January 18, 2008
Tuition hikes and complaints about illegal behavior on the part of financial aid officials and student lenders have put the pressure on colleges to dip into their endowment funds. With new reports showing that endowment returns are on the rise, these pressures are likely to increase.
According to the Chronicle of Higher Education, a recently released statement by Commonfund, an endowment manager for more than 1,900 colleges and nonprofit organizations, has shown that returns were averaging 16.9 percent in 2007, up from 10.6 percent the previous year.
Unlike one-time student scholarships, endowments are used to annually award money to college students. These funds are kept intact by investing the original donation and using the returns to provide students with yearly scholarships.
News of funding bounty is likely to prompt legislators to put additional pressure on schools with large endowment funds. Wealthy colleges, some of which are said to have accumulated endowments in excess of $1 billion, are being criticized for keeping their money locked up during a time when student debt is at an all-time high.
The problem with spending more, argue schools, is a strict endowment use policy. Many scholarship providers donate money on the condition that it be used only to assist a designated group of students. For example, a donor may choose to set up an endowment for the sole purpose of helping female students who play croquet, major in English and have a GPA above 3.5 (okay, maybe that’s a bit of a stretch). Point being, schools are legally bound to award scholarships to students that meet particular requirements.
It's hard to argue with that, but perhaps legislators can do something about the whole "legally-bound" part.
January 21, 2008
The Financial Service Centers of America, Inc. (FiSCA) is sponsoring a scholarship for high school seniors who are ready to head off to college—with money in their pockets. Since 1986, this organization has been representing financial service centers from around the country and helping them with the regulations and politics of financial aid.
FiSCA will award scholarships to at least two students from each of five geographic regions in the U.S. The essay requirement is pretty short and straightforward, 100 words max about a person or event that has influenced the student’s life. After completing the essay, students will need to fill out a two-page application and send in their transcript along with two letters of recommendation to the regional administrator. That’s it!
1. At least ten grants of $2,000 or more.
1. Applicants must be U.S. citizens, national residents or permanent residents. 2. Applicants must be high school seniors. 3. Applicants may not be children or grandchildren of FiSCA employees, officers or owners.
Applications must be postmarked by April 3, 2008
1. A completed application 2. An essay of no more than 100 words about a person or event that has influenced the student 3. A transcript that includes first-semester senior grades and test scores 4. Two letters of recommendation
Further details, including information about applying for the award and contacting the scholarship provider, can be found by conducting a free scholarship search. Once a student has completed the search, this scholarship will appear in their "My Scholarships" section--provided the student is eligible.
January 25, 2008
Your shot at winning the lottery is not particularly high, but playing is so easy that it’s simply irresistible. Though students should not hinge their entire financial futures on luck alone, lottery scholarships are a fun and easy way to supplement one's scholarship search. Plus, someone has to win. Maybe it'll be you. But before you go lottery crazy, familiarize yourself with the options, and get the facts on lottery scholarships and lottery-funded scholarships (there is a difference).
Lottery Scholarships: There are two kinds of lottery scholarships, ones that are state-sponsored and ones that are sponsored by outside providers, usually businesses. Company-funded lottery scholarships, also known as sweepstakes, pretty much embody what comes to mind when one hears the word “lottery”. Most people are eligible, and the application process is pretty easy; sometimes contact information is the only requirement. Unlike regular lotteries, you don’t have to pay to play. If paying is a requirement, don’t apply; more than enough charge-free awards are available.
Once the entries are in and the lottery deadline passes, the sponsoring company will choose an applicant at random—think computer generations rather than spinning spheres with name ballots. If you’re wearing your lucky socks on selection day, you just might win.
Lottery-Funded Scholarships: Another type of lottery scholarship is the state-sponsored, lottery-funded one. These scholarship prizes are paid for by the big, jackpot of $50 million, kinds of lotteries. A number of states have adopted programs wherein a portion of the revenues received from lottery tickets are used for education programs (both scholarships and school contributions). Not all states participate yet, but it’s quite possible that more will jump on the bandwagon. Tennessee, New Mexico, Maryland, Georgia, Florida, Louisiana, New York, South Carolina, Missouri and West Virginia are among those sponsoring lottery-funded scholarship programs.
State eligibility requirements for lottery-funded scholarships vary greatly from state to state, with some states having stricter regulations than others. Usually, students who apply for lottery-funded state scholarships must at the very least attend a high school and college within the state of the program.
Students who apply for certain lottery-funded scholarships must also meet or exceed a particular GPA or standardized test score before applying. For example, only students with a GPA of at least 2.75 may apply for the merit-based Florida Bright Futures Scholarship.
Other states make financial need a requirement. This may partially ease the minds of people who have voiced concerns about lottery-funded scholarships taking from the poor and giving to the middle classes. According to professor of economics Mary O. Borg, a disproportionately large portion of lottery tickets are purchased by low-income customers. These winning are then redistributed largely to middle class students at the expense of the poor.
To find lottery and sweepstake scholarships you may be eligible to receive, conduct a free college scholarship search at Scholarships.com. You can also check out our Scholarships.com "Tell A Friend" $1,000 Sweepstakes contest for a chance to win $1,000 towards your college education!
June 2, 2008
June 9, 2008
June 11, 2008
Affording a college education is becoming increasingly difficult, but help is available. Students who demonstrate financial need can look to numerous sources for assistance in paying for tuition and living expenses. Even those who do not demonstrate exceptional merit can qualify. Below is a list of financial aid resources students may be eligible to receive based on financial need. Additional need-based awards may be found by conducting a free college scholarship search.
Federal Grants The Federal Student Aid office oversees programs that comprise the nation’s largest source of student aid. Each year, billions in aid are awarded to college students across the country. The best of these, federal grants, do not have to be repaid. Students can look to federally-run need-based grants such as the Pell and the FSEOG to help pay for college expenses. Grants that are based on both merit and financial need—the SMART and the Academic Competitiveness Grant—are also a good option.
Federal LoansThough less attractive than grants, federal loans tend to have lower interest rates and better, more flexible, repayment options than private loans. This holds particularly true for need-based subsidized Stafford Loans and need-based Perkins Loans. Students interested in taking out a federal loan will first have to submit a FAFSA.
Sallie Mae Scholarships The Sallie Mae Fund is one of the largest sources of non-federal college aid. All awards offered by the organization have a need-based component. Since 2001, the Sallie Mae Fund has given away $12.7 million in scholarships to more than 5,000 college students.
College Scholarships Students may be eligible for need-based aid offered by their college or university. Elite colleges such as Harvard, Northwestern and Stanford have been particularly gracious with their awards—Harvard students whose parents make less than $60,00 do not have to pay for tuition, room and board or expenses—but others are following in their footsteps.
June 16, 2008
As a means of promoting diversity and developing talent, Scholarships.com has created a new set of scholarships for high school students and undergraduate students. The “Fund Your Future” Area of Study College Scholarship consists of thirteen $1,000 prizes to be granted to students who pursue a postsecondary education in one of thirteen designated fields and 185 related majors.
Among them is the Scholarships.com Engineering Scholarship, an award for students who plan to or are already majoring in engineering and related areas of study. To ensure that current and future engineering students receive the funds they need to afford a quality education, we have created a scholarship especially for them.
If you’re interested in applying for the Scholarships.com College Engineering Scholarship, respond to the following question in 250 to 350 words (entries that fall outside of this word range will be disqualified):
“What has influenced your decision to pursue a career in engineering?”
1. Applicant must be a registered Scholarships.com user. Creating an account is simple and free of charge. 2. Applicant must be a US citizen 3. Applicant must be undergraduate student or a high school senior who plans to enroll in a college or university in the coming fall 4. Applicant must have indicated an interest in one of the following majors:
• Chemical Engineering • Civil Engineering • Concrete Engineering • Electrical Engineering • Engineering • Engineering Management • Environmental Engineering • Fire Protection Engineering • Mechanical Engineering • Mining Engineering • Railway Engineering
September 30, 2008
A 250 to 350 word response to the following question: “What has influenced your decision to pursue a career in engineering?”
Further details about the application process can be found by conducting a free college scholarship search. Once the search is completed, students eligible for the award will find it in their scholarship list.
June 23, 2008
The True Patriot Network, publisher of “The True Patriot" pamphlet, is awarding a college scholarship to students who write the best response to the question, "What does true patriotism mean to you?" The providers of this award are dedicated to instilling in current politics the founding moral framework of America—regardless of party association---and hope to increase student involvement in politics. High school students interested in furthering their knowledge of the government, and in applying for this essay scholarship, may be eligible to win $25,000 for their postsecondary education.
1. Applicant must be a high school student. 2. Applicant must be residing in the US. 3. Applications must be submitted in MS Word, in 12 point type, and must be double spaced. 4. Each essay page must include a name, title and contact information.
September 1, 2008
1. An essay of no more than 1500 words answering the question, “What does true patriotism mean to you?”
Further details about the application process can be found by conducting a free college scholarship search. Once the search is completed, students eligible for the award will find it in their scholarship search results.
June 24, 2008
On February 14, 2008, five students were killed in a shooting at the Northern Illinois University in DeKalb. It was the fourth-worst university shooting in the history of the United States, following the Virginia Tech massacre, the University of Texas Clock Tower shooting, and the California State University massacre. As surprising and mystifying as the crime was, donors from across the country have made one thing clear—the victims will not be forgotten.
To honor those who were killed, scholarship providers large and small have pulled together $500,000 to create a scholarship for students of NIU, and more donations are expected. The new scholarship fund will be called “Forward, Together Forward,” a line from the university's Huskie Fight Song, stated the Associated Press. Nearly 1,500 donors have pitched in to establish the fund—without solicitations.
The university plans to award five scholarships each year, to be granted on the annual anniversary of the shooting. The first scholarships will be awarded on Valentines Day of 2009. According to The Northern Star, Northern University’s student newspaper, winners are expected to receive about $4,000 each and will be selected by a provost-designated scholarship board.
The new scholarship fund will help students significantly decrease the costs of their education, especially now that an increase in NIU tuition has been announced. During the 2008-2009 school year, college rates will increase by about 9.5 percent.Those who receive the scholarships will be able to both meet and exceed the increase. Further details about the award are expected in the coming months.
July 7, 2008
The Foundation for Economic Education (FEE), a free-market organization that studies and advances the freedom of philosophy, is administrating the $2,000 Eugene S. Thorpe scholarship essay award for writers of all ages. The award was established in memory of Eugene S. Thorpe, a supporter of FEE and a firm believer in hard work, free trade, small government and self-reliance.
Students, writers, educators and business professionals of all ages and locations are eligible to apply. Interested individuals must submit a 2,000 to 3,000 word-essay addressing Adam Smith’s claim that, “The division of labor is limited by the extent of the market.” The essay must answer the following questions: 1. “What light does this shed on the current movement toward globalization?” 2. “Are the dangers in having government facilitate it in any affirmative way?”
Prize: 1. $2,000 2. Winner’s article will be published in The Freeman.
Eligibility: 1. The competition is open to writers of all ages, including students, freelance writers, educators and business professionals. (Students need not be majoring in journalism or political science to apply.) 2. Applicants cannot be FEE employees or their immediate family members, trustees or editors or columnists of The Freeman.
Deadline: August 15, 2008
Required Material: 1. A 2,000 to 3,000 word essay that is written in English, titled, double spaced and typed in 12-point font. Essays must be nonfiction, and citations should be included within the text. Submissions must be the original work of the writer or writers and may not have been previously published. 2. Essays must be submitted as an email attachment to FEE. The email should include the author’s first and last name, address, and phone number.
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