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How A Low GPA Affects Your Financial Aid In College

Ever since your earliest years in grade school, you’ve been taught that your number one concern in school is achieving high grades. Students everywhere work their hardest to get top marks from preschool to college, and it is in college that the concern for good grades takes on more significant importance. When a slipping GPA could cause you to lose your financial aid, there is no room for error. Education is expensive, and many students wouldn’t be able to go on without aid. But how can a low GPA truly affect your financial aid?

In general, there are two kinds of financial aid. Some kinds of financial aid are need based, while others are merit based. Certain special cases may combine these two types of aid into a scholarship, but in general they are kept separate. Need based aid includes the federal government aid for which students apply every year through FAFSA. These funds are allocated to students based on their financial situations. Merit based aid is typically offered by schools and other non-government institutions to help exceptionally talented students finance their education.

If your GPA begins to slip, merit based financial aid is typically the first thing that will go. Students who are given scholarships based on academic performance need to keep that performance high in order to keep receiving funds from scholarship providers. If your grades start to slip, you can expect your merit based financial aid to be revoked. Academic scholarships are given to top performers, and yours will go to another hard-working student if you begin to neglect your studies.

April 25, 2013

General

Is A Prestigous University Worth The Money?

When the time comes to select the college that you want to go to, there are a lot of reasons why some of the more prestigious universities may seem like the better ones to apply to. As with so many things in life, sometimes we assume that just because a particular institution comes with a bigger price tag, then automatically, it must be better in value.

However, when publications like Business Insider features articles on some of the “upper echelon schools” like Oberlin College, Rutgers University and Northeastern University (just to name a few) that are proving to not be as good of a return on the financial investment that is made by going there, it’s completely understandable why more and more people would start to wonder if prestigious schools are actually worth the money. Well, in order to answer that question, there are a few factors to consider.

April 23, 2013

General

How To Create A 5 Year Financial Plan

Creating a five year financial plan is a great way to map out your future and plan your life accordingly. We might not be able to look into a crystal ball to see how our lives play out 20 years or more down the line, but we can usually get a clear idea of what our fiscal future will look like in the next five years by drafting a simple plan. A five year plan will also help you set certain goals and help you meet them. Perhaps you would like to start a family and you want to know if you will be able to afford things, like a new house and all the other costs that go along with having kids.

Here are some ways you can create a 5 year financial plan:

For one, you want to know exactly how much money you make in a certain year, after taxes. You also want to add up all your regular expenses and forecasted expenses to give yourself a little bit of a cushion. By doing this you will get an accurate reading of how much money you will be able to save in a year. This way you can add up the savings for all five years to get a macro perspective of your savings, after taxes and after all your expenses.

April 5, 2013

General

What Are Your Options When Unemployment Runs Out?

Unemployment benefits can be a great help to you when you need help getting through tough times after losing a job. The loss of a job is often unexpected and can be life-changing, so it is really a stroke of luck to have unemployment available as a safety net. However, the much-needed relief that unemployment provides is not a permanent solution. These benefits are meant to tide you over between jobs, not serve as a long-term source of income. Eventually, unemployment is going to run out. When it does, you are going to have to start looking for the next step to take.

Of course, preventative measures are always better than urgent emergency treatment. What this means is that you should be prepared for the time when unemployment runs out. While you are still receiving unemployment benefits, look into your state’s laws to find out how long you can stay on unemployment before the well runs dry. Check up on your unemployment time limit and find out if there is any possibility of filing for an extension. This will help you prepare for the day that your unemployment runs out, ensuring that you won’t be suddenly left high and dry.

March 19, 2013

General

How To Buy A Home With Good Resale Value

When most people approach the prospect of buying a home, the ultimate resale value probably isn’t the first priority. In many cases they are seeking a property that meets certain needs, whether it has enough rooms to support their current family (or account for future growth), a yard for kids to play in, and a modern, gourmet kitchen, or it provides a good school district, a safe neighborhood, and proximity to a job, just for example. In addition, the majority of prospective buyers are working with a budget, which can limit options. So when it comes to considering the potential for resale value down the road, you simply might not be thinking that far ahead. However, you have to consider that buying a home for personal use also entails purchasing a financial asset, and an expensive one at that. You need to know that the money you’re putting in is going to pay off at some point with a return on investment. So here are just a few things you may want to think about before you buy.

The first thing to consider is the age and condition of the home itself. If you’re purchasing a property that’s older than you, you’re likely to encounter all kinds of issues. For example, roof leaks, plumbing problems, inadequate electrical systems, and outdated decor are all things that you might find in an older home (as well as hazards like popcorn ceilings that contain asbestos). What this means for you should you purchase the home is sinking in a lot more money if you want to turn your fixer-upper into an attractive property for another buyer during your tenure in residence. Of course, in many cases such upgrades can significantly add to the value of your home, so it’s certainly something to think about if you happen to be a handy sort.

March 2, 2013

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