Congress passed a new and expanded GI Bill in 2008, which is set to significantly expand education benefits for members of the U.S. Armed Forces as early as this fall. The new funding plan will allow soldiers who have served at least 90 days since 9/11 to receive up to the full cost of tuition and fees at the most expensive in-state school. The old GI Bill pays a set amount, regardless of which school you choose — and only veterans with longer service records are entitled to benefits. The new bill will also allow veterans to receive funding for out-of-state and private schools, although exactly how that will work is still being determined by the Department of Veteran Affairs. We know for sure that the full cost of the most expensive public school tuition in your state will be app...

I read this article in the Chicago Tribune last week about how the recession is affecting parents’ plans for their kids’ college education. The story was hardly rocket science, but it did point out that job losses, coupled with decimated housing values, have caused a lot of families to rethink their college plans. The biggest change? According to the Tribune, it’s that students are applying to schools they would not have otherwise considered. Included in the list are in-state schools that offer sizeable scholarships and community colleges where students can save money on tuition — and even more money by living at home. The article also points out that university’s scholarship funds are drying up. The thinning school-based awards reflect deep cuts in state ...

Conventional wisdom tells us that it’s never too late to start saving. But is that necessarily true when it comes to college costs? If you are a parent, how much do you need to save in order to pay (or even help to pay) for your child’s undergraduate education? Let’s say you are have a newborn baby. If you start putting away $100 a month for the wee one right now, by the time he or she is ready to start in on the freshman fifteen, you will have over $60,000 in the bank (assuming a 10% rate of return).  That sounds like a pretty big pot for a relatively small investment (just $100 a month). But is it enough? The answer to that question is: It depends. It depends on where you child attends school. The average total cost for tuition, room, board, and books at a four-yea...

We are always on the look out for great financial aid information to share with you. Yesterday I came across a video put together by Duke University’s financial aid director Alison Rabil. Please watch it (5 minutes) as there’s lots of great information from a very knowledgeable financial aid administrator. In simple terms she tells you how to get started with the financial aid process, whether you should bother applying, mistakes students often make, how colleges determine how much financial aid gets awarded, how financial aid packages are often comprised of loans and grants, which loans are the best, where to find lenders, loan repayment, and other related topics. If you find any similar videos that you find useful, please let me know! ...

A few months ago, I wrote a couple of posts comparing Obama’s views on financial aid to McCain’s views on financial aid.  Now that we have a new President (elect), I thought we should take a closer look at how federal financial aid, and specifically student loans, might look come January 21st under the new administration. Just days before the November 4th election, Obama spoke on MTV about issues of concern to young voters. Primary among those concerns were student loans and financial aid.  Here’s what he had to say (from the blog at walletpop.com): …I think the average student is taking out $25,000 to $30,000. That’s a huge burden, especially in a time when wages and income are not going up. So here is what we want to do: increase the Pell Grant program, e...

October 6, 2008 by Mara Strom You can’t turn on the TV these days without being bombarded by financial doom and gloom.  If you are a college student (or planning to be one in the near future), there is no doubt that current economic climate is going to have some kind of an impact on your student financial aid package.  Over the next few weeks, we’ll be looking at the cost of attending college during an economic downturn, with stories on how to recession-proof your college savings and how the market cash will impact your 529 Plan. This week, I’m putting the spotlight on how the recession may impact your student loans. The University Chronicle recently reported on how that the current credit market crunch is affecting education lenders. According to this October 2nd a...

August 29, 2008 by Mara Strom We’ve got three September-deadline scholarship opps for you today.  Hopefully you’ll find some time to complete some applications in the midst of all your back-to-school activities. 1. OXY Cash for College: $25,000 It doesn’t get easier than the OXY Cash for College competition.  If you are aged 13-18, ask you parents to head on over to the OXY site and complete their super fast on-line application.  One grand prize winner will be selected for a $25,000 contribution to your 529 Plan College Savings Plan. There are also five 1st place prizes of $10,000 each and five 2nd place prizes of $5,000 each. Deadline: September 28, 2008. 2. Red Vines Drawing Contest: $5,000 Do you love red licorice (mmmmmm)?  Even if you’re not a licorice...

August 21, 2008 by Mara Strom I’m changing things up this Scholarship Thursday. For the last couple of weeks, I’ve been mentioning the August slow-down in scholarships with immediate deadlines. That’s because everyone is getting ready to go back to school — including scholarship committees. Now the truth is that if you are looking for local niche scholarships, you may still be in luck. But since I try to bring you national (or at least regional) opportunities, there are definitely fewer choices this time of year. So, instead of my regular format, today I’m bringing you three major scholarship sources you NEED to know about. All of these are big foundations associated with big businesses — and all of them have extremely generous college scholarshi...

August 14, 2008 by Mara Strom It’s the middle of the August and the scholarship pickings continue to be slimmer than normal. The pace will pick up in the fall, though, and by November, you’ll need to plot out your application strategy in an Excel chart. In other words, enjoy the quieter season and the opportunity it provides to focus on some of the other pressing money matters for college, like picking a meal plan or snagging a deal on your textbooks. Of course, I do still have two great scholarship opportunities for you today! And winning just one of these could cover a major chunk of your costs, so be sure to check them out. 1. True Patriot Scholarship: $25,000 You might remember reading about this scholarship back on July 4, when I did a spotlight on Independence Day-inspire...

August 11, 2008 by Mara Strom We’ve been talking on the Financial Aid Finder about how to get through college without blowing your whole budget in the first few weeks. Last week, we put the spotlight on textbooks — a major budget buster for many students. This week, we’re looking at how to eat at school without eating up your budget. If you’ve spent anytime at a grocery store lately, you know that prices are going up (and up and up). In 2006 and 2007, the cost of food went up 4%, the biggest jump since 1990. This year, that bump is expected to come in at 5% to 6%. Whether you’re planning on living on campus and eating at the dining hall, or renting an off-campus apartment and fending for your own food, you’ll undoubtedly feel the pinch of these price hik...