Also, Scholarship Points referral points awards will be going from 20 points per referral to 30 points.
Scholarship Points Instructions
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Remember, the points code is in the show itself, so you have to tune in and listen to it. I promise it’ll be worth your time.
Scholarship Update
Scholarship seekers and Internet enthusiasts alike are going to love Microsoft’s newest campaign, Create Your own Internet PSA. Can you think of an affliction or problem that Internet Explorer 8 can solve? Can you create a really fun acronym for said affliction? Then you’re halfway there. Now you just need to film your own Public Service Announcement (PSA) and you’ll be entered for a chance to win a $2,500 scholarship!
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Georgia’s public colleges can no longer afford to let entering freshmen lock in a tuition rate for four years, the state Board of Regents decided today. The regents voted unanimously to suspend the policy indefinitely, as of this fall, The Atlanta Journal-Constitution reported. The regents, meeting in Atlanta to set the higher-education system’s budget for the fiscal year that begins in July, also approved a new formula that will allow full-time tuition to rise by 25 percent this fall.
Commentary
I’m not sure which is more newsworthy, the cancellation of the fixed rate plan or the new tuition increase, which just blows me away. A 25% increase is a giant increase that I suspect many Georgia families will struggle to accommodate.
Student Lending Analytics posted the following analysis of data released yesterday by the Department of Education that summarizes the number of FAFSAs filed in the first quarter of 2009. More than a million more aid applications were filed during the first quarter of 2009 compared to the first quarter of 2008 - a 20.8 percent increase. Student Lending Analytics notes that the sharp increase in the number of original FAFSAs by independent students, 31.0% vs. 14.0% for dependent students, may reflect more adults returning to school to hone or enhance their job skills.
Commentary
I think SLA overlooked that there are now more exemptions and categorizations for independent students than there were previously on the FAFSA - we added emancipated students, homeless or at risk of homelessness, and a few other changes to the definition of an independent student. That said, the overall volume increase doesn’t surprise me - if anything, it feels a little low given the state of the economy.
“Fostering leadership, learning and empathy between cultures was and remains the purpose of the international scholarship program.” Senator J. William Fulbright THE FULBRIGHT PROGRAM: * Is sponsored by the U.S. Department of State. * Is the largest U.S. international exchange program offering opportunities for students, scholars, and professionals to undertake international graduate study, advanced research, university teaching, and teaching in elementary and secondary schools worldwide. * Was established in 1946 by the U.S. Congress to “enable the government of the United States to increase mutual understanding between the people of the United States and the people of other countries.” * Awarded approximately six thousand grants in 2004, at a cost of more than $262 million, to U.S. students, teachers, professionals, and scholars to study, teach, lecture, and conduct research in more than 150 countries, and to their foreign counterparts to engage in similar activities in the United States. * Receives its primary source of funding through an annual appropriation from Congress to the Department of State. Participating governments and host institutions in foreign countries, and in the United States, also contribute financially through cost-sharing and indirect support, e.g., through salary supplements, tuition waivers, and university housing. This year’s deadline is May 18th, 2009.
Having something to say is probably one of the most difficult and awkward parts of networking. I’ve been there many a time, whether at a trade show, conference, or job fair. Wondering how to approach someone, what to say, how to say it - reminiscent, in many ways, of dating. So here’s two ideas you can use as icebreakers or conversation starters.
1. If you know which industry you’re targeting, head over to TradePub.com as soon as you can and sign up for as many free publications as possible. Read them voraciously so that you know the lay of the land - and pay attention to the advertisers as well. See who the big names are in the field and keep current on what’s happening, what trends there are. When you attend any networking event or opportunity, you’ll have plenty to say and you can jump into conversations readily, as opposed to just hoping the topic jobs comes up. Prove that you’re knowledgeable about the industry you want to work in to professionals who have the potential to hire you, and making connections will be much easier.
2. If you don’t know what you want to do, go volunteer at a non-profit. Why? Non-profits are often causes, and that gives you something to talk about that isn’t necessarily a commercial sell (”get a student loan from the Student Loan Network” is a terrible networking opener) or blatantly self promotional. A cause is something that you’re expected to be passionate and vocal about - whether it’s affordable access to college, homelessness, donations for food pantries, or saving the critter of your choice from extinction. Have that passionate focus and carry it with you to events and random networking opportunities, so that when someone asks the typical, “So, what do you do?” or “So, what are you interested in?” you can have a lengthy conversation with them that demonstrates both passion and expertise in something.
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“Applebaum, a 35-year-old attorney in New York, started a Facebook group in January called ‘Cancel Student Loan Debt to Stimulate the Economy,’ fed up with news reports about bank executives spending millions to redecorate their offices and receiving hefty bonuses,” BusinessWeek reports. “By the end of the second week 2,500 people had joined, and the group now has more than 138,500 members, many of whom are pressing their representatives in Congress for legislation that would forgive student loan debt. ‘It’s just snowballed,’ says Applebaum. Student loan repayment can be difficult for young people starting off their careers and has become even more challenging now with the economic downturn, as recent graduates lose their jobs or struggle to land one. Groups like Applebaum’s on Facebook, and other organizations such as StudentLoanJustice.org, are part of a new movement advocating for an overhaul of the country’s troubled student loan system. Frustrated with often unaffordable monthly payments, loans that are nearly impossible to discharge, and restrictive loan repayment plans, student borrowers are pushing the government and private loan companies to devise new solutions.”
Commentary
There are unquestionably greater restrictions on student lending than there are other forms of finance; most other debts can be discharged in bankruptcy fairly easily, but not student loans. For federal student loans, this makes sense - a discharge of a federal student loan is tantamount to giving the short end of the stick to the taxpayers funding the federal student loan program. For private student loans - non-government student loans - this seems draconian, since no public taxpayer dollars are at risk. Bankruptcy laws changed in 2005 made private student loans equally hard to discharge in bankruptcy as well.
Just as we rightly insist that companies taking bailout money from the government be made to repay the taxpayer in full (or as close as possible), logic dictates that student borrowers using taxpayer funds via the federal student loan program should also make the taxpayer whole as well.
It’s equally fair to say that for private student loans where no public funds are at risk, bankruptcy laws should be applied the same as any other consumer debt like a mortgage or auto loan.
I noticed recently that 30 year mortgage rates are down around 4.63% in spots, 4.98% nationally. While I’m not a real estate professional or a mortgage broker, I don’t think it’s a stretch to say that if you have a mortgage, now might be a good time to start shopping around, especially if you can knock more than 1% off your mortgage rate. It’d be a money-saver for sure, and every penny counts these days.
Mail Bag
We’ve had some GREAT comments on the blog lately. Thanks to everyone for commenting, and please keep the discussion going. Recent discussions:
My son and wife are already attending college. My son has a Direct Loan and Parent Direct plus. I am taking a class this semester. I submitted my FASFA and now the school wants me to complete an entrance loan counseling questionaire. My query is should I fill this out even though my credit is horrendous…I don’t want to effect my son’s or wifes financial aid chances. Am I wrong in assuming my applying for financial aid can impact theirs?
There’s nothing to worry about when it comes to the entrance counseling - that’s primarily educational and deals with your rights and obligations as a borrower. Remember that a Stafford loan is credit-independent - it’s a need-based loan. If your credit isn’t great, that will impact your ability to take out PLUS loans and private student loans, but a Stafford loan is contingent only on the results of your FAFSA.
That said, any additional debt you take on will impact your debt to income ratio, which is a component of your credit score, and will by extension negatively affect your ability to borrow for any other credit-based loan. If you can avoid borrowing, you should. As far as impact on your family’s eligibility for aid, as long as you avoid delinquency or default on any federal loan, you should still be able to apply for additional PLUS loans for your son assuming your credit history isn’t atrocious.
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Is there such a thing as negotiating your financial aid award package? Yes and no. No in the sense that your school’s financial aid office is not like a car dealership with a dean of admissions in the back room who will give you the manager’s Wednesday special. Yes in that if you can prove beyond question that your financial need and circumstances are greater than what’s provided via the usual financial aid paperwork like the FAFSA, schools can be flexible.
If you don’t use any kind of personal finance software, be it a desktop application like Quicken or a web-based application like Wesabe, Mint, or Geezeo, I strongly recommend starting with one. The web-based applications are free, so if you’re trying to save money from every angle, start with one of those.
Start by importing any electronic records of your finances and your family’s finances for at least 90 days. You’ll want to take the time to categorize your expenses in terms of mandatory and discretionary, followed by breaking them out into individual categories, like mortgage or rent, utilities, etc.
Once you’ve got your budget broken out, you’ll want to compare it against your award letter, especially looking at what kind of discretionary income you have compared to the expected family contribution, or out of pocket expenses. If your EFC from your award letter divided by 12 (for what’s essentially a monthly EFC) is greater than your discretionary expenses budget (dining out, entertainment, etc.) then you’ve got a good starting point for a conversation about what you can and cannot afford.
Get All Your Paperwork Together
If you’re going to be asking for more financial aid based on changed economic circumstances, have ample paperwork available to back up your claims and requests. Did someone lose a job in the family? Have termination notices, unemployment insurance, or other papers ready. Did your income change? Use any of the budgeting software described above to graphically illustrate your monthly cash flow, along with things like pay stubs, tax returns, etc.
Know What To Ask For
It’s not enough to ask for more money. That’s way too generic. Ask for specific amounts, ask for specific assistance, and try to know some of the different types of things financial aid administrators are permitted to do. Financial aid administrators are permitted to make professional judgement overrides on:
- dependency. If you can prove that you are an independent student due to the involuntary dissolution of your family (i.e. parents in jail, social services removed you from the home due to abuse, etc.) a financial aid administrator can override the dependency requirements for undergraduate students, letting you complete the FAFSA and other financial aid paperwork without parental income information.
- future earnings and income. If you can prove that you or your family has had a significant change in income that impacts your ability to pay for college, a financial aid administrator can grant you more assistance. Be prepared with termination notices, tax returns, and every scrap of paper you can find to make your case.
- cost of attendance. If you can prove that expenses in your student budget (transportation, medical, disability, dependents, and a few other select cases) do not reflect your situation, a financial aid administrator can alter your student budget, allowing for additional aid. If you pursue this override, again, be prepared to document every step of the way to show why, for example, traveling to and from your school requires a transportation budget greater than allotted.
- special circumstances. In some cases, parents divorce during the financial aid award year, but the FAFSA cannot be changed to reflect the divorce. With appropriate court documentation noting the dissolution of the marriage, a student can ask for a special circumstances override that will let them use the income of the custodial parent.
There are other, more narrow circumstances that apply as well. If you don’t know what to ask for, haul as much documentation to your financial aid administrator as possible so that they have as complete a picture of your finances as possible.
Be Polite
The single thing that will do the most good or harm in getting additional aid is how you approach the financial aid office. The best time to approach them is before you need their help, as is the case with virtually all professional networking. Stop by from time to time casually, and say hello. Ask if there are any new scholarships that have been posted. Check in. If you find a scholarship that you’re not eligible for but other students at your school might be, let someone in the office know about it so it can be posted in the office. If you want a real education in financial aid, apply for a work study job in the financial aid office.
If you know your parents are, shall we say, less than diplomatic, then try to mediate any discussions with the financial aid office so that overly aggressive or insistent requests don’t harm your chances of getting help.
Check Your School For Scholarships
One of the tips in our Scholarship Search Secrets eBook talks about using keywords for finding scholarships in Google. Another tip is to restrict your search to your school’s web site using the site: restrictor. Go to Google.com and try out this search:
This restricts the search only to F&M, showing scholarships for this particular school. I’d bet that the financial aid staff at F&M probably know about half of these - and even the individual professors in the departments awarding the scholarships may not necessarily know about them.
Try it at your school to see what’s lurking on the college’s web site that could help you pay.
Ask!
Above all else, ask. Ask politely, ask frequently, but ask. There’s an old joke about God and winning the lottery:
One Sunday, Shane walks into a church and kneels down at the altar and begins to pray to God, stating that he owes many people money and asks to win the lottery. After he is done praying, he gets up and walks out. The next Sunday he goes to the same church and pleads with God through his prayers to let him win the lottery so that he can pay these people back.
The next Sunday comes around and Shane enters the church very upset and close to tears, he kneels at the alter and asks why God is doing this to him and say’s that he has asked to win the lottery for three weeks now and nothing. Suddenly there came a loud bang of thunder and God spoke, “Shane, meet me halfway: Buy a bloody ticket.”
If you don’t ask, you’ll never get the opportunity for more financial aid. Schools and financial aid offices are swamped right now with people needing additional help - make sure you ask for help if you need it!
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Then be sure to listen to today’s episode - the points code is IN the show itself!
Scholarship Update
The Massachusetts Convention Center Authority’s (MCCA) Hospitality Scholarship Program awards academic scholarships to students pursuing an education in the hospitality field. Four scholarships of $2,500 each are available annually to Massachusetts residents-two from Boston and two from other areas of the Commonwealth. The deadline for applications for the 2009 academic year is March 20th.
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The Education Department is reporting significant gains in applications for federal financial aid and in volume in direct lending. Both gains have been expected, but data reported to the National Association of Student Financial Aid Administrators provide some details on the trends. Through the end of February, the department reported processing almost 3 million Free Applications for Federal Student Aid (FAFSA) forms for the 2009-10 academic year, an increase of 20 percent over a comparable period a year ago. The shifts reported in direct lending are also dramatic. As of February 25, direct lending volume was $20.2 billion, up from $13.1 billion a year ago. So far this academic year, the number of loans provided through direct lending is up by 1.6 million and the number of participating colleges is up by 548.
Commentary
This should not be a surprise on either count. As some student loan companies have withdrawn from the business, schools left hanging in the lurch had to find another lender partner, and the Department of Education can’t go out of business unless the entire US government went out of business. This harkens back to a discussion last week about reforming the student loan system. Fundamentally, if the Department of Education’s Direct Loan program and the Family Federal Education Loan Program (of which the Student Loan Network is a participant), were on equal footing, no school in the FFEL program would have to fear being abandoned with no loan provider in bad times and no school in the Direct program would have to fear missing better interest rates and benefits for their students in good times.
As for FAFSA applications, 20% is actually lower than I’d expected, given the state of the economy.
Scholarship Update
Dunkin’ Donuts is proud to offer students an educational perk!
Dunkin’ Donuts franchisees are committed to a strong local community. An important part of building our community is helping students gain a quality education. As a part of a Community Partnership program, Dunkin’ Donuts franchisees will award $1,000 scholarships to qualified students. Scholarship recipients will be selected on the basis of “well-rounded” character: positive academic record, demonstrated leadership, commitment to school and community activities, and experience in a work environment.
The Dunkin’ Donuts Scholarship is currently available only for students in Connecticut, Rhode Island, and in Bristol, Hamden, Hampshire and Franklin counties in Massachusetts.
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It’s the 900th episode of the Financial Aid Podcast! Now’s a great time to subscribe if you haven’t before.
Student Financial Aid News
Breaking news from MASFAA - in President Obama’s budget for the coming year, he writes:
Right now, the subsidies in the Government-guaranteed student loan program are set by the Congress through the political process. That program has not only needlessly cost taxpayers billions of dollars, but has also subjected students to uncertainty because of turmoil in the financial markets. The President’s Budget asks the Congress to end the entitlements for financial institutions that lend to students. The Administration will instead take advantage of low-cost and stable sources of capital so students are ensured access to loans, while providing high-quality services for students by using competitive, private providers to service loans. The approach in the Budget, originating all new loans in the direct lending program, saves more than $4 billion a year that is reinvested in aid to students. The Budget also makes campus-based, low-interest loans more widely available through a new modernized Perkins Loan program, overhauling the inefficient and inequitable current Perkins program.
Commentary
I disagree strongly that the Family Federal Education Loan Program is wasteful. The two programs, FFEL and Direct, provide families and students with identical loans, but in the private sector, lenders need to compete to keep costs efficient. I’m of the opinion that the Direct Loan program and FFEL should be merged into one - at any school, you can get a Direct Loan from the government, or if you so choose, you can get a federal student loan from a third party lender. This requires the Department of Education to remain competitive and not bloat their program, and requires FFEL to be as honest and reputable as the Department of Education, which has no commercial interest in maximizing profits.
If the lending crisis persists, this suggested program also ensures that students will always have access to Department of Education federal loans at any institution. If the lending crisis abates and lenders return to profitability, this will let third party lenders offer discounted loans to students below government rates, as was the case from 2003-2006.
In short - keep both programs as one, and let the private sector compete with the government, keeping us both honest and efficient.
Focus on Financial Aid
From Twitter, @cc_chapman writes:
What should parents due in today’s economic mess to save for college? Is a 529 still the best (or good at all) option?
The Krylon Clear Choice Art Scholarships will award five $1,000 non- renewable scholarships to high school seniors and college freshmen and sophomore students currently accepted at or enrolled in a fine art program. The five scholarship recipients will also receive a student gift package of Krylon Artist Sprays and Adhesives with an approximate retail value of $70. In addition, the winners’ schools will receive a $500 grant and a school gift package of Krylon Artist Sprays and Adhesives with an approximate retail value of $250.
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“People claiming to represent the U.S. Education Department are calling students to offer scholarships and grants,” the Star-Telegram reports. “The callers ask for a bank or credit-card number, saying the information will be used for a $249 processing fee. But it’s a fake. … ‘Do not give your financial information to individuals making these claims,’ the department warns. If you receive a call, report it to 1-800-MIS-USED, or send an e-mail to oig.hotline@ed.gov. The government Web site www.ftc.gov/scholarshipscams shares telltale signs of fraud.”
Commentary
No surprise here. Whenever times get tough, scammers come out in droves, eager to take advantage of desperation. Thanks to NASFAA and the Star Telegram for timely reporting.
File under “desperate for tax revenue of any kind” from Inside Higher Ed:
In a move that could prove a harbinger of things to come, a New York agency now contends that a distance education course is subject to state sales tax.
While it does not carry the weight of law, the New York State Department of Taxation and Finance’s January 29 opinion has potentially far-reaching implications, given the state’s role as a trend setter for other states. The department asserts that an e-course offered by SkillSoft Corporation, a New Hampshire-based company, should be subject to sales tax as “software” purchased by the student. In so ruling, the department has justified an unprecedented tax on educational services, according to a tax consultant familiar with the case.
Commentary
Expect to see more desperate measures of any and every kind from governments as they realize their tax receipts and revenues are plummeting faster than a brick balloon. If you’re considering taking an online degree, enroll now before the tax man wants his cut.
Here’s where it will get ugly. Skillsoft is based in New Hampshire. New York wants to tax it. What if the other 49 states, 46 of which are facing severe budget problems, want their cut, too? Will an online education program have to pay 50 different state taxes? Perhaps a burgeoning market in overseas online programs is about to erupt.
What’s especially of note is how short-sighted the politicians are being (again) in education. Every time you stick a tax in front of an activity, you automatically add a disincentive for that activity. That’s simple economics - a tax makes the price go higher, and rising prices reduces demand. If education, as the same politicians like to say on the stump, is the best investment for the future we can make, then putting an economic disincentive in front of education - especially online degrees - makes no sense.
It would make far more sense to add or increase a tax on something you want to disincentivize, like gambling, alcohol, tobacco or carbon emissions.
Scholarship Update
The Texas Retired Teachers Foundation (TRTF) will award ten $500 scholarships for the 2009-2010 school year to ten students who are relatives of a member of the Texas Retired Teachers Association (TRTA), and who are pursuing an undergraduate or masters degree in Education at a Texas university or college.
My daughter Kelsi will begin her freshman year at college this fall. Kelsi has a child of her own and they both live with us, her parents. Kelsi receives child support for her daughter. Can she file as an independent student if she provides over 1/2 of the support for her daughter by paying household bills (such as gas, electric, groceries) with the child support she receives, but we (her parents) provide 100% of Kelsi’s support?
Yes, she can file as an independent student. Being a parent who provides more than half the support for a child qualifies you as an independent student on the FAFSA.
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I’m on the road today, out of the office, but wanted to answer a few questions along the way.
Jeff writes:
For My sons FASFA I indicated on campus housing but just realized that at Vir Tech second years students must find off campus housing. Which he has. Should I make the correction or leave as is?
Cost of attendance for on or off campus is probably very close, though I can’t tell from VT’s web site. I would go ahead and update the FAFSA just to be accurate in case of verification, but there should be no substantive change in cost of attendance or aid packaging. The EFC will not change. You might want to call the school to ask whether more aid is available for off campus housing than on based on estimated cost of attendance. Their web site isn’t clear and their cost calculator’s broken.
Klaus writes in:
So let me get this straight, I am 21 yrs old,I work, I own my own car, pay my own rent and other bills- I completely live on my own and support myself (for the past 3 years) and I am still a dependent?! My parents do not provide any financial support. I have thousands of dollars in loans that I will be paying off on my own for years and years- not my parents- and I am still a dependent?! ridiculous.
Yes. You’re still a dependent because of the reason cited by Robin earlier - a student living on their own does not absolve the PARENTS of their obligation to help pay for college.
Don writes in:
My daughter is 28, lives at home, is a fulltime student and does not work. She separated from the Air Force and now received VA assistance for school. Can I claim her as a depentdant on my tax return since we are supporting her while she completes her degree.
My guess - and it’s purely a guess - is that your daughter would not meet qualifying child dependency rules for tax returns, but would meet qualifying relative. Consult a tax professional for a more substantive answer.
Joanna writes in:
How do I apply for a professional judegement override? I already sent in my form with my parent’s information…would I still be able to try and override? Any information is useful here
If you’ve already submitted the FAFSA with your parents’ information, then there’s no need for a dependency override. Chances are you would be denied it anyway if you have access to parental financial information. Dependency override is only intended for cases where your family has been, for all intents and purposes, destroyed by circumstances and you have no means of contacting any of them.
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Robin, a financial aid administrator, wrote in with this vitally important update about FAFSA dependency overrides:
For Dependency Overrides the Federal guidelines are extremely clear. Being self-supporting is NOT grounds for an override.
Instead you must prove INVOLUNTARY DISSOLUTION OF THE FAMILY. This means you were forced to leave your parents’ home and have no contact with them. You must explain,in detail, why you cannot live with your parents. Then you must have official third party letters, on letterhead, that back up your story.
Just because you feel mature enough or responsible enough to be on your own does not erase your PARENTS’ OBLIGATION to assist you with your education.
We accept letters on letterhead from H.S. Guidance counselors and teachers, lawyers, personal counseling centers, social services, clergy, etc. We also will accept police reports documenting abuse. Absent that, we require two letters from people personally knowledgeable to the relationship with the parent like a Grandparent, Aunt or Uncle. The letters must be very detailed about the situation and their relationship to the student.
Most students make the mistake of having a roommate or employer write a letter that the student is self suffient and pleading for us to just cut them some slack. They don’t realize that Fin Aid reps are personally liable for willfully violating Federal Law. I’ve been in Financial Aid for 12 years and I haven’t met a student yet that is worth going to jail for.
There you have it, folks. That’s exactly what you need to know about dependency overrides. Thanks, Robin!
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