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Despite Its Name, Earning This Scholarship of the Week is NOT Impossible!

The Impossible Ones Movement is Now Accepting Applications

September 10, 2012

Despite Its Name, Earning This Scholarship of the Week is NOT Impossible!

by Alexis Mattera

Application forms. Transcripts. Essays. Letters of recommendation. With so many components that go into an average scholarship application packet, it may seem like earning money for college is impossible...but that couldn’t be further from the truth. There’s a scholarship out there for everyone and our latest Scholarship of the Week – Pencils of Promise’s The Impossible Ones – could be the one for you!

Pencils of Promise is awarding scholarships to The Impossible Ones – the dreamers audacious enough to believe they can change the world and hungry enough to actually do it. Pencils of Promise will award $5,000 in scholarships to students that join The Impossible Ones movement by spreading awareness about the global education crisis and fundraising to build schools in the developing world. Students who fundraise over $100 will be entered to win scholarships ranging from $500 to $1,000 weekly until October 31st. Additionally, each student who fund-raises more than $1,000 will be entered to sail around the world on Semester at Sea and receive 12-15 college credits.

Want to make your college dreams possible? Visit The Impossible Ones’ website to learn more and apply. As always, you can find additional scholarship information by conducting a free Scholarships.com scholarship search today!


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Debt-Ceiling Deal Spares Pell Grant Program

by Suada Kolovic

Unless you’ve taken residence under a rock for the past few weeks, you’ve heard about the debt ceiling crisis. Thankfully, the White House and Congress have reached a deal to raise the nation’s borrowing limit and shrink the federal deficit which avoids many of higher education’s worst-case scenarios, namely cuts to Pell Grants, the end of subsidized student loans or a government default that would leave student financial aid and other funding for colleges in limbo.

Here’s the breakdown: The agreement would cut $1 trillion right away and create a committee to reduce the deficit by another $1.5 trillion by November. If approved in Congress, it will avert default on the nation’s debts and ensure that the government has enough money for federal benefits, including student aid. In layman’s terms, the bill would provide $17 billion for the Pell Grant program but the measure would only be temporary. Because House conservatives oppose tax increases, it is likely that the committee charged with reducing the deficit will favor spending cuts over revenues increase, putting Pell Grants and other student aid programs at risk for cuts in the near future.

Do you think slashing funds for higher education is problematic? Let us know what you think.


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Stanford Receives $150 Million Gift to Fight World Poverty

by Suada Kolovic

With the economy in a slump, debt-ridden college students aren’t alone in their financial struggles. Colleges and universities nationwide – who’ve had a fair share in creating insurmountable amounts of debt for the majority of students – have struggled to attract potential donors as concerns about volatile markets remain. Stanford University, however, may be the exception: A local philanthropist and his wife have donated $150 million to establish an institute aimed at alleviating global poverty.

The gift from Robert and Dorothy King includes a $100 million grant to start the Stanford Institute on Innovation in Developing Economies, which will be known as Seed. The new center will be housed in the business school and will conduct research, coordinate courses in social entrepreneurship and design, and oversee projects worldwide to alleviate poverty. "We know there are people out there who can make this world a better place, and we want to get behind them," Mr. King, a venture investor and philanthropist in Menlo Park, Calif., said in a YouTube video about the institute. The remaining $50 million will be set aside to encourage donations to Stanford programs that tackle poverty and, if all funds are matched, the total could reach $200 million.

What do you think of Mr. and Mrs. King’s donation to Stanford and not those in need directly? Is this a step in the right direction or not?


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Federal Student Aid

Strategic Plan, Fiscal Years 2011-15

September 30, 2010

Federal Student Aid

by Suada Kolovic

In a new strategic plan, the Education Department’s Office of Federal Student Aid (FSA) promises to take on additional responsibilities to improve its outreach to students and “intensify efforts” to reduce fraud and abuse in its programs. The plan is composed of five strategic goals and sets performance targets for each of them for the next five years. One goal calls for identifying students for whom financial assistance can make a difference and reaching out to these students more effectively, while another objective promises to ensure that funding for college will serve the interests of the students first and foremost by ensuring “program integrity.”

As the largest single source of funding for postsecondary education in the United States, FSA distributes almost $130-billion in aid a year and administers a loan portfolio valued at $700-billion. And with bank-based lending programs coming to an end, its portfolio of Direct Loans is expected to grow from four million loans in 2008 to 29 million by 2015. When asked how the transition to direct lending is going, William J. Taggart, the office's chief operating officer, said that 96 percent of colleges are now in the program. (The remaining 4 percent are mostly small vocational schools that typically award fewer than 250 loans a year.) The participation rate is impressive, however, Taggart reports that the organization needs to step up its game when it comes to making this information available to students.

"We have to do a better job of making sure students who are eligible for aid know we're here," Taggart said.

Note: The best indicator of your eligibility for all federal aid is the FAFSA, which is available online to speed up processing and is ready for you to fill out starting Jan. 1 of each year.


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Keeping it All in the Family

College President’s Family Members Make Bank

October 1, 2010

by Suada Kolovic

For those of you who aren’t familiar with what exactly is going on here, I’ll tell you: It’s called nepotism - defined as favoritism shown to relatives or close friends by those with power or influence. And what I wouldn’t give to be a member of Paula S. Wallace’s family right now. Ms. Wallace co-founded the Savannah College of Art and Design (SCAD) in 1978 with her parents and her then-husband. Since then, it has grown into one of the nation’s largest art schools and with that increase in success came an increase in compensation. According to her 2008 tax returns, Ms. Wallace made $1,946,730.

That amount tops the compensation of all but a handful of college chiefs. But SCAD, a relatively pricey and prosperous art school, is smaller than universities that pay in that range. Ms. Wallace, who is in her early 60s, became SCAD’s president in 2000. Her total compensation package grew by about $1.5-million between 2008 and the previous reporting period. But Ms. Wallace isn’t the only one raking in insane amounts of cash; she turned it into family affair.

Employee Current Title 2008 Compensation
Paula S. Wallace President and co-founder $1,946,730
Mother, May L. Poetter Trustee and co-founder $61,767
Husband, Glen E. Wallace Senior Vice President for College Resources $289,235
Son, John Paul Rowan Vice President, Hong Kong Campus $233,843
Daughter, Marisa Rowan Director of Equestrian Programs $101,493
Daughter-in-law, Elizabeth Rowan Director of External Relations, Hong Kong Campus $85,494

But where exactly does this money come from, you ask? Well, a large portion of the pay earned by Ms. Wallace and her husband comes from a for-profit entity called the SCAD Group Inc. This for-profit arm provides nonacademic services to SCAD—which has three branch campuses and a distance-education operation—including human resources, financial management, communication and student support. In 2008, its share of total income amounted to $111 million, or an amount equal to about 43 percent of the college's total expenses of $261 million. Did I mention this for-profit subsidiary also owns an airplane that administrators and trustees use for business, AND the pays for a personal assistant for Ms. Wallace? Guess I just did!

If you’re a SCAD student, were you aware this collegial family tree was in place? And for students everywhere, how would you feel knowing that your school was structured this way instead of with much more qualified individuals?


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Obama Extends an "Opportunity" to College Students

The American Opportunity Tax Credit, That Is

October 13, 2010

Obama Extends an "Opportunity" to College Students

by Suada Kolovic

The financial aid process can be a daunting one but if you’re planning on attending college any time soon, you should know that there are tons of federal student aid options out there – from Pell Grants to Perkins Loans to FAFSA – but your eligibility to receive aid depends on your level of need and, subsequently, how much aid you are eligible to receive. So, to the folks right in the middle: How does a tax credit sound? The American Opportunity Tax Credit, created in the 2009 economic stimulus bill, expires in 2010, but President Obama has proposed making it permanent, with a price tag of $58 billion over 10 years.

Now what does this mean to you? Because the Opportunity Tax Credit is more generous than its predecessor, the Hope Tax Credit, it provides a credit of up to $2,500 rather than $1,800 and it phases out at a higher income level – $160,000 for married couples filing jointly instead of $100,000. According to a report by the Department of Treasury, it’s also partially refundable so students and families with little or no tax liability can receive up to $1,000 of it as a tax refund. The report comes as lawmakers are debating a bill to extend several expiring tax credits. Recent versions would not extend the American Opportunity Tax Credit, but President Obama hopes lawmakers will reconsider.

"The president obviously feels strongly that this is an important relief for middle-class families," said Gene Sperling, counselor to the Treasury Secretary.


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GOP Congressman: Pell Grants are Becoming ‘The Welfare of the 21st Century’

by Suada Kolovic

The GOP is no stranger to controversy and Friday’s interview with Rep. Denny Rehberg (R-Mont.) was no exception. In a radio interview with Blog Talk Radio, Rehberg went on a rant in which he compared the Pell Grant Program – the nation’s largest financial aid program – to the likes of welfare and denounced the fact that students who receive them don’t have a graduation requirement. "You can go to school, collect your Pell Grants, get food stamps, low-income energy assistance, section 8 housing, and all of a sudden we find ourselves subsidizing people that don’t have to graduate from college.” Rehberg added under the federal program, a student could "go to school for nine years on Pell Grants and you don’t even have to get a degree."

Jason Delisle, director of the Federal Education Budget Project at the New America Foundation, took issue with Rehberg's comments. "I don't know if it's a fair characterization that someone has decided to go through the hoops of applying to college, getting enrolled and showing up every day because it's the welfare lifestyle," he said. "If the issue is people are being lazy and living off the dole, so to speak, I don't think their first step is to enroll in college."

For the 2012 fiscal year, the Pell Grant program is set to exceed $40 billion. Some lawmakers have been exploring ways to reduce the cost of the programs by lowering the maximum grant size – which is currently $5,550 – or restricting eligibility. In Montana, Rehberg recently voted for the House GOP budget resolution, which would reduce the maximum Pell Grant to $4,705 and narrow the eligibility of applicants. If you’re eligible for Pell Grants, what do you think? Are Rehberg’s assumptions out of line?


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What Ever Happened to No Takesy Backsies?

Possible Pell Cuts Could Mean Revised Financial Aid Offers

April 6, 2011

What Ever Happened to No Takesy Backsies?

by Suada Kolovic

If you’re a high school senior and have received your financial aid package from your dream school, listen up: Congress may cut the Pell Grant program’s budget this year and colleges may have to roll back a portion of the financial-aid offers they made to students for the coming academic year. Translation: You may receive a smaller financial-aid package than was originally offered.

According to the Chronicle, both parties acknowledge that some type of restructuring will be necessary to put the program on sound financial footing, but lawmakers disagree on the size and scope of the cuts. Some proposals suggest lowering the maximum award, ending the year-round program and changing the income requirements in order to reduce the number of people eligible for the grants.

At a news conference held by the U.S. Public Interest Research Group, a college administrator and student advocates agree that cuts in award levels this late in the admissions process would be particularly hurtful to the low-income families the program serves. "Families with the most unsteady income, or who don't have much financial flexibility ... need the most time to thoroughly plan out their expenses," said Misty Whelan, a Pennsylvania high school counselor. With most decision deadlines around the corner – May 1 at many colleges – how do you feel knowing these cuts could potentially dictate where you go? Do you think it’s fair for colleges to backtrack on their offers? What ever happened to no takesy backsies?


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Obama Signs Student Loan Deal

by Kevin Ladd

There has been a lot of talk around student loan rates over the last few months, or even the last year or two, depending on how closely you've been listening. With the rising cost of higher education and the harsh reality that most students will need to take out loans to finance at least a portion of their education, federal student loan rates are a concern for many of us. Recently, President Obama signed a student loan deal to bring rates back down from the 6.8% to which they doubled on July 1st, when Congress failed to act before the deadline. Basically, the legislation is connecting student loan interest rates to the financial markets. This offers lower rates this fall because the government can borrow money relatively cheaply at this time and is far better than the 6.8% it has been for the last several weeks.

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by Administrator

In addition to the expansion of health coverage for Americans, another significant change has been made and another major economic issue addressed with the termination of the bank-based system of federally subsidized student loans.

With a vote of 220 to 211, the controversial bill, HR 4872, was passed by the House on Sunday and is expected to gain Senate approval within a few days. The bill, known best for the health-care provisions it contained, also addressed and closed the twenty year debate over whether to include private lenders in the federal student loan system.

Most of the savings expected to be derived from this major change (estimated at approximately $61 billion over the next decade) will be used for increasing the value of the Pell Grant for low-income students. Historically black colleges and community colleges are also expected to benefit from the savings this program offers. The House passed a similar bill in September of 2009, but didn't garner enough votes to pass the Senate. This time around, it was packaged with the health-care measure, and the amount dedicated to education has been reduced.


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