If you are a foreign exchange student or want to be, you’re exactly the type of student that Student-Grants.eu was designed for. To apply you must be planning to study abroad, work at an internship abroad, or attend summer school abroad. Application deadlines are four times a year, and you must apply no later than one week prior to Jan. 1, April 1, July 1, and October 1. Start early and apply each quarter prior to your travel date for the best chance of winning.

The application can be completed online at http://www.student-grants.eu., and the winner is selected at random from the pool of eligible applicants.

If you’re planning to study abroad, don’t let this chance to get your housing paid for pass you buy. Free money is good. Go get some!

Even when great airfares are available, finding a place to stay in a foreign country can be expensive. That’s why we are really excited about CasaSwap.com, an awesome website that can hook you up with a room, apartment or house, find you a roommate if you need one, and even help you find someone to stay in your own place while you’re gone.

CasaSwap.com is a free international housing network. Members can find accommodations from other members all over the world, and the site gives you the ability to swap your room, find a room, or even find a place with a fellow student roommate wherever you want to go.

The site was designed with students on tight budgets in mind. It’s a perfect way to find that missing piece of the puzzle that allows you to fulfill your dream of traveling or studying in a foreign land. It also provides students with a way to sublet their own accommodations over a summer or semester, and even provides a way to swap houses or apartments for quick trips, like a spring break

Check out the site at http://www.casaswap.com , become a member, and get ready to pack your bags for exciting travel opportunities all over the world!

In today’s world, you don’t have to wonder whether or not your child will be aiming for a college education, but in today’s economy you might have to wonder whether or not you can afford it.

That’s what makes a 529 Plan a valuable asset for every parent whether your child is five months away from college or five years away. The top benefits of a 529 Plan are as follows.

The account remains in your control

Unlike some savings accounts that are designated to the beneficiary when they come of age (usually at 18), the 529 Plan will stay under your control, so you can determine when, where and how the funds are distributed, ensuring that the money lasts throughout your child’s educational process.

Tax benefits

A 529 Plan provides both state and federal tax benefits.

• State tax benefits. Many states offer tax deductions and other benefits for contributing to a 529 Plan. Check your state benefits at SavingforCollege.com.
• Federal tax benefits. While you can’t deduct your 529 from your federal taxes, your funds grow tax-deferred and all funds used to pay for tuition are distributed tax free.
• Additionally, you won’t have to report any contributions or earnings from your 529 until the year you make your first withdrawal.

529 Plans are available to everyone

No matter what your age or income, you can make contributions to a 529 Plan. The same is true of beneficiaries.

529 Plan limits are sky high

No matter where your beneficiary goes to school, you can contribute enough money for tuition—the limit is typically over $300,000.

529 Plans offer greater flexibility

If you need to move your 529 to another state, change the beneficiary or add or remove certain options, most 529 plans will allow you to do so within reason and without penalty.

Your 529 is anything but high maintenance

Unlike many other savings accounts, with a 529 you sign the enrollment application, set up direct deposit (if you wish), sit back and forget about it. You don’t need to manage your assets—the plan manager does it for you.

You can open a 529 Plan whenever you want

Most college savings plans have a specified enrollment year or period each year. 529 Plans are open for enrollment year round and you can open one for your child at any age.

529 Plans cover all allowable expenses tax free

Allowable expenses for college include tuition, books, room and board. Many other types of savings plans do not include room and board as allowable expenses.

While 529 Plans are available to everyone, regardless of age or income, they may not be right for everyone. Be sure to investigate all of your college savings plan options before selecting one for your student.

There are dozens of college savings plans to choose from, one of the most popular being 529 Plans. And while the traditional 529 does offer tax benefits, high limits and tax free distribution on the widest variety of allowable expenses, it is important to understand these downsides to the 529 Plan before investing your child’s college tuition money.

Non-eligible expenses are subject to tax

If you withdraw funds from your student’s 529 Plan and do not use it for eligible expenses (tuition, books, room and board) the funds will be subject to both income taxes and a 10% federal tax penalty.

Rolling over to another state may incur tax consequences

If your family moves or your student’s plan must be rolled over to another state while they are attending college, your 529 Plan may be subject to taxation in that other state. Be sure to read the requirements for the new state’s 529 Plans before you rollover.

Rolling over to another state may reduce your investment options

If you need to roll over your student’s plan to another state and you are a non-resident of that state, your 529 Plan may become limited and you may be forced to change your investment options as well as work through a broker rather than a state-managed program.

529 Plans may charge fees

Select your 529 Plan broker carefully as each may have different fees for enrollment, annual maintenance and asset management—these fees will all come out of your contributions. Fees may be different for each investment option and will vary from broker to broker. These fees may be reduced or waived if you meet certain criteria.

Choose your investment options wisely

If you purchase your 529 Plan through a broker you will likely be offered several different investment options, each with different fees, minimums, maximums and returns.

You can only change your investment options once per year

Although 529 Plans are hailed as the most flexible college savings plans, your ability to switch your investment options is strictly limited to once per year. If your investments are doing poorly, you may find this limitation rather annoying.

529 Plans DO affect financial aid eligibility

As of July 1, 2006 contributions made by a parent on a student’s behalf into a 529 Plan are considered part of the parent’s assets in determining financial aid eligibility and will be counted in the expected family contribution (EFC).

There is no guarantee

Just like stocks, 529 Plan investments have no state guarantee. Any contributions made to a 529 are subject to market risk—this means you run the risk of making zero profit or even losing some or all of the money you have invested in your child’s education.

Aside from the apparent risks involved in a 529 Plan, it is important to consider all of your options before deciding on a college savings plan for your student. Your considerations should include your financial abilities and your other savings goals.

If you are eager to save money for your child’s college education but don’t want to utilize a risky investment plan, you may want to consider a state-managed Prepaid Tuition program if your child’s school of choice is eligible.

Here are some of the key features of Prepaid Tuition programs.

Anyone can contribute funds to a Prepaid Tuition program

If your student is involved in a Prepaid Tuition program, anyone—including but not limited to you, your spouse, grandparents, cousins, brothers, sisters, aunts, uncles and the next-door neighbor—can contribute funds towards your child’s education.

Many Prepaid Tuition programs will pay towards both in-state and out-of-state colleges and universities

Any eligible state university or college can be paid using funds from a prepaid tuition program. These funds may also be used as a comparable payment to private or out-of-state institutions.

Contributions can be made in a lump sum or on monthly installments

You have the option to pay for college tuition in one lump sum or over monthly installments that will build up to the full amount over time.

Prepaid Tuition programs lock in college costs

If you purchase your Prepaid Tuition program today and your child goes to college four years from now, the tuition costs will remain what they are today. This is not true of 529 Plans and other college savings plans.

Prepaid Tuition programs cover tuition and other mandatory fees

Prepaid Tuition programs cover tuition expenses but usually not the cost of room and board.

Prepaid Tuition programs are backed by the state

If you elect to participate in a state-managed Prepaid Tuition program, the funds you contribute are backed by the state and you assume no risk.

Age/grade limitations are non-negotiable

Prepaid Tuition programs have age and grade limits for beneficiaries that are set individually by state and are non-negotiable. If your child is not within these limitations you will not be allowed to set up the account.

Either the account holder or the beneficiary must be a resident of the state

If your student elects to go to school out of state and neither of you is a resident, you will most likely not be allowed to use Prepaid Tuition program in that state. Prepaid Tuition programs are reserved almost entirely for residents of the state where the program is initiated.

Watch your enrollment deadlines

Most Prepaid Tuition programs have a limited enrollment period each year. If you miss the deadline you will have to wait until the following year, by which time, your student may have exceeded the age or grade limitations.

Prepaid Tuition programs are one of the least risky options when saving for your student’s college education. However, it is important to evaluate all of your options and decide which college savings program will best cover the costs of your student’s education and meet the immediate and future needs of your family.

If you’re thinking of ways to save for your child’s college education expenses, you might want to consider opening a Roth IRA. A Roth IRA can be an extremely useful tool when saving money for college if you don’t want a 529 Plan and don’t have the option to use Prepaid Tuition programs.

Here are some of the key features of the Roth IRA in general and as they concern college expenses in particular.

The yearly contribution limit for a Roth IRA is $5,000

If you’re considering a Roth IRA as a college savings plan, keep this limit in mind. If your student will be opening the account for his or herself and makes less than $5,000 per year, the contribution limit will be whatever their yearly earnings are. If you need to save more money in less time, a Roth IRA might not be the choice for you.

If the amount you withdraw exceeds the amount of educational costs for the year, you will pay a 10% penalty plus taxes

When you withdraw funds for your student’s college education from the Roth IRA, be sure to withdraw only the amount you will need for tuition and other eligible expenses as written by your plan. You will pay a 10% penalty for early withdrawal in addition to taxation on the funds. If you withdraw only the amount needed for college expenses, the 10% penalty will be waived.

You will have to pay taxes on any amount you withdraw before age 59 ½

Even if the money you withdraw is for your student’s college education, the money withdrawn before this age is taxable, although there will be no early withdrawal penalty.

There is no tax deduction for contributing to a Roth IRA

You may have heard that contributing to an IRA can save you money on your taxes. This is true only of traditional IRAs and will not help you when saving money for college expenses.

You can contribute money to a Roth IRA for as long as you like, no matter your age

Your student can choose to open a Roth IRA at any time and continue contributing for as long as needed. This is not true of many college savings plan, which require students to use the money while in college or by a certain date.

If you withdraw money for eligible reasons at the right age, your money will have grown tax free

That’s right. If you’re 60 years old when you withdraw money for your student’s education, you may have doubled your contributions without having to pay a dime in taxes. There’s never been a better reason to grow old!

When your kid goes off to college, there are plenty of Dos and even more Don’ts. Showing up uninvited, calling eight times every day and sending Nana to watch over them and to live with them in their student apartment are definite No-Nos.

But while your kids may give you their own list of what it means “to hover” and insist that your obsession with their safety and comfort are also No-Nos, these are the safety nets you should put in place. Regardless of the push back you may receive from your personal Einstein, the mildly obsessive parent will sleep better than the overly obsessive or under-obsessed parent every night of the week.

Knowing Who to Call.

When your kid goes off to college, they won’t want mom and dad sticking their big, fat noses into every little thing that goes on, but you should keep track of these numbers (and the people they’re attached to) no matter what your student says:

• The manager at their student apartment or the RA in the student dorms

• The Ombudsman on campus

• Your student’s roommates

• The campus police

• The local police

• Your student’s workplace (knowing the supervisor’s name is a good idea)

Your student will probably look on this as an invasion of privacy at first, but
remember, the first time they’re so sick they can’t move for five days, let alone
pick up a phone, they’ll thank you for knowing who to call, especially if their
roommates really respect their privacy and never once checked in on them.

Emergencies.

Helping your child plan for emergencies is an important part of sending them out into the world on their own. Sure, they know to dial 911. But do they know the proper way to exit a fire? Do you have a code word for family emergencies that would disrupt their courses? Do they have a way to get home if you need them—a credit card to buy a plane ticket?

Doctors.

You’ll be helping your student move to college and their new life, no doubt. And when you do, you should call your insurance provider(s) and find out the names and numbers of reputable doctors for your student in the area. Have your child’s medical records sent over to the doctors of your choosing and if you have time, meet the doctors as well as their nurses and staff.

Paying Bills.

If you will be assisting your student in paying bills, you should choose one way and stick with it:

• Put money in their account each month and entrust them to manage their money—but don’t bail them out if they spend the rent on a new leather jacket!

• Set up direct deductions from your checking account.

• Set up the bills to come to your house and then send in a check each month.

Remember, learning to manage money is a part of the growth process and there’s
no better time than college for your child to learn.

And it doesn’t get any easier in the second, third or fourth years, either. So what happens when you file the FAFSA and find that your Expected Family Contribution, or EFC, is much higher than you’re able to contribute? Don’t panic. There is a backup plan for just this situation, notably referred to as PLUS, or Parents’ Loans for Undergraduate Students.

What are PLUS? Stafford and Perkins loans are student loans intended to provide college students with money to attend college at a below-market rate. PLUS are loans intended to provide the same funding for college at a below-market rate, but to parents instead of students.

What is the interest rate on PLUS? The interest rate changes each year, but can never exceed nine percent. Find up-to-date PLUS interest rates at FinAid.org.

What is the grace period for repayment? Unlike with student loans, PLUS have no grace period. You will begin receiving bills for repayment of the principal and the interest immediately.

Does the EFC affect how much we can borrow? PLUS are not based on need. PLUS are based on the difference between your student’s financial aid package and actual college costs.

How much can we borrow? With a PLUS, you can borrow the difference between your child’s financial aid package and the cost of college. If your student receives $3500 and their actual college costs will be $5500, you will be eligible to borrow $2000.

When will we receive a check? You will not receive a check for the money you borrow with a PLUS. The money will be sent directly to the school.

How do we apply for a PLUS? If your student’s financial aid package doesn’t meet or exceed total costs, you should automatically receive a letter from your student’s institution. If not, you can contact the financial aid office on campus and have the information sent to you.

We have a poor credit history, but I heard that this doesn’t count against you on student loans? What you heard is true, for student loans. However, PLUS are not student loans. PLUS are loans for the parents of students and are therefore treated as a regular loan in terms of credit. Your credit history will be checked when you apply for a PLUS and a poor credit history may prevent you from receiving the loan at all.
If you decide that a loan will be the best way to offset the costs of your student’s college education, a PLUS loan may be right for you. However, it is important to remember that a PLUS is treated the same as any other loan—it can and will affect your credit history. With the high costs of college and other bills piling up, it may be safer to seek other routes to paying for your student’s higher education.

Don’t worry—even though your growing genius isn’t at home getting the parenting you want to provide, there are still ways you can handle the disasters your student may face from afar and over the phone.

Handling bad grades.

Every student handles college differently and you shouldn’t allow past successes or failures to create expectations for you or determine how you speak to and treat your student. If your child received perfect grades in high school, they may not achieve those same marks in college. You should be prepared for this possibility and be at the ready to console rather than condemn your student’s supposed failures. Remember, there’s a first time for everything and college is a learning experience. If your student’s scholarships or college experience are in danger of being frittered away by poor grades, suggest a meeting with the ombudsman or a tutor.

Handling bad roommates (or worse, roommates of the opposite sex).

Now that your student is living on their own, they’ll have to learn to deal with obstacles—yes, even people obstacles such as bullies and thieves—on their own. Offer your student suggestions such as a Roommate’s Bill of Rights or help them find another apartment (if the going has simply gotten too rough). If you simply don’t like your child’s roommate because they are of the opposite sex, a different religion, a different race, or just because, the best thing you can do is hold your tongue. Living away from home is your student’s opportunity to build their own opinions of people and the world. And the more you try to force your views on them from afar, the more they will push you away.

Handling the whiner/crier.

It’s time for your student to grow up and that means you have to learn how to make them make decisions and deal with their problems. If all your child ever does is whine, moan, and complain when you speak with them, try saying, “I’m sorry you never have anything positive to say. Why don’t we hang up and when you found something good to share with me, you can call me back.” Then hang up and wait for them to call you.

Handling the boyfriend/girlfriend situation.

If you didn’t have the sex talk with your child while they were still in high school, you’re in for a big shock. Six months into college life and them living in their own student apartment is NOT the time to have the sex talk. By then, your child will probably know more about sex than you do, if they didn’t already. And chances are, if they have a boyfriend/girlfriend, they’re having sleepovers. Whether or not you like the significant other is yet another place to hold your tongue. This is your child’s time to meet new people, date, and experiment…and experiment they will.

Remember, getting used to your student being in college is never easy. All you can do is hold onto your hats and your butts and just hope it doesn’t go down in flames.

How often should you call?

You’ll want to call your kids everyday if you’re a normal, worrying parent. On the other hand, if you’re down on the other end of the extreme, you may be one of those parent who can’t wait to ditch your kid at their student apartment, dump your cell phone in the trash, and hit the open road. But both of these extremes can leave you high and dry (and not to mention in the dog house) with you student.

Just because your student has gone to college and is most likely living in their own apartment, experiencing college life the way a college student should, doesn’t mean that they don’t need to hear from you. But practice moderation. When your child lived at home you saw and talked with them every day. But now that they’re in college, the rules will change overnight. Literally. Try calling every other day or three times per week total. And remember, no panicky messages or calls to the campus police until your offspring has been incommunicado for at least 48 hours.

How often should you text, email, or send letters?

If connecting with your student over the phone isn’t going to happen in this century (or the next), try a method that will reach them on their time. Remember, your kid has school, activities, and work and they might not always be able to pick up the phone. But they can read a text or email and offer a response when they have time. A text message may be the quickest and least painful way to show you care as well as get a quick and easy “Yes, I’m still alive. I miss you, too,” back from your child. You can write an email any time of the day and then your student can reply when it’s most convenient for them—say, 3:00 a.m. And hand-written letters and cards? Believe it or not, your kid will be more likely to keep, display, and brag about this than anything else you give to them.

How often should you visit and/or send care packages?

If you want to keep your kid close to your heart, try sending a care package to their apartment once per month or every other month. Keep your visits to parent’s weekend or every six months. Never drop in unexpected. That’s the surefire way to kill your now-adult relationship with your blossoming big kid.