Welcome to the part 5 of my series on ways to reduce the cost of college.  It’s been a while since we have had an update, so this one is quite overdue, I’m afraid. Just to remind you, so far, I’ve spotlighted four suggestions: 1. Graduate from college in three years rather than four 2. Go to a local community college for up to two years before transferring to a four-year university 3. Volunteer for AmeriCorps and earn nearly $5,000 toward college 4. Take advantage of education tax credits and deductions to save up to $2,000 per year. Today I am focusing on a super easy way to save some money for college — by buying the food and other consumable goods your family already purchases. The program is called Upromise, and it was launched a decade ago. Today, there are ...

A recent study by the National Bureau of Economic Research has revealed that simplifying the rules of applying for financial aid is essential to facilitate more low-income students attending college. The study — “Into College, Out of Poverty? Policies to Increase the Post-secondary Attainment of the Poor” — is actually a review of 17 previous studies, all which examined the efficacy of various programs aimed at increasing access to college and keeping students enrolled. The authors of “Into College, Out of Poverty” found that confusing and cumbersome paperwork is a major deterrent to programs, such as the Pell Grant, in reaching their goal of enrolling (and retaining) low-income students who would not otherwise have gone to college. If targeted stud...

TGIF, all you scholarship seekers! I can’t believe it’s already October. Where has the time gone? Now that you are settling into school, hopefully you have a little bit more time to dedicate to your scholarship applications. And even though this year is just starting, it’s not too early to be seeking out scholarships for next year — and certainly next semester. This week — like every week at the Financial Aid Finder — I have some great leads on scholarships with upcoming deadlines. Usually I get you three of these leads, but today I just ran out of time — so you’re getting two! I hope one of these will help you to pay for college! You can learn more about college scholarships by visiting the Financial Aid Finder’s student scholarship s...

According to the New York Times, major delays by the Department of Veteran Affairs in issuing GI Bill benefit checks is causing countless vets to have to scramble to pay for college this semester. The new GI Bill, which took effect on August 1, 2009, was to provide more money than ever to cover tuition, books and housing. Eligible were veterans who had served since 9/11, as well as their dependents. Because of the VA’s antiquated technology, however, the Department has been unable to keep up with the more than 277,000 new applications. In fact, the Department reported last week that it had paid tuition for just 20,000 of the applicants, plus made payments to 13,000 more for other educational expenses, such as housing and textbooks. Processing of the benefit applications is takin...

The Chronicle of Higher Education is reporting that Rochville Univesrity has awarded a dog an M.B.A. Apparently this “diploma mill” of an online college received a check for $499 from Chester Ludlow — a pug — and sent in return a package containing a diploma and transcripts. Included as well were a certificate of distinction in finance for the pooch, and a letter documenting Chester’s participation in student council. Here’s GetEducated.com’s video about the stunt, which they pulled to warn about the dangers of diploma mills (“Dog Earns Online MBA: A Cautionary Tail.”) Are you thinking about getting your degree online? There are hundreds of reputable and worthwhile online institutions and hybrid schools (brick-and-mortar schools wit...

The House of Representatives approved a sweeping overhaul of the federal government’s student lending practices last Thursday. The Student Aid and Fiscal Responsibility Act of 2009, now being debated by the Senate, will cease subsidies to private banks providing federal student loans. Instead, the federal government will directly make loans to student, saving some $40 billion over 10 years. The Act will then redirect those savings to increase funding for the Pell Grant, expanding the number of eligible students and upping the maximum award to $5,550 per year. Additional changes in the bill include: Expanding the Perkins Loan Program for low-income students Allocating $10 billion to Obama’s community college initiative, which aims to produce 5 million more 2-year ...

Can you believe it’s already Friday again? The summer is quickly dwindling to an end, and fall is definitely upon us. I’ve got three great fall scholarships for you this week, including a wonderful new opportunity for Hispanic students. I hope you find something here! You can learn more about college scholarships by visiting our scholarship section, which has helpful articles on everything from the scholarship application process to scholarship essays. 1. Sun Trust Scholarship: $1,000 One of the nation’s largest financial holding companies, Sun Trust is giving away a $1,000 scholarship every two weeks from October 30, 2009 through May 14, 2010.  Registration opened on the 14th and the first drawing will be held on October 30th. It is free to enter, and winners are not bas...

The Obama Administration is proposing a series of changes to 529 Plans, reports the LA Times, in order to encourage more middle class Americans to save money for college. 529 Plans allow you to contribute after-tax dollars, which then grow tax-free until withdrawal, as long as they are used for qualified education purposes. (To learn more about 529 Plans, see Financial Aid Finder’s extensive section on College Savings and Prepaid Plans.) According to the Treasury Department, only 5% of middle-income Americans take advantage of these plans, despite their lucrative tax benefits. Among high-income filers, however, one in three have a 529 account. The College Savings Plan Network reports that there are some 11 million 529 accounts to date, with more than $100 billion in assets. The Oba...

In honor of all those who lost their lives in the September 11th terrorist attacks, today’s scholarship announcement is focusing on the Families of Freedom Scholarship Fund. The fund provides millions in scholarships each year to dependents and spouses of 9/11 victims. In the 2009-2010 year, the Fund will award $8.4 million in needs-based scholarships to 520 eligible members of the 9/11-community, up from $7.4 million in 2008-2009. Since the first scholarship was awarded in January 2002, the Families of Freedom Fund have distributed more than $46.6 million. The average scholarship award this year is $16,000, with the highest award topping $40,000. Every applicant receives at least $1,000. It is estimated that about 5,400 more students will be eligible for these funds through 2030, ...

The U.S. Education Department recently released numbers showing that the total amount of money borrowed by students in the 2008-2009 grew by 25%, to $75.1 billion, over the previous year. The number has been rising for many years, but this bump is the largest on record. The deputy undersecretary of the Education Department, Robert Shireman, has said that this increase was “definitely above expectations” but was likely caused by the nation’s dire economic crisis. According to the National Postsecondary Student Aid Study, two out of three college students borrow money to pay for college — and their debt load is growing significantly. In 2008-2009, the average debt load was $23,186; in 1997 the average amount was $13,172. With a growing debt load and the highest unem...