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Sen. Edward Kennedy Leaves Mark on Higher Education

Aug 26, 2009

by Scholarships.com Staff

Sen. Edward Kennedy, a U.S. Congressman for more than 40 years, has left behind a long history of higher education programming, including the passage of an act last summer that expanded grant funding for low income students.

Kennedy died late Tuesday from the cancerous brain tumor he was diagnosed with in May of last year. One of his most recent efforts was working to pass the Higher Education Opportunity Act last August, which reauthorized the Higher Education Act for the first time since 1998. The act increased Pell Grant maximums, reaffirmed several scholarship programs, including the Robert C. Byrd Honors Scholarship Program, implemented loan forgiveness programs for eligible teachers and services in areas of national need, and detailed requirements that lenders provide borrowers with more information before issuing loans. The focus of the latest reauthorization was on expanding opportunities for scholarships and grant funding and streamlining the federal financial aid process in the wake of rising tuition costs and a more competitive student loan industry.

Kennedy had a long history of crafting higher education and student financial aid programs beginning with his work in 1972 on Pell Grants and Title IX, which prohibits the discrimination of women in education institution and has become known for increasing the number of women participating in college sports typically dominated by men. An article in the Chronicle for Higher Education today describes him as a "lifelong champion of equal rights and educational opportunity," attributing to him much of the work that went into the implementation of the federal direct-loan program introduced in the 1990s. The program allowed the government to lend money directly to students through their colleges.

>Kennedy, while not without his share of controversies, was able to get much of his work done through compromise and friends in the Republican base. Still, he was not without his critics. He publicly expressed his displeasure when the No Child Left Behind Act, legislation he had worked on with a number of Republican lawmakers, was passed with restrictions on grant aid to high-achieving math and science majors. In 2003, Kennedy attempted to move a bill through that would target colleges that gave preference to children of alumni, a timely topic today in the wake of the admissions controversies at several Illinois universities. His ties to his home state were obvious in much of his work in higher education, as Kennedy opposed any legislation that would impact the amount of student financial aid available to Massachusetts students

Eunice Kennedy Shriver, the Senator's sister and the founder of the Special Olympics, died earlier this month. Jean Kennedy Smith is the last surviving Kennedy daughter.

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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Survey Shows Families Borrowing Less for College

Aug 25, 2009

by Scholarships.com Staff

A new study offers surprising news in an uncertain economy: families are actually borrowing less money to cover college costs.

The study, titled "How America Pays for College," shows that about 58 percent of families did not borrow money for college for the 2008-2009 school year. Despite rising tuition prices of up to 5 percent over the last year, according to the College Board, high unemployment rates and deep budget cuts at schools across the country, it seems more families are relying on their own savings, scholarships and grant funding. While parents paid for about 36 percent of college costs, about 25 percent of students' costs in the year surveyed were covered by grants and scholarhips, and more than half of the respondents received some form of free aid, according to the study. The reliance on grants and scholarships increased by  15 percent over the last year, which could show more of an awareness by students to money available outside of lending in a struggling economy.

The same survey last year showed that about 53 percent of families chose not to take out loans for college. According to the New York Times, the numbers do not suggest that students would rather skip college than take out loans. In fact, fewer students than last year said taking out loans would stop them from pursuing an undergraduate degree, according to the article.

Other highlights of the study showed that:

  • 67 percent said they were confident in their ability to continue to meet the cost of college in the current economy.
  • 5 percent used credit cards to pay for college expenses.
  • 10 percent of costs were covered through students' own savings and employment.
  • 6 percent of costs were covered through students' relatives and friends.
  • 91 percent said that pursuing higher education led to a better life.

Of those who did borrow for the last school year, 25 percent took out federal student loans and 12 percent borrowed private education loans. Those who did borrow also spent about 30 percent more on their educations than those who did not, suggesting a higher cost of education for those who took out federal and private loans.

The study was conducted by Gallup for Sallie Mae last spring with more than 1,600 college-going students and parents of undergraduates responding.

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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Business Student Lists Piece of His Future on eBay

Aug 21, 2009

by Scholarships.com Staff

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.

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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Scholarships for the Unemployed

Aug 20, 2009

by Scholarships.com Staff

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.

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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Coping with College Aid Cuts

Aug 19, 2009

by Scholarships.com Staff

As the start of the fall semester approaches, students across the country are finding themselves in a precarious position when it comes to financial aid. As we've previously mentioned, several states have been forced to make deep budget cuts this year, canceling or reducing funding for scholarships and grants, in some cases after award notices have already been sent to students. This has left students scrambling for last-minute student loans, and in some cases facing the difficult decision of whether to take a semester off while trying to procure alternate funding.

The Wall Street Journal and U.S. News both feature articles this week that offer up alternatives for students who have come up short on funding for the fall. While scholarship opportunities are still available for the coming academic year and should be pursued, students who need immediate sources of funding may want to check out private loans, peer-to-peer lending, and emergency loans and other aid offered by some universities and state agencies. Reducing to part-time enrollment or transferring to a cheaper school are also last-resort options that may be better choices than taking an entire semester off or putting tuition on a credit card.

An appeal to your college's financial aid office can also produce more financial aid, especially if your financial situation has changed since you completed the FAFSA, or if your parents were turned down for a federal PLUS loan. Additional loans, and even some grant aid, may be available if you ask.

In addition to trying to find new sources of funding, some college students are also petitioning their state legislators to get grant and scholarship funding restored.  Lawmakers in Utah have listened, promising to reinstate full funding to the state's New Century Scholarship program, whose awards they had previously planned to cut nearly in half. Students in Michigan also may yet get a reprieve from budget cuts, as the governor of Michigan and numerous state legislators are vowing to do what they can to keep the state's popular Promise Scholarship program intact.

Even if states manage to find funding for grants and scholarships this year, the next fiscal year could also prove challenging. Students in cash-strapped states who are planning to rely on state scholarships to pay for college may want to start looking into alternate funding now.  One of the best ways to do this is to start with a free college scholarship search.

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 Cut Grants as Students Borrow More Money for College

Aug 12, 2009

by Scholarships.com Staff

Rising unemployment rates and other symptoms of the ongoing recession continue to drive more people to attend college and look for ways to pay their bills, causing an uptick in state and federal financial aid applications. However, states are also hurting for money to meet financial aid requests and other budget demands. According to the Associated Press, 12 states have made significant cuts to state grant programs so far this year, with additional cuts likely. At least anecdotally, these cuts are already leading to more reliance on student loans, especially among groups that, according to a brief published this week by the College Board, may already be finding themselves overburdened with debt.

This week, the College Board released some new numbers on student debt loads and borrowing habits, culled from the National Postsecondary Student Aid Study, data released every four years by the Department of Education. Students at for-profit colleges are the most likely to borrow (96 to 98 percent graduate with some amount of loan debt), have the largest average debt loads at graduation, and are also some of the poorest college students (students at for-profit schools received 19 percent of the Federal Pell Grants disbursed in 2007-2008 despite making up only 7 percent of the college-going population). With additional sources of need-based aid drying up, these students may find themselves even more burdened with debt.

Students at other types of schools have also had to do more borrowing in recent years, according to the study. A full 59 percent of college students graduate with some amount of student loan debt, including 66 percent of bachelor's degree recipients. While most students took on manageable amounts of debt, 10 percent of students at four-year public schools, 22 percent of students at four-year private colleges, and 25 percent at four-year for-profit colleges borrowed more than $40,000 to attend college.

The average loan debt of undergraduate students in 2007-2008 was $15,123 (this is all students, not graduates), up 11 percent from the last time the survey was conducted. While increases in loan burdens were most modest at four-year state and non-profit colleges, reductions in state grant programs that are often earmarked for students at state colleges or nonprofit private colleges could send these numbers climbing.

You may want to consider statistics on student debt as a factor in your college search, but keep in mind that there are alternatives to borrowing. Scholarship opportunities exist for students at every type of college pursuing many different types of degree programs.

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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New Service Helps Recession-Proof Student Borrowing

Aug 11, 2009

by Scholarships.com Staff

Student loans have received a lot of attention lately, especially in light of the ongoing recession. As average student debt increases and post-graduate job prospects become less certain, borrowers are struggling to make payments and avoid default on their loans. Meanwhile, lenders are tightening credit requirements or opting out of the student loan industry altogether. While Congress and President Obama are contemplating additional reforms to student lending on top of recent fixes that have provided some help to borrowers, relying on loans to pay for school is still a scary idea for many students.

However, there are some innovative private sector solutions students may want to consider. Alternative lending programs, such as peer-to-peer lending have received much publicity lately, as has a new program called Student Choice that makes it easier for students to find private loans through credit unions. On top of this, BridgeSpan Financial has launched a new service called SafeStart, which acts as insurance for students' Stafford loan payments.

In exchange for a down payment of $40 to $60 per $1,000 they've borrowed, SafeStart will extend an interest-free line of credit to students facing financial hardships in the first five years after graduation, allowing them to continue making payments on their Stafford loans and avoid defaulting or seeing loan amounts balloon as interest accrues during a forbearance period. SafeStart will cover up to 36 loan payments in the first 60 months of the loan, provided a student's loan payments exceed 10 percent of their monthly income.

Currently, SafeStart is only available for Stafford loans, and not PLUS loans or private loans. Stafford loan borrowers already have several other options for repayment if they find themselves struggling, including the new federal income-based repayment plan, which allows borrowers to only make payments if they meet certain income requirements and forgives remaining loan balances after 25 years. Students can also apply for temporary forbeareances if they need, though interest on the loans will still accrue.

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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Unemployed Grad Sues College for Tuition Refund

Aug 4, 2009

by Scholarships.com Staff

A recent college graduate who has failed to find a job since April has sued her alma mater. The student, Trina Thompson, filed suit against Monroe College, a career-oriented college in New York, asking to be reimbursed the full cost of her tuition, which was $70,000.

Thompson's suit claims that the Monroe College career center failed to do enough to help her find a job after graduation. As a result, Thompson is struggling to make ends meet and, according to the New York Post, facing the prospect of homelessness as her student loans are about to come due. While Thompson has been regularly submitting job applications and making use of resources such as job listings available through her college's career center, this has not been enough to find work. So she is suing Monroe College for failing to provide her with the leads and career advice she says she was promised.

While the merit of this particular lawsuit remains to be determined, it does raise questions about what students should expect from college, as well as what services colleges should provide and can promise to their students. Especially right now, when jobs are scarce and competition is fierce, current students and recent graduates are dealing with greater stress and desperation as they try to navigate the job market. Meanwhile, career centers have fewer contacts and resources to work with, as fewer places are actively recruiting or even hiring recent college graduates. As a result, many college career counselors are finding themselves nearly overwhelmed, as more students need to rely on more services for longer to try to find post-graduate employment.

Finally, this lawsuit serves as a reminder for college-bound students of more good questions to ask during their college search: What are the job placement rates for the school and the department, and what career services are offered to help alumni find work? Considering these things while choosing a college may make all the difference when it comes time to find a job after graduation.

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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Illinois Cuts College Grants for 130,000 Students

Jul 31, 2009

by Scholarships.com Staff

While it may be grabbing most of the headlines, the federal "Cash for Clunkers" program is not the only government grant program to run out of money well ahead of schedule this year.  The state funding allocated to Illinois Monetary Awards Program (MAP) grants, college financial aid awards for needy students, was slashed during state budget cuts this year. As a result, awards have been cut in half for all students and have been denied outright to over 130,000 students who applied after May 15, a significantly earlier cutoff date than previous years.

Typically, community colleges, who typically apply for financial aid later in the year and often have access to fewer financial resources, are likely to be the hardest hit.

Illinois isn't the only state forced to make cuts to its college grant programs. California and Ohio are among others that have recently gained attention for cutting aid to college students. If you live in a state that's been forced to reduce student financial aid, you still have options to pay for college. Before looking into student loans or considering a semester off, conduct a free college scholarship search. Scholarships, including state and local scholarships, are still out there despite the recession.

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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New Report on Highest-Paying Colleges and Majors

Jul 21, 2009

by Scholarships.com Staff

When choosing a college, a number of factors come into play, but for students applying for admission in the middle of a recession, expected salaries undoubtedly play a major role. The website Payscale.com recently published a list of both starting and mid-career salaries, as reported by users of the site, broken down by both college and major. The New York Times Economix blog provides a useful breakdown of this information, which may come in handy for students beginning the college search process.

In general, graduates of top colleges earned more than graduates of less competitive schools, especially at the mid-career point. Starting salaries were also high for graduates from schools that focus on training students for highly technical lines of work. Students majoring in engineering, economics, physics and computer science had the highest salaries, while social work, elementary education and theology were the lowest-paying majors. Music also falls near the bottom...not surprising since few musicians will have as lucrative of careers as, say, Michael Jackson, and "American Idol" often seems to be as viable a route to success as earning a music degree.

There were some surprises, though. For example, philosophy majors actually outranked information technology majors for mid-career salaries, and engineering schools ousted many Ivy League universities for top starting salaries. Additionally, the spread between the top salaries and bottom salaries at many universities was wide; for example, the top quarter of graduates from the lowest-paying school still earned more than the bottom 10 percent of those from the school with the highest median mid-career salary.

While the Payscale report relies on self-reported information from users of the site, rather than a scientific study with random data samples, it still could be useful in choosing a college or choosing a major, especially when paired with other information about the highest paying majors and the value of a college degree. In the end, your choice of major, your choice of college, and your personal drive and abilities will all affect your starting salary and lifetime earning potential. While choosing schools and majors that produce the highest salaries is tempting, playing to your stengths is still likely to pay off the most in the end, and may also give you a better college experience regardless of where you end up.

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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Obama Pledges New Funding for Community Colleges

Jul 15, 2009

by Scholarships.com Staff

Yesterday, President Obama announced a new focus on community colleges in a speech delivered at Macomb Community College in Michigan. Obama pledged $12 billion to improve facilities, increase enrollment, and boost graduation rates at the nation's community colleges, a shift in education policy from the traditional focus on K-12 education and public universities. In addition to the proposed federal funding increase, Obama's speech also called for community colleges to graduate five million more students by the year 2020.

Community colleges have already seen increased enrollments and publicity in recent years.  According to The Chronicle of Higher Education, community colleges saw the greatest enrollment boom since the 1960s during the first half of this decade. The current economic downturn has prompted even more first-time college students and unemployed adults to enroll at community colleges this academic year. Community college officials and the Obama administration hope that the increased attention paid to community colleges will prompt more students to consider enrolling, either as a path to a career training degree or certificate, or in order to transfer to four-year colleges.

Beyond Presidential endorsement, there are many other incentives to pursue a degree at a community college. Tuition is typically much lower at two-year schools than at private colleges or state colleges, and courses are often offered with the scheduling needs of working adult students in mind. Additionally, numerous scholarship opportunities exist specifically for students pursuing two-year degree programs. Community college students can do a free college scholarship search to learn more about funding opportunities available.

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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