As CollegeZapps continues to grow, we'll be making the rounds to get the word out. Besides speaking to students, parents and counselors about our proven method, the CollegeZapps team is talking daily with papers, magazines, radio stations and TV crews.
CollegeZapps Vice President of Marketing, Scot Talcott, discusses financial options for college on KWGN, Channel 2, Denver, Colorado.
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Crisis Makes College Planning Tricky Andrea Coombes, Wall Street Journal, 10/05/2008
With the credit crunch crimping the student-loan market and financial-market upheaval crunching investments in college-savings plans, what's a parent to do?
That depends somewhat on when your child will need those college funds. If you've got a long time horizon, some say investing in the tax-advantaged college-savings tools known as 529 plans still makes sense. Investors contribute after-tax dollars; investment gains are tax-free if the money is used for qualified education expenses.
"The long-term appeal of 529 plans, despite all the painful losses in recent months, is still very much intact," says Marta Norton, senior mutual-fund analyst with research firm Morningstar in Chicago.
"If you saw higher expenses or a management team that had changed, those would be reasons to consider switching funds, but solely because of painful performance over a year's span isn't reason to jump ship," she says. Search for "529 plans" on Morningstar.com to see the firm's take on the five best and worst plans.
Even if college is imminent, the tax benefits of a cash-type, conservative 529-plan investment can make sense, says Ray Loewe, president of College Money, a Marlton, N.J., financial-planning firm that counsels parents on college funding.
Overall, the investment portfolios offered through all 529 plans tracked by Morningstar were down 6.09% on average for the year ending Aug. 31, while they were up 6.06% annually over five years.
Still, the recent stomach-turning stock-market gyrations might make investing for college a tough route for some.
If you're in panic mode and want to get out of a 529 plan, ask the college about prepaying so you still get the tax benefits, says Mr. Loewe. Ask if there are discounts for prepaying.
No matter how you save, saving something is getting more important as the credit crunch limits loan availability. Fewer lenders are participating in the federal student-loan program, and about 33 lenders have stopped offering new private loans, says Mark Kantrowitz, publisher of FinAid.org, a financial-aid information site.
Still, Congress in May shored up the federal program by increasing the maximum annual unsubsidized loan amount for some students by $2,000.
Here are moves you can make to help pay for college:
Apply to many schools. That will increase the number of financial-aid offers. "We recommend kids apply to 10 schools, so they get accepted to three or four schools. That's going to increase their financial-aid options," says Dave Kenney of CollegeZapps, a Littleton, Colo., provider of college-application tools.
Consider private schools. Private-college tuition costs are steep, but these schools often have more ability than state schools to offer scholarships or tap endowment funds to help students, Mr. Kenney says.
Huddle with family. Grandparents are often willing to help with a gift or loan. Set up a savings plan and ask for contributions, suggests Mr. Loewe.
Use the financial-aid office. School financial-aid officers have a good handle on available grants, scholarships and loans. Once a school offers admission, it has invested a chunk of money so it will usually want to help figure out financing. Also, ask your student's high school about local scholarships, and your employer, too.
Seek federal loans first. They're more available and generally cheaper. Meanwhile, improve parents' and the student's credit scores by paying down debt to help ensure you're eligible for the lowest rates if you need a private loan with a co-signer.
SAN FRANCISCO (KCBS) -- The current economic crises in the financial sector may make it harder for college students to get help paying for school.
A huge sea change in the type of federal financial aid that students receive has made it harder to get through higher education, according to Tamara Draut of the non-partisan public policy organization Demos.
"Today, two out of three college students borrow money to help pay for college. That's up from one out of two in the early 1990s. The other thing that has happened is that students are borrowing a higher amount, and then graduating into the economy, with on average $20,000 in student loan debt," said Draut.
And now recent economic troubles are making it harder for students to get loans. Sallie Mae, the nation's leading lender of federal student loans, has tightened its loan criteria, as have private banks that have adversely been affected by the sub-prime mortgage crisis.
College application specialist David Kenney with CollegeZapps.com advises that students thinking about college apply to between six to ten schools, both public and private.
"Once you apply to more schools, and you get accepted to more schools, you get options through the financial aid package that they offer you, and that may save you thousands of dollars, and allow you to not take out private loans," said Kenney.
Unfortunately, Draut says financial aid for students has not kept pace with the skyrocketing cost of a college education.
Source: http://www.kcbs.com/pages/3003119.php
CollegeZapps CEO David Kenney Speaks to CNBC About Financial Crisis Hitting Student Loan Lenders
With the housing market downturn and Wall Street's abrupt chaos last week, many families of high school seniors are finding that economics now play an integral part in the college decision process. A sub-prime loan crisis has seen a total of 33 private loan companies cease student loans completely; including Campus Door, a subsidy of the recently fallen Lehman Brothers.
CollegeZapps VP Scot Talcott Discusses Student Loan Availability on NewsChannel 8 in Washington, DC
CollegeZapps VP, Scot Talcott, appeared on Washington, DC's NewsChannel8 to discuss the current financial crisis and its implications on the student loan market.
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CollegeZapps CEO David Kenney on Mom Talk Radio
CollegeZapps CEO, David Kenney, was heard on the radio waves in Miami with Mom Talk Radio host, Maria Bailey. Baily, one of the nations most respected resources for working moms and parents seeking advice, asked Kenney to be a part of her show to discuss the upcoming college application season. Baily asked what mistakes parents and students make when applying to college. Kenney said the top mistake is not applying to enough schools. "Applying to more schools, from what we see across the nation, is about giving yourself more options ... When you get accepted to more schools, you're going to have more financial options-- different schools, different financial aid packages," said Kenney.
Kenney also discussed text messaging and a general acceptance of shorthand and abbreviation that is causing plenty of unnoticed errors on written applications. He also said inappropriate email addresses on applications can cause problems for students. But, the big question from Bailey: How many schools should students typically apply to? Without hesitation Kenney said, "Ten." He said students need to apply to a few safety schools, a few schools that are a "best fit" for the student, and a few schools that are a reach.
Kenney's bottomline: more applications equals more opportunities.
The CollegeZapps Interns Talk About Where's Zapps? Summer Bus Tour
KMSP-TV (Fox) Minneapolis, MN
"Choosing a college can be a long and confusing process, but there is help for high school seniors from the students who have recently gone through the process themselves. Hannah Webb and Amy Tautges are part of a group touring the nation on a red school bus."
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