Georgia HOPE Scholarship Update

There are several bills in the Georgia Legislature which may change the Georgia HOPE Scholarships. HB 159 will place an maximum family income limit of $66,000 for eligibility. House Bill 326 is making it's way through the Georgia Legislature and includes many changes to the Georgia HOPE Scholarship eligibility requirements and awards amounts, which will be cut for the upcoming year. Books and fees won't be covered by the new HOPE.

Going forward, students graduating high school in 2015 and beyond will be required to take advanced courses in math, science, foreign languages or advanced placement in core courses to be eligible for the HOPE. 2015 grads will need two of these courses, 2016 grads need three and 2017 and beyond will need four.

The bill proposes a new Zell Miller Scholarship, which would cover the entire tuition cost for students who meet the eligibility requirements which include a 3.7 GPA and a minimum 1200 SAT score.

New Mexico extends Legislative Lottery Scholarships to include Tribal colleges.

House Bill 92 has passed in the House and has been sent on to the Senate which would allow the Legislative Lottery Scholarships to include students at tribal colleges. Included in the bill would be resident undergraduates attending the Institute of American Indian and Alaska Native Culture and Arts Development in Santa Fe, Navajo Technical College in Crownpoint and Southwestern Indian Polytechnic Institute in Albuquerque which have been accredited by the North Central Association of Colleges and Schools.

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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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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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