Skip Navigation Links

by Scholarships.com Staff

After New York Attorney General Andrew Cuomo brought to light questionable practices some college financial aid offices engaged in when creating preferred lender lists for private loans, the fallout was felt nationwide. While colleges and lenders have reformed their practices in the face of new regulations, lawsuits against colleges and lenders are still being addressed.

Yesterday, Emerson College in Boston, one of the schools accused of receiving kickbacks in exchange for making it difficult for student borrowers to take out private loans from lenders not featured on their preferred lender list, settled with the attorneys general bringing the case, and agreed to pay a total of $780,000 to students who had been forced into student loans with less favorable rates. Payments will range from $25 to $833 and will cover the extra interest students are paying on their loans, compared to loans they could have obtained.

These cases serve as a reminder to weigh your options carefully before agreeing to borrow a student loan. Apply for federal financial aid and do a scholarship search first, then compare multiple lenders to be sure you are getting the best rate.  Even in the face of a lingering credit crisis and a weak economy, not to mention President Obama's plan to change the face of the student lending industry, it still pays to do your research before taking out a loan.


Comments

by Scholarships.com Staff

Princeton Review released its annual college rankings yesterday, based on a survey of 122,000 students at colleges nationwide. The purpose of the list is to help students choose colleges based on what current undergraduate students at each school say, and rankings include such categories as best and worst dorm food, most politically engaged students, and most GLBT-friendly schools.

The most publicized of these rankings is the list of top party schools, with Pennsylvania State University unseating the University of Florida as number one this year. The party schools ranking is often seen as closely related to a combination of other rankings, which involve the availability of alcohol, the amount of time students spend studying and the presence of Greek life on campus. Many students at schools that top the party school list take pride in this designation, while university officials often see it as a cause for concern.

Other rankings may be more useful to many students and parents, especially the list of schools whose students are most satisfied with their financial aid packages. Swarthmore College, Stanford University, and Harvard University comprise the top three spots in the "Great Financial Aid" ranking, with a total of 13 colleges receiving an additional distinction from Princeton Review for receiving the highest possible rating for financial aid in their survey.

However, the self-reported nature of the information and relatively small number of students answering the surveys may not paint a wholly accurate picture of campus life, so incorporating other resources into your college search is important. This and other tools can help you find colleges to investigate further, but don't rule out a school entirely just because it is or is not on one of these lists.


Comments

by Scholarships.com Staff

While it may be grabbing most of the headlines, the federal "Cash for Clunkers" program is not the only government grant program to run out of money well ahead of schedule this year.  The state funding allocated to Illinois Monetary Awards Program (MAP) grants, college financial aid awards for needy students, was slashed during state budget cuts this year. As a result, awards have been cut in half for all students and have been denied outright to over 130,000 students who applied after May 15, a significantly earlier cutoff date than previous years.

Typically, community colleges, who typically apply for financial aid later in the year and often have access to fewer financial resources, are likely to be the hardest hit.

Illinois isn't the only state forced to make cuts to its college grant programs. California and Ohio are among others that have recently gained attention for cutting aid to college students. If you live in a state that's been forced to reduce student financial aid, you still have options to pay for college. Before looking into student loans or considering a semester off, conduct a free college scholarship search. Scholarships, including state and local scholarships, are still out there despite the recession.


Comments

by Scholarships.com Staff

We're nearly a week into August, and for many students, that means that back-to-school preparations have begun. Whether you're picking out notebooks and extra-long twin sheets, or trying to squeeze one last trip or a few more hours of work into your calendar, now is a good time to start looking ahead to the fall term if you're in college. This includes thinking about financial aid. One of the least pleasant aspects of the start of the semester is finding yourself in the line for the college financial aid office as it grows to epic proportions the first week of class.

Luckily, at most colleges the fall rush has not yet started, so if you have some extra time now, you can take steps to make sure you won't find yourself standing in a packed office and trying not to panic on the first day of class. From a financial aid office veteran, here are three things to check into now to avoid waiting in line later.

First, if you are applying for federal student financial aid, by now you should have filled out a 2009-2010 FAFSA and received a financial aid award notice from your college's financial aid office. If you're still waiting to complete a FAFSA or hear back from your school, now would be a good time to take care of these things. You may want to call your college's financial aid office, or check your account online if you have the option, to make sure that everything is in order for timely disbursement of your fall financial aid. Ask if you have any other paperwork you need to complete (such as verification or a master promissory note), especially if it is your first time receiving financial aid. Double check disbursement dates, as well, so you know when you are due to receive the money.

Second, if you've won any scholarship awards (and we hope you have!), now would be a good time to make sure you know when you will be receiving the funds, whether the checks will go to the school or to you, and whether you will need to sign anything or wait for the school to do any additional paperwork before you receive the money (the financial aid office may need to recalculate your aid based on the scholarships you've received). Many scholarship providers notify you of disbursement arrangements or include this information in their official rules, so review correspondence with them, as well as information they've published. If you have questions, you can check with your college and the scholarship provider.

Finally, make sure you will have sufficient funds to cover your bill and make arrangements if necessary to take care of whatever costs grants, scholarships, or federal student loans do not cover. Your parents may want to take out a PLUS loan, or you may want to take out a private loan to cover whatever gap is left. You will want to do paperwork for these as soon as possible, as processing times may take up to a few weeks, especially once things get busy. Many colleges also offer payment plans if you'd like to pay the rest of your bill without borrowing, but you cannot afford to do so all at once.


Comments

by Scholarships.com Staff

Following the lead of U.S. News, several other publications have entered the college rankings game in recent years. Yesterday, Forbes revealed its second annual list of America's best colleges. Ranking first was the U.S. Military Academy in West Point, NY, followed by Princeton University. While Princeton typically does well in college rankings, the appearance of West Point in first place is something of a surprise in the college rankings world. Forbes touts its rankings as being focused on a college's ability to meet students' needs, a factor that includes post-graduate student loan debt (20 percent of the ranking), and the U.S. Military Academy is tuition-free.

As is the case with other college rankings, these should be taken with a grain of salt. Forbes' rankings also draw heavily on data from Ratemyprofessors.com (making up 25 percent of each school's score), a website whose primary metrics for rating professors include "hotness" and "easiness." Similarly, a portion of the Forbes ranking is influenced by the number of graduates appearing in publications like Who's Who in America (12.5 percent), whose significance and methodology have been questioned repeatedly, at least once within the pages of Forbes itself.

Much of the information included in the Forbes rankings is useful, though, such as graduates' average salaries, the likelihood of graduating in four years, and graduates' average student loan debt load. However, when checking out these or other rankings, be aware that the criteria used by publications or the sources they use to determine their rankings may be irrelevant to you and your needs. Think carefully about which factors are important to you when choosing a college and base your choices on those. There are many free tools to help you in your college search, so it's a wise idea to look beyond top colleges lists when making your decision of where to apply.


Comments

by Scholarships.com Staff

Rising unemployment rates and other symptoms of the ongoing recession continue to drive more people to attend college and look for ways to pay their bills, causing an uptick in state and federal financial aid applications. However, states are also hurting for money to meet financial aid requests and other budget demands. According to the Associated Press, 12 states have made significant cuts to state grant programs so far this year, with additional cuts likely. At least anecdotally, these cuts are already leading to more reliance on student loans, especially among groups that, according to a brief published this week by the College Board, may already be finding themselves overburdened with debt.

This week, the College Board released some new numbers on student debt loads and borrowing habits, culled from the National Postsecondary Student Aid Study, data released every four years by the Department of Education. Students at for-profit colleges are the most likely to borrow (96 to 98 percent graduate with some amount of loan debt), have the largest average debt loads at graduation, and are also some of the poorest college students (students at for-profit schools received 19 percent of the Federal Pell Grants disbursed in 2007-2008 despite making up only 7 percent of the college-going population). With additional sources of need-based aid drying up, these students may find themselves even more burdened with debt.

Students at other types of schools have also had to do more borrowing in recent years, according to the study. A full 59 percent of college students graduate with some amount of student loan debt, including 66 percent of bachelor's degree recipients. While most students took on manageable amounts of debt, 10 percent of students at four-year public schools, 22 percent of students at four-year private colleges, and 25 percent at four-year for-profit colleges borrowed more than $40,000 to attend college.

The average loan debt of undergraduate students in 2007-2008 was $15,123 (this is all students, not graduates), up 11 percent from the last time the survey was conducted. While increases in loan burdens were most modest at four-year state and non-profit colleges, reductions in state grant programs that are often earmarked for students at state colleges or nonprofit private colleges could send these numbers climbing.

You may want to consider statistics on student debt as a factor in your college search, but keep in mind that there are alternatives to borrowing. Scholarship opportunities exist for students at every type of college pursuing many different types of degree programs.


Comments

by Scholarships.com Staff

As the start of the fall semester approaches, students across the country are finding themselves in a precarious position when it comes to financial aid. As we've previously mentioned, several states have been forced to make deep budget cuts this year, canceling or reducing funding for scholarships and grants, in some cases after award notices have already been sent to students. This has left students scrambling for last-minute student loans, and in some cases facing the difficult decision of whether to take a semester off while trying to procure alternate funding.

The Wall Street Journal and U.S. News both feature articles this week that offer up alternatives for students who have come up short on funding for the fall. While scholarship opportunities are still available for the coming academic year and should be pursued, students who need immediate sources of funding may want to check out private loans, peer-to-peer lending, and emergency loans and other aid offered by some universities and state agencies. Reducing to part-time enrollment or transferring to a cheaper school are also last-resort options that may be better choices than taking an entire semester off or putting tuition on a credit card.

An appeal to your college's financial aid office can also produce more financial aid, especially if your financial situation has changed since you completed the FAFSA, or if your parents were turned down for a federal PLUS loan. Additional loans, and even some grant aid, may be available if you ask.

In addition to trying to find new sources of funding, some college students are also petitioning their state legislators to get grant and scholarship funding restored.  Lawmakers in Utah have listened, promising to reinstate full funding to the state's New Century Scholarship program, whose awards they had previously planned to cut nearly in half. Students in Michigan also may yet get a reprieve from budget cuts, as the governor of Michigan and numerous state legislators are vowing to do what they can to keep the state's popular Promise Scholarship program intact.

Even if states manage to find funding for grants and scholarships this year, the next fiscal year could also prove challenging. Students in cash-strapped states who are planning to rely on state scholarships to pay for college may want to start looking into alternate funding now.  One of the best ways to do this is to start with a free college scholarship search.


Comments

by Emily

Over the course of the last year, a number of colleges and universities have begun to offer scholarship opportunities for people who have found themselves out of work and in need of further education or job training. Yesterday, U.S. News profiled several newer community college programs, including several full-tuition scholarships, but even more awards are out there. Here's a run-down of some of the scholarships for displaced workers that we've found.

Community College Scholarships: Scholarships for recently unemployed students offered by community colleges are the most common. Colleges in several states are offering free tuition for one to two semesters, or even more, for displaced workers. Some, such as Oakton Community College in Illinois and the Community College of Allegheny County in Pennsylvania stipulate certain degree or certificate programs for their tuition benefits, and others, like several community colleges in New Jersey, will allow students to enroll in any course with empty seats. Others are offering partial tuition discounts, such as Anoka-Ramsey Community College in Minnesota. Michigan has launched a state-wide No Worker Left Behind program, which provides up to two years of free tuition for unemployed and underemployed workers at state community colleges. Students can also apply the credits towards an undergraduate degree at a state college or university. To qualify, students must be pursuing degrees that will lead to employment in high-demand occupations.

Undergraduate Scholarships: This summer, DeVry began offering scholarships to students who have enrolled at one of the seven schools owned by DeVry and who have lost their jobs in the last 12 months. As one example, the Employment Gap Scholarship gives students $1,000 per semester towards their tuition at DeVry. Many other four-year schools have also launched generous aid programs, or even offered full-tuition scholarships, for new and returning students who are facing economic difficulties. A number of these scholarships and grants may be available to displaced workers, especially if you now qualify for a Federal Pell Grant after losing your job. Scholarships for adult students are also worth looking into. While only a few are specifically for the recently unemployed, several are designed to generously aid adults who are enrolling in undergraduate programs.

Graduate Scholarships: In addition to offering free career center services, several universities are also aiding their alumni through tuition discounts on graduate programs and additional certification and training. Manchester College in Indiana will allow students who fail to find a job or a graduate program within six months of graduation a year of free coursework. Similarly, St. John's University in New York allows laid off alumni to attend its graduate programs for half price.

Government Benefits: Recently, the Obama administration began a national push for states to grant full unemployment benefits to recipients who choose to enroll in a college degree program, as incentive for unemployed workers to attend college. Additionally, financial aid adminstrators have been instructed to use greater lattitude in dealing with financial aid appeals from students who have lost their jobs, which could result in more federal grant money for returning students.


Comments

by Emily

The rise of the online auction service eBay has prompted people to attempt to sell just about anything they can affix a price to. So while it's not surprising to find some pretty out there listings from time to time, it's still not every day you see a student auctioning off a stake in his future.

A college student in Georgia attempted this week to fund the last 18 credits of his Master of Business Administration degree through an unusual source: selling a share of his potential earnings on eBay. The student, Terrance Wyatt of Clark Atlanta University, has been paying for college with financial aid for the last six years, but according to his eBay listing, he found himself $10,000 short of his funding needs this year.

So, being a business graduate student, he began looking for a way out of this financial quandary by marketing himself and seeking investors in his future. While his listing has been removed (eBay frowns on the selling of intangibles or the use of the site for fundraising), Maureen Downey's Get Schooled blog for the Atlanta Journal-Constitution has the partial text of the ad, as well as more information about the student.

While eBay may not have been the best venue for Wyatt's ad, his idea of seeking investors in his future is not so far-fetched. Recently, a number of peer-to-peer lending sites have launched, allowing students and individuals to arrange for anything from straightforward student loans to buying shares in a student's future success. These alternatives to alternative loans are still operating on a small scale and relatively unknown, but students like Wyatt may find the funding they need through such programs.

There are also scholarship opportunities for MBA students, and really anyone who has come up a bit short on financial aid.  Business school scholarships and scholarships for graduate students could easily bridge the gap for students who need more money and want to avoid student loan debt. Depending on your school and your program, you could even land a fellowship or assistantship that could fund your graduate education.


Comments

by Agnes Jasinski

A new study offers surprising news in an uncertain economy: families are actually borrowing less money to cover college costs.

The study, titled "How America Pays for College," shows that about 58 percent of families did not borrow money for college for the 2008-2009 school year. Despite rising tuition prices of up to 5 percent over the last year, according to the College Board, high unemployment rates and deep budget cuts at schools across the country, it seems more families are relying on their own savings, scholarships and grant funding. While parents paid for about 36 percent of college costs, about 25 percent of students' costs in the year surveyed were covered by grants and scholarhips, and more than half of the respondents received some form of free aid, according to the study. The reliance on grants and scholarships increased by  15 percent over the last year, which could show more of an awareness by students to money available outside of lending in a struggling economy.

The same survey last year showed that about 53 percent of families chose not to take out loans for college. According to the New York Times, the numbers do not suggest that students would rather skip college than take out loans. In fact, fewer students than last year said taking out loans would stop them from pursuing an undergraduate degree, according to the article.

Other highlights of the study showed that:

  • 67 percent said they were confident in their ability to continue to meet the cost of college in the current economy.
  • 5 percent used credit cards to pay for college expenses.
  • 10 percent of costs were covered through students' own savings and employment.
  • 6 percent of costs were covered through students' relatives and friends.
  • 91 percent said that pursuing higher education led to a better life.

Of those who did borrow for the last school year, 25 percent took out federal student loans and 12 percent borrowed private education loans. Those who did borrow also spent about 30 percent more on their educations than those who did not, suggesting a higher cost of education for those who took out federal and private loans.

The study was conducted by Gallup for Sallie Mae last spring with more than 1,600 college-going students and parents of undergraduates responding.


Comments

Recent Posts

Tags

ACT (19)
Advanced Placement (24)
Alumni (16)
Applications (76)
Athletics (17)
Back To School (72)
Books (66)
Campus Life (444)
Career (115)
Choosing A College (41)
College (917)
College Admissions (225)
College And Society (270)
College And The Economy (329)
College Applications (141)
College Benefits (282)
College Budgets (205)
College Classes (436)
College Costs (453)
College Culture (548)
College Goals (386)
College Grants (53)
College In Congress (78)
College Life (500)
College Majors (212)
College News (501)
College Prep (164)
College Savings Accounts (17)
College Scholarships (129)
College Search (109)
College Students (374)
College Tips (99)
Community College (54)
Community Service (40)
Community Service Scholarships (26)
Course Enrollment (18)
Economy (96)
Education (24)
Education Study (28)
Employment (36)
Essay Scholarship (38)
FAFSA (49)
Federal Aid (86)
Finances (68)
Financial Aid (361)
Financial Aid Information (37)
Financial Aid News (31)
Financial Tips (35)
Food (44)
Food/Cooking (27)
GPA (80)
Grades (91)
Graduate School (54)
Graduate Student Scholarships (19)
Graduate Students (63)
Graduation Rates (38)
Grants (61)
Health (38)
High School (128)
High School News (62)
High School Student Scholarships (142)
High School Students (257)
Higher Education (110)
Internships (525)
Job Search (167)
Just For Fun (96)
Loan Repayment (33)
Loans (39)
Military (16)
Money Management (134)
Online College (20)
Pell Grant (26)
President Obama (19)
Private Colleges (34)
Private Loans (19)
Roommates (99)
SAT (22)
Scholarship Applications (153)
Scholarship Information (140)
Scholarship Of The Week (226)
Scholarship Search (181)
Scholarship Tips (70)
Scholarships (360)
Sports (61)
Sports Scholarships (21)
Stafford Loans (24)
Standardized Testing (45)
State Colleges (42)
State News (33)
Student Debt (76)
Student Life (498)
Student Loans (130)
Study Abroad (66)
Study Skills (214)
Teachers (94)
Technology (111)
Tips (479)
Tuition (92)
Undergraduate Scholarships (35)
Undergraduate Students (154)
Volunteer (45)
Work And College (82)
Work Study (20)
Writing Scholarship (18)

Categories

529 Plan (1)
Back To School (351)
College And The Economy (462)
College Applications (244)
College Budgets (333)
College Classes (547)
College Costs (702)
College Culture (904)
College Grants (132)
College In Congress (123)
College Life (867)
College Majors (321)
College News (822)
College Savings Accounts (55)
College Search (382)
FAFSA (108)
Federal Aid (118)
Fellowships (23)
Financial Aid (637)
Food/Cooking (76)
GPA (277)
Graduate School (106)
Grants (71)
High School (479)
High School News (206)
Housing (172)
Internships (564)
Just For Fun (202)
Press Releases (1)
Roommates (138)
Scholarship Applications (183)
Scholarship Of The Week (301)
Scholarships (546)
Sports (73)
Standardized Testing (58)
Student Loans (220)
Study Abroad (60)
Tips (741)
Uncategorized (7)
Virtual Intern (531)

Archives

< Mar April 2014 May >
SunMonTueWedThuFriSat
303112345
6789101112
13141516171819
20212223242526
27282930123
45678910

Follow Us:

facebook twitter rss feed
<< < 5 6 7 8 9 10 11 12 13 14  > >>
Page 10 of 36