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by Emily

The rise of the online auction service eBay has prompted people to attempt to sell just about anything they can affix a price to. So while it's not surprising to find some pretty out there listings from time to time, it's still not every day you see a student auctioning off a stake in his future.

A college student in Georgia attempted this week to fund the last 18 credits of his Master of Business Administration degree through an unusual source: selling a share of his potential earnings on eBay. The student, Terrance Wyatt of Clark Atlanta University, has been paying for college with financial aid for the last six years, but according to his eBay listing, he found himself $10,000 short of his funding needs this year.

So, being a business graduate student, he began looking for a way out of this financial quandary by marketing himself and seeking investors in his future. While his listing has been removed (eBay frowns on the selling of intangibles or the use of the site for fundraising), Maureen Downey's Get Schooled blog for the Atlanta Journal-Constitution has the partial text of the ad, as well as more information about the student.

While eBay may not have been the best venue for Wyatt's ad, his idea of seeking investors in his future is not so far-fetched. Recently, a number of peer-to-peer lending sites have launched, allowing students and individuals to arrange for anything from straightforward student loans to buying shares in a student's future success. These alternatives to alternative loans are still operating on a small scale and relatively unknown, but students like Wyatt may find the funding they need through such programs.

There are also scholarship opportunities for MBA students, and really anyone who has come up a bit short on financial aid.  Business school scholarships and scholarships for graduate students could easily bridge the gap for students who need more money and want to avoid student loan debt. Depending on your school and your program, you could even land a fellowship or assistantship that could fund your graduate education.


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by Emily

Over the course of the last year, a number of colleges and universities have begun to offer scholarship opportunities for people who have found themselves out of work and in need of further education or job training. Yesterday, U.S. News profiled several newer community college programs, including several full-tuition scholarships, but even more awards are out there. Here's a run-down of some of the scholarships for displaced workers that we've found.

Community College Scholarships: Scholarships for recently unemployed students offered by community colleges are the most common. Colleges in several states are offering free tuition for one to two semesters, or even more, for displaced workers. Some, such as Oakton Community College in Illinois and the Community College of Allegheny County in Pennsylvania stipulate certain degree or certificate programs for their tuition benefits, and others, like several community colleges in New Jersey, will allow students to enroll in any course with empty seats. Others are offering partial tuition discounts, such as Anoka-Ramsey Community College in Minnesota. Michigan has launched a state-wide No Worker Left Behind program, which provides up to two years of free tuition for unemployed and underemployed workers at state community colleges. Students can also apply the credits towards an undergraduate degree at a state college or university. To qualify, students must be pursuing degrees that will lead to employment in high-demand occupations.

Undergraduate Scholarships: This summer, DeVry began offering scholarships to students who have enrolled at one of the seven schools owned by DeVry and who have lost their jobs in the last 12 months. As one example, the Employment Gap Scholarship gives students $1,000 per semester towards their tuition at DeVry. Many other four-year schools have also launched generous aid programs, or even offered full-tuition scholarships, for new and returning students who are facing economic difficulties. A number of these scholarships and grants may be available to displaced workers, especially if you now qualify for a Federal Pell Grant after losing your job. Scholarships for adult students are also worth looking into. While only a few are specifically for the recently unemployed, several are designed to generously aid adults who are enrolling in undergraduate programs.

Graduate Scholarships: In addition to offering free career center services, several universities are also aiding their alumni through tuition discounts on graduate programs and additional certification and training. Manchester College in Indiana will allow students who fail to find a job or a graduate program within six months of graduation a year of free coursework. Similarly, St. John's University in New York allows laid off alumni to attend its graduate programs for half price.

Government Benefits: Recently, the Obama administration began a national push for states to grant full unemployment benefits to recipients who choose to enroll in a college degree program, as incentive for unemployed workers to attend college. Additionally, financial aid adminstrators have been instructed to use greater lattitude in dealing with financial aid appeals from students who have lost their jobs, which could result in more federal grant money for returning students.


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by Emily

The stress and financial hardships of textbook buying may soon be a thing of the past, as a vast array of textbook rental options are expected to debut or expand this year.  According to a recent article in The New York Times, students will have increasing options for renting, instead of purchasing, the required books for many common courses.  Rental prices are usually substantially discounted from the retail value of the book and students who rent textbooks will not have to worry about whether or not the bookstore will buy back their text at the end of the semester.

A number of colleges and universities have unveiled on-campus textbook rental programs in recent years, making the texts for popular introductory courses available for a small fee.  More bookstores have begun to get in on this, with Barnes and Noble announcing a pilot program this year that will allow students at a few colleges to rent textbooks from their campus bookstores.  These programs allow students to rent textbooks as easily as they can buy them from the campus store, though they're still only available at a handful of colleges and for a handful of textbooks.

Several websites have emerged in the last couple years offering online textbook rental services to students anywhere in the country.  These sites often have a wider array of books available for rental, though after shipping costs are figured in, their discounts may not necessarily be as deep as those offered by some bookstore-based rental programs.  Similar to buying textbooks online, online rentals also require some forethought and don't work well with last-minute schedule changes.  Students have to order their books early enough to have them in hand by the time they begin receiving reading assignments.

Addressing this need for immediately available content is one publishing house that recently announced plans to enter the textbook rental market.  One company, Cengage Learning, plans to rent a number of its most popular titles to students and make the first couple chapters of each book available online to customers who have rented a physical text.  This reduces the stress of waiting for the book to arrive.

Taking advantage of textbook rental programs, as well as other options like used books and free online books, can help you stretch your college savings and scholarship awards further.


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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 Emily

The Bill and Melinda Gates Foundation has announced new grants to help states and community colleges improve remedial education and college completion.  The grants, totaling $16.5 million, were awarded to five states and fifteen community colleges and represent the second wave in an effort the foundation began in 2004.

As college costs continue to rise, an increasing amount of attention is being paid to community colleges as a cost-effective alternative to the traditional four-year university.  Greater emphasis on higher education, such as President Obama's earlier urging for every American to receive some amount of post-secondary education, have also brought community colleges into focus.  In addition to being affordable and local, community colleges often focus on career-oriented education, which can help the unemployed or those who are looking for better job security quickly and effectively pick up skills and certification to achieve career goals.

Despite the benefits of a community college education, many students who enroll struggle to finish.  As many as 60 percent of community college students may need remedial courses, including up to 90 percent of low-income and minority students at these institutions, and students requiring remediation are currently at a disadvantage when it comes to successfully completing requirements to earn a degree. Grants from the Gates Foundation aim to help colleges continue to address this problem, building on the success of previous Gates-funded programs that saw the number of students successfully moving to college-level coursework rise by 16 to 20 percent.

Students will benefit from this grant money through increased access to support services, such as tutoring and academic advising, that can help them meet their college goals.  Improved remedial education, a federal focus on community colleges as vital educational institutions, and new state efforts to smooth the process of transferring from two-year to four-year state colleges all have the potential to help a greater number of Americans attain a higher education, and to do so at a lower cost.


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by Emily

International relations and national security remain hot topics in American politics, so it's no surprise that scholarship opportunities exist to foster new thinking and innovative ideas in such fields.  Students interested in issues of national security, counterintelligence, and international affairs are invited to apply for this week's Scholarship of the Week, the Jim and Anna Hyonjoo Lint National Security Scholarship.  This scholarship essay contest awards $1,000 to the student who writes the best original essay addressing an issue of importance to national security and related fields.  In addition to the scholarship prize, winners will also see their essays published by the Lint Center.

Prize:

$1,000

Eligibility:

Applicants must be admitted to a university and must plan to enroll as undergraduate students or graduate students in the fall semester.  The scholarship is open to students of any major who show an interest in national security, counterintelligence, or international affairs. 

Deadline:

July 31, 2009

Required Material:

Completed scholarship application, including an application essay, personal statement, letter of recommendation, and official transcript.

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 this scholarship award will find it in their search results.


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by Emily

Want to get into college but don't have the best grades?  Consider making friends with some prominent politicians, then apply in Illinois.

Earlier this month, The Chicago Tribune revealed the existence of a special admissions list at the University of Illinois main campus that consisted of politically connected applicants.  Now, records from University of Illinois, Northern Illinois University and Southern Illinois University have been subpoenaed in the ongoing federal investigation of corruption charges against former Illinois Governor Rod Blagojevich.  Investigators want to determine whether Blagojevich recommended candidates for admission into state colleges in exchange for money or favors.

While going for the wow factor of a big name is an understandable strategy when it comes to letters of recommendation, it looks like more may have been going on with some applications in Illinois. There are concerns that some well-connected applicants received extreme advantages in admissions, in some cases getting in seemingly solely based on who they knew, even over the objections of the admissions officials reviewing their college applications.  The University of Illinois has suspended its special admission list and claimed to have not followed practices out of line with what other colleges do in considering applications.

The practice of relying on political connections in the college application process is not unique to Illinois, but in light of recent scandals in the state, it is garnering a lot of attention.  Using clout to get into college is still a  highly contentious practice in any case, whether the applicant is connected to university officials or state government figures.  Hopefully, this scandal will influence colleges to think twice before overlooking merit in favor of connections in future admissions decisions.


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by Emily

With President Obama's proposal to end the bank-based Federal Family Education Loan Program, there has been much speculation on what role would be left for banks in student loans, as well as which banks would be allowed to play that role.  An announcement made yesterday by the Department of Education indicates that at least four banks will remain involved in federal student loans for the forseeable future.

The Department of Education has selected four companies to service loans made through the federal Direct Loans program.  Sallie Mae, Nelnet, American Education Services/Pennsylvania Higher Education Assistance Agency, and Great Lakes Education Loan Services will all be awarded contracts of five to ten years to manage the increasing volume of student loans the federal government owns.

The servicers selected will be responsible for the student loans currently in the Direct Loans system, as well as loans the federal government has purchased as part of the federal rescue plan.  If all federal student loans are moved into Direct Loans, these agencies will also service them.  For now, what this means for student borrowers is that you may be dealing with different people if you have questions about your Stafford loans next year.  However, if Congress eliminates FFEL, this news could become more significant.


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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.
  •  
  • Don't make demands for grants, but do explain how much help you need.
  •  
  • Provide documentation, including pay stubs, medical bills, tax forms, or whatever helps show how things have changed since your 2008 tax return.
  •  
  • Apply as early as possible.  While many colleges are increasing financial aid offerings, much aid is still first come, first serve.
  •  
  • Write the letter yourself or have your parent write it if you are a dependent student and aren't comfortable doing it yourself.
  •  
  • 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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