Financial
Aid Information Services
2003
Updates
Log
onto the following websites as you search for college financial aid. Website
addresses frequently change. If a link fails to open, please E-mail
our research department at FAIS
and we will correct the situation. Unless you have a
high-speed Internet connection, some links may be slow to
open. Please be patient, but visit the websites often for the most
up-to-date information.
To learn more about Financial
Aid Information Services, log onto Cost
Effective College .
SCHOLARSHIP
INFORMATION
SCHOLARSHIP SEARCH
UPDATE
For years our organization has fought against scam artists offering phony
scholarship searches and companies promising aid in return for a huge
fee. In Cost Effective College we offer students
many trustworthy search resources including Sallie
Mae , FastWeb , FreeInfo
, Merit Money , and CollegeBoard
.
ROTC SCHOLARSHIPS
Here's an opportunity for thousands of students to have all or most of
their tuition and fees paid, plus earn a substantial monthly stipend while
attending one of over 600 colleges across America on Uncle Sam. For information
regarding two, three and four-year ROTC scholarships, log onto the Army
, Navy , or Air
Force .
SCHOLARSHIPS
ONLINE
Students are now able to go online for application details on nationally
recognized scholarships:
SCHOLARSHIPS
AT PRINCETON
Hats off to one of the country's most prestigious schools. Based on a
U.S. News & Word Report article, Princeton University will begin
using some of its $10.1 billion dollar endowment to fund student
scholarships in lieu of burdening students with college loans. To learn
more, contact Princeton University.
STUDENT-ATHLETES
Former professional athlete,
Charlie Kadupski, notes "If you're serious and want to pursue a college
education, there is a program that will fit your academic, athletic, financial
and geographic needs."ÝSee The
Sport SourceÆ.
For those student-athletes who would prefer
to work through a fee-based professional recruiting service, contact Athletic
Scholarships.Ý
ALTERNATIVE
FUNDING
529 INVESTMENT FUNDSÝ
The 529 Plans are growing at a rapid rate and may be a family's best investment
tool to offset the increasing cost of college. For updates, log
onto 529
Plans and Comparative
Plans. Or new for 2003 is the Texas program at Enterprise
529.
HIGH SCHOOL SENIORS
The National Security Agency in Washington, DC has a great opportunity
for a privileged group of graduating seniors. Those selected
will receive up to $19,000 per year as income while attending any college
or university in the nation. To be considered for the Stokes Educational
Scholarship Program, students must apply in the fall of their senior year.
For details and work obligation, see NSA,
then click on High School Student Programs, and Undergraduate Training
Program.
NATIONAL
COMMISSION FOR COOPERATIVE EDUCATION
80% of the top 100
Fortune 500 companies employ co-op students according to the National
Co-op Commission . As noted in Cost
Effective College , students may earn as much as $14,000 to $18,000
annually through a college co-op program. One of the best co-op programs
or summer employment opportunities can be found at the NSA
website. Once you logon, click College Student Programs.
VIRTUAL UNIVERSITIES
As distance learning continues to grow and become more accepted, many
students are able to earn their Bachelor's or Master's Degree using their
home computer at virtual schools like JIU
and UofP, or online
with UMUC, Moody
or Liberty.
For an extensive list of schools including international universities,
see Colleges .
COLLEGE MONEY
The US military continues to be one of America's best-kept secrets when
it comes to college scholarships and grants. Check out the Navy
and other great opportunities in Chapter 8.
STUDENT
LOANS
STAFFORD LOAN
CHANGES
The interest rate for adjustable rate loans changes annually. Based on
recent prime rate cuts by the Feds, the interest loan rate on new Stafford
Loans will drop to around 3.5% on July 1, 2003. But don't forget
to add an additional 3 to 4% on top of that for the "loan origination
fee." Until the Government eliminates the loan fees, the Stafford
Loan can never be considered a "low-cost" student loan.
STUDENT ABUSE?
Students need to carefully consider the cost of any student loan offer.
One student received a brochure offering her $25,000 for her graduate
studies. The payback was $267 per month for 20 years, or a total of $64,171.
The lender also acknowledged a loan of $120,000 at $1,262 per month for
20 years. That works out to be over $300,000, or 152.5% interest. Now
that's true financial bondage!
LOAN CONSOLIDATION
WARNING
Consolidating student loans today with the lower interest rates may benefit
those students with Stafford Loans. For more detailed information,
log onto Loan Consolidation.
However, avoid consolidating Perkins Loan. If you include
your Perkins Loan with other loans to be consolidated, you will lose the
"loan forgiveness" benefit, even if you later become eligible to have
100% of your Perkins Loan canceled. Details on the Perkins Loan Forgiveness
Program are found in Chapter 6.
LOAN
COMPARISONS Ý
Wiredscholar.com has an excellent loan comparison chart for parents and
students at College
Loans. Named Forbes Magazine's favorite for college planning, the
Sallie Mae website includes tips on college preparation, selection and
application as well as financing.
STUDENT LOAN
REPAYMENT
If your loan is in default or nearing default, or you just want more
information about repaying your student loan, check out the online brochure
from the office of Student
Assistance. For information on deferments and forbearance, see Loan
Deferment.
STUDENT LOAN CANCELLATION
If you are a teacher and you think your Federal Perkins or Stafford Loan
may be service cancelable, log onto Teachers
for a complete listing of all 'teacher shortage areas'
within the US. For specific details relating to the Stafford Loan Teacher
Cancellation Program, see Loan
Forgiveness.
FINANCIAL
AID ARTICLES
FOCUS ON THE FAMILY
The author's work has been nationally recognized on the Focus on the Family
website at College
Loans.
COLLEGE FUNDING
To view an article on college finances published in Larry Burkett's Money
Matters, click on College Funding . If the PDF
file fails to open, download Acrobat
Reader ; it's free software from Adobe.
CREDIT CARD DEBT STALKS
STUDENTS Ý
"University students are amassing record amounts of debt on credit cards,"
writes Mark Helm of the Hearst Newspapers. "...many young people will
be spending their earnings paying off debt at the very time they should
be socking away money for their future." For more, log onto Student
Debt.
WISE PLANNING HELPS
AVOID COLLEGE DEBT
Strategic financial planning is the main focus of the author's article
published online at Urbana
by Inter-Varsity Christian Fellowship.
"FIND A SCHOOL THAT
WANTS YOU....
and avoid the student loan trap," notes Gordon Wadsworth at Bankrate.com.
Columnist, Lucy Lazarony, highlights a program where students compare
financial aid packages received from three different schools with the
help of a online cost calculator.
HELPFUL
INFORMATION
TEST PREP ONLINE
Need help preparing for the national tests? Check out the SAT practice
tests
at Test Prep.
ATHLETIC PUBLICATIONS
Reference guides for student-athletes excelling in baseball, softball,
soccer or volleyball may be purchased directly from the publisher.
Take a look at The Sport SourceÆ
or call 800-862-3092.Ý
EXPECTED FAMILY CONTRIBUTION
To learn your Expected Family Contribution figure in advance of completing
the FAFSA form, we recommend two online EFC calculators. Both are free
and easy to use. Log onto EFC
Estimate or Family Contribution.
Ý
HOMESCHOOLERS AT CEDARVILLE
Located just north of Dayton, Ohio; Cedarville
University is a member of the Council for Christian Colleges
& Universities. Many of the 2,800 students from around the world are
former homeschoolers in such fields as engineering, broadcasting, Bible,
music, communications, nursing, criminal justice, and multimedia technology.
The University also offers both Air Force and Army ROTC scholarships
for those who qualify. To learn more, call 1-800-CEDARVILLE.Ý
For a complete list of CCCU member schools, see Christian
Colleges.
SPECIAL
AREAS
PHARMACY SHORTAGE
The head of a pharmacy college recently reported a shortage of trained
Pharmacists. One hospital in the south is reported to be offering new
graduates a $70,000 starting salary, a $10,000 signing bonus and a willingness
to repay up to $25,000 in student loans.
NURSING SHORTAGE
Industry experts continue to report a shortage of qualified nurses. Registered
nurses with a minimum of one-year experience may be in an enviable position.
California based HRN Services places RNs and other healthcare providers
in hospitals across the country with flexible hours and lucrative benefits.
For more information, log onto Nursing.Ý
MEDSEND LOAN REPAYMENT
PLANÝ
To date, Project MedSend in Orange, CT, has approved grants for 173
health professionals called to use their medical training for the spread
of the gospel around the world, including those serving in
Central and South America, Africa, Nepal, Irian Jaya, Haiti, Thailand,
Mongolia, Cambodia, Russia, Central and Southeast Asia, and inner city
and rural church-based clinics in the United States. For more information
regarding the MedSend Program, phone 203-891-8223 or visit
Project MedSend .
DISABILITY
NEEDS MET
The
HEATH Resource Center of the American Council on Education is the national
clearinghouse on postsecondary education for individuals with disabilities.
For more information, phone 1-800-544-3284 or log onto Heath.
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