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Student Financial Aid

Senate Appropriations Panel Approves Spending on Student Aid and NIH Chronicle of Higher Education July 29, 2010 Many campus-based student-aid programs would receive flat funds under the legislation, as would the Pell Grant program. That differs from the House version of the spending bill, which would supply about $5.7-billion more to the need-based aid program, to cover a budget shortfall, and would maintain the maximum Pell award at $5,550 in the fiscal year, which starts on October 1.

Pell Shortfall Persists Inside Higher Ed July 28, 2010 A Senate panel wavered a bit from its House of Representatives counterpart, producing a 2011 funding bill Tuesday that aims to protect Pell Grants from cuts -- but doesn't fully fund the program -- and boosts funding to the National Institutes of Health.

Economy Forces States to Scale Back Scholarship Programs Education Week July 27, 2010 States are realizing that when times get tough, large merit-based student aid programs are not designed in ways that can be sustained. Still, it's difficult for politicians to cut popular education programs, especially those that help the middle class. To keep programs from going under, some states are raising the minimum grade point average or testing criteria to reduce the number of awards. Others are offering a set amount rather than total tuition coverage.

Student Aid Remains a State Priority Inside Higher Ed July 26, 2010 Even as the economy began to collapse in 2008, most states found a way to protect from cuts the grant aid they give state residents to attend college, a new study finds.

A boom in for-profit colleges may be a bust for taxpayers and students Los Angeles Times July 25, 2010 For-profit colleges are booming as the unemployed turn to education, but some members of Congress and Obama administration officials say they are growing at the expense of taxpayers and that students are often exploited.  Investigators believe a high proportion of students drop out, and those who do graduate find their money wasted because their programs are not accredited. Students at for-profit colleges borrow more and are more likely to default on their loans, furthering taxpayer losses.

Fifth guilty plea in Obama student loan records case Mason City Globe Gazzette July 23, 2010 Another person pleaded guilty Friday in Davenport federal court to accessing President Barack Obama's student loan records without permission. The records were accessed while Obama was a candidate for president, president-elect and after he took office, documents say.

Net Price vs. Net Worth - Opinion Inside Higher Ed July 19, 2010 The Net Price Calculator is sure to further the commodification of the college degree in ways that will make many uncomfortable. It also could perpetuate the phenomenon of qualified students choosing not to enroll at the college that is their best match, academically and co-curricularly, but instead choosing a college based on the lowest cost.

New graduates grapple with mounting debt load, weak economy Scranton, Pa., Times-Tribune July 17, 2010 With employment prospects bleak, wages stagnant and student loan burdens larger than ever, new graduates are finding debt payments tough to manage.  The average U.S. student graduated with $25,000 in debt, according to the United States Student Association. That's about double the debt burden of just 12 years ago. A combination of flat wages and spiraling tuition has made student borrowing commonplace, with some graduates of private schools facing six-figure debt.

Senate Passes Legislation That Includes Oversight of Private Loans, Debit-Card Fees Chronicle of Higher Education July 16, 2010 In a victory for students and college bookstores, the U.S. Senate gave final approval Thursday to a sweeping financial reform bill that will lower the fees colleges pay when students use debit and credit cards and increase oversight of private student loans.  One of the biggest components of the bill is the creation of the Consumer Financial Protection Bureau in the Federal Reserve that will have authority over most consumer lending, including private student loans. The bill also creates an ombudsman position to oversee private student loans.

Tempted by a private student loan? Read this first Associated Press July 14, 2010 Faced with last-minute college costs, it's tempting for families to turn to private student loans this time of year.  The danger is that borrowers may assume they come with the same terms as federal student loans. But the loans doled out by banks are far inferior; they're costlier and don't carry as many protections in case borrowers run into financial trouble.  If you're thinking about taking out a private student loan, here's what you should know.

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