|
Guide to Culinary Loans,
Grants and Scholarships
INDEX | General
Aid | Loan Types | Loan
Consolidation | Do's and Don'ts of Culinary Student
Loans
GENERAL
How To Search For Scholarships
College doesn't have to cost you a fortune, there are many grants and
scholarships for students. A few avenues you might want to look at are:
- Talk to your local associations and associations your parents belong to as
they sometimes have awards and grants.
- Contact your prospective school and ask them what grants and awards they
have for new students.
- Check online; using search engines like
Google, Yahoo, and sites like
Chef2Chef have a lot of awards
and scholarships for students. You can also look at
Next Student which will search a database of different scholarships in
your area that are available.
- Talk to your guidance counsellor at school.
- Approach your bank they sometimes have scholarships available.
- Talk to government financial aid officers.
 Top
Pell Grants
A PELL grant is money from the government that does not need to be
paid back. It is available to undergraduate students. This is a federal grant
ant the amount of the grant varies year to year. This amount is determined by
the budget allocated to the Pell Grant fund. You can apply for this grant
through the FAFSA (Free
Application for Student Aid). They will ask you for your parents income and your
current financial situation. After that the government will grade you based on
your information and tell you whether or not your eligible.
Top
Financial Aid Options
With colleges and university tuition prices rising many prospective students
are turned off. There are many options to help you pay for your tuition. The
internet is a great tool and can help you with just the click of a mouse!
FAFSA - Free Application for Student
Aid. This is a great place to start if you don't know your financial options.
Like the name says this is a free application that tells the government your
financial position and they will tell you what funding is available for you.
Loans- There are more then just bank loans available for students. Many
people are a little intimidated with going to their bank for a loan. Nowadays
there is more then just one option you can apply for: federal PLUS loan, Perkins
loan, Stafford loan, and FFEL loan. These loans are all available and many of
them require no down payment and some are interest free until graduation and
make no payments until graduation.
Grants- There are many grants that are available throughout the united states
(like the Pell grant). Grants are just that you are "granted" to have this money
for free you don't need to pay it back. Many schools, states, and federal grants
are offered and you should apply for those that pertain to you. You can speak to
your current/prospective school for information, some grants can even be granted
for an annual renewal!!
Other Options- Some colleges/universities offer a work program or a Peer
helper program. This allows you to go to school and work for the campus for
money towards your tuition. You will need to contact your school for more
information regarding funding available.
Top
Financial Aid-when should I apply for?
You may think that you can wait until the semester before you start school to
apply for loans. WRONG!!! You need to start thinking of this as soon as you
enter high school. Here is a rough timeline on what you should be thinking
about.
Three to four years before you plan to begin college...
- Take up a part time job and SAVE YOUR PENNIES this can be a great way to
start saving for school
- Look at what courses your taking and extra activities. Schools will look at
this when determining awards and grants (your GPA and activities are important
so get involoved).
- By doing well on the PSAT, you may be eligible to receive a National Merit Scholarship. Therefore
take the Preliminary Scholastic Aptitude Test (PSAT) to prepare for the
standardized tests (SAT and ACT) that you’ll take later.
Two years before you plan to begin college…
- Start talking to your carrer counsellor, parents, and start using the internet
to look up funding options and what you need to apply for them.
- Check with the Colleges your thinking about attending and start planning to
take the SAT and/or ACT exams.
- During your college visits, meet with a Financial Aid Officer to find out what types of aid are available.
As soon as possible after January 1 of the year in which you start college…
Contact the Financial Aid Offices at the colleges of your choice for deadlines and additional documents they require.
Complete the Free Application for Federal Student Aid (FAFSA). Available at
www.fafsa.ed.gov, this form is your key to most financial aid, and to all Federal and state grants and loans. When you complete your FAFSA, be sure to list all the schools you’re interested in attending (up to six), even if you haven’t yet been accepted. Be sure to keep copies of all of the forms you submit.
- Fill out your tax returns as early as possible so you have accurate tax information for your FAFSA.
- Complete the CSS Financial Aid Profile if it is required by your college.
- Find out which financial aid applications your college choices require and when the forms are due.
- Send midyear transcripts to the schools to which you have applied.
- About four weeks after you submit your FAFSA, you will receive a Student Aid Report (SAR) that contains federal financial aid information. Submit the SAR and, if requested, your tax forms to the Financial Aid Office. Contact each office to make certain that your application is complete. Find out what else you need to do to establish and maintain your eligibility for financial aid.
Top
College Debt – how to avoid it, and how to get out of it
College debt is inevitable for most people. However there are a few ways to
reduce it or make sure your able to plan wisely for your future.
- Take advanced placement classes in high school- every one you take in high
school is one less you will need to take in college
- Maintaining a good GPA- Many grants, scholarships, awards are based on
grades
- Get Involved- Many scholarships also look at your extra curricular
activities as well.
- Look at Public Service options- The Army, Navy, and Americorps will give
you money for exchange of a tour of duty. This can be from 12 months- 8 years.
- Live Frugal and Wisely- Sell your old books at the end of a semester,
Avoid expensive trips, budget, get a roommate, and buy used textbooks.
- Take advantage of work study programs or work for the school itself.
Top
Why you should consider a financial consultant
or an attorney
Financial consultants and attorneys can be used for many
reasons. All though they do cost a small fee it is worth paying to avoid long
term bad choices.
Consult one of these if your are:
- About to sign a loan document, remember attorneys and
consultants work for you they are not partial to any one company and can give
you a clear and unbiased opinion.
- The company you have decided to go with has changed its
terms and conditions.
- Considering different financial decisions- a consultant looks at loans,
lines of credit and credit cards on a daily basis its best to speak to them so
you can have a broad view on all the options that are available to you.
Top
| 
