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June 30, 2008 by Mara Strom
Last week, we spotlighted the views of Barack Obama, the (presumed) Democratic nominee, on higher education and financial aid.
I promised you then that I wasn't being partisan — and that we'd look this week at what the Republican nominee John McCain has to say about funding your college education. Well, I'm keeping my promise, but in all honesty, there isn't *that* much to say.
On Scholarships For Veterans
We know that McCain doesn't like the Democrat's proposal to give veterans a free-ride to college. But McCain's criticism of the bill isn't a knock on full scholarships to veterans (per se) as much as it is a critique of the bill's terms: McCain says to give these benefits after only three years (as the Dems propose) actually encourages enlisted men and women to leave the Armed Forces prematurely.
Other than the vet issue, financial aid hasn't been much of a focus - at least not yet - for the McCain campaign. On his website's education issue page, for example, McCain discusses his ideas for improving elementary and secondary education but makes no mention of higher education.
On Community Colleges
During a pre-campaign speech in Memphis (in April '07), McCain briefly plugged his plan to strengthen community colleges as an affordable option for retraining displaced American workers: “We can strengthen community colleges and technical training, and give displaced workers more choices to find their way back to productive and prosperous lives.”
On the Pell Grant
Last October, McCain said in a speech at South Carolina State University that the amount of aid from a Pell Grant should be increased so that it pays for a larger chunk of tuition. In 2008, Pell Grants will range from $400-$4,731 per student.
On Loan Forgiveness
When the Public Service Loan Forgiveness Act came up for a vote in the Senate last summer, McCain voted no. The Act, which was signed into law in September, 2007, created a new public service loan forgiveness program that discharges student loans after 10 years of full-time work in the public service sector. (And just for the sake of transparency, Obama didn’t vote on that one at all.)
None of these indicators are far from shocking, given McCain's smaller-government brand of Republicanism. The question is: How far will he go to push his ideas on community colleges and Pell Grant expansion (which might also cost the federal government a pretty penny - or three)?
What do you think about where McCain stands on financial aid and other higher education issues? As a student - or the parent of one - do these issues affect your vote in November?
June 26, 2008 by Mara Strom
After last week's one-shot, social networking scholarship opportunity (you still have a few days left to win it!), our normal three-for-Thursday format is back.
Hopefully you'll find some free money for college from one of these scholarships, all of which have either June 30th or July 1st deadlines. Not a lot of time left, so get to it!
1. Focus on Your Possibilities Scholarship Program: $5,000
If you're an adult with ADHD, you know how challenging it is to pursue higher education - especially outside of the traditional frameworks. Now there's help to fund your college costs with one of Eli Lilly and Company's 21 $5,000 educational scholarships given out every year. Awards are based on merit and go to those who have demonstrated initiative, passion and dedication to their education. Eligible candidates must be at least 25 years of age, currently undergoing treatment for adult ADHD, and enrolled in an accredited public or private undergraduate or graduate school. Scholarship winners must be willing to share their personal story with the media. You can download an application from the Eli Lilly and Company website, but you must submit it by mail. Applications must be postmarked no later than July 1. Winners will be notified by mail at the end of July.
2. Do-Over Scholarship: $1,000
The free on-line scholarship search engine Scholarship Experts is offering a $1,000 scholarship to the five best essay writers on the topic, "If you were given one 'do-over,' would you: (a) use it for yourself; (b) give it to another person; or (c) choose not to use it? Please explain your choice." Essays must be submitted online and cannot exceed 250 words. Competition will be stiff: Last year, the site received over 10,000 applications. To be eligible, you must be at least 13 years old and currently enrolled or planning to enroll no later than 2013 in an accredited college or university. Apply online no later than June 30, 2008 at 11:59 pm Eastern Daylight Savings Time. Scholarship winners will be notified by the end of August.
3.Culinary Arts Scholarship: $1,000
Do you dream of being the next Rachel Ray or Iron Chef? The free online scholarship search engine, Scholarships.com, is offering a $1,000 scholarship to the winning essayist on the topic, "What has influenced your decision to pursue a career in the culinary arts?" Essays must be submitted online and should be no shorter than 250 words - and no longer than 350 words. To qualify, you must be a registered member of scholarships.com, and be enrolled or planning to enroll in the fall in one of the eligible academic majors for Culinary Arts or Design. The deadline is July 1
Good luck to you! And since we love celebrating success stories, please leave us a comment if you land a scholarship from one of scholarship listings. FAF loves to celebrate FREE money for college!
June 23, 2008 by Mara Strom
A few weeks ago, I mentioned the brouhaha that was brewing between Barack Obama and John McCain over the Democrats' proposal to fully fund scholarships for 3-year veterans.
Well, that's not the only financial aid issue making its way onto the '08 campaign trail with the presumed Presidential candidates.
We know that figuring out how to pay for college is probably the bane of your existence, but what do the candidates think about financial aid? Here's a look at what Obama says on the subject (and before anyone freaks out, we'll be talking about McCain next week. Stay tuned!)
On Tax Credits For Students
Obama says he would give anyone paying college tuition a $4,000 tax credit to help cover their higher education costs. His campaign estimates that the program would cost $10 billion a year. Here's a bit more from his website:
This universal and fully refundable credit will ensure that the first $4,000 of a college education is completely free for most Americans, and will cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students. Obama will also ensure that the tax credit is available to families at the time of enrollment by using prior year's tax data to deliver the credit when tuition is due.
On The High Cost of Student Loans
Obama says he's more than sympathetic to the burden of student loans, because both he and his wife Michelle struggled to pay back their mountain of Sallie Mae debt after graduating from Columbia (Barack), Princeton (Michelle) and Harvard Law (both of them).
"…We left school with a mountain of debt," Obama told Michigan residents at a campaign event earlier this month.
"Michelle I know had at least $60,000. I had at least $60,000, so when we got together we had a lot of loans to pay. In fact, we did not finish paying them off until probably we'd been married for at least eight years, maybe nine."
Between his statements about his own educational background, his proposal for a tuition tax credit and his support for full scholarships to veterans, Obama is definitely giving college voters an idea about where he stands on some of their bread and butter issues.
What do you think about what he has to offer? How important are issues like financial aid, access to student loans and veteran education benefits to you when you go into the voting booth this November?
Photo Credit: Flickr/Center for American Progress Action Fund
June 19, 2008 by Mara Strom
By now you've probably gotten used to me posting three scholarship notices every Thursday. Well, since I like to mix things up, I'm only going to give you one scholarship notice this week… but it's a doozy.
Unless you've been living under a rock somewhere, you already know all about social networking. Facebook is your friend. You tweet on twitter. But have you heard of CollegeNET, the newest social network focused on education? If you're not on the NET, you should be. Especially if you'd like to earn a cool five grand for college.
Here's the deal. All have to do to win one of CollegeNET's five scholarships is something you're probably already doing anyway: Social networking. You sign up for an account and then join in the banter - or (if you want to win the cash) you start your own discussion topics. Throughout the month, you vote for your favorite discussions. At the end of the month, the students with the most voted for discussion topics win scholarships.
On June 30th, CollegeNET is giving away its biggest scholarship money ever: more than $15,000 to the top five candidates. First prize is $5000, then $4000, $3000, $2000, and $1000 apiece. The NET funds its scholarship give-aways with money from advertisements.
To compete to win a scholarship, you have to be currently enrolled in a college or university — or plan to attend within the next year. Anyone can vote, so you may want to tell your nearest and dearest to sign up for a CollegeNET account.
Sounds a whole lot easier than writing an essay, that's for sure. But you've only got 11 days left in June, so get posting.
Good luck! And if you do win a scholarship from CollegeNET or any of the opportunities we've posted about, let us know. FAF loves to celebrate FREE MONEY for college!
June 16, 2008 by Mara Strom
If you need financial aid for the 2008-2009 school year, then heads up: You've got two weeks from today to complete your FAFSA.
FAFSA stands for the Free Application for Federal Student Aid, and it tells you and your school how much — and what kind of — federal financial aid you're eligible for. Plus, a lot of private scholarships that include "financial need" as one of their eligibility requirements will want to see it, too.
The FAFSA can be completed on-line and the filing deadline for next year is midnight Central Daylight time on June 30. If you're looking for tips on filing out your FAFSA, we posted some great ones here.
You'll also want to check out the FAFSA site for a list of all the documents you need to complete your application. And here's where you get a PIN so you can file online (you'll use the PIN in lieu of your signature.)
Even though the federal FAFSA deadline is June 30th, most states — and many private schools — have earlier filing deadlines. But if you're planning to attend school in Arizona, Washington, D.C., or South Carolina, they also have a June 30th deadline.
June 12, 2008 by Mara
School may be out for summer - but don't get too comfortable lounging at the pool, especially if you still need some more cash to pad your college fund.
Here's a look at three great scholarships with mid to late June deadlines that you don't want to miss.
1) Safety Scholars Competition
Are you a budding film major? Fancy becoming an advertising exec one day? Just like playing around with your computer's editing software? Bridgestone Firestone is giving you a chance to call "Action!" with its Safety Scholars Competition. Make a short video spot (25-55 seconds) about safe driving and enter it in the competition - you might be one of three grand-prize winners to nab the $5,000 college scholarship and a free trip to Chicago, where you'll be invited to showcase your video at the 2009 Chicago Auto Show. 10 runners-up will win a new set of tires, a $750 value. The contest is open to U.S. residents, ages 16 through 21, who are currently enrolled as full-time college students. Entrants must have a valid U.S. driver's license. Videos will be judged on concept, message and creativity. Ten finalists will be selected by judges and then the voting will open to the public to select the top three winners. Entries must be submitted no later than 11:59 PM Eastern Time on June 24th. You've got less than two weeks … so go grab your camera, quick!
2) The Mittie, Moselynne, & Dempsey J. Travis Foundation
Entrepreneur and self-made millionaire, Dempsey Travis is President of Travis Realty Company, one of Black Enterprise Magazine's top 100 black businesses in America. Mr. Travis is also the author of over 20 books, including An Autobiography of Black Jazz, I Refuse to Learn to Fail, The Louis Armstrong Odyssey, The Life And Times Of Redd Foxx, and An American Story In Red White and Blue. Every year, the Dempsey Travis Scholarship Fund provides numerous $1,000+ scholarships to U.S. citizens who can demonstrate financial need, leadership experience, and academic excellence (minimum 2.8 GPA) - as well as write a compelling 3-page book report on one of Mr. Travis' books. The application deadline is June 30.
3) ESSENCE Next Generation Scholarship Fund
ESSENCE Magazine, together with the Sallie Mae Fund, is committed to making college more accessible for the next generation of African American female leaders. The five national winners receive a $5,000 scholarship each, all-inclusive trip to the ESSENCE Young Women's Leadership Conference in 2008, and recognition in the October 2008 issue of ESSENCE. Eligible applicants are U.S. citizens, African American females in their senior year of high school or freshman year of college. Successful applicants must have minimum 3.0 GPA and demonstrate experience in leadership and community service. Only those applicants with a family adjusted gross income of $50,000 or less will be considered. Application deadline is June 15th.
Good luck to you! And since we love celebrating success stories, please leave us a comment if you land a scholarship from one of scholarship listings.
June 8, 2008 by Mara Strom
Unless your last name is Rockefeller, you'll need to think long and hard about the expense of your college education.
Even though more than 90% of college grads say their degree was "worth it," the cost can still be staggering. If you're in college — or planning to attend — here are five online calculators that can help you get a handle on your higher education finances.
#1. Budget Calculator
You got into the college of your dreams! Congratulations! But… can you afford it? The first step to figuring out whether Dream U is in the cards is to determine your total college-related expenses and estimate your (and your parents) available income to cover those expenses. This handy budget calculator from the U.S. Department of Education helps you think through all those expenses — tuition, room, board, and cost of living — and balance them against all possible income sources.
#2. The Fafsa4Caster Calculator
Now that you know how much college is going to cost you, it's time to figure out where the money is coming from. If you're thinking federal financial aid, then you'll need to complete the FAFSA (aka the Free Application for Federal Student Aid, which is the document your school uses to calculate your eligibility for assistance). To get a sense of what you're in for, try running your numbers on a financial aid calculator. While the Fafsa4Caster is not the only such calculator online, it is definitely one of the most thorough. This free tool from the U.S Department of Education lets you know how much federal aid you're eligible to receive. To use the calculator, you should first gather all your information — including last year's tax return, your social security number, and any asset statements — and then work your way through the calculator. Set aside 30-45 minutes from start to finish (I told you it was thorough). One of the nicest features of this calculator is that you can run multiple scenarios, so if you're wondering how certain asset distributions may affect your EFC, this calculator can tell you.
#3. FinAid Streamlined EFC Calculator
If you've got ten minutes, not 30, to spend on running some EFC numbers, then FinAid.org's streamlined EFC calculator is a good place to start. The tool isn't quite as diversified as the Fafsa4Caster, but the results are typically quite accurate and the tool is free. You'll need last year's tax return and some asset statements on hand to complete the calculator.
#4. Student Loan Interest Rate Calculator
If you're contemplating loans for college — or if you've already taken that plunge to the tune of $40,000 — this student loan interest rate calculator from the U.S. Department of Education's Direct Loan Program can help you figure out just how much your education loan is going to cost you … and for how long.
By plugging in the total amount of your loan and your interest rate, you can see how much you'll eventually pay back on the standard, extended and graduated plans.
#5. Consolidated Loan Calculator
You might be finished with your college courses, but at this rate, you'll be paying back that degree for the next 50 years. If you're wondering whether consolidation can make the cost of your monthly payments a bit more manageable, then check out this loan consolidation calculator. In two minutes or less, you can know how consolidation will impact your monthly payments, as well as the total amount you will have to pay back — and how many months it will take you. The only information you will need is your loan statement(s) with the type of loan, balance remaining and current interest rate.
June 5, 2008 by Mara Strom
Each Thursday, The Financial Aid Finder offers you a list of outstanding scholarship opportunities with looming deadlines. If you're looking for free money to help pay for your college education, then you might enjoy one of our archived articles about writing scholarship essays, the four qualities scholarship committees look for, and free college scholarship search engines.
This Thursday we've got three exciting scholarship opportunities with June deadlines. If you won all three, you'd be able to put an extra $8,000 into your college fund kitty. With June deadlines, you don't have much time — so get to it!
1) The Developmental Fund for Black Students in Science and Technology Scholarship
This renewable scholarship provides up to $2,000 per year to African-American undergraduate students majoring in a scientific or technical field at one of twenty Historically Black Colleges and Universities (HBCUs). Winners are selected based on academic record, personal essay and demonstrated financial need. You must obtain an application from your science or engineering department and your school will prescreen you. Scholarships are currently available for students attending the following colleges and universities:
* Bennett College
* Clark Atlanta University
* Elizabeth City State University
* Fisk University
* Florida A&M University
* Fort Valley State Collect
* Hampton University
* Howard University
* Langston University
* Lincoln University (PA)
* Morgan State University
* North Carolina A&T State University
* Prairie View A&M University
* Southern University
* Spelman College
* Tennessee State University
* Tuskegee University
* Wilberforce University
* Xavier University of Louisiana
The scholarship deadline is June 30th. Winners will be notified in early September.
2) The Christophers Video Contest
Do you believe that "One Person Can Make a Difference"? Can you shoot and edit video footage to tell a compelling story? If you answered yes (or even maybe) to both of these questions, than you might be the next winner of the Christophers Video Contest for students. First prize is a $3000 scholarship (2nd prize is $2000, third prize is $1000 and there are five honorable mentions of $100 each).
You can use any style and genre you wish, including drama, comedy, documentary, news, music video or animation. You must submit your five-minute or less entry in NTSC format on a full-sized VHS tape or regionless DVDs. All currently enrolled undergraduate and graduate students are eligible to apply.
The Christophers is a non-profit organization founded in 1945 that uses print and electronic media to encourage all individuals to raise the standards of public life.
Entries are due June 6th (TOMORROW), so run, don't walk on this one!
3) Stuck at Prom, Duck Tape Brand Duct Tape Scholarship Contest
We've reported on this oddball scholarship before, so it might sound familiar to you. If you're a fashion forward high school junior or senior — or if you just really need the money — then this scholarship might be the one for you. You can earn a cool $3,000 for college by going to your high school prom dressed in duck tape. No joke!
The Duck Brand Duct Tape Stuck at Prom Contest is open to all U.S. citizens, age 14 and older, who attend their spring prom with a date — and both of you are dressed in duck tape. Just accessorizing is okay, but past winners all went for the total duck tape ensemble. Download the release form and send in a picture of you and your date.
The contest ends next Wednesday, June 11th and the top ten candidates will be announced on Friday. You then have two weeks to campaign for every vote you can scrounge up before the winners of the three grand are announced on Tuesday, July 1st. The top 10 will be chosen based on originality, workmanship and quantity of Duck Tape used.
Good luck to you! And since we love celebrating success stories, please leave us a comment if you land a scholarship from one of scholarship listings. Cake's on me!
June 2, 2008 by Mara Strom
Whether you're for Obama, Clinton or McCain, here's an issue you might want to consider: Financial aid for our nation's service men and women. Do you know where your candidate stands?
A new GI Bill is being debated in Congress, which if passed, would be the biggest expansion of education benefits to veterans since World War II. Sponsored by Senate Democrat and Vietnam War veteran Jim Webb (VA), the plan would give anyone who has served in the military for at least three years a full-ride scholarship to any of their in-state public universities. The plan would also boost monthly housing stipends for student veterans.
The Senate passed the bill 75-22 last week with strong bipartisan support. The House is set to take up the measure after its week-long Memorial Day break. President Bush has threatened to veto the bill if it reaches his desk.
Why hate on a bill designed to assist our nation's heroes? For one thing, Bush says, the bill is too expensive. The nonpartisan Congressional Budget Office has estimated that the proposal would cost $51.8 billion over the next 10 years.
Presidential candidate Barack Obama has vowed to fight any attempts by the administration to kill the measure. "Our intention is to override that veto when it comes back to the House and the Senate," he said at a town hall meeting in Texas. "We've got to have outstanding educational benefits for veterans when they come home."
But what does the Pentagon think? Perhaps surprisingly, top brass is also opposed to the bill, saying it discourages soldiers from reenlisting. While open to substantially boosting college aid for veterans, the Pentagon wants soldiers to have to commit to six years of service before becoming scholarship-eligible.
Senator John McCain, the presumed Republican nominee, agrees: "Encouraging people to choose to not become noncommissioned officers would hurt the military and our country very badly," he said at a Memorial Day event in New Mexico.
The Federal Government currently provides financial aid to veterans and active duty members of the military through the Montgomery GI Bill and other measures. However many former soldiers say it's far from sufficient to meet their costs.
What do you think — do you agree with Bush, McCain or Barack on this one? And would a guaranteed free ride induce you to sign up?
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