August 8, 2008
Earlier this week, Massachusetts Governor Deval L. Patrick asked his state's wealthiest universities (such as Harvard University and the Massachusetts Institute of Technology) to help bail out the Massachusetts Education Financing Authority (MEFA), which announced last week that it would not be able to provide loans to over 40,000 students this fall. However, as an article published today in The Chronicle of Higher Education explains, many parties regard this request as well-intentioned but highly problematic, mainly due to recent lawsuits and legislation regarding potential conflicts of interest in relationships between colleges and student loan providers. The Massachusetts state treasurer, who vetoed the governor's request to invest money in MEFA, stated that bailing out MEFA was not a good investment and could set a dangerous precedent for use of state funds. While several colleges said they would consider investing in MEFA to help them provide enough loans to be able to receive assistance from the federal government, none have yet said yes, and many express concerns about what people will think of their relationship with the lending agency once the economy recovers. When viewed in light of last year's preferred lender list scandal, such hesitation is understandable.
However, while both sides of this issue have adopted positions based on sound principles and the belief in doing what will ultimately be best for students, thousands of students are still left in a lurch when it comes to finding money for college. With the new Higher Education Act still sitting on President Bush's desk, and the school year fast approaching, many families, and not just ones in Massachusetts, may be struggling to find ways to pay for school. It's never too late to start applying for financial aid, though! Students who haven't yet done so should complete a FAFSA on the Web, which could potentially qualify you for federal grant programs. Once you've received your financial aid award letter, be sure to talk to your school's financial aid office, especially if you plan on receiving loans. Finally, students of all ages should also check out our free scholarship search, as there are scholarships being awarded year-round, and scholarship awards can be one of the best means of funding your education.
August 7, 2008
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July 31, 2008
More students than ever are attending college. The economy's in a slump. Gas prices are through the roof. Rent keeps going up, especially in college towns. Everything is getting more expensive, including food. What does all this add up to? Housing shortages on college campuses, according to a recent article in the Chronicle of Higher Education. As many students opt to live in the dorms, as a way to save money in college by avoiding the cost of rent, gas, and food, as well as the time involved in getting to campus, many schools are running out of places to put all their students. For some students, this problem has been familiar for years--for example, during my sophomore year of college, my university wound up renting, and later purchasing, a hotel near campus to house some of their incoming freshmen--but for others, this phenomenon is new and surprising.
Many families are displeased at the thought of paying that daunting housing bill for their students to still be living off-campus and having to commute a mile or more to get to class. But placing students in a hotel or an apartment off-campus isn't the only makeshift housing solution being implemented by universities this fall. Other students will wind up in converted lounges, triple-occupancy dorm rooms, former office space, or recently reopened buildings. Still some undergraduate students, like 725 University of Missouri attendees, may wind up paying on-campus rates for swanky apartments with full kitchens and plasma TVs thanks to the housing shortage on campus.
While many of these housing arrangements can be just as good as or even be better than traditional dorm space at some institutions, students should be aware of the potential for on-campus housing crunches at their schools. Incoming high school seniors who are starting the college search should decide early whether they want to live on campus in 2009, should be sure to ask questions about housing on their campus visits, and should apply for housing at the earliest possible date. Students currently living on-campus should also be proactive in procuring living arrangements for future semesters. Familiarize yourself with your university's housing policies and housing situation, and be sure you're taking all steps necessary to get the best on-campus housing possible.
July 30, 2008
The new version of the Higher Education Act (HEA) is at last moving to the floors of the House and Senate for a vote. After seven years of waiting and debating, Congressional reauthorization of the HEA could finally happen in the next week, setting the stage for a number of changes in federal student financial aid for college students.
Among other things, the reauthorized HEA would:
Many other changes appear in the 1,158 pages of the bill, which has been a long time coming. The Higher Education Act is supposed to be reauthorized every 5 years, but it has been 10 years since the previous version passed. The new HEA should help financial aid programs adapt to the present situation students face, and should help students better assess and plan for the costs of a college education.
July 29, 2008
Brazos Higher Education Service Corporation, Inc., the fourth largest holder of guaranteed student loans and the largest nonprofit loan provider, will not be able to issue new student loans to college students this fall. The company had initially announced in March that it would suspend providing Federal Family Education Loan Program (FFELP) student loans, but after emergency legislation passed this summer to help FFELP lenders, it looked like Brazos may be able to stay in the game. However, they recently issued a news release stating they would not be able to provide new loans to students this fall, citing the short amount of time between the passage of the Ensuring Continued Access to Student Loans Act and fall semester loan disbursement dates. "We have simply run out of time to secure financing to disburse loans as soon as they are needed," said Brazos CEO Murray Watson.
In another blow to many families' pocketbooks, the Massachusetts Educational Financing Authority (MEFA), the state's nonprofit student loan agency, also announced that it would be forced to suspend its student loan services in the fall. With continued uncertainty in the availability of FFELP Stafford Loans and private student loans, now more than ever students are encouraged to keep in touch with their financial aid offices, and also to explore alternate ways to find money for college. Many universities and state governments are continuing to look at adding new grant programs, with North Dakota being the latest to introduce legislation to provide a new $2000 state grant to its residents attending college in-state.
In addition to grants, scholarships remain excellent resources to pay for school. Students can conduct a free college scholarship search on Scholarships.com to find out instantly which scholarship opportunities may be open to them.
July 28, 2008
Are you looking for something to do with the rest of your summer? While scientific research might not be everyone's idea of a good time, putting together a research project could pay off for high school students through this week's Scholarship of the Week.The Siemens Competition in Math, Science & Technology recognizes remarkable talent early on, fostering individual growth for high school students who are willing to challenge themselves through science research. The Competition promotes excellence by encouraging students to undertake individual or team research projects in science, mathematics, engineering, and technology, or a combination of these disciplines. Through this competition, students have an opportunity to achieve national recognition for science research projects that they complete in high school. It is administered by The College Board and funded by the Siemens Foundation.
Students may enter as individuals or as part of a team. Entries are "blind read" by a panel of judges assembled by The College Board and its partner Educational Testing Service. The judges have related expertise to the project being reviewed. They do not know anything about the student; papers are judged solely on the merits of the abstract and supporting documentation.
Prize: In the initial review up to 300 projects are selected as semi-finalists. Of these, up to 30 individual students and 30 teams go on to compete in regional finals. Regional finalists receive scholarships of $1,000 apiece and regional winners receive $3,000 for individuals and $6,000 for teams. Regional champions progress to the national competition, where they compete for scholarship opportunities up to $100,000.
Eligibility: All current U. S. high school students are eligible to enter the competition.
Deadline: Applications are due by 5 p.m. Eastern Time October 1, 2008.
Required Materials: Please review the Siemens Foundation Competition scholarship information for complete submission guidelines and required materials.
Further details about the application process can be found by conducting a free college scholarship search on Scholarships.com. Once the search is completed, students eligible for the award will find it in their scholarship search results.
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