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Federal Student Aid

Strategic Plan, Fiscal Years 2011-15

Sep 30, 2010

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.

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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On the Prowl for Scholarships

Check Out This Scholarship of the Week from College Prowler

Sep 27, 2010

by Alexis Mattera

Finding enough funding for college is hard but that task is made even more difficult when college scholarship committees require applicants to meet countless requirements, fill out stacks of forms and write lengthy essays to even be considered. Well, College Prowler isn’t most scholarship committees and it's doing things a little differently with its $2,000 No Essay Scholarship.

The folks at College Prowler know students are busy and that times are pretty tough for a lot of people right now…but that’s precisely why they’ve created an incredibly easy way to give back to those who need it. All applicants have to do is complete a brief profile, hit submit and voila, they could win $2,000 to put toward tuition, housing, meal plans, books, computers or any education-related expenses. To apply, please visit http://scholarships.com/scc.aspx?pid=703 or complete a scholarship search to find additional opportunities.

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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Save the Perkins!

Proposed Amendment Will Keep This Loan Alive

Sep 23, 2010

by Alexis Mattera

The Perkins Loan Program has played a vital role in the quest for higher education (mine included) since 1958 but in two years, it could end up just as extinct as dinos and dodos. Can it (and the dreams of countless students) be saved?

The Perkins, or as one supporter affectionately calls it, “the David among the Goliaths of other aid,” is used by 1,800 colleges across the country yet Congress hasn’t provided any new money for the program since 2004. In 2009 alone, colleges awarded 495,000 new Perkins loans at an average of $2,231 per student and its demise would shut out college access to low-income students and eliminate the jobs of campus officials and loan servicers who help distribute the funds. Representative John Spratt clearly understands the importance of the Perkins and is sponsoring an amendment to delay the program’s cancellation – so much so that he held a hearing in Washington yesterday discussing the Perkins’ significance; though it probably won’t pass this year, Spratt is optimistic that with the support of the House Budget Committee and the schools relying on the loans, the amendment has a shot at approval next year.

“By its very nature, the Perkins Loan Program provides schools the flexibility to provide additional aid to needy students. The importance of this flexibility cannot be overstated,” said Sarah Bauder, assistant vice president of enrollment services and student financial aid at the University of Maryland at College Park, in her testimony during the hearing. “Financial aid administrators work where the rubber meets the road and have a unique perspective that allows them to assess students’ and families’ ability to pay for college in ways that aid applications will never be able to assess. When aid administrators see students and families struggling with unique circumstances, they need some flexibility to deliver funds to ensure the success of these students.” One such student, Joseph Hill, also testified. The Georgetown senior stated that though he received $26,000 in scholarships, the Perkins was what made it possible for him to attend the school of his dreams. “Last week, I was talking to my mother, and without hesitation, she said, ‘It still wouldn’t have worked without that Perkins Loan,’ ” Hill revealed.

There’s a lot more to the history of the Perkins and the fight to save it (get the details here) and as a former Perkins recipient, I can’t help but root for this little amendment that could. I'm definitely making a t-shirt.

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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Do Something…and Win!

This Scholarship of the Week Award is Twofold

Sep 20, 2010

by Alexis Mattera

Hey, you. The one with the sketchpad full of doodles, memory card filled with images and computer crammed with creations. Yes, YOU. Want to score a college scholarship and help out your school at the same time? Of course you do, because in addition to being wildly talented, you’re also a good person. Here’s what you need to do to make a difference in your life (a $1,000 scholarship) and the lives of others ($5,000 for your school’s music program and 5 HP Pavilion dv6z laptops for your school’s art program) with the Make Art. Save Art. Scholarship from DoSomething.org.

Like the award, the requirements are also in two parts. First, create a PC wallpaper using either your photographic, graphic design or traditional visual art skills and tell DoSomething.org why you think art education is important and why it should continue to be part of the curriculum. Next, upload your original work to Facebook and Twitter and see how many people share your design. Each time someone shares what you created, you’re one step closer to victory so use any and all connections you have to ensure your art is seen. And if a scholarship and funds for the arts aren’t enough, the winning designs will be available for download as PC wallpapers and featured on DoSomething.org.

There are many talented artists out there but only one entrant age 25 or younger will receive this excellent award. For more information, visit www.makeartsaveart.org and for other scholarships like it, conduct a free scholarship search at Scholarships.com.

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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MTV’s New Groove

Music Channel and College Board Launch Financial Aid Contest

Sep 17, 2010

by Alexis Mattera

Current high school and college students are probably too young to remember when MTV actually played music videos. It was a glorious time for sure but after hearing this next announcement, I think they will like the network’s new direction just fine.

The NYT’s The Choice blog revealed that instead of launching another mind-numbing reality show, the music channel and the College Board have joined forces for the Get Schooled College Affordability Challenge. The contest – which is being underwritten by the Bill & Melinda Gates Foundation – is open to current and potential college students interested in creating an innovative digital tool that will help more students obtain funds for school. The prize for the winning individual or team? A cool $10,000, as well as a $100,000 budget to bring their idea to life.

A statement released yesterday stated the contest was created to make it easier for students “to navigate what can be a confusing financial aid maze.” This metaphorical roadmap will definitely be a useful one: Each year, countless students are forced to postpone or abandon their dreams of higher education because they cannot pay for school but the Get Schooled creators hope their program will play a role in raising college completion rates.

The contest will run through December 17th so if you think you have what it takes to win, submit your idea here. Best of luck to all who enter!

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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Survey Shows Students Lack Accurate Financial Aid Information

May 25, 2010

by Scholarships.com Staff

A recent survey of high school students found that students are not only ruling out certain schools based on “sticker price” alone, but that many also overestimate how much financial aid they will be receiving to attend the college of their choice.

According to the survey, the high school seniors who participated were starting their college searches with inaccurate information on financial aid basics, the net cost of college, and general comparison shopping. The findings came from “Student Poll,” an initiative from the College Board and the Art & Science Group marketing firm that polled more than 1,600 high school seniors between November 2009 and January 2010.

An article in The Chronicle of Higher Education on the survey suggested something needed to be done to address students’ perceptions on the costs of college. Although the federal government will soon require all schools to provide prospective students with net-tuition calculators that will offer those students a clearer picture on what they would pay in tuition after any scholarships and grants, many of the respondents in this survey said they were not using similar calculators already available. Of those who did use calculators, most came from wealthier families; students from low-income families were less likely to use them.

The survey also found the following:

  • Nearly 60 percent of students reported looking only at the sticker price of an institution before taking financial aid into account; 28 percent had considered the net tuition price of a school after taking into account what they might receive in financial aid.
  • Related to parents’ influence on college choice, 26 percent of students said their parents insisted they attend the most affordable option, 40 percent said their parents insisted they apply to a more affordable school, and 22 percent said their parents ruled out a school that was outside their budget.
  • About 64 percent of white students expect to receive merit aid; about 50 percent of Hispanic and 45 percent of African American students expect to receive merit aid.
  • About 60 percent of students who scored 1250 or higher on the SAT expect to receive merit aid.
  • Students expect grants and scholarships to cover 35 percent of their college education costs, loans to cover 21 percent, family or personal savings to cover 17 percent, and another 24 percent to come from their own or their parents’ earnings during college.

Despite the wealth of information out there, it seems that high school students are still unprepared and not equipped with realistic expectations when it comes to navigating the financial aid process. Are you nervous about where you should start? Check out the college cost calculators we provide, and cultivate relationships with financial aid administrators, as you can never be too prepared when it comes to determining how much your education will cost, and you’ll pay for it once you’ve got that information.

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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Should More Changes Follow Switch to Direct Loans Program?

May 14, 2010

by Scholarships.com Staff

July 1 marks the official date that colleges, if they haven’t already, must transition to the recently approved Federal Direct Loans Program. Schools will no longer offer students the option of having private banks or credit unions handle their federal loans; federal loans will now be coming directly from the U.S. Department of Education. Advocates of the student loan bill have said this will make the process more seamless and fair, with the government taking responsibility for keeping interest rates manageable. And private loans will still be available via the traditional channels, although those loans are typically offered at higher interest rates.

The student loan debate has been a constant in the world of higher education, as legislators and administrators look for ways to reduce the debt of graduates. This week, The Christian Science Monitor considered student loans in a different way. Is it ethical to send students out into the world with all this debt, especially when they may not be making enough in their chosen careers to pay back those loans in a timely fashion? Are student loans moral?

The Christian Science Monitor piece looks at the history of the student loan industry, questioning whether it was ever right for Congress to increase borrowing amounts to current levels, or to offer students described as “in need” much easier access to federal loans through the re-authorization of the Higher Education Act in the 1990s. According to the Project on Student Debt, student loan totals only continue to rise. The average national debt for graduating seniors with loans rose from about $18,650 in 2004 to $23,200 in 2008. Meanwhile, employment prospects have not increased at comparable levels; by 2009, the unemployment rate among new graduates hovered near 11 percent, the highest on record.

It isn’t just a case of telling college students not to borrow so much. Student loans are often a necessary evil, and while debt can be minimized some through scholarships and grants, most students will end up taking on some amount of debt. The Monitor questions whether there should be more strict limits on borrowers that exist in other scenarios where credit checks and expectations that borrowers will be able to pay back what they borrow are enforced. There is no guarantee of a job after college, after all, so why shouldn’t the fact that a student is unable to pay off more than the minimum on their credit cards be taken into account more when they take out loans? (On that note, the U.S. Senate has approved an amendment that would lower “swipe fees” that banks charge college bookstores when students use their credit cards for purchases.)

Student loans are a hot topic, and will continue to be. What do you think? What else can be done to reduce graduates' debt, especially among those graduates who are not entering high-paying fields?

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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Making the Choice: Tips for Comparing Financial Aid Packages

Apr 15, 2010

by Scholarships.com Staff

As students begin evaluating their offers of acceptance from colleges, one factor may weigh more heavily than any other on the tough decisions of choosing the right school - financial aid. The financial aid opportunities School A offers to incoming freshmen that School B does not may be what makes or breaks the decision on where a student will enroll, even if School B is the student's "dream school." Comparing financial aid offers is then an integral process in the decision-making process, and unfortunately you don't have a lot of time to send your notice back to each school you've been accepted to. Here are some tips to navigate the process, and help you determine how to find the "best value":

  • Compare the scholarships and grants available at each school. Have you already been offered either, or has the school simply notified you of your eligibility for more free funding?
  • Compare student loan amounts. What may seem like the best offer at first may actually be anchored by a significant amount of student loan debt. Student loans should be your last resort as far as covering college costs.
  • Compare your expected family contributions. Schools may handle this piece of information differently, and may even accept more information about your family's financial situation after you've received your financial aid package. It's fine to question a school's offer, especially if there are big discrepancies between what each school is offering you.
  • Compare the tuition and fees of each school, and what that financial aid package covers. Some schools may offer you what appears to be an impressive amount of aid based on the cost of tuition alone, and you already know college costs include a lot more than that base price - fees, books and supplies, and room and board, for example.
  • Be aware of what you're eligible to receive next year. Some schools may offer a more impressive financial aid package to incoming freshmen, and pad students' offers the following year with more student loans. Do your research. Compare average student loan debts at each school, talk to students already attending each school, and be frank with your financial aid administrator.
Some students may have been lucky enough to have been accepted into a program that has offered them a tuition-free education. A recent article in USA Today took a look at colleges that offer to pay the tuition of all new students, despite all you've already read about tuition and fee increases across the country. Some are military schools that require a commitment from you to serve in the military post-graduation, but others are schools where there exists a need for new graduates, either due to the school's locations or lack of graduates in certain fields of study. Webb Institute, the Cooper Union for the Advancement of Science and Art, and the College of the Ozarks, for example, all offer tuition-free educations to students. Do you know of more? Tell us about them!

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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California’s Community Colleges Taking-On Unfunded Students

Mar 26, 2010

by Administrator

It would seem there are a substantial number of students in California that are relying on local community colleges to provide them with the education they need. Fortunately for them, nearly all of California’s community colleges are willing to dip into their reserves to enroll these unfunded students. Still, though, many of these schools have waiting lists in the thousands as the price of higher education rises and there just aren’t enough paid-for chairs to go around.

Of course, this also raises the issue of whether the number of students being added to the classrooms will have a detrimental impact on the quality of education students can expect to receive at one of these colleges. For example, College of the Sequoias has increased their average class size by about 20% (from 26 to 31 students per class) in addition to using almost $2 million from its reserves to accommodate some students who would probably have had to wait until next year (perhaps longer) to enter college otherwise and whose prospects of employment would not have been very good, either.

With unemployment as high as 18% in the surrounding region, College of the Sequoias’ president Bill Scroggins feels it is his duty to do all he can to make sure as many of these folks as possible have the opportunity to receive a post-secondary education. In Mt. San Jacinto College’s immediate surroundings the unemployment rate is at 15% and, consequently, more than 25% of its students are unfunded. While these schools have not yet furloughed faculty or cut their pay, many other budgetary cuts have been made, such as eliminating travel and conference budgets. Clearly these are short-term solutions and a more permanent solution will need to be found, but at least some of the unfunded students are being taken-in and given an opportunity to get the education they will need in order to work toward their desired career.

Apparently, while California’s economy is running at a high deficit, there are these small bastions of efficient colleges who managed to put away some of their assets for a few years’ worth of rainy days. Hopefully the economy that surrounds them will turn around before their reserves are depleted and the would-be students in the surrounding communities find themselves entirely dependent upon state and federal funding.

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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Student Loan Bill Approved by House

Mar 23, 2010

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.

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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Student Veterans Finally Receiving GI Bill Benefits

Mar 5, 2010

by Scholarships.com Staff

Most of the student veterans who had been affected by numerous backlogs and delayed payments of their Post 9/11 GI Bill benefits have finally received those funds, according to the U.S. Department of Veterans Affairs office. The payments came at a critical time, as not only the students but colleges began to worry whether their military populations would be able to afford tuition at the schools this spring semester.

The Post-9/11 GI Bill, which went into effect August 1, offers expanded education benefits to veterans who have served their country since 2001. GI Bill benefits include money for tuition and fees, a stipend that covers living expenses, and the option of transferring education benefits to their family members. A problem that has plagued the program since its inception, however, has been has been a months-long backlog of claims to be processed by an understaffed Veterans Affairs office. The delay caused a variety of problems for more than 68,000 veterans who applied for the new GI Bill benefits in the fall; more than 26,000 veterans were still waiting for checks at the end of the fall semester.

An article in The Chronicle of Higher Education yesterday describes how the Veterans Affairs office was able to catch up - hundreds of new employees were hired, and existing employees were reassigned to focus on the backlogs. All veterans who filed for benefits before Jan. 18 of this year have had those claims processed, according to the agency.

Still, problems remain. According to the Chronicle, the emergency funds issued by the agency while they were trying to get a handle on the problem will need to be repaid. About 68,000 veterans received those advanced payments last fall in the form of $3,000 checks while waiting for their benefits to be processed. The Veterans Affairs office has decided that the money can be paid back either through monthly repayments or through deductions from future benefit payouts. Some veterans also owe the agency because they have dropped courses since, or were mistakenly paid twice by the agency.

There will also be other changes to the present GI Bill. Several bills are moving through Congress that would change who receives benefits, including one that would allow veterans to use the benefits for non-degree programs. And to address any future backlogs, the Veterans Affairs office plans to move the processing of benefits to an automated system by the end of this year. Students worried about how they will be affected by new changes are able to visit a website for veterans that breaks down the process.

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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