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Draft of House Stimulus Package Revealed

Jan 16, 2009

by Scholarships.com Staff

While it's still a long way from becoming law, the first published draft of the economic stimulus legislation created by the House of Representatives includes billions of dollars for higher education, including several provisions designed to make paying for school easier.  The bill still has to be approved by both the House and the Senate (which is drafting its own stimulus legislation) then signed by the President, so it remains to be seen how many of the following appropriations will make it into the final version of the stimulus package.

The stimulus bill would increase funding to several federal student financial aid programs, as well as providing emergency funds to states to prevent further drastic budget cuts, and designating money to help colleges, especially ones affected by disasters, make needed improvements and repairs.  If the bill is passed, federal work-study will receive a boost in funding, as will Pell Grants, eliminating a projected budget shortfall for the program.  Unsubsidized Stafford Loans will increase by $2,000 per year, bringing the loan limit to $7,500 or more for undergraduate students.  The maximum Pell Grant award will also increase to $5,350.  In addition, lender subsidies will also increase, hopefully enticing more banks to remain in the FFEL program.  The Hope tax credit and a provision that allowed families to deduct up to $4,000 in educational expenses will also be combined into a new $2,500 tax credit, through which families with too little income to file taxes could still receive $1,000.

As Congress hammers out the details of the stimulus bill in coming weeks, these numbers will likely change.  A more detailed breakdown of these and other proposals affecting colleges and universities is available from Inside Higher Ed.

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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Academic Competitiveness and SMART Grants More Popular, Still Underused

Jan 15, 2009

by Scholarships.com Staff

While many stories right now are focusing on financial aid programs finding themselves strapped for cash to award an increased of needy applicants, this is not universally the case. Data published by The Chronicle of Higher Education shows that two federal grant programs that were added in 2006 still have more awards than applicants.  The Academic Competitiveness Grant (ACG) and Science and Mathematics Access to Retain Talent (SMART) Grant have gained some participation, but still they're still falling short of enrollment goals.

Both grants are intended to supplement Federal Pell Grants for students who are both academically talented and financially needy. The ACG is a grant of $750 to $1,300 for college freshmen and sophomores who have completed a rigorous high school curriculum and excelled academically, while the SMART Grant is an award of up to $4,000 per year designed to support college juniors and seniors who are enrolled in a science, math, engineering, technology, or critically needed language program.  Approximately 465,000 students received the ACG and SMART grants in the 2007-2008 academic year, up 95,000 from the first year they were offered.

In order to attract more applicants and meet their goal of doubling participation by the 2011-2012 academic year, the department is pushing financial aid administrators to become more aware of award criteria and to make sure the grants are being fully awarded.  In addition, requirements have also been loosened and students enrolled in eligible five-year programs will be able to receive a SMART grant in their fifth year of school beginning in July.

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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Senate Holds Confirmation Hearing for Arne Duncan

Jan 14, 2009

by Scholarships.com Staff

During his confirmation hearing Tuesday, Arne Duncan, Obama's appointee for Education Secretary, disclosed broad ideas but few specific plans for education in America.  Much of the hearing before the U.S. Senate focused on elementary and secondary education, though questions related to paying for college did surface.  Duncan's primary focuses appear to be on college access and college affordability, moving away from the emphasis on accountability the nation has seen under Margaret Spellings, the current Secretary of Education.

According to coverage by The Chronicle of Higher Education and Inside Higher Ed, Duncan's primary goal related to college aid is to guarantee access to student loans for everyone attending college.  Taking up one aspect of Spellings' policy, he also expressed an interest in simplifying the FAFSA to make applying for federal student financial aid more enticing for college students.  Additionally, Duncan pledged to work towards the goals of increasing Federal Pell Grants and instituting the $4,000 education tax credit that made up a major part of Obama's campaign platform.

Congress may already be taking steps towards some of these goals in drafting the next economic stimulus package.  Reports have abounded this week that plans are in the works to increase the maximum available Pell Grant by $500 and to consolidate two existing federal higher education tax options into one $3,000 tax credit for higher education expenses.

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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Obama Transitional Website Seeks Comments on College Affordability

Jan 7, 2009

by Scholarships.com Staff

Barack Obama became known for his web presence during his Presidential campaign.  He and his transition team have kept up this reputation through YouTube addresses and websites such as Change.gov, the official transitional website.  Now the Obama transition team is asking for public comments--or at least blog comments--on issues related to paying for school.  A post on the Change.gov blog is currently soliciting feedback about college affordability.  While there's no guarantee that the President-elect himself will read your post, if you would like to weigh in on educational policy at least in a small way, you can view and comment on the January 5 Change.gov blog post "Keeping College Affordable." 

The blog post, along with many other recent discussions of college costs, makes a nod to former Rhode Island senator Clairborne Pell, who passed away on January 1.  Pell was instrumental in shaping the current federal student financial aid system by helping create the Federal Pell Grant, which was named after him.  Pell Grants continue to make up an important part of the financial aid packages of many students, covering up to the full cost of tuition at some state and community colleges

However, as tuition costs rise, Pell Grants and other sources of federal aid are not enough to make college affordable for an increasingly large number of students.  During his campaign, Obama proposed a few substantial changes to the way college financial aid is structured, and hopefully his administration will do more to seek out and act upon feedback from those who are struggling with the costs associated with higher education.  However, if you're skeptical, or just looking for more immediate ways to make college affordable, there are resources available.  Start with a free college scholarship search on Scholarships.com.  Many scholarship application deadlines are approaching in the coming months, but there is still abundant scholarship money for those who take the time to apply.

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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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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Treasury to Aid Private Student Lenders

Nov 26, 2008

by Scholarships.com Staff

Yesterday, the Federal Reserve and Treasury announced a new program to further shore up the banking industry in the face of a recession that appears to still be worsening.  The program would devote $200 billion to shoring up consumer credit markets, including credit cards, car loans, and student loans.  The hope is that this new program will make these forms of credit more widely available to people who need them, including students who depend on private loans to help pay for school.

The New York Times explains that this is the first time the federal government has intervened to finance consumer debt and describes the program as " com[ing] close to being a government bank."  Coupled with recent efforts to expand and sustain federal student financial aid programs, namely the Federal Family Education Loan Program (FFELP), the federal government has expended a fairly vast amount of resources on student financial aid.  However, some are questioning how the money is being spent.

The Project on Student Debt is one organization that has encouraged the federal government to exclude private student loans from rescue packages.  While the lending industry has been hit hard in the last year, this organization is one of several voices urging that students be steered towards more affordable means of financing their educations.  The National Association of Student Financial Aid Administrators, while supporting the Treasury's decision, also called for a reevaluation of the role of private loans in paying for college.  Private student loans, which carry higher interest rates than federal loans, are intended to be used as a last resort after Federal Stafford Loans, campus-based aid programs, and scholarship money have been exhausted and students are still coming up short on their education expenses.

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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Election Results and Higher Education

Nov 5, 2008

by Scholarships.com Staff

The election is over, and while we're still waiting for some results to come in, such as the ultimate fate of Colorado's anti-affirmative action ballot measure, most races have been decided and commented on. Overall, higher education fared well yesterday, and Inside Higher Ed provides a breakdown of wins and losses for college-related measures, as welll as an in-depth discussion of the brand new affirmative action ban in Nebraska.

The biggest focus this morning has been on Barack Obama's presidential win. News sources across the country are already speculating on what he will and will not be able to accomplish once he takes office in January. While Obama had stated in his second debate with Senator McCain that he planned to make education a priority for his administration, concerns are being expressed over financial barriers to his proposals. As President, Obama would like to shore up the Federal Pell Grant program, eliminate the Federal Family Education Loan Program (FFELP) in favor of Direct Loans, and implement a $4,000 tax credit for families with students in college, among other goals. However, the economic crisis may make these goals difficult.

A more Democratic Congress also has ambitious plans that could affect higher education, including potentially revisiting a bill that would allow private student loans to be discharged in bankruptcy. Democrats also are hoping to provide more money for job training programs to community colleges, as well as more support for and fewer restrictions on research conducted by universities. Congress also expects to revisit and revise No Child Left Behind, the Bush administration's ambitious, though largely unpopular, education bill.

Education policy makers will also change in January, with some seats in the House and Senate educational committees being vacated and a new Education Secretary coming in with the new president. How the results of the election will change the face of attending college and funding your education remains to be seen.

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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Election Day Roundup: Education Issues at Stake in '08

Nov 4, 2008

by Scholarships.com Staff

It's November 4th, and that means election day for everyone in the U.S. If you haven't already cast an early or an absentee ballot, here's yet another reminder to show up at the polls today.  Education has become a major concern due to economic instability, decreasing availability of student loans, and the rising costs of attending college.  Today you can make your opinion on education known, and not only in the Presidential and Congressional races.

Voters in eleven states will pick a new governor, and according to The Chronicle of Higher Education, new governors in five states will play an important role in setting educational policies in coming years.  Voters in Indiana, Missouri, North Carolina, Vermont, and Washington can check out coverage of what's at stake in terms of education here

State referenda in thirteen states also have the potential to affect educational policy on issues ranging from school funding to affirmative action.  The Chronicle of Higher Education provides info on these referenda here, and Diverse Issues in Higher Education also addresses them here

If you're just starting down the road to a college education, the people elected today and the measures passed today will have a direct influence on the shape of your academic journey.  Your ability to fund your education, your experience at college, your ability to meet your college goals, and even your chances of getting into the college of your choice could change based on what happens today.  So if you can, read up on the issues and get out there and vote.

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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State Governors Request Maintenance of Effort Waiver

Oct 31, 2008

by Scholarships.com Staff

Remember that provision in the Higher Education Act that was supposed to help keep tuition down by requiring states to maintain their level of funding for higher education?  Since state governments are required to balance their budgets each year, the act included a provision that allowed the Secretary of Education to waive this "Maintenance of Effort" requirement in the event of "a precipitous and unforeseen decline in the financial resources of a State or State educational agency."

Yesterday, the National Governors Assocation sent a letter to Margaret Spellings arguing that the current economic situation qualifies as such a circumstance.  The letter cites the budgeting crisis over half the country currently faces, with a budget shortfall of more than $26 billion spread across 27 states and expected to grow.  States are forced to make tough choices to balance their budgets, and the choice of cutting funding to higher education is certainly among these.

If the Maintenance of Effort requirement is not waived, states that fail to maintain required levels of higher education spending will lose out on some federal grant money designed to help low-income students prepare for and attend college.  Either way, students struggling to pay for school may find themselves struggling more next year.  So keep plugging away at those scholarship applications!

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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More Colleges Turn To Direct Loans

Sep 30, 2008

by Scholarships.com Staff

The U.S. Department of Education released a series of new statistical reports last week showing a dramatic increase in participation in the federal direct lending student loan program.  Motivated largely by the economic downturn and the credit crunch of the last year, 400 new colleges joined the federal direct lending program.  Overall, student borrowing through the program has increased by 50 percent in the last year.

The federal direct lending program provides students at participating schools with Stafford Loans directly, instead of going through the intermediary of a bank, as is done in the Federal Family Education Loan Program (FFELP).  In previous years, borrowing through FFELP could land students with lower interest rates, as well as significant repayment incentives, but that has changed significantly since 2007 as a result of subsidy cuts and economic difficulties faced by FFELP lenders.  Since direct loans are serviced directly by the Education Department, they are largely exempt from the fallout of the credit crunch and are currently more appealing to many colleges.

There is good news for students at schools that continue to participate in FFELP, though.  Lenders are participating in the loan buyback program enacted as part of the Ensuring Continued Access to Student Loans Act passed earlier this year.  About 40 percent of the student loans in the bank system have been sold to the Education Department, with paperwork being completed on much of the remaining balance.  This move appears to have worked to allow lenders to fund loans for students, as the Education Department also reports that not a single student has had to participate in the federal "lender of last resort" program.

In other financial aid news, Congress recently approved $2.5 billion in Pell Grant funding, to help tide the program over through March 2009, at which point most spring semester grant awards should have been disbursed.  All of this news suggests that students are highly likely to be able to continue to find federal student financial aid for college, at least for the forseeable future.  Of course, finding scholarships and avoiding student loans is still a smart plan, but this news suggests that despite growing fears about the economy, federal financial aid will still be available to students who need it.

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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