FAP525: Paying for college, lesbian writers fund, mail bag, Amy Kuney

Student Financial Aid News
+ Long, productive discussion yesterday with a listener about student loan consolidation options
+ Rated R for profanity :-)
+ Got a firsthand look at Sallie Mae’s student interface
+ 3 calls to 3 different customer service reps got us 3 different answers, all of which were wrong
+ From NASFAA: “If you, a friend or relative has a staggering student loan, here is a tip: Get a government job. Helping new hires and old hands repay a portion of their student loans is one of little-known but increasingly used tools Uncle Sam is using for recruiting and retention,” according to The Washington Times. “In fiscal 2006, at least 34 federal agencies gave about $36 million to 5,755 workers to help them pay off college debts. Who gets loan-repayment help and how much they receive is up to each agency. There are legal caps on how much help Uncle Sam can give, but every little bit helps. The Office of Personnel Management said the average loan-repayment benefit last year was a little more than $6,200.”
+ From NASFAA: “According to financial aid experts, the best way to finance college is clear: a federally guaranteed loan. Stafford and Perkins loans go directly to students, and PLUS loans are for parents or graduate students,” reports The New York Times. “But federal loans have a yearly and lifetime cap; and so students and their families increasingly turn to private loans. Justin S. Draeger, a spokesman for the National Association of Financial Aid Administrators, said students should seek private loans that mirror federal loans as much as possible, including allowing an extended repayment if the borrower becomes unemployed or returns to school. Students should also look for different ‘borrower benefits’ that lenders offer, like interest rate reductions after on-time payments or as a reward for using direct debit from a bank, experts said.”
+ From Inside Higher Ed: Sen. Michael B. Enzi (R-Wyo.) introduced legislation Wednesday aimed at restricting the behavior of what he called “bad actors” in the student loan industry. The measure, one of several on the topic that have been introduced by lawmakers in both parties and both chambers of Congress, would go further in some ways than other bills, barring outright colleges’ lists of “preferred” lenders, phasing out the ability of colleges to act as lenders to their students in the guaranteed student loan program (commonly known as “school as lender”), and prohibiting lenders and guarantee agencies from sending unsolicited electronic mailings to potential borrowers.

Scholarship Update
+ Astraea’s Lesbian Writers Fund was established in 1990 with the generous support of its founding donor, Joan Drury. The purpose of the fund is to support the work of emerging lesbian writers, and to acknowledge the contributions of established lesbian writers to our movement and culture. First place awardees and two runners-up in the poetry and fiction categories will receive cash awards ($10,000 for awardee; $1,500 for runners-up).
+ Deadline June 29, 2007
+ Details at our free college scholarship search site

Mail Bag
+ Hello, my name is Shamekia Morgan. I am a Senior at Inderkum High School in Sacramento California. I recieved an email today about financial aid and that if I had any questions about how to get money for college to contact you.I’ve been accepted to Tougaloo College in Jackson Mississippi and I’m still waiting on a response about the coverage of my financial aid. My family doesn’t have very much money and if Financial aid doesn’t cover enough, my father told me he won’t be able to send me out there for school. So I’m taking the time to ask for help because I really want to go to college and I’m really excited about already being accepted.Please help me in any way that you can.
+ Couple of things - Tougaloo is a private 4 year. Looks like cost of attendance ranges from 9k - 15K.
+ Ironically, Tougaloo costs less than UC and CSU
+ What specialties do you have to qualify for scholarships? Get our free scholarship e-book, too.
+ Didn’t find much on the Tougaloo web site
+ Stafford Loan
+ PLUS Loan or Private Student Loan

Podsafe Music
+ Amy Kuney, How the Wind Must Feel
+ Music via the Podsafe Music Network

Reminders
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ Stafford federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ The Financial Aid Podcast is a publication of the Student Loan Network.

Questions? Comments? Suggestions? Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208. AIM: FinAidPodcast Add me to your iTunes by visiting http://www.FinancialAidPodcast.com/itunes/

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