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Financial Aid Administrators Concerned About Loan Crunch

Jul 23, 2008

by Scholarships.com Staff

A survey released yesterday by the National Association of Financial Aid Administrators (NASFAA) indicated that 90 percent of financial aid administrators are at least somewhat concerned about the current student loan crunch.  As lenders continue to opt out of Federal Family Education Loan Programs (FFELP) and to reduce the number of schools they make loans available to, many financial aid administrators remain concerned that students at their institutions may have decreased access to money for school.  While overall administrators expressed confidence that the recent Ensuring Continued Access to Student Loans Act will help students pay for college this year, 52 percent said that more needed to be done to make sure students will have sufficient access to college loans in the future, and more than half stated that they believe it will be more difficult for students to borrow additional private loans in the upcoming school year.

A number of schools are turning to the federal Direct Loans program to ensure continued loan availability for their students, while others are calling for other solutions to the student loan problem, putting an emphasis on federal student aid. Many NASFAA members stressed the importance of increasing access to federal grant programs and scholarship money in order for students to continue being able to afford a college education.  NASFAA President Dr. Philip Day summarized this position, stating, "Too many students rely on loans to pay for their education. I do not accept the premise that student loans are here to stay, especially for needy students. If the student loan crunch has shown us anything, it is that our neediest students have no place in the student loan marketplace. We should help them find as many alternatives to borrowing as possible by providing them with grants and scholarships to meet their educational costs."

The survey also asked what financial aid administrators were doing for students and their families to help them find money for college. Many financial aid offices continue to maintain a preferred lenders list, despite recent media criticism and policy changes, something NASFAA stresses is both wanted and needed by families needing to find private student loans or new FFELP lenders on short notice.

NASFAA is also backing a new piece of legislation known as the Preventing Student Loan Discrimination Act, which if passed, will prohibit FFELP lenders from denying loans to eligible students based on the institution they attend, the length of their program, or their income level. These provisions will help students pay for school in the short term, but the report stressed that more needs to be done to make college affordable in the future.

The full survey is available through the NASFAA website.

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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Textbooks To Become More Affordable

Jul 22, 2008

by Scholarships.com Staff

Technology, rental programs, and new laws could finally reverse the trend of rising textbook costs, according to a recent article in U.S. News and World Report.  Students, parents, and professors alike often recoil at the astronomical pricetag of some textbooks, especially for introductory courses students are required to take.  For many, textbook purchases can represent the last hurdle in the race to pay for school, as students who have managed to find money for college tuition and housing still may not be able to foot a textbook bill of several hundred dollars per semester.

Now, a combination of factors may finally bring some relief to students in this predicament.  In recent years, schools and private companies have piloted textbook rental programs that have been met with a great deal of enthusiasm from students who are now able to rent many of the general education textbooks that they would likely sell back to the bookstore at the end of the semester.  E-books and open source projects have begun to catch professors' attention as alternatives to requiring students to purchase an expensive hard copy of a textbook. 

Finally, a bill currently under consideration in Congress would require textbook companies to provide professors with accurate pricing information before book orders are placed.  This would allow professors to choose textbooks based on price, in addition to quality of information.  The proposed law would also require publishers to provide unbundled versions of currently bundled textbook packages, which often have high prices due to the inclusion of workbooks or electronic content that many students and professors wind up electing not to use.

Cheaper textbook options such as these can help students save money in college, which is a relief for every student, whether they are paying with scholarship money, federal financial aid, or their own savings.

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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DOE Report Stresses Early Planning for College Funding

Jul 22, 2008

by Scholarships.com Staff

The Department of Education Advisory Committee on Student Financial Assistance recently released a report entitled Early and Often showing the financial aid community what can be done to help students and families better prepare to pay for school.  The report provided recommendations on what information students needed to know before deciding whether to attend college, when the students needed to know it, and how it could best be disseminated to students and their families, stressing four categories of knowledge that students need to make informed decisions about attending college

Students need to understand:

  1. The benefits of higher education: Why go to college?
  2. The costs of college: What can you expect?
  3. How to pay for college: What's involved in funding your education?
  4. How to navigate the forms and processes involved: What exactly is a FAFSA?

The Early and Oftenreport states that this process needs to begin as early as the sixth grade to ensure that students and families have enough time to devise a strategy for getting into and paying for college. 

According to the National Association of Student Financial Aid Administrators, "Possessing timely and accurate information at each juncture of a student's college preparation timeline can dispel the hyperbole in the media and alleviate complexity, inform students of financing options, and ensure they make sound decisions." 

The report asserts that "early information on the availability, eligibility, and variety of financial aid is essential to promote access and persistence. Every student should learn that funding an education requires a reliance on many sources: federal and state governments, institutions, private resources, and personal financial resources. Each of these sources can provide financial aid in the form of grants and scholarships, loans, and work-study opportunities.

Delivering information on the differences between need-based aid and merit-based aid will help students better predict which aid options will be available for them. Understanding the intricacies among such options is vital to successfully financing higher education."

Working with the strategies suggested by the Department of Education, websites such as Scholarships.com already provide the public with a wealth of free resources regarding a variety of financial aid

By browsing our website's Resources section, students can find information in all four of the Department of Education's vital categories, especially paying for college and applying for financial aid.  Additionally, our scholarship search can fill an important role, even early in the college planning process.  Students can fill out a profile and conduct a free search, gaining valuable information on which scholarships may be available to them.  This will help students get a better idea of how they will be able to afford college.

The full Early and Often report is available on the Department of Education website.

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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National Peace Essay Contest

Jul 21, 2008

by Scholarships.com Staff

The National Peace Essay Contest, a scholarship sponsored by the United States Institute of Peace, gives students the chance to voice their opinions on matters regarding international peace and conflict. By administering this award, the institute hopes to promote thoughtful discussion between youth, educators and national leaders alike.

Students interested in this year’s scholarships will have to write a 1500-word essay discussing the steps international entities such as the UN, governments and government or non-government organizations can take to protect individuals from crimes against humanity during times of warfare. An example of two foreign conflicts and possible measures that could be taken to promote their peace will have to be identified.

Applicants should also designate a coordinator such as a teacher, parent or youth leader to act as a contact between them and the US Institute of Peace. Coordinators will be responsible for reviewing the entries and ensuring that scholarship essays are the original work of the applicant.

Prize: 1. National first place award $10,000 (includes state awards) 2. National second place award $5,000 3. National third place award $2,500 4. Fifty-three state awards $1,000

Eligibility: 1. Students must be in grades nine through twelve in any of the fifty states, the District of Columbia or, if they are U.S. citizens, abroad. 2. Applicants may not have been previous first-place state winners or immediate family members of the institute. 3. Students may participate with the sponsorship of an essay coordinator.

Deadline: February 1, 2009

Required Material: 1. Two registration forms, one filled out by the student and one by the teacher 2. A 1500-word essay addressing this year’s topic

Further details about the application process can be found by conducting a free college scholarship search. Once the search is completed, students eligible for the award will find it in their scholarship search results.

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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Higher Education Commission Dissatisfied with Spelling's Efforts

Jul 18, 2008

by Scholarships.com Staff

During a conference held by the Department of Education this week, department commissioners, educators and business leaders alike expressed their disappointment with Education Secretary Margaret Spelling’s inability to improve the current state of postsecondary education. According to The Chronicle of Higher Education, the Commission on the Future of Higher Education created by the secretary herself complained that, after three years of work, students were still unsure about which colleges best fit their needs, and employers were still dissatisfied with graduates’ lack of preparation for the workforce.

Furthermore, while steps to alleviate the burden of school expenses have been taken—most prominent of which was perhaps the increase in Pell Grant caps—the rising costs of a college education have made paying for school a struggle. During the 2005-2006 school year, more than 40 percent of first-time college students were forced to take out student loans. These factors, combined with the  declining value of a college degree, have made securing a sufficiently lucrative job difficult for those with debt, especially when searching for positions within the nonprofit sector.  

With only six months left in office, the secretary has little time to apply the suggestions of her peers. Complaining that colleges are not doing enough to prepare students for the business world, previous advertising executive Richard Holland stated, “We just talk about this all the time, and we don’t do anything about it.”  Added Education Department’s senior adviser Vickie Schray, “There’s still a lot that needs to be done.”

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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College Cost Bigger Factor than Quality, Diversity

Jul 17, 2008

by Scholarships.com Staff

According to West Virginia’s The State Journal, a recent poll indicates that Americans are prioritizing the affordability of a college education over other factors. Though criteria such as scholastic quality, distance and diversity were also critical, the cost of a school topped the list as most important.

With college costs continuing to outpace inflation and graduates finishing school with growing debt, families are beginning to realize that attending schools within their means may be more important than attending ones of greater prestige. A recent report from the National Center for Education Studies (NCES) stated that during the 2005-2006 school year, 46 percent of first-time, full-time students who sought a degree took out student loans, a few graduating more than $100,000 in debt.

The Chronicle of  Higher Education Gallop Poll indicated that, though there were conflicting views over whether the government or the public should be responsible for much of the cost, most agreed that colleges should contribute to the solution by spending a larger percentage of their endowment funds.

As the media focuses on problems of national debt, controversy has grown over the use of annually increasing endowment funds acquired through donations to colleges. Though endowment contributors frequently create stipulations about who may or may not receive their scholarship money, the public has pointed to the questionable nature of storing funds and increasing tuition, especially during a time when debt has become a growing problem for students.

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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Gates Foundation Donates $900,000 to The Future of Children

Jul 16, 2008

by Scholarships.com Staff

The Bill and Melinda Gates Foundation granted nearly $900,000 for work on four issues of The Future of Children , a biannually-released journal about effective policies and programs for children. Since its inception in 2000, the Bill and Melinda Gates Foundation has granted nearly $16.5 billion to provide for the health and education of people living in the US and abroad. In addition to sponsoring numerous education-related initiatives, the foundation created one of the biggest, most lucrative scholarship programs in the country, the Gates Millennium Scholars.

Their latest donation will be used by the Brookings Institute and the Princeton Woodrow Wilson School of Public and International Affairs—co-publishers of The Future of Children —to conduct research, disseminate information, host conferences and pay for additional efforts related to the four issues.  According to a Woodrow Wilson School news release, the proposed journal topics will include Children in Fragile Families, Children and Youth in Immigrant Families, Work and Family Balance and Postsecondary Education.

The Future of Children is aimed at identifying the research and policies that could assist families in raising their income and paying for school. To this end, researches will study the problems affecting individuals between the ages of 16 and 26, as well as those of their children. Their findings will be disseminated at no charge, and, once available, the results will be posted on www.futureofchildren.org. To encourage legislators to concentrate their efforts on bettering the circumstances of America's youth, journal contributors will also host numerous public awareness events.

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 News , Financial Aid , High School News

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Tell A Friend Sweepstakes Winner Announced

Jul 15, 2008

by Scholarships.com Staff

All entries have been cast, all information verified, and yes, a winner has been chosen. Matt D. of Newport, KY has been randomly selected as latest winner of the Scholarships.com $1,000 Tell A Friend Sweepstakes. By referring his friends to Scholarships.com, Matt was able to secure $1,000 towards a college education.

"Winning the sweepstakes was really exciting! It was the first scholarship I applied for and … I won,” he told us. Once again proving that financial aid is available to those who search, Matt was able to join the growing list of Scholarships.com Success Stories.  By giving them free access to our scholarship search, providing them with valuable college-funding resources and personally sponsoring numerous sweepstakes and scholarships, Scholarships.com has assisted myriad students in affording a postsecondary education.

Every three months a new Scholarships.com user is selected as the Scholarships.com Tell A Friend Sweepstakes winner. Applying couldn’t be easier—no essays and no recommendations required. For the chance to win $1,000, just visit our Tell A Friend Sweepstakes page. You can enter the names and email addresses of up to ten friends, and, if they join the site, you will both be eligible to win $1,000. The more friends you refer, the more entries you’ll receive. Submit now for the chance to win!

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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Voice of Democracy Scholarship Competition

Jul 14, 2008

by Scholarships.com Staff

The Voice of Democracy Scholarship is an annual competition administered by the Veterans of Foreign Wars’ (VFW’s). Since 1947, the organization has been helping students pay for school, giving away more than 2.5 million in prizes each year. To compete, students will have to write and record a broadcast script that addresses the following theme: “Service and Sacrifice by America’s Veterans Benefit Today’s Youth by...”The applications will be judged on originality, content and delivery.

Prize: 1. Up to $30,000 in scholarship money 2. An expense-paid trip to Washington, D.C.

Eligibility: 1. Applicant must be a student in grades 9-12 2. Applicant must be enrolled in a public, private or parochial high school or home school in the U.S., its territories and possessions, or in an overseas U.S. military/civilian dependent school. 3. Foreign exchange students, those over 20 and previous first place Voice of Democracy winners are not eligible to compete.

Deadline:November 1, 2008

Required Material: 1. A 3-5 minute essay recorded on a neatly labeled cassette tape or CD. The reading must address this year’s theme and must be recorded in the student’s voice. 2. A typed version of the essay. 3. A completed entry form.

Further details about the application process can be found by conducting a free college scholarship search. Once the search is completed, students eligible for the award will find it in their scholarship 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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Student Loan Corp. to Cut Jobs

Jul 11, 2008

by Scholarships.com Staff

The morose state of the lending industry, recent cuts in federal loan subsidies and a loss of interest in loan securities investing have caused chaos within the student loan market over past months. According to Forbes, Student Loan Corp., a previous division of Citibank, has become the latest victim in the student loan credit crunch, announcing plans to lay off 146 of its 523 employees.

On Wednesday, the company announced that the 146 Student Loan Corp. jobs, plus an additional 28 Citibank N.A positions, would be eliminated sometime in August. The affected employees will be offered counseling, assistance in finding new work, severance packages and, for some, the chance to take advantage of job openings in other parts of the country. Business has been so poor for the company that their stock has dropped by 48% over the past 52 weeks, reported Forbes

Student Loan Corp. is just one of many companies who have been forced to either cut jobs or to exit the student loan industry altogether. Other major lenders who have either stopped or suspended offering certain student loans include Bank of America, NextStudent, Brazos, and American Education Services. Even Sallie Mae, the largest student lender in the business has been struggling to stay afloat, suspending select loan services.

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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College News , Financial Aid , Student Loans

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