| A Shaky Season for Student Loans
Shortly after New Year's Day, Pat Watkins, financial aid director at Eckerd College in St. Petersburg, Fla., placed a worried call to National Education, a student loan company she has been working with for nearly two decades. She had heard rumors that the company was no longer funding federal Stafford and PLUS (Parent Loans for Undergraduate Students) education loans, but had received no official word from the company. She found out that the phone of National Education's local rep had been disconnected. Later she learned that Chicago-based National Education was not planning to accept applications for new loans for the spring semester after Jan. 15, though they planned to fund disbursements for students who received loans for the fall. Federal Loans Lose Funders That was the first surprise.
After Harvard, Yale boosts aid
Yale announced this week that it will change its undergraduate financial aid policy for all students this fall. The changes are meant to make college more affordable for middle and upper-income families and follow in the footsteps of a similar policy enacted by Harvard last December.
"We want all of our students to make the most of Yale academically and beyond without worrying about excessive work hours or debt," Yale president Richard Levin said in a press release. "Our new financial aid package makes this aspiration a reality."
At both Yale and Harvard, parents with annual incomes below $60,000 a year will not have to contribute toward their child's college education, and families with incomes from $60,000 to $120,000 will now pay between 1 and 10 percent of their incomes toward tuition.
Schools unhurt by admissions change
Four prominent universities that ditched their early admissions programs have answered questions about whether the move would hurt their popularity. That answer is no. All are reporting record applications this year. Harvard, Princeton and the University of Virginia attracted widespread attention with announcements in 2006 that they would stop holding a separate, early round of admissions in the fall. They argued the practice contributes to anxiety and disadvantages students who need financial aid. This year, they began considering all applicants in a single pool with a January deadline. The University of Florida later made a similar announcement and moved to a single deadline of Nov. 1. Most selective schools kept some form of early admissions. Now, the results are in.
A long-kept Md. secret: interest-free college loans
Undergraduate and graduate students are eligible. There's no age limit. Recipients range from age 17 to 61. To qualify for a loan, you must apply for federal financial aid. You need to have a grade-point average of at least 2.0 on a scale of 4. And you must have a co-signer for the loan so that if you don't repay it, the co-signer would be on the hook. Central Scholarship will begin accepting applications for the 2008-2009 academic year in January. The deadline is May 31. For more details check out the nonprofit's Web site at www.centralsb.org. .
Colleges uneasy about Harvard's deal on tuition
Two words to students hoping to get a break on college tuition now that Harvard and a handful of rivals have increased financial aid to middle-class students: Fat chance. Most colleges say they aren't loosening the purse strings just yet, although as financial-aid season approaches they are under intense pressure from parents to offer Harvard-style deals. Ursinus College's enrollment director, Richard DiFeliciantonio, said a parent already had called him to ask: "'If Harvard can do this for their kids, why can't you?' " The answer is obvious: Ursinus, like most colleges, isn't as filthy rich as Harvard, whose endowment of $35 billion is the largest in the nation. "Maybe 30 colleges in the country can even think about doing what Harvard is doing," said DiFeliciantonio, whose school has $150 million in its coffers.
Text of Napolitano address
There was no plan to give Arizona's children the early start they need and deserve. Teacher pay was lagging, and we weren't doing what was necessary to support our new teachers and keep our best educators in the classroom. Phoenix was the largest city in the nation without a university-based medical school and our state was not graduating enough students with college degrees to keep up with our growth.Fast-forward to today. We've created a new grade level by making full-day kindergarten available to every Arizona family. We've made historic investments in early childhood education and in teacher pay. We've broken ground on an all-new medical campus, tripled our contribution to student financial aid, and built up our universities.This is progress, and it is precisely where we needed to go.Now, we must move quickly this year to implement the voter-approved initiative aimed at early childhood.
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