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How Small Private Colleges Are Responding to the Recession

Dec 19, 2008

by Scholarships.com Staff

We've said it before and I'm sure we'll say it again.  Despite the economy, money for college is still available.  A scholarship search, a visit to your college's student financial aid office, and a quick perusal of recent college news should all confirm this.  But if you're someone who needs additional empirical evidence, a survey conducted by the National Association of Independent Colleges and Universities, a group representing private colleges (whose students typically rely more on institutional aid than state college students) also supports this conclusion. The results, which were published Thursday, show that only 8.4 percent of institutions surveyed have frozen or cut student aid for either this academic year or the next.

While not fantastic news, when taken in context with the rest of the survey's results, it is encouraging.  Nearly 68 percent of colleges reported a significant decline in their endowments and many colleges reported concerns over fundraising, tuition, and other sources of revenue.  Despite this, though, colleges seem to be putting their students' interests first when dealing with budget concerns.  For example, 31 percent of colleges surveyed don't yet have plans to increase tuition for 2009-2010, and at least two respondents specifically mentioned increasing student financial aid in their comments.  The most popular cost-cutting measures have been freezing hiring, restricting travel, and slowing construction.  Cutting student services, campus-based aid programs, and academic programs have been the least popular moves.

To find out more about how small private colleges are weathering the economic downturn, you can visit NAICU's news room.  To scope out private colleges near you, conduct a free college search on Scholarships.com.

And don't forget, you should pay for your college education with as much free money as possible! Find as many scholarships and grants as you can before turning to student loans. Visit the Scholarships.com free college scholarship search today where you'll get matched with countless scholarships and grants for which you qualify, then apply and win! It’s that easy!

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States Contemplate Cuts to College Scholarships

Dec 18, 2008

by Scholarships.com Staff

While many colleges are finding the funds to expand their financial aid offerings in response to economic woes, state higher education systems have not all been so fortunate.  Michigan and New Jersey are both considering cuts to their state scholarship awards, the Michigan Promise and New Jersey STARS programs.

In the face of a $1 billion budget shortfall, Michigan may have to do away with the state's promise scholarship, in addition to making several other tough financial decisions.  The Michigan Promise offers residents up to $4,000 per year towards tuition and fees at state colleges and universities.  If the proposed budget cut goes through, the class of 2009 will be the last group of high school students to have this award available for college.

When faced with budgetary woes, the state of New Jersey also turned to its state academic scholarship programs, New Jersey STARS and New Jersey STARS II.  However, rather than scrap the programs entirely, the legislature has voted to make them more selective.  STARS, which pays for tuition and fees at community colleges will now be available to only the top fifteen percent of New Jersey high school graduates, while STARS II, which helps STARS scholars go on to complete a four-year degree at a state college, will only be available to students who maintain a GPA of 3.25 or higher.  The amount of funding for STARS II, previously the total cost of tuition and fees, will now be capped at $7,000 per year.

>While cuts to college scholarships and grants are discouraging, they are still rare and are happening mainly at a state level, as states struggle to balance budgets in the face of a continuing recession.  Scholarship opportunities are still out there, and students who find their planned sources of funding drying up or diminishing due to the recession are encouraged to keep up their scholarship search.

And remember, there’s no need to rely on expensive student loan options to pay for your college education. For more information on finding free scholarship money for college, conduct a Scholarships.com free college scholarship search today, then apply and win! It’s that easy!

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Despite Economy, Many Colleges Still Give Generous Aid

Dec 17, 2008

by Scholarships.com Staff

Amid all the bleak news about college affordability, family finances, and the economy in general, it's nice to hear something good every now and then.  And there is good news out there.  Despite financial hardships, many colleges are not only continuing to offer generous financial aid packages, but are actually expanding scholarships, grants, and tuition waivers for needy and deserving students.  As a taste of what's out there for students across the country, we're presenting a roundup of campus-based aid programs announced this week.  Conduct a college search on Scholarships.com to learn more about these and other schools committed to helping students enroll and stay enrolled.  While you're at it, be sure to start a free college scholarship search to find more ways to fund your education.

A number of cities, states, and universities offer promises, guarantees, or other commitments to cover four years' full tuition for financially needy or academically gifted students.  While a wave of these scholarship and grant programs were launched in financially better times, more are still being unveiled in the current economic climate.

Manchester College in Indiana has rolled out a "Triple Guarantee" that promises to make college more affordable and less stressful for its students.  Qualifying students are guaranteed a combination of federal, state, and institutional aid up to the total cost of tuition and mandatory fees for four years.  Students with a 3.3 GPA or higher who qualify for the Pell Grant are guaranteed full-tuition grant aid.  On top of paying tuition for four years for needy students, the college also guarantees four-year graduation for everyone who meets progress requirements, and will allow qualified students who need a fifth year to attend for free until they graduate.  Finally, the school also guarantees a year of free tuition for additional coursework or certifications for students who fail to find a job placement or a spot in graduate school within six months of graduation.

In a similar vein, St. John's University in New York is also offering a substantial tuition discount to unemployed alumni.  Graduates of St. John's who were laid off in the economic downturn can return to college to pursue a graduate degree for half-price.  Alumni will also receive free career counseling services and see their application fees waived for graduate programs.

Finally, Texans get multiple pieces of good news.  More students at Rice University will be able to graduate debt-free, as the university has expanded its no loan program to families making up to $80,000 per year.  Students with family incomes over the $80,000 threshhold who still qualify for need-based aid will not be asked to borrow more than $10,000 in student loans for four years.  Lamar University is also making college more affordable for Texans by unveiling the Lamar Promise, which will cover tuition and fees for all freshmen and transfer students who qualify as "dependent" students for federal aid whose families make less than $25,000 a year.  Students who make more are likely to also receive substantial financial aid packages.  Tuition assistance will come in the form of state, federal, and institutional financial aid.

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

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Another Stimulus Request from Higher Ed

Dec 16, 2008

by Scholarships.com Staff

An open letter to Congress appearing in The New York Times and The Washington Post yesterday joined what is quickly becoming a chorus of voices asking for financial aid for higher education institutions.  The letter, which was put together by the Carnegie Foundation, was signed by over 40 higher education officials, including leaders of several state university systems.  The letter requests that Congress devote 5 percent of the next stimulus package to improving higher education infrastructure, namely state colleges.

Leaders argue that the infusion of cash into state university systems will help keep America competitive on a global scale, noting that for the first time ever, the segment of the population between 25 and 34 years of age is not as well-educated than the previous generation.  The letter argues that construction and renovation projects are an important first step for colleges and universities that want to remain competitive, and that these projects would immediately generate jobs for displaced workers.  While the signers recommend applying the money towards infrastructure, they suggest that it be given to states in the form of block grants that would supplement state education budgets, leaving open the possibility of other forms of spending.

This follows two other proposals for higher education's inclusion in stimulus packages.  Both other proposals called specifically for increases in student financial aid.  While this proposal doesn't do that, it may help prevent some tuition increases and discourage state budget cuts that would negatively impact the ability of public college students to pay for school.

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

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HANDS Essay Contest

Dec 15, 2008

by Scholarships.com Staff

For many college students, finals week is under way.  Even students who aren't currently worried about cranking out dozens of pages of college essays or cramming for comprehensive exams are probably facing a homework crunch during the time leading up to winter break.  So chances are a 2,500 word scholarship essay is the last thing you want to think about right now.  However, if you're a talented writer who is interested in community development and international affairs, you might want to squeeze this week's Scholarship of the Week into your schedule.

Hands Along the Nile Development Services has announced its scholarship essay contest for 2009, with a top prize of $5,000.  Full-time undergraduate or graduate students, as well as high school seniors, are invited to participate.  Essays should address the following question: "How is community development in the Middle East important to the United States?  Why is it particularly crucial to focus on Egypt?"  If this is a topic of interest to you, the upcoming break is a perfect time to start researching and writing.  If nothing else, writing this essay might make you feel better about all the studying you have to do right now--after all, there are much bigger challenges in the world than passing that chemistry final.

Prize: 

     
  • First prize: $5,000
  •  
  • Second prize :$2,500
  •  
  • Third prize: $1,500
  •  
  • Two honorable mentions: $500
  •  

 

Eligibility:

Applicant must be attending college full-time at an accredited United States college or university.  Graduate and undergraduate students may apply.  High school seniors who will enter college in 2009 are also eligible. 

Deadline:

July 4, 2009

Required Material:

A response of no more than 2,500 words to this year's essay prompt.  Essays must be formatted according to the HANDS essay contest rules, which can be found on the contest website.  Essays and verification of enrollment must be submitted on paper.

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.

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

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Groups Call for Economic Stimulus for Student Aid

Dec 12, 2008

by Scholarships.com Staff

With bailouts, economic stimulus packages, and a number of other pieces of emergency legislation being passed to prop up seemingly every aspect of the economy this year, a group of organizations connected to student financial aid are asking for additional support for college students.  In a letter to Congress, thirteen higher education advocacy groups, including the Project on Student Debt and the National Association of Student Financial Aid Administrators, asked that the next economic stimulus legislation include expansions to financial aid, namely Federal Pell Grants and Federal Work-Study.

While maximum Pell Grant awards have gone up slightly in recent years and legislation such as the Ensuring Continued Access to Student Loans Act has helped students continue paying their bills, these thirteen advocacy groups feel that more still needs to be done.  Family 529 plans and other savings, as well as college endowments, have taken enormous hits, putting tuition costs potentially further out of reach of many.  Meanwhile, private loans have become harder for students with poor credit or no cosigner to obtain, further jeopardizing some students' ability to continue attending college.  Advocacy groups hope that stimulus legislation can help alleviate these college financing problems.

The letter called for four major changes.  Two involve contributing more to existing federal aid programs, a third suggests making minor adjustments and clarifications, and a fourth involves establishing an emergency fund for students who have been hit hardest by the recession.  Under the proposed plan, Congress would increase the maximum Pell Grant amount to $7,000 per year (it's currently $4731) and fully fund the program.  Funding for campus-based work-study programs would also increase by 25%.  The group also would like to see PLUS loans become easier for families to learn about and obtain.  Finally, the group suggests that an emergency student loan pool be created for students who still are unable to meet their financial need through help from their schools, college scholarships, and federal student financial aid.  This pool would only be available at institutions that show a strong commitment to helping students pay for school.

While there's no guarantee Congress will incorporate any of these suggestions, higher education groups are hopeful.

And don't forget, you should pay for your college education with as much free money as possible! Find as many scholarships and grants as you can before turning to student loans. Visit the Scholarships.com free college scholarship search today where you'll get matched with countless scholarships and grants for which you qualify, then apply and win! It’s that easy!

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More Students Interested in Community and Career College, Fewer in Graduate School

Dec 11, 2008

by Scholarships.com Staff

If you're thinking of heading off to a community college next year to either pick up an associate's degree or save some money on your core credits for a bachelor's degree, expect company.  Similarly, if you're planning to attend a for-profit career college to up your chances of landing a decent job, you are definitely not alone.  During recessions, people typically flock to college, often choosing cheaper or quicker degree programs to help them get on their feet and be more competitive on the workforce.  Enrollment is up at career colleges and community colleges are expecting a similar increase.  While reduced state higher education funding and continued troubles in the private loan market are causing some problems at two-year and career colleges, both types of schools are expecting major increases in enrollment as more Americans deal with fallout from the faltering economy.  If you're heading off to college in 2009, you definitely want to take all of this into account.  Apply early for admission and financial aid, and register early for classes.  Several community colleges are also instituting programs to fill empty seats in classrooms with unemployed students, so if you typically wait until almost the start of the term to register for classes, you may have more trouble finding a seat than you have in the past.  While students enrolled in online degree universities won't have to compete for physical space, they may still notice some effects of increased enrollment.  With state universities and community colleges facing budget cuts and increased enrollment, you may face more competition for fewer resources as everyone searches for ways to save money.  One group of students may actually see less competition, though.  The number of students taking the Graduate Record Exam (GRE) this year is down, suggesting that fewer students may be planning to apply for graduate programs. Typically, like community college and career college applications, graduate school applications go up during recessions.  However, while MBA applications are up this year, many programs that require the GRE may see fewer prospective graduate students.  The effects of the credit crunch on student loans, the uncertainty of the economy and employment prospects, and the desire not to lose a source of income were all listed as possible reasons for this decrease in an article in Inside Higher Ed.

And remember, there’s no need to rely on expensive student loan options to pay for your college education. For more information on finding free scholarship money for college, conduct a Scholarships.com free college scholarship search today, then apply and win! It’s that easy!

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Gates Foundations Announces Grants to Improve College Completion

Dec 10, 2008

by Scholarships.com Staff

Last month, the Bill and Melinda Gates Foundation revealed plans for a new grant program that would focus on improving rates of college completion for low-income students.  The first recipients of the grants were announced Tuesday, primarily consisting of organizations that either study or promote college preparedness and completion among the foundation's target groups.  While few of the grants awarded will translate directly into college scholarships for first-generation, low-income, or minority students, many of the programs receiving funding are intended to help these students go to college and create success.  Currently, only 25 percent of low-income students finish college, and each year high schools produce over 560,000 college-eligible graduates (most whose parents make less than $85,000 a year) who will fail to earn a college degree within 8 years, according to research cited by the New York Times.  The Gates Foundation's stated goal for this grant program is to eventually double the percentage of low-income students completing a college degree or certificate program by the age of 26.  The Chronicle of Higher Education explains that the grant initiative will have a three-pronged approach: "making the case to policy makers, educators, and business leaders about the need for increasing college-completion rates; accelerating success in remedial education; and ensuring that young people have the financial, social, and academic support to succeed in college."  Coupled with the existing Gates Millenium Scholarship Program, which helps disadvantaged and minority students pay for school, these Gates Foundation grants have the potential to ultimately make not only attending college, but earning a degree and achieving college goals possible for the majority of American high school graduates.

And remember, there’s no need to rely on expensive student loan options to pay for your college education. For more information on finding free scholarship money for college, conduct a Scholarships.com free college scholarship search today, then apply and win! It’s that easy!

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College Board Settles with Cuomo

Dec 9, 2008

by Scholarships.com Staff

Yesterday, New York Attorney General Andrew Cuomo and Connecticut Attorney General Richard Blumenthal announced that they had reached a settlement with the College Board regarding the preferred lender list controversy that has been unfolding since early 2007.  The investigation revealed that the College Board had been offering discounts on its products to college financial aid offices that agreed to add their student loan service to a preferred lender list.  Discounts of more than 20 percent off the College Board's proprietary software were given in exchange for placement on preferred lender lists.  The College Board pulled out of private loans in 2007, but the investigations continued, culminating in yesterday's settlement, the latest of several with private student lenders.

 The College Board has agreed to adhere to a code of conduct if it ever returns to the private lending market.  The organization will be required to put $675,000 towards developing tools to help students and financial aid offices compare student loan offers.  The College Board will also be required to distribute its new student loan calcualtors and "requests for proposals" (the forms that will allow for comparison among student loans) freely to schools for the next two financial aid cycles. 

This news came as the Career College Assocation, an organization of private career-training institution administrators, released the results of a survey indicating the difficulty that students at two year, for-profit schools currently face finding money for college.  More students are registering but not attending classes, and having trouble finding a private loan without a cosigner.  The majority of schools report students needing to change lenders or facing higher interest rates.  Some students are unable to procure a private loan at all, while others are contending with delayed loan disbursements.  A number of these colleges have stepped in to offer institutional student loans, ranging from less than $1,000 to over $10,000, to students who are unable to meet the gap between their federal student financial aid and their cost of attendance.

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

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McKelvey Foundation Entrepreneurial Scholarship

Dec 8, 2008

by Scholarships.com Staff

Are you a high school senior who already has entrepreneurial experience?  While all of your friends were being handed pricing guns or learning how to man the drive-thru window at their jobs, did you decide to take a different route and be your own boss?  While a small business definitely makes an impressive line on your college applications, it can be worth scholarship money ($40,000, in fact!) as well as experience and bragging rights.  If you started your own business at least a year ago and are planning to go to college next year, you'll want to look into this week's Scholarship of the Week.  The McKelvey Foundation Entrepreneurial Scholarship can help you pay for school for all four years, and might even cover your full tuition at some state colleges.  Prize:  Up to $10,000 per year for four years  Eligibility:  Current high school seniors who have owned and operated a small business or non-profit organization for at least one year.  The business must generate sales revenue (except in the case of non-profits) and have at least one paid employee.  Students must be planning to enroll at an accredited four-year college or university in the United States.  Deadline:  January 25, 2009  Required Materials:  Applicants must submit an online scholarship application on the McKelvey Foundation website and be able to provide additional documentation when requested.  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.

And don't forget, you should pay for your college education with as much free money as possible! Find as many scholarships and grants as you can before turning to student loans. Visit the Scholarships.com free college scholarship search today where you'll get matched with countless scholarships and grants for which you qualify, then apply and win! It’s that easy!

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