In this issue:
- Introduction & Special Note
- Featured Sponsor: Why You Should Consolidate RIGHT NOW
- Feature Article: Student Loan Rate Changes
- Feature Article: The Two Scholarship Words You MUST Know
- Scholarship Notes
- Scholarship: Jack Kent Cooke Foundation Graduate Scholarship
- Scholarship: Ethel Louise Armstrong Foundation Scholarship
- Scholarship: The Daniel B. Goldberg Scholarship
- A Word from our Sponsors
- Privacy and Subscription Information
- Back Issues
- Sponsor this newsletter!
Welcome to the June 2004 issue of Financial Aid News. First, congratulations to all the recent graduates! You've completed a major milestone in your education and life, and we congratulate you on achieving your goals!
This month features TWO articles of interest - secrets of scholarship hunting, and information about student loan rates for the coming year.
Have you visited FinancialAidNews.com? Our new Financial Aid News web site provides you with the back issues of Financial Aid News, so that if you missed an issue or your email address unexpectedly changed, you'll still get to read the articles you need. If you enjoy FinancialAidNews.com, please tell a friend. It's always free!
Are you graduating? Make sure you register your new post-graduation email address with us to keep receiving our newsletter! Graduates should take special notice of our student loan consolidation announcement; learn how to reduce your post-graduation loan burden and why it's so important to consolidate now.
Enjoy this month's newsletter!
The Student Loan Network Team
1250 Hancock Street, Suite 703N
Quincy, MA 02169
Featured Sponsor: Why You Should Consolidate RIGHT NOW
Consolidating student loans has historically been a good idea thanks to longer repayment terms and low, fixed rates. However, Congress is considering revoking part of that good idea this year. As part of the re-authorization of the Higher Education Act, Representative John Boehner (R-Ohio) is petitioning to change the fixed rates of student loan consolidation to variable rates. The net effect of such a change would be a rough average interest rate of 6% (based on rates over the last 10 - 20 years), more than double what today's graduates pay. For graduates with approximately $25,000 in student loans, Boehner's plan could add approximately $10,061 to the cost of their loans. For graduates with $50,000 in loans, Boehner's plan could cost them an estimated extra $26,484 - about the cost of a new BMW 325i.
However, the re-authorization and potential rate changes can't take effect until Congress approves them, which means that current college graduates can consolidate right now and still receive fixed-rate loans; what's more, changes in the laws will not affect graduates who have already consolidated. Once you're locked in to today's fixed rates, Congress can't take that away from you. Consolidate today to lock in low rates and lock out Congress!
Consolidate your student loans today at http://www.StudentLoanConsolidator.com and start saving!
Featured Article: Student Loan Rate Changes
The last auction in May of the 91-day Treasury bill has completed, and that means the new student loan rates can now be determined for the 2004 - 2005 academic year beginning July 1. As you may or may not know, federal student loan rates are set using the 91-day Treasury Bill rate (T-bill). For example, Stafford Loans in school/in grace are set to be 1.7% + 91-day T-bill rate, while Stafford Loans in repayment are set to be 2.3% + 91-day T-bill rate. Parent PLUS loans are set to be 3.% + 91-day T-bill rate.
The final rate on May 27, 2004 of the 91-day T-bill closed at 1.07%, a discount of 0.05% from last year's rate. This means that as of July 1, 2004:
- Stafford Loans in school/in grace have a rate of 2.77%
- Stafford Loans in repayment have a rate of 3.37%
- PLUS Loans have a rate of 4.17%
These new rates are good until June 30, 2005.
Graduates who wish to consolidate their federal student loans can do so and will automatically receive the lowest rates possible for their loans, if they consolidate at www.StudentLoanConsolidator.com today. Caveat emptor! Not all consolidation companies will give you the lowest rate possible! www.StudentLoanConsolidator.com will ensure that you receive the lowest rate you are eligible for!
As a reminder, private alternative student loans are indexed according to the LIBOR 30-day rate. The BBA LIBOR is the most widely used benchmark or reference rate for short term interest rates. LIBOR stands for the London Interbank Offered Rate and is the rate of interest at which banks borrow funds from other banks, in marketable size, in the London interbank market. The current LIBOR rate is 1.10%, which means that undergraduate students, parents, and graduate students can borrow private, non-government education loans at rates between 5.75% - 8.35%, depending on credit. Apply today for a private student loan!
Finally, if you would prefer to leverage equity in your home or investment property, you can do so at the Student Loan Network Mortgage Service Center. Visit http://www.studentloannetwork.com/mortgage/ to find today's home equity and mortgage refinancing rates!
Featured Article: The Two Scholarship Words You MUST Know
Search engines like Google are powerful resources in the hunt to find scholarships. However, with hundreds, if not thousands, of advertisers and businesses trying to sell you scholarship services, it can be difficult to actually find scholarships online. At FinancialAidNews.com, we've searched the Web high and low for scholarships (many of which are in our own premium search service), and have two words which can drastically improve the results you get from a search engine. Other people pay hundreds of dollars a year for these two words. As a FinancialAidNews.com subscriber, you get them absolutely free.
Start here by visiting Google.com and typing in "scholarship" as your search term. You'll find 5.1 million results. The top ten results, however, are paid search services, and not scholarships themselves. Now, let's add in Magic Word #1.
Magic Word #1: TRUST
Most scholarships are educational trusts, money bequeathed to an organization for disbursement to students. Most of these educational trusts have web pages, and not coincidentally, these pages usually contain information on how to receive the actual scholarships. Search for "scholarship trust" in Google, and watch the magic work!
Magic Word #2: FOUNDATION
As with trusts, many non-profit foundations are formed to manage scholarship endowments. You'll find the same great assortment of awards as with Magic Word #1. Search for "scholarship foundation" in Google, and watch the magic work!
If, however, you have no desire to search through the 667,000 results Google delivers to you, we invite you to try our premium Scholarship Search service. For a nominal fee beginning at $29.99/year, we'll help you save hundreds of hours searching Google, Yahoo, and other online sites, helping you get the awards you deserve faster. How long would it take for you to surf all 667,000 search results? How much is your time worth? Let us help. We've already done the work for you.
Visit http://www.financialaidofficer.com/scholarship_search/ to save time today.
This month's focus is for scholarships for graduates. Now that your undergraduate degree is complete, you may be considering a graduate scholarship for an advanced degree.
As always, we remind you that this is a very, very, very small fraction of the scholarships available to students everywhere. We encourage you, if you want to get the maximum amount of free money for college, to enlist the services of our scholarship experts. We've sorted through over 2 million scholarships worth $14 billion.
Visit http://www.financialaidofficer.com/scholarship_search/
to gain access to your premium scholarship search service. For a nominal fee beginning at $29.99, you can find scholarships that meet YOUR needs.
Scholarship: Jack Kent Cooke Foundation Graduate Scholarship
The Jack Kent Cooke Foundation Graduate Scholarship Program will award approximately 35 scholarships to college seniors or recent graduates to attend graduate programs in fall 2004. The scholarship awards will provide funding for tuition, room and board, books, and other required fees for the length of the graduate degree program, up to six years. The amount and duration of awards will vary by student, based on the cost of attendance and length of the program as well as other scholarships or grants received. The maximum award per student is $50,000 per year.
Visit: http://www.jackkentcookefoundation.org
Scholarship: Ethel Louise Armstrong Foundation Scholarship
The Ethel Louise Armstrong (ELA) Foundation, Inc. scholarship is for any woman with a physical disability who is pursuing graduate studies at a college or university in the United States. The ELA scholarship ranges from $1,000 to $2,000.
Visit: http://www.ela.org/scholarships/scholarships_process.html
Scholarship: The Daniel B. Goldberg Scholarship
The Daniel B. Goldberg Scholarship of $10,000 is awarded to a graduate student who is enrolled in full-time master's study preparing for a career in state and local government finance. The winner of the scholarship is invited, as our guest, to attend the Government Finance Officers Association's annual conference, where the award is presented. This scholarship is funded by the Government Finance Officers Association and the Girard Miller Foundation.
Visit: http://www.gfoa.org/services/scholarships.shtml
And now a word from our sponsors...
Private Student Loans
Want to avoid the incredible hassle of federal financial aid? Need a student loan faster than Uncle Sam can pay out? Consider a Private Alternative Student Loan. With competitive rates, quick disbursement, and no governmental waiting, the Private Alternative Student Loan can get you squared away fast. You can even apply for K-12 or Continuing Education loans!
Visit: http://www.PrivateStudentLoans.com
See the world! (without joining the Army)
Learn about study abroad opportunities everywhere, and discuss interesting places to visit, scholarships for travel abroad and more at InternationalStudent.com!
Visit: http://www.InternationalStudent.com
Extra credit when you need it
Obtain free credit advice, student credit cards, and more at StudentPlatinum.com today. Tons of useful information, like how to improve your FICO score, resolve a dispute, and more.
Visit http://www.StudentPlatinum.com
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