September 25, 2008 by Mara Strom

It's time for our weekly round-up of scholarships with upcoming deadlines.  I've got a really exciting new opportunity for you this week, so I hope you will have a chance to work on your college scholarship applications this weekend.

Benjamin A. Gilman International Scholarship

Are you interested in studying abroad? 

One of the conundrums for many students who want to study abroad is that their financial aid might actually be in jeopardy depending on what program they choose.  That's because if you receive scholarships directly from your college or university, you can only get that assistance if you pick a study-abroad program sponsored by your school. But let's say you really want to go to Ireland and your college doesn't have a program there.  So instead you chose another school's program.  Your school will more than likely recognize the program and award you credit for the classes you take, but what they won't do is give you your scholarship money while you are attending another school's program.

This drop in aid can be a double whammy, since studying abroad usually comes with a whole new set of costs, including air fare, travel in country and additional funds for sightseeing and soaking up all that local culture.

Now I don't mean to turn you off from studying abroad - in fact, the opposite.  I spent my entire junior year in Israel and I think it was an invaluable educational and life experience. But what do you do if your finances are so tight that studying abroad is simply not an option?  If you are one of America's Pell Grant recipients, there is way to make your dreams of standing under Big Ben or walking along the River Seine come true.  It's called the Benjamin Gilman Scholarship, and it supports financially needy students who want to avail themselves of this incredible educational opportunity. Time is of the essence, though, since the Gilman Scholarship deadline is October 7th.  Here's what you need to do:

Go online and fill out the student section.  Then download the study abroad advisor certification and the financial aid advisor certification.  You will also need to head over to your registrar's office to request three paper copies of your official transcript. You have until Tuesday, the 7th of October to finish the student section, but there is a bit more breathing room on the rest of the application components. The advisor certification is due on the 14th and your transcripts have be postmarked by the 10th.  While you apply online, you must send in your transcripts to:

Gilman International Scholarship Program

Attn: Transcripts

Institute of International Education

1800 West Loop South, Suite 250

Houston, Texas 77027

So, are you planning to study abroad?  Where are you going?

September 22, 2008 by Mara Strom

A panel of financial aid experts thinks that America's federal financial aid system needs a major overhaul. 

According to the Rethinking Student Aid study group, these changes include simplifying the application process (aka FAFSA, or the Free Application for Federal Student Aid) and increasing Pell grant maximums.

The most sweeping change recommended by the Fulfilling the Commitment report is the creation of federally-funded college savings accounts for children from low-income families. Each year, the government would add money to a fund for each eligible child, until that child turned 18. To draw on the fund, the money would have to be used to cover approved college expenses.  The group recommends starting the program from the age of 5.

The Group also wants Congress to significantly lower interest rates on federal loan programs, including the PLUS Loan program, so that parents aren't tempted to take out private student loans. Private loans typically carry higher interest rates and less flexible repayment options.

Go here to download a copy of the report or to learn more about the Rethinking Student Aid study group.  The New York Times also has a great piece summarizing the study group's findings, which you might also want to check out.

September 18, 2008 by Mara Strom

I have received a few emails this week about the full-ride scholarship to UW, which I mentioned on Monday.

As the Ivy League schools kick their financial aid rewards into high gear, a number of state colleges and universities, including the University of Washington, are following suit.

Given your interest, I wanted to dig up a little bit more on this awesome scholarships opportunity.  So here you go:

The Washington College Bound Scholarship, as it is called, is a four-year scholarship covering tuition, fees and books at the University of Washington. Recipients are low-income students who signed a pledge in junior high school promising to stay in school and "demonstrate good citizenship."  If you think you or your child might qualify for this full-ride, then keep reading.

Eligible students meet at least one of the following criteria:

• are eligible for the free and reduced-priced lunch program
• receive TANF benefits
• are foster youth
• families meet the income standard (more…)

September 15, 2008 by Mara Strom

The news has been doom and gloom all year for would-be student borrowers.  From private loan companies folding to their insurers going under, it seemed that finding an affordable student loan for the '08-09 school year was going to be impossible.

Well, lo and behold, according to recent articles in the Wall Street Journal, Chicago's Daily Herald and a survey conducted by the New England Board of Higher Education, it turns out the bark of the financial aid crisis may have been worse than its bite.

So what gives?

Well, here are a few factors that may have eased the crisis:

* Congress raised the cap on its unsubsidized Stafford loans by around $2,000 a year. Unsubsidized loans don't require applicants to demonstrate financial need.  In the past, many families have complained that Stafford loan amounts were failing to keep pace with increases in tuition. Now, freshmen can borrow $5,500 a year, sophomores can take out $6,500 per year and juniors and seniors can receive $7,500 each year.

* In Illinois, the state government has paired up with eight state credit unions to offer $100 million in student loans to families affected by lenders that have ceased their financial aid lending. About 25,000 Illinois students are expected to benefit from this program, which will be allocating the money through unsubsidized Stafford loans.

* Congress passed provisions to the College Cost Reduction and Access Act of 2007, which forgive federal student loans for qualified individuals who have worked for at least ten years in public service.

* A growing number of private programs are also offering student loan forgiveness, including this one at Tufts University and this one, which we covered last week, through the AmeriCorps program.

* For nearly a decade, Congress has pressured private colleges about their dramatic annual tuition hikes, which have far outpaced the rate of inflation.  As a result, schools like Harvard, Yale, Brown and Columbia have now started offering full rides to admitted students from middle-income families.

* As the Ivy League schools kick their financial aid rewards into high gear, a number of state colleges and universities, including the University of Washington, are following suit.

Tell us: What has been your experience? Was securing students loans more difficult this year?  Did the credit crunch encourage you to look more closely at Stafford loans than you might have otherwise?

September 11, 2008 by Mara Strom

Scholarship time. Can you believe it's Thursday again?

I hope you are all doing well in school and settling in nicely.  I've got a great scholarship opportunity today: It's called QuestBridge.  I just learned about this innovative non-profit organization recently and I am blown away with the work they are doing.  Check it out - I'm sure you'll feel the same way.

The QuestBridge National College Match
This non-profit organization pairs up with selective colleges to offer outstanding low-income high school seniors a full four-year scholarship. QuestBridge works with colleges like Yale, to help them open their doors to top students regardless of their family's financial position.  QuestBridge's College Match program provides full four-year scholarships to top-tier colleges for low-income students, which cover all demonstrated financial need.  This includes tuition, room and board - plus travel, books and living expenses.  Scholarship packages automatically renew to cover all four years of college.  Last year, 204 students were selected as QuestBridge Scholars. Go here to learn about the criteria for the National College Match program, here to better understand how the National College Match application cycle works, and here to download the application.  Application deadline is September 30.

September 10, 2008 by Mara Strom

Let's face it: College is expensive and the reality for the vast majority of us is that student loans are an indispensable asset in the "paying for college" column.

But paying back those loans isn't easy (remember Clark University graduate Luke Livingston and his ingenious method for paying back his student loan debt?)

Even if you're lucky enough to qualify for and only need federal student loan (as opposed to private student loans, which carry higher interest rates and less favorable terms), paying back those loans can put a real damper on your monthly budget once you graduate.  In fact, the weight of those loans can have a real impact on what career moves you make both short-term and long-term.

On the one hand, you'd love to get a job as a teacher, a social worker, a community organizer (I hear they make great Presidential candidates).  On the other hand, you couldn't afford rent on a teacher's/social worker's/community organizer's salary… let alone your student loan.  So, you forfeit your passion for your pocketbook and end up paying for your college education in more way than one.

I posted a while ago about an innovative Tufts University program for its current students and alumnae; the initiative pays off a part of your loans if you go to work in the public sector.  Well, in case you did not have the good fortune of going to Tufts (*cough cough* says the alum), here's another way to make a big difference in the world — and your student loan debt: AmeriCorps. You remember AmeriCorps, right?  It was President Clinton's big initiative, like the Peace Corps, but for right here at home.

According to their website:

AmeriCorps annually offers 75,000 opportunities for adults of all ages and backgrounds to serve through a network of partnerships with local and national nonprofit groups. Whether your service makes a community safer, gives a child a second chance, or helps protect the environment, you’ll be getting things done through AmeriCorps!

Jobs including mentoring, working in after-school programs, building affordable housing, cleaning up public parks, helping communities respond to disasters, teaching computer skills, fighting illiteracy and building organizational capacity.  Not only do you earn the satisfaction that comes from helping others and gain excellent transferable skills for your career tract, working for AmeriCorps means you get $4,725 to apply to your qualified student loans.  (Members also receive a modest living allowance.)

So, what do you think?  Is building houses or tutoring the underprivileged right up your alley?  If so, be sure to check out AmeriCorps, because their student loan repayment program is making it a whole lot more affordable to do the right thing.

September 4, 2008 by Mara Strom

Welcome back to school!  By now, all you coeds should be happily ensconced in your gleaming ivory tower.  How is it going? I hope your transition has been a smooth one!

So amidst all the excitement of a new year, have any of you encountered the sinking realization that all that money from your student loans, grants and scholarships isn't going to go quite as far as you thought it would.  (I recall this realization vividly — it's what led me to my first work-study job!)

Yes getting a job on or off campus is one way to help with your cost of living.  But it's also not too late to land a few more scholarships for the '08-'09 school year (and plenty more opportunities abound for those of you looking to fund your next year's tuition and expenses.)

In honor of all of you feeling the crunch, this week the Financial Aid Finder has an easy, breezy scholarship opportunity. This one doesn't require award-winning essayist skills, just some word of mouth, a few moments of your time, and lady luck standing on your side.

Scholarship.com Tell A Friend Sweepstakes: $1,000
Scholarship.com is one of the leading free scholarship search engines.  Not only do they ask for a detailed profile in order to give you a comprehensive list of scholarships you qualify for, but they also offer some of their cash for college. One of their easiest scholarships gigs is really a sweepstakes.  If you're a registered member (it takes less than 10 minutes), you can refer a friend to Scholarship.com — and when your friend signs up, your name gets entered into their sweepstakes to win a $1,000 scholarship for school. Deadline: September 30, 2008

Good luck and please let us know if you land this cool grand — or any of the other scholarships we post about every Thursday.