Title: FAP932: Scholarship craziness, heavy metal Hanukkah, MASFAA 2009

" Scholarship craziness heavy metal Honecker and dozens of free stuff this is so much more on this week's episode of the financially podcast episode 932."

" Financially podcasters publication of the student loans didn't he stop -- web site. Actually podcast dot com. It's on the blogs and subscribe. We need iTunes into music by Charlie flew the biggest home run --"

" Good Friday November 6 2009 my name is Christopher -- thank you for tuning into the financial aid podcast got a great show for you this speaks tons and tons of stuff all over the place. We've got some exciting news some -- conference news from the master conference and so much more so let's get rolling. With the weekly financially -- Topping the news this week from the Motley Fool to William and her professors have tackled the hot button issue of the skyrocketing cost of college education. And a new book to be published by Oxford University Press next year. Authors David -- months and -- Robert also -- Archibald have developed new evidence suggesting that increases in federal financial aid actually lower the cost. Of a college education has said in the -- you need to understand the college's service as opposed to manufacturing where labor is just want input into pricing. And improvements in productivity generally agreed to lower cost labor is the primary input in the service in -- like college. And that means that you can't compensate for universal rising wages and educated workers because every move you make to decrease the amount of time professed suspense with students. Is viewed not as improved productivity -- less personal service up. Financial aid reduces each schools need to discount tuition for its own needy students and allows the school to cut the lowest prostitution faced by everyone else. The articles -- worth the read but the economics don't make a whole lot of sense to -- in the evidence is in the college costs. I have never seen a school tuition and ever and it's always is he going up and up and up and up so. And how much validity is in that article but still within an inch to meet. For inside higher dot com already wounded by budget reductions that came in July before college leaders are now scrambling to squeeze even more from the coffers. Daunted by the real expectation that there further cuts to come. With the academic year in full swing 26 states have now seen budget shortfalls the total sixteen billion dollars. According to the Center on Budget and Policy Priorities. Adding the initial media budget shortfalls to get that the -- bush -- and 48 states total 170 billion dollars. Or 26% of state budget's largest gaps on record. In some states like Michigan the colleges and universities are being carried through the year only a stimulus fonts and there's no indication of what will happen. When that money runs out governor grand home side of signed a budget bill last week that spends one point six billion on higher education drunk sixteen million from stimulus funds. But the budget reduction cuts higher education support -- four tenths of percent. The one of the casualties unfortunately this is Michigan's promise scholarship -- merit based scholarship program providing a 4000 dollars a year for the first to use a post secondary education one of many that was eliminated even now budgets. Unfortunately no surprises here except to note that merit -- scholarship funding and actually a lot of scholarship funding is going away. Expect everything any financially provided by government sources is up for grabs in this coming year. As more state and local governments are all frankly just flat out running out of money. We're well past the stage of easy cuts to make him budgets and now in the phase of cutting things that unfortunately will really hurt so make sure. That you are aggressively pursuing scholarships I mean really aggressively going after as many scholarships is intent. Because -- did -- economy is for at least for the scholarship and higher education markets is not going to be getting better anytime soon. Which brings me to art scholarship opting for this week. Industry scholarship update entertainment and a wacky and this is abounding in the results of our 10000 dollar scholarship we contacted -- at which the winner. We contacted the winner and served congratulations you've won the 10000 dollar scholarship they said. I think this is a scam. Okay so you don't want 10000 dollars we moved on to the next person that we do we draw to people in times of as a win in two backups up. The first person you want to guess what do you -- hold our customer service representative that you -- understand so you don't get 10000 dollars sorry. Who the next person is has -- been contacted they have until Sunday. Folks if you're in our scholarship points program if you listen to this husky has. Actually -- over all that is good and holy when we do tell you -- 10000 dollars actually just to say yes. At and picks -- the and accepted for what it is. In the meantime our next 10000 dollar scholarship which hopefully eight in coalition of the financial podcast will win. Is going to be did did the deadline is December 15 2000 ninths up. If -- register over ten NASCAR bush appoints an account for the next trying to December 15. 2009 and -- decode later on in the show for twenty points for a scholarship points and a leader on. Goodness gracious anyway it's time for some focus on financial aid. -- Its focus on financially to have the opportunity yesterday to attend the Massachusetts association of student financial aid administrators annual conference. -- at the Sheraton Hotel -- training camp. Wasn't very good conference a lots and lots of interest in pieces of information and a quick roundup of them next year -- start next year -- they will be the IRS data import for the fastened. So if you're completing a -- You'll be able let's check a box on the applications they'd pull in all my financial data from the IRS and you have to do any of that. He is the downside that won't take effect until July of twenty -- so for -- if -- filing your facet early in the year as we encourage you to do so it fast online dot -- You are still gonna want to make sure. That you do your taxes you'll have to do the Texas but you'll have to put the data in by hand. For the prime the last times we last year we have to do this the IRS is testing this out with the Department of Education. And they expect to have it fully functional by July will see how -- us. A some other tidbits this process if and suddenly you've gone through this by about thirty you've gone to school verification where. It's like an audit but as for your fastened instead. One tidbit from the conference was that financially verification these audits. Actually in terms of labor time effort and materials expanded. It was estimated by NASA the national association of student financially ministries to cost more. Have been a financially programs they support. And they said it verification costs a close to half a billion dollars a year which is far more than any of these various scholarship and grant program -- Everyone is looking at a way to say okay how can repair this back and take the money we're spending on verification. Have to turn it back in the scholarships the way it's supposed to be. Next year -- the is. One of these folks it was saying it expects to have all federal student loans to be disbursed only through the Department of Education by July 30 whether -- not legislation goes through right now. In congress there's separate piece of legislation which is call it castle insuring continuing access to student loans for her which is passed last year. The funding that program will run out there and by July next year and is expected not to be renew itself. Of the department indications are expected to take over those loans as well. Also learned about a secret financially code phrase. That it's Saudi cica but something gets in an industry inside trade -- that you may wanna use when you -- into schools financially office. If you're trying to appeal for more assistance particularly in -- year -- so if you you know in the will be here in only loses a job or something like that it's someone who loses an income. The financial office at your school may have was only temporary hardship award that's a one time short term financial aid appeal -- that that can provide -- some bridge funding. Not a lot -- but a couple thousand dollars put enough to cover some expenses have to get you through the rest of the semester. You may want to check into schools financially office to see if this is available. And one of the best ways that them. -- can do appeals we've learned this yesterday and when the session on appeals is frankly for it if you're that dependent student just for a parent to call the financial offices -- personal outreach. And yet the ball rolling because every appeal is going to be different every. Request for information is going to be different what you need to provide in your appeal for more assistance will be different for each person and each family so make sure they get the ball rolling. By starting with a personal phone call personal outreach to the financially office. Overall like it's a go to a terrific conference and I have a session at the conference on financial literacy and public post and video for that over blog dot advisers dot com. The video and some the slides and -- CBO to check that out as well if you -- interest in learning more about financial literacy in ways that in the year you may think differently. About money before and have to video. Let's roll on two free stuff Friday. It's free stuff Friday the part of the show we talk about all things free that are floating around on the Internet it's the you two things you wanna start off with number one everything will be in the show notes at financially podcast dot com slash blogs C doctor write anything down a number troop. Of course if you're here -- it is useful but not necessarily TU. Grab anyway these companies are giving these things -- crib at any women don't need it maybe to like food pantry if it's a food item. Temporary shelter homeless shelter or something like that it's a way for you to improve your community in a place to live without spending a dime of your own money. And who doesn't love to do that. Let's get rolling APC the power company has a -- pocket planet cool 2010 calendar isn't getting ready for the new year. Wal-Mart is giving me some free dental floss picks -- seat. The -- nutrition company Leo we see at the mall has such calls -- really really really -- supplements is giving away some kind of fruit -- I'm assuming it has steel also things inside of it Sears two to dig you ready for the holiday season is giving way classic photo montage show for their photo center. And we'll do a couple of shots for free it obviously if you want to more than a couple of shots have to pay for it but it you know fuel consistent and -- at CE easily to go. Dance goes giving away a cloth shopping bag when -- recycled the cloth shopping bags. Elegance dream is giving way a silly little -- and a -- that folds transforms -- is all -- thinks cute probably good for kids. Avery via a label company is giving away free holiday shipping labels so if you are -- living on campus pretty far away from home and friends and stuff it. Grab some labels Lincoln shipped some body gets. And of course. The convenience store -- Russia which by the country it's in but it's like come and go convenience store is giving it twenty ounce coffee for free -- Lots of a little things you can get to books a lot of folks getting rid of the holiday season already even -- it's when November 6. Asked who the other way -- for additional free items and things that are being given what I've heard anecdotally. From a lot of folks is sales and marketing that's well frankly the market is you are cranking up over time this holiday season trying get shoppers back into. Stores and malls and things like that so be humble guy for really good deals behind -- can keep your -- open. And I -- if you see something that is that completely totally free no strings attached leave it as comment on the podcast were upset financially podcast dot com slash blog. Time now for free song of the week this -- a -- a funny one. The folks over -- a prominent. Found a group have you ever -- chance Serbian orchestra they do sort of hard rock Christmas music well this other group called God's fire. Wants to do the same thing with Chanukah music in this one is well. Oh Monica."

" Let me."

" That was gods of fire with old Monica and aids available on the iota prominent bands links in the show notes if you wanna buy the album from them and sift through iTunes and other sources. That's gonna do it for this week's edition of the financially -- just if you have comments or questions feedback of any kind about financial aid. Please get in touch financially -- gmail.com or 6176. Of six. 3661. Open and of course it was techno and ultimately you scholarship points code. This week scholarship points code. We're gonna do you. Hayes act -- for the number thinks it's a lot easier for for some folks of this -- scholarship was code for the show will be 289761. Seven to. That's 28997617. To put that in the scholarship points dot com for twenty scholarship points. Towards our next -- drawings and if you win please for the love -- couldn't -- to say yes and take the money at it. I'm still just an absolute shock around that but that's okay. It is a sort of just put some picture. You go discussion points that come you register and put those points and and if you win safe to say yes that's gonna do it folks take care. Have a great -- have a great weekend now touching next week. A financially podcast."