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!!
Related articles
- Warning issued for offers of college aid (triblive.com)
- Ring in the New Year With 5 Resolutions to Find Scholarships (usnews.com)
No comments:
Post a Comment