If you know of a family earning less than $40,000 a year with an honor
student graduating from high school soon, Harvard University wants to
pay the tuition. The prestigious university recently announced that
from now on undergraduate students from low-income families can go to
Harvard for free...no tuition and no student loans!
To find out more about Harvard offering free tuition for families
making less than $40,000 a year visit Harvard's financial aid website
at:
http://www.news.harvard.edu/gazette/daily/2006/03/30-finaid.html
or call the school's financial aid office at (617) 495-1581.
Saturday, October 21, 2006
Sunday, July 30, 2006
How to Pay for Graduate School
by Saadiq Mance
Black Financial News.com
Chances are you already know the benefits of a graduate degree and have possibly already made a mental commitment to continue your education. However, money seems to always be the decisive factor that tends to hold one back from taking the final steps to attaining that lucrative graduate degree. This month in Emerging Minds Dollars & Sense we want to help you take your career to the next level by doing some of the financial leg work that is needed to help you figure out how you can pay for grad school.
Fellowships
Fellowships are the absolute best way to finance graduate school. Most fellowships will cover your tuition, books, room, board and pay you a stipend on top of that. Many will cover all of these expenses for a student's full academic career, but some must be renewed each year. Sounds good huh?…real good…and that's why fellowship programs are highly competitive and are designed to attract students with excellent academic records. This is why if your goal is to get a fellowship you need to at least have a 3.0 undergraduate GPA, and be in the highest percentile of graduate exam scores. If your academic record is not so stellar, there is still hope to receive a fellowship. African American and other minority scientist, engineers, computer specialist, and medical professionals are in high demands and low in numbers; so the good thing is that you will have to compete with a smaller field of candidates. Also, if you don't mind going to a less prestigious school, you may be able to receive a fellowship even though you did not hit a home run on your graduate test.
There are two main types of fellowships; Portable fellowships and Institutional fellowships. Portable fellowships are offered by independent donors or organizations and can be used at any university. Institutional fellowships are awarded through specific university programs. The financial aid offices of the schools to which you are applying can give you information on any available Institutional fellowships. In addition, there are several different guides to Portable fellowships and Institutional fellowships that can be found at the public library and on the world wide web.
Scholarships
Scholarships are one of the most common ways for individuals to pay for their graduate education. Typically, in order for you to receive a scholarship to graduate school, you need to qualify on the basis of need, merit, or both. Nine times out of ten, if your goal is to receive a scholarship based on need, your tax returns will be a crucial part of the application process. Consequently, it is very important that you use every legal method in the book to decrease your taxable income the years prior to attending grad school. In addition, the sooner you go to grad school in your career, the better. This is because the longer you work, the higher your income will be and the more you will be expected to pay towards your education.
Receiving a scholarship based on merit is another ball game, but don't assume you must have a 4.0 GPA and max out your graduate exams to qualify. You may qualify for a scholarship based on merit because your parents were born in Haiti, your father served in Vietnam, or because you are left handed. There are hundreds of odd, usually small, merit scholarships available for people for a number of reasons. More often than not, these scholarships are not full scholarships, but range from $100 to $50,000 or more. Keep in mind that the more money the scholarship is worth, the better your credentials will have to be.
Assistantships
Another great way to help ease the cost of graduate school is an assistantship. Many graduate students, especially after they compete their first year in school, have the opportunity to become teachers or research assistants. Through this arrangement, teaching assistants help professors by leading seminar sections, reading papers, and meeting with undergraduates. Research assistants, common in the sciences, oversee laboratories and assist professors on projects. Both arrangements allow students to earn money while gaining experience in their field. Some universities also reduce tuition for students working as assistants and may even offer stipends and/or tuition remission. In some programs, assistantships are awarded to every student; in others they are awarded competitively based on academic performance. Since assistantships differ in each department within a university, you must check with the academic dean of the program you want to attend to find out the qualifications and rewards unique to that school.
Employee Assistance
If you are gainfully employed and your goal is to go to graduate school in order to advance your career or even change careers, don't count out your current employer as your ticket to that prestigious degree. Start by asking your employer if they have any programs to help employees who go back to school. Some will pay at least part of the tuition and as an added benefit, up to $5,250 of employer-paid education benefits won't be considered part of your income (that is, the money's tax free). This benefit was supposed to end after 2001, but has been extended indefinitely and now applies to grad school tuition.
There are two important things to be aware of if you go this route: 1) Usually, your employer will expect you to meet a minimal grade level for each class. If you don't meet this requirement for any class, your employer won't pay for the class and you will have to come up with the money for the course out of your own pocket. 2) Your employer isn't stupid; they are not going to pay for you to go to graduate school without them getting something out of it. Typically, before they will pay for your classes they will have to be in a job related field. Also, most employers will expect you to work for the company a minimal amount of time (usually 1 year) before you are free to leave the company without any obligations. For example, if you get your degree and leave the company either voluntarily or involuntarily before that minimum time is met, they will prorate the cost of the tuition and expect you to pay them back. Make sure you read the fine print before you let your employer pay for your schooling.
Veteran Benefits
If you or your spouse is a veteran, or the dependent of a veteran, veteran's educational benefits may be available as well. First check out the Federal Department of Veternan Affiars, then check with your local Veterans' Affairs office. There are also a number of private fellowship offerings available such as the Fulbright, Mellon, National Research Foundation, and the National Science Foundation, to name a few.
State Aid
Your state higher education agency in your home state will also be able to provide you with information about state aid. They can provide infromation on the State Student Incentive Grant (SSIG) Program, which is funded jointly by individual states and the US Department of Education. You can access a list of the state higher education agencies on the Department of Education's Web site. While Pell Grants and other federal aid programs are available for undergraduate students, they are not an option for graduate school.
Loans
Loans should be your absolute last resort to pay for a graduate education. Many people are stuck paying off student loans their entire life. If you have to go this route, you should consider a loan from the Federal Education Department before you go through a private financer, (http://www.ed.gov/DirectLoan/). The interest rates are usually much lower than what a private company can offer. You can also write off the interest (up to $2,500 a year) on your taxes once you start repaying the loan -- as long as your income doesn't exceed $65,000 (single), $130,000 (joint).
Paying for it yourself
If you have to spend your own money to go back to school, the only benefit is that you can get a tax write-off. You can deduct up to $3,000 of expenses (tuition and fees) that you pay for post-secondary education -- even if you don't itemize, (it doesn't count if the money is used for personal expenses such as room and board). Before you commit to going this route, visit the federal governments comprehensive website (http://www.students.gov/) to help students from everything from finding a school to budgeting your money.
Black Financial News.com
Chances are you already know the benefits of a graduate degree and have possibly already made a mental commitment to continue your education. However, money seems to always be the decisive factor that tends to hold one back from taking the final steps to attaining that lucrative graduate degree. This month in Emerging Minds Dollars & Sense we want to help you take your career to the next level by doing some of the financial leg work that is needed to help you figure out how you can pay for grad school.
Fellowships
Fellowships are the absolute best way to finance graduate school. Most fellowships will cover your tuition, books, room, board and pay you a stipend on top of that. Many will cover all of these expenses for a student's full academic career, but some must be renewed each year. Sounds good huh?…real good…and that's why fellowship programs are highly competitive and are designed to attract students with excellent academic records. This is why if your goal is to get a fellowship you need to at least have a 3.0 undergraduate GPA, and be in the highest percentile of graduate exam scores. If your academic record is not so stellar, there is still hope to receive a fellowship. African American and other minority scientist, engineers, computer specialist, and medical professionals are in high demands and low in numbers; so the good thing is that you will have to compete with a smaller field of candidates. Also, if you don't mind going to a less prestigious school, you may be able to receive a fellowship even though you did not hit a home run on your graduate test.
There are two main types of fellowships; Portable fellowships and Institutional fellowships. Portable fellowships are offered by independent donors or organizations and can be used at any university. Institutional fellowships are awarded through specific university programs. The financial aid offices of the schools to which you are applying can give you information on any available Institutional fellowships. In addition, there are several different guides to Portable fellowships and Institutional fellowships that can be found at the public library and on the world wide web.
Scholarships
Scholarships are one of the most common ways for individuals to pay for their graduate education. Typically, in order for you to receive a scholarship to graduate school, you need to qualify on the basis of need, merit, or both. Nine times out of ten, if your goal is to receive a scholarship based on need, your tax returns will be a crucial part of the application process. Consequently, it is very important that you use every legal method in the book to decrease your taxable income the years prior to attending grad school. In addition, the sooner you go to grad school in your career, the better. This is because the longer you work, the higher your income will be and the more you will be expected to pay towards your education.
Receiving a scholarship based on merit is another ball game, but don't assume you must have a 4.0 GPA and max out your graduate exams to qualify. You may qualify for a scholarship based on merit because your parents were born in Haiti, your father served in Vietnam, or because you are left handed. There are hundreds of odd, usually small, merit scholarships available for people for a number of reasons. More often than not, these scholarships are not full scholarships, but range from $100 to $50,000 or more. Keep in mind that the more money the scholarship is worth, the better your credentials will have to be.
Assistantships
Another great way to help ease the cost of graduate school is an assistantship. Many graduate students, especially after they compete their first year in school, have the opportunity to become teachers or research assistants. Through this arrangement, teaching assistants help professors by leading seminar sections, reading papers, and meeting with undergraduates. Research assistants, common in the sciences, oversee laboratories and assist professors on projects. Both arrangements allow students to earn money while gaining experience in their field. Some universities also reduce tuition for students working as assistants and may even offer stipends and/or tuition remission. In some programs, assistantships are awarded to every student; in others they are awarded competitively based on academic performance. Since assistantships differ in each department within a university, you must check with the academic dean of the program you want to attend to find out the qualifications and rewards unique to that school.
Employee Assistance
If you are gainfully employed and your goal is to go to graduate school in order to advance your career or even change careers, don't count out your current employer as your ticket to that prestigious degree. Start by asking your employer if they have any programs to help employees who go back to school. Some will pay at least part of the tuition and as an added benefit, up to $5,250 of employer-paid education benefits won't be considered part of your income (that is, the money's tax free). This benefit was supposed to end after 2001, but has been extended indefinitely and now applies to grad school tuition.
There are two important things to be aware of if you go this route: 1) Usually, your employer will expect you to meet a minimal grade level for each class. If you don't meet this requirement for any class, your employer won't pay for the class and you will have to come up with the money for the course out of your own pocket. 2) Your employer isn't stupid; they are not going to pay for you to go to graduate school without them getting something out of it. Typically, before they will pay for your classes they will have to be in a job related field. Also, most employers will expect you to work for the company a minimal amount of time (usually 1 year) before you are free to leave the company without any obligations. For example, if you get your degree and leave the company either voluntarily or involuntarily before that minimum time is met, they will prorate the cost of the tuition and expect you to pay them back. Make sure you read the fine print before you let your employer pay for your schooling.
Veteran Benefits
If you or your spouse is a veteran, or the dependent of a veteran, veteran's educational benefits may be available as well. First check out the Federal Department of Veternan Affiars, then check with your local Veterans' Affairs office. There are also a number of private fellowship offerings available such as the Fulbright, Mellon, National Research Foundation, and the National Science Foundation, to name a few.
State Aid
Your state higher education agency in your home state will also be able to provide you with information about state aid. They can provide infromation on the State Student Incentive Grant (SSIG) Program, which is funded jointly by individual states and the US Department of Education. You can access a list of the state higher education agencies on the Department of Education's Web site. While Pell Grants and other federal aid programs are available for undergraduate students, they are not an option for graduate school.
Loans
Loans should be your absolute last resort to pay for a graduate education. Many people are stuck paying off student loans their entire life. If you have to go this route, you should consider a loan from the Federal Education Department before you go through a private financer, (http://www.ed.gov/DirectLoan/). The interest rates are usually much lower than what a private company can offer. You can also write off the interest (up to $2,500 a year) on your taxes once you start repaying the loan -- as long as your income doesn't exceed $65,000 (single), $130,000 (joint).
Paying for it yourself
If you have to spend your own money to go back to school, the only benefit is that you can get a tax write-off. You can deduct up to $3,000 of expenses (tuition and fees) that you pay for post-secondary education -- even if you don't itemize, (it doesn't count if the money is used for personal expenses such as room and board). Before you commit to going this route, visit the federal governments comprehensive website (http://www.students.gov/) to help students from everything from finding a school to budgeting your money.
Saturday, June 24, 2006
African Americans Get Higher Loan Rates
released on 05/31/06 at 16:16:36
NEW YORK (CNNMoney.com) - African-Americans and Latinos are 30 percent more likely to receive higher rates for home loans than white borrowers despite similar credit scores and risk factors, according to a study published Wednesday by The Center for Responsible Lending.
The Center for Responsible Lending's study found that African-Americans and Latinos face different levels of pricing disparities when compared with white borrowers. African-Americans were more at risk when the subprime mortgages included a prepayment penalty. African-American borrowers were 31 percent more likely to receive a higher rate on a subprime fixed home mortgage while they were 15 percent to 16 percent more likely to pay more to take out an adjustable rate mortgage.
African-Americans also faced pricing disparities when it came to refinancing their existing homes. Two-thirds of refinancing loans include prepayment penalties, putting African-Americans at a significant disadvantage to their white counterparts. The study found that lenders tended to offer African-American borrowers 34 percent higher rates on fixed-rate refinance loans and 17 percent higher on ARM refinance loans. Full Article
NEW YORK (CNNMoney.com) - African-Americans and Latinos are 30 percent more likely to receive higher rates for home loans than white borrowers despite similar credit scores and risk factors, according to a study published Wednesday by The Center for Responsible Lending.
The Center for Responsible Lending's study found that African-Americans and Latinos face different levels of pricing disparities when compared with white borrowers. African-Americans were more at risk when the subprime mortgages included a prepayment penalty. African-American borrowers were 31 percent more likely to receive a higher rate on a subprime fixed home mortgage while they were 15 percent to 16 percent more likely to pay more to take out an adjustable rate mortgage.
African-Americans also faced pricing disparities when it came to refinancing their existing homes. Two-thirds of refinancing loans include prepayment penalties, putting African-Americans at a significant disadvantage to their white counterparts. The study found that lenders tended to offer African-American borrowers 34 percent higher rates on fixed-rate refinance loans and 17 percent higher on ARM refinance loans. Full Article
Thursday, May 04, 2006
How Best to Save!
Whatever your income, you should pay yourself first. And by that I don't mean go buy a new purse or a pair of sneakers as soon as you get paid. What I mean is that you should put away at least $25 each pay period into an investment account. It doesn't matter how much you make or how large your bills or credit is, PAY YOURSELF FIRST.
Investing $25 per week for 20 years at an 8% return would yield $64,000. I don't know about you, but that sounds like pretty good spending money to have in my golden years, not to mention my 401K, Pension and/or Social Security.
I started investing $25 per month 3 years ago for my Godson and it is just at $1,000. His portfolio is up 27%, which means I only invested $787 and the rest is the stock market at work. Some months I did not invest anything and the value of his portfolio has reached as much as $1,400. But the market goes up and the market goes down! The good news is that over the long run the Market is constantly on an uptrend (see chart below).
So how do you get started......go to one of the following websites and sign up for a free brokerage account:
Etrade.com
Sharebuilder.com
Charles Schwab.com
TDAmeritrade.com
Next, talk to your employer about having $25 transferred into your brokerage account each pay period. This should not be a problem if you already have direct deposit. If this doesn't work for you, then you can do the following:
1) Transfer money directly from your checking account into your brokerage account.
2) Send a check into your brokerage account.
3) If you have online banking, setup electronic disbursements to your brokerage account (this is my method of choice).
Once you have setup your account and began depositing money, you'll need to determine where to invest it. You should start by thinking of companies that you are familiar with based upon your work industry or where you spend the most of your disposable income. For instance, if you like to buy shoes then you might be interested in investing in companies like Sketchers (SKX) or Steve Madden (SHOO), or whichever sells your favorite brand. If you are not sure where to invest, market indices like the Dow Jones (DJX), S&P (SPX) or Nasdaq 100 (QQQQ) might be your next choice. These investments will help you to diversify your equity position across the many companies contained in the index, not to mention that over the long term they are constantly moving upwards. When investing in the aforementioned, all you'll need is the price of at least one share of stock along with the cost of the trade.
Another alternative investment is mutual funds. These instruments usually cover a range of stocks and can be purchased with a minimum of $250, $500, $1,000 or more. I do not invest in them because they are covered by my 401K plan. But of course, the choice is yours in terms of where you want to put your hard earned dollars. The most important thing is that you put money away and that you feel comfortable with where it's invested.
You can learn all you'll need from your brokerage house via the web. For more insightful commentary on investing and possibly direction on which stocks to invest in, go to Motley Fool at Fool.com
Investing $25 per week for 20 years at an 8% return would yield $64,000. I don't know about you, but that sounds like pretty good spending money to have in my golden years, not to mention my 401K, Pension and/or Social Security.
I started investing $25 per month 3 years ago for my Godson and it is just at $1,000. His portfolio is up 27%, which means I only invested $787 and the rest is the stock market at work. Some months I did not invest anything and the value of his portfolio has reached as much as $1,400. But the market goes up and the market goes down! The good news is that over the long run the Market is constantly on an uptrend (see chart below).
So how do you get started......go to one of the following websites and sign up for a free brokerage account:
Etrade.com
Sharebuilder.com
Charles Schwab.com
TDAmeritrade.com
Next, talk to your employer about having $25 transferred into your brokerage account each pay period. This should not be a problem if you already have direct deposit. If this doesn't work for you, then you can do the following:
1) Transfer money directly from your checking account into your brokerage account.
2) Send a check into your brokerage account.
3) If you have online banking, setup electronic disbursements to your brokerage account (this is my method of choice).
Once you have setup your account and began depositing money, you'll need to determine where to invest it. You should start by thinking of companies that you are familiar with based upon your work industry or where you spend the most of your disposable income. For instance, if you like to buy shoes then you might be interested in investing in companies like Sketchers (SKX) or Steve Madden (SHOO), or whichever sells your favorite brand. If you are not sure where to invest, market indices like the Dow Jones (DJX), S&P (SPX) or Nasdaq 100 (QQQQ) might be your next choice. These investments will help you to diversify your equity position across the many companies contained in the index, not to mention that over the long term they are constantly moving upwards. When investing in the aforementioned, all you'll need is the price of at least one share of stock along with the cost of the trade.
Another alternative investment is mutual funds. These instruments usually cover a range of stocks and can be purchased with a minimum of $250, $500, $1,000 or more. I do not invest in them because they are covered by my 401K plan. But of course, the choice is yours in terms of where you want to put your hard earned dollars. The most important thing is that you put money away and that you feel comfortable with where it's invested.
You can learn all you'll need from your brokerage house via the web. For more insightful commentary on investing and possibly direction on which stocks to invest in, go to Motley Fool at Fool.com
Wednesday, May 03, 2006
College is for Everyone, invest in YOU!
As a Florida High School Graduate, I started off going to a small community college because my family could not send me away to Tuskegee University. I worked menial jobs to pay tuition for a year before I decided to transfer to Temple University.
I was determined to get to a 4-year University and nothing would get in my way, not even being young, black and broke. I continued working through my first 2 semesters at Temple and began to receive financial aid after becoming a resident of the state. This opened up Pell Grants and other Goverment funded aid such as subsidized and unsubsidized loans. The important thing to note here is that none of this aid is available without completing a Federal and State application for student aid (see the link below). Make it your first priority after completing the college application.
http://www.fafsa.ed.gov/
Private aid is available through various corporations and not-for-profit organizations. This money is usually free as long as you somehow qualify for it. Here are just a few examples of the qualifiers:
1) You are a Native American Indian
2) Your Mother or Father is a Veteran of the Armed Forces
3) You are of Vietnamese descent
Be prepared to complete an application and write an essay about whatever the provider requests. Don't be afraid here, your effort is well worth the free money. To find out more on these programs go to http://www.fastweb.com/
I should note one thing before moving on, you do not have to pay anyone to find you free money for college. So beware of people offering to find you money for a charge.
What I find most disturbing about why African Americans do not attend college is that they do not believe they can afford it. The truth of the matter is that the money is there if you want to work for it. By that I mean either you will be doing research to find aid, completing applications, writing essays and perhaps working hard after you complete college to pay off loans you took. That's right, you can borrow moeny for college just as quickly as your parents, and sometimes they are not as nearly as motivated as you about sending you off to school.
All that you will do to make that tuition payment will be paid for multiple times over when you get the gratification of receiving your Degree, start a career earning real money and making your place at the economic table, not to mention that you have likely stretched your mind to new and different places that you could not imagine before attending college. You will be a better person and make smarter life decisions when all is said and done. I have personally experienced all of these things on the path to obtaining my Masters Degree from Pace University and would not trade any of it for the world! I am from the same town, streets or ghetto as the next Black American. If I can get this far so can you!
I was determined to get to a 4-year University and nothing would get in my way, not even being young, black and broke. I continued working through my first 2 semesters at Temple and began to receive financial aid after becoming a resident of the state. This opened up Pell Grants and other Goverment funded aid such as subsidized and unsubsidized loans. The important thing to note here is that none of this aid is available without completing a Federal and State application for student aid (see the link below). Make it your first priority after completing the college application.
http://www.fafsa.ed.gov/
Private aid is available through various corporations and not-for-profit organizations. This money is usually free as long as you somehow qualify for it. Here are just a few examples of the qualifiers:
1) You are a Native American Indian
2) Your Mother or Father is a Veteran of the Armed Forces
3) You are of Vietnamese descent
Be prepared to complete an application and write an essay about whatever the provider requests. Don't be afraid here, your effort is well worth the free money. To find out more on these programs go to http://www.fastweb.com/
I should note one thing before moving on, you do not have to pay anyone to find you free money for college. So beware of people offering to find you money for a charge.
What I find most disturbing about why African Americans do not attend college is that they do not believe they can afford it. The truth of the matter is that the money is there if you want to work for it. By that I mean either you will be doing research to find aid, completing applications, writing essays and perhaps working hard after you complete college to pay off loans you took. That's right, you can borrow moeny for college just as quickly as your parents, and sometimes they are not as nearly as motivated as you about sending you off to school.
All that you will do to make that tuition payment will be paid for multiple times over when you get the gratification of receiving your Degree, start a career earning real money and making your place at the economic table, not to mention that you have likely stretched your mind to new and different places that you could not imagine before attending college. You will be a better person and make smarter life decisions when all is said and done. I have personally experienced all of these things on the path to obtaining my Masters Degree from Pace University and would not trade any of it for the world! I am from the same town, streets or ghetto as the next Black American. If I can get this far so can you!
Tuesday, May 02, 2006
What is Sharebuilder?
ShareBuilder is an online brokerage designed to make investing easy, affordable and accessible for both beginning and experienced investors. We take a long-term approach and seek to help investors build wealth over time.
With the ShareBuilder Plan, you can invest regularly through automatic investments, allowing you to buy partial shares of stocks and accumulate your investments over time. To complement your investing strategies, you can use Real-time Trades to buy and sell stocks immediately during market hours.
Start investing now at www.sharebuilder.com
With the ShareBuilder Plan, you can invest regularly through automatic investments, allowing you to buy partial shares of stocks and accumulate your investments over time. To complement your investing strategies, you can use Real-time Trades to buy and sell stocks immediately during market hours.
Start investing now at www.sharebuilder.com
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