The Department of Education has announced that FAFSA processing for the 2024-25 year will not happen until the first half of March 2023. That means that student financial information will not be sent to colleges until then. This will delay the colleges ability to put together need-based financial aid packages. It will also run into filing deadlines at many schools. For families that have attempted to submit the FAFSA but have run into any one of the many, many errors this year, it will mean that you most likely will not know the correct status of your FAFSA until it is fully processed in March. You may want to contact the financial aid department at the colleges on your list for further instructions on how they are handling this significant delay.

Congratulations on making it through a challenging year! If your plans for next year include college, we’ve put together a few tips for things to do this summer.  We hope there is something helpful here for you – including saving hundreds of dollars!

Summer tips

Save money on your textbooks

Summer jobs and taxes

What is a college funding plan?

A college funding plan is your road map to paying for college.  It answers the two big questions:  “How much does college cost?” and “How do we pay for it?”

Why do we need a plan?

You only need a plan if it is important to you to keep a lid on college costs so they don’t spill over and hurt your other financial goals and objectives.  If that’s not a big deal to you, you can wing it.

Doesn’t our financial plan cover paying for college?

If you mean a comprehensive financial plan (only about 1/3rd of people even have one, and fewer than that actually follow them), then it probably does have a section on education.  However, a good college funding plan covers far more than just saving for education.  When your plan was put together, did you know exactly where your teenager would be going to college and what that college would cost?

Don’t we just have to pay what the college says we owe?

Yes, when you get the invoice you have to pay it. However, “what the college says we owe” is a moving target.  Your invoice will be different than that of other students, in the same way your airfare is different than other passengers. 

A good college funding plan addresses ways to reduce what the college will say you owe, well before the invoice arrives.

What goes into our plan?

The first part of your plan will focus on what college will cost your family – that’s different than what college costs.  In-state schools, out-of-state schools, selective private schools, community colleges all have different prices and different financial aid resources.  What you pay may be significantly different than another family of a student in the same class.  Your plan addresses ways to both figure out and reduce what college will cost.

The second part of your plan is to identify all available sources of money.  It is perfectly possible to borrow 100% of the cost of college (including spending money) from the federal government through student loans and parent loans, but is that wise for your financial situation?

Our checklist starts with your family’s cash flow and savings to see what can be reallocated to college costs.  What education tax credits will you qualify for? Do you have the generosity of a grandparent or other relative to count on? Do you have a 529 plan or prepaid plan? Can you count on income from a part-time job for your teenager? Can a tuition payment plan help?

These are just some of the items we examine. The important thing is that your plan includes all the items that are relevant to your family.

Loans can be part of a college funding plan, they just should not be the first thing you turn to.  Loans have to be repaid at some point, so you are going to need to come up with the money eventually.  If a careful analysis shows you have confidence in your ability to do that, loans are an option.

What about all the “other” costs of college, like books and spending money?

The extra costs are significant and can add up to thousands of dollars per year.  40% of families report having some major expense they did not expect.  Your plan should identify these costs and address ways to proactively lower them. 

Here’s a huge cost that is often a surprise:  the fifth year.  It is increasingly common, especially at state schools, for students to need an extra semester or two to graduate.  Nothing will blow your budget like an extra year.  Your plan should help keep you on track to a four year graduation.

Why don’t colleges tell us about all this?

Colleges can be wonderful institutions, but it’s not their job to tell you how to pay them less money.  That’s your job.  Fortunately, your college funding plan will do just that.

When should we get started with our plan?

Today!  What you can do will vary depending on the age of your child, but it’s never too early for information and it’s never too late to make changes.  Ideally, parents of sophomores and juniors have more flexibility than parents of seniors or current undergrads.

Our son or daughter has graduated with student loans.  Can you help?

Yes.  Student loan repayment is incredibly complicated and college graduates are not prepared to make the important choices that are required of them.  We go over the different repayment programs, cover the immediate and long-term implications, and help your son or daughter create a loan repayment plan.  As situations change, the repayment plan will also change.

Can’t I make a plan myself?

Yes, absolutely. A college funding plan is not incredibly complicated.  If you’ve been through the college process lately, understand how financial aid works and how to lower your net price, can tell when a financial aid award should be appealed, can compare the various and misleading aid award letters, are able to get a grasp on the 15+ education tax provisions and 10 loan options, know how to complete the FAFSA properly, and can manage your costs while in school, you do not need help.

Or, if you’d like help, or are just too busy for all that, we can get your plan started in about an hour.

 

 

April is the month for acceptance and award letters. It can be incredibly frustrating to try to decipher the language and format of different award letters from different colleges.  Our April newsletter gives you some tips on how to do that, and we have a special offer for new subscribers too. 

If you sign up for our newsletter during April, and would like help understanding and comparing financial aid award letters, we will do a side by side comparison of up to 5 letters for free. 

To take advantage of this offer and sign up for our newsletter, please click here.

 

One thing we discovered when looking at scholarships available to Richmond-area students was that there was no “one” source of regional scholarships. So we decided to take a crack at it. And thus, the CFG ScholarBank was born. We are continually tracking down scholarships available to Central Virginia college-bound students and gathering them all into our searchable collection.
Ready to start searching for the perfect scholarship? Go to the CFG ScholarBank and type in a search term that applies to you. You can search by region, grade level , or any keyword that might narrow down your search.  Say, for example, that you are a female high school senior in Richmond that wants to major in accounting. You could type in any, or all, of the following keywords in the search box: female, accounting, Richmond, senior. The more keywords you use, the more you narrow down your search results. Don’t want to limit yourself that much? Type in one keyword and the list of scholarships will be that much longer.

At over 300 500 scholarships for $1,000,000+ $1,500,000 and counting, the CFG ScholarBank is a great resource for students looking for a little help in defraying college costs. Why pass up free money if you can get it? Plus, just think of the serious brownie points you’ll score with your parents.

To stay ahead with the latest news,  subscribe to our monthly newsletter.

If you have any questions, send them to us.

One thing we discovered when looking at scholarships available to Richmond-area students was that there was no “one” source of regional scholarships. So we decided to take a crack at it. And thus, the CFG ScholarBank was born. We are continually tracking down scholarships available to Central Virginia college-bound students and gathering them all into our searchable collection.
Ready to start searching for the perfect scholarship? Go to the CFG ScholarBank and type in a search term that applies to you. You can search by region, grade level , or any keyword that might narrow down your search.  Say, for example, that you are a female high school senior in Richmond that wants to major in accounting. You could type in any, or all, of the following keywords in the search box: female, accounting, Richmond, senior. The more keywords you use, the more you narrow down your search results. Don’t want to limit yourself that much? Type in one keyword and the list of scholarships will be that much longer.

At over 300 scholarships for $900,000+ and counting, the CFG ScholarBank is a great resource for students looking for a little help in defraying college costs. Why pass up free money if you can get it? Plus, just think of the serious brownie points you’ll score with your parents. You can thank us later.

Two tips to get ahead:  Subscribe to our RSS feed;  and, subscribe to our monthly newsletter.

If you have any questions, send them to us.

Any undergraduate or graduate student who is attending a college or university in Virginia and studying creative media (video production, content creation, video editing, audiovisual work, multimedia specialization, videography, multimedia journalism, or documentary filmmaking) may apply for this scholarship opportunity.

Any undergraduate student in Virginia or North Carolina who has non-profit or volunteering experience, as well as a history of work while in school, may apply for this scholarship opportunity. Applicants should put the needs of others before their own and should have a long-term goal of respect and professionalism.

Any undergraduate student in Virginia or North Carolina who has non-profit or volunteering experience, as well as a history of work while in school, may apply for this scholarship opportunity. Applicants should put the needs of others before their own and should have a long-term goal of respect and professionalism.

This scholarship aims to honor the memory of Nancy B. Shirley by supporting students who share her passion for nursing.

Any undergraduate student pursuing an undergraduate degree in nursing at San Jose State University, George Mason University, Virginia Tech, Virginia Commonwealth University, James Madison University, or Northern Arizona University may apply for this scholarship.

This scholarship aims to honor the life of Paula C. Collie by supporting students who are pursuing degrees in education.

Any first-generation student in Virginia who is pursuing a degree in education may apply for this scholarship. 

The Virginia School Boards Association is holding a personal essay/speaking contest where the first-
place winner will present their essay before an audience of more than 200 school board members and administrators at the 2026 VSBA Conference on Education held July 16 at the Wyndham Virginia Beach
Oceanfront Hotel in Virginia Beach.

This scholarship is available to former EDMS students who plan to attend a two-year college or technical program after graduation.

The Connie Mae Bryce Scholarship will be awarded to a student who attended Byrd Elementary School who has dedicated time and effort to their school and community while maintaining a GPA of at least 2.5 and with plans to attend an accredited college, university, trade, or vocational school.

The Emily Cashion Hughes Scholarship was established in her memory. Mrs. Hughes was a CCPS school counselor for over twenty years. This scholarship is for graduating seniors for technical school tuition, skills trade training for HVAC repair, or any skilled trade or technical education.

A scholarship for female students in Chesterfield County. An essay about pursuing a career in the education field is required.

INTEREST IN TECHNOLOGY CAREERS
Demonstrate a sustained interest in technology careers. This can be shown through one or more of the
following:
• Participation in technology-related coursework (e.g., computer science, engineering, robotics).
• Involvement in tech-focused extracurricular activities (e.g., coding clubs, STEM competitions,
internships, tech camps).
• Personal projects or community initiatives related to technology.

The Play Chesterfield Scholar Athletes Program, presented by 804 Travel, recognizes CCPS high school students who excel in academics, athletics, leadership, and community service. Each school nominates two student-athlete who meet rigorous criteria, including maintaining a high achieving GPA, athletic achievement, strong character, and community involvement. From 22 honorees, two Scholar Athletes of the Year will be selected to receive $1,000 scholarships and permanent recognition on the Sports Hall of Fame Wall at River City Sportsplex. 

On October 1, 2023 Partners Financial Federal Credit Union merged with Argent Credit Union.  The Partners Financial Legacy Scholarship was created to honor the positive impact and dedicated service that Partners Financial has had on our community.

This Scholarship is available to students who plan to enroll in an accredited technical or vocational trade school, with a focus on a career-specific skill.  One high school senior will be awarded a $2,500 scholarship towards their continuing education.

Goal:  To offer financial help to a deserving student from the tri-cities area that is pursuing a career in horticulture, agriculture, botany, forestry or any field of study related to plants. The scholarship is to be awarded to a high school senior or a student entering a college or university for the first time who must be entering as a full-time student.

Presented by the Professional Women in Building Council (PWB) & the Home Building Association of Richmond (HBAR)

The Women-in-Construction College Scholarship is an annual award designed to support and empower the next generation of female leaders in the homebuilding industry. Each year, we award $2,000 to a student pursuing post-secondary education in a construction-related field, helping remove financial barriers and opening doors to high-growth, high-impact careers.

Qualifications for the DAG Scholarship:

• Applicant must reside in Caroline, Stafford, Spotsylvania, Hanover and Henrico Counties and the cities of Fredericksburg and Richmond
• High School Senior with a GPA of 2.0+ on a 4.0 Scale
• Submit two letters of recommendation from a High School Counselor, Educational or Community Organization Leader
• Submit Unofficial High school transcript
• Submit a 250-500 word essay on a need(s) in your community and how you plan to give back to meet the needs after your high school graduation 

We believe investing in our communities will sustain those communities for years to come. James River Equipment invites graduating high school seniors in VA to apply for one of 5 scholarship/award opportunities to be awarded in May 2026:

•  2– $2500 Scholarships for a college degree program in Ag, Agribusiness, Business, Supply Chain, Marketing or related
•  2– $2500 Scholarships for a post-high school skilled trades program to include certificate programs in trades like Equipment Operator, Diesel Mechanic, Automotive Tech, or related
•   1– $2500 “Kickstart Your Career” award for a student graduating from a high school level skilled trade program (small engine, automotive, diesel technology or related) whose application will go towards an internship opportunity as well as payment for PPE, tools, etc.

The Virginia Moose Association supports students
attending college and career or technical schools by having
students organize and present Moose Kid Talks to
elementary school students regarding a variety of topics.

The Williamsburg Descendants Scholarship program provides financial assistance for degree or certificate programs to residents of greater Williamsburg with Black ancestors who lived in the Williamsburg area prior to 1964—the year that the Civil Rights Act was enacted.

The Scholarship was unanimously approved by City Council in October 2024 and is seeded by an initial gift of $250,000 from the City of Williamsburg. The Scholarship is administered by the Williamsburg Community Foundation, which serves as steward for charitable resources in the community.

The Scholarship provides up to $5,400 annually for up to four years to be used for tuition, books, or related educational expenses. The fund allows for four new students each year to receive the Scholarship.

Liquid Commonwealth: The Art and Life of Water in Virginia seeks to explore the essential importance, richness, and beauty of water as a defining element of Virginia for all its residents.

Original works by artists 18 years or older in any media and any style will be considered by the jury. Only original artwork submitted utilizing the theme of water in Virginia will be considered for the Liquid Commonwealth exhibition.

AMVAC, an American Vanguard Company, is excited to announce the 2026 Southern Agriculture Industry Advancement Scholarship. Seven students will each receive a $2,000 scholarship to support their journey toward a career in agriculture.

• The Virginia Association of First Responders offers multiple scholarships each year to support the educational goals of our members and their families. Many awards are open to the children and grandchildren of VAFR members, and they’re not limited to first-year college students — returning students are encouraged to apply.

For Richmond Public School students pursuing community college career certificates, associate, or transfer degrees.

           Our theme of our scholarship application this year is “What Advocacy Means to Me”. PTA is the largest national child advocacy organization and at the very heart of our organization, are our wonderful volunteers that give their time and unwavering dedication to their schools and community. Please note that this scholarship is awarded not based on your academic achievement, but rather on a demonstrated commitment to engage in volunteerism, community service, and/or advocacy

Criteria: Planning to attend a 4-year institution in Virginia, pursuing a degree focused on technology. Financial need description. 2 letters of recommendation; video or essay describing yourself, academic and career goals in a technology related field. College acceptance letter and a completed application. 

The Patricia Elaine Reynolds Scholarship was established to support Douglas S. Freeman High School high school graduates to pursue further study or training at an accredited two year or four year institution or trade school. Patricia was a Freeman Graduate herself and the first ever female recipient of the Athlete of the Year award. Scholarship funds may be used by the recipient for tuition, books, or other school-related costs that the recipient chooses. The scholarship funds will be paid directly into a Virginia 529 education account for the benefit and use of the award recipient. Applicants must be enrolled in Douglas S. Freeman High School at the time of application; a female senior Varsity athlete planning to pursue further study or training beyond high school; demonstrate financial need; and possess a minimum GPA of 2.75.

Nicholas was involved in entrepreneurial pursuits throughout the Richmond community. Through this scholarship the Troutman family and friends hope to inspire and encourage like-minded individuals to pursue their entrepreneurial goals just as their beloved son and friend Nicholas did. Applicants must be graduating seniors at Douglas S. Freeman High School with a minimum GPA of 2.0.

J.R. Tucker students only – see school counselor for more information.

The Dayne Michael Kaufman Memorial Scholarship was established in memory of Dayne Kaufman. The scholarship is created to encourage students to pursue educational opportunities after their senior year of high school. Applicants must be graduating seniors from Deep Run High School who are in good scholastic standing and who have an established history of extra-curricular or community service participation. The award is to be used for tuition, books or other school related costs and will be paid directly to the educational institution. Applicants must be planning to pursue a diploma from an accredited college or university and possess a G.P.A. of 3.0 or higher.

This scholarship is available to high school seniors who are members of a SpeakUp Club. Two winners will each receive an award in the amount of $2,500. The winners will be announced at our You Are Worth It All Teen Mental Health Festival in April.