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by Emily

Roosevelt University in Chicago has just awarded its first batch of full-tuition scholarships to students graduating from Social Justice High School, a school on the city's southwest side.  Eight graduates from Social Justice High School earned four-year scholarships, each worth more than $80,000, for earning good grades and doing well on the ACT.

The program was announced in 2006 to give low-income students at a predominately Hispanic high school incentive to succeed in high school and go on to college.  To qualify, students must earn at least a 20 on the ACT and maintain a cumulative GPA of at least a 3.0 on a 4.0 scale.  The scholarships cover up to the full cost of tuition at Roosevelt for four years, minus other aid.  In addition, the students will also receive housing allowances of $11,000 per year to allow them to live in the Roosevelt University dorms downtown.

Winning scholarships can hold many benefits for students beyond just financial ones.  The Roosevelt University scholarships at Social Justice High School encourage students not to give up on academics and to push themselves in school.  Several of the recipients retook the ACT or put in extra effort on their coursework in order to qualify for the scholarship.  Winning a scholarship can also motivate students to be more successful in college, according to research into benefits of scholarships.

The Chicago Sun-Times has more information on the Roosevelt University scholarship porgram. This is just one of many generous local scholarships out there.  To learn about other scholarship opportunities, you can conduct a free college scholarship search.


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by Emily

Early reports suggest that summer enrollment is up at colleges across the country, likely due at least in part to the recession.  Since summer jobs are harder to find and some summer internships have also been taken off the table, more students are looking to summer classes as a way to stay productive between spring and fall semesters.  Dwindling college funds and other economic difficulties may also be pushing students to try to finish college as quickly and cheaply as possible.  Most state colleges and community colleges offer summer classes, as well as many private schools.

Summer classes are a great way to keep yourself on track for graduation, as well as to get required courses out of the way as quickly as possible.  While more time might be spent in the classroom at once, summer terms are shorter than regular semesters, so that class you've been dreading won't seem to drag on quite as much.  Summer classes often come with smaller class sizes and more support from the instructor, in addition to longer class times, so they can also be a good way to master subjects that might otherwise be a struggle.

One problem that comes with summer enrollment is finding financial aid, however.  Often, schools award fewer summer scholarships and depending on the school's approach to summer aid awards, students may have already used up their federal aid for the academic year, or may have to reduce the amount they receive the following fall and spring in order to pay for summer.  Some schools are working to make it easier to pay for school in the summer, though, as a piece in Inside Higher Ed reports.  Several have instituted summer payment plans similar to those available during the regular academic year, while others are offering tuition discounts and summer scholarship awards.  You may also be able to apply other college scholarships towards your summer tuition, or even still win scholarships this summer.


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by Emily

Student financial aid programs in several states may soon fall victim to sweeping budget cuts necessitated by the recession.  Ohio, Florida, Michigan, and California are all considering proposals to reduce or eliminate some state student aid programs, including popular grants and scholarships.

Ohio and Florida are both making slight changes to rules in existing aid programs, resulting in less aid for some students, but mostly leaving financial aid intact.  Florida is capping their Bright Futures scholarship so it no longer covers all of students' tuition or tuition increases, while Ohio is changing rules in their Ohio College Opportunity Grant to focus aid towards tuition and fees at public schools.

California and Michigan, however, are making far more sweeping cuts.  California has proposed eliminating CalGrants, a popular state grant program, for incoming college freshmen and cutting CalGrants for current college students.  Michigan may eliminate the Michigan Promise scholarship and make sweeping cuts to several other state financial aid programs, including work-study.  Students in both these states could find themselves suddenly thousands of dollars short on college financial aid.

While federal stimulus money has mitigated some of the damage in many states, in Michigan it has also played a large role in the proposed cuts to financial aid, according to The Detroit News.  Since a provision in the stimulus legislation prevents states from drastically reducing funding to higher education institutions, Michigan may be forced to turn to cutting state grant and scholarship programs to make up some of their budget deficit.

While some state aid and loan forgiveness programs are being reduced or eliminated, financial aid is still available.  Many college are actually increasing their budgets for university scholarships, and private foundations are still offering scholarship aid, as well.  Federal student financial aid has also seen some increases in the last two years.  Money is still out there if you know where to look, and a great place to start is doing a free college scholarship search.


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by Emily

With unemployment continuing to rise, college savings funds still performing poorly, and some states being forced to make cuts to grant and scholarship programs, many students are likely to be facing a very different financial situation when it comes to paying for college in 2009, as opposed to 2008.  Students who have experienced a significant change in their financial circumstances since completing the FAFSA, such as a loss of income and savings, can appeal to their college's financial aid office for a chance at more need-based college scholarships and grants.

Yesterday, U.S. News ran an excellent article by Kim Clark detailing the do's and don't's of appealing your student financial aid award, according to college financial aid administrators.  According to Clark, appeals are up this year and are more likely to be granted, as administrators take into account how drastically the financial landscape has changed.  If you are thinking of requesting a professional judgment appeal, here are some things you should do: 

     
  • Send a letter detailing changes in your circumstances and why you need more aid.
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  • Don't make demands for grants, but do explain how much help you need.
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  • Provide documentation, including pay stubs, medical bills, tax forms, or whatever helps show how things have changed since your 2008 tax return.
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  • Apply as early as possible.  While many colleges are increasing financial aid offerings, much aid is still first come, first serve.
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  • Write the letter yourself or have your parent write it if you are a dependent student and aren't comfortable doing it yourself.
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  • Tell the truth and don't lie or embellish--if caught, you could be fined or even jailed.
  •  
 For more tips, you can read the entire article here.  If your circumstances have changed and you need more money for college, go beyond just requesting more aid from your school.  Update your Scholarships.com profile and do a scholarship search, paying attention to any new need-based scholarships and grants that may come up.  You could be eligible for more money than what is offered by your school, your state, and the federal government.


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by Emily

While it falls in the middle of summer on most academic calendars, July 1 marks an important date for financial aid each year.  On July 1, the Education Department switches from the 2008-2009 academic year to the 2009-2010 one, and new federal rules for financial aid go into effect. This means new loan consolidation and repayment options, lower interest rates on some federal student loans, among other changes for students receiving federal student financial aid.

One big change you likely already know about if you have applied for financial aid for fall is that Pell grants are going up from a maximum of $4,731 for 2008-2009 to a maximum of $5,350 for 2009-2010.  This change has already been widely publicized and is already reflected on your financial aid award letter.

Changes for current undergraduate students that you may not already know about include lower interest rates and lower loan fees on federal Stafford loans.  The interest rate on subsidized Stafford loans for undergraduate students will drop from 6.0 percent to 5.6 percent on July first.  Rates will not change for unsubsidized loans, graduate students, or federal PLUS loans.  The upfront loan fees on all Stafford loans will fall from 2 percent to 1.5 percent. Students who have older Stafford loans or PLUS loans with variable interest rates will also see lower interest rates as of July 1, provided they have not already consolidated their loans.

Those who are considering loan consolidation will see one of the biggest changes on July 1, with the unveiling of a new consolidation program through the federal Direct Loans program.  It will allow students to participate in an income-based repayment plan that will forgive any outstanding debt after 25 years.  Payments will be capped at 15 percent of whatever you earn above 150 percent of the federal poverty level and no payments will be required if your earnings fall below 150 percent of the federal poverty level.

Finally, since July 1 marks the start of the new academic year for financial aid, today is the last day to file a 2008-2009 FAFSA.  If you are planning to enroll in summer courses and have not yet applied for aid, you may want to check with your school to see whether summer is counted as part of 2008-2009 or 2009-2010 for financial aid purposes.  If your school counts summer as part of the previous academic year and you have not yet filed a FAFSA, you will want to do so right now.


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by Emily

As part of his campaign's focus on education, President Obama pledged his administration would address issues of the financial aid application process, such as the length and complexity of the Free Application for Federal Student Aid, or FAFSA. Education Secretary Arne Duncan has previewed some of the administration's proposed changes, with a formal announcement expected today. While not as sweeping as the two-page FAFSA EZ Congress already mandated when renewing the Higher Education Act last year, these changes are still a step towards simpler financial aid applications.

Changes will be rolled out in phases, with the first phase being a smarter FAFSA on the Web.  Rather than forcing students to read fine print to determine whether they need to provide information requested by each question, as of next January, the application will use the information students have provided to determine which questions they need to answer.  Students with independent status will not be shown the questions about parental income and low-income students will not be shown certain questions about assets that they don't need to complete.  This is a fairly simple step to save time and hassle, and eliminate some of the barriers that keep students most likely to be eligible for federal grant programs from applying.

A pilot program has also been initaited to test the feasibility of allowing students to access their tax information online to complete the FAFSA.  If successful, it could be expanded to all users, saving headaches involved in finding their 1040s, W2s and related forms, then scouring each for the correct lines to copy into the FAFSA.

Duncan also stated that the administration will seek permission from Congress to begin taking steps that could eventually result in eliminating the FAFSA entirely and relying solely on tax information to apply for federal student financial aid.  While not explicitly stated by Duncan, it could be an end result of his request to Congress to remove questions from the FAFSA that do not pertain to information reported to the IRS on a student's (or their parents') 1040.  Once the complicated need analysis formula of the FAFSA has been set aside in favor of this simplified process, the idea of allowing students to apply for aid by checking a box on their tax return seems almost within reach.


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by Scholarships.com Staff

Congress has passed and President Obama has signed a bill that provides "technical corrections" to the Higher Education Act, which Congress renewed last year. In addition to offering clarification on several points and correcting minor errors, the Technical Corrections bill also makes some useful changes to federal student financial aid.

Minor clarifications include:

  • Updating the list of veteran's benefits not counted as financial aid to include benefits from the new GI Bill that goes into effect this year
  • Stating that lenders can provide both entrance and exit loan counseling to students
  • Setting 2010-2011 as the year in which the EZ FAFSA will need to be implemented
More substantial changes include:
  • Authorizing the Department of Education to buy up rehabilitated student loans (loans that have gone into default and since had consistent payments made on them) under the provisions outlined in ECASLA--previously students who had defaulted on loans and since resumed payments would find their loans stuck in default status due to the credit crunch.
  • Creating a new grant program for dependents of soldiers killed in Afghanistan or Iraq since September 11, 2001
  • Making Pell-eligible dependents of soldiers killed in Afghanistan or Iraq after September 11, 2001 eligible for an automatic 0 expected family contribution on the FAFSA
  • Changing the information schools must provide to lenders when students apply for private loans

The Chronicle of Higher Education has more information on the HEA Technical Corrections legislation here.


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by Scholarships.com Staff

We've previously blogged about the increase in student borrowing shown by the latest data from the National Center for Education Statistics. As more think tanks and other groups begin to analyze this information, additional reports are emerging to provide more details on who is borrowing the most. The latest report comes from Education Sector and bears the title, "Drowning in Debt: The Emerging Student Loan Crisis." While the report has been criticized by some as alarmist in tone, it does provide insight into students' growing reliance on student loans.

In broad terms, the study showed that over half of undergraduate students (53 percent) borrowed money to attend college in 2007-2008, up from just under 50 percent in 2003-2004. Students also took out larger loans in 2007-2008. Adding to the report published earlier by The Project on Student Debt, this report also looked at the percentage of students borrowing private loans, showing a sharp rise in recent years.

The report also breaks down borrowing by type of institution and type of loan, as well as along other lines. Education Sector found that student loan borrowing is most prevalent among students at private, for-profit colleges, with nearly 92 percent taking out student loans in 2007-2008. For-profit colleges also had one of the highest average loan amounts in 2007-2008, with students borrowing $9,611. Private not-for-profit colleges actually had higher average loan amounts at $9,766, but the percentage of students borrowing was significantly lower, though still higher than at public two-year and four-year colleges.

Students at for-profit and not-for-profit private colleges also relied the most heavily on private loans, with 43 percent of students at for-profit and 27 percent of students at non-profit private schools turning to alternate loans. These schools tend to have the highest tuition, so the greater loan amounts and rates of borrowing are not entirely surprising. Rising tuition and a lack of sufficient need-based financial aid (including a shift in focus from need-based to merit-based scholarships at four-year schools) are cited as two of the main causes for high rates of student borrowing.

A more detailed breakdown, complete with charts, is available on the Education Sector website.


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by Scholarships.com Staff

On August 1, the new GI Bill will kick in, bringing with it increased education benefits for people who have served in the military since 2001. At least in theory.

The new GI Bill covers an undergraduate student's full tuition and fees at any four-year state college anywhere in the country, which is a more generous benefit than the veteran aid students received under the old GI Bill. Eligible students will also receive an additional monthly housing stipend and, thanks to the recently approved HEA Technical Corrections legislation, these benefits won't be counted as income for purposes of determining federal student financial aid eligibility.

The GI Bill also includes a new program that gives veterans benefits at private colleges and allows schools to match federal VA benefits for their students. More than 1,100 private colleges signed up to participate in the Yellow Ribbon Program, which should allow veterans to attend a larger number of institutes of higher education at little cost.

However, the formula for determining benefits under the Yellow Ribbon Program has been mired in controversy since its announcement, and as the deadline for the GI Bill to go into effect nears, many people are looking at the wide disparity in Yellow Ribbon benefits nationwide and scratching their heads.

Veterans attending private colleges can receive up to the full amount of tuition and fees at the most expensive public college in the state from the government, with their institution agreeing to assist with additional tuition costs at Yellow Ribbon schools. But the amount the federal government will cover varies widely from state to state, with government benefits ranging from just over $2,000 to just under $40,000, depending on how the department of Veterans Affairs calculated the maximum in-state tuition in each state.

These differences have caused some private schools to limit their Yellow Ribbon participation, meaning many veterans may still be on the hook for most of their college costs if they choose to attend private colleges. The wide variation in benefits also can cause confusion and uncertainty for veterans considering attending private universities but unsure of the financial aid they'll be eligible to receive.


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by Scholarships.com Staff

Yesterday, the House of Representatives formally introduced legislation to reshape federal student loans, federal Pell Grants, and other aspects of student financial aid. The Student Aid and Fiscal Responsibility Act of 2009 builds on presidential budget recommendations and features several substantial changes to student aid.

A preliminary breakdown of the bill provided by the National Association of Student Financial Aid Administrators lays out the following proposed changes:

  • Dividing the Federal Pell Grant into mandatory and appropriated funding, then fixing the mandatory portion to the consumer price index plus 1 percent. Currently, the mandatory portion of the grant is $490 and the appropriated portion is $4860, so if these proportions remain the same, increases in the Pell Grant would still largely be at the whim of Congress each year.
  • Eliminating several questions on the FAFSA related to assets, but preventing anyone with assets of over $150,000 from qualifying for federal student aid.
  • Ending the Federal Family Education Loan Program and moving all federal Stafford Loans to Direct Loans.
  • Ending subsidized Stafford Loans for graduate and professional students in 2015.
  • Reverting to a variable interest rate that would be capped at 6.8 percent for subsidized Stafford Loans.
  • Expanding the Federal Perkins Loan program, with part of the new funding going specifically to schools that keep tuition low and graduate a high proportion of Pell-eligible students.
  • Changing the rules for drug offenses to make students ineligible for aid only if they've been arrested for selling a controlled substance.

The Democratic majority in the House has indicated a strong intention to pass this bill quickly, with the Committee on Education and Labor planning to vote on it as early as next week.


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