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Latest College Financial NewsDecember 19, 2007 - Tufts University to Replace Some Loans with GrantsTufts 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 LoansIllinois 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 2008-09The 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 GrantsConnecticut 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 PackagesBeginning 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 millionOctober 19, 2007 - Illinois Student Assistance Commission (ISAC) Launches New Student Loan ProgramOn 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. |
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