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Archive for May, 2008

Private Student Loan: The Cost of your Education?

Friday, May 30th, 2008

Throughout your life your family has told you how important an education would be. And you thought the sky was the limit.

But the cost of college education is on the rise and so you have to look for more and more financial aid options.

To compensate, students are taking out more private loans than ever before. But these loans can put you in the hole. Big Time. Along with your degree, you will graduate with a huge student debt.

Private student loans have way higher interest rates than federal loans. But these loans are on the rise anyway. Almost a decade ago, students barely took out private loans but in the 2006-2007 academic year $17 billion was borrowed in private student loans.

The high interest rates in private loans make them equivalent to a second mortgage. So getting a college education is like buying two houses. That’s pretty heavy duty for a student who hasn’t even started their career yet.

Especially now with the credit crunch, bankers and lenders have taken a hit and opting out of offering private student loans altogether. That means default interest rates are even higher.  It’s simple economics: supply and demand. If fewer lenders are competing for business in a market that’s risky, they are sure to charge more for their loans.

With all the hidden college costs and rising tuition, families are lured into these loans. But they definitely will pay the price for years to come.

So our advice is to explore all other options first. Read our A to Z guide on financial aid for different financial aid options.
If you do have to take out a private student loan, it looks like you really have to invest in your education. And we mean literally.

Let’s hope your education will pay you back, because let’s be totally honest, there is no band-aid solution for this one.

POSTED BY Reisa Resource IN College Loans
05.30.08
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The U.S. Department of Education Gives Back

Thursday, May 29th, 2008

The U.S. Departmentof Education will provide more than $83 billion this year, about 60 percent of all student aid. That’s a serious wad of cash.

So we thought we’d tell you a bit about the Department of Education—so you’ll know where your financial aid is coming from.

The United States Department of Education (also referred to as ED, for Education Department) is a cabinet-level department in the federal government. They are responsible for giving out government grants and loans to students. When you fill out your FAFSA form it goes to the Department of Education. So they are kind of like the big boss of financial aid.

The Education Department recently announced a plan to make sure you have access to federal student loans.

The plan includes a loan purchase commitment in which the Department agrees to purchase new federal loans and provide short term liquidity to private lenders who don’t have capital as a result of the credit crunch.

What does all this mean in English?

They will increase Direct loans for students and buy loans from private lenders so you aren’t the ones who lose out because of the shaky economy.

“We want students to be able to concentrate on their studies rather than worry about disruptions in the student loan market and whether they will be able to obtain federal loans to help pay for school. We hope families will be reassured that the U.S. Departments of Education and Treasury are acting to ensure loans remain accessible,” said Secretary Spellings. “At the same time, while offering these short-term solutions, we can also consider this a teachable moment that speaks to broader, long-term flaws in our complex and outdated financial system. This system has been crying out for reform for years, and especially in light of the ever-increasing cost higher education, students and families are counting on us to provide it.”

Of course, government departments are media trained and know how to paint themselves in the most positive light. But they do seem to be listening to your needs. And that counts for something.

So now you know a little more about the U.S. Department of Education. And who to thank for your federal financial aid.

POSTED BY Reisa Resource IN College Loans, The Basics
05.29.08
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School Grants: For Those with Special Needs

Wednesday, May 28th, 2008

Everyone should have the right to an education.

That’s been a long standing belief in our nation.

So colleges and the U.S. Department of Education want to make sure that no one is left out based on a disability. Being  blind, deaf, or if you have a learning disability shouldn’t hold you back from thinking you have every opportunity to succeed. 

To give you even a better shot, there are lots of grants for students with disabilities.  Here are a few that impressed us:

The Casey Martin Award, sponsored by Nike, was established in this pro-golfer’s name. The award goes to an athlete with disabilities or severe social disadvantages.

The Mary Switzer Research Grants are available through the U.S. Department of Education Office of Special Education and Rehabilitative Service. If you are an outstanding student and studying a post-graduate degree, you can get up to $65,000 to complete research in the field of disabilities and special education. So you can carve the way for better education for all kinds of people with special needs.

The Ethel Louise Armstrong Foundation awards not-for-profit groups grants up to $5,000 to make it possible to offer arts and educational programs for disabled and special needs adults.

There are also grants for students who have fought serious illness or diseases. You already have enough physical and emotional stress that you don’t need to add financial stress to your list. Here are some of the ones we found:

The Ohio Chapter of the American Cancer Society gives travel grant money to supporting organizations that provide various activities for cancer patients and survivors.

The Meningitis Trust Foundation offers grants for education and special equipment that helps with daily living.

If you have a parent that died from breast cancer you are eligible for the Komen Foundation Awards. The Susan G. Komen Foundation is one of the most renowned and proactive organizations involved in the fight against breast cancer.

The Cancer Survivor’s Fund makes grant money available to survivors of cancer who need financial assistance to return to their dreams of a college education.

So don’t let anything hold you back. You’ve got the support you need to get the education you want and follow your dreams.

POSTED BY Reisa Resource IN College Grants
05.28.08
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