College Scholarships, Grants, and Loans for athletes: Is Wells Fargo Student Loan an option for athletes

Wednesday, July 21, 2010

Is Wells Fargo Student Loan an option for athletes

One thing I find fascinating is how often I see both players and parents of players alike that are unaware of the potential that students loans, grants, and scholarships that are independant of athletic scholarship.

Wells fargo go loans are one of many ways you can go about paying for college if your in a situation that needs financial aid.

The program offers both undergrad and graduate application. Here is the basics.

You'll get 0.50% off your interest rate when you graduate1,2
Plus, an additional 0.25% off your interest rate when you choose automatic payments3
No payments until you graduate or leave school

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Baseball Scholarships

College Scholarships for sports

Both resources for Finicial Aid, College Grants, and College Loans can be found here. As well, more information will be posted.

The good news about baseball scholarships is that there are a lot of them and in many cases if you can’t get a full-ride there are an abundance of partial baseball scholarships. This is an equivalency sport. Which means college coaches have a lot of flexibility when it comes to divvying up their scholarship money; they can choose to chop it all up and give the majority of players a cut if it means they can attract a more talented ball team.

The point is you don’t have to be professional caliber to snatch a piece of the baseball scholarship pie.

Types of Baseball Scholarships

When it comes to baseball scholarships, there are many colleges offering scholarships, whether full-rides or partials. (If you don't get noticed in time to be recruited, you can even try to earn a walk-on scholarship.) There are three different collegiate athletic associations that all sponsor baseball and baseball scholarships: NCAA, NAIA, and NJCAA.

NCAA

The NCAA sponsors 900 scholarship collegiate baseball programs across Div I and Div II teams. These divisions award athletic scholarships. In baseball coaches are allowed a little over 11.5 scholarships per team for a D1 school and 9 for a D2 school. Sounds like a lot, right? Competition is still fierce.

NAIA

The NAIA sponsors much fewer member schools than the NCAA does, but it does sanction baseball scholarships. The secret to getting onto a NAIA baseball program is to market yourself as a great athlete and a great student. Very few NAIA athletes get full-ride scholarships.

NJCAA

There is some hands down fierce baseball competition to be found in junior and community college athletic programs. Div I may award 24 full scholarships (room and board, plus tuition, plus expenses like transportation and books) and Div II baseball teams can award 24 scholarships that cover cost tuition and books only.

The Odds of Winning a Walk-On

There are three types of players on any scholarship athletic team: those that were recruited and have scholarship money in their pockets, those that were recruited without scholarship backing, and those that were not invited in the first place. When you attempt a team try-out as a walk-on, not only do you face very difficult competition, but you also face serious discrimination. On a small fraction of athletes make it onto a team this way and many report they fight an uphill battle once there. Chances are likely you will still not have money to play.

Work the Community College Scholarship Deal

If you live in the vicinity of a state, junior college, or community college, check out their baseball scholarships. Remember two-year and junior colleges are usually affiliated with the National Junior College Athletic Association (NJCAA). There is some very competitive play in this association. If you play your cards right you may be able to secure a baseball scholarship for a two-year stint, then move on to a larger college within a couple of years.

Getting Noticed

As with any athletic scholarship, you have to first get noticed to receive a baseball scholarship. If you choose to market yourself to potential colleges, then you will want to create an athletic profile. This will help to introduce you and to showcase your athletic achievements. (For the most part, coaches are not as interested in what you might be able to do in the future; they want to see your past and current results.) You might also want to include some video footage of some of your best games.

Baseball Scholarships You May Not Know About

Here is an option: when you’ve exhausted athletic scholarships from specific schools, why not explore your options in the private sector? These awards will not pay you to play at a school and may not assure you a spot on the team, but they give you money for school, free and clear.

•The American Legion awards over 50-$1,000 scholarships to outstanding athletes on their baseball team rosters. Applicants must have a high school diploma and provide three letters of recommendation, along with their academic transcript. Winners can use the scholarships at any type of post-secondary educational institution.

•Dixie Youth Baseball is one of the most well-known baseball organizations in the U.S. Many a southerner has played baseball on a DYB league. The organization has amassed a formidable stable of scholarships. If you play on a DYB team you may be eligible for one of the over 70-$2,000 Dixie Youth Baseball scholarships.

•Dizzy Dean Baseball fields youth baseball teams in Alabama, Georgia, Florida, Tennessee, Mississippi, and Texas. The national headquarters sponsors the Ty Gaulden Scholarship. Eligible applicants for the Gaulden award must have been on a Dizzy Dean team roster for a minimum of four years, have a high school diploma, be enrolled in a post-secondary educational program, and show financial hardship.

•Dixie Boys Baseball sponsors 11-$1,500 scholarships. This program is not to be confused with Dixie Youth Baseball. Applicants for Dixie Boys awards must be graduating high school seniors who have played Dixie Boy baseball. Winners will be chosen based on academic record and educational and personal goals.

Student Aid Eligibility

Eligibility for federal student aid is based on financial need and on several other factors. The financial aid administrator at the college or career school you plan to attend will determine your eligibility.

To receive aid from our programs, you must

•demonstrate financial need (except for certain loans).

•have a high school diploma or a General Education Development (GED) certificate, pass an ability-to-benefit (ATB) test approved by the U.S. Department of Education, meet other standards your state establishes that the Department approves, complete a high school education in a home school setting that is treated as such under state law, or have satisfactorily completed six credit hours or the equivalent course work toward a degree or certificate.

•be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program. Note: You might be able to receive aid for distance education courses as long as they are part of a recognized certificate or degree program.

•be a U.S. citizen or eligible noncitizen.

•have a valid Social Security Number.

•register with the Selective Service if required. You can use the paper or electronic FAFSASM to register, you can register at www.sss.gov, or you can call 1-847-688-6888. (TTY users can call 1-847-688-2567.)

•maintain satisfactory academic progress once in school.

•certify that you are not in default on a federal student loan and do not owe money on a federal student grant.

•certify that you will use federal student aid only for educational purposes.

Students with intellectual disabilities can receive federal student aid under the Federal Pell Grant Program, FSEOG Program and Federal Work-Study Program. To be eligible, you must

•be enrolled or accepted for enrollment in a comprehensive transition and postsecondary program for students with intellectual disabilities at an institution of higher education;

•be maintaining satisfactory progress; and

•meet the other student eligibility criteria.

The Higher Education Act of 1965 as amended (HEA) suspends aid eligibility for students who have been convicted under federal or state law of the sale or possession of drugs, if the offense occurred during a period of enrollment for which the student was receiving federal student aid (grants, loans, and/or work-study). If you have a conviction(s) for these offenses, call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or go to the FAFSA on the WebSM site, click on "Before Beginning A FAFSA" in the left column, then click on "Student Aid Eligibility Worksheet" to find out how this law applies to you.

If you have lost federal student aid eligibility due to a drug conviction, you can regain eligibility if you pass two unannounced drug tests conducted by a drug rehabilitation program that complies with criteria established by the U.S. Department of Education.

Civil Commitment for Sexual Offenses - A student subject to an involuntary civil commitment after completing a period of incarceration for a forcible or nonforcible sexual offense is ineligible to receive a Federal Pell grant.

Even if you are ineligible for federal aid, you should complete the FAFSA because you may be eligible for nonfederal aid from states and private institutions. If you regain eligibility during the award year, notify your financial aid administrator immediately. If you are convicted of a drug-related offense after you submit the FAFSA, you might lose eligibility for federal student aid, and you might be liable for returning any financial aid you received during a period of ineligibility.

If you have a question about your citizenship status, contact the financial aid office at the college or career school you plan to attend.

How will I know what I'm eligible for?

The information you reported on your FAFSA is used to determine your Expected Family Contribution (EFC), which is calculated by a formula established by law. The EFC is not the amount of money that your family must provide. Rather, you should think of the EFC as an index that colleges use to determine how much financial aid (grants, loans or work-study) you would receive if you were to attend their school. If your EFC is below a certain number, you’ll be eligible for a Federal Pell Grant assuming you meet all other eligibility requirements.

You can get worksheets that show how the EFC is calculated by downloading them from our Web site at www.studentaid.ed.gov/pubs. Click on the award year appropriate to you under "EFC Formula."

The amount of your Pell Grant depends on your EFC, your cost of attendance (which the financial aid administrator at your college or career school will figure out), and your enrollment status (full time, three-quarter time, half time, or less than half time).

For our other aid programs, the financial aid administrator at your college or career school takes your cost of attendance and then subtracts your EFC, the amount of a Federal Pell Grant you are eligible for, and aid you will get from other sources. The result is your remaining financial need:

Cost of Attendance

- EFC

- Federal Pell Grant Eligibility

- Aid From Other Sources

= Remaining Financial Need

If you're attending at least half time, your cost of attendance is the sum of

•your actual tuition and fees (or the school's average tuition and fees)

•the cost of room and board (or living expenses for students who do not contract with the school for room and board)

•the cost of books, supplies, transportation, loan fees, and miscellaneous expenses (including a reasonable amount for the documented cost of a personal computer)

•an allowance for dependent care

•costs related to a disability

•reasonable costs for eligible study-abroad programs.

Costs unrelated to the completion of a student's course of study are not included in calculating that student's cost of attendance.

A financial aid administrator can consider special or unusual circumstances such as unusual medical expenses, tuition expenses, or unemployment and can adjust your cost of attendance or some of the information used to calculate your EFC. The financial aid administrator at your college or career school also can change your status from dependent to independent but only under specific circumstances the aid administrator will explain. You'll have to provide your college or career school with documentation to justify any change. The decision to change or not to change your dependency status is based on the aid administrator's judgment, and it's final. It can't be appealed to the U.S. Department of Education

The lowdown on Student Loans

In today's economy it's more important than ever to make sure you borrow wisely by planning for the future and only borrowing what you can afford. When you consider using loans to pay for your college education, think about how you will repay them. Your student loan payments should not be more each year than eight percent of your annual income at the time of repayment. Learn more about borrowing wisely:

Private student loans

What is a private student loan?

A private student loan - also known as a college loan, an education loan or an alternative student loan - is a non-government loan made by a private lender specifically for college expenses such as tuition, room, board, books, and other associated costs.

Private student loans are based on credit score and usually require a credit-worthy co-signer. Private loans have different interest rates and fees. The pricing combination a borrower gets, if approved for the loan, is determined by the credit profiles of the student loan borrower and co-signer.

Private student loans come in two forms - certified and uncertified (also known as DTC, or direct-to-consumer student loans).

Certified private student loans require notification and verification by a school official prior to the student getting the loan funds. The school verifies that the student is not borrowing more than the total cost of education less other financial aid. Certified private loans are generally sent to the school to be applied to the student's account. Any remaining balance is returned to the student.

An uncertified private student loan does not require the school to certify the amount borrowed. Uncertified private loan funds are usually sent directly to the borrower.

Another important aspect of private student loans is the student loan co-signer. Students are often concerned about not getting a loan because they do not have a co-signer. A student loan co-signer is usually a requirement. You may not be approved without one, especially if you are an undergraduate without a credit history. Better pricing on the student loan is usually available only when applying with a creditworthy co-signer.

Student loan tips
Tips on Student Loans for College Students and Families
Know all of your student loan options - Investigate many different student loans before applying to get the best student loan or student loans for your needs.

Look beyond the annual percentage rate (APR) - Other factors to consider include the total cost of the loan, how long the deferment period is, and when the first payment is due.

Find a co-signer for private student loans - A student borrower may not be approved without a co-signer, especially younger students without credit histories. And, better rate / fee combinations are usually available only when applying for a student loan with a credit-worthy co-signer.

Confirm loan details with your lender - Ask for confirmation on the interest rates, fees and other loan attributes, such as borrower benefits, with your student loan lender before committing to the loan.

Know how and when the student loan money is disbursed - Confirm if the lender sends the student loan funds to the borrower or if they go to the school directly. Confusion over where the money has gone can delay settling your account. Know how long it will take to process your student loan application.

Ask if the lender uses a servicer - This is a separate company that handles the details of processing and collecting student loan payments, customer service questions from borrowers, originating the loan, and more. Borrowers are often confused when they think they are taking out a loan from Company X, but then get paperwork from Company Y. Communicate with your servicer with questions, address changes or changes to your status as a student.

Find out if the lender will capitalize the interest on the student loan - Some lenders will take the interest that accrues when you are in school and add it to the principal, or the original borrowed amount. This usually only applies to unsubsidized federal student loans and private student loans. Capitalization increases the amount owed and the amount of each monthly payment of your student loan. Some lenders capitalize interest every 3 or 6 months; others once a year. The least expensive option is capitalizing interest only once.

Learn about student loan repayment assistance options - Look for a lender that will help manage your money with options for payment plans and repayment assistance. For example, graduated repayment means your student loan monthly payments start out lower and increase as you earn more money.

Choose a student loan lender with good customer service - Remember that you are the customer - in most cases, you have plenty of options for a lender and student loans are a big commitment. Make sure to find a lender who you can reach with a toll-free telephone number or fast online assistance available around the clock.
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College Scholarships, Grants, and Loans for athletes

Wednesday, July 21, 2010

Is Wells Fargo Student Loan an option for athletes

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