College Scholarships, Grants & Loans

Sunday, January 30, 2011

College Scholarship Money from States Dipping

As states try to keep their heads above water, since revenues aren't increasing, spending needs to decrease. Unfortunately, college scholarship money is an easy target. In just the last few weeks, several states have been debating changes to some of their most popular scholarship programs.

The Georgia HOPE Scholarship is funded by the Georgia lottery, which has seen revenues drop to the point where the scholarship fund may be depleted if it remains in it's current form. Legislators will be taking a hard look at the HOPE during this year's budget talks. Look for the amount covered to decrease.

There is similiar discussion in the State Legislature about the Nevada Millenium Scholarship. The feeling there is that some restrictions may need to be placed on the scholarship, perhaps limiting it to students in particular degree programs.

In Missouri, the Access Missouri Scholarship Program had it's funding cut last year and it's not looking much better this year. The Missouri Higher Education Loan Authority is setting aside some money in case it is needed to supplement the reduced Access Missouri Program this year.

All in all, don't count on these state scholarship programs to fully fund your college education as they have in the past for so many students. Start early and apply for as many other college scholarships as you can.

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Tuesday, January 25, 2011

Upcoming Scholarship Deadlines

The Hispanic Scholarship Fund offers a large number of scholarships to students of Hispanic heritage. A few of the scholarships available through the HSF with their deadlines are:

College Scholarships for Graduating High School Seniors

HSF/AT&T Foundation Scholarship - Feb 15, 2011
HSF/Gold Standard Scholarship - Jan 31, 2011
HSF/HACEMOS Scholarship - Feb 28, 2011
HSF/Marathon Oil Cooperative Office Education (COE) Scholarship - Feb 15, 2011
HSF/Peierls Rising Star Scholarship - Feb 15, 2011
HSF/Procter & Gamble Company Scholarship - Mar 1, 2011
HSF/VAMOS Endowment Scholarship - Feb 28, 2011
HSF/Wal-Mart Stores, Inc. HS Scholarship Program - Jan 31, 2011

Scholarships for Undergraduates

HSF/ALPFA Scholarship - Jan 31, 2011
HSF/AT&T Foundation Scholarship - Feb 15, 2011
HSF/Gold Standard Scholarship - Jan 31, 2011
HSF/Goldman Sachs 10,000 Women Business Leadership Award - Jan 31, 2011
HSF/HACEMOS Scholarship - Feb 28, 2011
HSF/MassMutual Multicultural College Scholarship - May 2, 2011
HSF/McNamara Family Creative Arts Grant Project - Feb 28, 2011
HSF/Nissan North America, Inc. Scholarship - Jan 31, 2011
HSF/Procter & Gamble Company Scholarship - Mar 1, 2011

Scholarships for Graduate Students

HSF/ALPFA Scholarship - Jan 31, 2011
HSF/CVS Caremark Scholarship - Jan 31, 2011
HSF/Gold Standard Scholarship - Jan 31, 2011
HSF/HACEMOS Scholarship - Feb 28, 2011
HSF/Marathon Oil Cooperative Office Education (COE) Scholarship - Feb 15, 2011
HSF/McNamara Family Creative Arts Grant Project - Feb 28, 2011
HSF/Nissan North America, Inc. Scholarship - Jan 31, 2011

Scholarships for Community College

HSF/AT&T Foundation Scholarship - Feb 15, 2011
HSF/Gold Standard Scholarship - Jan 31, 2011
HSF/HACEMOS Scholarship - Feb 28, 2011
HSF/MassMutual Multicultural College Scholarship - May 2, 2011
HSF/Peierls Rising Star Scholarship - Feb 15, 2011

For more infomation on these and other scholarships, visit Hispanic Scholarship Fund.

Other new or updated pages at College Scholarships include:

South Carolina 529 Plan
South Dakota 529 Plan
Tennessee 529 Plan
Texas 529 Plan
Vermont 529 Plan
Virginia 529 Plan

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Saturday, January 08, 2011

Student Loan Grace Periods End

The grace period on student loans to those who graduated last May has ended and it's time to start paying them back. That's ok if you have landed a job that actually pays you enough money to live on, but what about those who either haven't found a job or your pay isn't adequate to subsist on?

You do have a few choices, but one of them is NOT burying your head in the sand and ignoring the situation. That will only put you into default, hurt your credit rating (not a good idea for anyone, but especially someone just starting out) and possibly lead to legal action. Get in touch with your lender and explain your situation.

One possibility is student loan deferment. This is a temporary suspension of loan payments for various reasons including reenrollment in school, unemployment, or economic hardship. For your subsidized loans, you won't need to pay interest while the deferment is in place. For non-subsidized loans, you are responsible for the interest added during your deferment. If you are unable to pay it, your loan will be recapitalized and the interest added into the total you owe.

Even if you aren't eligible for deferment, you may be able to use forbearance which is a temporary postponement or reduction of payments for a period of time because you are experiencing financial difficulty. Forbearance may be granted by your lender for 12 months at a time up to a maximum of three years.

Student loan forgiveness may be possible in exchange for service in various organizations such as Peace Corps, VISTA, Military Service and also by agreeing to teach in certain underprivileged or low income areas as defined by the Department of Education.

Bankruptcy is probably not a very good option. Not only will it hinder you going forward since it remains on your credit reports for years, but the student loans are not usually discharged in a bankruptcy and you will still end up owing the loans.

Bottom line...if you are having trouble paying your student loans, talk to your lender as soon as possible. Don't wait until you are already months in arrears.

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Sunday, January 02, 2011

Upcoming Scholarship Deadlines

The holidays have come and gone and it's time to start thinking about college again. First up is the FAFSA. As soon as you have all your financial documentation for last year, get started on the FAFSA...many schools have early deadlines and you don't want to miss out on any financial aid opportunities. For more information, visit the FAFSA page at College-Loans.us.

Next, there are several scholarships available that have submission dates in January and February. The Sam Walton Community Scholarship is coming up and has a January 31, 2011 application deadline.

The KFC Colonel's Scholars Program is offering scholarships of up to $5,000 per year. Applications must be in by February 9, 2011.

The Ben Carson Scholarships from the Carson Scholars Fund which presents $1,000 college scholarships to students in grades 4-11 has an application deadline of January 14, 2011.

The Bank of America Joe Martin Scholarship awards $1,000 to $5,000 scholarships to Dependents of Bank of America associates and the deadline is February 28, 2011.

New and updated pages at College-Loans.us include:

Missouri 529 Plan
Montana 529 Plan
529 Tax Deductions

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