Smart Ways To Pay For College

(NAPSI)-Experts say investing in a college education is a smart idea--even as tuition costs continue to rise.

A study from The College Board showed that in one year, the average full-time worker in the U.S. with a college degree earned 62 percent more than a full-time worker holding only a high school diploma. And while tuition rates have risen consistently over the years--The College Board reports that the average four-year private institution now costs more than $26,000 a year to attend--there are a number of programs to help students cut those costs.

For instance, there is more than $168 billion in financial aid available to students, as well as a host of scholarships. The key is to learn which programs a student may qualify for and how to apply. Here's a closer look:

Saluting Scholarship

The Military Order of the Purple Heart (MOPH) Scholarship Program provides financial assistance for college expenses through a competitive selection process. It's available to MOPH members, their spouses, widows and lineal descendants and spouses, and widows and lineal descendants of veterans killed in action or who died of wounds.

The annual program requires submitting an application along with a topical essay, grade transcripts for recent high school or college academic work, letters of recommendation, evidence of extracurricular activities and community involvement, and a small application fee.

The MOPH also presents the Lieutenant Michael P. Murphy, U.S. Navy SEAL Memorial Scholarship Award. Lt. Murphy was the leader of a U.S. Navy SEAL Team who was killed in action during a covert counterterrorism combat operation in Afghanistan.

He was posthumously awarded the Medal of Honor and his family established a scholarship foundation in his name. You can learn more about both scholarship opportunities at the Web site www.purpleheart.org.

Scholarship 101

Many college scholarships require applicants to have completed community service, to have participated in extracurricular activities and more, throughout high school. So it's smart for parents and kids to start thinking about scholarships before their senior year.

Also, there are a number of scholarships directly linked to a student's particular interest. If, for example, a child has a particular love of music, there may be a scholarship available to help him turn his hobby into an educational experience.

Smart Savings

It's also wise to put money aside to help cover tuition costs whenever possible. Many states offer 529 college savings plans, some of which allow you to save pretax money to be used for specific educational costs. The plans often offer an automatic payroll deduction option, helping to make saving easier.

Free Resources

Remember to speak with guidance counselors, college counselors, financial aid officers and other higher-education experts about paying for college. The library and Internet also offer information on scholarships and financial aid. A little homework can go a long way.

For more information, visit www.purpleheart.org or call (703) 354-2140.


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Nation's Second Largest Student Loan Guarantor Backs President Obama's Student Financial Aid Proposal

/PRNewswire-USNewswire/ -- The California Student Aid Commission, the nation's second largest guarantor of student loans, during a meeting on April 16, 2009, endorsed President Barack Obama's plan to reform student financial aid.

"The President's plan would end existing subsidized loan programs with the removal of banking institutions from the Federal Student Loan Program. This action provides an unprecedented opportunity to redirect billions of dollars in profits to benefit students," said Commission Chair Barry Keene. "That would make thousands more students eligible for the financial aid for the education they need to advance in this struggling economy. Given the cutbacks at the state level to our colleges and universities, the President's proposal couldn't come at a better time."

According to the Congressional Budget Office, replacing subsidized loans made by private banks with direct government lending would save $94 billion over the next decade. Under the Obama plan, a portion of those funds would be used to expand Pell grants for California's most needy students.

President Obama's Education Secretary Arne Duncan said, "It's great to have an ally in the lending community who recognizes the larger payoff to society from sending more young people to college. Under this proposal, everybody wins - taxpayers, students and the lending community."

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Emory Advantage Support Aids Students

If it were not for Emory Advantage, Willow Wood may not have been able to attend college at all, much less realize her dream of studying at Oxford College of Emory University.

Wood knew about Oxford from the stories of her aunt and uncle, who attended Oxford. A junior now at Emory College studying environmental science, Wood says the Emory Advantage program was the only way her dream could have come true. The oldest of four girls, she knew it would be tough to afford college — her mom is a carriage driver and her dad, who grapples with a disability, has worked in the restaurant industry.

“I grew up on stories of Oxford, and I knew it was a special place. I was able to go there, too, because of Emory Advantage,” says Wood. “I can take a full class load without working full-time as well. And I don’t have to worry about graduating with a huge debt.”

Emory Advantage, the university’s financial aid program benefiting low- and middle-income students, was established in 2007 and offers two kinds of aid: the Loan Replacement Grant to replace need-based loans for dependent undergraduate students whose families’ annual total assessed incomes are $50,000 or less, and the Loan Cap Program which caps cumulative need-based debt at $15,000 for dependent undergraduate students whose families’ annual total assessed incomes are between $50,000 and $100,000.

Undergraduate students at Oxford College, Emory College of Arts and Sciences, Goizueta Business School, and the Nell Hodgson Woodruff School of Nursing are eligible for the Emory Advantage program, and more than 634 students have benefited from the program since its inception. In addition, more than $11 million has been raised so far during Campaign Emory toward the University’s goal of building a permanent endowment.

In today’s economy, programs like Emory Advantage and other scholarship are often the best chance for many promising students to attend a university like Emory without the burden of debt. Says Provost Earl Lewis: “Funds to attend Emory during difficult financial times are critical to our mission of educating our best and brightest regardless of the student’s ability to pay. If ever there was a time to help, this is it.”

Emory Advantage is just one of many programs at Emory where gifts can be directed to help provide critical resources for current and prospective students. Regardless of area of interest, scholarship and fellowship funding opportunities exist in all corners of Emory’s campus. And each of these areas has identified student support as a high priority within Campaign Emory.

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New Report: Obama Budget Proposes Direct College Aid for 8,722 More Students in Georgia

/PRNewswire / -- An additional 8,722 students in Georgia would receive Pell Grants if excessive lender subsidies are cut, according to a new report released today by the Campaign for America's Future. Today's report shows that this simple change would provide an average Pell Grant of $3,010 to about 181,580 students across the state.

With the average cost of tuition at a public college in Georgia increasing by 19 percent between 2000 and 2007 and up 6 percent in the last year alone, President Obama's budget calls for a cut in lender subsidies to make the financial aid system more efficient.

Campaign for America's Future co-director Robert Borosage said the president's budget proposals would make major changes to the federal financial aid system so more families can pay for college.

"Family incomes and college grants haven't kept pace with soaring tuition costs," said Borosage. "No student should be priced out of the college they need to succeed in the modern economy. With more and more high school graduates putting off higher education because they can't afford it, the president's budget would help provide the change students and families need."

The college affordability proposals in the president's budget would increase and expand Pell Grants and Perkins loans, make the American Opportunity Tax Credit permanent, broaden the U.S. Department of Education Direct Loan program, phase out bank loan subsidies and create state and federal partnerships to help students complete their college education.

**NOTE: An electronic copy of the Georgia college aid report is available at www.ourfuture.org/collegeaid2010.**

BACKGROUND ON COLLEGE AFFORDABILITY PROVISIONS IN PRESIDENT OBAMA'S BUDGET

President Obama's budget addresses both the immediate economic concerns as they relate to higher education as well as sets the stage for future higher education investment and success.

INCREASES THE MAXIMUM PELL GRANT TO $5,550, MAKES PELL GRANT FUNDING MANDATORY, AND KEEPS FUTURE INCREASES TIED TO INFLATION.

Nearly 5.6 million students from low and moderate income households are able to attend college this year due in part to Pell grants. Originally designed to cover 80% of the cost of college, Pell grants currently cover just 1/3 of the cost. Presently, Pell grant funding is discretionary and determined by the annual budget process. The budget will make Pell grant funding mandatory to help eliminate uncertainty and prevent funding shortfalls. The budget also increases the Pell grant maximum to $5,550 for the 2010-11 school year and indexes the maximum grant to grow with inflation in the future.

MAKES THE PARTIALLY REFUNDABLE $2,500 AMERICAN OPPORTUNITY TAX CREDIT PERMANENT

The American Recovery and Reinvestment Act created a new partially refundable $2,500 American Opportunity Tax Credit over the next two years to provide a tax break to millions of families, including low-income families who don't pay taxes and therefore currently get no tax relief for college. Up to $1,000 of the credit is refundable for low-income families, and the credit itself is phased-out for taxpayers whose adjusted gross income is in excess of $80,000 ($160,000 for married couples filing jointly.) The budget proposal makes the American Opportunity Tax Credit permanent.

BROADENS THE U.S. DEPARTMENT OF EDUCATION DIRECT LOAN PROGRAM AND PHASES OUT THE FFEL PROGRAM

There are two federal student loan programs -- the Federal Family Education Loan (FFEL) program and the Direct Loan program. FFEL loans are federally guaranteed loans issued by banks and other lenders, who are provided subsidies by the federal government for providing the loans. The tightening of credit markets essentially made the FFEL program untenable on its own last year prior to the passage of the Ensuring Continued Access to Student Loans Act. The proposed budget would end the FFEL program and subsidies to lenders on all federal student loans beginning in July 2010. The Direct Loan program, which has operated successfully since 1994, issues loans directly from the U.S. Department of Education. Transitioning entirely to the Direct Loan program is projected to save taxpayers $4 billion a year that can be used for increased student aid, rather than lender subsidies.

EXPANDS AND MODERNIZES THE PERKINS LOAN PROGRAM.

Perkins Loans are low-interest federal loans available to students enrolled in a participating college or university with a demonstrated exceptional financial need not met by Pell grants or other federal loans. Currently, only 1,800 out of 4,400 institutions participate in the Perkins loan program. The budget proposal would seek to make Perkins Loans available to more than double the number of institutions it currently serves. The budget would also increase funding for Perkins Loans by $5 billion -- up from the current $1 billion available in Perkins Loan aid. President Obama also proposes restructuring the program to provide an estimated 2.7 million additional students with the average Perkins Loan each year -- a five-fold increase over the current 500,000 students receiving Perkins Loans.

IMPROVES COLLEGE COMPLETION THROUGH STATE-FEDERAL PARTNERSHIP

The budget provides for a five-year, $2.5 billion fund available to states for innovative programs and research aimed at improving college success and completion rates, particularly among students from disadvantaged backgrounds.

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Berry to Host FAFSA Workshop for Parents of Incoming Students

Parents of incoming students who would like assistance completing the Free Application for Federal Student Aid (FAFSA) are invited to attend a free on-campus workshop being hosted by the Berry College Office of Financial Aid this Saturday, Feb. 21, in Lab 228 of the Science Building. Members of the financial aid staff will be available from 9 a.m. to 4 p.m. to provide direction and assistance for workshop participants. Computers and wireless access will be provided. Please e-mail Cheryl Huffman at chuffman@berry.edu to RSVP.

Submission of the FAFSA is required for any student wishing to obtain grants or loans through the U.S. Department of Education. Berry also requires students to complete the FAFSA in order to be eligible for college-based financial assistance.

Workshop participants will need to have the following information on hand in order to successfully complete the FAFSA:

-Social Security Number for parents and student

-Driver’s license number for parents and student

-W-2 forms and other records documenting income for 2008

-2008 Federal Income Tax returns for parents, student and student’s spouse (if applicable)

-2008 untaxed income records

-Current business and investment mortgage information, business and farm records, stock, bond and other investment records

Worksheets are available online at www.fafsa.ed.gov/before012.htm if you would like to organize your information in advance. Blank copies will be provided at the workshop.

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Army Scholarship Finances Graduate Medical, Dental & Veterinary Education

(BUSINESS WIRE)--In the coming months, many undergraduate students who have applied for medical and dental school will receive letters notifying them that they have been accepted for the fall semester. For some, the excitement of the news will be tinged with anxiety as they wonder how they will finance their education.

The United States Army Medical Department (AMEDD) through its F. Edward Hebert Armed Forces Health Professions Scholarship Program (HPSP) is one option for students seeking a way to pay for their graduate medical, dental, veterinary or nursing degree. HPSP provides students with the full cost of tuition; school related fees and books; as well as a stipend of more than $1,900 per month during the school year. In addition, HPSP recipients are eligible for a one-time $20,000 (less tax) sign-on bonus.

For Sara Michael, a second year medical student at the University of Maryland School of Medicine, the scholarship enables her to stay focused on her education, “I’d say I’m less anxious about the future because my financial situation is more stable. That’s a huge perk.”

According to a 2007 study by the American Association of Medical Schools, the average student loan debt is more than $150,000 after graduation and is a barrier for many students. The report estimated that physicians who are on a standard 10-year loan repayment plan would see half of their after-tax earnings go to their loan payment.

“In a time of economic uncertainty and difficulty obtaining loans, the prospect of mounting debt is daunting,” said Colonel Rafael Montagno, commander U.S. Army Medical Recruiting Brigade. “Army Health Care provides students with a first rate education, advanced training and experience – and many students will be surprised to learn that they can specialize in forty-seven practices ranging from anesthesiology to vascular surgery, and have access to research opportunities that can take them around the world.”

The scholarship is available in 2, 3 and 4-year increments and provides benefits during school and after graduation for those planning a career in health care or who are currently enrolled in a graduate medical or dental program. In addition to a full tuition scholarship to the medical or dental school of choice, the program pays for required books, non-expendable equipment, other academic fees and a monthly stipend that is adjusted annually for cost-of-living increases. Upon graduation and entry onto active duty, AMEDD Officers receive increases in salary and new opportunities for a broad range of residencies, fellowships and special pay incentives. Acceptance of the Critical Skills Accessions Bonus includes a four-year active duty and four-year Reserve service obligation, which can be fulfilled concurrent with service obligations related to HPSP upon completion of residency programs and becoming licensed to practice.

For more information about HPSP and the Critical Skills Accession Bonus, please visit www.goarmy.com/amedd/hpsp.jsp or phone 800-USA-ARMY (800-872-2769).

Graduates of the HPSP program receive all the benefits of active duty Officers including:

* Paid continuing education courses, seminars and conferences
* No-cost or low-cost medical and dental care for you and your family
* A comfortable home on-post or a generous housing allowance if you live off-post
* Opportunities to travel throughout the world
* Attractive retirement benefits with 20 years of qualifying service
* A flexible, portable retirement savings and investment plan similar to a 401k
* 30 days of vacation earned each year
* Rank and privileges of an Army Officer
* Low-cost life insurance

ABOUT THE ARMY MEDICAL DEPARTMENT (AMEDD)

From nurses and entomologists to veterinarians, dietitians and physicians, Army Health Care offers more than 90 professional health care career paths – more than any other military service.

Army Health Care annually employs more than 73,500 active-duty professionals and 72,000 Reserve Soldiers who interact with more than 200,000 patients in an average day. The Army’s Health Care system is an $8 billion per year venture, employing 145,000 people and managing the care of three million beneficiaries. The active Army Medical Team is augmented by a Reserve Component, comprised of health care professionals in Reserve units throughout the United States and abroad.

One of the largest health care networks in the world, AMEDD operates more than 600 world-renowned hospitals, clinics and facilities around the globe. AMEDD encompasses six corps: Dental, Medical, Medical Service, Medical Specialist, Nurse and Veterinary.

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Free Money for College Now Available to Next Fall’s Students

(BUSINESS WIRE)--The Sallie Mae Fund announced today that its scholarship application season is now open and invited students attending college in the fall to apply for scholarships it will award for the 2009-2010 school year. Applications, eligibility and deadline information are now available at www.salliemaefund.org/scholarships.

Scholarships are one of the four components of financial aid for college: scholarships, grants, work-study and student loans. The Institute for Higher Education Policy estimates that there are billions of dollars in college scholarships available each year. Awards can range from a few hundred dollars to a full ride for all four years, and best of all, they do not need to be repaid.

Erin Korsvall, vice president of The Sallie Mae Fund, reminds students that, to qualify for a scholarship, they must take the first step and apply. “Don’t miss out on scholarships by not applying. Get organized, note key deadlines, and give yourself plenty of time to find scholarships, request applications, complete them, and submit them. This free money will be well worth your time and energy.”

The Sallie Mae Fund offers students tips for finding free money for college:

* Don’t rule yourself out. Scholarships are not limited to class valedictorians and star athletes. They are awarded based on a number of factors — from your career goals to exceptional writing skills displayed in an essay contest.
* Apply for as many awards as you qualify for. Even small awards can be helpful in covering costs, such as books.
* Pay close attention to deadlines. Missing a deadline is a sure way to become disqualified.
* Look for scholarships offered by a variety of sources, including companies, unions, foundations, community organizations, churches, and more.
* Tell family, friends, teachers, and others in your community that you are looking for scholarships. They may know something you do not.
* Understand the conditions of an award, such as maintaining a specific GPA or participating on an athletic team.
* Make use of free scholarship directories and searches offered by reputable organizations, such as The Sallie Mae Fund.
* Watch for scholarship scams. You should never pay for scholarship advice or information.
* If you receive a scholarship, be sure to write a thank-you note to the organization. You may want to reapply for the scholarship in the future so it is important to leave a good impression.

According to the U.S. Department of Education, by 2016, colleges are expected to see a 45-percent growth in the number of Hispanic students enrolling and a 29-percent growth in the number of African-American students, many of whom will have greater financial need. To help meet this challenge, The Sallie Mae Fund provides scholarships through a number of its own programs that address a common barrier to higher education access: financial need. With deadlines ranging from April 15 to May 31, these scholarships include:

* “American Dream” Scholarship Program: The American Dream program was developed in partnership with U.N.C.F. and offers scholarships ranging from $500 to $5,000 to African-American students with demonstrated financial need. (Deadline: April 15)
* “First in My Family” Scholarship Program: This program, developed in partnership with the Hispanic College Fund, offers scholarships ranging from $500 to $5,000 to Hispanic-American students who are the first in their family to attend college and have financial need. (Deadline: April 15)
* “Unmet Need” Scholarship Program: Open to families with a combined income of less than $30,000, Unmet Need scholarships provide a “last-dollar” resource when no other funds are available. (Deadline: May 31)

* The Sallie Mae 911 Education Fund: Created in response to the Sept. 11, 2001, terrorist attacks, this program provides scholarship dollars to children of those who were killed or permanently disabled in the attacks. (Deadline: ongoing)

The Sallie Mae Fund also has online resources to help students research scholarships available from other organizations:

* A free, comprehensive database with billions of dollars worth of scholarships available at www.salliemaefund.org.
* Latino College Dollars, a directory of scholarships for Hispanic students, developed in partnership with the Tomás Rivera Policy Institute at the University of Southern California, available at www.latinocollegedollars.org.
* Black College Dollars, a directory of scholarships for African-American students, developed in partnership with BET Networks and the Pell Institute for the Study of Opportunity in Higher Education, available at www.blackcollegedollars.org.

For the 2008-2009 academic year, The Sallie Mae Fund awarded $2 million in scholarships to nearly 800 deserving students enrolled in colleges across the country. A record number of completed applications, more than 24,000, were submitted by college-bound students. For a complete listing of 2008-2009 scholarship recipients and the schools they attend and to access 2009-2010 scholarship application materials, visit www.salliemaefund.org.

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Kiplinger's Names Emory a Top 10 Best Value

Kiplinger's Personal Finance magazine has ranked Emory University ninth among the 100 best values in private universities that exemplify excellent academics while keeping costs to a minimum. See Kiplinger's 2009 Best Values: Private Colleges & Universities.

Selected from a pool of more than 600 private institutions provided by Peterson's, schools in the Kiplinger 100 are ranked according to academic quality and affordability, with quality accounting for two-thirds of the total.

Resources Remain Strong for Financial Aid

The Princeton Review also named Emory among its best values in private schools this week. The rankings reflect Emory's continuing commitment to “need blind” admissions and to meeting the full, demonstrated financial need for dependent, traditional undergraduate students. Emory also is working to increase accessibility for low- and middle-income students through the Emory Advantage grant and loan relief program and other financial aid.

"Emory, like all institutions and businesses, is having to adjust to a new economic reality and this will impact the budget in a variety of ways. However, financial aid is among our top priorities and we expect to devote more – not fewer – resources to financial aid in the coming years to ensure that all students who are admitted can attend independent of economic background," says Santa Ono, senior vice provost for undergraduate education.


Kiplinger's 2009 Top 10

The annual private school rankings appear in Kiplinger's February 2009 issue and at www.kiplinger.com.

California Institute of Technology
Yale
Princeton
Rice
Duke
Harvard
Dartmouth College
Massachusetts Institute of Technology
Emory
Stanford

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Emory Financial Aid: Resources Remain Strong

Emory University remains committed to "need blind" admissions and to meeting the full, demonstrated financial need for dependent, traditional undergraduate students during these challenging financial times.

"Emory, like all institutions and businesses, is having to adjust to a new economic reality and this will impact the budget in a variety of ways. However, financial aid is among our top priorities and we expect to devote more – not fewer – resources to financial aid in the coming years to ensure that all students who are admitted can attend independent of economic background," says Santa Ono, senior vice provost for undergraduate education.

Emory also is increasing accessibility for low- and middle-income students through the Emory Advantage grant and loan relief program as well as other financial aid programs. Overall, Emory's Office of Financial Aid is seeing increased demand for assistance due to the recent economic downturn. The financial aid staff is urging parents and students (prospective and current) to plan ahead to determine their budgets, apply early for aid and carefully weigh options.

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Sallie Mae Reminds Families: Paying for College in a Recession is Possible and Starts with the FAFSA

(BUSINESS WIRE)--A full 25 percent of families did not complete the Free Application for Federal Student Aid (FAFSA) last year, making them ineligible for federal financial aid to help pay for college, according to a recent study by Sallie Mae and Gallup on “How America Pays for College.” Sallie Mae, the nation’s leading saving- and paying-for-college company, reminds students that they may file a FAFSA beginning Jan. 1 and urges them to complete the form to qualify for federal financial aid for college.

According to the U.S. Department of Education, an estimated 15 million students file FAFSAs annually. The federal government, state governments and higher education institutions each award financial aid and rely on a student’s FAFSA information when making award determinations. Federal aid includes need- and non-need-based grants, scholarships, work-study and low-cost student loans.

Submitting the FAFSA early and before state and higher education institution deadlines maximizes a student’s chances of receiving the gift aid they are entitled to. Gift aid, such as grants and scholarships, is financial aid that does not have to be repaid. Last year, approximately $163 billion in student aid was awarded, according to the College Board, with grants comprising approximately 40 percent of that total.

“Don’t think for a second that you can’t pay for college in these difficult economic times,” said Martha Holler, spokeswoman for Sallie Mae. “You can, and it all starts with the FAFSA. Investing an hour or two to complete your FAFSA will pay off over a lifetime.”

Sallie Mae’s award-winning CollegeAnswer.com Web site has free tools and information to simplify the application process and help families navigate the financial aid process. Resources include sample FAFSAs in both English and Spanish, a list of state financial aid deadlines and a three-minute FAFSA podcast which can be downloaded to an MP3 player or computer. CollegeAnswer.com also contains the largest free online scholarship database, containing more than 2.8 million scholarships worth over $16 billion. Visit www.CollegeAnswer.com/fafsa for more information.

Sallie Mae recommends students and their parents gather relevant documents and information, including Social Security Number or alien registration card, driver's license, latest federal income tax return, W-2 forms, bank statements and investment information, before going online to www.fafsa.ed.gov to complete the application. This will help them complete the FAFSA in as little as an hour or two.

Students need to submit a FAFSA every year they are in college to receive federal student aid. Students who are already attending college and who are renewal-eligible for 2009-2010 will be sent a Renewal Reminder notification from the U.S. Department of Education. The Renewal FAFSA form is pre-populated with information from the student’s previous FAFSA.

Students and families completing the FAFSA will find Sallie Mae’s new Education Investment Planner useful. The free Planner helps students and families understand the total cost of college and how to pay for it without going beyond their means. The Planner estimates the total cost of a college degree, builds a plan to pay for college, and estimates the salary a graduate would need to keep repayment of student loans manageable. Visit www.SallieMae.com/plan for more information.

Sallie Mae always advises families to use its 1-2-3 approach to paying for college: first, use free money by filling out the FAFSA to access need-based grants, research and apply for scholarships. Then, supplement with current income, college savings, and an interest-free monthly tuition payment plan. Second, explore federal loans. Available to both students and parents, they can offer low, fixed interest rates and flexible repayment options. Third, fill any gap with private education loans. They are convenient and designed to help students meet the total cost of college.

The recent passage of the Higher Education Opportunity Act will simplify the federal student aid application process in the future. Sallie Mae strongly supports efforts to make applying for college financial aid quicker and easier for families. The new legislative changes include:

* Reducing the number of questions on the FAFSA form over the next five years.
* Revising the FAFSA form so that it contains consumer friendly language.
* Creating a two-page FAFSA-EZ form for low-income families.
* Simplifying the FAFSA re-application process.
* Sharing data from federal tax forms between the Internal Revenue Service and the U.S. Department of Education to further simplify the FAFSA process upon consent from students and their families.

In addition, the U.S. Department of Education is planning a $300-million upgrade of www.fafsa.ed.gov, the Web site students visit to complete the FAFSA. The upgrade will take place over the next five years.

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Nearly 32,000 People Informed about Higher Education Options This Year with The Sallie Mae Fund’s Paying for College Workshops

(BUSINESS WIRE)--The Sallie Mae Fund has recently completed its 133rd “Paying for College” workshop of the year, providing nearly 32,000 people with college-going information. The free workshops are designed to educate families, particularly Latino, African-American, and low-income students and parents, about their options for attending, saving and paying for higher education. More than $61,500 in scholarships was awarded to attendees of Paying for College events in 2008.

"Most parents of college bound kids are feeling financial jitters in this shaky economy,” said Representative Sam Johnson of Texas, who partnered with The Fund for a workshop in his district. “Many parents and kids may be wondering - and perhaps fearing - how will they pay for everything in these lean economic times. For some, getting into a good school isn't the hard part - paying for it is. The Paying for College seminars helped a lot of folks learn more about their financial options."

The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, supports programs and initiatives that help open doors to higher education. Each Paying for College workshop features important information on scholarships, grants and other aid, as well as the opportunity for parents and students to have their questions answered by financial aid experts. The program is rooted in research, which found that lack of information about financial aid for college was a key factor preventing many promising students from seeking higher education. Nearly three out of four young adults would have been more likely to attend college if they had been aware of their financial aid options. Since 2004, The Sallie Mae Fund has delivered more than 1,600 free financial aid workshops in English and Spanish for more than 155,000 students and parents of underserved communities.

“Especially in today’s economic climate, it is vital to help families understand all of the options available to them to help pay for college,” said Erin Korsvall, vice president of The Sallie Mae Fund. “Bridging the information gap puts students one step closer to achieving their dreams of a higher education.”

The likelihood that a ninth grader in the United States will enroll in college four years later is less than 40 percent, with students from low-income and minority families even less likely to do so. The Sallie Mae Fund’s Paying for College workshops are designed to increase those numbers. The presentation’s message of attainability is being heard: 84 percent of families who participated in a Paying for College workshop said they believed they would be able to pay for college, as opposed to 29 percent prior to attending the event.

“Money has always been and will always be a major issue in life,” said one student who won early acceptance into the University of Texas at Austin. “But, thanks to the generous contributions of organizations such as The Sallie Mae Fund, there will be more and more low-income students going further in life.”

In each community, The Fund collaborated with school districts, high schools, and community groups to reach families most in need of financial aid information. Nationally, the effort has been made possible with the partnership of the Congressional Hispanic Caucus Institute, National Association for College Admission Counseling, National Council for Community and Education Partnerships, MTV Tr3s, and Project GRAD USA. A number of Congressional offices also participated, including Reps. Artur Davis (D-AL.), David Dreier (R-CA), Randy Forbes (R-VA), Gene Green (D-TX), Sam Johnson (R-TX), Carolyn Maloney (D-NY), and Chris Shays (R-CT).

Through each Paying for College workshop, The Sallie Mae Fund is responding to studies indicating that minorities are lagging behind in higher education. According to the U.S. Department of Education, Hispanics have among the lowest educational achievement levels of all minority groups. If current trends continue, of every 100 Hispanic children entering kindergarten, 63 will graduate from high school and only 11 will obtain a bachelor's degree by the age of 29. African-Americans also graduate from college at lower than average rates. If current trends continue, of every 100 kindergarteners who are African-American, 87 will graduate from high school, but only 18 will achieve a bachelor's degree by age 29.

Graduating from college pays lifelong dividends: according to the U.S. Census Bureau, college graduates on average earn over $1 million more during their lifetimes than high school dropouts.

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Agnes Scott Announces Lowest Increase in Tuition and Fees in 35 Years

/PRNewswire-USNewswire/ -- Acknowledging the economic downturn's potential impact on finances for students and families, the Agnes Scott College Board of Trustees has approved the smallest percentage increase in tuition and fees in 35 years.

The overall increase in tuition, mandatory fees and room and board for the 2009-2010 academic year is 2.69 percent, which is approximately half the rate of inflation.

The board also approved a plan to launch several new financial aid initiatives aimed at attracting talented students to the college, including "The Agnes Solution," a program guaranteeing $64,200 in merit aid over four years to students eligible for a Georgia HOPE scholarship.

"Agnes Scott College's newly announced affordability measures powerfully demonstrate private higher education's commitment to staying financially within reach to students and families from all backgrounds during this historic economic downturn," said David L. Warren, president of the National Association of Independent Colleges and Universities and an Agnes Scott trustee. "I applaud Agnes Scott for taking decisive and innovative steps to help consumers hit hard by the economy."

Traditionally, trustees have approved tuition for the following academic year at their January board meeting, but made the decision earlier this year to give students and parents additional time to plan.

"We realize that some of our students and their families will be struggling in this economy, and we are determined to go the extra mile to keep Agnes Scott affordable," said Agnes Scott President Elizabeth Kiss. "At the same time, we are committed to continuing to provide an outstanding educational experience for our students - small classes with excellent professors and opportunities to pursue research, internships and study abroad. We are not eliminating educational opportunities nor cutting services to students."

Instead, the college is finding new ways to be frugal. "We have delayed some replacement hires and are cutting back on discretionary expenditures, replacing holiday cards with an e-card and canceling the big tent rental for graduation," said Kiss. "In times like these, we need to concentrate on our essentials -- our people, our educational quality and our core values."

Agnes Scott will continue to offer generous financial aid to assist students who have demonstrated need, Kiss emphasized. In addition, the financial aid office will run special workshops designed to assist students in preparing financial aid forms and loan applications for next year.

"Some people still have the misperception that private colleges are only for the wealthy," Kiss said. "In fact, with students from all across the socio-economic spectrum, including one third who receive federal Pell grants for low-income families, Agnes Scott is far more socio-economically diverse than many public universities. We work hard to help families pay for college. And in tough economic times, we work even harder."

"Our generous financial aid policies, combined with the high quality of the education we provide, have made Agnes Scott the top-ranked college in the Southeast -- and number 16 nationally -- in the 'Great Schools, Great Prices' category in the U.S. News & World Report rankings this year," she added.

Agnes Scott's stated tuition covers about half the actual cost of educating a student at the college. The difference between tuition and the college's expenses is funded by income from the endowment and gifts to the college.

The college's budgetary strategies are to maintain balanced budgets, focus on strategic initiatives and aggressively pursue efficiencies and opportunities to "work smart." As a charter signatory of the College and University Presidents Climate Commitment, Agnes Scott takes seriously its efforts to "reduce, reuse, recycle and rethink" the college's daily operations, said Kiss, noting that many of these sustainability initiatives -- from energy retrofits to a printer cartridge recycling program -- save the college money and serve its ongoing commitment to affordability.

"Ultimately," she added, "the heart of our strategy is to help our students stay in college and to persuade more applicants to consider Agnes Scott." The college's new financial aid initiatives are key to that strategy. These include a new $3,000 Agnes Advantage Award to subsidize study abroad, internships or mentored research that will be offered to top students in the college's applicant pool. "The Agnes Solution" will guarantee Georgia students who are eligible for a HOPE scholarship $15,300 per year in merit aid along with a one-time $3,000 Agnes Advantage Award. This $64,200 aid package, combined with state HOPE and TEG grants, will provide up to $83,000 during a student's four years at Agnes Scott.

"These are exciting new programs for talented young women who want the choice of attending an independent liberal arts college," said Dean of Admission Lee Ann Afton. "We've always known the lifelong 'value-added' of attending a school like Agnes Scott. Now, the college is making this opportunity more affordable for students and their families."

Founded in 1889 and located in metropolitan Atlanta, Agnes Scott College is an independent national liberal arts college for women. The college's mission is to educate women to think deeply, live honorably and engage the intellectual and social challenges of their times.

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The Sallie Mae Fund Awards $2 Million in College Scholarships to 800 Students Nationwide This School Year

(BUSINESS WIRE)--In recognition of National Scholarship Month, The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, today awarded $2 million in scholarships to help approximately 800 students pursue a college education this school year. These awards are part of The Sallie Mae Fund’s efforts to increase access to higher education for lower-income and minority students by addressing a common barrier: financial need. Since 2001, The Sallie Mae Fund has awarded more than $14 million in scholarships to 5,700 students enrolled at 1,000 colleges in all 50 states, the District of Columbia and Puerto Rico.

“In uncertain economic times such as these, it is more important than ever for deserving students to have access to resources that can fund their higher education dreams,” said Erin Korsvall, vice president, The Sallie Mae Fund. “The Sallie Mae Fund commends these students for what they have accomplished, and is pleased to provide a stepping stone for them to further shine in college.”

In 2008, more than 24,000 completed applications, a record number, were submitted to The Fund by college-bound students across the country. By 2015, there will be an additional 5 million college-age individuals in the United States. Approximately 80 percent of this growth is projected to come from minority populations with greater financial need.

“Coming from a low-income family, I never thought it would be possible for me to go to college,” said Brianda Perez of San Juan, Texas, now a sophomore at University of Texas – Austin. “From the bottom of my heart, I thank you for helping me come one step closer to achieving my goals and aspirations.” Perez is a recipient of The Fund’s First in My Family scholarship, working toward a degree in mechanical engineering.

Some recipients aim to set an example for their siblings, such as Jonathan Tyes, who is using his American Dream scholarship to help fund his education at Morehouse College in Georgia. “It is very important to me that I become a physician, not only for myself, but also for my eight younger siblings,” he said. “It is imperative that I show them that it is possible to escape drugs, poverty and ignorance through education.”

Unmet Need scholarship winner Ryan Fuller, a student at Rose-Hulman Institute of Technology, hopes to pursue a career in the research of alternative means of energy after graduation. “Receiving The Sallie Mae Fund Unmet Need scholarship can help relieve the financial stress on my family and me so I can focus instead on reaching my goals,” he said.

To help students cover financial need and access higher education, The Sallie Mae Fund’s 2008-2009 scholarship programs included:

* “Unmet Need” Scholarship Program: Open to families with a combined income of less than $30,000, Unmet Need scholarships provided a “last-dollar” resource when no other funds were available. This year, The Fund awarded more than $600,000 to help 176 students bridge the financial need gap.
* “American Dream” Scholarship Program: The American Dream program was developed in partnership with the United Negro College Fund and offered scholarships ranging from $500 to $5,000 to African-American students with demonstrated financial need. This year, 176 African-American students received roughly $500,000 in scholarships through this program.
* “First in My Family” Scholarship Program: The Fund developed the First in My Family program in partnership with the Hispanic College Fund in 2001. This year, 169 Hispanic-American students who were the first in their family to attend college received scholarships ranging from $500 to $5,000, totaling $500,000.
* The Sallie Mae 911 Education Fund: Created in response to the Sept. 11, 2001, terrorist attacks, this fund annually provides scholarship dollars to children of those who were killed or permanently disabled in the attacks. This year, The Fund provided $2,500 scholarships to 36 students, for a total of $90,000.
* Community College Transfer Scholarship Program: Offered in collaboration with the Hispanic Scholarship Fund, this program provided last-dollar scholarships to Latino students transferring from a community college to an accredited higher education institution. This year, the program awarded $2,500 scholarships to 34 students, for a total of $85,000.
* “Writers of Passage” Scholarship Program: In partnership with the National Association for Equal Opportunity in Higher Education, this essay competition awarded four students from a Historically Black College or University, or a predominantly black college, with a $5,000 college scholarship. The winners’ universities each also received a $20,000 grant from The Fund to help improve student outreach and retention.
* “Next Level” Scholarship Program: In partnership with Black Entertainment Television (BET), this national essay competition asked African-American high school juniors and seniors to compose a 500-word statement on the obstacles they had to overcome to realize their dream of a college education. A panel of judges selected four winners from among more than 4,300 applicants to receive a total of $25,000 in awards.
* “Generation Next” Scholarship Program: In partnership with ESSENCE magazine, five African-American women won this national essay competition and each was awarded a $5,000 college scholarship. Additionally, these women attended the first-annual ESSENCE Young Women Leadership Conference and were featured in the October issue of ESSENCE magazine.

In addition, The Fund awarded scholarships ranging from $250 to $1,000 to future college students at its free Paying for College workshops and Bus Tour stops. More than 170 students received a total of $100,000 through this year’s program.

The Sallie Mae Fund offers scholarship resources on its Web site, www.salliemaefund.org, including a free scholarship search featuring 2.9 million awards worth more than $16 billion. In addition, The Fund offers two free scholarship directories specifically for African-American and Latino students. For these resources, a complete listing of 2008-2009 scholarship recipients and the schools they are attending, or for 2009-2010 scholarship information, please visit www.salliemaefund.org.

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Georgia Tech Promise Gives Georgians Access to a Debt-Free Degree

This year, 199 students from 52 counties across Georgia—from Appling to Wilkes—are attending the Georgia Institute Technology thanks to the G. Wayne Clough Georgia Tech Promise Scholarship Program. Launched in 2007, Tech Promise is designed to help Georgia students whose families have an annual income of less than $33,300 (150 percent of the federal poverty level) earn their college degree debt-free.

Tech Promise is the first program of its kind offered by any public university in Georgia. Picking up where Georgia’s HOPE scholarship and other financial aid options leave off, the program is individually tailored for each applicant. Assistance includes scholarships, grants, and job opportunities that allow eligible in-state students to attend Georgia Tech without the burden of student loan debt.

“As Georgia high school students evaluate college options, we do not want financial need to stand in their way of pursuing a degree at Georgia Tech,” said Interim President Gary Schuster. “We believe that qualified Georgia students from all economic backgrounds should have the opportunity to attend and graduate from Tech regardless of their family’s financial status. It is especially important that Tech Promise be brought to the attention of Georgia students who may be reluctant to apply because of concern about the financial burden attending college would place on their families.”

Mary Vaughn, a senior in Science, Technology and Culture from Snellville, Georgia, values the opportunities that the Tech Promise program has allowed her to pursue.

“I attended Tech my first two years without Tech Promise,” says Vaughn. “Although I had the HOPE scholarship, I had to work two jobs to make ends meet. Tech Promise has allowed me to work only one job, focus on my education and begin saving money for graduate school.”

Vaughn plans to pursue a graduate degree in education after she graduates from Georgia Tech. “My dream job is teaching,” says Vaughn. “There have been so many teachers who have been such an inspiration to me and who have been responsible for who I have become. I just want to give back.”

Under the terms of the Tech Promise program, student eligibility requirements and criteria include:

* Legal resident of Georgia
* Pursuing a first undergraduate degree
* Eligible applicant for federal student financial aid
* Dependent students whose parents: earn less than $33,300 in total annual income and/or benefits; and are eligible to file an IRS Form 1040A or 1040EZ for the most recent tax year
* Achieve and maintain a minimum 2.0 cumulative grade point average (out of a possible 4.0); be in good standing with the Institute and maintain Satisfactory Academic Progress standards
* Submit a complete financial aid application each academic year by the required deadline

An annual application is required for Tech Promise, and individual evaluations will be conducted to calculate each candidate’s specific financial needs. Students may reapply for up to four academic years (eight semesters) of full-time enrollment. Levels of support/award in subsequent years will be based on the student’s family’s financial situation, and academic standing. The funding made available through Tech Promise will cover the published cost of attendance at Georgia Tech.

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