by Derrius Quarles

Greetings, my name is Derrius Lamar Quarles and I am currently a freshman majoring in psychology with a biology and public health minor at Morehouse College in Atlanta, Georgia. I am originally from Chicago, Illinois and went to high school not too far from Barack Obama’s home. Recently I have been featured on CNN, BET, and in the Chicago Tribune discussing various topics ranging from my journey as a foster child in Chicago to my matriculation at Morehouse College. However, the most exciting and acclaimed topic has been my success in applying for and winning scholarship money—$1,145,000 in total.

This accomplishment has won me the titles “Million Dollar Man” and “Million Dollar Scholar,” titles that I accept gratefully and with a sense of responsibility to help others achieve their goals of attending and paying for college. I can vividly remember writing the goal “Win a million dollars in scholarship money” on a sheet of notebook paper and having many people help me manifest that goal. I hope not only to help high school students learn how to apply for scholarships and win them, but to inspire middle school students to attend college, motivate elementary school students to become scholars, and encourage preschool students to become whatever they want to be. We are all born with the ability to capture our dreams, but few ever learn how to synthesize their dreams into goals, which, unlike dreams, are achievable. It’s like the concept of potential and kinetic energy. We all have potential energy (dreams), but potential energy on its own cannot do any work. We have to learn how to apply force (turn dreams into reality) so that our own potential energy can be turned into kinetic energy that can help us accomplish our goals.

A few years ago I dreamed of going to college, knowing nothing of what I needed to do in order to gain acceptance and how much college would cost. I avidly believe that if I did not make the decision to turn that dream into a goal by learning about the requirements, tailoring my class schedule to make it more rigorous, doing well in my classes and, most of all, asking for help from others, I would not be attending Morehouse College. For many, the decision to turn a dream into a goal is the hardest step, but it does not have to be, and neither does making the decision to turn your dream of paying for college into a goal. Start out by researching which colleges you would like to attend and how much they will cost. Once you have done this, research whether the institutions offer scholarships for such things as academics, community service, sports, leadership, coming from a disadvantaged background, or residing in a certain state. All institutions will offer some form of aid for their applicants, so make sure you are aware of any scholarships or grants you are eligible for from the college you plan on attending. The next step is completing your FAFSA (Free Application for Federal Student Aid), which becomes available Jan. 1 of every year. After that, you should start locating other resources for searching and applying for financial aid, including your high school and free online scholarship databases such as Scholarships.com. Once you start doing these things, you will actually be turning your dream into a goal and you will soon realize that the first step does not have to be the hardest.

About the Author:

Derrius L. Quarles is a 19-year-old freshman at Morehouse College. He hopes to go to medical school after he graduates with a degree in psychology and biology and a minor in public health, and to one day work on the public health policies of his hometown, Chicago, and beyond. To help him achieve those academic and career ambitions, Derrius has won more than $1.1 million in scholarships, including a full scholarship to attend Morehouse, since graduating from Chicago’s Kenwood Academy High School with a 4.2 GPA. Derrius was awarded a Gates Millennium scholarship and won a number of other highly competitive awards, many of which he found while searching for scholarships at Scholarships.com. He is the first in his family to attend college, and spent his childhood in the foster care system before becoming the “Million Dollar Scholar.” This is the first in a series of posts Derrius will write for Scholarships.com on how he was able to fund his education, along with advice about the scholarship application process.

Posted: under College Applications, College Costs, College and the Economy, Federal Aid, Financial Aid, Scholarship Applications, Scholarships, Tips, Uncategorized.

Comments (1) Nov 17 2009

Can college students correctly answer basic questions about federal student financial aid? Researchers from CALPIRG, the California Public Interest Research Group, sought to find out, asking California community college students three questions about financial aid. The results of the survey were published this week. The majority of students did not do so well, with over half of students answering one or zero questions correctly.

How would you do?

Students were asked to say whether the following three statements were true or false (the questions below are paraphrased from the report):

1. I have to go to school full time to be eligible for financial aid.
2. Taking more classes per term could increase my financial aid award.
3. Financial aid can be used to cover expenses beyond tuition and fees, such as living expenses.

The answers:

1. False. You do not have to go to school full time to be eligible for financial aid. Students enrolled at least half-time are able to apply for and receive federal student financial aid, including Pell Grants and Stafford Loans. Only 47 percent of students surveyed answered this correctly.

2. True. If your tuition goes up, your aid award can go up, especially when it comes to federal work-study and low-interest student loans. Additionally, students who move from half-time to three-quarter-time or full-time enrollment can see an increase in Pell Grant awards and also potentially become eligible for more college scholarships and grants. Half of students answered this correctly.

3. True. Financial aid can be used to cover college expenses including food, rent, car maintenance, books, computers, and other essentials. These items are included in the living expenses portion of the cost of attendance figure used by the financial aid office to calculate your aid eligibility. Students surveyed did the best on this question, with 54 percent answering correctly.

Knowing About Aid Can Boost College Success

At this point, it’s becoming fairly well-documented that not enough community college students apply for federal student financial aid, despite the fact that many are eligible. While some students don’t apply because their schools do not participate in federal aid programs, others don’t apply because they don’t know they’re eligible for aid.  The results of the CALPIRG survey suggest that this is a fairly substantial group of students. Namely, 13 percent of students surveyed didn’t get a single question right, 44 percent of students answered only one question correctly, and only 2 percent of students who did not apply for aid got all 3 questions, compared to 10 percent of students overall.

Additionally, the survey shows that many students are loan-averse, with almost half of students saying they would drop a class or an entire semester than take out a student loan to cover books or other expenses, and students showing nearly as much willingness to put their books on a credit card than to take out a federal loan for books.  A full 57 percent of surveyed students saying they would only borrow as a last resort or would not borrow for college at all.  With additional research suggesting that many community college students are not balancing work and college effectively and that their reluctance or inability to borrow is hurting their chances of graduating, more financial aid education is important.

Community college students are not the only college students who may need help learning about financial aid. If you found that you answered one or more question incorrectly, you may want to review information about paying for school. We have a wide variety of student resources available that can help you learn about financial aid programs and requirements and maximize the amount of aid you receive.

Posted: under FAFSA, Federal Aid, Financial Aid.
Tags: College Costs, community college, FAFSA, Federal Aid, Financial Aid, Financial Aid Information, Student Loans

Comments (0) Oct 22 2009

Although community colleges nationwide have seen significant boosts in enrollment, a report released yesterday suggests many will be forced to put their educations on hold or find new sources of funding if their institutions continue blocking access to federal student loans.

The Project on Student Debt released the report, and despite their stance on promoting that students take on as low a student loan burden as possible, they say community college students are at risk for taking on riskier private student loans or watching their grades slip as they take on more work hours to cover gaps in funding because they aren’t able to apply for and receive federal student loans. About one in 10 students in 31 states surveyed don’t have access to federal student loans, and in some states, more than 20 percent of students can’t get the federal loans. Minority students have less access to federal loans than other student groups, as the report found many minority students attending community colleges that don’t participate in the federal student loan program.

Why have many community colleges moved away from offering federal student loans? In an uncertain economy, the answer is risk, according to the report. Defaults on student loans have begun to rise among not only community college students, but among all college students over the last few years. The report always says many community college administrators believe students shouldn’t have to borrow to attend their schools. Tuition is lower, they say, and if students are saddled with large amounts of debt now, they could hurt their chances for qualifying for low interest rates and federal student loans if they were to transfer to a more expensive, four-year institution.

But some students do need the additional funding even at a low-cost option like a community college, especially in the current economic climate. According to survey results released by the National Council of State Directors of Community Colleges last month, about half of the nation’s community colleges are expecting budget cuts and midyear reductions in their state appropriations. Many administrators in that survey also reported that stimulus money provided by the Obama administration went toward meeting existing budget deficits, and that they would be forced to raise tuition rates substantially despite record enrollments to make up for a lack of state funding. (The average tuition increase among community colleges is expected to be about 5 percent for the 2009-2010 academic year.)

While you should always exhaust your options with grants and scholarships first, student loans are often a necessary evil, and we have plenty of tips on how to go about applying for them and making sure you’re getting the best rate possible. Never rely on credit cards to fund your education, or you’ll run the risk of getting into more debt than you can handle not only post-graduation, but while you’re still in school. Browse through our site for more information on your student loan options.

Posted: under College Costs, College and the Economy, Federal Aid.
Tags: College and the Economy, College Costs, community college, economy, Student Loans

Comments (0) Oct 09 2009

Soon enough, financial aid application season will be upon us, and you’ll need to know how to navigate the process so that you don’t make any mistakes that could delay that application, and your funding for college. The first and important step will be getting ready to fill out your FAFSA, which the U.S. Department of Education starts accepting starting Jan. 1 of each year. If you take away anything from this blog though, remember this: FAFSA stands for the Free Application for Federal Student Aid. It should never cost you anything to fill it out.

The easiest way to fill out your FAFSA will be online, directly through the Department of Education’s website at www.FAFSA.ed.gov. In your research you may find sites that charge to prepare your FAFSA for you, like www.FAFSA.com. That site, run by Student Financial Aid Services, Inc., charges a fee of $79.99 to prepare and advise you about your FAFSA, and while studies have shown that professional help through the financial aid process does lead to some positive results and more generous aid packages, with some time and effort you can become a FAFSA expert, too, without the added cost. Your intended college’s financial aid office will also be happy to help you - for free - if you come across any roadblocks or feel like you’ve make a mistake when filing your FAFSA.

The Department of Education’s site will walk you through the FAFSA application process, even allowing you to come back to your application if you find that you don’t have all the necessary paperwork handy. While some students have reported feeling intimidated by the process, you won’t be awarded financial aid from your college if you don’t fill it out. And if you’re uncomfortable filing the FAFSA online, you can also submit the paper form through the mail. (This could delay your application somewhat, though.)

Remember that you should never feel forced to pay to apply for and receive financial aid. Also avoid scholarship search engines that charge you to come up with a list of awards you may be eligible for, and awards that come with large processing fees attached. Scholarship scams are unfortunately a common occurrence, but if you know what to look for, you should have a positive financial aid experience. Browse through our site for more information on filing your FAFSA, and conduct a free scholarship search to see scholarships you may qualify for to supplement your financial aid package - all without paying a dime.

Posted: under FAFSA, Federal Aid, Tips.
Tags: college tips, FAFSA, financial tips, Tips

Comments (0) Oct 01 2009

With all the talk about spending and stimulus legislation and bailouts, it can be easy to lose track of what benefits taxpayers can actually expect to receive. Most likely, everyone knows that the American Recovery and Reinvestment Act, perhaps better known as “the stimulus,” will create jobs through funding “shovel-ready” projects and will put a little extra in paychecks through a tax rebate that will take effect this summer.  You probably also know that there’s also financial aid in there for education, but you may not be sure exactly what.

Frankly, so much federal legislation and talk of change has been floating around in the last two years that anyone who last paid a tuition bill as recently as 2007 probably doesn’t even recognize financial aid in 2009.  To help, we’ve prepared a breakdown of where student financial aid stands currently.

Pell Grants

The American Recovery and Reinvestment Act increased the maximum Federal Pell Grant award from $4,731 for 2008-2009 to $5,350 for 2009-2010.  The maximum Pell award will go up again in 2010-2011 to $5,500 under this legislation.

The income threshold to qualify for federal grant programs also increased.  Now students with an expected family contribution (a number determined by completing the FAFSA) of up to $4,671 (up from $4,041 this year) can qualify for Pell grants.  They will not receive the whole award, but even the minimum award has increased—from $400 for full-time students in 2007-2008 to $976 for the same group in 2009-2010, due in part to the College Cost Reduction and Access Act, which increased all Pell awards by $490.

Students qualifying for Federal Pell Grants can also pick up additional college funding through Academic Competitiveness Grants or SMART grants, which include Pell eligibility in their criteria.  Many non-federal college scholarships and grants also use Pell eligibility to determine awards, so the newly Pell-eligible will definitely want to do a scholarship search to see what’s out there.

Work-Study

More students will also see “federal work-study” on their financial aid award letter in 2009-2010 thanks to the economic stimulus legislation.  More money is available to work-study programs that allow students to get a part-time job on (or occasionally off) campus and count the income as financial aid.  Work-study programs provide great job opportunities for student workers, and since the money is given in the form of a paycheck, students can use these funds to pay their tuition bills or to cover living expenses.

Tax Benefits

One of the biggest perks of the American Recovery and Reinvestment Act is the creation of the American Opportunity Tax Credit, which replaces the Hope Credit.  The tax benefits under Hope only went up to $1,800 and only could be taken for two years.  The American Opportunity Tax Credit can be used for four years, can fund up to $2,500 of college costs (100% of the first $2,000 plus 25% of the next $2,000, for a total of $2,500), and up to 40% is refundable, so people who don’t pay as much in taxes as they would qualify to receive in the credit can still get something.

Additionally, the income level at which the American Opportunity Tax Credit phases out is higher than the Hope credit, allowing individuals with incomes of up to $90,000 and married couples with incomes of up to $180,000 to take it.

Families will be able to start taking advantage of the American Opportunity Tax Credit on their 2009 taxes.

Other Benefits

Much more is included in the American Recovery and Reinvestment Act.  For example, students with 529 savings plans can now use that money to purchase a computer for school.  Additionally, states will receive billions of dollars over the next two years, with a portion of the money devoted specifically to funding projects at public institutions of higher education, as well preventing or reversing massive reductions in state education spending.

While student loans stayed the same in the stimulus, they did receive a boost in the fall through the continuation of the Ensuring Continued Access to Student Loans Act, as well as other recent legislation, including some new aid to lenders.

If you’d like to read more about how recent legislation has affected paying for college, our blog archives feature breakdowns of the 2007 College Cost Reduction Act, the 2008 Higher Education Opportunity Act, the 2008 Ensuring Continued Access to Student Loans Act, the 2008 GI Bill, and more examples of what’s going on with college in Congress.

Posted: under College Grants, College Savings Accounts, College and the Economy, College in Congress, FAFSA, Federal Aid, Financial Aid.
Tags: 529 Plan, ACG, College and the Economy, College Grants, College in Congress, College Savings Accounts, education tax credit, FAFSA, Federal Aid, Financial Aid, Pell Grant, SMART Grant, Work-Study

Comments (8) Mar 03 2009