Illinois Low Cost Borrower Benefit Program to Reduce Interest Rates on Student Loans

Illinois Governor Rod R. Blagojevich announced recently the "Low Cost Borrower Benefit Program" which will allow Illinois college students who receive federal Stafford loans to lower their interest rates by as much as 1.8%. The program, which will be administered by the Illinois Student Assistance Commission (ISAC), provides for discounted rates for students who take jobs in Illinois in critical fields like social work, teaching or health care.

You can get a .5% discount by accepting a job in Illinois. You can receive another .5% reduction if your pay is between $30,001 and $50,000. A 1% reduction is applied if the job pays $30,000 or less. You can save another .3% by enrolling in a dirct pay program where your monthly payments are made automatically from your bank account.

This first year there are six schools taking part in the pilot program.

Here are the latest updates on College Scholarships, Loans and Grants.

West Virginia Scholarships
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2008-09 Free Application for Federal Student Aid (FAFSA)

OK, it's time to start thinking about the FAFSA again. If you (or your child) are planning on going to college in the fall, and you will be looking for financial aid, the FAFSA is your first stop. All of the following programs require a FAFSA, as well as many state run programs and privately funded grants and scholarships.

• Federal Pell Grants
• Federal Stafford Loans
• Federal PLUS Loans
• Campus-Based Programs
• Federal Supplemental Educational Opportunity Grants
• Federal Work Study
• Perkins Loans

You can either fill out a paper FAFSA or do it online. For the 2008-2009 school year, you can submit it any time after Jan 1, 2008 up until June 30, 2009. You will want to fill it out and submit as soon as possible. Many programs have limited funding and the earlier you apply, the better chance of getting your share.

Before you can fill out the FAFSA online, you will need a PIN (Personal Identification Number). If you have one from last year, it should still be good. If you don't remember or this will be your first year in college, you can get one at http://www.pin.ed.gov/. After you get your PIN, you will also need your income tax forms as soon as you have them done. If you are still your parent's dependent, you will need their tax forms as well. Employers are supposed to get your W-2 forms out by January 31, but you can get a head start by checking your final paystub of the year. It will usually have your unofficial yearly totals of income and taxes.

Once submitted, as long as everything is in order, you will receive an Student Aid Report (SAR) which shows all the answers that you submitted on the FAFSA. Make any corrections necessary, or if ok you may submit either electronically or sign the SAR and mail back. Your SAR will also include your EFC (Expected Family Contribution) which is used to determine your eligibility for federal financial aid.

Now is a good time to start preparing for next year. Get your PIN now if you haven't already.

Good luck

Technorati Tags: College Loans Financial Aid Paying for College FAFSA College Grants Free Application for Federal Student Aid PIN Federal Grants

Wisconsin Students to Benefit from $175 Million Gift to Fund for Wisconsin Scholars

On December 18, the Fund for Wisconsin Scholars, Inc. (FFWS) announced a gift of $175 million from John P. and Tashia F. Morgridge to provide grants for eligible, lower-income, Wisconsin public school graduates who will be attending a Wisconsin public post-secondary school.

The FFWS estimates that during the 2008-09 academic year about 2,000 grants will be awarded, ranging from $1,000 to $5,000. In ensuing years, more than 3,000 grants should be awarded. You can get more information at the Fund for Wisconsin Scholars website.

Denver Public School Students | DSF Scholarships

The Denver Scholarship Foundation was begun last year with the purpose of providing scholarships to any Denver students who needed them. Last year 170 kids received scholarships and more than 200 received a free laptop computer fro the DSF.

The Foundation is in the process of raising enough funds to allow the awarding of scholarships to all needy Denver high school graduates who meet the requirements. The application deadline will be March 31, 2008 and the applications should be on the DSF website by the end of January. Get more information about the DSF grants and the requirements at the Denver Scholarship Foundation website.

Haverford College Eliminates Student Loans From Their Financial Aid Packages

In a letter from President Stephen G. Emerson, Haverford College of Haverford, PA, announced that it will eliminate all student loans for incoming freshmen and will reduce the loans of continuing students.

The program is being funded by a new endowment fund called the Next Generation Fund. Haverford graduates who benefit from the new grants will be asked to contribute in the future as they are able to allow future student to benefit as they have.

Here are the latest updates on College Scholarships, Loans and Grants.

Wisconsin Grants
Colorado Grants
College Loan News


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Tufts University to Replace Some Loans With Grants

Tufts University in Medford, MA, announced today that they would begin replacing loans with grants for all undergraduates whose family income is below $40,000. Members of the Class of 2011 will be the first to benefit from the new program.

University of Pennsylvania to Replace Loans with Grants

On December 17, the University of Pennsylvania announced that they would be replacing all student loans in financial aid packages with grants. There are about 4000 undergraduates and about 50% of them currently have student loans included in their aid packages.

Beginning in September, 2008, students with a family income below $100,000 will receive grants in place of loans. Those with family incomes above $100,000 will receive a 10% reduction in their loan amount.

By the fall of 2009, all students will be receiving loan-free financial aid packages.

Here are the latest updates on College Scholarships, Loans and Grants.

Ben Carson Scholarships
College Loan News


Technorati Tags: College Loans Financial AidPaying for College Tufts University College Grants Ben Carson ScholarshipsUniversity of Pennsylvania

Worldwide Assurance for Employees of Public Agencies (WAEPA) Scholarship Program

WAEPA, a non-profit organization that offers life insurance to federal employees, announced recently that it will be offering 65 scholarships for the 2008-09 school year. The scholarships are available to children of WAEPA insurance policy holders. Applicants must be under 23 years of age and must either be high school seniors who are planning to attend or students already enrolled full-time as an undergraduate at a two or four-year accredited college, university, or vocational/technical school. Students must also maintain a 3.0 (out of 4.0) grade point average.

One $4,000 scholarship, renewable for three more years.
Three $3,000 scholarships, renewable for two more years.
Six $2,000 scholarships, renewable for one more year.
40 $1,000 scholarships.

This year, in honor of WAEPA's 65th anniversary, they will be awarding 15 extra scholarships (for a total of 65 scholarships for the year). These extra scholarships will also be for $1,000.

For more information on requirements and to get an application, visit the WAEPA website. Applications are due by February 1, 2008.


Here are the latest updates on College Scholarships, Loans and Grants.

Maine Grants and Loans
Minnesota Grants and Loans
ACS College Loan Corporation
Bankruptcy and Student Loan Debt

Technorati Tags: College Loans Financial AidPaying for College WAEPAWAEPA ScholarshipACSMaineMinnesota
Bankruptcy

Student Consolidation Loan Checklist

If you are graduating college soon, now is the time to begin preparations for your student consolidation loan. You have a six month grace period after graduation before payments begin, but the consolidation loan application process can take several weeks, especially if you haven't gathered all your loan information and decided on a lender.

Inventory your student loans. Make a list of all your loans, including type of loan, lender, the amount of your loans, interest rates and the amount of your payments. Review your loan documents, contact your lenders or loan servicers or go to the National Student Loan Data System (NSLDS) website. If you don't know your PIN (Personal Identification Number) to log in, you will have to request a new one and it will be mailed to you. Expect to wait a week or two for the PIN to arrive, so best to get it done early.

Read the rest of this article at Student Consolidation Loan Checklist

Some Current Reading

I was just reading a blog called Money Advice for the College Student - Part I at Stephanie's Poorer Than You blog that's got some real down to earth advice for students about loans and credit.

Three easy ways to reduce college debt at Money Smart Life.

Establishing Credit as a College Student talks about the importance of paying attention to your credit rating even as a student. What you do in college can follw you for a long time, so you may as well do it right.

Oregon to Double Oregon Opportunity Grant Funding

The Oregon Legislature has more than doubled the funding for Oregon College Grants for the 2008-09 school year meaning there will be many more students eligible to receive Oregon Opportunity Grants. Check requirements at http://www.getcollegefunds.org/ong.html.



Here are the latest updates on College Scholarships, Loans and Grants.

Louisiana Grants and Loans
Maryland Grants and Loans
North Carolina Scholarships
Maryland Scholarships

Technorati Tags: College Loans Financial AidPaying for College OregonOregon Opportunity GrantNorth Carolina ScholarshipLouisianaMarylandMaryland Scholarships

More Colleges Replace Loans With Scholarships

What started as a trickle seems to be growing into a growing stream. On December 11, the California Institute of Technology (CalTech)announced that they would be eliminating loans to their neediest students and replacing them with scholarships or grants. Beginning in fall, 2008, most domestic undergrads with family incomes below $60,000 would be receiving loan-free financial aid packages.

On December 12, Pomona College in Claremont, CA, announce that they would also eliminate loans in their financial aid packages and replace them with scholarships. These changes would be effective for the 2008-09 school year and include both current ans future students.

Additionally, Swarthmore College also will be replacing loans in their financial aid packages with scholarships beginning with the 2008-09 school year. Current and future students will be included. Swarthmore was an early advocate of lower loans. Since 1981 it has limited loans to it's neediest students to $1,000 per year.

Maine Babies Are $500 Closer to a College Education

Thanks to Harold Alfond, every new Maine baby will be receiving $500 to be used toward their college education. The money will be added to each child's NextGen College Investing Plan, which is administered by the Finance Authority of Maine as long as the baby's parent or guardian opens the NextGen account.

During the next year, there will be a pilot run at MaineGeneral hospitals in Augusta and Waterville. It is expected that by 2009, the program will be running throughout the state.

Here are the latest updates on College Scholarships, Loans and Grants.

No Loan Colleges
Illinois Grants and Loans


Technorati Tags: College Loans Financial AidPaying for College CaltechSwarthmore CollegeCaltechPomona CollegeMaine NextGenHarold Alfond

Odyssey Scholarships at the University of Chicago

I missed this one the first time around. On May 30, 2007, the University of Chicago announced that it had received a $100 million dollar gift that would be used to fund the new Odyssey Scholarships. The funds will be used to increase aid and eliminate loans to those financially needy students whose family incomes range under $60,000 per year. It will also relieve one half the loans to students with family income in the $60,000 to $75,000 range.

For the full press release, visit Odyssey Scholarships.

Barry M. Goldwater Scholarship and Excellence in Education Program

Created by Congress in 1986 in honor of Senator Barry M Goldwater, this scholarship is intended to benefit incoming juniors and seniors who are intending a career in mathematics, the natural sciences, or engineering. The awards can be up to $7,500 and juniors receiving them may get it for two years.

For more information visit Barry M. Goldwater Scholarships

Technorati Tags: College Loans Financial AidPaying for College University of Chicago Goldwater ScholarshipOdyssey Scholarship

Duke University to Provide More Financial Aid and Lower Loans

Duke University joins a growing group of colleges and universities that are giving out more financial aid in the form of grants and decreasing loans in their financial aid packages.

Students with family incomes below $40,000 will be able to graduate debt free. Those families below $60,000 will have the parental contributions eliminated, though the students may still need to accept loans as part of their financial aid.

Even students with family incomes up to $100,000 will have loans reduced and those eligible families over $100,000 will have their loan amounts capped.

These changes are expected to begin in September, 2008, and it will affect all current students, not just those starting in September.

For more information on Duke's new financial aid plan, check http://dukefinancialaid.duke.edu/newsupport/.

Here are a few pages on College Scholarships, Loans and Grants that have been updated recently:

Colorado Scholarships
Indiana Scholarships
Maryland Scholarships

Technorati Tags: College Loans Financial AidPaying for College Duke University

Toyota Community Scholars Program

Each year Toyota offers $1.12 million in scholarships to 100 graduating high schoolers. Out of the 100, 12 will be chosen as national winners and receive $20,000 scholarships over 4 years and the other 88 will receive $10,000 over 4 years.

Requirements include being a senior with at least a 3.0 GPA, being a U.S. citizen, U.S. national or permanent resident, intend to study at an accedited 4 year US college or university and be actively involved in a service organization or project that has a positive impact on the school and/or community.

Students must be nominated by their school and the deadline is January 4, 2008. Each high school can nominte one student except larger schools with over 600 graduating seniors who can nominate two. Get more information at Toyota Communnity Scholars

Here are a few pages on College Scholarships, Loans and Grants that have been updated recently:

Massachusetts Scholarships
Texas Scholarships
College on a Budget
College Loan News

Technorati Tags: College Scholarships Financial AidPaying for College ToyotaToyota Community Scholars

AAA Student Loans

So I'm reading the AAA(American Automobile Association) monthly paper, Horizons, and I came to an ad which I should have noticed long ago, but didn't. AAA has a Student Lending Program and as an AAA member, you can qualify for a AAA Federal Plus Loan at a rate as low as 6.50% and a AAA Federal Stafford Loan at 3.80%.

The standard Federal Plus Loan rate is 8.5% and AAA members can save 1.0% upon disbursement and another 1.0% for setting up automatic electronic payments.

The standard Federal Stafford Loan rate is 6.80%. AAA members can save 1.0% for setting up automatic electronic payments and another 2.0% after 36 consecutive on-time payments.

You can check it out at AAA Student Loans or call them at 1-888-422-2536. Note that it is for AAA members, but in my opinion, the AAA membership is well worth it anyway. It costs me about $120 per year for my whole family. Individual memberships are quite a bit cheaper.

Here are a few pages on College Scholarships, Loans and Grants that have been updated recently:

Alabama Scholarships
Arkansas Scholarships
Montana Scholarships
Nebraska Scholarships
Nevada Grants and Loans
New York Grants and Loans

Technorati Tags: College Loans Financial AidPaying for College Stafford LoansPLUS LoansCollege GrantsAAAAmerican Automobile Association