Sample "Ask Ben - Live Q&A Chat" Transcript


Date and Time: 
Sunday, October 11, 2009, 4:00 pm - 5:00 pm EDT
 
NOTE:  An excerpt from a recent "Ask Ben" Live Q&A Chat is shown below.  One of the great benefits of these sessions is that Ben Kaplan, the nation's foremost expert on college admissions and funding, is available to answer your specific questions.  Do you have an unusual financial circumstance and need to know how it will impact financial aid?  He'll tell you.  Do you want to know about scholarships that fit your unique profile?  He's a human scholarship encyclopedia.  Just tell him a little bit about yourself and he'll suggest several scholarship opportunities to pursue right away!
Chat Transcript: 

Ben Kaplan: The focus of today's chat is college admissions and student loans, but really, any topic is fair game.  Let's get chatting... Fire away with your questions! :-)
Caleb: Hi Ben
Ben Kaplan: Hey there Caleb!
Caleb: I'm really involved in artistic activities... painting, creating writing, band. Any scholarships for current high school seniors in those areas?
Ben Kaplan: Okay, I've got two great scholarships for you... The YoungArts program and the Scholastic Art and Writing Awards.
Ben Kaplan: First, YoungArts... each year they give away $500,000 in cash awards to student artists. They also award an all-expense-paid trip to Miami for special workshops from mentors in your field.  You can learn more at: www.youngarts.org . Deadline to apply this year is Oct. 16, so get going right away.
Caleb: Okay, i'll do it, coach!
Ben Kaplan: Ha, good for you. Scholastic Art and Writing Awards is pretty neat, too. It's for grades 7 to 12 with awards in 30 different categories.  Everything from Digital Art and Ceramics and Glass, to Science Fiction Writing and Humor Writing. There's even a Video Game category.
Ben Kaplan: Check it out at: www.artandwriting.org
Caleb: nice one... are there any scholarships you don't know about?
Ben Kaplan: I know thousands of them off the top of my head, but always trying to learn more. :-)

 

Caleb: I've got another question.... I want to attend a really good college and I heard that some give out merit scholarships but others don't.  Can you tell me which top schools give them out?
Ben Kaplan: Although Ivy League schools (along with schools like Stanford and MIT) don’t award any merit scholarships, other top colleges do offer excellent merit awards.
Ben Kaplan: For instance, the University of Chicago has the "College Honor Scholarships."  They are awarded to those who exhibit leadership and intellectual curiosity. Several hundred scholarships, ranging up to full tuition, are awarded each year.
Ben Kaplan:  At Duke University, there are the Angier B. Duke Memorial Scholarships.  The scholarships provide free tuition at Duke, funding for a summer program in England at Oxford University, and additional funds for those with need. About 15 recipients are chosen each year.
Caleb: That one sounds great! Duke is on my list. That's really awesome.
Ben Kaplan: Cool. You can learn more about it at this link: www.abduke.org
Caleb: Also thinking about UNC (North Carolina). Any scholarships there?
Ben Kaplan: You're in luck! They have the "Morehead-Cain Scholars" program.  This program provides merit scholarships to about 70 students each year.  The scholarship covers the entire cost of four years at the university and also funds a four-year summer enrichment program. 
Caleb: Wow, that would be really great.
Ben Kaplan: They have a pretty extensive website at www.moreheadcain.org
Caleb: Thanks so much. I've learned so much already.
Ben Kaplan: That's the goal! :-)

 

Caleb: So do I have to pay taxes on scholarships I win?
Ben Kaplan: Your scholarship winnings will likely be tax-free if you can meet a couple of key requirements.  First, the federal government specifies that to qualify for tax-free scholarship treatment, you must either attend an elementary, middle, or high school... or else be enrolled in a degree program at a college, university or vocational school. 

Caleb: I'm a high school senior
Ben Kaplan: Second, how you choose to “spend” your scholarship dollars does impact whether the money is taxable or not.  To keep the money tax-free, you need to earmark your scholarship funds for “qualified educational expenses”... defined as tuition and fees, plus books, supplies and equipment that are required of all students enrolled in each of your courses.
Caleb: What do you mean by "earmark" the scholarships?
Ben Kaplan: Here's what I mean:  Prepare an itemized list of your qualified educational expenses each academic term. For each expense, assign a specific scholarship prize to cover the cost.  If a scholarship prize is larger than a given expense, assign the remaining funds from that scholarship to additional qualified expenses.
Ben Kaplan: Always seek to first assign your most restrictive scholarships (ones that must be used now) before allocating scholarship awards with more adjustable timing.
Ben Kaplan: And no, you definitely can’t include as an educational expense that Spring Break “research” trip to Cancun! ;-)
Caleb: Haha.  Thanks, makes sense.

Caleb: My mom wants me to ask you a question.  She wants to know what to do for financial aid now that my dad has been laid off from work.  He made $60,000 last year, but hasn't been able to get a job this year.
Ben Kaplan: You're a prime candidate for "professional judgment"--the individual discretion that is given to a financial aid office to take into account your special circumstances.  Since your family has had dramatic change in income since you submitted you financial aid forms, you could potentially get much more financial aid if you present this information to colleges via their "professional judgment appeal" process.
Caleb: Do I just call up the financial aid office and say we need more money?
Ben Kaplan: Well, no.  They get those kind of calls all day and it's actually a pet peeve of many financial aid officers.  The key is to "show" them your special circumstances by providing written documentation of your father's current job status.  They don't just take your word on it... they want some written proof.
Caleb: How much more financial aid could we get?
Ben Kaplan: It all depends on the college their specific professional judgment policies.  You also should advocate for the treatment that is most favorable to you.  It's important to note that a financial aid officer can't just arbitrarily award you with a few thousand dollars more in grants.  Instead, he or she must change the "inputs" (such as your family's income in this case) and see how that flows through to your financial need.  Your best situation would be if the financial aid office removes the $60,000 in income altogether from their formulas, but keeps in all of the taxes your family paid on that income.
Caleb: Thank you for your time. I learned so much.