January 15, 2008
In the wake of a student loan scandal that has made families weary of financial aid officials, lenders and the National Association of Financial Aid Administrators (NASFAA), the financial aid industry is eager to demonstrate a willingness for change--especially NASFAA.
The massive financial aid organization representing students and financial aid officials at more than 3,000 schools across the nation has made it clear that they are reevaluating the way their organization is run. Like numerous colleges, NASFAA has adopted a new code of ethics that will govern the way they work with student lenders and students.
In addition to the code, NASFAA has announced the appointment of a new president and CEO to replace Dallas Martin, the president who, after 32 years of work, retired amidst scrutiny of ill relations with lenders. Newly appointed President Dr. Philip R. Day has previously served as the chancellor of City College of San Francisco. He has also been the president of Beach Community College, Cape Cod Community College and Dundalk Community College. In a NASFAA news report, Dr. Day stated that he was, “committed to advancing NASFAA’s mission.”
January 11, 2008
This year has not been a good one for college financial aid officials. The problems began when New York’s Attorney General Andrew Cuomo spearheaded a seemingly endless number of investigations into whether student lenders and financial aid officials had been teaming up at the expense of students. Then there were the stories about study abroad advisors receiving trips by convincing students to travel, and then there were those of athletic departments allowing lenders to use their logos for profit. If the words “financial” and “college” were in the same sentence, the things in between weren’t good.
But a new year has arrived, and with it, hope for a better financial future in higher education-- which is exactly what’s expected. Based on new reports from Illinois State University’s Grapevine Project, state tax appropriations for higher education are expected to rise and give hope to students worried about high costs and low scruples.
North Dakota is expected to experience the greatest percentage change from last year, increasing their yearly state tax appropriations for higher education by 19.1 percent. Next on the list are Louisiana, Mississippi, Alabama and Arizona, each of which has raised their higher education appropriations by 14 to 15 percent. California, while not promising a particularly large percentage increase, is the one expected to appropriate most, over $11 million. With the exception of Rhode Island (which plans to lower appropriations), every state is creating this year's budgets with higher education in mind.
January 10, 2008
When word spread that Harvard would increase financial aid to both the middle and upper classes, tensions boiled at schools across the country. It was bad enough that Harvard attracted the best and the brightest from every nook and cranny—now they would be inexpensive too. Some guys have all the luck.
To be fair, Duke did beat Harvard in the financial aid race by being the first to announce their plan to pour an extra $13 million into the financial aid program, but their promise was simply not as impressive as the one offered by Harvard. When Duke capped their student loans to prevent debt, Harvard eliminated loans altogether—and replaced them with scholarships.
After Duke announced that parental contributions would no longer be expected from families who made less than $60,000, Harvard (which had already established that policy in 2006), announced that families making between $60,000 and $120,000 would only be required to contribute 0-10 percent of their income. Those making between $120,000 and $180,000 would only have to pay 10 percent of it.
Shortly thereafter, Stanford jumped on the bandwagon by saying that they too would do more to make their school affordable. According to The Stafford Daily, the school made plans to increase their need-based aid by 15.2 percent. The change would save the average parent $2,000 each year.
The trickle down effect also influenced other schools. Among those with New Year’s resolutions involving financial aid boosts are the University of Pennsylvania, Tufts, Haverford and Swarthmore.
Of course, not everyone gets to benefit. It’s easy to be a philanthropist when you have large endowments in the bank, which not all schools can boast. Students at colleges and universities with less money or larger student bodies were not as satisfied with their financial aid offices. According to The Michigan Daily, the University of Michigan at Ann Arbor would not only leave their policies as they are, they would continue—like many other colleges—to raise their prices. So much for that financial aid revolution we've all been waiting for.
January 9, 2008
Gossiping doesn’t cause that warm, “I’m so sweet” feeling you get by helping someone—except this time. It’s true, by gossiping, you can help yourself and your friends. When you tell your pals about Scholarships.com, you will get the chance to pocket $1,000. When they register, they too will get the chance to win.
It really is that easy. Just refer up to ten friends, and every time one of them registers, your name will be entered in our drawing. You will have until March 3, 2008 to get your entry in and to make your friends register. They will thank you for it.
If you haven’t registered yet, give it a try. The process is both free and easy. Scholarships.com members will have access to a database with information about more than 2.7 million college scholarships and grants worth over $19 billion.
Those who win the giveaway won’t have to stop there, and neither will those who don’t. Many scholarship and grant opportunities are available to students in need of financial aid. Students can find scholarships based on major, age, school … talent, interest, location … job, gender …. Let’s just say that there are many awards to choose from. Check out the official rules for additional information about the Scholarships.com "Tell A Friend" Sweepstakes, and conduct a free college search today.
January 8, 2008
With the Iowa election safely behind us, U.S. citizens will soon come to realize that the rest of the country also gets to vote. Yes, it’s true. Citizens in the other forty-nine states can also voice their opinions on key issues. And if Bill Gates has it his way (and he’s been doing well so far), education will be one of those issues.
By donating $30 million to the bipartisan group Strong American Schools, the billionaire is hoping to make education a central matter in the 2008 election. With Bill’s $30 million and another $30 million to its name, the Strong American Schools “Ed in ‘08” effort is hoping to draw some attention, regardless of victorious party.
"Ed in ’08 " hopes that the future president will work to increase teacher salaries, extend school days (I probably lost some of you there) and decrease dropout rates. In addition to helping primary and secondary school students and educators, "Ed in '08 " will help students complete a college education. A total of $50,000 in college scholarships will be given away by Strong American Schools to help students in need of financial aid.
This is not the first donation Gates has made to educational efforts. His Bill & Melinda Gates Foundation has given away more than $3.6 billion in education grants. That doesn't take into account the billions it contributed to global development and health improvement efforts. Bill Gates scholarships have provided students across the nation with the money they needed to receive a postsecondary education.
For additional information about scholarships offered by Bill Gates and other providers, you can conduct a free college scholarship at Scholarships.com.
January 3, 2008
Legislators are often willing to rearrange the budget in favor of students, but the No Child Left Behind Act (NCLB) may be an exception. President Bush’s plan for improving school standards through regular standardized testing has not received positive feedback from a large portion of teachers across the country. The bill signed into law in 2002 is expiring and will need to be reenacted, or done away with, in the near future.
As far as Minnesota legislators are concerned, the second option is better than the first. Both Republicans and Democrats in the state have been loudly voicing their concerns about the effectiveness of the bill, so much so that they are considering pulling out altogether.
The NCLB mandates that students partake in standardized testing to demonstrate their ability to meet established academic standards, ones that differ from state to state. Teachers whose students don’t meet the grade are held accountable, and schools with poor results may be forced to reassign students to other schools. This is a problem for many educators who feel they can only do so much to whip their students into shape, especially teachers who work in low-income urban areas. The problem has become so great that some schools have been accused of fishing for reasons to expel students whose scores contribute to lowered averages, and in doing so, completely leave students behind.
If it chooses to pull out of the program, Minnesota would be forced to give up some of its funds. According to estimates, Minnesota schools could lose as much as $250 million per year if they choose not to participate. However, legislators claim the state can make up for much of the losses with the money it saves on test preparation. The choice is not an easy one, and more research is needed to clarify the possible repercussions of leaving the program.
Like legislators, Scholarships.com recognizes the influx of passionate responses, both positive and negative, to the No Child Left Behind Act. In an effort to raise awareness and assist students in their search for college scholarships and grants, we have set up the 2008 Scholarships.com Resolve to Evolve $10,000 scholarship. By responding to the question, “Has the No Child Left Behind Act of 2001 been successful in fulfilling its purpose,” seven high school seniors will have the chance to win money for college. Another option is to write about the affect rising costs of a postsecondary education have had on students and families and to propose possible solutions for offsetting adverse results. For additional information about this and other scholarships, students can conduct a free college scholarship search.
December 21, 2007
Wind, rain or shine, college tuition bills always safely make it to your mailbox, or the inbox. Even if you’re struggling financially, there’s no need to give up. Whether you’re having trouble keeping your spending in check or are hindered by college bills, things can be better. The new year is coming up, and you deserve a new chance, a minty fresh start. Students looking for a way to save should follow this advice to get things right in '08.
1. Look for scholarships. Applying for scholarships is a great way to save for college. It doesn’t cost to apply—don’t listen to anyone who suggests you should pay—and the rewards tend to be large. Try conducting a free scholarship search to find scholarships and grants you may be eligible to receive.
2. Avoid magazines and websites with appealing products. Oftentimes students will be unaware they’re in need of something until they see it in a magazine. If it’s out of sight, it’s out of mind. Marketers have a way of making whatever it is that catches your eye look more amazing and necessary than it really is. The best way to avoid their evil traps is to stay out of their way.
3. Skip the details at restaurants. I can’t tell you to skip the restaurant thing. Going out for dinner is just part of the student culture, and if you can’t eliminate it, be smart about it. If you skip the appetizers, lose the dessert and trade in water for a soft drink, you can cut your bill in half. Those that go out to eat for the company more than the food can also go straight for the appetizer and stop there. They tend to be oversized anyway.
4. Watch your phone plans. For some reason, students always seem shocked when an insane phone bill comes in the mail. If you know you’re a chatterbox, you should plan accordingly. Get the same plan as the people you chat with most, start a family plan and watch the texting.
December 19, 2007
The whole “college graduates earn $1 million more than non graduates over their lifetime” stat is getting a bit trite. I’ll give you a few more if you’re not convinced that college is a worthwhile investment.
College graduates enjoy greater career security
College graduates can offer their children a more secure financial future
College graduates are healthier
College graduates are more likely to contribute to society
Anyway, you get the picture. The problem isn’t that the whole “follow your dreams” thing makes no sense. The problem is affording those dreams and affording the time and preparation it takes to follow them. Most of us don’t make enough money to loll around devoting our days to perfecting our sculpting skills and sharpening our 3 point shots. Even those with less risky dreams can’t always afford to test the waters, especially if the schooling required to get those jobs is too expensive and time consuming. That’s why so many students find themselves having to compromise their initial career goals after realizing their dream jobs won’t allow them to pay off student loans. Let’s just say that the need for qualified teachers isn’t caused by a disinterested public.
Sorry, I didn’t mean to be gloomy. I swear there’s a silver lining. Financial aid in the form of government grants and outside scholarships is readily available to students in difficult situations. Without a cloud of college debt hanging over your head, “The Road Not Taken” may suddenly become an option. The financial aid information found at Scholarships.com will help you familiarize yourself with the FAFSA, government grants, corporate scholarships, private scholarships, the ins and outs of student loans and myriad other financial aid opportunities. Whether you’re interested in preliminary information or ready to get down to business by finding scholarships, we can help you do it.
If you’re not convinced, you can take a tour of our site. Visit our homepage, and take a sort of “Tour de Scholarships.com” if you will. We can help you see how conducting a free college scholarship search will help you find scholarships and grants that, based on the information you provide, you're eligible to receive. Find New York scholarships, scholarships for graduate students, scholarships for minorities, poetry scholarships, music scholarships—you name it, we’ve got it. With information about more than 2.7 million scholarships and grants, Scholarships.com offers more than you’ll know what to do with. If you’re not convinced yet, just take the tour. Like the search, it’s free. You’ve got nothing to lose, and a world of financial aid opportunities to gain.
December 18, 2007
December 14, 2007
In a move that’s both impressive and grossly irritating to poor students across the nation, Harvard University announced on Tuesday its intent to improve the financial aid packages of well-off students. Of course that’s not how they announced it. According to the Harvard Crimson (the university newspaper), the Dean of Admissions William Fitzsimmons proudly declared that the aid would allow students to pursue careers in public service without fear of outstanding debt--as if that's the ultimate goal of most Harvard graduates.
In 2006, Harvard eliminated contribution requirements for students whose families made less than $60,000 per year. It has taken things one step further this year by increasing the amount of financial aid offered to students whose household income was greater than that. Mr. Fitzsimmons stated that families making between $60,000 and $200,000 were in a state of “crisis” when it came to finding money for college.
Hmmm…Crisis eh? That’s quite a hyperbole, especially when one considers the rising number of students who leave school with debt that exceeds $100,000. I somehow don’t feel bad for people making $200,000 each year, and I definitely don’t subscribe to the fact that they are going through a crisis. According to the 2006 U.S. Census Bureau, the median (not average) income in the U.S. is $48,201 and only 19 percent of households make over $100,000. Double that and the word crisis does not apply.
Under Harvard's new plan, families with incomes between $60,000 and $120,000 per year will soon be expected to pay 0-10 percent of their income for an education. Those making between $120,000 and $180,000 will be expected to pay 10 percent of that amount. To put things in perspective, the sticker price for the Harvard package is $45,620, and a family making $180,000 will pay 39 percent of that.
After reading the article, Harvard graduate Andrew Kalloch offered his thoughts on the news in a letter to the editors, “I wear old T-shirts, and they suit me just fine. Others wear designer clothing and there is nothing wrong with that. What is wrong is asking alumni to contribute to the embarrassment of riches already bestowed upon the American upper class.”
I'm not saying we should begrudge any students their financial aid, popped collars or not. After all, low or nonexistent tuition would be a deserved dream come true for most hard working students. It's just a bit disconcerting that myriad students with incomes far below those acknowledged by Harvard are burdened by student loans, and no one is giving them a reasonable piece of the pie.
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