NBC’s Today Show – Money 911 – October 19, 2011

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Just in case you missed me on NBC’s TODAY Show – Money 911 this morning here’s the segment – so make sure to check it out. Today, I answered viewer’s questions on financial aid for college students and how to increase your credit score—fast! In my first answer,  I mentioned a few websites to look into to get money for school without a cosigner, so below is Loran’s question and the information that I gave her, that can hopefully help you too!

Question from Loran:

My daughter is in college and needs more money for school, which we don’t have. She’s been working several jobs, but with her apartment and car she often doesn’t have enough money. She’s tried getting loans but needs a co-signer which we can’t do. What should we do?

My Answer:

First look at a Federal Pell Grant, it is for undergraduate students unlike a loan, does not have to be repaid. The amount depends on your financial need, costs to attend school, status as a full-time or part-time student, and plans to attend school for a full academic year or less. The maximum amount given is $5,550.

Next, I would look into a Federal Perkin’s Loan which is a low interest (5%) loan for students with “exceptional financial” need. The U.S. Department of Education provides funding to your school. In turn, your school determines which students have the greatest need. Your school combines federal funds with some of its own funds for Perkins loans for qualifying students.  Both of these can be applied for at http://www.fafsa.ed.gov/.

You can find out more information on getting money for school at http://studentaid.ed.gov/  under the tab – “Get Money for School.”  Also check out http://www.fastweb.com/. It bills itself as “the leading scholarship search provider for every student, whether you’re in high school or a mother of two returning to school” and with 34 million users, the boast is probably justified. This amazing website contains everything you need to know to find help quickly about both scholarships and college loans.


3 thoughts on “NBC’s Today Show – Money 911 – October 19, 2011

  1. I saw this piece on TTS this morning. It was a good answer however it doesnt quite work for us. My son attends a school that has JUST received it’s accreditation. It isnt yet eligible to receive funds from the Gov’t so it isnt listed on the FAFSA website. We’ve already taken a SallieMae loan for the 1st semester and are approaching the 2nd, 3rd & 4th with dread.

  2. After watching the show, I wonder what we did wrong with Pell Grants.
    I am a single mother grossing $37,000 exhusband fled the country oweing $35,000 in child support and the maxium amount my daughter received was $550.00???? How does that sound? Sad because it’s not true? Love to know where we went wrong?

  3. Thanks for this article. I will also like to talk about the fact that it can possibly be hard while you are in school and merely starting out to initiate a long credit rating. There are many scholars who are merely trying to make it through and have a good or positive credit history can occasionally be a difficult factor to have.