My Private School Loan Consolidation site

Loan trade-off: Private gain for years of public service (Fort Worth Star-Telegram)

College grads can see their college debt forgiven as a public-service worker.

New program erases student loan debt (San Jose Mercury News)

If you're facing years of student loan payments but aren't making much money because you're working in public service, the federal government has some good news for you.

How you can erase student loan debt (Modesto Bee)

Paydirt: Student loan locator (Minneapolis-St. Paul Star Tribune)

On your way to college? There is plenty of news this summer, from interest rate resets to loan providers exiting the market.

New law gives big student loan break to public service workers (Austin American-Statesman)

If you're facing years of student loan payments but aren't making much money working in public service, the federal government has some good news. A law that took effect Tuesday could allow you to have some of your college debt forgiven.

July 1 Brings Record-Setting Drop in Student Loan Interest Rates (Marketwire via Yahoo! Finance)

Both new and current student loan borrowers of certain federal Stafford student loans saw two interest-rate drops go into effect yesterday that could save them significant amounts of money on these fixed- and variable-rate student loans.

Save By Consolidating Student Loans (Investor's Business Daily via Yahoo! News)

If you're a recent college graduate, repaying your variable-rate student loans is about to become less expensive. The same is true for parents who borrowed to pay college bills.

Save By Consolidating Student Loans (Investor's Business Daily via Yahoo! Finance)

If you're a recent college graduate, repaying your variable-rate student loans is about to become less expensive. The same is true for parents who...

Public sector jobs, a new way for student loan forgiveness (Newsday)

If you're facing years of student loan payments but aren't making much money because you're working in public service, the federal government has some good news for you. A law that takes effect Tuesday could allow you to have some of your college debt forgiven. The debt-forgiveness provision of the College Cost Reduction and Access Act, enacted last fall, is designed to encourage college ...

Rates dropped July 1 on some student loans - Cleveland Daily Banner

Rates dropped July 1 on some student loans
Cleveland Daily Banner, TN - 12 hours ago
A consolidation loan with no penalty for early repayment is also vital. "It is also best to consolidate federal loans and private loans separately because ...
Paydirt: Student loan locator Minneapolis Star Tribune
all 11 news articles

New changes will do you good if you have student loans - USA Today

Washington Times

New changes will do you good if you have student loans
USA Today - Jul 1, 2008
Though some lenders still offer consolidation loans, "it's a tighter market out there," says Lauren Asher, vice president of the Project on Student Debt. ...
Mutual Funds & Personal Finance Investor's Business Daily (subscription)
July 1 Brings Record-Setting Drop in Student Loan Interest Rates Earthtimes (press release)
all 91 news articles

Public service work can wipe out student loans - Los Angeles Times

Public service work can wipe out student loans
Los Angeles Times, CA - Jun 27, 2008
As of Tuesday, anyone with a federally guaranteed student loan can convert it into a Direct Loan consolidation loan and thus qualify for the debt ...

A bit of rate relief for students - Marketplace

A bit of rate relief for students
Marketplace, CA - Jun 30, 2008
If you're looking to do some loan consolidation, it's also a good time to lock in a lower rate. And Bob, some two-thirds of undergrads from four-year ...

Consolidation Loan Irony - New America Foundation

Consolidation Loan Irony
New America Foundation, DC - Jun 12, 2008
For a brief time, even borrowers still enrolled in school could refinance their loans, though in-school consolidation was discontinued as part of the Higher ...

Jean Chatzky: How does consolidating student loans help you? - Kankakee Daily Journal

Jean Chatzky: How does consolidating student loans help you?
Kankakee Daily Journal, IL - Jun 18, 2008
If you shop around and can't find a private loan company to consolidate with, Kantrowitz suggests turning to the Federal Direct Consolidation Loan program ...

Students, lock in low loan rates - Detroit Free Press

Students, lock in low loan rates
Detroit Free Press, United States - Jun 11, 2008
Sallie Mae, the nation's largest student-loan lender, announced in April that it would stop offering federal consolidation loans. ...

Career Colleges Named Best Alternative to Four-Year Institutions ... - Market Wire (press release)

Career Colleges Named Best Alternative to Four-Year Institutions ...
Market Wire (press release) - Jun 19, 2008
While trade-school students are eligible for same federal financial aid -- including Pell Grants and subsidized and unsubsidized federal student loans -- as ...

FTC Issues Consumer Guide on Deceptive Student-Loan Marketing - Chronicle of Higher Education (subscription)

FTC Issues Consumer Guide on Deceptive Student-Loan Marketing
Chronicle of Higher Education (subscription) - Jun 25, 2008
The Federal Trade Commission is under pressure from Congress to step up its scrutiny of the largely unregulated private student-loan market. ...

private consolidation for law school loans

private consolidation for law school loans
employmentcrossing
43 sec - Apr 10, 2008

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Consolidate Private Graduate School Loans, grad school loans

Consolidate Private Graduate School Loans, grad school loans
employmentcrossing
51 sec - Apr 10, 2008

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FIXED RATE PRIVATE STUDENT LOAN CONSOLIDATION BEST SOLUTION

FIXED RATE PRIVATE STUDENT LOAN CONSOLIDATION BEST SOLUTION
Serenity545777
3 min - Jun 20, 2008

FIXED RATE PRIVATE STUDENT LOAN CONSOLIDATION BEST SOLUTION Federal Student Loan Consolidation The Federal Student Loan Consolidation program can provide debt management solutions for graduates, those who have left school, or dropped to less than half-time. Some federal student loan consolidation options are the Direct Consolidation Loan and private consolidation loan. Federal student loan consolidation options such as Direct Consolidation Loans allow borrowers to combine one or more of their Federal education loans into a new loan that offers several advantages. One lender and one monthly payment, flexible repayment options, no minimum or maximum loan amounts or fees (direct consolidation loans), varied deferment options, and reduced monthly payments.Several loans may qualify for federal student loan consolidation. PLUS loans, Federal Perkins loans, Stafford loans, Health Professions Student Loans (HPSL), Health Education Assistance Loans (HEAL) and more. You may even consolidate other Federal Consolidation Loans.Important Status Definitions for Federal Student Loan Consolidation.visit our website to learn more.. Private Fast Loans Dot Com Get Quick Loan In Montgomery, Alabama Alabama Get Quick Loan In Juneau, Alaska Alaska Get Quick Loan In Phoenix, Arizona Arizona Get Quick Loan In Little Rock, Arkansas Arkansas Get Quick Loan In Sacramento, California California Get Quick Loan In Denver, Colorado Colorado Get Quick Loan In Hartford, Connecticut Connecticut Get Quick Loan In Dover, Delaware Delaware Get Quick Loan In Tallahassee, Florida Florida Get Quick Loan In Atlanta, Georgia Georgia Get Quick Loan In Honolulu, Hawaii Hawaii Get Quick Loan In Boise, Idaho Idaho State Get Quick Loan In Springfield, Illinois Illinois Get Quick Loan In Indianapolis, Indiana Indiana Get Quick Loan In Des Moines, Iowa Iowa Get Quick Loan In Topeka, Kansas Kansas Get Quick Loan In Frankfort, Kentucky Kentucky Get Quick Loan In Baton Rouge, Louisiana Louisiana Get Quick Loan In Augusta, Maine Maine Get Quick Loan In Annapolis, Maryland Maryland Get Quick Loan In Boston, Massachusetts Massachusetts Get Quick Loan In Lansing, Michigan Michigan Get Quick Loan In St. Paul, Minnesota Minnesota Get Quick Loan In Jackson, Mississippi Mississippi Get Quick Loan In Jefferson City, Missouri Missouri

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private consolidation for law school loans

private consolidation for law school loans

42 sec - Apr 10, 2008

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Consolidate Private Graduate School Loans, grad school loans

Consolidate Private Graduate School Loans, grad school loans

50 sec - Apr 10, 2008

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BEST PRIVATE STUDENT LOAN CONSOLIDATION YOUR BEST CHOICE

BEST PRIVATE STUDENT LOAN CONSOLIDATION YOUR BEST CHOICE Important Status Definitions for Federal Student Loan Consolidation are: grace, repayment, deferment, or default status. The grace period occurs after you leave school due to graduation or otherwise of drop below half-time enrollment. You may have several months before payment is due. Repayment is simply making payments on your loan. Repayment period is the period during which payments are required to be made. A deferment is a temporary suspension of a borrower's monthly loan payment. Principal payments are postponed, but interest may or may not accrue. Default is a failure to repay a loan according to the terms agreed to when borrowers signed their promissory notes. Reasons for Federal Student Loan Consolidation You should consider Federal Student Loan Consolidation to avoid default. The consequences of default can be severe. You can consolidate Stafford loans, PLUS loans, and Federal Perkins Loans into one single debt. You may cut your monthly payments, but with a longer term on the loan. Consolidation loans typically have a fixed interest rate for the lifetime of the loan. The term of the loan can be extended to 10 to 30 years. Although your monthly payments may be lower, the total amount paid may be higher due to the longer term of the consolidation loan. Federal Direct Consolidation Loans. visit our website to learn more.. Private Fast Loans Dot Com Get Quick Loan In Helena, Montana Montana Get Quick Loan In Lincoln, Nebraska Nebraska Get Quick Loan In Carson City, Nevada Nevada Get Quick Loan In Concord, New Hampshire New Hampshire Get Quick Loan In Trenton, New Jersey New Jersey Get Quick Loan In Santa Fe, New Mexico New Mexico Get Quick Loan In Albany, New York New York Get Quick Loan In Raleigh, North Carolina North Carolina Get Quick Loan In Bismarck, North Dakota North Dakota Get Quick Loan In Columbus, Ohio Ohio Get Quick Loan In Oklahoma City, Oklahoma Oklahoma Get Quick Loan In Salem, Oregon Oregon Get Quick Loan In Harrisburg, Pennsylvania Pennsylvania Get Quick Loan In Providence, Rhode Island Rhode Island Get Quick Loan In Columbia, South Carolina South Carolina Get Quick Loan In Pierre, South Dakota South Dakota Get Quick Loan In Nashville, Tennessee Tennessee Get Quick Loan In Austin, Texas Texas Get Quick Loan In Salt Lake City, Utah Utah Get Quick Loan In Montpelier, Vermont Vermont Get Quick Loan In Richmond, Virginia Virginia Get Quick Loan In Olympia, Washington Washington Get Quick Loan In Charleston, West Virginia West Virginia Get Quick Loan In Madison, Wisconsin Wisconsin Get Quick Loan In Cheyenne, Wyoming Wyoming

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FIXED RATE PRIVATE STUDENT LOAN CONSOLIDATION BEST SOLUTION

FIXED RATE PRIVATE STUDENT LOAN CONSOLIDATION BEST SOLUTION Federal Student Loan Consolidation The Federal Student Loan Consolidation program can provide debt management solutions for graduates, those who have left school, or dropped to less than half-time. Some federal student loan consolidation options are the Direct Consolidation Loan and private consolidation loan. Federal student loan consolidation options such as Direct Consolidation Loans allow borrowers to combine one or more of their Federal education loans into a new loan that offers several advantages. One lender and one monthly payment, flexible repayment options, no minimum or maximum loan amounts or fees (direct consolidation loans), varied deferment options, and reduced monthly payments.Several loans may qualify for federal student loan consolidation. PLUS loans, Federal Perkins loans, Stafford loans, Health Professions Student Loans (HPSL), Health Education Assistance Loans (HEAL) and more. You may even consolidate other Federal Consolidation Loans.Important Status Definitions for Federal Student Loan Consolidation.visit our website to learn more.. Private Fast Loans Dot Com Get Quick Loan In Montgomery, Alabama Alabama Get Quick Loan In Juneau, Alaska Alaska Get Quick Loan In Phoenix, Arizona Arizona Get Quick Loan In Little Rock, Arkansas Arkansas Get Quick Loan In Sacramento, California California Get Quick Loan In Denver, Colorado Colorado Get Quick Loan In Hartford, Connecticut Connecticut Get Quick Loan In Dover, Delaware Delaware Get Quick Loan In Tallahassee, Florida Florida Get Quick Loan In Atlanta, Georgia Georgia Get Quick Loan In Honolulu, Hawaii Hawaii Get Quick Loan In Boise, Idaho Idaho State Get Quick Loan In Springfield, Illinois Illinois Get Quick Loan In Indianapolis, Indiana Indiana Get Quick Loan In Des Moines, Iowa Iowa Get Quick Loan In Topeka, Kansas Kansas Get Quick Loan In Frankfort, Kentucky Kentucky Get Quick Loan In Baton Rouge, Louisiana Louisiana Get Quick Loan In Augusta, Maine Maine Get Quick Loan In Annapolis, Maryland Maryland Get Quick Loan In Boston, Massachusetts Massachusetts Get Quick Loan In Lansing, Michigan Michigan Get Quick Loan In St. Paul, Minnesota Minnesota Get Quick Loan In Jackson, Mississippi Mississippi Get Quick Loan In Jefferson City, Missouri Missouri

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Author: employmentcrossing
Keywords: law school loan consolidation how to consolidate loans private
Added: April 10, 2008

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FAP809: Quack like a duck, pay for college

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Student Financial Aid News
+ Free credit reports, scores, and monitoring from Transunion
+ Chronicle: the U.S. Senate overwhelmingly approved legislation last week that would significantly expand veterans’ tuition benefits while providing billions of dollars for the wars in Iraq and Afghanistan. The bill awaits action in the House, where the president has enough Republican support to sustain a veto. In his address, the president said Congress should pass a bill to pay for the wars that is not “loaded up” with unrelated domestic spending.
+ Speaker of the House Nancy Pelosi reacted to the message by saying Congress wanted to “launch a new GI Bill for a full, four-year education for the veterans of Iraq and Afghanistan.” The administration opposes the Senate bill because it would give the college benefits to veterans with three years of service, which, it says, would discourage them from re-enlisting.
+ Is or was the lending crisis real? Have you been applying for student loans and found it any different than previous years? Let me know!

Scholarship Update
+ Chick and Sophie Major Memorial Scholarship
+ Duck calling scholarship open to all US high school seniors
+ $1,500 scholarship
+ Details at our free college scholarship search site

Financial Aid 101
+ For many who have graduated, it’s time to start thinking about student loan repayment
+ Grace periods - Stafford loans have 6 months, Perkins loans have 9 months
+ For any unsubsidized Stafford loan, the clock is running
+ For Stafford and PLUS loans taken out prior to July 1, 2006, you have variable interest rates - for graduating seniors, that’s probably freshman and sophomore year loans
+ Resetting rates take effect July 1
+ 3.60% - Stafford loans in grace (down from 6.62%)
+ 4.21% - Stafford loans in repayment (down from 7.22%)
+ 5.01% - Parent PLUS loans (down from 8.02%)
+ Wait until July 1, 2008 for student loan consolidation
+ Make extra payments to principal if possible
+ New Stafford subsidized loans start at 6.0% this July 1
+ Private student loans can fill the gap between scholarships, federal aid, and the cost of college

Did you enjoy today’s show? If so, please consider subscribing for free to get it delivered to you. Subscribing for free means you don’t have to remember to download it every day.
+
+
+

Direct MP3 file download: Click here to download the MP3

Reminders
+
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ Open an FDIC-insured savings account today!
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ Student credit card information at StudentPlatinum.com
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Edvisors Jobs
+ Grad student? Get graduate financial aid information at the GradLoans.com blog!
+ Stafford federal student loans at StaffordLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.

I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.

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FAP807: Finding a summer job in a tight economy

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Student Financial Aid News
+ Chronicle: Citibank (ticker: C), one of the nation’s largest providers of student loans, has told a series of colleges in recent days that it won’t be doing business with them any longer.
+ The bank’s student-lending division, the Student Loan Corporation, said in a statement that it was “suspending lending at certain schools where we anticipate processing minimal loan volume. We have also temporarily suspended lending at schools which tend to have loans with lower balances and shorter periods over which we earn interest.”
+ There have been a LOT of emails on private financial aid discussion lists about this - some schools are dropping Citibank as a lender for not supporting other fellow schools

Scholarship Update
+ Albright College Warren L. Davis Scholarships
+ The Warren L. Davis Scholarships are full-tuition scholarships, worth $26,620 for the 2006-2007 academic year and approximately $110,000 over four years. The College invites about 75 of its top applicants to apply for these scholarships and awards two Davis Scholarships each year. The Davis scholarship is renewable as long as the student maintains a 3.3 grade point average.
+ Details at our free college scholarship search site
+ Our May $1,000 scholarship drawing is just a couple of days away - sponsored by GradLoans.com Graduate Student Loans

Mail Bag
+ Jeff writes in: Thanks for the effort you put into the Financial Aid Podcast. I learn so much from your show each day.
+ Due to divorce, my daughter spends more time at her mom’s house than she does at mine. I understand that in this situation her mom’s income will be the information reflected on the FAFSA. Unfortunately her mom doesn’t have the best credit and I’m wondering what, if anything, can be done about this. What insight can you provide into this situation? Your help is appreciated.
+ The FAFSA regs do state that the primary parent will be the one where the child lives more than 50% of the time - so unless you can alter that arrangement, she will continue to be the primary parent. That said, only the PLUS loan and private student loans are credit based, and private student loans don’t require the FAFSA

Jobcast
+ Lots of articles about how summer employment for high school and college kids is harder than ever to find
+ In some cases, kids may be competing for the same jobs as parents
+ Figure out what your schedule is, what kind of pay you’re looking for, and most importantly, what the long term benefits of the job will be
+ What kind of networking opportunity will it present?
+ Have business cards - even if you don’t have a job
+ Prep a nice professional web site for yourself
+ Don’t expect to be making the big money (though it’s nice if you are)
+ Bring your unique skills to companies that need them
+ Social networking and new media are hot right now and a LOT of companies don’t know even where to start - but anyone under the age of 18 can set up a Facebook Fan Page or MySpace profile in about 10 minutes - use this knowledge gap to your advantage
+ Lack of experience can be made up for with knowledge
+ If you can afford it, unpaid internships are great, too
+ Be mindful of your income protection allowance for financial aid - $3,080 on the FAFSA
+ Work study does NOT count against your income

Did you enjoy today’s show? If so, please consider subscribing for free to get it delivered to you. Subscribing for free means you don’t have to remember to download it every day.
+
+
+

Direct MP3 file download: Click here to download the MP3

Reminders
+
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ Open an FDIC-insured savings account today!
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ Student credit card information at StudentPlatinum.com
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ Grad student? Get graduate financial aid information at the GradLoans.com blog!
+ Stafford federal student loans at StaffordLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.

I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.

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FAP775: Underwear scholarship, FAFSA, LinkedIn JobCast

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Student Financial Aid News
+ Yesterday we had a terrific live episode talking about the student lending crisis - over 250 people tuned in live, and probably three times as many asked if they could grab a copy later
+ Why yes, yes you can! It will be next Wednesday’s episode. If you’re hearing the sound of my voice, you already know where to find it when it comes out.
+ Taxes are due April 15 if you haven’t filed already
+ Inside Higher Ed: Columbia University’s School of Law recently announced changes to its 25-year-old Loan Repayment Assistance Program that helps graduates going into public interest or public service careers. Graduates borrow money from the law school to pay their student loans. If they work long enough in public interest jobs, the law school forgives the debt.
+ In the past, benefits began to phase out once a person’s income level exceeds $25,000 per year. Under the revamped program, the income threshold is $50,000 for students who graduate in 2008 or later. (The university says that is the highest threshold of any such program in the country.)
+ Some alumni are upset that the changes don’t apply to them, and members of a group have written a letter asking the university reconsider its decision.
+ Forbes: Student lender Nelnet Inc. has sold two student loan portfolios with total outstanding balances of $858 million and $428 million, according to a Securities and Exchange Commission filing on Wednesday, to an unnamed large national bank.
+ Probably either Citigroup (ticker: C), JP Morgan (ticker: JPM), or Bank of America (ticker: BAC) since those guys are the only ones with very large cash reserves left
+ The combined purchase price represented about 98 percent of the principal balance of the loan portfolios and included about $842 million of student loan consolidation loans, Nelnet said.
+ Nelnet also disclosed that it held about $600,000 of private student loans on its balance sheet that are insured by The Education Resource Institute, or TERI, as of March 31. TERI, a nonprofit firm that provides financial guarantees, filed for bankruptcy protection late Monday.
+ Nelnet said is currently not originating new private student loans to be held on its balance sheet.
+ What does this mean for you? If you have loans with Nelnet, they may just have been sold, but that likely won’t impact you as the servicing/paperwork part will remain the same

Scholarship Update
+ In Brief Scholarship
+ This is by far the strangest scholarship I’ve ever seen
+ Communication is key to your sexual health - a simple chat BEFORE you get naked can help stop the spread of STDs, HIV and unplanned pregnancies. Start the conversation now by designing a pair of boxers, panties or a t-shirt with a design or message that says that YOU’RE GOING TO PLAY SAFE. Let your undies be your guide. No purchase necessary. Open to anyone who is a resident of the 50 United States or the District of Columbia, has access to the Internet, and is 14 or older at the time of entry.
+ $1,000 first place
+ $500 second place
+ Deadline May 15
+ Details at our free college scholarship search site

Mail Bag
+ William wrote in: I just started listening to your podcast this year. I like it a lot and got a lot of great information. I had a question about the fafsa. I am planning on getting married in AUG. on the fafsa it asks your marital status. should I put married, if I plan on being married when I go to school in the fall (sept). thank you for your time.
+ FAFSA data is at the time of filing

JobCast Thursdays
+ Transforming yourself into a digital hub with LinkedIn and HelpAReporter.com
+ LinkedIn is a career and professional network - and it lets you develop a large group of people from a variety of backgrounds
+ LinkedIn feeds network effects - the more people in your network, the more valuable you and your network become
+ As jobs and opportunities begin to flow into your network, you’ll find most don’t apply to you, but you can then refer others to those opportunities
+ Develop a reputation as a person who can connect others to resources
+ You yourself don’t need to even be employed - you can do this as a grade school student, practically
+ Here’s the twist - as you get to know your network better, you’ll begin to learn about what your contacts are doing, what professions they have
+ HelpAReporter.com is a free service by Peter Shankman, a PR professional, that sends out queries from reporters for stories about all kinds of stuff that isn’t relevant
+ Provide as much value to your network as possible - give, give, give

Did you enjoy today’s show? If so, please consider subscribing for free to get it delivered to you. Subscribing for free means you don’t have to remember to download it every day.
+
+
+

Direct MP3 file download: Click here to download the MP3

Reminders
+
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ Open an FDIC-insured savings account today!
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ Student credit card information at StudentPlatinum.com
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Grad student? Get graduate financial aid information at the GradLoans.com blog!
+ Stafford federal student loans at StaffordLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.

I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.

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FAP763: The Dark Side of No-Loan College Admissions

Student Financial Aid News
+ Great analysis piece on Inside Higher Ed about the darker side of colleges going no-loan
+ For colleges that go no-loan without being need-blind without changing the total amount of aid awarded, you effectively have more financial aid going to fewer students
+ Quick primer: need blind means that the ability to pay for school is not a consideration for financial aid or admissions
+ For the vast majority of private colleges that are not need blind, some percentage of slots are awarded not to the best applicants, but to the best applicants who can pay.
+ When a non-need-blind college goes no loan, it means that the financial aid budget is used up faster - and that means more slots awarded not to the best students, but to the best students who can pay sticker price, ultimately excluding more low-income students
+ Those low or middle income students who are the very best of the best will get in and get a free ride
+ Those low or middle income students who are great but not the cream of the crop will not get in, period, unless the college has a mega-billion-dollar endowment and a willingness to spend it, or are willing to pay sticker price
+ What does this mean for you? Look for colleges that are need-blind when searching for a college to attend, or reading financial aid award letters
+ Be aware that at a need-aware school, you will probably need to take out both federal student loans and private student loans if you are strongly intent on attending the school and paying sticker price
+ Be aware that at a need-aware school, you may actually pay sticker price.

Scholarship Update
+ I Heart Tap Water Student Video Contest
+ Have you got love for tap water? Food & Water Watch is challenging college students from around the U.S. to declare their love for tap water Ã¢Â€Â“Ã¢Â€Â“ and get it on film. Breaking the bottled water habit means not only recognizing the health, environmental and economic costs of bottled water but also building renewed confidence in tap water that is safe and affordable. Show your love for tap water by participating in the I Heart Tap Water Video Contest!
+ The Challenge: To produce a 30 second to 3 minute video that includes the following three elements:
+ A declaration of your love for tap water
+ Some discussion about bottled water consumption
+ Make the case for why your school or any campus should give up bottled water
+ Our first place winner will receive a $1,500 award, and his or her video will be featured prominently on the Take Back the Tap website;
+ the second place runnerÃ¢Â€Â“up will receive a $500 prize; and
+ the third place winner will receive a Take Back the Tap gift bag.
+ The contest begins on February 14th, 2008 and submissions will be accepted until April 14th, 2008.
+ Details at our free college scholarship search site

Mail Bag
+ Bill writes in: I have student loans from undergraduate and graduate school leading to an MA in art therapy and I am now a licensed mental health professional working in Florida in that industry. I have, years ago, already consolidated my student loans. Is there now available to me a means of either further consolidating my loans or obtaining loan foregiveness due to my working in the mental health care industry? Thank you.
+ Depends on the kind of loans and the kind of work you’re doing, as well as the kind of loan forgiveness program
+ Typically, once you’ve consolidated your student loans, it’s a one and done deal
+ Check out the Loan Forgiveness section of StudentScholarshipSearch.com
+ Helen writes in: Hi Chris - My daughter is a junior and I’m searching for scholarships and grants. If she actually gets any before I file the FAFSA next Jan. and she applies to schools, will it count against us in terms of EFC? How do they count if she gets them after the EFC is determined? Thanks! Helen
+ Outside scholarships do count against your EFC, which is a minor negative, but that is far outweighed by the fact that it’s money you don’t have to repay
+ You can try to time it for the first year, but obviously it catches up with you each subsequent year
+ Better to start early, apply early, and land as many as possible as a strategy

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+ Financial Aid Podcast Live: Surviving the Credit Crunch

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Reminders
+
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ Open an FDIC-insured savings account today!
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ Student credit card information at StudentPlatinum.com
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Grad student? Get graduate financial aid information at the GradLoans.com blog!
+ Stafford federal student loans at StaffordLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.

I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.

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FAP758: Bear Stearns, JP Morgan, Mail Bag

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Student Financial Aid News
+ Bear Stearns (ticker: BSC), the investment bank, disappeared over the weekend. After a major stock crash on Friday, the 85 year old bank was bought by JP Morgan Chase (ticker: JPM). People with investments with Bear Stearns will have those investments and accounts be managed by JP Morgan.
+ What does this mean for you?
+ First, whether you’re saving for retirement or in a 529 college savings plan, make sure your investments are diversified, even internationally.
+ Second, financial stress on the system means the credit markets are not likely to unfreeze any time soon; make sure if you are thinking of getting a student loan that you at least get the applications you’ll need sooner rather than later
+ Stafford federal student loans
+ Parent PLUS loans
+ Private student loans
+ Third, because credit will be increasingly tight, make sure your credit record is spotless - pull your credit report and clean it up
+ Quick question: we’re always looking to diversify our own revenues - how the Student Loan Network makes money. If we offered a credit reporting service through one of the major agencies, would you buy it? There’s a poll on FinancialAidPodcast.com - please go vote!
+ Disclaimer: I’m completely unqualified to be offering investment advice. Consult a CFA or other certified planner.

Scholarship Update
+ Thomas G. Labrecque Smart Start Scholarship Program Each year 15-20 high school graduating seniors across New York City become part of the Thomas G. Labrecque Smart Start Scholarship Program. Since 1992 the Scholarship program has had an impact on over 220 students throughout the five boroughs of New York City by providing education, work-related and financial benefits. Scholarship recipients receive a full-tuition scholarship (less financial aid) to one of the following colleges:
+ Participation as a Smart Start student provides:
+ a paid internship at JPMorgan Chase throughout the student’s four years of college, which includes o specific work assignments o on-the-job training o full-time schedule in the summer and part-time schedule during the school year
+ yearly stipend for books and supplies
+ a support network of mentors, peer advisors and a Smart Start program manager to assist in assimilation into a corporate environment
+ career planning and development Who is eligible for the scholarship?
+ graduating seniors from New York City high schools who are New York City residents
+ students with legal authorization to work in the United States
+ students accepted to one of the participation colleges
+ students planning to major in any discipline except life science and fine arts
+ Details at our free college scholarship search site

Mail Bag
+ Fernando writes in: Hey Chris. I want to save money for a car but am afraid that such a sum of money will reduce the amount that I receive in the Pell Grant. I was thinking of opening a savings account under one of my sibling’s name, but my dad said that it may affect him when filing his taxes. What advice do you have (if any) or who should I talk to?
+ I’ve never heard of that scenario; a sibling savings account shouldn’t affect your father’s taxes at all
+ Wing writes in: i have some Lehman,, is it too late to sell? I brought some last Friday at 41 : (
+ Ouch. Lehman’s off 18% in pre-market trading this morning - sorry.
+ Disclaimer: I’m still completely unqualified to be offering investment advice. Consult a CFA or other certified planner.
+ Simon writes in: Long time listener, first time emailer. I was giving a presentation on social media today to a financial consultant and as a followup thought it would be good to send him some examples of social media used by financial consultants. Financial Aid podcast sort of fits the bill, but do you know of anything used by people who advise on which stocks to buy, which to sell etc.?
+ I’m a big fan of Bloomberg
+ Frank writes in: I need an answer I’m attending SFSU and have recievd financial aid but I am also an veteran, my question is why can’t I used my GI Bill and recieved Financial aid…that’s what I was told and financial aid is not enough
+ You’ll definitely want to talk to two people - your financial aid officer, and a benefits officer at the VA - I’m unsure which has precedence first, though I believe it’s the GI Bill benefits. Take a look at your award letter as well from SFSU to determine which aid is being awarded, and in what order. If the GI Bill benefits don’t show up there, ask your financial aid officer

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Reminders
+
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Grad student? Get graduate financial aid information at the GradLoans.com blog!
+ Stafford federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.

I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.

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FAP757: Free coffee, free food, Free Stuff Friday

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Student Financial Aid News
+ Chronicle: Congress cut subsidies to private lenders while tightening rules on how they operate. More than a dozen lenders have already announced that they are leaving or scaling back their participation in the federally guaranteed loan program, and many more could follow.
+ Congress’s changes, though, may prove responsible for only a fraction of the turmoil facing private lenders. The tightening of credit has prevented many lenders from raising needed capital and, combined with subsidy cuts, has led some lenders to conclude that the federally guaranteed program is no longer a worthwhile enterprise.
+ Most interesting tidbit from the article was a comment that the Department of Education Direct Loan program will have newer, easier to use systems that will allow colleges to offer both FFEL and Direct lending programs together
+ Believe it or not, that’s a good thing - it puts Direct Lending on an equal footing as any other federal student loan program and opens up the remaining 19% of colleges that are Direct-only to FFEL lenders
+ Inside Higher Ed also reports that the vast majority of students don’t go hog wild on Spring Break, instead opting for school sponsored trips or just going home.

Scholarship Update
+ Detroit Queen of the Highlands scholarship
+ Perfect example of a small local scholarship
+ $1,000 award
+ June 2 deadline
+ Must be of Scottish descent
+ Details at our free college scholarship search site

Free Stuff Friday
+ BlueLock for Windows
+ Hulu is now open
+ Mark march 21st on your calendar - Dunkin’ Donuts is giving away a free iced coffee.
+ Dunkin’ Donuts free ground coffee sample
+ Limited Too has buy one get one free Webkinz.
+ Free Hamburger Helper samples
+ Hat tip to Connie Bensen - Cool Text has 1,200 free fonts
+ Hat tip to Chris Johnston - 8 page ebook on how to get good recommendations for college admissions
+ Environmental tip: get a clothes drying rack and/or clothesline. You will save money on quarters, energy, and extend the life of your clothing, not to mention reduce your environmental footprint
+ Financial tip: if a company goes into bankruptcy and you have a gift card for it, it’s now worthless - sorry. Chapter 11 treats gift cards as debts, not as cash.

Free Song of the Week
+ Adrina Thorpe, Midnight

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FAP754: 7 Ways To Leverage Your Social Media Resume

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Student Financial Aid News
+ Made it into the New York Times! More on that in the Jobcast
+ Inside Higher Ed: The Utah Tax Commission has ruled that textbooks sold in college bookstores are part of the educational mission of colleges and thus are tax exempt. The Salt Lake Tribune reported that the policy shift, effective April 1, will save about $60 per student a year, or $4.7 million for students statewide.
+ Other states could potentially follow suit
+ Columbia University is today announcing an expansion of financial aid, ending student loans for students who are eligible for aid, The New York Times reported.
+ I had a quick blog post about how the Federal Reserve and student loans yesterday - with some dissenting comments. What about your thoughts?

Scholarship Update
+ New York Times Scholarship Program
+ 180 scholarships worth $30,000 each ($7,500 per year for 4 years)
+ The New York TImes College Scholarship Program: Since its founding in 1999, this program has awarded 180 grants Ã¢Â€Â“ 80 to current undergraduates, 100 to students who have already graduated from college. The scholarships provide up to $7,500 a year for four years of school. The winners each year are 20 students who have overcome exceptional hardship and achieved excellent academic records in New York City high schools, public, private or parochial. Times Scholars must also show a commitment to community service and aspire to make a contribution to society.
+ In addition to the scholarship money, each New York Times Scholar receives a job at The Times during the summer after high school and help finding paid summer employment in the college years after that. The Times also provides mentoring of various sorts, academic counseling throughout college, social and cultural enrichment activities Ã¢Â€Â“ and a laptop computer.
+ Deadline October 20 of each year
+ Details at our free college scholarship search site

Jobcast
+ Reviewing the Social Media Resume
+ Marci Alboher did a great job covering the social media resume’s evolution
+ So you have the social media resume, now what?
+ Use social media promotional tools to make it sizzle
+ Build a network of professionals on LinkedIn - and make sure your SMR is in your profile
+ Simple: put it in your email signature
+ Build a network of presence on Twitter
+ Use link traffic services like Digg and StumbleUpon
+ Make sure it’s present all over your online presence
+ Consider a video cover letter or a multimedia cover letter
+ Find employers on traditional online indexes like Monster.com
+ Submit a PDF or normal resume but make sure your SMR is linked prominently at the top

Promo
+ Private student loan consolidation

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Direct MP3 file download: Click here to download the MP3

Reminders
+ Student Loan Network Fall $10,000 Scholarship
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Grad student? Get graduate financial aid information at the GradLoans.com blog!
+ Stafford federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.

I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.

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FAP753: 6 ideas to pay for college

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Student Financial Aid News
+ Boston Globe: Nearly 30 percent of undergraduates at the Massachusetts Institute of Technology will not pay tuition next academic year under a far-reaching financial aid initiative announced today, the latest in a host of expanded need-based programs at elite colleges and universities.
+ In addition, MIT will no longer consider home equity in asset calculations for families earning less than $100,000, which will reduce the average family payment by $1,600. MIT will provide a comparable deduction to parents who rent homes.
+ Inside Higher Ed: Another sign of loan industry woes: The Associated Press reported that Brazos Higher Education Service Corporation, the administrative arm of a Texas lender called the Brazos Group, announced plans Friday to eliminate the jobs of 163 employees, or 60 percent of its workforce.
+ The good news in all this is that if you’re in the top 1% of academically qualified students, college is cheaper than ever
+ The bad news in all this is that if you’re in the other 99%, it’s time to start getting creative in financing
+ As always, get student loans at StudentLoanNetwork.com

Scholarship Update
+ Student Loan Network 10K Part 2
+ Scholarship Points program changes

News You Can Use
+ How to get creative with college funding
+ Obvious paths - scholarships and grants
+ More often than not, it’s not that you don’t know how, it’s just that you don’t
+ David Maister calls this the paradox of the fat smoker - why we don’t do what we know to be the obvious choices
+ Time tested: the 2 - 4 shuffle. Know which college you want to graduate from, then find community colleges that allow full transfer of credit into that school.
+ Time tested: get into a free college - Harvard, MIT, Yale, Stanford, Berea
+ Get creative beyond that - there are tons of services out there that allow for collection of money
+ Idea: hold an end of semester party and sell tickets via Eventbrite and Google Checkout, then solicit donations - tickets are used to pay for that semester
+ Idea: solicit corporate sponsorships of your schooling, and put together a media package of what the company is getting for its sponsorship. If you have a blog, podcast, etc., or other outlets, leverage those
+ Grab a copy of a Business Journals list for the city either you live in or in the city
+ Idea: Host a benefit concert online - find an independent musician with a following and sell tickets, split the proceeds. Think it can’t happen? Take a second look at live music online via sites like UStream.tv and Second Life
+ Idea: If you and friends have talents in creating material goods - CDs, magazines, shirts, etc., create a video telethon on a popular site like UStream
+ The key is Purple Cow stuff - something unique, powerful, and different that has never been done before
+ Whatever your idea, publicize the heck out of it - send out press releases, hit up local reporters, etc.

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FAP750: Private student loan quandary, credit crunch

Student Financial Aid News
+ Mark Kantrowitz published a large list of lenders who have exited the student loan business, and it’s pretty sobering.
+ I’ll do my best to keep you posted about changes in the lending industry, but in a sign of how severe this is getting, the Secretary of the Department of Education is asking schools to report any instances of federal student loans being denied to students because the bank has run out of money.
+ Inside Higher Ed: Starting this fall, any student can get a free MacBook. All he or she has to do is apply, get accepted and decide to attend Oklahoma Christian University.
+ The cost is mostly built into the tuition price, of course. The university has provided PC-based laptops to its students since 2001, encouraging professors to integrate technology into the classroom and let students learn through online or hybrid course material on their computers. The laptop program has other advantages, too: the university offers software and hardware support on site, complete with loaners for those with computers in the shop. Now, Oklahoma Christian is following a Ã¢Â€Âœnatural progression,Ã¢Â€Â said John Hermes, the chief technology officer, by switching entirely to Macs.

Scholarship Search Secret
+ Put deadlines in your searches

Mail Bag
+ David wrote in a very long, informative email about a situation he’s in with private student loans
+ Private student loan consolidation can postpone the inevitable to a degree
+ Ultimately that loan must be repaid
+ Contact a bankruptcy attorney to see if there’s some way to get your cosigners released from the loan

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Direct MP3 file download: Click here to download the MP3

Reminders
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Grad student? Get graduate financial aid information at the GradLoans.com blog!
+ Stafford federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.

I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.

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FAP748: Why student loan companies matter

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Student Financial Aid News
+ AP - Pennsylvania’s student-loan agency will temporarily stop making new loans through a federal program in response to a credit crunch that has created turmoil in the bond markets, the agency’s acting chief executive said Tuesday.
+ The Pennsylvania Higher Education Assistance Agency decided two weeks ago to suspend loans made outside the state through the Federal Family Education Loan Program. The agency will soon send out notices to colleges and universities that it will suspend in-state loans effective March 7, acting president and chief executive officer James Preston said.
+ Chronicle: In an annual regulatory filing, Sallie Mae (ticker: SLM), the nation’s largest student-loan company, said Mr. Cuomo had sent it a subpoena, dated February 11, seeking “documents and information relating to our direct-to-consumer Tuition Answer product.”
+ Sallie Mae said it began offering Tuition Answer loans in 2004, marketing them to students and their families through “targeted direct-mail campaigns and Web-based initiatives.” Students and parents can borrow up to $40,000 per year for college expenses through the program, which had $3.3-billion in outstanding loans as of December 31, Sallie Mae said.
+ NASFAA: “For years now, educators have been warning that U.S. society might soon be spending more on prisons than colleges. In five states, that moment has arrived, according to a report released Thursday by the Pew Charitable Trusts,” Inside Higher Ed reports. “Those states are (in order of spending the most proportionally on prisons in 2007): Vermont, Michigan, Oregon, Connecticut and Delaware.

Scholarship Update
+ PHEAA New Economy Technology SciTech Scholarship
+ Be a resident of the Commonwealth of Pennsylvania.
+ Be a high school graduate.
+ Be at least a sophomore who is enrolled as a full-time student pursuing a bachelor’s degree in an approved science or technology field at an approved Pennsylvania public or private college or university.
+ Work experience/internships can be credit or noncredit.
+ Complete an approved internship or relevant work experience in a field related to the student’s major with a Pennsylvania company prior to receiving a degree. For more information, see SciTech Internship Institutional Guidelines (95 KB PDF).
+ Begin employment in the state within one year after completion of studies, one year for each year that the scholarship was awarded. You must provide verification of continued employment (158 KB PDF) every six months. See CareerLink for information about employment. If you begin full-time graduate study within one year of receiving your baccalaureate degree, you may request deferment of the work obligation. Recipients who wish to apply for this deferment should submit a Graduate Study Deferment Form (122 KB PDF). For more information, see NETS Work Obligation.
+ Apply for a Federal Pell Grant and Pennsylvania State Grant.
+ Details at our free college scholarship search site

Opinion
+ A brief discussion on political candidates’ claims about predatory student lending agencies

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FAP744: How to avoid borrowing student loans

Student Financial Aid News
+ I was on WCVB Boston 5 last night, which was fun. One of the questions that Bianca de la Garza asked was about financial planning for parents of young children - that’ll be a special delivery episode
+ Since I can’t find the video of the interview anywhere on their web site, I put up a copy on Blip.tv until the official video piece comes out.
+ And hey, if anyone knows Chaniqua Louis at Brockton High, tell her to give me a call.
+ Dunkin Donuts has 99 cent lattes on sale today after 1 PM
+ Chronicle: Wal-MartÃ¢Â€Â™s philanthropic arm announced today that it made $67-million in grants to educational programs during 2007, with much of it going to higher education.
+ The gift will provide $100,000 awards to 20 small- and mid-sized independent colleges and universities to increase the enrollment, retention, and graduation rates of first-generation students.
+ WSJ: The Federal Deposit Insurance Corp. is taking steps to brace for an increase in failed financial institutions as the nation’s housing and credit markets continue to worsen. The FDIC is looking to bring back 25 retirees from its division of resolutions and receiverships. Many of these agency veterans likely worked for the FDIC during the late 1980s and early 1990s, when more than 1,000 financial institutions failed amid the savings-and-loan crisis.
+ “Regulators are bracing for well over 100 bank failures in the next 12 to 24 months, with concentrations in Rust Belt states like Michigan and Ohio, and the states that are suffering severe housing-market problems like California, Florida, and Georgia,” said Jaret Seiberg, Washington policy analyst for financial-services firm Stanford Group.
+ In job postings on its Web site, the FDIC said it is looking for people with “skill in performing duties associated with a financial-institution closing, such as receivership management, resolutions and/or asset disposition; knowledge of the resolutions process as it relates to complex financial institutions.” Such positions would require “very frequent overnight travel,” the posting said, and would pay up to $180,770.
+ What does this mean for you? Diversify your savings and make sure that at least some part is either FDIC or NCUA insured

Scholarship Update
+ WCVB sponsors some scholarships at Boston University’s College of Communications, so that’s our scholarship for today
+ Directory of awards
+ May 1 deadline
+ Application PDF
+ Details at our free college scholarship search site

News You Can Use
+ What if you wanted to avoid student loans?
+ Ironic for a student loan company sponsored podcast
+ Save early, save often, and in uncertain times, save safely
+ Diversified savings and investments are the key to making sure you don’t lose it all
+ Consult qualified financial planners and CPAs
+ File the FAFSA
+ Scholarships are the key
+ Grab our free scholarship search secrets eBook
+ Be prepared to work during school
+ Develop streams of passive income
+ Be entrepreneurial and look for opportunities to create value - campus textbook exchanges, etc.
+ Look back in your college’s history to see what students did in the days before financial aid - pre-1965.
+ Franklin and Marshall College, my bachelor’s alma mater, had eating clubs - college students not having money is not a new phenomenon
+ And as always, if they’re unavoidable, borrow federal student loans first, then private student loans

Did you enjoy today’s show? If so, please consider subscribing for free to get it delivered to you. Subscribing for free means you don’t have to remember to download it every day.
+
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Direct MP3 file download: Click here to download the MP3

Reminders
+ Student Loan Network $10,000 Scholarship - Apply in 32 seconds or less!
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Grad student? Get graduate financial aid information at the GradLoans.com blog!
+ Stafford federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.

I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.

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FAP743: Jobcast: Top 6 job hunting tips

Student Financial Aid News
+ NASFAA: “Brown University is eliminating tuition for students whose parents earn less than $60,000, after decisions by fellow Ivy League universities to bolster financial aid as their endowments grow,” The New York Times reports. “The university, in Providence, R.I., said on Saturday that it also planned to substitute grants for student loans in the financial aid packages of students whose families earned less than $100,000 a year. Brown also announced plans to increase tuition by 3.9 percent for the 2008-9 academic year to $36,928. With room and board, the costs are $47,740 for one year.”
+ Chronicle: Antioch College will close after all, the Antioch University Board of Trustees ruled on Friday. The decision confirms the board’s original plan, announced last June, to suspend operations at the 155-year-old campus for the 2008-9 academic year.
+ CNN: SLM Corp. (ticker: SLM) said Friday it is on track to close on its new and increased credit line in the asset-backed commercial paper market. The student-loan provider also said in an interview with Dow Jones Newswires it expects to complete the deal in the next two weeks. The affirmation of the $35 billion of funding - up from the earlier announced $31 billion - comes amid speculation that the new financing agreement would hit a snag as investors shy away from credit markets in the ongoing credit crunch. Sallie Mae, which needs the financing for its student-lending business over the next year, will likely secure the deal at costly terms, said an asset-backed commercial paper investor.
+ Private student loans at AlternativeStudentLoan.com
+ Couple of different comparisons of private student loans

Scholarship Update
+ NABJ/CNN Scholarship
+ Number of Awards Available: Four (4) four-year scholarships
+ Amount of the Award: $25,000 ($6,250 per year for four years)
+ Eligibility Criteria
+ Rigorous competition for the scholarship is open to high school seniors who are currently attending an accredited high-school. Students must be accepted at an accredited college college/university pursuing a career in broadcast journalism.
+ Be a high school senior, enrolled at an accredited academic high school.
+ Accepted to an accredited four-year university, with a major in broadcast journalism.
+ Minimum 3.0 GPA (on a 4.0 scale)
+ 2 Letters of recommendation
+ Proven community involvement
+ 1000 word essay
+ Details at our free college scholarship search site

Jobcast
+ Again, going with a bit of a re-tread, since the original is more or less unlistenable
+ Top 6 Tips for Job Hunting
+ 1. Unique selling proposition. What is your personal brand? What sets you apart from the rest of the crowd, makes you different, unique, and better? Understanding and building your personal brand is the most important thing you can do, because all of the rest of job hunting is communicating that personal brand. If you can’t tell someone the essence of who you are and why they should hire you in one or two text messages, you need to sharpen your pencil. For example, mine is - I awaken the superhero in you.
+ 2. Job hunting is first and foremost a sales activity. The product you are selling is, not surprisingly, you. The only difference is that the product - unlike sweaters, computers, or cars - can talk a customer out of the sale as easily as you can make the sale. Thus, you need to develop good sales skills in order to help prospective employers understand your real value. How do you develop good sales skills? Lots of training. Take a look at Zig Ziglar’s book, Secrets of Closing the Sale, to understand how you can position yourself better. You can get it on Amazon.
+ 3. Job hunting is a numbers game. Assume the rule of 10: for every 1 job you land, you will need 10 interviews. For every 10 interviews you land, you will need 100 valid applications. For every 100 applications you land, you will need 1,000 good leads. If you want to consider two or three offers, you need to send out two or three THOUSAND resumes. How? That’s the joy of email. Focus on sending out at least 25 - 30 emails a day with your cover letter and resume.
+ 4. Job postings are a hidden treasure mine. Keep this in mind when you surf Monster.com and other job boards - a company generally will only post for positions it is most desperate for - enough to pay money for. That tells you two things: One, the company is serious about hiring. Two, the company probably has more than one position open. Consider applying for jobs at companies that meet your geographic and industry needs but don’t necessarily have the exact position you’re looking for. This is one of the best kept secrets in recruiting!
+ 5. Followup is the name of the game. Respond politely but clearly to EVERY response you get from your solicitations. A company may not have a job for you now, but might in two weeks, two months, or two years. Keep a record of those companies that respond with something other than an auto-reply, and touch base with your contacts every month or so. Be polite and non-intrusive.
+ 6. Positive mental attitude. Nothing will fail to sell a product faster than a negative emotion about it. Don’t give people a reason to discard you immediately. Project a positive attitude, even if you feel anything but.

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FAP740: Special - Active Duty Military Education Benefits

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I got a very special email yesterday from an active duty service member. Keith asked:

+ I’m currently a specialist in the U.S. Army and have several years before my contract expires. Before joining I obtained my B.S. and M.S. in Computer Science. After my service is complete, I plan to pursue my Ph.D. in the same. However, that’s a long way off and to pass to the time (and hopefully stimulate my mind) I thought I’d pursue another Masters while still in the Army through a distance education program.
+ Could you describe for me the financial support options available to me through the Army and otherwise? Muchas gracias.
+ By the way… great program. Thanks for puttin’ out quality information.

Happy to help, Keith. I did some research and here’s what I’ve come up with. There are three basic benefits for active duty service members when it comes to continuing education - the Montgomery GI Bill, the GoArmyEd program, and the eArmyU program.

GI Bill
+ Usable after 2 years of service
+ You forfeit $100/month of active duty pay for the first year
+ Not usually a good idea to use GI Bill while on active duty - it depletes the overall amount you qualify for
+ Think of the GI Bill as an investment pool
+ The MGIB is an entitlement under the law and is currently valued at $28,800 for three or more year’s enlistment and $23,400 for a two year enlistment for 36 months of benefits.
+ If you use it while on active duty, you have less when you leave the service
+ ALWAYS consult your Education Service Officer or Navy College representative before using your GI Bill or taking any college classes.
+ http://www.gibill.va.gov

GoArmyEd Tuition Assistance
+ Provides up to $4,500 per year, $250 per semester hour
+ TA is available to Soldiers to complete a high school diploma and to complete certificate programs. However, TA will not be approved to complete credentials at the same or a lower educational level than that which the Soldier already holds. TA is not authorized for programs beyond the master’s degree.
+ By law, officers incur an Active Duty service obligation (ADSO) of two years when they use TA.
+ Distance learning program
+ GoArmyEd gives you access to many regionally accredited colleges and universities and over 1,000 available degree plans.
+ 25 partner colleges and universities and 145 degree and certificate programs
+ All credits earned are automatically transferred to your host institution
+ 2.0 minimum GPA sustained
+ http://www.GoArmyEd.com

eArmyU
+ eArmyU provides Soldiers access to 145 degree plans at 25 regionally-accredited colleges and universities. Through eArmyU, Soldiers and Officers/Warrant Officers Army-wide have the opportunity to earn a certificate or an associate, bachelor’s, or master’s degree from a home college while taking courses from multiple colleges. Web-based courses offer unique “anytime, anywhere” flexibility, allowing Soldiers to study at times that are most convenient for them Ã¢Â€Â“ even as their responsibilities, schedules, and duty assignments change.
+ Once enrolled, Soldiers receive up to 100% funding for tuition, course-related fees, and books (up to the established semester hour cap and tuition ceiling). In addition to 24-hour technical support, eArmyU provides Soldiers with assistance in determining a program of study, and in registering for courses and transferring credits, as well as providing online academic tutoring and access to home college library resources.
+ http://www.eArmyU.com

Civilian financial aid
+ Some programs may be available; most federal financial aid requires half time enrollment or greater
+ Private student loans can be used for continuing education, but I strongly encourage you to check out the Army’s offering first.

Most important, contact your Education Service Officer or Navy College representative. These folks know the military’s internal education benefits system much better than I do, and will help you make sure you don’t lose any benefits.

Finally, a special note of thanks to anyone in the armed forces who listens to the Financial Aid Podcast. Whatever the politics of things going on in civilian life, please know that we all support and honor the commitment you’ve made to serving your country, and we wish you a safe and speedy return home. If you’re a civilian who’d like to show support in a direct way, join up with eMailourMilitary.com!

This show is licensed under the Creative Commons By-NC-ND 3.0 US license, which means you are free to share it. It is completely legal to make copies of it, and give it to fellow soldiers.

Did you enjoy today’s show? If so, please consider subscribing for free to get it delivered to you. Subscribing for free means you don’t have to remember to download it every day.
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Direct MP3 file download: Click here to download the MP3

Reminders
+ Student Loan Network $10,000 Scholarship - Apply in 32 seconds or less!
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Stafford federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.

I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.

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FAP738: Debt is not wealth, FFELP loan availability

Student Financial Aid News
+ It’s Presidents’ Day, and in honor of this, I’ve got a widget on the Financial Aid Podcast web site for people to register to vote - if you haven’t registered, do so today so you can vote this fall
+ Inside Higher Ed: Career Education Inc. on Friday announced plans to shut nine colleges, seven of them part of the Katherine Gibbs chain, following a “teach out” period to help current students. A statement from Career Education said that the move was part of a previously announced strategy to focus on key areas, and that attempts to sell the colleges didn’t succeed. Supporters of New Hampshire’s McIntosh College, one of the institutions being shut down, are angry and frustrated, Seacoast Online reported.
+ Reminder: if a school closes, you do not have to repay Stafford federal student loans if you have not completed the coursework
+ Twenty-one members of the U.S. House of Representatives have written to the secretaries of treasury and education to request action to deal with the credit crunch that is resulting in a tightening on the availability of student loans (though almost entirely private, or alternative, student loans so far). The letter calls on the Bush administration to work “without delay,” before the situation “decreases access to higher education.”
+ Read statement here
+ Is there a possibility that federal student loans won’t be available? I call it small but non-zero - and it all depends on the credit markets
+ If the Student Loan Network needs to change its lending policies, you’ll find out about it here first.

Scholarship Search
+ Try this Google search query. Whatever your school name, search site:domain and the word scholarship
+ Here’s an example from SUNY Dutchess Community College, which is the school that Susan Mead, last week’s Expert Interview guest, was from
+ Results input into our free college scholarship search site
+ Student Loan Network $10,000 Scholarship - Apply in 32 seconds or less!

Economics 101
+ Debt is not wealth
+ Blog post on FinancialAidPodcast.com

Mail Bag
+ Mark writes in: Our family income will drop significantly in August, just when my son starts college. What can I do to have that reality refleted in my son’s eligibility for aid?
+ Contact your school’s financial aid office today and ask to speak to a financial aid administrator. Ask for their advice, present as much documentation as possible, and specifically ask for a professional judgement on future earnings, which is jargon for asking for an override of the FAFSA results based on documentably incorrect estimates of what you can pay for college
+ Bear in mind that the school may not be able to help
+ Whether or not they can help, your son should be cranking out the scholarship applications like mad right now
+ Every Sunday, submit at least THREE scholarship applications
+ This is scholarship season!
+ With the turmoil in the student loan markets, there is an unlikely but non-zero possibility that borrowing the full cost of education may not be possible in the fall - and scholarships are always the best form of financial aid
+ Free scholarship search secrets eBook

Did you enjoy today’s show? If so, please consider subscribing for free to get it delivered to you. Subscribing for free means you don’t have to remember to download it every day.
+
+
+

Direct MP3 file download: Click here to download the MP3

Reminders
+ Student Loan Network $10,000 Scholarship - Apply in 32 seconds or less!
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Stafford federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.