- Introduction
- Featured Article: Financial Aid Goes To Washington
- Scholarship Notes
- A Word from our Sponsors
- Privacy and Subscription Information
- Back Issues
- Sponsor this newsletter!
Welcome to the August 2005 issue of FinancialAidNews.com. Well, we've taken the plunge with podcasting over the last month, and put together some podcasts that are just incredible - you can hear from leading experts in the financial aid field about what you need to do to get as much aid as possible, experts like Dr. Joseph Cronin and Mark Kantrowitz. Did you know, for example, that you may need to start scholarship planning as early as middle school? It's true - find out more by tuning into the podcast. Visit:
http://www.FinancialAidNews.com/financial-aid-podcast.php
This month, we cover news about the Higher Education Act Reauthorization, important information about where to get student loans, and getting ready for back to school.
Take our survey! Let us know how we can improve the Financial Aid News and Podcast; five lucky respondents will win a $15 iTunes Music Store Gift Card. Visit:
http://www.FinancialAidNews.com/show.php/Survey/
As always, please share The Student Financial Aid News with your friends, family, and colleagues, by simply forwarding this message, or letting them know to subscribe by visiting www.FinancialAidNews.com today!
Enjoy this month's newsletter!
Christopher S. Penn
Editor in Chief, The Student Financial Aid News
The Student Financial Aid News
A Service of the Student Loan Network
1250 Hancock Street, Suite 703N
Quincy, MA 02169
(iPod and iTunes are registered trademarks of Apple Computer, Inc.)
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Featured Article: Financial Aid Goes to Washington
What's happening on Capitol Hill? The Higher Education Act Reauthorization, named the College Opportunity and Access Act of 2005, in the House of Representatives. For regular subscribers to our blog and podcast, you got the news as it happened. Here's the summary - in general, there has been no major net change in financial aid availability, and overall, the changes in the Higher Education Act may draw approximately $11 billion away from the Department of Education to be used for deficit reduction, by the President's orders. What's changed and what's staying the same? As the act stands now:
Stafford Loan limits are changing for first-year students, sophomores, and graduate students.
+ First-year students will have access to $3,500 in subsidized Stafford loans instead of $2,265.
+ Sophomores will have access to $4,500 in subsidized Stafford loans instead of $3,500.
+ Juniors and seniors receive no increase.
+ Graduate students will have access to $12,000 in unsubsidized Stafford loans instead of $10,000.
Loan origination fees for non-Direct Loans are decreasing from the current 3% fee to:
+ 2.0% from 2006 - 2008
+ 1.5% from 2008 - 2010
+ 1.0% from 2010 onward
Phaseout of the Perkins loan program by 2016.
Incentives for teachers of math, science and special education in low-income school districts. Currently, forgives such teachers up to $5,000 of their student loans; the new bill increases that amount to $17,500.
Elimination of spousal student loan consolidation.
Students who want to consolidate their loans will be given a choice between a variable rate loan consolidation and a fixed rate loan consolidation.
+ If you choose a variable rate consolidation, you'll get the 91-day T-bill rate at the last auction in May of each calendar year plus 2.3%.
+ If you choose a FIXED rate consolidation, you'll get the 91-day T-bill rate at the last auction in May of each calendar year PLUS 3.3% PLUS a 0.5% origination fee.
All of these changes, assuming the Act passes both houses of Congress and the President in September, will take effect as of July 1, 2006.
Financial aid expert Mark Kantrowitz noted in our July 27, 2005 podcast (definitely worth listening to) that with no major net change in financial aid to students, and continuing increases in tuition and education expenses, that students and families will need to turn to private student loans in increasing amounts.
To get more information about consolidating your loans before the reauthorization takes effect, visit:
To get more information about private student loans to bridge the gap between the cost of education and federal financial aid, visit:
http://www.AlternativeStudentLoan.com
With interest rates rising across the board, it's more important than ever to have the best tools available for your search for interest-free money, and that means scholarships. That includes free solutions like Google and premium solutions like Financial Aid Officer's Scholarship Search. For a nominal fee, you get access to an ever-increasing database of scholarship awards, more than 2.3 million worth $14 billion.
If you can't find the financial aid you're looking for online, try the FinancialAidOfficer.com Scholarship Search Service at
http://www.GotScholarships.com
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