Tuition

Can Your Student Loans be Forgiven?

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2-9 student-loan-repayment

President Obama included a new repayment program for student loans in his 2016 budget proposal for Congress that will expand the income-based repayment plan put into place last summer.

“Let’s tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years- and forgiven after 10 years if they choose a career in public service, because in the United Stated of America, no one should go broke because they chose to go to college,” said President Obama in his 2010 State of the Union address.

There are 40 million Americans with student loans which adds up to $1.2 trillion in outstanding debt.

Income-based repayment borrowers make payments based on their incomes and can qualify for loan forgiveness. The Education Department plans to make all borrowers eligible for a plan involving “pay as you earn.”

For more information, visit http://www.whitehouse.gov/issues/education/higher-education/ensuring-that-student-loans-are-affordable.

White House Hosts Summit on College Affordability

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white house summit
Hundreds of college presidents from across the country joined President Obama, the First Lady, and Vice President Biden for the White House Summit to hear about new actions for students to prepare for college.

The White House hosted its second annual College Opportunity Day of Action, which focused on President Obama’s broadened agenda for higher education. The president plans to implement these steps:

1. Increasing Pell scholarships by $1,000 a year
2. Creating the American Opportunity Tax Credit, worth up to $10,000 over four years of college
3. Limiting student loan payments to 10 percent of income
4. Laying out an ambitious agenda to reduce college costs and promote innovation and competition

The president also explained the need for increased investments in America’s community colleges and simplifying the FAFSA to make it easier for potential and current college students to apply for financial aid.

For more information visit:
http://www.whitehouse.gov/the-press-office/2014/01/16/fact-sheet-president-and-first-lady-s-call-action-college-opportunity

4 Ways to Pay for College

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A college education is worth the investment, but paying for college may be the reason why many individuals do not attend. By no means is it cheap, but that does not make it any less important. There are many ways in which you can pay for college without that dreaded, overwhelming feeling of looming debt.

1. Always Apply for Financial Aid (even if you think you do not qualify)

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Financial Aid (FAFSA) is a helpful funding program to assist students in paying for many college expenses. Luckily, many students do qualify. The online application doesn’t take too much time to complete and it’s free.

2. Apply for Grants

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Grants are a great way to help pay for college. This is aid the does not need to be repaid and is often based on one’s financial need. You can apply for grants from the federal and state government.

3. Apply for Scholarships

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Scholarships are a bit different than grants. Grants are need based assistance and scholarships are merit based assistance. That means it’s awarded when an achievement is met. Your college of choice will have access to all scholarships offered.

4. Work While in School to Help Cover the Costs

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Working while earning your degree is a great way to help pay for small college expenses. Ecampus.com has great, affordable rates on textbooks or other items needed. If loans have been taken out, many times you can pay the interest while attending school.

If paying for college is still too much of a burden, the next best thing would be to attend a local community college. That would offset the cost at a much cheaper rate until graduation. Then complete your degree at a four year institution. Staying at home can also help, as you wouldn’t need to pay for room and board.

Is College Worth It?

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Some say college may not be for everyone, but it’s certainly worth your time and money. Granted, the rising cost of tuition and other college expenses isn’t cheap, but there are far more benefits to earning a degree than not. Not only will there be a greater increase in economic mobility after graduation, but college is also perfect for meeting new people, networking and landing that dream job.

college stats

Statistically, those who graduate with at least a bachelor’s degree made  98 percent more  than those who only had a high school diploma. Those are some good odds! One study also found that those who finished at a four year institution were expected to earn 1.2 million more than those who didn’t.

The advantages of college doesn’t just stop at higher pay grades. It has overall life benefits as well. They are said to be happier and healthier due to better access to healthcare and the ability for more leisure activities.

If paying for college is an issue, there are many avenues you can take to make the situation less of a burden. There are a whole range of scholarships offered to incoming freshman based on what you are majoring in or your age. Checking the colleges’ webpage will give you a better understanding of what is being offered.  Another route is through loans that can be found with low interest and financial aid. If you are working during the school year, many loan companies will allow you to pay the interest on the loan; cutting the price upon graduation.

In the end, college is an investment and with all investments, there are possible risks. But what can be more important than an investment in yourself?

The “What I Wish I Knew about Education Abroad” List for Students

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study-abroadAs the semester comes to an end, the majority of us are focused on surviving finals week and getting home for the holidays. However, many students, myself included, are preparing to spend time studying abroad for a few weeks, or even a semester. Although I am now very excited for my trip, my education abroad journey has not been all smooth sailing. There are a million and one things I wish I had known when I began planning my trip abroad. Here are just a few tips that I hope will make the process a little easier for anyone who is considering education abroad.

START EARLY: I repeat, do NOT wait until the last minute to start planning your trip (like I did). Although it’s not impossible to plan an education abroad trip last minute, it is definitely more difficult. If you are at all interested in studying abroad, go meet with an education abroad ASAP. Different programs have different requirements. It is absolutely never too early to get started!

 
Decide where you want to go: One of the most important education abroad decisions you will make is where to go. One of my majors is Spanish, so I chose to study in Seville, Spain in order to complete the requirements for my major. Many colleges offer many areas of stud. But, you need to think about which cultures and experiences will benefit you the most academically. No matter where you go, you will have a great time and make awesome memories, so make sure it’s going to pay off towards your degree.

Find a friend: Chances are, you know someone who has studied abroad in the past. Use them as a resource! Don’t annoy them of course, but ask them to get coffee or lunch with you someday so that you can ask them questions and advice.

Don’t let money stop you: If you’re anything like me, you may be hesitant about education abroad because you think you can’t afford it. Surprisingly, my semester abroad is going to cost me less than a semester at my home university. Now, this may not be the case for everyone. But I promise, education abroad fees include A LOT. And, you can usually apply any scholarships, loans or grants that you receive at your current school to education abroad fees. There are also TONS of scholarships available to students who want to go abroad.

Although a good GPA, campus involvement and leadership experience are all important aspects of an impressive resume, education abroad gives students an advantage over the rest. Employers and graduate programs love seeing that a student has studied abroad. Not to mention, I have never spoken to a student who regretted their education abroad experience. Have any questions or suggestions of your own about education abroad? Let us know in the comments section below.