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DeVry Stimulus Scholarship Program Offers 500 Scholarships

June 10, 2009

by Scholarships.com Staff

DeVry has announced that it will be awarding 500 scholarships to students attending its seven colleges: DeVry University, Keller Graduate School of Management, Ross University, Chamberlain College of Nursing, Apollo College, Western Career College, and Fanor.  Scholarships will be awarded to adult students who are starting college or returning to college after an absence this fall.  The announcement is timed to celebrate the addition of DeVry, Inc. to the Standard & Poor's 500 stock index this week.

The awards have been dubbed "stimulus scholarships" and will be targeted to displaced workers who are returning to school for retraining.  To qualify, applicants must have lost their jobs in the last 12 months and who are starting a course at one of DeVry's schools.  DeVry will begin accepting applications for the scholarship on July 1.

This scholarship adds to the list of options returning students have if they've been laid off from their jobs.  A number of community colleges are offering local scholarships to displaced workers in their communities, in some cases waiving tuition entirely.  Other colleges and scholarship providers are also ramping up financial aid for those affected by the economic downturn, as well.  A free college scholarship search can help you find even more ways to pay for school.

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More College Students Taking Summer Classes

June 12, 2009

by Scholarships.com Staff

Early reports suggest that summer enrollment is up at colleges across the country, likely due at least in part to the recession.  Since summer jobs are harder to find and some summer internships have also been taken off the table, more students are looking to summer classes as a way to stay productive between spring and fall semesters.  Dwindling college funds and other economic difficulties may also be pushing students to try to finish college as quickly and cheaply as possible.  Most state colleges and community colleges offer summer classes, as well as many private schools.

Summer classes are a great way to keep yourself on track for graduation, as well as to get required courses out of the way as quickly as possible.  While more time might be spent in the classroom at once, summer terms are shorter than regular semesters, so that class you've been dreading won't seem to drag on quite as much.  Summer classes often come with smaller class sizes and more support from the instructor, in addition to longer class times, so they can also be a good way to master subjects that might otherwise be a struggle.

One problem that comes with summer enrollment is finding financial aid, however.  Often, schools award fewer summer scholarships and depending on the school's approach to summer aid awards, students may have already used up their federal aid for the academic year, or may have to reduce the amount they receive the following fall and spring in order to pay for summer.  Some schools are working to make it easier to pay for school in the summer, though, as a piece in Inside Higher Ed reports.  Several have instituted summer payment plans similar to those available during the regular academic year, while others are offering tuition discounts and summer scholarship awards.  You may also be able to apply other college scholarships towards your summer tuition, or even still win scholarships this summer.

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Several States Contemplate Cuts to Scholarships and Grants

June 16, 2009

by Scholarships.com Staff

Student financial aid programs in several states may soon fall victim to sweeping budget cuts necessitated by the recession.  Ohio, Florida, Michigan, and California are all considering proposals to reduce or eliminate some state student aid programs, including popular grants and scholarships.

Ohio and Florida are both making slight changes to rules in existing aid programs, resulting in less aid for some students, but mostly leaving financial aid intact.  Florida is capping their Bright Futures scholarship so it no longer covers all of students' tuition or tuition increases, while Ohio is changing rules in their Ohio College Opportunity Grant to focus aid towards tuition and fees at public schools.

California and Michigan, however, are making far more sweeping cuts.  California has proposed eliminating CalGrants, a popular state grant program, for incoming college freshmen and cutting CalGrants for current college students.  Michigan may eliminate the Michigan Promise scholarship and make sweeping cuts to several other state financial aid programs, including work-study.  Students in both these states could find themselves suddenly thousands of dollars short on college financial aid.

While federal stimulus money has mitigated some of the damage in many states, in Michigan it has also played a large role in the proposed cuts to financial aid, according to The Detroit News.  Since a provision in the stimulus legislation prevents states from drastically reducing funding to higher education institutions, Michigan may be forced to turn to cutting state grant and scholarship programs to make up some of their budget deficit.

While some state aid and loan forgiveness programs are being reduced or eliminated, financial aid is still available.  Many college are actually increasing their budgets for university scholarships, and private foundations are still offering scholarship aid, as well.  Federal student financial aid has also seen some increases in the last two years.  Money is still out there if you know where to look, and a great place to start is doing a free college scholarship search.

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Appealing Your Financial Aid Award

June 17, 2009

by Scholarships.com Staff

With unemployment continuing to rise, college savings funds still performing poorly, and some states being forced to make cuts to grant and scholarship programs, many students are likely to be facing a very different financial situation when it comes to paying for college in 2009, as opposed to 2008.  Students who have experienced a significant change in their financial circumstances since completing the FAFSA, such as a loss of income and savings, can appeal to their college's financial aid office for a chance at more need-based college scholarships and grants.

Yesterday, U.S. News ran an excellent article by Kim Clark detailing the do's and don't's of appealing your student financial aid award, according to college financial aid administrators.  According to Clark, appeals are up this year and are more likely to be granted, as administrators take into account how drastically the financial landscape has changed.  If you are thinking of requesting a professional judgment appeal, here are some things you should do: 

     
  • Send a letter detailing changes in your circumstances and why you need more aid.
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  • Don't make demands for grants, but do explain how much help you need.
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  • Provide documentation, including pay stubs, medical bills, tax forms, or whatever helps show how things have changed since your 2008 tax return.
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  • Apply as early as possible.  While many colleges are increasing financial aid offerings, much aid is still first come, first serve.
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  • Write the letter yourself or have your parent write it if you are a dependent student and aren't comfortable doing it yourself.
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  • Tell the truth and don't lie or embellish--if caught, you could be fined or even jailed.
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 For more tips, you can read the entire article here.  If your circumstances have changed and you need more money for college, go beyond just requesting more aid from your school.  Update your Scholarships.com profile and do a scholarship search, paying attention to any new need-based scholarships and grants that may come up.  You could be eligible for more money than what is offered by your school, your state, and the federal government.

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Department of Education Names New Student Loan Servicers

June 18, 2009

by Scholarships.com Staff

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

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

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

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Tuition Increases 4.3 Percent at Private Colleges

July 2, 2009

by Scholarships.com Staff

Earlier this week, the National Association of Independent Colleges and Universities released information on tuition increases at private colleges and universities for the 2009-2010 academic year. While tuition is increasing on average, the good news is that the tuition increase is the lowest in 37 years.

Tuition and fees are projected to go up an average of 4.3 percent at private colleges and universities nationwide, with some colleges managing to hold their increases even lower or freeze tuition rates to help students struggling to pay for school in the current economic climate. While it still greatly outpaces inflation, it's lower than the average increase over the last 10 years, which has been around 6 percent. The survey did not address changes in the cost of room and board.

Meanwhile, private colleges are also increasing institutional grant and scholarship aid. On average, schools allocated 9 percent more to college scholarships and grants for 2009-2010 than the previous academic year.

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Obama Signs HEA Technical Corrections Legislation

July 7, 2009

by Scholarships.com Staff

Congress has passed and President Obama has signed a bill that provides "technical corrections" to the Higher Education Act, which Congress renewed last year. In addition to offering clarification on several points and correcting minor errors, the Technical Corrections bill also makes some useful changes to federal student financial aid.

Minor clarifications include:

  • Updating the list of veteran's benefits not counted as financial aid to include benefits from the new GI Bill that goes into effect this year
  • Stating that lenders can provide both entrance and exit loan counseling to students
  • Setting 2010-2011 as the year in which the EZ FAFSA will need to be implemented
More substantial changes include:
  • Authorizing the Department of Education to buy up rehabilitated student loans (loans that have gone into default and since had consistent payments made on them) under the provisions outlined in ECASLA--previously students who had defaulted on loans and since resumed payments would find their loans stuck in default status due to the credit crunch.
  • Creating a new grant program for dependents of soldiers killed in Afghanistan or Iraq since September 11, 2001
  • Making Pell-eligible dependents of soldiers killed in Afghanistan or Iraq after September 11, 2001 eligible for an automatic 0 expected family contribution on the FAFSA
  • Changing the information schools must provide to lenders when students apply for private loans

The Chronicle of Higher Education has more information on the HEA Technical Corrections legislation here.

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U.S. Bank Exits FFELP

July 10, 2009

by Scholarships.com Staff

Earlier this week, U.S. Bank announced that it would cease to act as a lender for Stafford Loans issued through the Federal Family Education Loan Program. U.S. Bank was the sixth largest participant in FFELP as of 2008, according to the Student Lending Analytics Blog, yet this news has caused barely a ripple.

This is partially due to the fact that the stream of lenders leaving FFELP has slowed considerably since last year and this particular student loan crisis seems largely to have passed. However, the news of another lender exiting FFELP seems less noteworthy or surprising in the face of increasing uncertainty about the future of FFELP as a whole. In what has been widely regarded as placing another nail in FFELP's coffin, the Department of Education has sent a letter to colleges currently participating in FFELP, detailing the steps being taken to ease their transition into issuing Stafford Loans through the federal Direct Loans program.

While Congress has not yet voted to move all federal student loans into the Direct Loan program, and while lenders and other organizations are still proposing alternatives to President Obama's suggestion of eliminating FFELP, many people seem to already regard the move as a done deal, regarding it as unlikely that any lenders will be around for much longer than the next academic year. Time will tell whether this proves to be the case, but for now students who were previously borrowing from U.S. Bank will still need to switch lenders at least one more time.

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Obama Pledges New Funding for Community Colleges

July 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.

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New Report on Highest-Paying Colleges and Majors

July 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.

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