FAP388: College Board Annual Report on Financial Aid and College Costs, feedback on NY Times article, 87 scholarships, Matthew Ebel
Click to listen: MP3 file
Student Financial Aid News
+ From the College Board: Total funding for Pell Grants dropped to $12.7 billion in 2005-6, from $13.6 billion the previous year — the first decline in six years. The average Pell Grant per recipient dropped as well, to $2,354 from $2,474. Those figures were released Tuesday by the College Board as part of its annual review of college costs and financial aid.
+ As has been the pattern in recent years, tuition averages are up at rates that exceed the rate of inflation, with four-year institutions imposing larger increases than community colleges. The average increase for community colleges is 4.1 percent for 2006-7, while the averages are 6.3 percent for public four-year institutions and 5.9 percent for private four-year institutions. The percentage increase last year was identical for private institutions and slightly larger in the public sector, where community colleges were up by 5.4 percent a year ago and public four years by 7.1 percent.
+ In the case of Pell Grants, the primary reason for the drop was a change in the formula for determining students’ eligibility based on assumptions about how much families are spending on state and local taxes. The changes resulted in an assumption — disputed by many college officials — that many families were wealthier than they had been considered in the past. As a result, their awards went down.
+ That wasn’t the only financial aid trend that worries aid experts. The College Board data show that the volume of private loans taken by students has been increasing by 27 percent annually since 2000-1, to a total now of $17.3 billion. Private loans are not guaranteed by the government or subsidized. They frequently have higher interest rates and fewer protections for student borrowers. A decade ago, private loans made up only about 4 percent of student loan volume; now that total is 20 percent.
+ Our private student loans can be found at ActEducationLoans.com or call 866-299-8900
+ Apple’s chief financial officer, Peter Oppenheimer, announced last week that the company is emerging from its best back-to-school quarter ever for its higher education division, with shipments of Mac portables increasing 49 percent from last year within the sector, the increase driven, Oppenheimer said, by sale of the MacBook and Apple’s successful back-to-school promotions.
+ Register to vote - DeclareYourself.org
Scholarship Update
+ The Paul & Daisy Soros Fellowships for New Americans
+ 87 scholarships worth full tuition plus $20K stipend
+ For graduate student study
+ be less than 30 years of age
+ be a “Green Card” holder, a naturalized citizen, or the child of two naturalized citizens
+ complete the bachelor’s degree on your own
+ Deadline November 1, 2006
+ Details at our free scholarship search
+ Financial Aid Podcast Episode 400 giveaway - 4 scholarships via Scholarship Points - 200, 100, 50, 50
+ How to win - between now and episode 400, refer the most people who sign up!
+ To win, you must have a minimum of 25 referrals
Mail Bag
+ In regards to the NY Times article. I have to be honest, as a student I am a little taken aback by this. It is hard for me to believe that a company is giving me the “best” rate possible, if I am essentially paying for people to go to the carribean! Maybe they should take us, thier borrowers instead!
+ But also in reading it, what is the deal with this money that goes to the schools? I am not sure I am against the small donations the article mentioned going to Monmouth etc. I know everytime i visit my Finacial Aid office, they are packed and it takes forever to get help, but its always worth it. Is helping them out so bad?
+ Chris, What are your thoughts? I agree with the NY Times that “kick backs” are shady but, is a small donation to a college a kick back? I havent made up my mind, but I see a big differnce in space needle cocktail parties and a donation to a non for profit school.
+ On one hand, it’s basically an affiliate program and there’s nothing inherently bad about that
+ Check out StudentATM - our student loan consolidation affiliate program
+ On the other hand, there’s a potential conflict of interest
+ Full disclosure may be the answer
Podsafe Music
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Reminders
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+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
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