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Latest College Financial News

December 19, 2007 - Tufts University to Replace Some Loans with Grants

Tufts University of Medford, MA, announced today that they would be replacing loans with grants in the financial aid packages of undergraduates with a family income below $40,000. The first students to benefit from the new program will be the Class of 2011.

December 7, 2007 - Illinois' New Program Reduces Interest Rates on Stafford Loans

Illinois Governor Rod R. Blagojevich announced recently the "Low Cost Borrower Benefit Program" which will allow Illinois college students who receive federal Stafford loans to lower their interest rates by as much as 1.8%. The program, which will be administered by the Illinois Student Assistance Commission (ISAC), provides for discounted rates for students who take jobs in Illinois in critical fields like social work, teaching or health care.

November 14, 2007 - Oregon Opportunity Grant Program to be Expanded in 2008-09

The Oregon Legislature has increased funding for the Oregon Opportunity Grant Program for the next school year by more than double. There are several eligibility requirements, including you must be registered at least half time, you must be an Oregon resident, be financially needy and be eligible for a Pell Grant. FOr more info and requirements, go to http://www.getcollegefunds.org/ong.html.

November 13, 2007 - Connecticut College Changes Aid Packages to Replace Student Loans With Grants

Connecticut College announced that they will increase grants to students from low and middle income families and lower or eliminate their student loans. Last year the college had begun the process, targeting students from families with lower than $50,000 incomes and less than a $5,000 expected family contribution(EFC).

This year the effort will be expanded to include families with incomes between $50,000 and $75,000 and EFC's from $5,000 and $15,000. Students falling within these levels can expect their loans to fall between 50-100%.

November 1, 2007 - Williams College To Eliminate Loans From Financial Aid Packages

Beginning with the 2008-09 financial aid packages, Williams College announced that all loans will be replaced with grants. With this, Williams students may be able to graduate college and enter the workplace without a large number of college loans to repay. Many graduates may have a greater latitude in their choice of a post-college career. In the past many had to forgo more fulfilling but lower paying jobs because of the high loan repayment costs. The estimated cost of the loan elimination will ba about $1.8 million

October 19, 2007 - Illinois Student Assistance Commission (ISAC) Launches New Student Loan Program

On Friday, the Illinois Student Assistance Commssion announced the introduction of the College Illinois! Capstone Loan program designed to help college seniors at 7 Illinois colleges make it through their final year. Many get to that point and have exhausted all other means.

The seven schools selected to take part in the pilot phase of the program are the University of Illinois at Chicago, Western Illinois University (Macomb and Quad Cities), Loyola University Chicago, Saint Xavier University, both Chicago and Orland Park, North Central College at Naperville, Millikin University at Decatur and Midstate College at Peoria.

The loans begin at a minimum $1,000 and can be as much as the cost of education minus other grants, scholarships and Stafford Loans. The interest rate begins at 8%, but there are ways to lower it, including getting a job in Illinois after graduation and also having a low paying job.

See http://www.illinois.gov/PressReleases/ShowPressRelease.cfm?SubjectID=1&RecNum=6356 for more information. See for more information on other Illinois Loan programs.

September 1, 2007 - Bill Richardson Calls for College Loan Help

On Saturday, in New Hampshire, New Mexico Governor and Presidential candidate, Bill Richardson, stated that he would push for forgiveness of some portion of college loans in exchange for completing a year of national service.


August 31, 2007 - Arkansas's Gov. Beebe Announces GO! Opportunity Grants

During his weekly radio address, Governor Beebe announced an $18.4 million educational grant program aimed directly at financially needy students. It will be the first Arkansas grant program based only on traditional college students' financial need. Fulltime students will be eligible for $1,000 per year and part timers up to $500 per year. The application deadlines will be June 1 for fall applicants and November 1 for spring term applicants. However, for 2007, there is an extension of October 1 for fall and January 1 for spring. Get more details at http://heog.adhe.edu/pdfs/HEOG_Info.pdf.


August 27, 2007 - Hispanic Scholarship Fund Awards More than $26 Million

The Hispanic Scholarship Fund announced that it had awarded more than $26 million in scholarships to this year's recipients. To get more information on the schoalrships of the HSF, check out their website at http://www.hsf.net/.


August 22, 2007 - College Board to End Loan Program

In a press release today, the non-profit College Board announced that it will no longer be a lender associated with the Federal Family Education Loan Program (FFELP) and no new loan applications will be accepted after October 15, 2007.

New legislation and codes of conduct for the student loan industry enacted recently would make it difficult for the College Board to continue as a lender. Meetings with educational professionals are restricted under the new laws and codes and the College Board has many meetings with schools and educational professionals throughout the year concerning membership activities, professional development and informational work. The College Board considers these far more important to it's mission than any single business including the loan program.


July 3, 2007 - Living in Maine Can Save You Money

Gov. John Baldacci signed the Opportunity Maine legislation that will offer a tax credit to any Maine resident who receives an associates or bachelors degree at a Maine state college or university and lives, works and pays taxes in Maine after graduation.

The credits are to reimburse for education loan payments and will be limited to $2,100 per year or $8,400 for someone spending all four years in a Maine state college or university.

Are any other states listening??

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