Your Employer Might Pay for You To Go To School
Considering going back to school, but aren’t quite sure how you’re going to pay for it all? The solution may be closer than you think. Many employers now sponsor tuition assistance programs. Typically managed through a company’s human resources department, tuition-assistance programs can do more than save you money. They also offer you the chance to integrate your formal education with your future career plans.
So what help can you expect from your company? Support is often determined by government guidelines. According to IRS regulations, employers can provide up to $5,250 to each employee per year on a tax-free basis. Any additional employer tuition assistance is taxed, so many employers stay within the IRS limit.
To make the most of this assistance, however, it’s important to know exactly how your employer’s program works. Here are some common elements of employer tuition assistance programs:
GPA requirements: Most employers will require you to maintain a certain grade point average (GPA) in order to benefit from the tuition assistance program. Keep this in mind when considering how you will organize your class schedule. Some employers will even manage their tuition reimbursements according to the student’s semester or quarterly GPA, They may pay 100 percent for an ‘A’ and lower percentages for lower grades.
Tuition payment / reimbursement programs: While some companies will pay your tuition bill directly, others will ask you to make the initial payment, reimbursing you at the quarter or the semester – after you have received your grades.
This means that your budget should be flexible enough so that you can pay that tuition money up front, without missing it. “It’s usually recommend that students in this situation save enough so that they can pay up to two semesters of tuition,” “That way they don’t have to interrupt their coursework if their reimbursement checks are delayed. Some students even pay their tuition via credit card, collecting frequent flyer miles and then paying off the balance when they get reimbursed.”
Major requirements: In addition to requiring that you maintain a certain GPA, your employer may restrict your choice of major to something related to your current or future position with the company.
Post-degree work: Thinking of changing jobs? Some employers may stipulate that you work for their company for a certain length of time after completion of the degree. If you don’t, you may be required to repay their tuition investment in your education.
Company policies on books and materials: Some companies may foot some or the entire bill for your books and materials. This can save you a few hundred dollars over the course of the year.
Completion schedules: Your company might require you to finish your degree within a certain time frame. Be sure that you are aware of your company’s degree deadlines as well as your schools.
Your employer’s tuition limits and completion schedule might have you looking for ways that you can get through school a little more quickly and with less drain on your pocketbook. Alternative credit programs can be a good way to speed the degree process while staying within budget. Find out your school’s transfer policies and check out your options. University College will accept up to 60 credit hours from CLEP® (College Level Examination Program) tests or community college. This can sometimes be a good way for students to save both time and money.”
So if you’re looking to further your education, be sure to check all your options. You may find your employer is willing to invest in your future!
How To Understand Your Student Aid Report
If you’ve never set eyes on a Student Aid Report (SAR) before, it can be a dizzying experience. What do all those acronyms and numbers mean? It all looks so official and important.
If you’ve recently submitted a Free Application for Federal Student Aid (FAFSA) you can expect to receive a SAR in return. And while the SAR is long on data, it is rather short on detailed explanation. Keep reading for a demystification of this sometimes inscrutable document.
When to Expect Your SAR
How you filed your FAFSA will affect how soon you get your SAR. If you filed electronically and chose to receive your SAR via email, you should receive your SAR within a few days.
The federal processor will send your SAR from the email address: cpsnotify@cpsemail.ed.gov. Consider adding this email address to your address book or email. Keep an eye on your bulk or junk mail folders after you submit your FAFSA in case the email with your SAR gets routed there.
If you’ve experienced previous problems receiving automatically generated emails, you may want to elect to receive the paper SAR instead of the electronic version.
If you filed a paper FAFSA, you should receive your SAR via postal mail in three to four weeks. If you haven’t received an SAR within four weeks of filing your FAFSA using either method, call the U.S. Department of Education help desk at: 1-800-4-FED-AID (1-800-433-3243).
What to Look For
Below our some of the items you might find on your SAR. Don’t worry if you’re a little fuzzy on some of the terms; there’s an explanation of each item below.
- Expected Family Contribution (EFC): Page 1, underneath the date near the top right of your SAR. The EFC is the amount the federal government believes that your family is able to contribute toward your college costs, based on the financial information provided. This is not necessarily the amount you will have to pay -more on that later.
- Verification: If there is an asterisk next to your EFC, it means that your SAR has been flagged for verification. You will also be informed of having been selected for verification in the SAR Acknowledgement letter, which will be included with your SAR documents.
- Data Release Number (DRN): Page 1, in the lower left-hand corner (upper-right corner of the electronic version). The DRN is a four-digit reference number.
- Loan Summary: Page 3, top half of the page. If you have any outstanding federal student loans, they will be listed on this page.
- FAFSA Changes: Pages 5 through 8. These pages give you a chance to correct any information that sent incorrectly the first time you filed your FAFSA.
- Pell Grant Eligibility: SAR Acknowledgement letter, near the bottom of the text.
Making Sense of It
Even if you have a handle on where these items are located on the SAR, it is still important to understand what they mean and why they’re useful:
Expected Family Contribution (EFC): Keep in mind that the Expected Family Contribution is not necessarily the amount your family will actually end up paying. Instead, the figure represents the amount the government believes your family is able to contribute, based on your family’s income, assets, number of college-age students and other factors.
The amount that you end up having to pay could be less than, more than or equal to your EFC. Why is this? The federal processor uses its own formula when calculating EFC, based on your financial situation. However, not all colleges use the government’s methodology when calculating EFC; many colleges use their own formula instead (often referred to as institutional methodology). The methodology your college uses may influence how your EFC is calculated, resulting in a final EFC that is different from the one posted on your SAR.
Verification: If your SAR has been selected for verification, it means that you may have to show additional financial documentation to your college in order to qualify for federal aid. The federal processor has many automatic triggers in place to flag data discrepancies for verification. Sometimes the processor finds a mistake or conflicting data; other times, it may flag an SAR with data that are not reflective of a “typical” family.
Verification doesn’t mean you have done anything wrong. It affects about 30 percent of all SARs and is a relatively routine request. You may have to fill out a Verification Worksheet, which you can obtain from your college’s financial aid office. In all likelihood, you will have to provide supporting documentation (e.g., tax returns, W-2, etc.). Because so much aid is distributed on a first-come, first-served basis, it is very important that this step be completed in a timely manner.
Data Release Number (DRN): You’ll need to reference this number if you want to make your SAR available to schools you did not include originally on your FAFSA. You’ll also need to have your DRN handy if you need to change your address.
Loan Summary: Review the loans listed and make sure they are correct. If you want to review your outstanding loans in greater detail, you can visit the National Student Loan Data System’s Web site. You will need the same PIN you used to sign your FAFSA to access your loan information. If you have no federal loans, then there is no need to review this section.
FAFSA Changes: It is important that you check over your information on the last few pages of the SAR to make sure it’s correct. Make any necessary changes as soon as possible. You can make changes to your processed FAFSA in the space provided, or you make changes online. Be sure to correct estimated information, if you are able to do so.
Note that the FAFSA is meant to be a “snapshot” of your situation when you originally signed it. Therefore, even if your financial or marital situation has changed since you originally signed the FAFSA, such information should not be changed when reviewing your SAR. Make sure that you (and your parent, if you are a dependent student) sign the corrections before submitting them back to the federal processor. To electronically sign a corrected FAFSA, you will need your PIN.
Pell Grant Eligibility: Don’t be surprised if you are not eligible-most students aren’t. This is a grant given to low-income families and it is very difficult to meet the standards required to receive one.
If you have any further questions about the SAR or if you don’t receive one in a timely manner, contact the U.S. Department of Education Help Desk at: 1-800-4-FED-AID (1-800-433-3243) as well as your college’s (or prospective college’s) financial aid office.
Your Home State Wants To Keep You
You may already know about federal aid for college, but did you know your state could help out as well? Most states offer financial incentives to residents as well as awards based on academic merit and financial need.
In-state Assistance
States have a lot of reasons for offering grants to students who attend in-state colleges and universities. “We want to keep our great students in our state,” said Steve Tompkins, former director of communications for the Georgia Student Finance Commission.
States like Florida have set up their tuition reduction programs to:
- Encourage academic excellence
- Keep the best and the brightest students in their state
- Increase opportunities for students within the state
These state financial aid plans are proving to be great opportunities for students around the country.
Kinds of Awards
Each state has its own programs for its particular student population. Depending on the state, award amounts range from $500 “vouchers” to complete tuition waivers targeting students at the top of their classes. Some awards can be used only for tuition, while others include room and board, fees and even study abroad opportunities and book allowances. Many awards are renewable, but since they are seen as a supplement, you may lose eligibility for state funds if you receive other forms of financial aid.
Eligibility Requirements
State awards can be a great option because in some cases they don’t target only the top students. While some awards use grades and test scores as eligibility requirements, the main criteria is in-state residency – and some inter-state agreements even let you transfer the awards outside of your state’s borders. Different states have different residency requirements. Financial need is also a consideration for some awards. Also check to see whether there are restrictions on the schools you can attend. Most awards are for attending public schools, but some states offer vouchers for private schools as well.
The Application Process
Many states use the Free Application for Federal Student Aid (FAFSA) to determine eligibility and award amounts for state grants and scholarship programs. In those cases, you automatically apply for state aid when submit the FAFSA. Be sure to check the deadlines for your state because it may differ from your school’s deadline. Miss the deadline and you may lose eligibility for state funds the entire academic year.
To find out about your state’s specific program, check out your state’s website. Be sure to take a look at both your state of residence and as well as the state where you plan to attend college.
So check out your homegrown in-state funding. You may find the aid you need to reach your educational goals.
Squeezing Money out of Colleges
College costs are going through the roof. The average debt of a student finishing college is almost $20,000. Follow these strategies to reduce the sticker cost of your education.
Ask about application fee waivers.
The cost of applying to college, taking standardized tests and having those scores sent to schools can add up. If you’re strapped for cash, consider asking about application fee waivers. But keep in mind: Availability is limited, and you must meet some pretty stringent standards to qualify.
Apply for financial aid.
Even if you think you’re not eligible, be sure to apply for financial aid by filling out the FAFSA (Free Application for Federal Student Aid). This form is the first step for applying for all kinds of aid, from federal aid (grants, loans and work-study), to state-based funding (grants and other programs), to college-based aid (special awards, grants and work-study programs).
Search for free money.
And since every little bit counts, you should also apply for scholarships. Use FastWeb’s scholarship search to help you find awards and then apply!
Complete some of your credits at a lower-cost school.
You can save a lot by completing your general education requirements at a community college or less expensive school and then transferring to complete the degree. Talk to an admissions counselor to be sure your credits will transfer, and learn as much as you can about the financial aid policy. Some schools restrict financial aid for transfer students.
Get to know the financial aid officer at your college.
While specific rules apply for financial aid calculations, financial aid officers still have a certain amount of leeway in determining how aid is allotted. It’s important to let your financial aid officer know about any special circumstances that affect your ability to pay for college.
Look for ways to pay in-state tuition.
Most public colleges and universities charge considerably less tuition to in-state students in comparison to students from out of state. Pick a college in your state to keep costs down. Or if your heart is set on going out of state, consider moving a year before starting college. After you’ve established residency (usually one year), you should be eligible for in-state tuition. Policies vary from school to school, so be sure to check with your school of choice.
Accumulate credits before college.
You’ll save a lot in tuition by earning college credits while you’re still in high school. Take Advanced Placement courses or think about taking courses at a local community college to get a head start on your college career.
Combine degrees to save time and money.
If you’re planning to earn multiple degrees, you can save a year’s tuition by enrolling in a combined degree program. Some schools will allow you to combine a bachelor’s degree with a master’s degree or a master’s degree with a doctoral degree.
Live at home during college.
You can save a lot if you live in your parents’ home when you go to college. You might miss out on the dorm experience, but your food and housing bills will be a lot lower. If you really want the residential college experience, compromise by spending some years at home and some years living on campus.
Apply for “life experience” credit.
If you’re entering school from the work force, you may be able to earn college credit for your employment and life experience. Some schools administer their own tests and standards while others allow you to take CLEP®(College-Level Examination Program) tests for college credit.
By keeping costs down and maximizing financial aid, you can graduate without accumulating a mountain of debt.
Parents Refusing to Pay
Unfortunately, federal aid isn’t distributed on whether or not your parents want to pay for your education; it all depends on if they can. Parents have many reasons for not contributing to their child’s education: can’t afford it; it’s the child’s responsibility; sticky divorce. But your parent’s refusal actually hurts you more than they may know.
Regardless of your parents’ reasons, the federal government’s opinion is this: paying for a college education is your parents’ primary responsibility. The government will only finance your education if it’s impossible for your parents to pay up. So what should you do? Fill out the FAFSA. Good news: it’s not too late. Bad news: you’re already enrolled in school and still need to convince your parents to fill out a FAFSA.
Even if you don’t qualify for need-based aid, filling out the FAFSA automatically qualifies you for an unsubsidized Stafford Loan. Yes, “loan” may be an icky word, but a federal government loan is the best loan opportunity that you will ever come across. The interest rates are low, roughly 6.5%, and the payment plans make it easier for recent graduates to pay off their debt.
Also, by filling out the FAFSA, you may qualify for subsidized Stafford and Perkins Loans as well as Pell Grants, which are even better.
Pitch the idea from the angle that they don’t have to help financially but they can do you this huge favor. Additionally, it’s not a bad idea to go to your school’s financial aid office and present them with your situation. Maybe they can pull some strings or talk good old Mom and Dad into helping.
Studying Abroad, the Myths
Although the number of students going abroad is growing every year, many pass up the opportunity because of misconceptions about the programs. Learn the facts and don’t miss out!
Myth #1—”Studying abroad is expensive.”
Studying abroad doesn’t have to cost much more than a semester at home. Sponsor universities frequently charge the same tuition for their abroad programs as they charge for a semester at the home institution. In addition, state and federal financial aid can often be applied to your semester abroad. There are also several scholarships offered for students interested in international opportunities. Learn more about financial aid for study abroad.
Myth #2—”I can’t study abroad because I can’t speak a foreign language.”
Destinations like Ireland, England and Australia present no language obstacle, and many universities offer programs taught in English even where English is not the native language.
Myth #3—”Studying abroad is only good for language majors.”
Students who have studied abroad gain the qualities valued by an employer or admissions counselor. They are mature, act independently, have excellent interpersonal skills and are culturally aware.
Myth #4—”I can’t take courses in my major while studying abroad.”
While not every major is offered in every country, all students should be able to find interesting and relevant programs overseas. Check with your school’s study abroad office.
Myth #5—”If I study abroad, I can’t graduate in four years.”
With careful planning, you should be able to study abroad and finish your curriculum in four years. Study abroad during winter or summer interim is available to all students, and many majors can study abroad for an entire year and still graduate on time.
Myth #6—”I won’t get credit for the courses I take abroad.”
American schools actively promote the advantages of studying abroad by helping students match up credits from foreign institutions to their own curriculum. Investigate before you apply: Request the syllabus of each class, ask your advisor what kind of credit you can earn and get the credit confirmed in writing. You want to be sure that you get credit for the work you did abroad.
Myth #7—”Studying abroad is only for juniors who can commit a semester or more.”
Universities are working to provide study abroad programs to fit an increasingly diverse student population—from graduate students to freshmen—and many programs run during summer or winter interim. Learn more about short stints abroad.
Myth #8—”Studying abroad is not safe.”
Though traveling abroad requires a degree of caution, a term overseas is by no means certain danger. Study abroad offices inform students of health and safety issues before departure and provide strict guidelines and procedures to ensure student safety. To learn about a country’s current political situation and health conditions, visit the U.S. State Department Travel Advisory Web site.
Studying Abroad, the Basics
Every year, more than 165,000 students decide to take their education outside of the classroom — and the country — to study abroad. While it can be a fantastic personal and cultural experience, international exposure is increasingly important to employers; studying abroad rounds out your education and improves your chances on the job market.
If you’ve considered including an overseas experience in your college curriculum, you probably have some questions.
What is study abroad?
The term “study abroad” encompasses a range of overseas educational opportunities from traditional classroom-based learning to internships, independent research and even volunteer work. But remember: It is study abroad. Though travel abroad is fun, it also serves as an integral part of your academic career.
Why should I study abroad?
Studying abroad is an amazing tool for both your personal growth and your future. Ours is a global community; studying abroad allows you to become more comfortable and engaged within this increasingly cosmopolitan world.
Studying abroad helps you…
- understand international issues and problems.
- strengthen your sense of independence and self-confidence.
- learn a new language or achieve fluency in one you have already been studying.
- meet new people in a new environment.
- get a new perspective on your own culture.
- refine your interpersonal communication skills by interacting with people from different cultural backgrounds.
- become more culturally aware.
…and last, but definitely not least…
- have a little fun.
Who is eligible to study abroad?
Generally, you must be at least a sophomore and have a GPA at or above 2.5. Some programs require that you be at least 18 years old and be enrolled at an accredited American college or university. There may also be a foreign language requirement, depending on the program (e.g. two semesters of French).
When can I study abroad?
Though most students go abroad during junior year, you’ll find a wide range of opportunities for everyone from freshmen to graduate students. Most programs run for a semester or year, but there are also programs that run during the summer or winter interim.
If you are planning a shorter study abroad experience, take into consideration the time of year you plan to travel. Some times are better for certain countries and many foreign universities follow a different schedule from American universities (e.g. The University of Sydney’s school year runs from early March to late November).
Where can I study abroad?
From Austria to Zimbabwe, the number of study abroad programs is growing every year. But before you pick a country, do some research. Think about which programs would contribute the most to your future career goals.
Think about living conditions as well. Learn about the country’s current political situation and health conditions. The country’s consulate is good places to check international conditions.
How does study abroad affect my academic program at my home school?
- What are the university’s policies concerning the transfer of credits from foreign institutions?
- How can I plan around the sequential courses required for my major?
- Would a term abroad affect the date of my graduation?
Ask these questions early to help avoid setbacks that could undermine your academic objectives.
To learn more about study abroad, check with your school advisor.
Private Colleges Announce Their Cost-Cutting Initiatives For The 2009-10 Academic Year
In light of the current economic downturn, private colleges and universities are taking substantial steps to stay affordable to students and their families. The National Association of Independent Colleges and Universities surveyed over 1,000 of their private college members to find out which schools are changing their financial aid policies in order to keep their costs as low as possible. The following are the results of the survey:
- Agnes Scott College (Atlanta/Decatur, GA) – ASC’s 2009-10 price increase for tuition, mandatory fees, and room and board will be lowered to only 2.69 percent. In addition, ASC will guarantee $64,200 in merit aid over four years to students eligible for a Georgia HOPE scholarship.
- Amherst College (Amherst, MA) – Amherst will replace all loans with scholarships in its financial aid packages.
- Augustana College (Rock Island, IL) – Augustana’s tuition increase of 3.9% for 2009-10 will be its smallest tuition increase in 25 years.
- Baker College of Flint (Flint, MI) – Baker College of Flint will offer free housing to residence hall students who maintain a 3.5 grade point average or above, a 50 percent discount on housing for students maintaining a 3.0 to 3.49 GPA, and 25 percent discount on housing for students maintaining a 2.7 to 2.99 GPA.
- Benedictine University (Lisle, IL) – Benedictine will freeze tuition at its current 2008-09 level through Spring 2010 for traditional undergraduate students already attending the university, and have guaranteed that the 2009-10 freshman class will not see a tuition increase through Spring 2011.
- Blackburn College (Carlinville, IL) – Blackburn cut tuition by 15 percent for 2009-10.
- Boston University (Boston, MA) – Beginning in fall 2009, BU will replace need-based loans with grants for Boston residents who graduate from Boston public schools and are admitted to the university.
- Bowdoin College (Brunswick, ME) – Bowdoin will eliminate loans for all new and current students receiving financial aid, replacing those loans with grants.
- Brown University (Providence, RI) – Brown will eliminate loans for students whose family incomes are less than $100,000, and reduce the amount of loans for all students who receive financial aid.
- California Lutheran University (Thousand Oaks, CA) – CLU will now allow incoming students who are also admitted to either University of California, Los Angeles, or University of California, Santa Barbara, to attend CLU for the cost of attending the public university.
- California Institute of Technology (Pasadena, CA) – Cal Tech will eliminate loans for its neediest undergraduate students. Students whose total family income is $60,000 or less per year will be offered a financial-aid package that substitutes scholarship gift aid for loans.
- Capitol College (Laurel, MD) – Capitol College will cut the tuition for business majors starting in the 2008-09 school year by $10,000. Tuition will be frozen at last year’s rate for all other students.
- Claremont McKenna College (Claremont, CA) – Claremont McKenna is replacing student loans with institutional grants in financial aid packages for all current and entering students.
- Colby College (Waterville, ME) – Colby will replace institutional loans with grants in financial-aid packages for all enrolled and new students.
- College of the Holy Cross (Worcester, MA) – Holy Cross will now offer free tuition to city residents whose families earn less than $50,000 a year.
- Columbia University (New York, NY) – Columbia announced that all undergraduates from families with incomes as high as $60,000 a year will no longer have to pay for tuition, room and board, and other fees.
- Connecticut College (New London, CT) – Connecticut College will reduce loans and increase grants for newly enrolled freshmen who are from families with incomes below $75,000. For families with incomes $50,000 or less, 100 percent of the loans will be replaced with grants. For families with incomes between $50,000 and $75,000, 50% of the loans will be replaced with grants.
- Cornell University (Ithaca, NY) – Cornell is eliminating student loans for families with incomes below $60,000. They are also capping student loans at $3,000 annually for families with incomes between $60,000 and $120,000; and $7,500 in annual student loans for families with annual incomes above $120,000.
- Dartmouth College (Hanover, NH) – Students entering Dartmouth from families with incomes of $75,000 or less will receive free tuition.
- Duke University (Durham, NC) – Duke will make it possible for students from families with incomes below $40,000 to graduate debt-free. Duke will also reduce loans for students with family incomes up to $100,000, and will cap the amount of loans for families with incomes above $100,000.
- Fairfield University (Fairfield, CT) – Fairfield will provide full tuition scholarships to Bridgeport, CT, high school students whose annual family income is under $50,000.
- George Washington University (Washington, DC) –Incoming freshmen will have their average debt at graduation reduced by nearly 30 percent, from $29,000 to $20,000.
- Harvard University (Cambridge, MA) – Beginning in 2008-09, Harvard will eliminate loans in financial aid packages, replace them with grants, and remove home equity in determining a family’s assets. Families earning $120,000 to $180,000 a year will be required to pay, on average, no more than 10 percent of their income.
- Haverford College (Haverford, PA) – Starting in 2008-09, Haverford will eliminate loans from financial aid packages for all incoming freshmen and reduce the loan burden for continuing students.
- Johnson C. Smith University (Charlotte, NC) – JCSU froze tuition for 2009-10
- Juniata College (Huntingdon, PA) – Starting in 2008-09, Juniata guarantees that incoming students will graduate with a bachelor’s degree in four years.
- Lafayette College (Easton, PA) – Lafayette is eliminating loans from need-based financial-aid packages awarded to students with family incomes less than $50,000 and replacing them with grants and a modest work-study award. Lafayette also will limit the amount of loans for families whose incomes are between $50,000 and $100,000.
- Lawrence Technological Universi ty (Southfield, MI) – Lawrence Tech has announced 400 newly created “Recovery Grants” that will provide 50 percent of tuition for eligible displaced workers or their dependent children.
- Lincoln Memorial University (Harrogate, TN) – LMU is freezing tuition and rooms for 2009-10 at their current 2008-09 rates.
- Loras College (Dubuque, IA) – Loras announced its 2009-10 tuition increase of 3.5 percent increase will be the college’s lowest tuition increase in six years.
- Manchester College (North Manchester, IN) – Beginning in 2009-10, Manchester will offer its “Triple Guarantee”: (1) grant aid will cover the full cost of tuition for academically strong low-income students who live in Indiana, and guaranteed financial aid for all full-time students; (2) guaranteed graduation within four years for all full-time students, or pay no tuition for credits needed to graduate in five years; and (3) a guaranteed job or enrollment in graduate school within six months of graduation, or return for a full year tuition-free.
- Mercy College (Toledo, OH) – Mercy froze tuition for 2009-10
- Merrimack College (North Andover, MA) – For 2009-10, Merrimack is freezing tuition, room, and board at its current 2008-09 level for all students.
- Massachusetts Institute of Technology (Cambridge, MA) – MIT will waive tuition and replace loans with grants for all students whose families earn less than $75,000 a year. For families earning less than $100,000, MIT will eliminate home equity in determining their need.
- Northwestern University (Evanston, IL) – Northwestern will eliminate student loans and replace them with grants for new and returning undergraduate students from families making less than $55,000 annually.
- Oberlin College (Oberlin, OH) – Oberlin College will eliminate loans for all students who are eligible for federally funded Pell Grants.
- Olivet College (Olivet, MI) – In 2008, Olivet cut tuition by nearly 50 percent for incoming freshman, transfer or nontraditional commuter students who graduated from high school–or currently live–in the neighboring towns of Bellevue, Charlotte, Marshall or Olivet. Beginning in January 2009, Olivet will extend the program to 27 additional schools in the region.
- Pomona College (Claremont, CA) – Pomona College will eliminate loans in financial aid packages for both current and future students and replace those amounts with scholarships.
- Rice University (Houston, TX) – For the 2009-2010 freshman class, Rice’s no-loan policy will be extended to students from families whose annual incomes are $80,000 or less – up from the current threshold of $60,000. The university will also lower the cap on loans in financial-aid packages for need-eligible incoming freshmen to $10,000 for their four undergraduate years – down from the limit of up to $14,500 for freshmen who entered in fall 2008.
- Sacred Heart University (Fairfield, CT) – Sacred Heart will provide a full tuition scholarship to any incoming first-time undergraduate student who is a graduate of a Fairfield County, CT, high school, and whose family earns less than $50,000 a year.
- Soka University (Aliso Viejo, CA) – All students admitted to the bachelor’s in liberal arts program at Soka whose annual family income is $60,000 or less will receive free tuition.
- Southern Virginia University (Buena Vista, VA) – SVU froze tuition for 2009-10
- Stanford University (Stanford, CA) – All students with family incomes of less than $100,000 will no longer pay tuition.
- St. John’s University (New York, NY) — St. John’s announced a plan to provide a 50-percent tuition discount on graduate programs for alumni who were laid off in the economic downturn of the past six months and who enroll in the spring or summer of 2009.
- Swarthmore College (Swarthmore, PA) –Swarthmore will replace all loans with scholarships in financial aid awards for both continuing and new students.
- University of Evansville (Evansville, IN) — Evansville has announced a 3.5 percent increase in tuition and for the 2009-10 academic year; its lowest percentage increase in 12 years.
- University of Pennsylvania (Philadelphia, PA) – All undergraduate students eligible for financial aid will receive loan-free aid packages, regardless of family income level.
- Vanderbilt University (Nashville, TN) – Vanderbilt will replace student loans with institutional grants and scholarships in financial aid packages for incoming and current undergraduate students. In addition, all seniors slated to graduate in May 2009 will have their need-based loans for the spring 2009 semester replaced with Vanderbilt grant/scholarship assistance.
- Vassar College (Poughkeepsie, NY) – Vassar will eliminate loans from the financial aid packages of students with family incomes of up to $60,000. The college will replace those loans with additional Vassar scholarship grants. The policy will apply to students in all four classes, including current students.
- Wake Forest University (Winston-Salem, NC) – Wake Forest will reduce the size of loans to its neediest students and give them more grant aid. Families with annual income of less than $40,000 will have their loans capped at $4,000 per year during their college years.
- Warner Pacific College (Portland, OR) – Warner cut tuition by 23 percent.
- Washington University in St. Louis (St. Louis, MO) – WUSL will eliminate all loans for its students from families that make less than $60,000 annually and replace them with grants.
- Wellesley College (Wellesley, MA) – Wellesley will replace loans with grants for students from families earning less than $60,000 a year.
- Wesleyan University (Middletown, CT) – Beginning with the first-year class enrolling in 2008-09, students whose total family incomes are $40,000 per year or less will receive an aid package that substitutes grants for any loan obligation.
- Williams College (Williamstown, MA) – Williams will eliminate loans from all financial aid packages and replace them with grants.
- Yale University (New Haven, CT) – Beginning in 2008-09, families with incomes of less than $60,000 will not be required to pay anything toward the cost of a student’s education. Families with incomes of $60,000 to $120,000 will contribute from one to 10 percent of the student’s bill. The policy will apply to all students returning to campus in the fall as well as entering freshmen. Yale also announced that it will hold increases in 2009-2010 tuition and room and board charges to 2.2 percent.
The author of this newsletter is Chuck Reilly.
If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.
Financial Uncertainty Changing Student Decisions
Families saw their college savings decline dramatically over the last few months, and college admissions offices are now reporting changes in student decisions.
Dwindling college savings are having many impacts: students are increasingly reluctant to travel far from home to go to school, families are more reluctant to take on student-loan debt, and students are applying to more schools in hopes of finding larger financial aid offers.
A new report “Financial Uncertainty and the Admissions Class of Fall 2008,” from the Chronicle of Higher Education, looks at how the current economic crisis is affecting students and the colleges to which they’re applying.
Among their findings:
- Fewer students are actually going to the colleges that accepted them — 46% of schools surveyed said the number of students who matriculated for the fall semester this year decreased.
- More students in school are seeking even more financial help — 56% of admissions officers said more students than usual have gone to the financial aid office this fall to make new arrangements to pay their bills.
- Students are increasingly choosing less expensive public universities over pricey private colleges. And smaller regional private colleges are slammed by “ferocious” competition for the smaller pool of students.
- Enrollment at community colleges is up 8% this year, but state budget cuts may limit their ability to accommodate everyone.
Many admissions officers who responded to the survey, particularly those at private liberal arts colleges, said the full effects of the economic downturn have not yet been felt.
Recommended Courses for College-Bound Students
The following table will give you a list of courses you should be taking and how they will affect your choice of college.
|
COURSE |
YEARS |
TYPES OF CLASSES |
ACADEMIC BENEFIT |
|
English |
4 |
Composition American Literature English Literature World Literature |
These courses will help you improve your writing skills, reading comprehension and vocabulary. |
|
Mathematics |
3-4 |
Algebra I & II Geometry Trigonometry Precalculus Calculus |
Mathematics provides a solid foundation for a variety of majors, including engineering and the sciences. Recent studies show that students who take algebra and geometry in high school are much more likely to go on to college. |
|
History & Geography |
2-3 |
Geography U.S. History U.S. Government World History World Cultures Civics |
In these courses, you’ll become better informed about the world around you. They also provide excellent preparation for college studies in history and political science. |
|
Laboratory Science |
2-3 |
Biology Earth Science Chemistry Physics |
Laboratory sciences prepare you for careers within the sciences and related fields. In addition, these courses teach you about scientific methodology and train your observation skills. |
|
Foreign Language |
2-3 |
French German Spanish Latin Russian Japanese |
Mastering a foreign language gives you access to different cultures — as well as career paths you may not have even considered. Many companies prefer bilingual job candidates. |
|
Visual and Performing Arts |
1 |
Art Dance Drama Music |
The arts expose you to a world of communication and expression. Research has suggested that students who take courses in the arts often excel in school and on standardized tests. |
|
Appropriate Electives |
1-3 |
Economics Psychology Statistics Computer Science Communications |
Electives provide the opportunity to sample a variety of disciplines. They can help you choose your major in college. |