FAP906: Parent loans, tax refunds, free stuff, Black Lab

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FAP906: Parent loans, tax refunds, free stuff, Black Lab

10 April 2009 1 views 3 Comments

FAP906: Parent loans, tax refunds, free stuff, Black Lab

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Weekly Financial Aid Roundup

Breaking – the Department of Education has canceled PLUS loan auctions.

Through a notice in the Federal Register of March 3, 2009, the Department established an April 1, 2009 deadline for the submission of pre-qualification requests under the Competitive Loan Auction Pilot Program for Parent PLUS Loans, relating to loans to be made for loan periods beginning on or after July 1, 2009 and ending on or before June 30, 2011. In order for the auction to have been considered successful for any State, at least two lenders must have submitted pre-qualification requests for that State. However, the Department failed to receive two requests for pre-qualification for any State, and for the vast majority of States the Department received no requests at all. For this reason, the Department considers the purpose of the Competitive Loan Auction Pilot Program to have been frustrated, and it is canceling the auction that was scheduled to occur on April 15, 2009.

During the 2009-10 and 2010-11 award years, Parent PLUS loans under the Federal Family Education Loan program may be made by any eligible lender to parents of students attending eligible educational institutions in any State.

What does this mean for you? What was not a great idea has been canned. The reasons for a lack of bidding by lenders are pretty simple and boil down to an economy that makes lending tough under any circumstances, much less a lowest-bid war. To think that lenders would voluntarily try to reduce what little profit was left in the worst economic crisis in 75 years was the height of silliness.

Increased education tax refund and how to take advantage of it.

Student debt balloons up.

FICO scores and student loans.

Scholarship Points Instructions

Are you a Scholarship Points member? In today’s show, get a Points code for 20 Scholarship Points by subscribing to the podcast and listening to the episode. Subscribing is fast, easy, and free.

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http://www.financialaidnews.com/itunes

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Remember, the points code is in the show itself, so you have to tune in and listen to it. I promise it’ll be worth your time.

Scholarship Update

Jonathan Olson – University of Iowa did indeed win the Student Loan Network $10,000 scholarship. He said:

I have just returned to school to complete an undergraduate degree in Actuarial Science that I began long ago. I left my full-time job last August to pursue my education full time. With student loans racking up, this scholarship couldn’t have come at a more useful time.

Congratulations, Jonathan!

We’ve got $3,500 to give away this month. Enter to win at ScholarshipPoints.com.

News You Can Use

Managing your reputation online.

Free Stuff Friday

Big crop!

Ben & Jerry’s and Bare Naked Ladies give away 3 free songs.

Free Quaker Rice Snacks.

Huggies has some diapers.

Free toothpaste from Walmart.

Some free shampoo from Mizani.

Free eco-friendly grocery bag from Kroger.

Free bottle of ketchup.

Free Gillette body wash.

Free sunglasses case.

Free pile of my eBooks.

Ben & Jerry’s again – free cone day is April 21 from noon to 8 PM.

Free Song of the Week

Black Lab, See The Sun

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