Fastweb and Other Scholarship Search Engines

My Fastweb Experience

This past weekend, I listened in on a college discussion panel. There were a few recent college graduates and a current college student discussing college life and giving a few tips to the high school students. One question came up about scholarships and the panel stated that the scholarship process is very hard and that college scholarship essays are typically 4-5 pages long. My heart dropped when I heard this. I was outraged that they were giving this false advice and potentially deterring high school students from applying for scholarships when they didn't apply for many themselves. That was probably why they had ALL graduated with so much debt. The main one that said the scholarship process was difficult said she graduated debt-free because her mom paid for all of her schooling but later disclosed that her mom had $75,000 worth of debt. That is NOT graduating college debt-free or anywhere close to it.

Hearing the panel's thoughts made me think back to when I just started the scholarship search process. When I first started the scholarship process, I remember being really nervous and worrying that I wouldn’t qualify for any scholarships.  I worried that I would spend a ridiculous amount of time looking for, finding, applying to, and writing essays for scholarships only in the end to NOT win them.  I also remember first arriving at fastweb, one scholarship search engine, seeing the smiling faces on the front page of past scholarship winners with large amounts that they won, and THEN thinking “WOW I really can win that, that can be me on that front page.” (Now I know their marketing was GOOD)

So I eagerly went and signed up for a fastweb account.

Up popped thousands of scholarships that the fastweb search engine said I was eligible for. Immediately I felt overwhelmed. Where do I start? Which one should I apply to first? Millions of questions went racing through my mind and it was just all too much. I went from afraid and nervous to optimistic and confident to overwhelmed and miserable all in about 45 seconds!

So I walked away from the fastweb search engine and started watching TV instead. Have you done that before? Maybe you felt overwhelmed and ended up watching youtube videos instead or logged on facebook or checked your email and never really got back to the task you were supposed to do?

Well days later, actually it was WEEKS later, I decided that I put off fastweb long enough. I was going to sit down and just do it.  So I answered the questions, filled out the essay, and hit submit. The process felt like it took forever! And each application that I filled out on fastweb was actually 5 pages long or more! (So the panelist was actually right, somewhat. There are some applications that are 5 pages long or more. Usually these scholarships are found on fastweb and other search engine websites. But, the majority of scholarship applications are only 2 pages long. These 2 pages consist of a 300-500 word essay and a few short answer questions that ask you to list some basic information about yourself.)  I remember thinking, “I never want to do this again.”

Months past and I did not hear anything about the fastweb scholarships that I had applied for.  I guess I didn’t win. I wondered why I didn’t win. Was I not qualified? Did they not get my scholarship? Did they not like what I had to say?

I later learned that the most known scholarships (the ones that you hear of the most and that are usually featured first on scholarship database websites like fastweb) are also going to be the most competitive scholarships because a lot of people know about them and are applying. The more people who know about a scholarship, the more competitive the scholarship will be to win, and the less likely you are to win unless you have a stellar application.

So I started focusing on finding scholarships that were less known and I started WINNING!

What CBS News Says About Fastwe

My experience with fastweb and other scholarship search engines wasn't so good and I wasn't the only one that had this experience. In fact, CBS news had an article out that stated that Fastweb was ineffective and produced zero promising scholarship matches for the users. The article also mentioned other scholarship search engine websites and said that they weren't too effective either at matching students to worthwhile matches.

To view the article: http://www.cbsnews.com/8301-500395_162-57604396/do-college-scholarship-search-engines-work/

By: Shanice Miller, founder of DebtFreeCollegeGrad.com

Sidestep your student loan payments - Debt settlement shouldn’t be a slam dunk choice

Have you considered debt settlement for your student loans?

If you’re someone who has defaulted on his federal student loan debt, or gone without making payments for at least a year, you may feel that you don’t have any other option but to drown in debt. But did you know that you still have the choice of settling your debt with the collection agency to pay an amount which is less than what you owe? Well, if you’re a grad who is looking for ways to sidestep his student loan payments through a debt settlement option, you’re off to a tough road! Unlike credit card debt and personal unsecured loans, private and federal student loans can’t be discharged through bankruptcy, according to the US Department of Education. Since student loans are tougher to shake off than all the other kinds of debt, there could be remedy for those who are fiscally snowed under by student loans. Read on the concerns of this article to educate yourself on some facts on student loan debt settlement.

How about considering an income-based repayment plan for student loan debt settlement?

Is an alternative affordable repayment plan all that you want? If answered yes, how about considering the income based repayment plan? Through this plan, the monthly payment will be calculated on a percentage of your discretionary income. This is the amount, by which the adjusted gross income surpasses 150% of the poverty line. For most borrowers, this is the most affordable option as it is based on the income of the student and not on the total amount that you have borrowed. In case your income is less than 150% of the poverty line, the monthly payment will be based on the income based repayment plan.

Debt settlement for your defaulted student loan debt

If you wish to settle your defaulted federal student loan debt, you should be able to make a lump sum payment to pay off a major portion of the balance of the loan. A compromise offer will demand you to pay back the settlement amount entirely within a span of 90 days. There are some common circumstances where the defaulted borrower will make a lump sum payment like obtaining an inheritance, winning a lottery and getting a big bonus at work.

The key to obtaining a good debt settlement deal is knowing the available options for settling your debt with the collection agency. The US Department of Education appoints the private debt collection agencies to make different kinds of debt settlements without getting prior approval.

1. Waiving off or eliminating all the collection charges and the borrower pays the present principal amount and the accrued interest rate
2. Payment of minimum 90% of the present principal and interest rate
3. Payment of the present principal balance and half of the  accrued interest rate which is still unpaid.

In case you’re someone who has offered an amount which is less than the aforementioned compromises, the collection agency will require getting approval from the US Department of Education. This is a reason why non-standard compromises aren’t much common. 

Calculating the compromise and minding the taxes

When debt settlement is the only option, the students should prove that the collection fees and the interest amount have burgeoned so rapidly that it’s impossible to pay back. Once the lender agrees, you should make it within 60-90 days. Once the settlement figure is decided, you have to check the tax implications too. Any debt that is forgiven is subject under tax and therefore the borrower has to make sure he knows this liability of his.

Therefore,when you’re saddled with federal student loan debt, you can take resort to debt settlement in collaboration with the debt collection agencies. Get everything in writing and make sure you repay 100% of what is paid.

Community colleges are assisting students to graduate without debt

How Community Colleges & Others Can Help the Cost of Education

Cost of education is skyrocketing unbelievably. As a consequence, more and more people are struggling to deal with their student loan debt. As per the current reports, student loan debt in U.S. has already crossed the $1 trillion limit. In such a circumstance, the Obama government considers it important to find some effective solution to curb the higher cost of education as soon as possible. For that purpose, Obama has recently announced a plan to make college affordable for every student in America. There are basically three proposals in the plan - (a) linking federal student aid to the overall performance of the college that is based on the yet to be developed rankings; (b) evaluating the scorecards of colleges to help people select the right college according to the performance; (c) expanding the eligibility criteria for Pay As You Earn repayment program to assist students in managing debt. All these strategies are quite new and yet to be applied officially. Still, some states have already applied these ideas to increase the education affordability. For instance the community colleges in California follow some of these ideas to assist students to manage the cost of education.

 

Do Community Colleges Truly Help Lessen Costs?

The fees structure of California community colleges has been judged to be a bit ambiguous by many economists. The current rate for a single unit is $46. This is supposed to be a reasonably low rate. But, the combination other costs associated with education like the textbooks, lodging for students and the transportation cost, can increase the overall expense up to $17,000 in a year. The Institute for College Access and Success found this data in their recent research. This much of expense can be difficult for an average student to manage.

To make things more convenient for the students, the Board of Governors of the California Community College formed The Student Success Task Force or the SSTF in the academic year 2011-2012. The 20-member task force came up with 22 recommendations which are similar enough to the president’s plan. Most of the economists feel that the plan Obama has decided to implement may help to make education affordable for all. The community colleges have already taken the initiative to implement the recommendations by SSTF, so it’s easier to assume how the president’s plan may develop in future.

According to the Student Success Act of 2012, students must make satisfactory progress in academics to be eligible to waive the enrollment fees. The provision took effect on 1st January 2013. The standards for academic progress will work in accordance with the other standards compulsory to get financial aid from federal and state government. As a consequence, the community colleges have become more responsible to support students for better academic performance so that they can achieve all their goals without any financial obligation.

The Student Success Scorecard, introduced by the SSTF, provides students with all the needed information about the college rankings. The scorecard offered by the SSTF will provide all the necessary information about a college’s retention rate, transfer rate, overall success rate, graduation rate completion and so on. With the help of this information, students may check the ranking and select the right college with better success rate. This will ensure a better career for students and thus they will be able to live a debt free life.

There is still much more to do to keep student loan debt under control. By following the recommendations by SSTF, community colleges are trying to assists students to get affordable education without much trouble. As student loan debt is still excluded from bankruptcy, it becomes more essential for students to get affordable education to graduate without debt. However, the techniques that community colleges follow must be adapted by every college to make education actually affordable for all.

Another Student is On His Way to Graduating DEBT-FREE!

Another student is on his way to graduating college DEBT-FREE!

Are you going to be the next person on her way to graduating college DEBT-FREE?

www.debtfreecollegegrad.com

Public Colleges: Pros & Cons

Are public colleges better than private colleges?

With so many different colleges to choose from, it can get overwhelming as a high school senior. Should you pick from one of the many public colleges to attend? Or should you choose a private college? Lets begin by breaking down the pros and the cons of public colleges.

 

Pros of Public Colleges

• Tuition- Public colleges are very affordable to attend, especially for students that attend the college in the same state that they live. Tuition at public colleges and universities are a lot less expensive than private college tuition.
• Diversity- Public colleges typically have many different types of people that you can meet. They have a large student population and people come from different states, backgrounds, ethnicities, etc. Along with being diverse in people that you will meet, public colleges also offer an abundance of extracurricular activities.
• Course Availability - Public colleges provide a lot of flexibility when it comes to signing up for and taking your courses. Courses are offered at different times through out the day so if you want to work during the day, you are able to take night classes and if you want to work a night shift, you can sign up for day courses. Public colleges can incorporate their curriculum into your schedule very easily.

Cons of Public Colleges

• Larger class sizes- Since there are a lot of people that attend public colleges, public colleges tend to have more students in each class. Some classes consist of lecture halls filled with students. There can be one hundred students or more in some classes with only one teacher. For some people, it is difficult to learn in a huge lecture hall full of students and the professors are not able to give students individual attention.
• Overcrowded Campus-  Due to the high number of students that enroll in public colleges each semester, classes will get filled up quickly---especially the courses with the "best" professors. Also, lines at lunch, the bookstore, and other popular places on campus can be long since there are so many students that attend the public college.
• Communication with Professors- Professors at public colleges can have hundreds of students each semester. Due to having so many students, professors at public colleges might have limited times where they will communicate with. You might have to visit during their set office hours or schedule an appointment with them before just dropping by to ask a question.

***Note: Not all public colleges have a lot of students that attend. Some public colleges have classes with only 10 or 20 students in them each semester. It all depends on which public college you choose to go to and what classes you choose to enroll in. You can still find smaller class sizes at a public college.

After knowing about the pros and cons of public colleges, would you want to attend a public college? Leave a comment letting me know if you would or wouldn't and why.

By: Shanice Miller, founder of DebtFreeCollegeGrad.com

Private Colleges: Pros & Cons

Are private colleges better than public colleges?

With so many different colleges to choose from, it can get overwhelming as a high school senior. Should you pick from one of the many private colleges to attend? Or should you choose a public college? Lets start by breaking down the pros and the cons of private colleges.

Pros of Private Colleges

• Smaller class sizes- One of the biggest positives of private colleges are their smaller class sizes. For some people, it is difficult to learn in a huge lecture hall full of students. With smaller class sizes, the professors will be able to get to know you personally and can make sure that everyone in the class understands the lecture material.
• Scholarships-  Private colleges tend to give out a lot of money to the students in the form of merit scholarships because they receive a lot of endowments and donations.
• Close Community of Students- Private colleges have a close-knit community where the students are able to communicate with the professors and everyone is involved in campus activities. Also, there will be more student involvement in the classroom so private colleges are more academically driven and focused.

Cons of Private Colleges

• Lack of Diversity- Private colleges are not known for being very diverse in their student population. Private colleges typically attract a specific type of student, which comprises the majority of their student population.
• Tuition- Private colleges are the most expensive type of college to attend. Yes, we said that private colleges give a lot of financial assistance in the form of scholarships, but those typically go to the students that are at the top of their class, have the highest GPA and SAT scores.
• Credit Transfers- Private college credits are usually difficult to transfer to other colleges or are non-transferable. This means if you want to transfer to a different college after attending a semester or two (or more) at a private college, you will most likely lose some of the credits that you have earned at the private college. For example, you took 30 credits at a private college. When you transfer over to a different college, only 15 credits might transfer over to the new college. If you want to transfer colleges after attending a private college, you might have to take some classes over at the new university.

After knowing about the pros and cons of private colleges, would you want to attend a private college? Leave a comment letting me know if you would or wouldn't and why.

By: Shanice Miller, founder of DebtFreeCollegeGrad.com

High Blood Pressure Linked to Student Loan Debt!

Did you know that high blood pressure and poor health in young adults is linked to debt?

Just think about all of that student loan debt that some young adults have acquired. The average amount of student loan debt in 2012 was about $29,000.

Did you know that this student loan debt could be making you SICK and causing you to have high blood pressure?

Researchers at Northwestern University conducted a study which discovered that young adults between the ages of 24 to 32 with high financial debt/ student loan debt were more likely to have higher blood pressure readings AND were more likely to feel stressed and depressed.

This study, which was published in the Social Science and Medicine Journal, found that young adults with higher debt had a 1.3% increase in their diastolic blood pressure reading. 1.3% may not seem like a huge increase, however, an increase of the diastolic blood pressure by only two points will increase the risk of a stroke by 15 percent.

By: Shanice Miller, founder of DebtFreeCollegeGrad.com