FAP595: Free Stuff Friday for your Dorm Room, Mail Bag, Rates, Matthew Ebel

Student Financial Aid News
+ Chronicle: The nonpartisan Congressional Research Service has raised new doubts about a plan by Democrats in the House of Representatives to cut interest rates on student loans, saying there are better ways of saving students money.
+ The plan to reduce interest rates, initially approved by the House in January as part of the “first 100 hours” of Democratic control, would save students an average of $18 per month, the Congressional Research Service said in a report released on Thursday.
+ “Applying targeted remedies, such as income-contingent repayment plans and/or loan-forgiveness programs, may be more efficient and less costly to the federal government,” the report said.
+ The findings corroborate concerns expressed by both lenders and advocates for students. The lenders have warned that interest-rate cuts would force them to increase other costs on borrowers.
+ “We have heard from a variety of sources” that Sen. Edward M. Kennedy of Massachusetts, the Democrat who is chairman of the education committee, “raised questions over whether the interest-rate reduction was as good an investment in college opportunity as increasing the maximum Pell Grant and, assuming that this is Kennedy’s view, I tend to agree with it,” said John Dean, special counsel to the Consumer Bankers Association.
+ For their part, the student advocates have agreed with the Congressional Research Service that federal money could be better spent on programs such as Pell Grants.
+ “I actually agree that the interest-rate cuts are of marginal importance,” said Alan Collinge, founder of Student Loan Justice.Org, an advocacy group for borrowers. “In my view, the interest rates weren’t that high to begin with — it’s the sticker price that is the problem.” Mr. Collinge said Congress could provide students with more-meaningful help through such steps as strengthening laws against predatory lending and improving bankruptcy protections.

Mail Bag
+ I’m going to be a junior this Fall and need to pay for tuition, rent, etc. I was wondering if getting a loan from the bank is better than the FAFSA loan. I haven’t applied to FAFSA because my parents have paid for the past 2 years of my college years and I want to start paying for it myself. I’m afraid it’s too late to fill out a FAFSA so my only hope is a loan from a bank. I don’t really know anything about good rates and how much money to take out but i was wanted to know what you think the best bet for me to go with. Bank loan? FAFSA?
+ The FAFSA is not a loan
+ Federal student loans at StaffordLoan.com
+ Private student loans at ActEducationLoans.com

Scholarship Update
+ The Barry M. Goldwater Scholarship and Excellence in Education Program was established by Congress in 1986 to honor Senator Barry M. Goldwater
+ The purpose of the Foundation is to provide a continuing source of highly qualified scientists, mathematicians, and engineers by awarding scholarships to college students who intend to pursue careers in these fields.
+ The Foundation will award up to 300 Goldwater Scholarships to students who will be college Juniors or Seniors during the 2007-2008 academic year.
+ Each award covers eligible expenses, including tuition, fees, books, and room and board, up to a maximum of $7,500 per year.
+ Goldwater Scholars are eligible for one or two years of support.
+ $4,500,000
+ January 31, 2008 deadline
+ Details at our free college scholarship search site

Free Stuff Friday
+ Zim desktop wiki for Linux
+ ITerm terminal replacement for the Mac
+ Visor for the Mac
+ Outlook on the Desktop
+ Billshare
+ Traveling to Kalamazoo/Battle Creek International Airport, Nashville International Airport, Baltimore/Washington International Thurgood Marshall Airport, Detroit Metropolitan Wayne County Airport, Newark Liberty International Airport, John F. Kennedy International Airport, LaGuardia Airport, Midway International Airport, Minneapolis-St. Paul International Airport, Will Rogers World Airport, O’Hare International Airport, Lambert-St. Louis International Airport, and Toronto Pearson International Airport? Free wifi this month
+ HomeSlyce for your dorm room
+ Top 10 things college students always forget

CoverCast
+ Matthew Ebel, Landed, BMI #7374522
+ Buy Virtual Hot Wings!

Reminders

+ Private student loans
+ Stafford loans | Other federal student loans
+ Student loan consolidation at StudentLoanConsolidator.com
+ FAFSA tutorials and free help
+ Financial Aid Podcast Show Notes at FinancialAidNews.com.
+ The Financial Aid Podcast is a publication of the Student Loan Network.

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