A report from the Federal Center for Educational Statistics (FCES) has raised concerns about the increasing number of college students that resort to private loans in order to support their education. This is in light of a study conducted by FCES1 showing a nine percent increase in private debt from 2003-2004 to 2007-2008, while government… Read more »
Financial Aid Award Letter
Award letters are sometimes referred to as “financial aid packages”. In this package are different types of financial aid intended to meet all or part of your financial need for one academic year. Typically, your award letter should detail your Cost of Attendance (COA), Expected Family Contribution (EFC), and Financial Need, along with the various types… Read more »
Federal Perkins Loan
A federal Perkins loan is a subsidized loan for undergraduate and graduate students with “exceptional” financial need – regardless of income level or credit history. Unlike the Stafford loan and Parent PLUS loan, the Federal Perkins Loan is one of the three campus-based financial aid programs – that is, the U.S. Department of Education funds… Read more »
Changes to Federal Student Aid
On December 23, 2011, President Obama signed into law the Consolidated Appropriations Act, 2012 (Public Law 112-74).1 The new law significantly impacts the Federal student aid programs. Here is some information on the changes made to the Title IV student aid programs and the effective date of those changes. 2012-2013 Pell Grant Amounts The Consolidated… Read more »
Expected Family Contribution
The Expected Family Contribution (EFC) is a measure of how much money you & your family is expected to contribute to your college education for one academic year.
Cost of College Shooting Up Since the 70’s
Consider this: a student in the University of Utah would spend $390 a year on tuition in 1970. Today, that same student would need to shell out $6,000 for a single year of college. On the other hand, college tuition and fee have averaged an increase of about 400% from 1982 to 2007.1 This is… Read more »
How Do I Make Corrections to my FAFSA?
It is important to correct any errors on your SAR as incorrect information can impact your financial aid eligibility. If the information you entered on your FAFSA was incorrect as of the day you signed the FAFSA, you can make corrections but keep in mind the following things you can’t change: Your Social Security Number… Read more »
What Happens if I’m Selected for FAFSA Verification?
Verification is a process used to ensure that certain FAFSA information is accurate. Either the U.S. Department of Education or your school may randomly selects students whose information needs to be validated. The federal government mandates that colleges verify approximately 30% of the student aid applications submitted each year. Don’t panic if you were chosen… Read more »
Want to Get a Job ASAP? Pick a Degree That Sells
Let’s compare two graduates: one finished with a degree in health care and another finished a degree in the humanities. Assuming that all else is equal, who do you think will get a job the soonest? Rising college fees, toxic student loans, sky-high unemployment rates and a general feeling of economic pessimism highlights the problems… Read more »
Federal Aid Failing to Cope With Rising College Costs
The government’s programs to provide financial aid to college students were designed to make it easier for the students to build a sound future for themselves and for their families. But the problem here is that colleges are increasingly demanding more money for tuition and basically erasing any financial assistance provided by the government, while… Read more »