Wednesday, January 26, 2011
Good Financial Advice
In Liz Weston's new book The 10 Commandments of Money, commandment number 7 is "Go to the best college you can AFFORD" and if it cost to attend is greater than your potential salary, it's not a school you can afford.
Excellent advise. You don't have to go Harvard to have a successful career! Check out her website at www.askLizWeston.com.
Thursday, January 20, 2011
Health Care and Education Reconciliation Act of 2010
Will the changes affect you?
Not if you already graduated.... As of July 1st of 2010 all student loans will be made through the Direct Student Loan program. The Direct Loan program will offer the same Stafford (subsidized and unsubsidized), PLUS (loans in the name of the student's parent) and consolidation loans.
According to fastweb.com, the Direct PLUS loan will have a lower interest rate , 7.9% instead of 8.5%, and the approval rate is much higher in the Direct Loan program.
The legislation also implements President Obama's FY 2011 plan for improving income-based repayment plan and loan forgiveness will be accelerated from 25 to 20 years. Unfortunately, this is not retroactive and current borrowers will benefit. The implementation will begin for new borrowers of loans on or after July 1, 2014. These borrowers will be able cap their student loan repayment at 10% of their discretionary income.
Not if you already graduated.... As of July 1st of 2010 all student loans will be made through the Direct Student Loan program. The Direct Loan program will offer the same Stafford (subsidized and unsubsidized), PLUS (loans in the name of the student's parent) and consolidation loans.
According to fastweb.com, the Direct PLUS loan will have a lower interest rate , 7.9% instead of 8.5%, and the approval rate is much higher in the Direct Loan program.
The legislation also implements President Obama's FY 2011 plan for improving income-based repayment plan and loan forgiveness will be accelerated from 25 to 20 years. Unfortunately, this is not retroactive and current borrowers will benefit. The implementation will begin for new borrowers of loans on or after July 1, 2014. These borrowers will be able cap their student loan repayment at 10% of their discretionary income.
College May Become Unaffordable for Most in U.S.
THIS WAS FROM 2008.....
Published in The New York Times, by Tamar Lewin
"...Among the poorest families - those with incomes in the lowest 20 percent- the net cost of a year at a public university was 55 percent of the median income, up from 39 percent in 1999- 2000. At community colleges, long seen as a saftey net, that cose was 49 percent of the poorest families' median income last year, up from 40 % in 1999-2000."
Read the full article at http://www.nytimes.com/2008/12/03/education/03college.html?_r=
Published in The New York Times, by Tamar Lewin
"...Among the poorest families - those with incomes in the lowest 20 percent- the net cost of a year at a public university was 55 percent of the median income, up from 39 percent in 1999- 2000. At community colleges, long seen as a saftey net, that cose was 49 percent of the poorest families' median income last year, up from 40 % in 1999-2000."
Read the full article at http://www.nytimes.com/2008/12/03/education/03college.html?_r=
Wednesday, January 19, 2011
IT'S (Almost) FAFSA TIME
The FAFSA is the Free Application for Federal Student Aid. This is the application used to determine if you or your dependent child will be eligible for federal and state grants, student loans and it is also used to determine eligibility for some need-based scholarships.
You can complete the FAFSA online on www.fafsa.ed.gov . When you complete your 2010 FEDERAL tax return log on and complete your FAFSA. Your FAFSA can be sent to multiple college to determine how much aid you are eligible to receive at each school. Funds will only be dispersed to the college you eventually attend.
For more information about student financial aid go to www.studentaid.gov
You can complete the FAFSA online on www.fafsa.ed.gov . When you complete your 2010 FEDERAL tax return log on and complete your FAFSA. Your FAFSA can be sent to multiple college to determine how much aid you are eligible to receive at each school. Funds will only be dispersed to the college you eventually attend.
For more information about student financial aid go to www.studentaid.gov
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