Cutting College Costs

I've talked before about saving money by either going to a public college for your first couple of years, then transferring into a private school. Here is an example of another way of saving money.

The University of Massachusetts at Amherst guarantees admission to students graduating from an approved Joint Admissions associate degree program through a Mass Community College with at least a 2.5 GPA.

Additionally, if you were able to maintain at least a 3.0 GPA, Massachusetts has a program called Tuition Advantage Program which will give you a 33% tuition waiver.

UMass Amherst will go even further by waiving the other 67% of your tuition. This waiver doesn't include fees, but it's still a pretty good deal. Make it through with at least a 3.7 GPA and they will throw in a $500 book scholarship.

There are further scholarships and financial aid available. You can check it out at http://www.umass.edu/umccc/financial-matters.

More Massachusetts College News

At a meeting on March 22, 2011, the Massachusetts Board of Higher Education voted to require students entering Mass four year schools starting in the fall of 2016 to take four years of high school mathematics. The actual wording from the committee reads:
Mathematics, 4 courses (Algebra I & II and Geometry or Trigonometry, or comparable coursework) including mathematics during the final year of high school.

This new policy will affect students entering ninth grade in the fall of 2012 and later.

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College Grants Under Fire

As state and Federal budgets continue to show huge deficits, no programs are off limits. At the Federal level, the proposed House budget would slash Pell Grants by almost 15%, with the maximum award being reduced from $5,550 to $4,705. President Obama is looking to reduce the Pell by eliminating the summer Pell and also by stopping the subsidy on graduate school students loan interest. Stay tuned for the latest updates.

A little lower on the radar is the Academic Competitiveness Grant and the SMART Grant programs are set to expire at the end of June.

Checking in with the states, proposed funding for the Connecticut Independent College Student Grants would be reduced by 25% in FY 2012 and 50% in FY 2013. Funding for the Kirkland M Kerr Grant would be eliminated. This program provides a stipend for students of veterinary medicine who need to attend an out of state program, since there is nothing similiar offered in Connecticut.

On the other side of the country, California is considering reducing Cal Grant expenditures by not allowing for profit colleges that have high rates of drop outs and loan defaults to take part. Additionally, all students would be re-evaluated each year to make sure they still qualify. While some students may disagree, this one seems like a no-brainer. If a student's family financial status changes, so should their eligibilty for various programs.

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New Jersey College Students and High School Seniors - Read This!

This year the New Jersey Higher Education Student Assistance Authority (HESAA) is requiring that all students who wish to be considered for financial aid awards like the Tuition Aid Grant (TAG) and NJ STARS Programs will need to not only fill out the FAFSA, but also must submit an additional information worksheet. The worksheet must be filled out by NOVEMBER 15 for the fall semester and March 15 for the spring semester. Go to http://www.hesaa.org/r201011.htm for a link to the required worksheets.

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California 529 ScholarShare College Savings Plan

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KFC Colonel's Scholars Program Scholarships

You will have to hurry for this one. The KFC Colonel's Scholarship application deadline is February 10, 2010. This scholarship awards up to $5,000 per year towards tuition, fees, books, room and board. You may be eligible if you are graduating high school between 12/1/09 and 8/31/10 and are carrying at least a 2.75 GPA. For more information on this scholarship, check out KFC Colonel's Scholars

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FAFSA - The time to prepare is now.

We're almost through January and you should be preparing your FAFSA now. Though the Department of Education allows you to submit through June 30, 2011, for the 2010-11 academic year, many states and colleges have a deadline in February or March. The sooner you get it in, the better your chances of receiving college funding. The reason for this is many colleges have a limited amount of funding and they will begin doling it out to qualifying students early. Once the money is gone, you're out of luck.

A couple of things to remember...

The Federal FAFSA website is at http://www.fafsa.gov. If you come across sites with a .com or other ending, you are at a commercial site and they will probably charge you to do your FAFSA. Go to the site above and you can submit for FREE.

If you don't have your W2's or 1099's yet, you can still do your taxes with estimated numbers and file. Should the numbers change significantly, you can go back and submit an amended FAFSA when you get the final numbers.

Here is a listing of states with early deadlines for FAFSA:

February - Connecticut, Tennessee.
March - California, Idaho, Indiana, Kentucky, Maryland, Michigan, Mississippi, Montana, North Dakota, Oregon, Rhode Island.

Some of these are the 1st of the month, so check it out and start filling out now. There are other states who haven't posted definite deadlines, make sure you check with your financial aid administrator.

For more information, you can check www.college-loans.us/fafsa.html.

Michigan's Oakland University to Eliminate Loans

A few years go, I took a couple of courses at one of our state universities and was amazed when the fees they charged cost more (much more) than the tuition. Of course, that's just the way state schools get around having tuition increases more massive than they already are.

So, I was kind of surprised when I read an article about Oakland University in Rochester, Michigan, and saw that they charge no fees...no activity fees, no registration fees, not even application fees.

On top of that,they are expanding scholarships for next year so that incoming freshmen with financial need will be able to attend Oakland Unversity loan-free. Students must meet the normal admissions criteria and must submit the FAFSA. The tuition grant will cover the difference after the EFC and all other scholarship and grant awards have been applied.

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The American Recovery and Reinvestment Act of 2009

As President Obama pushes his economic spending package, what will it mean for college students and their families? Though the bill could still see amendments, here are a few of the possibilities:

Hope Scholarship

For 2009 and 2010, the Hope Scholarship Credit shall be an amount equal to the sum of (A) 100 percent of so much of the qualified tuition and related expenses paid by the taxpayer during the taxable year (for education furnished to the eligible student during any academic period beginning in such taxable year) as does not exceed $2,000, plus
(B) 25 percent of such expenses so paid as exceeds $2,000 but does not exceed $4,000.
So, the Hope may increase temporarily to a maximum of $2,500 per year.

Pell Grant

The maximum Pell Grant for the 2009-10 school year will be $4,860, an increase of $500 over the 2008-09 Pell. But, the College Cost Reduction & Access Act (CCRAA) added $490 to that top award so the maximum award should be $5,350. The program will be fully funded, so there will be no award reductions to applicants meeting the requirements.

Stafford Loans

Unsubsidized Stafford Loan limits could increase by $2,000. This will allow students to have a lesser need for private loans which might be at a significantly higher cost.

Federal Work-Study Program

Federal Work-Study will be funded with $490 million to be distributed to colleges. These must be 25% matched with non-Federal funds.

Special Allowance Payment (SAP)

Lenders who participate in the Federal Family Education Loan (FFEL) program, receive a subsudy known as a Special Allowance Payment (SAP) to ensure lender participation. During the current economic crisis, the SAP decreased to the point where lenders dropped out of the program. In the American Recovery and Reinvestment Act of 2009, the SAP calculation will be tied to the London Interbank Offered Rate (LIBOR), which should boost it back to levels that will provide stability in the student loan market.


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Clairborne Pell Former R.I. Senator Dies

New Year's Day marked the passing of former Senator Clairborne Pell, who sponsored the program named for him (Pell Grant) which has helped tens of millions of students attend college.

Georgia's HOPE Grant Program

Georgia's HOPE Grant which is separate from the HOPE Scholarship, is available to Georgia residents attending a Georgia public technical college or public college or university in a certificate or diploma program regardless of high school graduation date or grade point average. The certificate or diploma program must be approved and the certificate or diploma must be awarded and issued by the institution. The Hope grant provides full tuition, HOPE-approved mandatory fees, and a book allowance at public institutions. You can get full information on requirements and application by visitng the GACollege411 website.

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NJ STARS program to be amended

On Thursday, the New Jersey State Assembly Higher Education Committee approved Assembly Bill No. 3373, which will make some major changes to the NJ STARS and NJ STARS II Programs. The changes are expected to save the state several million dollars per year. Some of the major changes include:

NJ STARS

Students will have to graduate in the top 15% of their class, instead of the current 20%.

Students will need to pass a college placement test to determine the student's readiness. If the student doesn't pass, they will need to address the deficiencies during senior year to be eligible for the NJ STARS. Even if unable to correct the deficiencies during senior year, they will be given until Sept 1 of the following year to demonstrate the necessary skills before losing eligibility.

The scholarship will allow students to take up to 18 credits per semester, up from 15. The new law will also consider students eligible even if they need fewer than 12 credits in their final semester. Students earning college credits during high school will now be allowed to use them under the NJ STARS program.

NJ STARS II

NJ STARS community college graduates will need to have a 3.25 GPA to be eligible for the NJ STARS II scholarship. Curerntly, the requirement is a 3.00 GPA.

Family income will now need to be under $250,000 to be eligible. The original proposal was to have a $100,000 cap, but there wasn't widespread support for that.

NJ STARS II covers tuition and fees now. The proposed changes will only cover tuition. An exception will be those students eligible for a Tuition Aid Grant. Tuition and fees will be covered for these students.

The scholarship amount will now depend on the student's GPA, as well. Students who maintained a GPA greater than 3.25 and less than 3.50 will be eligible for a scholarship of up to $3,000 per semester; students who maintained a cumulative GPA
equal to or greater than 3.50, will be eligible for a scholarship of up to $3,500 per semester. For senior year eligibility, the amount awarded will depend on the student's GPA during the third year.

The bill still needs to be passed by state assembly and Governor Corzine.

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WalMart College Success Awards Announced

In a July 14 press release, the Walmart Foundation and the Council of Independent Colleges (CIC) announced the winners of the WalMart College Success Awards. These included 20 colleges who are members of the CIC and have shown success in the past helping first-generation college students make it through their college years and graduate with a degree.

The winning colleges will receive a $100,000 grant to help build their program. Those winning colleges are Adrian College (Adrian, MI), Bay Path College (Longmeadow, MA), Bellarmine University (Louisville, KY),California Lutheran University (Thousand Oak, CA), Carroll University (Waukesha, WI), College of Idaho (Caldwell, ID), College of Mount Saint Vincent (Bronx, NY), College of Saint Benedict (St. Joseph, MN), College of St. Scholastica (Duluth, MN), Florida Memorial University Miami Gardens, FL), Illinois College (Jacksonville, IL), Juniata College (Huntingdon, PA), Kalamazoo College (Kalamazoo, MI), Lesley University (Cambridge, MA), Manchester College (North Manchester, IN), North Central College (Napierville, IL), Ripon College (Ripon, WI), St. Edward’s University (Austin, TX), Wartburg College (Waverly, IA), and Wiley College (Marshall, TX).


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Tennessee Legislature Passes Education Bill

The Tennessee House and Senate passed a bill this week aimed at allowing more Tennessee students to maintain their Hope Scholarships. Current qualifications require students to attain a cumulative 2.75 GPA (Grade Point Average) at the end of 24 attempted credit hours. Then students must have a 3.0 GPA at the end of 48, 72, 96 and 120 atempted semester hours.

The new legislation, which has been sent to the Governor for his signature, allows for a 2.75 GPA after 60 class hours. Then students must get a 3.0 each semester to keep the Hope Scholarship. Note, this will be each semester, not cumuative GPA as before. There is also a one time provision to regain the scholarship if lost.

Also included in the legislation was $10 million to the Tennessee Student Assistance Corporation (TSAC) for grants to assist up to 5000 students with financial need.

$1.5 million is earmarked for the Helping Heroes program, which will provide grants to Tennessee soldiers returning from the battlefields of Afghanistan and Iraq. These grants will make up any necessary funding not covered by the Federal GI Bill.

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Pennsylvania Students Scramble for School Money

Pennsylvania college students will be scrambling to fund their educations this year. The Pennsylvania Higher Education Assistance Agency (PHEAA) announced earlier that they would not be participating in the Federal FFEL program during the upcoming year. This means that they will no longer be making Stafford, Parent PLUS, Graduate PLUS, and Consolidation loans. While PHEAA says this is temporary, there is no date set for a return to the program.

There are still many lenders taking part in the KeystoneBEST loan program and PHEAA will pay the 1% federal default fee for lenders taking part in the program. This includes the Stafford Loan, the Parents Loan and the Graduates Loan.

PHEAA also announced recently that student grants for the 2008-09 school year may be reduced by up to $750 and fewer students may receive the grants. While there is talk about the legislature coming up with some money to make up the difference, don't hold your breath. Many there don't seem happy with PHEAA.


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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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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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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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Arkansas Aspiring Scholars Matching Grant

In Arkansas, a new college savings program was just announced. The Aspiring Scholars Matching Grant will provide matching funds in the state's 529 plan for qualifying families. The account holder and the beneficiary must be Arkansas residents.

Families with an Adjusted Gross Income (AGI) of $60,000 or under will qualify for a 1-1 match up to $500 per year. Those with an AGI of $30,000 or below will qualify for a 2-1 match up to $500.

As a pilot program funded under ACT 597 of 2007, there is $250,000 set aside for the first two years of the program and will be granted based on need following closure of the application period April 30.

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Dartmouth College Announces Tuition and Loan Elimination Plan

Dartmouth College President James Wright announced today several major additions to the school's financial aid program. Beginning with the 2008-09 school year:

All students with a family income below $75,000 will go tuition-free. They may also be eligible for scholarships to help cover other expenses such as room, board, books and miscellaneous expenses.

Scholarships will be replacing grants for incoming scholarship students beginning with the Class of 2012. Current students will see their loans cut by 50%.

Starting with the Class of 2012, Dartmouth will extend it's need-blind admission policy to all international students. Currently students from the US, Canada and Mexico are covered by the policy.

Financial aid recipients will be eligible for a $2,950 scholarship in their junior year to assist them in taking advantage of possible research or internship opportunities.

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Bowdoin College to Eliminate Student Loans

Bowdoin College of Brunswick, Maine, announced Friday that beginning with the 2008-09 school year, they will replace student loans for all new and current students receiving financial aid.

Bowdoin's program is among the most ambitious of the schools that have anounced similiar no loan plans. Many others have reduced loans for current students, without eliminating them altogether. Still others have capped the family incomes that would be eligible.

Bowdoin's plan may allow gradsuates to make a job choice based on desire, rather than making enough money to repay the student loans.

Florida May Eliminate College Grants for Thousands

With budget issues reaching crisis levels, the governor's budget proposal seeks to eliminate grants for Florida students attending private colleges and universities under the Florida Resident Access Grant Program (FRAG).

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The University of Oregon announce that beginning in September, all incoming Oregonian freshmen who qualify for Pell Grants will receive aid packages that will cover the total cost of their tuition and fees. The program, called PathwayOregon, will pick up whatever costs aren't covered by federal and state aid.

Students qualifying for PathwayOregon will also be provided with academic support. Some students may also qualify for room and board.

To qualify, Oregon students must be eligible for the Pell Grants, have their admissions applications in by January 15, have the FAFSA into the University by March 1, apply for one of two University scholarships, as well as other requirements. You can read more about PathwayOregon at http://www.uoregon.edu/~pathway/

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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

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