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Student Debt Forgiveness Programs Skyrocket

May 6, 2014

by Suada Kolovic

Unless you plan on paying for your college education out-of-pocket, completing the FAFSA and applying for scholarships are essential in your quest for financial aid. But have you considered federal programs that forgive student loan debt almost entirely? It’s an increasingly popular option: According to reports, government officials are trying to rein in federal programs that forgive some student debt, amid rising concerns over the plans’ costs and the possibility they could encourage colleges to push tuition even higher.

The fastest-growing plan requires borrowers to pay 10 percent a year of their discretionary income in monthly installments. The unpaid balances for those working in the public sector or for nonprofits are forgiven after 10 years while those private-sector workers see their debt wiped clear after 20 years. And while there is currently no limit on such debt, the Obama administration has proposed to cap the amount eligible for forgiveness at $57,500 per student. The cost? A report last week from the Brookings Institution estimated that the plan could cost taxpayers $14 billion a year! “Loan forgiveness creates incentives for students to borrow too much to attend college, potentially contributing to rising college prices for everyone,” the study said. The authors went on to recommend the forgiveness provisions to be scrapped entirely. (For more on this story, click here.)

Share your thoughts on federal student debt forgiveness programs in the comments and check out our financial aid section for more information on how to fund your college education.

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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Colleges that Produced the Most Current Members of Congress

Feb 20, 2014

by Suada Kolovic

With college on the horizon for high school seniors, students with political aspirations should understand that it's never too early to start making the right connections. And what better place is there to start than by attending the college that boasts 47 elected officials currently on Capitol Hill? (Curious as to which school I’m referring? None other than Harvard University, of course.)

With twice as many members of Congress counted as alumni, Harvard just might be the college for those with governmental ambitions. Georgetown University scores a distant second with 20 current members of Congress, followed by Yale University with 18. Check out the list below to see what other colleges might better your chances at making your political dream a reality:

For the complete list, head over to FindTheBest.

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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Colleges Accused of Misleading Students About Financial Aid Applications

Feb 7, 2014

by Suada Kolovic

Figuring out how you're going to pay for your college education can be daunting. And while no one would argue that filling out the FAFSA is an important piece of the financial aid puzzle, it seems that some colleges might be making the process more complicated...and costly.

Rep. Elijah E. Cummings of Maryland alleged this week that more than 100 universities – including dozens of elite and Ivy League institutions – may be violating the law by telling potential applicants that they have to spend money filling out an unnecessary form. In a letter to U.S. Education Secretary Arne Duncan, Cummings said 111 universities required a financial aid form developed by the College Board to be considered for any financial aid. Fifty-eight of the schools told applicants that they had to submit the $25 PROFILE form "in order to secure any type of financial aid, including federal student aid," Cummings wrote. The other 53 directed applicants to "submit both the FAFSA and the PROFILE to obtain federal financial aid, although they do not clarify what each form is used to assess." And while Cummings insists that these schools appear to be in violation of the Higher Education Act, some college officials have defended their use of PROFILE, stating that because it takes into account factors the FAFSA doesn't — like home equity and some business income — it allows universities to make fairer decisions on who needs aid the most. Meanwhile, Cummings has requested a meeting with Duncan to figure out what steps need to be taken to ensure that colleges are not creating unnecessary barriers to federal assistance. (For more on this story, click here.)

With all the outrageous fees students already must endure, what do you think of universities adding an additional one? Are you for filling out a form that costs you $25 if there is a chance you might get additional aid or against forking up more money than necessary? Let us know your thoughts in the comments section.

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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Federal Incentives for Aid

Sep 9, 2013

by Mike Sheffey

Recently, the federal government came out with a proposed plan to encourage academic excellence in college and linking it to federal aid.

Linking financial aid to academic performance? Wasn’t this already a thing? I mean, really? I completely understand where they’re coming from – I can’t slip below a 3.0 or I risk losing scholarships – and would have thought the federal government would be on a similar page. OK, so maybe that’s a bit harsh and I’m not saying that the minimum GPA would have to be a 3.0 but having some minimums on grading is something I fully support the federal government doing. I mean, if they view college students as the future, then they are investing in America’s future...and they’re probably going to want to emerge at the other end having viewed that investment as a smart idea. I know I’ve seen my fair share of people getting by without incentive to succeed but if your money and future were on the line, you’d see drastically different outcomes. And in the long run, I think we’d appreciate it: Better grades = better GPA = better skills = better jobs. (Or at least in simple terms, that’s how it would go.)

There is, however, the other side of the argument: In the same way that I believe high schools are pushed to be teaching to a test and not to the things we really need to learn (let alone the fact that ALL PEOPLE learn differently but standardized testing pushes a one-way system), I believe a federal system for weighing academic merit could descend into standardized tests for college professors. To be able to hold all college students to federal standards, the government would have to, right? THAT I cannot agree with.

The proposed plan also proposes a heavier focus on online classes. You can read my previous post about online textbooks but would a federal push for online classes devalue the classroom? All I know is that I’d need more details before they could sell me on some of this. But allocating more money to those doing well in school and less or none to those who don’t take it seriously or do well? I can see that. Don’t get me wrong, I’m not saying a 2.5 GPA or anything like that, but if you have a 0.5 and you are receiving federal aid, that’s a problem.

What do you think about the proposed federal plan?

Mike Sheffey is a junior at Wofford College double majoring in computer science and Spanish. He loves all things music and has recently taken up photography. Mike works for an on-campus sports broadcasting company as well as the music news blog PropertyOfZack.com. He hopes to use this blogging position to inform and assist others who are seeking the right college or those currently enrolled in college by providing advice on college life, both in general and specific to Wofford.

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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Why Single-Sex Colleges are Worth Considering

Sep 3, 2013

by Melissa Garrett

With the number of single-sex colleges in the nation dwindling, it can be rare to hear someone say that they attend a college for women but for me, it is something that I say with pride. Although some people have perceptions that single-sex institutions take away from one’s college experience, I personally believe that it has made mine unforgettable.

I had always visited my family in Pittsburgh during the summers as a teenager. As we would drive around the city looking at universities that I may want to attend, I always immediately dismissed Chatham University. However, I began to wonder how much a single-sex institution could really benefit me and over time, the idea actually became appealing. I looked into it and learned some interesting statistics, such as the fact that only 2 percent of female college graduates attend women’s institutions, yet they make up 20 percent of women in Congress.

I ultimately decided to apply to Chatham, which is most famous for alumni Rachel Carson, the marine biologist and conservationist who wrote Silent Spring. Making the choice to come here once accepted was definitely the best one I have ever made: Since we are all women, we can relate to each other well and are free to act as silly and comfortable as we would like. Close bonds are formed that I believe are found much less often at traditional universities. We don’t have sororities because essentially, we are one big sorority.

If you are exploring your college options, I encourage you to add single-sex institutions to your list. The experience is enriching and anybody who gets to attend college in this form should consider himself or herself to be lucky. Traditional colleges definitely have their great qualities but I personally wouldn’t trade my time at Chatham for anything in the world.

Melissa Garrett is a sophomore at Chatham University majoring in creative writing with minors in music and business. She works as a resident assistant and is currently in the process of self-publishing several of her books. She also serves as the president of Chatham’s LGBT organization and enjoys political activism. Melissa’s ultimate goal is to become a college professor herself.

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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For Some, "Pay it Forward" A Step Backward

3% Over 24 Years Not a Bargain for All

Aug 22, 2013

by Kevin Ladd

Dreamed-up in Portland Oregon and soon lauded in New Jersey, Washington, Ohio and elsewhere, the "Pay it Forward" plan could cost some folks more than simply taking out loans at 6.8%. With the plan calling for approximately $9B in start-up funds and requiring college grads to pay 3% of their income for the 24 years following graduation, only those making below a certain amount would benefit. Certainly, it would be great in the beginning and sounds easier than securing loans, but anybody looking at the big picture and planning to earn over $55K per year upon graduation should probably consider a more traditional path. As always, we recommend finding as many scholarships as possible to keep student loans to a minimum. Free money is better than either of the aforementioned options!

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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Merkley's "Pay it Forward" Guaranteed College Affordability Act

Dem. Senator Jeff Merkley Proposes Income-Based Loan Repayment

Aug 20, 2013

by Kevin Ladd

The new student loan bill Senator Merkley (D-Ore.) plans to introduce is a progressive idea intended to battle high loan repayment costs and hopefully restore the middle-class in the United States. The announcement of this proposal came after President Obama signed a student loan bill into law on August 9th. The new loan bill sets interest rates for undergraduate loans to the 10-year Treasury note plus 2.05% with a cap of 8.25%. While some Democrats oppose the bill as they feel Congress shouldn't "profit off the backs of students", it seems widely to be seen as an improvement over the default doubling of rates from 3.4% to a flat 6.8%. Merkley's goal is to make much bolder steps and pursue steps that more favor the middle-class and promote more affordable post-secondary education. As always, any ideas or comments you have are welcome and we will be sure to pass your ideas onto both the President and Senator Merkley!

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 Signs Student Loan Deal

Aug 19, 2013

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.

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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Study: Pell Grant Restrictions Affect Enrollment at Community Colleges in the South

Feb 13, 2013

by Scholarships.com Staff

Community colleges across the country have seen a steep decline in enrollments this year for a few reasons. A recovering economy steering students toward jobs and budget cuts that have led to fee increases have played key roles but changes to federal Pell grant eligibility are most notable. According to a new study, community colleges in the Deep South have been hit hardest by the changes that took effect last year.

The study, by Education Policy Center at the University of Alabama director Stephen Katsinas, argues that community college enrollments in Alabama, Arkansas and Mississippi are highly sensitive to changes in the federal grant program. Enrollment in 47 of the 62 two-year colleges across the three states declined this past fall and more than 5,000 students lost Pell grants – a change that the report's authors say can be directly attributed to the changes in eligibility. Students are now limited to just six years of Pell grants, fewer students automatically qualify for the maximum grant because of a lower income cap for receiving an “automatic zero” expected family contribution and students without a high school diploma or GED are no longer eligible.

While many states have started to see their economies improve, that’s not the case for the three states included in the study. In fact, not only have their economies not recovered but state-supported student aid programs are much smaller, so colleges have fewer resources for low-income students who no longer qualify for Pell grants. Both Pell grants and community colleges are "vital to enhancing college degree completion in the Deep South, for it is the community colleges where economically disadvantaged students begin higher education," the study noted. The enrollment numbers were based on surveys of community college officials. All of the two-year colleges in the three-state region responded. However, the national enrollment data for 2012 hasn't been compiled yet, said David Thomas, a spokesman for the U.S. Department of Education.

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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Duncan to College Applicants: "Shop Around"

Ed Sec Says Comparing More Schools Will Lead to More Informed College Choices

Jul 3, 2012

by Alexis Mattera

In the epic battle between quality versus quantity, it's the former that usually prevails but Arne Duncan has a slightly different proposal for soon-to-be college students: increase the quantity of schools you consider in order to find the best quality fit.

Though the annual Higher Education Research Institute survey reported that students are already employing that approach (just 12 percent of first-time, full-time freshmen applied to only one college in 2011), Education Secretary Duncan believes that too many students are making their college choices based on distance from home rather than price, majors and other factors vital to college completion and future success. He feels that if students apply to more schools and compare financial aid packages, they'll find the school and program that's right for them. But not everyone is buying into his "shop around" proposal. Lloyd Thacker, director of the admissions reform group Education Conservancy, said, "The problem with the admissions process is it's become too much like a transaction or consumer process, and less like an investment in education ... I'm not saying what he's doing is necessarily wrong but you need to be very thoughtful that good intentions are tied to sound research.”

Check out the full Inside Higher Ed article here and let us know what you think. Are you ready to go shopping with Duncan or will you be taking a different approach when applying to college?

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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Romney on College Costs

GOP Candidate Offers Little Comfort to Current and Hopeful College Students

Mar 6, 2012

by Alexis Mattera

If you want to go to college but can’t completely afford it, don’t expect Mitt Romney to help you bridge the financial gap.

During yesterday’s town hall meeting in Youngstown, Ohio, Romney made it clear that he would not promise to give students government money to cover higher ed costs. The advice he did offer regarding colleges was blunt – pick an affordable option, get scholarships, join the military and graduate early – and very different than the words of President Obama during his third State of the Union address, which discouraged tuition increases and aimed to double the amount of federal work-study jobs. Though this is a man who pushed for state-funded four-year tuition scholarships while serving as the governor of Massachusetts, Romney’s mantra is now firmly “don’t expect the government to forgive the debt that you take on”...or protect you from it, for that matter: He supports the House Republican budget which would cut Pell Grants by at least 25 percent.

What do you think of Romney’s position regarding higher ed funding?

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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