Require counseling
If you go to the doctor and he says your numbers are not good, he may tell you: "You cannot carry on the way you are and expect to last for very long."
We may need to tell families receiving financial aid the same thing.
CFA's standard recommendation is for a maximum grant of 50% of the tuition amount. If a family receiving aid cannot afford even their half of the standard tuition, some times schools will make an exception for them. This exception is typically because of a circumstance that, hopefully, has a time limit.
If you make an exception to your standard award that enables a family to enroll, we recommend that you require that they see a financial counselor. Better yet, provide training for an employee in your school, or a family, or even a board member, so that they can become certified as a Crown Financial Coach.
You may think "who are we to tell a family to get financial counseling?" In reality, you are just the ones. They have asked you to make an exception and give them more financial help than you would give to another family. So, if you're giving a little extra it's not out of line to ask them to give a little extra as well. This "little extra" may very well save them financially.
To find a free coach in your area, the family must request a contact name from Crown. You cannot do this for them. They can do this at: www.crown.org/financialwisdom/church/budgetcoach.asp or by calling 800-722-1976.
An alternative: you may be able to find a free non-profit financial counselor in your area by going to dexonline.com and searching for "credit & debt counseling."
Some schools have even required every family receiving tuition aid to attend a series of money management classes. Do this and you may find non-aid families asking to attend as well.
We may need to tell families receiving financial aid the same thing.
CFA's standard recommendation is for a maximum grant of 50% of the tuition amount. If a family receiving aid cannot afford even their half of the standard tuition, some times schools will make an exception for them. This exception is typically because of a circumstance that, hopefully, has a time limit.
If you make an exception to your standard award that enables a family to enroll, we recommend that you require that they see a financial counselor. Better yet, provide training for an employee in your school, or a family, or even a board member, so that they can become certified as a Crown Financial Coach.
You may think "who are we to tell a family to get financial counseling?" In reality, you are just the ones. They have asked you to make an exception and give them more financial help than you would give to another family. So, if you're giving a little extra it's not out of line to ask them to give a little extra as well. This "little extra" may very well save them financially.
To find a free coach in your area, the family must request a contact name from Crown. You cannot do this for them. They can do this at: www.crown.org/financialwisdom/church/budgetcoach.asp or by calling 800-722-1976.
An alternative: you may be able to find a free non-profit financial counselor in your area by going to dexonline.com and searching for "credit & debt counseling."
Some schools have even required every family receiving tuition aid to attend a series of money management classes. Do this and you may find non-aid families asking to attend as well.
posted by John | 7:26 AM
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