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Scholarships.com Culinary Arts Scholarship

May 12, 2008

by Scholarships.com Staff

As a means of promoting diversity and developing talent, Scholarships.com has created a new set of scholarships for high school students and undergraduate students. The “Fund Your Future” area of study scholarship consists of thirteen $1,000 awards to be granted to students who pursue a postsecondary education in one of thirteen designated fields and 185 related majors. Included is the Scholarships.com Culinary Arts Scholarship, an award for students who plan to or are already majoring in the culinary arts.

The way to someone’s heart may be through their stomach, but that's not the reason so many students pursue a culinary arts degree. Whether you dream of opening your own restaurant or joining the future cast of the Food Network, culinary arts classes can help you accomplish your goals. If you have the drive, Scholarships.com will help you buy the gas. By applying for the Scholarships.com Culinary Arts Scholarship, you may find yourself $1,000 closer to becoming a chef.

If you’re interested in applying for this essay scholarship, respond to the following question in 250 to 350 words (entries that fall outside of this word range will be disqualified):"What has influenced your decision to pursue a career in the culinary arts?"

Prize: $1,000

Eligibility: 1. Applicant must be a registered Scholarships.com user. Creating an account is simple and free of charge. 2. Applicant must be a U.S. citizen 3. Applicant must be undergraduate student or a high school senior who plans to enroll in a college or university in the coming fall 4. Applicant must have indicated an interest in one of the following majors: Culinary Arts or Food Science/Food Industry

Deadline: June 30, 2008

Required Material: A 250 to 350 word response to the following question: “What has influenced your decision to pursue a career in the culinary arts?”

Further details about the application process can be found by conducting a free college scholarship search. Once the search is completed, students eligible for the award will find it in their scholarship list.

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Veteran Aid Proves Insufficient for College Education

May 9, 2008

by Scholarships.com Staff

Young adults often join the army hoping that their contributions will serve the nation's good and aid them in affording a quality education. Army.com admits that, “Ninety percent of servicemembers enter the armed forces for the educational benefits.” Unfortunately, an increasing number of veterans are finding their promised aid insufficient in paying for tuition and other costs.

In an interview with MTV, veteran Evan Aanerud expressed his surprise upon finding that, even with financial assistance, he would have to work full time to cover college expenses. When Evan returned from Iraq and enrolled in the California Polytechnic State University, he received only $430 each month. “That’s about the cost of one-quarter of the books, and that’s about all that I got,” he said.

Even servicemen who receive the maximum $1,100 per month as determined by the GI Bill—a law made to cover each veteran’s college expenses---often find the assistance lacking. With College Board estimating the four-year cost of a public, four-year, in-state university at $54,356 and the private one at $129,228, the maximum $39,636 veteran budget just doesn’t cut it.

But there is hope. If a revised version of the current Montgomery GI Bill is passed, veteran students may soon receive a federal student aid boost. According to the proposal, the new GI Bill would pay the full cost of in-state tuition (up to the cost of the most expensive in-state public university) in addition to a housing and book stipend. With bipartisan support, the bill has a chance at passage if opposing congressmen can be convinced that costs are manageable. Having put their lives on the line to serve the nation, many veterans feel that it's the least they deserve.

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President Signs Student Loan Access Bill

May 8, 2008

by Scholarships.com Staff

As expected, President Bush signed into law the Ensuring Continued Access to Student Loans Act of 2008. After receiving bipartisan support from the House and the Senate, the bill aimed at ensuring student loan availability was approved by the president.

Worried that the departure of student lenders from the FFEL Program could make student loans more difficult to obtain, legislators hurried to secure a backup plan. According to House Representative George Miller, “The bill carries no new cost for taxpayers.”

The Ensuring Continued Access to Student Loans Act of 2008 indicates that:

o The limit on federal loans will soon increase. Students will be able to borrow $2,000 more to cover tuition and other costs.

o Parents will have more time to save for PLUS Loans. Rather than having to pay as soon as money is disbursed, they will have until six months after the child graduates before initial payments are due.

o Families slightly behind on their mortgages or medical bills may still be eligible for PLUS Loans.

o The Secretary of Education has the authority to advance federal funds to student lenders and guaranty agencies acting as lenders of last resort if the lenders run out of capital.

o Shall a lender of last resort plan be put into practice, guaranty agencies acting as lenders will have to abide by rules and restrictions similar to those governing FFEL lenders.

o Congress may call on the Federal Financing Bank to consider injecting money into the student loan market at no cost to the taxpayers.

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Subsidized vs. Unsubsidized Student Loans

May 7, 2008

by Scholarships.com Staff

Complicated student loan legal jargon is an unfortunate component of the borrowing process. Two words  all students should be familiar with before borrowing are "subsidized” and “unsubsidized”. Let's break these down:

Subsidized Loans Students who borrow subsidized loans through the Federal Direct or the Federal Family Education Loan (FFEL) programs will receive government-backed college money. Because the government agrees to compensate FFEL lenders for loan defaults, student lenders agree to offer low-interest loans. They do not charge students for the interest that accumulates during the college years and post-graduation six-month grace period as the government takes care of these costs. Unfortunately, not all students are eligible for federal subsidized loans because finances are among the eligibility criteria. Students whose FAFSA results suggest financial need and those whose parents applied for but were denied a PLUS Loan may take out subsidized loans.

Unsubsidized Loans While federally unsubsidized loans boast fewer benefits than subsidized ones, their interest rates still tend to be lower than those offered by private lenders.  Students are responsible for all interest that accrues during their years in school, deferment, and grace periods. As long as students don’t exceed their annual loan borrowing limits, they may take out both subsidized and unsubsidized loans. Because unsubsidized loans are not based on financial need, students who are not deemed needy by the government may still take out these loans. The borrowing limit on these loans will vary based on year in school and dependency status, but the sum may not exceed the estimated cost of attendance for each school minus other financial aid a student receives. Students may borrow both subsidized and unsubsidized loans during the same period as long as the limits for each are not surpassed.

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Posted Under:

FAFSA , Financial Aid , Student Loans



College Cafeteria Costs on the Rise

May 6, 2008

by Scholarships.com Staff

The rising cost of college rates has been a headache for families across the nation. However, college tuition is not the only expense expected to increase. Due in part to the high costs of gas, the price of food transportation—and therefore food—has been on the rise. Like consumers, campuses have to deal with the effects that food costs have had on meal plans.

If you're one of the many dorm-residing students subscribing to an on-campus cafeteria plan, especially one with a buffet-style layout,  you can imagine how quickly prices could escalate. Numerous students make it a habit to fill their trays with one of everything…just in case. The quantity of wasted, expensive food has college representatives worried that a  hike in cafeteria prices is inevitable.

Colleges are doing what they can to minimize expected charges, but pricing continues to be a problem. According to The Chronicle of Higher Education, some schools have taken to skimping on the amount of ingredients used in each dish while others have managed to save by eliminated cafeteria trays. In an interview with Mr. Simon of Western Washington University, it was reported that, “Western Washington dining halls observed a 34-percent reduction in waste during one week last month when the institution went trayless.”

For students who aren’t fond of dorm food as is, the idea of having to save money to afford it is extremely frustrating. Unfortunately, many students see few alternatives. Unless they can stuff all groceries into a portable, shared fridge, it’s just one more pain to deal with.

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Scholarships.com Business Scholarship

May 5, 2008

by Scholarships.com Staff

As a means of promoting diversity and developing talent, Scholarships.com has created a new set of scholarships for high school and undergraduate students. The “Fund Your Future” area of study scholarship consists of thirteen $1,000 awards to be granted to students who pursue a postsecondary education in one of thirteen designated fields and 185 related majors. Included is the Scholarships.com Business Scholarship, an award for students who plan to or are already majoring in business and related studies.

Scholarships.com understands that writing a 2,000 word paper on trickle-down economics can be a turnoff to students who lack both money and time. That’s why we’ve simplified things, and cut the requirements down to a 250 to 350 word scholarship essay. Students interested in applying for the award will have to submit an online response to the following question: "What has influenced your decision to pursue a career in business?"

Prize:

$1,000

Eligibility:

1. Applicant must be a registered Scholarships.com user. Creating an account is simple and free of charge. 2. Applicant must be a US citizen 3. Applicant must be undergraduate student or a high school senior who plans to enroll in a college or university in the coming fall 4. Applicant must have indicated an interest in one of the following majors:

Business, Accounting, Actuarial Science, Business Administration, Advertising, Economics, Finance, International Business, Management, Marketing/Distribution, Hotel/Restaurant Management, Human Resources, International Affairs, Real Estate/Development, Sports Administration, Manufacturing, Engineering Management, Retail

Deadline:

May 31, 2008

Required Material:

A 250 to 350 word response to the following question: “What has influenced your decision to pursue a career in business?"

Further details about the application process and about contacting the scholarship provider can be found by conducting a free college scholarship search. Once the search is completed, students eligible for the award will find it in their scholarship list.

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Congress Approves Aid to Student Lenders

May 2, 2008

by Scholarships.com Staff

After passing the Senate and the House in varying formats, a compromise was reached on legislation that would help lenders stay afloat in a troublesome student loan market. The Ensuring Continued Access to Student Loans Act of 2008 was sent to the President yesterday, and rapid approval is expected.

If signed into law, the bill would give the Secretary of Education the right to buy loans from struggling lenders, thus providing them the capital needed to offer new student loans. Worried that lenders may continue to depart from the Federal Family Education Loan (FFEL) program—as fifty have already done—legislators have been scurrying to provide financial assistance before the school year begins. Though the law would only serve as a backup plan, the hope is that knowledge of a federal cushion would make both lenders and students more willing to engage in business.

To decrease student dependence on private lenders, ones generally offering loans options that are more expensive and less flexible than those offered by FFEL lenders, the maximum sum a student could borrow from the government was also increased. According to The Christian Science Monitor, the caps on unsubsidized loans available to students of any income level would increase by $2,000 for each school year. Dependent students would now be able to borrow up to $31,000 for their undergraduate education.

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Free For All: New Medical School to Pay for Incoming Class

May 1, 2008

by Scholarships.com Staff

When doors to the new University of Central Florida College of Medicine open in 2009, they will open with a bang. In the hope of attracting the best and the brightest, medical practitioners and college representatives from the University of Central Florida have raised enough money to reimburse the first class for all four years of medical school. They will cover not only the tuition but also the fees and living expenses. With the Association of American Medical Colleges estimating the average debt of medical school graduates to be at about $139,000, the deal is sweet enough to cause a toothache.

“I think setting the bar high for the quality of the first class will set the stage for the caliber of every class that follows,” said Tavistock Group director and donor Rasesh Thakkar. Fundraisers have been in place since 2007 to make that happen. After tapping all possible resources, the school is expecting to admit a class of about 120 students which, based on a four-year plan, will receive a grant worth approximately $160,000.

Students interested in attending the school may begin applying in June of 2008. If accepted, they will automatically receive the award---no lengthy essay competitions, no laborious commitments, just money. “UCF stands for opportunity,” states the university website. When studies and internships leave little time for outside work, a full tuition scholarship is the epitome of such opportunity.

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Court Rejects Protests of Federal Aid Witholdings for Drug Offenders

April 30, 2008

by Scholarships.com Staff

After an appeal by the Students for Sensible Drug Policy (SSDP), an international grassroots network of students concerned about the impact drug abuse has had on communities, the court has once again rejected the claim that withholding federal student aid from drug offenders is unconstitutional.

According to the 1998 Higher Education Act, students who have been convicted for having, for the first time, used drugs are to be denied federal college funding, including free aid in the form of Pell Grants, from the government for one year. The length increases to two years for a second conviction and becomes permanent after the third. For those convicted of selling drugs, the punishment is a two-year federal aid loss or, for two offenses, the permanent withholding of federal aid.

The SSDPF has complained that the double jeopardy law, one which prevents an individual from being tried twice for the same offense, makes such procedures illegal. According to The Chronicle of Higher Education, Judge Kornmann disagreed with the claim stating that the law served legitimate federal interests by minimizing college drug use and preventing taxpayers from having to fund the education of drug users or sellers.

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Posted Under:

College News , FAFSA , Financial Aid



A College Loan Glossary

April 29, 2008

by Scholarships.com Staff

Financial aid in the form of scholarships and grants is a student’s best bet when searching for college funding. Families who cannot pay for a student’s education without outside assistance should first turn to cost-free resources. When these prove insufficient, students can consider borrowing money for college.

With recent articles detailing the plights of indebted students and their troubled lenders, it’s no surprise that students are intimidated by the borrowing process. If one’s economic situation calls for assistance in the form of student loans, getting comfortable with the lending process is a good way to get rid of the loan jitters. So before you sign on the dotted lines, familiarize yourself with the following terms:

The Basics:

  • Annual Percentage Rate (APR): The Annual Percentage Rate is the total annual cost of a loan, including all fees and interest, expressed as a percentage.
  • Co-Borrower/ Co-Signer: A person, other than the borrower, who signs the loan promissory note. If the borrower does not pay, the co-borrower is responsible for payment of the debt.
  • Consolidation: The process of combining several federal or private loans from multiple lenders into a single loan. Consolidation is done to reduce the monthly payment amount, simplify the repayment process and/or increase the repayment period.
  • Default: A default is a failure to repay a loan in accordance with the terms of the promissory note. Defaults can also occur if students fail to submit requests for deferments or discharges (cancellations) in a timely manner. For Perkins Loans: Failure of a borrower to make a loan-installment payment when due or to meet other terms of a signed promissory note or written repayment agreement. For FFEL and Direct Loans: Failure to make a loan-installment payment on (a) a loan repayable in monthly installments for 180 days or (b) for FFEL, a loan payable in less frequent installments for 240 days.
  • Interest: Interest is an amount charged to the borrower for the privilege of using the lender's money. Interest is usually calculated as a percentage of the principal. The percentage rate may be either fixed or variable, depending on the terms of the loan.
  • Lender: A financial institution, agency or school that provides loan money
  • Principal: The amount borrowed (may increase because of interest capitalization). Interest is usually calculated as a percentage of the principal.  

The Rest:

  • Accrued Interest: The accumulated interest on a loan. It may be compounded or simple and is usually paid when the principal becomes due. Depending on the loan, the interest accrued between the disbursement date and the time a payment must first be made may be the responsibility of the borrower or of the government.
  • Average Daily Balance (ADB): The sum of unpaid principal on all qualifying loans. The ADB is based on each day’s current interest rate and the number of days in the quarter.
  • Amortization: The process of gradually repaying a loan through periodic payments of principal and interest.
  • Cancellation/Discharge: A cancellation occurs when a borrower meets the requirements necessary to nullify his/her obligation to repay all or a part of the loan.
  • Capitalized Interest: The interest added to the principal amount of your loan. Future interest will be based upon the higher amount. Capitalizing is a consequence of delaying interest payments; it increases the amount of the principal and, consequently, the total amount that must be repaid.
  • Collateral: Property of a borrower that is pledged as security in case he/she does not repay the loan. It may become property of the lender if the borrower fails to repay the loan.
  • Commercial Bank: An institution whose primary function is to make loans to businesses.
  • Deferment: A period of postponement during which loan repayment is suspended. The borrower must meet deferment requirements as established by law to have his/her payments suspended. For subsidized loans, interest is not accumulated during the deferment. Interest does accrue during the deferment period on an unsubsidized loan.
  • Deferred Interest: Interest payments that are delayed while a borrower is not employed, as, for example, when the borrower is a student. This benefit is generally characteristic of federal and state guaranteed student loans.
  • Delinquency: You are delinquent if your payment is not received by the due date. Delinquencies greater than 30 days are reported to national credit bureaus.
  • Disbursement: The release of loan funds to the school for delivery to the borrower. Disbursements are usually made in equal multiple installments co-payable to the borrower and the school.
  • Entrance Counseling: Each institution participating in the Federal Perkins, FFEL, and Federal Direct Loan Programs (excluding PLUS and Direct PLUS Loans) must offer loan entrance counseling to first-time student borrowers. The institution must offer this counseling before the delivery of the first disbursement of any loan to a borrower at the institution. Entrance counseling covers the borrower's rights and responsibilities, the terms and conditions of the loan and the consequences of default.
  • Exit Counseling: Each institution participating in the Federal Perkins, FFEL, and Federal Direct Loan Programs (excluding PLUS and Direct PLUS loans) must offer loan counseling called "exit " counseling to student borrowers. For Federal Perkins borrowers, the interview must take place before the borrower leaves school. In the case of FFEL and Federal Direct Loan student borrowers, the interview must take place shortly before the borrower ceases at least half-time enrollment. During the interview, the borrower's rights and responsibilities are reviewed, details about handling loan repayment are discussed, and the average indebtedness of the school's borrowers must be disclosed. Borrowers are also required to provide updated personal information such as address, telephone number, employer (if known), and driver's license and state of issuance.
  • Fixed Interest: Interest rate that remains the same for the life of the loan.
  • Forbearance: When an FFEL lender (or the U.S. Department of Education for Direct Loans) allows a temporary cessation of payments or reduction of payment amounts for subsidized or unsubsidized Federal Stafford, Federal PLUS, Federal Perkins, or Federal Direct Loans. In doing so, it allows an extended period for making payments or accepts smaller payments than were previously scheduled. Forbearance may be given for circumstances that are not covered by deferment. Interest expenses continue to accrue during forbearance.
  • Grace Period: The period that begins the day after a loan recipient ceases to be enrolled at least half time and ends the day before the loan repayment period starts. Some loans have a grace period so that repayment doesn't begin until several months after graduation. Grace periods are specified in the promissory note.
  • Interest Subsidy: Interest the federal government pays on certain loans while borrowers are in school, during authorized deferment, or during grace periods.
  • Interest-Only Payment: A payment that covers only accrued interest owed on a loan and none of the principal balance. Interest-only payments do not prohibit borrowers from making additional or larger payments at any time if the borrower desires.
  • Loan Disclosure Statement: A statement sent to a loan borrower by the lender before or at the time it disburses a loan, as well as before the start of the repayment period. The purpose of the disclosure is to provide the borrower with thorough and accurate information about the loan terms and the consequences of default. It includes information such as: • amount of the loan, • interest rate, • fee charges,• length of the grace period (if any),• the maximum length of the repayment, the minimum annual repayment, deferment conditions, and the • definition of default.
  • Master Promissory Note (MPN): An agreement a student signs when taking out a Stafford Loan. The Master Promissory Note covers both the Subsidized and Unsubsidized Stafford loans the student may receive for the same enrollment period. If the student is attending a 4-year or graduate school, the Master Promissory Note also covers Subsidized and Unsubsidized Stafford loans the student may receive for future enrollment periods.
  • Origination Fee: The origination fee is an upfront charge deducted from the loan to pay part of the loan's administrative costs.
  • Prime Rate: The prime interest rate is the rate charged by commercial financial institutions for short-term loans to corporations or individuals whose credit standing is so high that little risk to the lender is involved in making the loan. This rate fluctuates and serves as a basis for the interest rates charged for other loans.
  • Private Loans: Private loans provide funding when other financial aid does not cover costs. These loans are offered by banks or other financial institutions and schools to parents and students.
  • Promissory Note: A binding legal document that a borrower signs to get a loan. By signing this note, a borrower promises to repay the loan, with interest, in specified installments. The promissory note will also include any information about the grace period, deferment, or cancellation provisions, and a borrower's rights and responsibilities with respect to that loan.
  • Repayment Schedule (A Specific Timetable): The borrower's repayment plan detailing the amount of loan principal and interest due in each repayment installment and the number of payments that will be required to pay off the loan in full. A repayment schedule traditionally lists the loan's interest rate, the due date of the first loan payment, and the frequency of loan payments.
  • Simple Interest: Interest computed only on the original amount of a loan.
  • Subsidized Loan: A subsidized loan is awarded based on financial need. You will not be charged any interest before you begin repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods.
  • Variable Interest: Interest rates that fluctuate periodically (usually annually). The interests rates of federal Stafford and PLUS Loans disbursed between July 1, 1998 and June 30, 2006 are variable. Those disbursed after this date are fixed.
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