Scholarship Provides Money for College and Valuable Tips

Registration is now open for a scholarship that offers Iowa high school seniors a chance to receive one of 30 scholarships worth $2,000 for college while learning important financial literacy skills. In addition, each recipient’s high school will receive a corresponding $250 award.

Register Now

Senior Scholarship Details

High school seniors may register for the Iowa Financial Know-How Challenge: Senior Scholarship at www.IowaStudentLoan.org/SeniorScholarship between now and Feb. 22. Iowa Student Loan® will award $2,000 scholarships to 30 students who complete two online financial literacy tutorials and score highest on a related assessment. Registered students also receive emails highlighting financial literacy tips, such as the importance of early career and college planning and ways to reduce student loan indebtedness.

After registering for the scholarship, students receive emailed instructions for completing the three required online components. The two tutorials — Student Loan Game Plan and the ROCI Reality Check — were developed by Iowa Student Loan to help students understand the consequences of college borrowing and discover how to maximize their return on college investment, or ROCI.

A related multiple choice assessment will check students’ understanding of the concepts in the tutorials. The 30 high school seniors who score highest on the assessment test will each receive a $2,000 scholarship that will be sent directly to their colleges in fall 2019. If top-scoring students tie, those students will be asked to complete a separate component so that 30 final recipients can be determined.

Each scholarship recipient’s high school will also receive a corresponding $250 award to be used toward scholarship and financial literacy programs.

The Iowa Financial Know-How Challenge: Senior Scholarship is open to legal U.S. citizens who are seniors at an Iowa high school during the 2018–2019 school year and attend college in fall 2019. It is a no-purchase-required program, and full rules and details are available at www.IowaStudentLoan.org/SeniorScholarship.

Register Now

Additional Resources Available

Iowa Student Loan also has additional resources for families planning for college and for students who intend to pursue advanced degrees. The Parent Handbook consists of valuable tips to help families of students in sixth through 12th grades prepare for success in college and other postsecondary options. The Grad Degree Gauge encourages students to make informed decisions about borrowing levels and their ability to repay new student loan debt when considering the pursuit of an advanced degree. Both tools are available free at www.IowaStudentLoan.org/SmartBorrowing.

By: Iowa Student Loan

4 Tips for Scholarships

Scholarships are a great way to help you pay for college, so that you can keep your potential debt down when you graduate. Start with these four scholarship tips.

Scholarship Tip: Start Your Search Online

There are many scholarships available, and the Internet is a great place to start your search both locally and nationally.

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Scholarship Tip: Help Pay for Graduate School

Your scholarship search should not stop after you graduate with your bachelor’s degree. Many opportunities exist for students continuing their studies.

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Scholarship Tip: Nail Your Application

While you may be ready to write a scholarship essay, make sure you don’t miss small details that may or may not make you ineligible.

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Scholarship Tip: Essay Writing

If you’re applying for scholarships, you will undoubtedly have to write some essays. Take your time and do it right to help improve your chances.

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By: Iowa Student Loan

Scholarship Tips for Parents

Many families find they need additional funds to pay for college. Especially if your family does not qualify for a lot of need-based financial aid, merit-based scholarships can help fill the gap.

While your student will be the one qualifying for scholarships, filling out applications and writing essays, parents can assist in several ways. Here are some steps you can take.

Encourage your child to participate in appealing extracurricular activities. 

Many scholarship committees are looking for well-rounded applicants who have accomplishments, leadership and involvement outside the classroom. Extracurriculars can include school, religious and community groups, volunteer efforts, sports, fine arts, employment and a variety of other activities. The specific activities—or the number or variety of them—should reflect your student’s interests and situation.

Frame the conversation by setting a budget. 

Many teenagers don’t have an accurate idea of how much college costs or how much their families are able or willing to spend on their education. Have an honest conversation about true current and estimated future costs for the types of colleges your student is considering and how much you can contribute. Then, you can discuss ways your student can contribute financially, including through scholarships.

Search early and often. 

Use free online search sites beginning as early as your student’s sophomore year to get an idea of the types of scholarships your student may qualify for. You can gather ideas about test scores, grades, activities or other specific requirements that your student may be approaching or considering. Your student should continue the search as he or she approaches senior year and throughout college because new opportunities arise at different stages.

Work together to brainstorm scholarship sources. 

Besides online scholarship searches, your family should consider additional sources of scholarships. Employers (yours, your student’s and those of other family members, as well as local employers), churches and nonprofit organizations, community and civic groups, local companies and high schools all may offer awards in varying amounts and for a variety of qualifications. Encourage your student to apply to both smaller and less selective scholarships as well as any more competitive awards he or she may qualify for. Don’t forget to investigate scholarships offered by the colleges and academic departments your child is considering; these are often the largest awards.

Set aside a specific time to devote to scholarships.

As their senior year becomes more hectic with college applications, classwork and other activities, students may struggle to find the time to devote to a quality application. Help your child by designating a specific time to search for scholarships and manage applications and essays. The schedule may change in frequency as your student nears deadlines.

Help with ideas, editing and proofreading. 

Help your student come up with ideas for essay responses that fit the prompt while conveying what’s most important to your child. You may recall events or activities from earlier in high school that your student has now forgotten or considers unimportant. You can also provide a fresh eye to catch errors and other problems with essays and applications. Just remember that scholarship committees are used to reading student work and will recognize an overly involved parental hand.

Consider financial aid consequences. 

If your student will be eligible for need-based aid, like grants or work-study, investigate how each college treats merit awards. Some colleges will offset need-based aid with any outside scholarships; others allow a student to “stack” awards to maximize aid. If this information is not readily available in the financial aid, costs or admissions pages of the college website, contact the admissions office directly for details.

Recognize the accomplishment. 

If your child earns one or more large scholarships or many smaller ones, your family may be able to significantly reduce the amount spent on college. You may want to reward your student by matching a portion of the earnings. The match money could be designated for books or other expenses not covered by the awards or you may leave its disposal up to your student. Regardless of the final outcome, remember that your student has put at least some and possibly a great deal of time and effort into the scholarship process. Recognize that with sincere words, a tangible reward or other gesture.

By: Iowa Student Loan

Replacing Non-Renewable Scholarships

As the academic year comes to a close, many college students face a harsh financial reality: Scholarships and grants that made the current year affordable will soon come to an end. Some awards are only intended to be applied to the first year of college; others carry renewal requirements, such as a minimum GPA or a specific major, that go unmet.

If fewer scholarship and grant funds will be available to you or your student next year, start planning now to make up the shortfall. Here are three ways students may replace non-renewable scholarships.

1. Find new scholarships.

Although many scholarships are available to freshmen, you may be able to find scholarships for upperclassmen with a little effort.

  • If you have settled on a major, start with your academic department or college. Search the department website, visit the departmental office and talk to your academic adviser.
  • Stop in the campus financial aid office and see what scholarships are offered to students who have your academic and extracurricular interests.
  • Check with professional and pre-professional organizations about programs to help students in your intended career field.
  • Search online databases for upperclassmen scholarships. Certain scholarships like those offered by the Elie Wiesel Foundation for Humanity and the Morris K. Udall Foundation are only for upperclassmen, while others allow applicants of any undergraduate level.
  • Look for local and small scholarships. A lot of students tend to compete for national and large scholarships. You may have better luck standing out among applicants for smaller and local awards.

2. Increase earnings.

If you are unable to earn new scholarships, you may want to consider adding work hours.

  • During the school year, you may be able to find positions on or near campus that allow you to prepare for your intended career while earning money. Look for jobs as a teaching assistant, tutor or research assistant.
  • Resident Assistants in the dorms may qualify for reduced room and board costs, while other campus positions may allow you to study during slow times. Businesses near campus often hire college students during the academic year as well. Even part-time positions can pay well over time.
  • Over breaks, you can work more hours to increase income. Summer research on campus or for private, nonprofit and government organizations can help you create career connections.
  • If you need an internship to meet graduation requirements, look for paid positions that will offset your tuition, housing and transportation costs. Some colleges and organizations also offer stipends to help students who have an unpaid internship or co-op.

3. Lower costs.

Especially in combination with increased earnings, lower costs can help you make up for the loss of non-renewed scholarships.

  • Consider living off campus. Carefully weigh the cost for paying rent (most leases run a full year instead of the 10-month academic term), furnishings, utilities, groceries and transportation against room and board rates to determine if moving will save you money.
  • Even small changes can help you save a large amount of money if you are consistent and diligent.
  • Plan ahead when purchasing furnishings, supplies and books to save. Make sure you take advantage of the least expensive option that will allow you to succeed.
  • Stick to a budget to cut costs year-round. Know where you can save the most money with a little effort.

By: Iowa Student Loan

How to Manage Scholarship Applications

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You may feel like you already have enough to do managing senior year classes and activities, college and scholarship applications and other commitments.

Even though it may seem like you don’t need to add to your load, a couple of simple tricks can help you feel less anxious about scholarship results. And, you’ll be ready with an informed answer when Mom or Dad asks about your progress.

Here’s how to stay on top of scholarship applications:

Get Organized from the Beginning

Set up a spreadsheet with all your scholarship application information. Your scholarship search is unique, but you can set up a basic spreadsheet using the suggested categories below and customize them as needed.

For each scholarship you apply for, include the following information as applicable:

  • Name of scholarship
  • Scholarship sponsor
  • Sponsor contact information, including preferred methods of contact or no-contact requests
  • Award amount
  • Whether the scholarship is a one-time or renewable award
  • Name of the website, person or other source that made you aware of the scholarship
  • Website login information
  • Required elements for the application
  • Deadline
  • Submission date
  • Expected date of award notification
  • Method of award notification
  • Any additional requirements to accept scholarship
  • Notes or special information

Check for Updates

Once you submit a scholarship application, make sure you check often for updates and notifications. Depending on the scholarship, you may need to check your email (don’t forget to look in your spam folder), listen to voicemail or log in to the scholarship website.

• Respond quickly. You may receive a notice that your application is missing some required information. If you’re missing information or the scholarship sponsor has questions, respond as quickly as you can.

• Check often. Set aside a specific time every day to check your scholarship applications. It may be helpful to move all scholarship-related email to special folder in your inbox. Some email applications allow you to set up rules to do this automatically.

• Pay special attention to announcement dates. Watch for notifications that you have earned a scholarship or are a finalist. Enter any to-dos to submit additional required information or to accept the award on your spreadsheet, and then follow through.

If you haven’t heard within a few days after a publicized announcement date, you may want to follow up with the scholarship sponsor. First check your spreadsheet to ensure that the sponsor didn’t specify no contact or specified only certain forms of contact, though.

Organizing your scholarship application information and staying up to date with notifications will help you remain calm while you wait for results.

By: Iowa Student Loan

8 Ways to Start the College Conversation

Middle school is a great time for students to start thinking about and discussing their plans after high school. It may feel like your child just headed off to the first day of school, but time passes quickly and now is the time to plan for high school and beyond.Header image: Start the College Conversation

Here are eight ways to start a conversation with your student.

1. Connect current interests.

Observe the things your child enjoys and discuss how these activities translate into college majors and careers. Even if you are sure your child won’t end up as a chef, talking about cooking for a living helps your student think about the connection between interests and careers. Just remember that as your child matures, his or her interests will change as well.

2. Explore career possibilities.

Your student might have some idea of what you do for a living and is likely familiar with several common jobs like teacher, police officer, doctor and lawyer. But that’s just the tip of the iceberg. Talk about what people you work with do, as well as the careers of extended family members, friends and acquaintances. Help your student see the nuances between different careers and how people got to the point where they are today.

3. Define “college.”

What do you and your student think of when you hear the word “college”? Explore the different types of postsecondary options and the types of careers associated with them to help your child understand their future choices. Visiting different campuses can help.

4. Stress the importance of academic habits.

Middle school grades and test scores usually don’t count for college admission considerations, but now is the time to set good habits and define expectations. High school course rigor and grades, along with standardized test scores, play a major role in college admissions. Set the stage now by talking about what’s happening at school and how to improve.

5. Make a financial plan.

Discuss the current and projected future cost of college and what that means for your family. If you expect your student to work in high school or college to help offset costs, talk about that now. In addition, let your student know what kind of college savings or funding he or she can expect from the family. This will help clarify the college choice down the road.

6. Talk about academic options.

If your student performs well in middle school, there may be an opportunity to advance in coursework. Taking high school classes in middle school frees up time for more advanced classes, and even classes that count for college credit, in high school. In addition, standardized test scores may help your student qualify for substantial merit-based scholarships for college.

7. Clarify expectations.

Some families assume their children will attend college; others assume their children won’t. Where does your family fall on this scale and how does that fit with your student’s own ideas? Encourage your child to think in terms of financial and personal goals and how college affects those.

8. Share your own experience.

Discuss your favorite and least favorite aspects of your own education and what you would do differently. Share how the choices you made or the situations you were in affected what came after.

By: Iowa Student Loan

Tips for Landing a Scholarship (Infographic)

As you enter your last few months of high school, the pressure’s on to figure out how to pay for the next stage of your education. Improve your chances of landing scholarship funds with these tips.

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Download a PDF of this infographic.

Beef up your qualifications.

Try a new extracurricular activity, volunteer and bump up your GPA to qualify for more scholarship funds and increase your chances of earning those scholarships.

Update your information.

As you accomplish more, update your qualifications listed for your accounts on scholarship search sites, such as scholarships.com, bigfuture and Fastweb, to find more results.

Keep searching for new opportunities.

Perform new searches through free scholarship sites on a regular basis. Remember, many non-academic entities offer scholarships and make information available at different times of the year.

Touch base with your support crew.

Let teachers, coaches and family friends who have agreed to write letters of recommendation or proofread essays know when you will need help. Allow them enough time to help you while still meeting all their other commitments, and offer to help any way you can.

Stay on top of deadlines.

Plan your priorities to ensure you submit applications and supporting materials before their due dates.

Reread all your upcoming scholarship submissions.

Check for any typos, make sure you’ve followed all instructions and submit everything required.

File for financial aid.

If you haven’t yet, complete and submit your Free Application for Federal Student Aid (FAFSA). This is a primary tool to qualify for scholarships awarded by colleges. If you need help completing your FAFSA, contact the Iowa College Access Network or attend a free Iowa College Goal Sunday event near you.

Contact your college.

If your FAFSA doesn’t accurately reflect your financial situation or if you have questions about scholarships available at your college, contact the college’s admissions or financial aid office. Also let the admissions office know if the final price tag will make the difference in your college choice; the school may have some flexibility in scholarship awards.

By: Iowa Student Loan

Comparing Postsecondary Options (Infographic)

The postsecondary options after high school can be confusing. Here is a comparison of the most common routes for recent high school graduates.

Keep in mind that these routes are not permanent or exclusive, and choosing one route doesn’t rule out other options if a student would like to pursue an additional or different path later.

Infographic: Comparing Postsecondary Options

Download this infographic as a PDF.

  Workforce Military Short-Term Education Apprenticeship Public Four-Year College Private Four-Year College
Description Full-time employment directly after high school · Before or instead of pursuing a college education

· Military academies

· Short professional programs

· Certificate programs

· 9-month, one-year, two-year college programs

Up to six-year programs Rely on government funding as well as tuition and fees from students Rely on tuition, fees and private sources for funding
Average Cost $100–$1,000 $0 $5,000–$20,000 $0 $47,000–$90,000 $77,000–$140,000
Potential Earnings Starting: $18,023

Mid-career: $31,239

Starting: $19,199

Mid-career: $41,958

Starting: $24,030

Mid-career: $44,056

Starting: $20,025

Mid-career: $47,098

Starting: $20,025

Mid-career: $47,098

Starting: $20,025

Mid-career: $47,098

Required May need related job experience or certain skills · ASVAB test

· Fitness and health standards

· Background check

·  Requirements vary by program

· Placement tests

· Requirements vary by program

· May be minimum age

· May require community college acceptance

· Minimum SAT/ACT score and GPA

· Core high school classes

· Application (sometimes with essay, interviews and letters of recommendation)

· Minimum SAT/ACT score and GPA

· Core high school classes

· Application (sometimes with essay, interviews and letters of recommendation)

Typical Jobs • Accounting clerk

• Animal caretakers

• Childcare

• Clerical, administrative, office clerk

• Customer service representatives

• Driver

• Food services

• Maintenance and janitorial

• Retail worker

 

• Administration

• Aviation

• Combat officer

• Construction

• Engineering

• Health care

• Intelligence

• Mechanical and maintenance

• Public affairs and media relations

 

• Auto mechanic

• Barber

• Chef

• Computer tech

• Cosmetologist

• Court reporter

• Dental assistant

• Fitness trainer

• Nursing or home health aide

• Pharmacy tech

 

• Carpenter

• Electrician

• HVAC installation and repair

• Machinist

• Mason

• Pipefitter

• Plumber

• Sheet metal worker

• Tool and die worker

• Airline pilot

• Architect

• Computer programmer

• Educator

• Engineer

• Financial specialist

• Graphic designer

• Reporter or correspondent

• Writer or editor

 

• Airline pilot

• Architect

• Computer programmer

• Educator

• Engineer

• Financial specialist

• Graphic designer

• Reporter or correspondent

• Writer or editor

 

Sources:

  • Average Cost of Workforce includes the cost of work clothes, transportation to interviews and printing resumes.
  • Average Cost of Public and Private Four-Year College are based on the 2011–2012 net lowest and highest cost of attendance (after discounts on the published costs) per year multiplied by four years.
  • All other Average Cost information is based on figures available online for Iowa programs.
  • Potential Earnings for Workforce are the 15th and 50th percentile salaries from U.S. Census Bureau 2015 PUMS data (1 year sample) – educational attainment up to high school diploma.
  • Potential Earnings for Military are private (E1) and first lieutenant (O2) from https://www.goarmy.com/benefits/money/basic-pay-active-duty-soldiers.html.
  • Potential Earnings for Short-Term Education are the 15th and 50th percentile salaries from U.S. Census Bureau 2015 PUMS data (1 year sample) – educational attainment of associate degree.
  • Potential Earnings for Apprenticeship are the 15th and 50th percentile salaries from U.S. Census Bureau 2015 PUMS data (1 year sample) – educational attainment of some college.
  • Potential Earnings for Public and Private Four-Year College are the 15th and 50th percentile salaries from U.S. Census Bureau 2015 PUMS data (1 year sample) – educational attainment of bachelor’s degree.

By: Iowa Student Loan

Five Advantages to Working During Breaks

If you need to build up savings for college and living expenses, think about a job during holiday and spring breaks.

Here are five advantages to working during school breaks.

Maintain your regular study schedule.

Because you don’t have classes to take up a large part of your day, you can often dedicate a large chunk of time to your job. If your break also falls between school terms, you can devote even more hours to earning money since you won’t have studying or homework to do.

Build up earnings.

You may be able to work 40 or more hours a week to maximize your earnings in a short period of time. Even better, while you’re working many hours, you have less time and opportunity to spend your earnings, so you’re able to save more to reach your financial goals.

Take advantage of openings.

Many employers need extra, short-time help to deal with the increased workload during the holidays. Besides standing behind a cash register, you may be able to find positions to help with stocking, holiday displays, returns and exchanges, or filling in for others who are on vacation. Seasonal employment is also more widely available.

Gain work experience.

You may find it easier to land a paid internship or co-op position for a short break than you would for an entire semester or school term. Even jobs that aren’t directly tied to your intended career can provide valuable transferrable skills.

Create a relationship.

As a reliable seasonal employee, you may be able to return to the same position, or more advanced positions with the same employer, break after break. You may even be able to land a permanent position or develop a network of mentors who will help you after college graduation.

See additional ideas for making money during breaks.

By: Iowa Student Loan

After the Award: Why Grades Matter for Financial Aid

AftertheAward_GradesMatterforFinAid

You know that awesome feeling you experienced when you realized your grants and scholarships will cover a hefty chunk of your college cost? The relief that now you could focus more on college life instead of solely on your grades?

Not so fast. You should know your grades will likely still matter if you want to keep your aid each year. Here’s why.

1. You may need a minimum GPA to renew certain scholarships and grants.

Many renewable or multiyear scholarships and grants require you to maintain a minimum GPA in college to renew the award. The exact GPA required each semester or term will depend on several factors, such as:

  • The minimum GPA set by the entity that provided the award. Make sure you understand the requirements for each renewable award. Also, check whether there is a probationary period if you fall below the minimum and whether that must occur in your first year or you may use it any time.
  • Whether you need to maintain a certain cumulative GPA or a minimum each term. If you need to keep a minimum cumulative GPA, one semester of poor grades can affect your eligibility for several additional terms.
  • The grading system for your classes. Some colleges award whole grade points only, so an 89% and an 81% course grade are both Bs and are both worth 3.0 points (often called “quality points”) on a 4.0 grading scale. Others award partial points for a letter grade with a + or a -, so an 89% course grade may be a B+ worth 3.33 while an 81% may be a B- worth 2.67 on a 4.0 scale. Still other colleges allow professors to choose which system to use as long as they provide the grading system in the course materials. Know where you need to fall on the scale and whether it’s worth the effort to bring a low B up to a high B in one class versus concentrating on bringing a high B up to a low A in another.

2. You definitely need a minimum GPA to continue to qualify for state and federal aid for additional years.

If you want to receive financial aid, including work-study, grants, scholarships and loans, from the state and federal governments, you need to fill out a FAFSA each year. In addition, you need to show Satisfactory Academic Progress (SAP). Each school has its own guidelines and process for SAP, but they may include:

  • A minimum GPA.
  • A required number of credit hours each year, semester or term.
  • A warning or probationary period after falling below the minimum GPA.
  • An appeal process for extenuating circumstances affecting your GPA.

The U.S. Department of Education provides more information on how grades affect federal financial aid. Visit your financial aid office or your college’s website for information on its SAP policies.

3. You may need to repay scholarships or grants.

In some cases, you may be expected to repay at least part of the award if you:

  • Do not attend classes or withdraw from school after a certain date.
  • Drop below full-time.
  • Do not pass enough credit hours in a given time period.

If you are experiencing difficulty in college, even if circumstances are beyond your control, make sure you understand any penalties regarding your financial aid. Your college’s financial aid and academic advising offices can help you determine your options.

By: Iowa Student Loan

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