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More Students Receiving Financial Aid

April 15, 2009

by Scholarships.com Staff

As college costs continue to rise, the percentage of students receiving financial aid also continues to grow.  As of the 2007-2008 academic year, a full two-thirds of undergraduate students received some form of student financial aid, with 47 percent receiving federal aid. This is according to the "First Look" report on the National Postsecondary Student Aid Study published by the National Center for Education Statistics yesterday.

The First Look report shows that the percentage of students receiving aid has continued to increase, from 63 percent in 2003-2004, and 55 percent in 1999-2000.  It also provides a breakdown of the percentage of students receiving different forms of financial aid, such as grants and scholarships, federal student loans, federal work-study, and federal PLUS loans.  According to the report, 52 percent of students received college scholarships and grants, while 38 percent of students borrowed federal student loans.  Relatively few students took advantage of work-study and PLUS loans.

NCES collects and publishes data on financial aid every three years and the First Look report is typically followed by a more in-depth analysis.  The National Postsecondary Student Aid Study draws from a sizable sample of students:  114,000 undergraduates and 14,000 graduates at 1,600 colleges and universities. Additional information is available on the NCES website.

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College Students' Credit Card Debt Increasing

April 16, 2009

by Scholarships.com Staff

While an increasing number of college students received financial aid in the 2007-2008 academic year, that calendar year students also ran up more credit card debt.  The average college student owed $3,173 on credit cards in March 2008, compared to $2,169 in 2004.  This information comes from the student lender Sallie Mae, which has been tracking students' credit card debt since 1998.

The study also found that student credit card debt increases with grade level.  The average freshman owed $2,038 on credit cards, while the average senior owed $4,138.  The money is not just being spent on beer and pizza, either.  According to a supplemental survey by Sallie Mae, the vast majority of students (92 percent) report charging at least one educational expense, such as books, to a credit card.  This figure is also higher than in 2004, as is the percentage of students charging tuition to a credit card, which now stands at nearly 30 percent.  Students reported charging an average of $2,000 in educational expenses to credit cards.

Higher tuition, a poor economy, and difficulty finding private loans may have already pushed these numbers higher for 2009.  With high interest rates and the need to begin repayment immediately, credit cards are one of the worst ways to pay for school.  Scholarship opportunities and federal student financial aid should definitely be explored before students resort to charging tuition to a card.  A variety of grants and scholarships, as well as low interest student loans, can help students avoid credit card debt while in college, and keep their debt from consuming their entire salary when they graduate.  Before you reach for the plastic to pay your campus bills, spend a few minutes doing a free scholarship search.  You may be very glad you did.

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Anonymous Donations Fund Scholarships at Several Universities

April 21, 2009

by Scholarships.com Staff

In the past few weeks, at least nine universities have received donations of at least $1 million, with instructions that the money be used primarily to fund scholarship programs. The donations, which total at least $45 million, have been given to colleges across the country since March, according to the Associated Press.

While anonymous donations happen from time to time, this circumstance is still highly unusual, since no college officials know who provided the gifts.  Typically, the college knows the donor's identity but agrees not to reveal it.  However, schools benefiting from this wave of anonymous donations have been contacted by representatives of banks or law firms, rather than by the donors themselves, and have been asked not to attempt to ascertain the donor's identity.

The donations have largely been met with gratitude. They are well-timed, given the state of the economy and many colleges' current attempts to meet the increased financial need of students.  Families are experiencing greater need for financial aid, and colleges' endowment funds, including endowed scholarships, have lost large amounts of money, giving them fewer resources to use.

For students at these colleges, as well as other schools that have recently benefited from generous donations, the scholarship opportunities they provide could mean the difference between attending college and staying home.  However, these anonymous donors are not the only people out there dedicated to making a college education possible for students in tough times.  You can do a free scholarship search for information on more scholarship awards.

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Obama Signs National Service Bill

April 22, 2009

by Scholarships.com Staff

Yesterday, President Obama signed into law a bill to expand Americorps, a national service program that provides small stipends to people of all ages engaged in volunteer work throughout the country.  The act, officially known as the Edward M. Kennedy Serve America Act, paves the way for Americorps to grow in size from its present 75,000 volunteers to as many as 250,000 volunteers by 2017.

In addition to creating more volunteer positions, the Serve America Act will also increase the education stipend for volunteers to $5,350, the same amount as Federal Pell Grants.  This will enable more recent graduates and people currently attending college to participate in Americorps programs, which are becoming an increasingly popular alternative to employment in the current economy.

The national service bill, sponsored by Senator Kennedy, quickly made its way through both houses of Congress, receiving bipartisan support, as well as a ringing endorsement from President Obama, who has long been a proponent of community service.  Congress still needs to find funding for Americorps to begin to expand, but a provision to provide an immediate 25% increase in funding to the program was included in Obama's 2010 budget proposal.

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Study Shows Substantial Increase in Private Student Borrowing

April 23, 2009

by Scholarships.com Staff

Analyses of the data published last week by the National Center for Education Statistics are already starting to emerge.  The Project on Student Debt has announced that a significantly larger portion of students borrowed private loans in the 2007-2008 academic year than in 2003-2004, according to the NCES survey.

Private loan borrowing increased by 9 percentage points, with 14 percent of students now relying on private loans, as opposed to 5 percent in 2003-2004.  Not surprisingly, more expensive schools saw the biggest increase in private student loans.  At for-profit colleges, the percentage of students borrowing private loans increased from 14 percent to 43 percent, while private non-profit colleges also saw a substantial increase.  Overall, 32 percent of students at schools charging more than $10,000 per year in tuition wound up borrowing private loans in 2007-2008.

While the credit crunch may slow the rate of private borrowing in the near future, these student loans still are regarded as the best or only option by some students.  According to the Project on Student Debt's analysis, 26 percent of private loan borrowers did not take out any Stafford Loans first, and 14 percent did not even complete the FAFSA.

Private loans generally carry the highest interest rates and least flexible repayment terms out of all student loans and most experts encourage students to avoid them if possible.  Explore other options for financial aid first, especially grants and scholarships.  You will also want to consider your potential debt loand when choosing a college.  Since students at more expensive schools are more likely to have to borrow private loans, students with limited financial resources should think carefully about the relative merits of a private college as opposed to a state college or community college before committing themselves to private loan debt.

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Student Loan Default Rates on the Rise

April 24, 2009

by Scholarships.com Staff

Student loan default rates are rising for both federal and private loans as more recent grads struggle to find work.  The Wall Street Journal reports that the federal default rate is nearing 6.9 percent, the highest it's been since 1998.  Similarly, some private lenders are experiencing default rates that have already nearly doubled in just a year or two.

Loan repayment woes are expected to get worse as tuition continues to rise and the job market remains depressed.  Since student loans cannot be discharged through bankruptcy, borrowers are stuck with their debt no matter what happens.  Add in continued increases in the number of students borrowing to pay for school and the amount they borrow, and student loan defaults are poised to be a serious long-term problem whether or not the economy recovers quickly.

Borrowers do have some flexibility in negotiating their loan repayment terms, especially with federal Stafford Loans.  Borrowers of federal and private loans are also able to apply for a temporary forbearance, halting payments but not the accrual of interest, if they find themselves unable to pay.  However, reduced monthly payments now will mean either larger payments or more payments in the long run.

If you are looking at ways to pay for college, the best strategy is still to avoid student loans to the greatest extent possible.  Do a free college scholarship search and be sure to factor cost and available financial aid into your college search, as well.

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Colleges Have Facebook and Know How To Find You

April 29, 2009

by Scholarships.com Staff

By now you've probably been told at least once to be careful what information you put online.  A survey conducted by the National Association for College Admission Counseling serves as a reminder of just how many people might be viewing your online presence, and just how high the stakes can be.

According to results published in Inside Higher Education, 26 percent of colleges admit to running students' names through search engines, while 21 percent use social networking sites, such as Facebook.  While this is far from everyone, it's still a significant portion of schools, and if you apply to even four or five, there's a chance that at least one of those schools has a policy of checking up on at least some prospective students.

This doesn't mean you need to agonize over the psychological implications of every single status update, though.  Schools that report viewing students' online profiles do so primarily in the context of reviewing candidates for prestigious scholarship awards or highly competitive degree programs, mostly to make sure nothing potentially embarrassing to the program surfaces when your name is announced.  Setting debates over privacy and potential discrimination aside for a moment, this information should give you an idea of what you should and should not post, and why.

If you're applying for scholarships or your college search is skewing towards the prestigious and highly competitive, you may want to have a chat with your friends about any incriminating photos they've tagged you in.  Similarly, you may want to avoid publishing any highly offensive or objectionable content on anything that appears high in a list of search results for your name.  All of this is good practice for life, since admission officers are hardly the only people who may think to look into your online life before offering you something you want.  Scholarship providers, internship programs, and future employers may all check out this information.

So before starting your scholarship search or writing your college application essays, do a search for your name and see what comes up.  If it's something that may embarrass you or hurt your chances of winning scholarships or gaining admission to your dream school, consider deleting it.  Maintaining a professional image online is going to benefit you in both the short and long term.

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Scholarships Are Still Available for Students Short on Aid

May 1, 2009

by Scholarships.com Staff

As prospective college students are making their final decisions and sending in deposits to their schools of choice, many are finding themselves unexpectedly short on financial aid.  The New York Times and Los Angeles Times each ran a story today on California high school seniors struggling to pay for school in the midst of their state's continuing economic woes.  State budget difficulties have caused schools to limit enrollment and stretch institutional aid even thinner, while high unemployment means more students need more aid than before.

Students in Florida are also struggling to make up for an unexpected gap in their financial aid.  According to the Miami Herald, recipients of the state's Bright Futures scholarships will not see an increase in their awards next year, despite projected tuition hikes of 8 to 15 percent across the state.

Other states and university systems are also facing difficulties meeting students' full financial need, so many other students are likely to be in this boat.  If you've completed a FAFSA and applied for institutional and state aid, but are still short of what you need to pay for school, there are still scholarship opportunities out there, even this late in the game.  For example, Scholarships.com is currently accepting applications for our Resolve to Evolve Scholarship, a $1,000 award that can be applied towards your tuition next fall. There are many other college scholarships available. You can find out more by doing a free scholarship search.

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High School Seniors: Your Last Semester Still Matters

May 7, 2009

by Scholarships.com Staff

We're now a solid week into May, and for most high school seniors, that means a switch back from obsessively worrying about making it into college to concentrating on the more immediate task of trying to make it to graduation while finalizing those all-important summer plans.  Once AP exams are out of the way and college deposits are paid, it can be tempting to shift focus entirely away from schoolwork and towards enjoying your last days as a high school student.

However, an article in USA Today warns that the temptation to just coast through the last days, weeks, or even months of one's senior year of high school can carry dire consequences this year.  Colleges typically request a final transcript once you've officially graduated from high school, and often include language in their admission letter saying that their decision is contingent on receiving this information.  While colleges have always given this final semester at least a cursory glance, in previous years, they have tended to largely be forgiving.  But as with nearly everything else in college admissions, this year may be different.

Many schools are admitting more students and adding more names to their wait lists due to a larger group of applicants and greater uncertainty about where students will end up attending college.  As a result, it's more possible now than ever that some schools will overfill their freshman class, prompting them to need to rescind some admission invitations, while others may find themselves drawing extensively from the wait list, meaning students who may not have been reevaluated at all are having their transcripts scrutinized for possible acceptance into their dream school.

Students are encouraged to let colleges know if any problems have come up that might jeopardize their acceptance for fall.  Your college would rather hear from you than your high school, especially if you are able to explain extenuating circumstances and how the situation has been addressed.  This is generally good policy if you find yourself falling short of requirements after something's been awarded, whether it's acceptance into a program or a college scholarship.  On the same note, letting schools know if something fantastic has happened your final semester of school also couldn't hurt.  For example, if your GPA has jumped and you are now eligible for more financial aid at your college, contact the school and see if there is still funding.  I know people who have found themselves awarded university scholarships as late as July, and every time it was because they contacted the school, explained their situation, and asked about the award.

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Does Facebook Use Affect College Grades?

May 8, 2009

by Scholarships.com Staff

More material continues to be added to the debate over whether sites like Facebook help or hurt undergraduate students.  Last month, preliminary research by a graduate student at Ohio State University caused a stir by suggesting that the use of social networking websites was somehow connected to lower college grades. Now, a new study published by researchers at Northwestern University, Stanford University, and the University of Pennsylvania suggests that if anything, Facebook users have higher grades than students who do not use social networking sites.

While both studies are very preliminary, their findings have sparked a great deal of discussion and debate.  Many professors and some students regard sites like Facebook as distractions from coursework and assaults on students' attention spans.  Others see no harm and a great deal of benefit from being able to connect with peers and share ideas and information more easily online.  Some instructors have even incorporated social networking into their curricula and have encouraged students to friend them online.

Social networking sites are becoming an increasingly large part of the lifestyle associated with attending college, and are increasingly being used as tools in college admissions, as well.  Do you use any of these websites?  Have you seen any connection between your internet habits and your grades?

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