FAP607: Mega Mail Bag, rates, CIA, low income students, Origen

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FAP607: Mega Mail Bag, rates, CIA, low income students, Origen

20 August 2007 1 views One Comment

FAP607: Mega Mail Bag, rates, CIA, low income students, Origen

Student Financial Aid News
+ Bloomberg: The Federal Reserve, in an unscheduled meeting, cut the discount rate to 5.75 percent from 6.25 percent, noting market conditions have deteriorated since it last met Aug. 7.
+ “Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward,” the central bank’s Federal Open Market Committee said in a statement. “The downside risks have increased appreciably.”
+ The FOMC left the overnight federal funds target rate unchanged at 5.25 percent.
+ Got variable rate student loans? Consolidate student loans at StudentLoanConsolidator.com
+ Worcester Telegram: Approximately 88,000 students in Massachusetts had average unmet needs of $4,500. This was in addition to the amounts their families were expected to pay.
+ Clark University President John Bassett spoke of the pinch that middle-income families feel about college. He said more students from middle-income families are going to public colleges because they can’t afford to pay the tuition at private schools, yet their incomes are too high to qualify them for generous financial aid packages.
+ A highly qualified low-income student, on the other hand, might get a more attractive package at a private school, Amherst College, for example, than at a public college.
+ Qualified low-income students are actually in demand, according to Jamie P. Merisotis, president of the Institute for Higher Education Policy in Washington, D.C., who was a research consultant for the task force.

Scholarship Update
+ Incoming students who have a demonstrated interest in food writing, and begin their studies at the CIA in the Winter or Spring enrollment seasons, are eligible to apply for this $2,000 scholarship (two scholarships are awarded for each season). To apply, you must submit a separate application. Your application will include an original essay of 500-700 words about a food memory, such as your first cooking experience, the first meal you prepared, a family holiday food tradition, or a childhood recollection of food. The due dates for the scholarships are as follows:
+ Winter 2008 – the scholarship form and essay are due to the Admissions Office by October 1, 2007.
+ Spring 2008 – the scholarship form and essay are due to the Admissions Office by December 15, 2007.
+ Details at our free college scholarship search site

Mail Bag
+ Raymont writes in: I recieved Federal Sub Stafford Loan for $2,750 and a Federal Pell Grant award of $200 in both amounts for the fall and spring semester. I also received work study $1,500 but I have to earn that first. After combining both awards I’m around $2,950 which leaves me a balance of $3359.00 once in the fall and then in the spring. I’m a student with high financial need and that type of money is rather difficult to obtain. However, I think working a side job with work study and another source of any financial aid would help me get through this school year and graduate. (I noticed on the office of student aid that there was a University loan. Can I somehow obtain that?)
+ Stafford loans at StaffordLoan.com
+ Private student loans at ActEducationLoans.com
+ Kevin writes in: Hello, I am wondering if you can offer some advice. I just found your podcast and am enjoying listening. My son is hoping to attend college in the fall of 08. We have too much income to qualify for aid, and have not been great about saving for college. I was under the false understanding that kids could just borrow everything for tuition and pay it back after graduation. I come to find that this is false, at the very least without a co-signer or established credit which a teen does not have. I am hesitant to co-sign such a large note each year, and need to know my options.
+ Would you say that he can at least get unsubsidesed stafford loans for the max amount allowed each year? That would offset the expense a bit.
+ Also, I was thinking of co-signing a loan for the first (fresmen year), and trying to have him establish credit so that subsequent loans would not require me to co-sign. We are looking at state colleges that are about 16k a year with living expenses.
+ Any help you can offer via e-mail is appriciated.
+ I will continue to listen to your podcasts.
+ Crank up the scholarships!
+ Daniel writes in: I have been awarded the Stafford loans as an independent. Right now I am registered for 12 hours for the semester. I was wondering if I dropped a class and registered for 8 hours if that would cause my loan amount to decrease or if since I am still above half-time they will stay the same.
+ Depends on whether your school bills by semester or credit hour