Financial Aid Podcast Free MP3 Internet Radio Show

FAP858: FAFSA changes for 2009, record FAFSA applications

August 11th, 2008

FAP858: FAFSA changes for 2009, record FAFSA applications

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Student Financial Aid News
+ SF Chronicle: Record numbers of college students are lining up for financial aid - and asking for more of it - as the nation’s economic woes hit campuses across the country. Nationally, 8.9 million students filed federal student aid forms during the first half of 2008, a 16.3 percent increase over the same period last year.
+ “What we are seeing is more people filling out requests for financial aid, and for those who do, more people are qualifying and the aggregate need is increasing,” said Richard Toomey, associate vice provost at the private Santa Clara University. “Students who haven’t needed assistance before are coming in. You had to expect that this was going to happen with all the news of companies laying off thousands of people.”
+ While individual campuses are still sorting out the numbers, data from the U.S. Department of Education show that far more students are filling out the federal financial aid forms than in the past.
+ While four-year schools saw a rise in financial need among students and their families during the dot-com bust of 2000, this time it is worse, financial aid officers say.
+ Instead of seeing just one parent out of work, more students are coming in with two unemployed parents. And there are many going through foreclosure on their homes.
+ A brief reminder to complete your FAFSA - it’s not too late, though your school may have different regulations, so check with your financial aid officer - and maximize your federal student loans
+ Chronicle: The Community College of Philadelphia and the city’s mayor have announced a program to help stalled students restart their education by giving them free tuition, fees, and some money toward textbooks, according to The Philadelpia Inquirer.
+ The city’s mayor, Michael Nutter, wants more residents to finish college. The new program will help those people who have 30 credits or more toward an associate degree but who have been out of college for two years or more to start taking classes again.

Scholarship Update
+ Cappex Computer Career Scholarship
+ Cappex.com is awarding a $1,000 Computer Career scholarship, and we want you to have a shot at it. This scholarship opportunity will be available at any college or university. All you need is a Cappex profile. The Computer scholarship will be given to students with well-rounded profiles, so don’t hold back on the details.
+ To be eligible for this scholarship, you must have a high school diploma or GED and be currently enrolled in college or plan to enroll within the next 12 months. You also must explain to Cappex why you deserve this scholarship in the “Tell Us More” box at the bottom of the application. Application deadline is November 30, 2008. One award will be granted. Good luck!
+ Disclosure: paid affiliate link
+ Details at our free college scholarship search site

Financial Aid 101
+ 2009-2010 FAFSA change
+ Excludes the following from specified list of untaxed income:
+ Welfare payments
+ Earned Income Credit
+ Special Fuel Tax Credit
+ Excluded foreign income
+ Untaxed Social Security Benefits
+ Some information on the EITC
+ A cautionary note about using tax filing services - avoid at all costs the “refund anticipation loans” such as Rapid Refund, etc. - there’s some whammies in there that can eat your entire refund. For example, if you don’t qualify for the loan, you get a bank account product instead and still pay high fees. Also, some of these companies also do debt collection enforcement, so if you have an outstanding debt that is registered with one of these companies, they can legally seize your refund. It’s buried in the contract you sign when you agree to the refund anticipation loan.

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