Article Name: Student Financial Aid
Username: cmustudent08
My contribution: Students must complete the FAFSA each year to be considered for financial aid and must complete an entrance and exit survey.
I added this because it is an adjustable system every year: something that might change with President Obama. In an interview Obama said that he might change the FAFSA system to be completely online.
I do not believe my post will be deleted because it is a descriptive factual statement.
Friday, December 12, 2008
Blog List
Here are 4 Blogs with related topics about Financial Aid:
http://gradefund.wordpress.com/2008/12/12/graduates-drowning-in-debt-from-high-cost-of-college/
http://recessioninhighered.wordpress.com/2008/12/11/mich-state-offers-emergency-aid/
http://gradefund.wordpress.com/2008/12/12/obama-mccain-spar-over-gi-bills-education-incentives/
http://gradefund.wordpress.com/2008/12/12/graduates-drowning-in-debt-from-high-cost-of-college/
http://gradefund.wordpress.com/2008/12/12/graduates-drowning-in-debt-from-high-cost-of-college/
http://recessioninhighered.wordpress.com/2008/12/11/mich-state-offers-emergency-aid/
http://gradefund.wordpress.com/2008/12/12/obama-mccain-spar-over-gi-bills-education-incentives/
http://gradefund.wordpress.com/2008/12/12/graduates-drowning-in-debt-from-high-cost-of-college/
Thursday, December 11, 2008
Tuesday, December 2, 2008
10 Quick Facts About Financial Aid
You may not know that...
1. In order to receive Federal financial aid a student may not have a drug conviction for an offense that occurred while you were receiving federal student aid (such as grants, loans, or work-study).
2. The U.S. government has declared that there are five basic costs associated with going to college and your financial aid package may be used for the following: tuition and fees, room and board, books and supplies, personal expenses, and travel.
3. There is no income cut-off to qualify for federal student aid. Everything from the size of a student’s family to the age of their parents is taken into consideration when determining the Expected Family Contribution.
4. Due to the current and unprecedented capital markets disruption, there is not sufficient available capital to continue making MI-LOANs. After considerable analysis and significant efforts to secure sufficient MI-LOAN capital to make new MI-LOANS, the difficult decision to temporarily suspend MI-LOANs had to be made.
5. The Michigan Advantage Consolidation is a federal loan consolidation program that allows eligible federal student loans to be combined into one loan with the following borrower benefits: 25% reduction in interest rate for automatic electronic payments and a one percent reduction in interest rate after 36 on-time payments with a minimum consolidation amount of $7,500.
6. The 2008 - 2009 edition of Paying for College in Michigan is a educational resource guide that provides information on college planning and student financial aid that is available online.
7. When the Obamas got married, their monthly student loan repayment (for undergraduate degrees from Columbia and Princeton, respectively, and two law school degrees from Harvard) was higher than their mortgage.
8. Male students 18 years or older must be registered to be considered eligible for all federal financial aid programs.
9. All federal programs grant assistance to students enrolled at least half-time, you do not need to be a full time student to receive aid.
10. Obama spoke on MTV about issues of concern to young voters, primarily student loans and financial aid. He said that special incentives would be potentially be offered to those students interested in pursuing careers in high demand like Math teachers and nurses.
Now you know :)
1. In order to receive Federal financial aid a student may not have a drug conviction for an offense that occurred while you were receiving federal student aid (such as grants, loans, or work-study).
2. The U.S. government has declared that there are five basic costs associated with going to college and your financial aid package may be used for the following: tuition and fees, room and board, books and supplies, personal expenses, and travel.
3. There is no income cut-off to qualify for federal student aid. Everything from the size of a student’s family to the age of their parents is taken into consideration when determining the Expected Family Contribution.
4. Due to the current and unprecedented capital markets disruption, there is not sufficient available capital to continue making MI-LOANs. After considerable analysis and significant efforts to secure sufficient MI-LOAN capital to make new MI-LOANS, the difficult decision to temporarily suspend MI-LOANs had to be made.
5. The Michigan Advantage Consolidation is a federal loan consolidation program that allows eligible federal student loans to be combined into one loan with the following borrower benefits: 25% reduction in interest rate for automatic electronic payments and a one percent reduction in interest rate after 36 on-time payments with a minimum consolidation amount of $7,500.
6. The 2008 - 2009 edition of Paying for College in Michigan is a educational resource guide that provides information on college planning and student financial aid that is available online.
7. When the Obamas got married, their monthly student loan repayment (for undergraduate degrees from Columbia and Princeton, respectively, and two law school degrees from Harvard) was higher than their mortgage.
8. Male students 18 years or older must be registered to be considered eligible for all federal financial aid programs.
9. All federal programs grant assistance to students enrolled at least half-time, you do not need to be a full time student to receive aid.
10. Obama spoke on MTV about issues of concern to young voters, primarily student loans and financial aid. He said that special incentives would be potentially be offered to those students interested in pursuing careers in high demand like Math teachers and nurses.
Now you know :)
Quiz About Higher Education
1. How much money does the U.S. Department of Financial Aid award to college students annually?
a. $80 Million
b. $22 Billion
c. $80 Billion
d. $45 Billion
2. About half of the average college students living expenses are for housing and food.
a. True
b. False
3. How many college students apply for some type of federal aid annually?
a. 10 Million students
b. 3 Million students
c. 23 Million students
d. 14 Million students
4. The loan portfolio for Federal Financial Aid has how much money to disperse?
a. $125 Million
b. $400 Billion
c. $124 Billion
d. $200 Billion
5. The Federal Family Education Loan (FFEL) Program was designed to
a. Help relieve costs of tuition for families that have multiple family members enrolled in college.
b. Create special scholarships for families that have a parent and child enrolled in college.
c. Ensure that students have continued access to federal student loans.
d. Create loan opportunities for first generation college students.
6. In attempt to make college more affordable, President Obama and Biden plan to implement a new American Opportunity Tax Credit worth how much per student?
a. $1500
b. $4000
c. $3000
d. $2000
7. In attempt to make college more affordable, President Obama and Biden plan to implement a new American Opportunity Tax Credit under the condition that students do what?
a. An essay application
b. An Interview by the Higher Education Institution
c. Need-based rewards
d. community service participation
8. Obama and Biden plan to streamline the financial aid process by eliminating the current federal financial aid application and enabling families to apply simply by checking a box on their tax form, authorizing their tax information to be used, and eliminating the need for a separate application.
a. True
b. False
9. President Obama’s very first bill as a senator sought to increase the maximum Pell Grant award to how much money?
a. $5,100
b. $4,000
c. $3,500
d. $6,000
10. Which of the following standards must a college student meet to be eligible for Federal Financial Aid?
a. You must not owe a refund on a federal grant or be in default on a federal student loan.
b. Be a U.S. citizen or eligible non-citizen.
c. Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs.
d. All of the above.
Sources:
"Education." Barack Obama and Joe Biden: The Change We Need. Barack Obama For America. 1 Dec. 2008
Higher Education Update. U.S. Department of Education. 1 Dec. 2008
"How To Pay." College. U.S. Department of Education. 2 Dec. 2008.
a. $80 Million
b. $22 Billion
c. $80 Billion
d. $45 Billion
2. About half of the average college students living expenses are for housing and food.
a. True
b. False
3. How many college students apply for some type of federal aid annually?
a. 10 Million students
b. 3 Million students
c. 23 Million students
d. 14 Million students
4. The loan portfolio for Federal Financial Aid has how much money to disperse?
a. $125 Million
b. $400 Billion
c. $124 Billion
d. $200 Billion
5. The Federal Family Education Loan (FFEL) Program was designed to
a. Help relieve costs of tuition for families that have multiple family members enrolled in college.
b. Create special scholarships for families that have a parent and child enrolled in college.
c. Ensure that students have continued access to federal student loans.
d. Create loan opportunities for first generation college students.
6. In attempt to make college more affordable, President Obama and Biden plan to implement a new American Opportunity Tax Credit worth how much per student?
a. $1500
b. $4000
c. $3000
d. $2000
7. In attempt to make college more affordable, President Obama and Biden plan to implement a new American Opportunity Tax Credit under the condition that students do what?
a. An essay application
b. An Interview by the Higher Education Institution
c. Need-based rewards
d. community service participation
8. Obama and Biden plan to streamline the financial aid process by eliminating the current federal financial aid application and enabling families to apply simply by checking a box on their tax form, authorizing their tax information to be used, and eliminating the need for a separate application.
a. True
b. False
9. President Obama’s very first bill as a senator sought to increase the maximum Pell Grant award to how much money?
a. $5,100
b. $4,000
c. $3,500
d. $6,000
10. Which of the following standards must a college student meet to be eligible for Federal Financial Aid?
a. You must not owe a refund on a federal grant or be in default on a federal student loan.
b. Be a U.S. citizen or eligible non-citizen.
c. Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs.
d. All of the above.
Sources:
"Education." Barack Obama and Joe Biden: The Change We Need. Barack Obama For America. 1 Dec. 2008
Higher Education Update. U.S. Department of Education. 1 Dec. 2008
"How To Pay." College. U.S. Department of Education. 2 Dec. 2008
Tuesday, November 18, 2008
11-17 Homework
This post is a day late because I lost my campus ID which I needed to check out my IntraLibrary loan materials!
I requested the book "Redesigning the Financial Aid System" by Robert B. Archibald.
While looking at this source, I learned a new standpoint about financial aid that I had not thought about much before. In his introduction, Archibald explains his own confusion with the Financial Aid System and the troubles in distinguishing the terminology when his own son decided to apply to college. Archibald explains that colleges and banking systems rely on this mis-communication among terms so that tuition can be more profitable for the Universities because parents and students just pay it off not really knowing money saving strategies.
One specific example of the terminology differences that are commonly mis-understood is the difference between financial aid and financial need. Archibald defines financial aid as " funding intended to help students pay education expenses including tuition and fees books and supplies, room and board, etc. for education at a college or university". The interesting term that I learned about was financial need. Archibald explains that financial need as "the difference between the cost of attending college or university and the amount the student and his or her parents can reasonably contribute to costs" (p. 3). Furthermore, I learned that the term unmet financial aid is the difference between financial need and all forms of financial aid (including subsidized loans)" (p. 3). By looking at a graph that displays the relationship between financial aid and unmet financial aid does not align horizontally as it should ideally, instead, the graph's line slopes sharply downward where household incomes are low.
It is hard to describe effectively in the blog how impactful the graphs and diagrams are in this book, however, they help me visualize the lack of financial aid that is being distributed. In agreeance with Archibald, the terminoligy on this topic is exteremely confusing so it helps to see these types of graphs.
I requested the book "Redesigning the Financial Aid System" by Robert B. Archibald.
While looking at this source, I learned a new standpoint about financial aid that I had not thought about much before. In his introduction, Archibald explains his own confusion with the Financial Aid System and the troubles in distinguishing the terminology when his own son decided to apply to college. Archibald explains that colleges and banking systems rely on this mis-communication among terms so that tuition can be more profitable for the Universities because parents and students just pay it off not really knowing money saving strategies.
One specific example of the terminology differences that are commonly mis-understood is the difference between financial aid and financial need. Archibald defines financial aid as " funding intended to help students pay education expenses including tuition and fees books and supplies, room and board, etc. for education at a college or university". The interesting term that I learned about was financial need. Archibald explains that financial need as "the difference between the cost of attending college or university and the amount the student and his or her parents can reasonably contribute to costs" (p. 3). Furthermore, I learned that the term unmet financial aid is the difference between financial need and all forms of financial aid (including subsidized loans)" (p. 3). By looking at a graph that displays the relationship between financial aid and unmet financial aid does not align horizontally as it should ideally, instead, the graph's line slopes sharply downward where household incomes are low.
It is hard to describe effectively in the blog how impactful the graphs and diagrams are in this book, however, they help me visualize the lack of financial aid that is being distributed. In agreeance with Archibald, the terminoligy on this topic is exteremely confusing so it helps to see these types of graphs.
Wednesday, November 12, 2008
11-13 Homework
While looking at classmates' blogs I found one about the debate between gay marriage versus civil unions. From this blog, I learned about the different view points that each Presidential candidate had: they were both opposed to gay marriage. I learned that Obama was in fact supportive of civil unions but out of respect for the concept of the Christian faith he would define marriage as a union between a man and a woman. Until reading this blog I was under the impression that McCain was opposed to gay marriage and Obama supported gay marriage but now I understand that Obama supports civil unions which is not the same thing. My question for that blog was: "As part of our PHL 118 Homework, I have one question for you about your blog. From this, I agree with your opinions about marriage being between only a man and a woman and that gay couples should be able to participate in civil unions. I am wondering, legally, what are the differences between civil unions and marriages? What type of benefits are there for a couple to be considered married as opposed to one that is under a civil union, for example, in regards to health care, adoption, etc.?"
Another part of the assignment was to answer the question that someone else had posted on your blog but there was none to be found on my blog at this time.
Another part of the assignment was to answer the question that someone else had posted on your blog but there was none to be found on my blog at this time.
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