time to hang up. He didn't have anymore information.
What happens is simple, the money is deposited into MCC's account which is interest bearing. They collect interest on the balance which if you take 65 students on the IDA program and multiply an average of $1000 per student, that's 65,000$ collecting interest which is then transferred to their other accounts. At the end of the month they release my funds after collecting the extra interest.
That is actually how all banking systems work and have been working since Woodrow Wilson signed the Federal Reserve Act in 1909 which abolished the gold standard.
This is also the secret that people like Richard T. Kiosky (Rich Dad, Poor Dad) are selling books, holding seminars, and publishing tapes on how to get rich.
The secret isn't a secret, it's just buried under red tap of bureaucracies. So how do you fight it? What can a person do that doesn't have 65,000$ to collect interest on?
You do the same thing they are doing and tell others how to do it. Eventually the truth will come to light, there is enough money. There is enough food, time and space for everyone too, but that's another blog. Right now its time to learn how to create your own financial wealth, the only requirement to be a member is the desire to stop blaming the institution. When you are ready and you will know when that it is you can start creating your own account for interest bearing.
First, stay away from the scams. Here is a partial list of them. What the key is to remember is YOU don't have to Pay for anything, the real ones are free, interactive and have unique perspectives for creating their own income. I will provide a list of the good scholarship search engines too.
Get on the Scholarship Train!
So how do you avoid scams for search engines? Pay attention and know the rules for student aid, which are pretty simple. Look into investing your money, at least partially for future bills ie student loans, moving expenses and look for loop holes in the system.  Remember you are the weapon, your voice is your tool. Ask Questions!!

Saturday, December 29, 2012

Financial Aid Terms Defined

Here is a list of Financial Aid Terms and their definitions. Sources for these definitions are listed at the bottom of the page.
FAFSA: an acronym for Free Application for Federal Student Aid.
The Free Application for Federal Student Aid is a form that can be prepared annually by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid (including the Pell Grant, Federal student loans & Federal Work-Study.)
Undergraduate: is a term used to define any student obtaining an Associates Degree, Bachelors Degree or Technical Trade certificate. Basically the first four years of school.
Graduate Student: Any student applying for a higher degree, post Bachelors ie a Master's Degree or Doctorate.
Pell Grant: Started in 1965, named after a democrat senator from Rhode Island, the PELL is the starter money for any student's financial aid package. This is considered a grant, which the sudent does not have to pay back. All other financial aid is added to this package. The amount of the pell is determined by your SAR, FAFSA, and EFC.
SAR or Student Aid Report: is the summary from the responses on the FAFSA, this document is sent to the student for review and to the college. This information is used to determine the student's amount of aid needed. The EFC can be found in this report.
EFC or Expected Family Contribution: This is the number associated with each student, found in their SAR (Student Aid Report) and it determines how much aid a student needs and how much that student or family is expected to contribute to their education costs. The lower the EFC the higher the federal and college aid may be, lowest is 0 and highest is 99,999.
The Federal Work Study Program: is another grant where a student can recieve a job from the college and 75% of their wages are reimbursed by the Federal Government. This is an option on your FAFSA, if you are interested in applying then check the YES box and talk to your financial aid department for where their job listings on campus are located.
Sources:
http://en.wikipedia.org/wiki/FAFSA
http://ifap.ed.gov/efcformulaguide/attachments/111609EFCFormulaGuide20102011.pdf
http://www2.ed.gov/programs/fws/index.html
http://www.ifap.ed.gov/ifap/index.jsp

Great Places to find Scholarships - Without a FEE!

Here is a list of great places to look for scholarships, search engines and some of my personal favorites. I do want to remind you, the amount of information sent to your email box is designated by you. Check your email for how to regulate what you receive and don't forget to uncheck or check boxes on the scholarship sites for news letters and emails. Most of them have options for how many emails you want to receive or specific days to receive them during the week. You have the power to control what information you receive, exercise that power by becoming aware of what you can do!
The FAFSA website and Department of Education (Government institutions for Federal Aid) will actually tell you some companies charge you money from $50-$500 but remember YOU don't have to pay for these services. It is just another way to create revenue for these companies, and YOU have the power to decide whether you want to support those companies or not.
English: Based on the 2011 Wikimania Scholarsh...
Free Scholarship Searches:
The Government Website : Click here
Scholarship.com Website: Click here
My personal choices (yes I use these.)
Fastweb
Scholarshippoints
College Prowler
Scholarships, grants and loans all of them have pros and cons. For me it breaks down to what my time is worth, and the answer is my time is priceless. So I look for ways to make my money, my searches work for me. Each of these links will help you to understand more about the companies and why I use them.
Good Luck! You are Worth it!

+Wait I can go to college for free?

Hello!
This page is dedicated to students everywhere whether you are young, out of highschool, older, returning after retirement or just trying to figure out how to navigate the financial aid system.
Welcome!
My personal favorite question; "is it worth it?"
First, let me say, that yes it is worth it. I am 35 years old and currently enrolled in a community college in Mesa, Arizona. I returned to school in hopes of becoming a better writer, the first obstacle became how to pay for school and live. In the 2 years I spent at Mesa Community college, I have traversed the fafsa, scholarship search sites, government funding, scholarships and the general pitfalls associated with finding funding for school.
Mesa Temple Christmas lights 1NOTE: I am not the be all/ end all expert here, I don't profess to know everything. I simply want to give the benefit of my experience to other students who may have gone through something similar or just have general questions about the process.
The pages nested under this title are labeled for what they contain. You will find great links for free money, lottery drawing type scholarships, schools, transfer partnerships and many other useful tips. Along with this there will be the how not to guides, what to look for and mistakes I have made.
I hope you find the information useful, and please, if you have something to offer do not hesitate to email me directly rocdragon4353@yahoo.com or post your information, questions in the comment box below.
Happy Scholarship Hunting!
Sincerely,
Rochelle Foulk
Financial Aid Terms