Groveling for cash isn’t as cool as our seven strategies to pay for school.
College is just around the corner—and so are the bills that go with it. Tuition, books, housing, food. How do you plan to pay for it? Are you relying on rich and generous relatives, waiting for money to drop from the sky, hoping you’ll win the lottery? (What?! Christians shouldn’t even think about playing that greedy game!) The point is, college isn’t cheap, but you don’t have to get buried in loans to get your degree. You just need to plan ahead. Here’s a little help from your future alma mater (we hope!):
Strategy #1: Follow a college financial planning calendar!
Strategy #2: Calculate your college costs. Add up how much money you will need for each semester: tuition, fees, room and board, books, plus anticipated costs for transportation (work, church, or ministry extension), personal expenses, and special events or travel plans (e.g., ticket home for Christmas). Record the amount on paper (your financial worksheet), then subtract the amount available to you in scholarships, expected contribution from parents and relatives, and job earnings. That’s your cost of attendance. By the way, your parents might be interested in using the Expected Family Contribution (EFC) calculator at http://www.collegeboard.com/parents/pay (click on "Fin.Aid Calculators").
Strategy #3: Get a job. Once you’re at Maranatha, you can cut costs by working through college. Maranatha employed more than 300 students on campus in 2004-05. Many off-campus jobs are also open to students. To redeem the time and maximize earning potential, lots of students work year-round, including holiday breaks and summer.
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Summer Before Senior Year
Fall
Winter
Spring
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If you haven’t visited Maranatha yet, arrange a visit now.
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Apply early to college. (You will not receive an official financial aid award letter until you are accepted by the college.)
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Once you receive a formal award letter telling you how much financial aid you will receive, you’ll need to make a final decision and accept or decline the college’s financial offer.
Summer Before College
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Strategy #4: Save your pennies. If you have a job or get some birthday cash, save a portion of it and invest it in an interest-bearing account. (Be sure to put a portion in the offering plate first.) Think twice before spending your entire paycheck on entertainment, clothing, spring break, other fun traveling trips, and junk food. The prudent person looks ahead, sees the danger (bills), and takes action (Proverbs 14:15; 22:3).
Strategy #5: Find financial aid. A whopping 96 percent of the student body at Maranatha applied for some type of financial aid recently. The best forms, of course, are federal Pell grants and institutional/designated scholarships that do not need to be repaid. Students also receive loans, such as Federal Stafford loans (subsidized or unsubsidized). Your parents can take out PLUS loans (low-interest loans to parents of dependent undergraduate students) and may be eligible for tax credits. Veterans can get federal benefits through the GI bill.
So where do you sign up? To apply for government grants and loans, complete and submit your Free Application For Student Aid (FAFSA) form. The easiest way to apply (and quickest way to get results) is to visit the FAFSA website (http://www.fafsa.ed.gov).
Strategy #6: Scout out scholarships. Searching for national, state, and local scholarships takes work, but the pay-off is free money if you take the time to apply and meet the requirements. Most require an essay, so give some thought to your academic, extracurricular, and career plans. What are your talents and hobbies? What career would you like to pursue? March is scholarship essay completion time, so ask for help reviewing your essay if necessary.
Check out Maranatha's financial website search engines, ask a high school guidance counselor, search the Internet, or check a local library or bookstore for books that list scholarships, such as the College Board Scholarship Handbook 2006. Don’t ignore banks local businesses, and service clubs, which often set up scholarship funds. Keep track of each scholarship by placing its name, due date, and references in a clear plastic binder or folder. Put due dates on a master calendar.
Strategy #7: Pray, pray, pray! Before, during, and after you’ve done everything you can do to plan financially for college, the most important thing you can do to prepare is to pray that the good Lord will supply your every need. He is able to do "exceeding abundantly above all that we ask or think, according to the power that worketh within us" (Eph. 3:20).
Linda Piepenbrink is the writer/editor at Maranatha.
She has written for such magazines as Virtue, Today's Christian Woman, and Storytelling.
Dear Mom, Send Money.pdf