New Federal Budget Could Mean Trouble for College Loans and Grants

When President Obama sends his proposed budget to the Congress on Monday, there could be changes included for Pell Grants and Perkins Loans.

According to cnn.com, the administration is looking to save $100 billion over ten years by making a couple of changes. These changes would first allow only one Pell Grant per year instead of the two now available (one for the regular school year and another for the summer session) and also stopping the subsidy on loan interest for graduate students. Implementing these changes would allow the maximum Pell Grant to be held at the current $5,500.

The Boston Globe reported there is concern over the Perkins Loan program which is set to expire in 2014. Without the program, hundreds of thousands of students would be forced to find alternative funding, which would probably mean higher cost private loans. Hopefully there will be good news about the program when the President's budget hits the hill.

Upcoming Scholarship Deadlines

Buick Achievers Scholarship Application deadline: March 31, 2011. However, students getting their applications in by 11:59 p.m. CT, February 25, 2011 may receive early consideration for five of the Buick Achievers National Scholarships.

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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.

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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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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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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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.

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