Daily Aid 92: FAFSA, student loans, Dunkin Scholarship

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Daily Aid 92: FAFSA, student loans, Dunkin Scholarship

9 March 2009 1 views One Comment

Daily Aid 92: FAFSA, student loans, Dunkin Scholarship

Student Financial Aid News

The Education Department is reporting significant gains in applications for federal financial aid and in volume in direct lending. Both gains have been expected, but data reported to the National Association of Student Financial Aid Administrators provide some details on the trends. Through the end of February, the department reported processing almost 3 million Free Applications for Federal Student Aid (FAFSA) forms for the 2009-10 academic year, an increase of 20 percent over a comparable period a year ago. The shifts reported in direct lending are also dramatic. As of February 25, direct lending volume was $20.2 billion, up from $13.1 billion a year ago. So far this academic year, the number of loans provided through direct lending is up by 1.6 million and the number of participating colleges is up by 548.

Commentary

This should not be a surprise on either count. As some student loan companies have withdrawn from the business, schools left hanging in the lurch had to find another lender partner, and the Department of Education can’t go out of business unless the entire US government went out of business. This harkens back to a discussion last week about reforming the student loan system. Fundamentally, if the Department of Education’s Direct Loan program and the Family Federal Education Loan Program (of which the Student Loan Network is a participant), were on equal footing, no school in the FFEL program would have to fear being abandoned with no loan provider in bad times and no school in the Direct program would have to fear missing better interest rates and benefits for their students in good times.

As for FAFSA applications, 20% is actually lower than I’d expected, given the state of the economy.

Scholarship Update

Dunkin’ Donuts is proud to offer students an educational perk!

Dunkin’ Donuts franchisees are committed to a strong local community. An important part of building our community is helping students gain a quality education. As a part of a Community Partnership program, Dunkin’ Donuts franchisees will award $1,000 scholarships to qualified students. Scholarship recipients will be selected on the basis of “well-rounded” character: positive academic record, demonstrated leadership, commitment to school and community activities, and experience in a work environment.

The Dunkin’ Donuts Scholarship is currently available only for students in Connecticut, Rhode Island, and in Bristol, Hamden, Hampshire and Franklin counties in Massachusetts.

Details at our free college scholarship search site.

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