If you’re like most college students, your financial aid package is a mixture of loans, grants, work study, and scholarships. And if you’re like many of your peers, you may be pretty vague about the details of your package. No question about it, college financing is confusing; that’s why colleges and universities employ experienced professionals to staff their financial aid offices.

But even if you avoid financial details, here’s one principle you need to remember: you want to borrow as little money as possible. You’ll have to pay back loans, whereas you won’t have to pay back scholarships and grants. Therefore, you want to apply for as many scholarships and grants you can.

Unfortunately, many students don’t bother applying for scholarships. Often, they assume they won’t qualify; sometimes, they think the application process isn’t worth the award. Above all, they’re simply unaware of the breadth of scholarships available. The fact is, if you’re a college student in decent academic standing, you qualify for scholarships! Here are some tips to maximize your scholarship earnings:

– Get Creative – and Confident. Devote time to researching possible scholarships. There are scholarships for academic excellence, of course, but also for students from certain backgrounds or geographic areas, cancer survivors or their family members, and individuals with specific career goals or interests. Start by applying for the Returning Student Scholarship at Castleton (due March 9th). Next, look at resources in your community: businesses and service clubs, such as the Rotary or Lions Club, often offer scholarships. VSAC maintains a database of scholarships for Vermont residents. Finally, check out Fastweb, College Board, and Finaid.org to search for scholarships. On Fastweb and other sites, you may have to spend some time filling out questionnaires to be matched with scholarships; however, your effort could be worth hundreds – or even thousands – of dollars.

– Get Organized. Make checklist of all of the items you’ll need – essays, letters of recommendation, transcripts, etc. – to apply for each scholarship. (You’re applying for than one, naturally.) Include the scholarship’s deadline at the top of the checklist. You may even want to maintain a folder for each application.

– Get Deadlines. Remember: the deadline is the absolute latest date you can apply. Play it safe, and make sure your application materials are ready at least a week in advance.

– Get Help. If you have any questions about any aspect of your scholarships applications, check in with a faculty member or any of the counselors at Academic Support. We can also assist you with scholarship essays. Whether you need help getting started or want someone to review your draft, you can visit the Writing Clinic or schedule an appointment with Bill Wiles, our Writing Specialist. Call 468-1347 or stop by to schedule an appointment.

Like college itself, applying for scholarships takes time, effort, and organization. Expect to devote several hours to each scholarship application. Although you may prefer to use your free time to relax or socialize, think of your scholarship search as a part-time job: one that will help you on your journey to your ultimate goal. Now, that’s exciting!

Good luck and don’t forget to stop by with questions!

-Dorothy A. Dahm

For many students, college life means being broke – and this is especially true around the holidays and winter break. With gift shopping, holiday parties, and outings with friends, the pressure to spend money can leave students feeling less than festive. What should be a time of joy and relaxation becomes a burden.

Fortunately, it is possible to save money and enjoy the holidays. Here are some tips to help you stay in good financial health over vacation.

1.) Think Modest. You’re a full-time college student. No one expects you to give extravagant gifts. Give small, thoughtful presents, go homemade (baked goods are always a hit), or consider limiting your gift list. Some families do a Yankee Swap; others pull names from hat and select a present for the person whose name they pulled. Be honest about your financial situation with your loved ones. You even might ask siblings, friends, and extended family to take a break from gift-giving this year. They may be glad you suggested this!

2.) Check Your List – Twice! If family members ask what you want for the holidays, think about your needs. Do you have enough clothing to last you through the next year? Socks? Do you need help buying books or school supplies for next semester? Could you use a gas card or points for your meal plan? Don’t be afraid to ask for necessities: most loved ones will be happy to help you pursue your goals. If you receive money, save it or earmark it for next semester’s expenses.

3.) Be Selective. During break, you may be tempted to spend money on entertainment, including movie tickets, restaurant meals, concerts, and nightclubs. Of course, you want to have fun with friends, but you don’t want to lose your savings. Limit your outings, or plan less expensive ones. Consider going to a matinee – or staying home and watching DVDs with popcorn. Check your local newspaper and see what free events are going on in your hometown. Clip coupons for your favorite chain restaurant. (Sunday newspapers usually include them.) Can’t afford that lift ticket? Try bundling up and taking a walk in the snow.

4.) Treat Yourself. Maybe you really want that concert ticket, dress, or season pass. It may even be worth it. But before you open your wallet, think about what that splurge might mean. Will seeing your favorite band live be worth a few months of being broke? Will you have opportunities to wear that dress? How often will you be able to get to the mountain this winter? It’s normal to want to reward yourself for hard work, but a smaller treat, whether it’s a book, garment, or a trip to your favorite café, might make you just as happy.

As the year and the semester draw to a close, think about your financial goals for the year ahead. How can you save money and reduce your debt? This sounds like a grim process, but it doesn’t have to be. After all, the more money you save in college, the less debt you’ll have after graduation. Think of being frugal as preparing for the future – just one more step on your journey to the life you want.

– Dorothy A. Dahm

Having a good time, going out with friends, and splurging on something you really want are all good and well, but they can make staying within your budget difficult.

A budget is one of the most helpful tools students can use over the course of their college career. Unfortunately, successful budgeting can be difficult. Here are some of the best tips to stay on budget and help you save money!

• Know Yourself: You’ll have to know yourself to set workable goals for managing and saving money. That is, maybe you want to save $100.00 each month, but you know that by the end of the month you will spend at least $15.00 of that money on a meal with your friends. Plan to save $85.00 each month and work $15.00 into your budget to spend with friends or on something fun.
• Wants vs. Needs: Learning to differentiate between wants and needs can be incredibly useful when you’re trying to create a successful budget. For example, a candy bar might be a want, but a new notebook for class could be a need. By writing a list of your daily, weekly, or monthly wants and needs, you will be better able to factor them into a realistic budget. Creating a wants and needs list can also help you cut back on impulse buying, which will help you save money!
• Organize and Prioritize: Watch where your money is going and what you’re spending it on. Prioritizing your expenses can be as simple as listing them out and organizing them based on how much they cost, how important they are to your daily life, and if they need to be paid in a certain amount of time. For example, the list below shows how a student might prioritize expenses and then allocate their income accordingly:1.) Rent
  2.) Groceries
  3.) College/loan payment
  4.) Car/gas
  5.) Phone
  6.) Wifi
  7.) Fun/extra
• The Right Tools: It is important to use the budgeting tools that work for you. If paper and pen will help you create a budget and stick to it, use paper and pen. If you need to use an Excel spreadsheet to organize your finances, that’s easy to do. If you’re like me and forget to write things down or keep track of them, a budgeting app, such as MINT, is a great way to go!  

Having a monthly budget will help you reduce your spending and track where your money is going. Best of all, you’ll be less likely to scramble for money in unexpected situations. So even though budgeting isn’t always glamorous or fun, it’s something everyone should try to incorporate into their lives.

Challenge yourself to create a budget and stick to it – even if it’s just for a month.

-Christin Martin

Christin Martin graduated from Castleton in 2018. During her time at Castleton, she served as a Senior Community Advisor and a TRIO Mentor. She has co-coordinated the Game of Life, a financial literacy game for undergraduate students.  Currently, she is an admissions counselor at Norwich University.

Have you completed your Free Application for Federal Student Aid (FAFSA)? It’s easy put off tasks that are complex, boring, and time-consuming – and many students consider the FAFSA all three. (That’s why so many professionals don’t do their income taxes until the last minute!)

But just as you shouldn’t procrastinate about your homework, you shouldn’t delay your annual financial aid application. This year, you can fill out the 2020-2021 FAFSA as early as October 1, 2019. Here’s why you should complete the FAFSA before the end of the Fall 2019 semester:

1.) States Don’t Wait. Remember: you use the FAFSA to apply for aid from the federal government, your state, and your school for the coming academic year. Many states have deadlines – usually in February or March – for state-specific aid, including grants. (Vermont has a first-come, first-served policy, which means you should apply as soon as possible after October 1, 2019.) Find out your state’s deadline, and make sure you submit the FAFSA well before that date. You don’t want to miss out on any aid, including grants and scholarships, which you won’t have to repay! (Please note that if you are a Vermont resident and want to apply for a VSAC grant, you should apply online after you complete the FAFSA.)

2.) Early Birds Get the Institutional Worm. Technically, you have unti April 1, 2020 to apply for financial aid for the 2020-2021 year at Castleton. But the sooner you submit your FAFSA, the greater your chances of receiving aid from Castleton – or any college, for that matter. Castleton plans to start awarding financial aid to returning students in mid-February 2020, so be sure to complete your FAFSA by the start of the New Year.

Of course, there are legitimate reasons why students put the FAFSA on the backburner. Fortunately, you can apply early even if the following apply to you:

1.) You – or Your Parents – Haven’t Done Your Taxes Yet. No worries. You will fill out the 2020-2021 FAFSA using your 2018 tax information. You can use the FAFSA’s data retrieval service to make the process even easier.

2.) Your Financial Circumstances Have Changed. Maybe you or your parents have lost a job. Maybe you’re working fewer hours than you did last year. If that’s the case, you may be reluctant to report last year’s income on the FAFSA because you’ll probably receive less aid than you need. Here’s what you need to do: report last year’s income on the FAFSA. Then, contact the Financial Aid Office. Explain that your income has changed and ask the staff to complete a special circumstance review. This will give you an opportunity to report your estimated income for the coming year. Bear in mind that you may have to provide proof of your income change, such as a layoff notice or information about unemployment benefits or severance pay.

Whatever your circumstances or concerns, you should never postpone the FAFSA. If you have questions about the application process, please call Academic Support at 802-468-1347 or stop by to schedule an appointment with a counselor. You can also contact the Financial Aid office at 802-468-6070.

-Dorothy A. Dahm