Q&A: Saving and Paying for College

Kiplinger's student aid expert Jane Clark answered your most pressing questions about saving for college, applying for student aid, and paying off student debt.

3rd & 7 37yd

Next question from Rachel

by Amanda Lilly 4/5/2012 4:12:13 PM
I work for a new scholarship search engine (ScholarPro), so I know that a lot of private scholarships expire soon. What advice do you have for students who missed out on scholarship season but will be looking for money next year?

by RachelDuch 4/5/2012 4:12:15 PM
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by Amanda Lilly 4/5/2012 4:12:49 PM
Rachel, you can still find scholarships with summer deadlines.

by Jane Clark 4/5/2012 4:13:20 PM
Jane, any tips if students miss these summer deadlines?

by Amanda Lilly 4/5/2012 4:13:59 PM
My understanding is that scholarships can be found year-round; you just have to keep your eye out. But students have to be on the lookout--if they keep missing deadlines, they won't get the money!

by Jane Clark 4/5/2012 4:15:07 PM
Our next question comes from one of our followers on Tumblr

by Amanda Lilly 4/5/2012 4:16:04 PM
"I've been making payments on my student loans early - they don't go into repayment until January. Is it possible to leverage that practice in order to negotiate for lower interest rates on the loans? I've never heard of anyone negotiating with student debt like with credit card debt."

by From Tumblr 4/5/2012 4:16:08 PM
Just as a followup to the last question, you can look for scholarships at scholarships.com

by Jane Clark 4/5/2012 4:16:18 PM
From Tumblr: If you have federal student loans, you can't negotiate the interest rates. As for private student loans, I have not heard of private student lenders lowering their rates. It wouldn't hurt to ask, I suppose, but I would be surprised if they said yes, especially based on your short repayment history.

by Jane Clark 4/5/2012 4:21:04 PM
Michael has the next question for you, Jane.

by Amanda Lilly 4/5/2012 4:21:37 PM
I'm a 1099 consultant. I work for non-profits, but am independent/self-employed. Does this status count towards loan forgiveness? Or do I have to change my status to get the benefit?

by Michael Cote 4/5/2012 4:21:39 PM
Michael, I am guessing you would have to actually be employed by a nonprofit, but I can't answer that question for sure.

by Jane Clark 4/5/2012 4:23:36 PM
Alright, we have time for one or two more questions. Next one is from Melissa.

by Amanda Lilly 4/5/2012 4:24:10 PM
How do I go about consolidating my federal loans?

by Melissa S 4/5/2012 4:24:13 PM
Hi, Melissa, go to loanconsolidation.ed.gov for information on how to go about this.

by Jane Clark 4/5/2012 4:26:10 PM
Last questions comes from Ashley.

by Amanda Lilly 4/5/2012 4:26:56 PM
I'm lucky enough to have a college fund from my uncle. I'm in the process of applying to several colleges right now, and I would love to apply to some merit-based scholarships. Part of me feels guilty doing this though, considering someone else might need the money more. What do you think? Glad this is happening during lunch, my mom told me about it.

by Ashley edited by Amanda Lilly 4/5/2012 4:26:58 PM
Ashley, Some colleges consider all applicants in determining who qualifies for an award, so you might get one even if you don't apply. But I commend you for being so considerate.

by Jane Clark 4/5/2012 4:28:55 PM
Alright folks, unfortunately, Jane has to head out now for an interview now. Thank you to everyone who joined us today, and a special thanks to Jane for sharing her expertise with us. For those of you who asked questions, feel free to e-mail me at alilly@kiplinger.com to receive a free copy of our 100 Top Money-Saving Tips.

by Amanda Lilly 4/5/2012 4:29:26 PM
Be sure to join us next week for a live chat with Editor Janet Bodnar about how to put together an all-around, winning financial team. It's based off a story in the May issue of our magazine, which will be on newsstands next week. We hope to see you there!

by Amanda Lilly 4/5/2012 4:31:18 PM
This chat was sponsored by Vanguard. Open An Account

by Amanda Lilly 4/5/2012 4:32:31 PM

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Q&A: Saving and Paying for College

Kiplinger's student aid expert Jane Clark answered your most pressing questions about saving for college, applying for student aid, and paying off student debt.

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