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.