This Week In Your Wallet: How To Get More Financial Aid
College kids (and parents): If you haven’t already filed the FAFSA, now’s the time. As in when-you’re-finished-reading-this-now. This year’s changes mean the application has been open since October 1, and the sooner you file, the more money you could receive. Students who file the FAFSA in the first three months after applications open have historically received more than two times the grant funding, according to a study from Edvisors.com.
Another surprising result from the study? More than 1.1 million students might’ve received as much as $3.8 billion in state and institutional grants (about $3,400 each on average) more than they did in actuality — if they had simply filed the FAFSA during the first three months of availability. College and state aid can be granted on a first-come, first-served basis, reports CNBC, and filing early could get you earlier responses about aid offers — meaning more time for you to make college decision pro/con lists. (For more on FAFSA, check out our HerMoney Episode 34 with Kelly Peeler.)
Saving On Student Loans
And if you’re already out of college and dealing with student loans, Forbes has tips for paying them off faster in 2017, starting with making an extra payment. The lender only wants you to pay the minimum, because the longer it takes for you to pay off the entire loan, the more interest it generates — meaning more money for the lender. So if you’re able to pay more than the minimum, do so — or mark your calendar for an extra payment once every three months. You can contact your lender and let them know you’d like to make higher monthly payments or additional payments a few times per year, but make sure you clearly state you want to apply any extra payments to the principal loan amount only (not next month’s payment) so you save money on interest.
Good News On The Job Front
This year, job openings were at an all-time high, and next year’s outlook is especially good for mid- to senior-level workers, according to the Bureau of Labor Statistics. Also at a significant high point? The wage premium for switching jobs, reports MONEY — generally, when people switch, that can mean a 10 to 20 percent pay raise. If you are in the market for a new position, utilize tools like Jobscan (which tailors your resume to postings with key words) or LinkedIn’s Open Candidates setting to show everyone but your boss that you’re looking to switch.
If you’re happy at your job but you want a raise, MONEY also has tips for asking for it — without being awkward. The highlights? Research what you should be earning via sites like Glassdoor and PayScale, based on your company, job title, experience level and location. Practice, practice, practice — say the words out loud in front of a mirror and with a trusted friend. And one more trick? Managers are more likely to say yes to a salary if it looks like you’re offering flexibility. So when you’re faced with the question, “What would you like to earn?” provide a range with your ideal salary as the minimum amount, suggests a study by Columbia Business School.
How Much To Tip
Finally, if you’re at a loss when it comes to tipping people in your life for the holidays, PureWow has answers. For the nanny, one to two weeks’ pay is normal (plus a handmade gift from your kid(s) if you’d like to do something extra). A week’s pay is appropriate for the cleaning lady, one to two nights’ pay is fine for the babysitter and, for your hairdresser, consider a $25 to $50 bonus on top of your normal tip.
Have a great week,
Jean
