College Scholarships, Grants & Loans

Sunday, February 24, 2008

Stanford University Announces Plan to Pay Tuition For Lower Income Students

If you've been putting off applying to Stanford because of the $47,000 price tag, take another look. Stanford recently announced a new plan that will pay the tuition ($36,000) for students with family incomes below $100,000. Students with a family income below $60,000 will not be expected to pay anything for tuition, room or board. The program will also eliminate the need for student loans.

As the latest entry to the number of colleges and universities dipping into the endowment to try and bring the cost of education back to the realm of possibility for most, Stanford has upped the ante with this far-reaching plan. Hopefully many other institutions with huge endowments will follow suit.

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Sunday, February 17, 2008

College Loan Market Tightens

As the 2008-09 school year approaches, many students may end up paying more for their college loans, if they are available. There will be fewer lenders in the student loan market and the ones that remain won't be prone to giving discounts for autopay or ontime payments as in previous years.

The MI-LOAN alternative loan program of the Michigan Higher Education Student Loan Authority was temporarily suspended this week as sufficient funding for the program was not available.

The Montana Higher Education Student Assistance Corp failed to sell about $390 million in bonds for student loan financing. Though the failure to sell should not impact Montana student loan financing for the 2008-09 school year, it certainly will raise costs for the MHESAC.

According to the Des Moines Register, the Iowa Student Loan Liquidity Corp. will be unable to fund student loans properly in 2008-09.

Several other state student loan programs have reported difficulty in funding their programs in the usual way and several major school loan lenders like College Loan Corp and Sallie Mae will be either curtailing student loan programs or tightening loan qualification requirements. All of this points to lower availability and higher costs for student loans.

Be sure to get your financial aid applications in as early as possible this year. You don't want to be at the end of this line.

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Hawaiian Scholarships

The Hawai'i Community Foundation Scholarship Program administers over 150 different scholarship funds to help Hawaiian students with funding of their college education. This year's application must be postmarked by March 1 or hand delivered by February 29.

For application instructions, go to Hawai'i Community Foundation Scholarship Program web page.

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Sunday, February 10, 2008

Wellesley College Announces Plan to Reduce or Eliminate Loans

Wellesley College announced on February 7 a new financial aid plan that would eliminate loans for students with family incomes below $60,000. The plan would also reduce by one third the loans for those students with a family income between $60,000 and $100,000, which would in effect limit student loans to these students to a totla of $8,600 over four years.


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Sunday, February 03, 2008

Cornell University and Northwestern University to Eliminate Student Loans for Needy Students.

This past week found both Cornell and Northwestern announcing plans to eliminate student loans from some financial aid packages starting next year.

Cornell will be eliminating student loans this year to students with a family income below $60,000 and next year will extend it to those incomes below $75,000. Students with family incomes up to $120,000 will find their student loans capped at $3,000 per year.

Northwestern will be eliminating student loans to the neediest students. This program will not be tied to a specific family income. Even ungrads who still need to take out subsidized Stafford Loans or Perkins Loans will find those loans capped at $20,000 over four years.

Holy Cross to Offer Free Tuition to Worcester Residents
Qualified Worcester, Mass, residents wil receive free tuition to the College of the Holy Cross. Beginning in the 2008-09 school year, Worcester students with a family income under $50,000 who are accepted as students at Holy Cross, will qualify for the free tuition program.

Cal Grants Available

California students should be applying now for the Cal Grants. March 2nd is the deadline for the FAFSA and the Cal Grant GPA Verification Form. This is free money and it belongs to you, so don't wait until the last minute. More info at CalGrants.org


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