Student Loan Primer - Student Loan Blog by studentlsc.com

University of Pennsylvania Expands Financial Aid Program to Eliminate Loans

Graduating debt-free? University of Pennsylvania is making it possible for students from various economic backgrounds. According to a press release on December 17th, starting September of 2008 students with calculated family incomes under $100,000 will receive loan-free aid packages, while families above that level will receive a 10 percent reduction in need-based loans. By fall 2009, all undergraduate students eligible for financial aid will receive loan-free aid packages, regardless of family income level.

 After, Harvard recently announced its middle-income initiative, it is nice to see another Ivy League school to tackle the issue of growing higher education costs.

Posted in News | 2 Comments »

Did you know that some colleges do not charge tuition?

If you are concerned about having massive amounts of student loans when you graduate school, consider going to a tuition free school.  Ok, so you may have to work a few hours on campus or in a job related to your major but hey - that’s better than spending a third of your income after you graduate to paying back your loans!  Some tuition free schools I found by doing a little research are The Cooper Union in New York, N.Y.; Webb Institute in Glen Cove, N.Y.; Berea College in Berea, Ky.; College of the Ozarks in Point Lookout, Mo.; and Alice Lloyd College in Pippa Passes, Ky.  Of course, there are more out there so do a little homework and save a bundle!  Good luck

Posted in Scholarships | No Comments »

How can you earn a top degree at a fraction of the cost?

Over the next several weeks, I’m going to give you several suggestions on how to do just that.  I’ll start by telling you to become a transfer student.  So what exactly does that mean?  In many cases, credits earned at a less-expensive college or university can be transferred and applied toward a degree from a pricey, elite school. You could earn a prestigious diploma at a fraction of the price.  When you finally earn your degree from your school of choice, it will not have an ‘*’ pointing to the fact that you were a “transfer student”.  Basically, you can get some of your core curriculum out of the way at a fraction of the costs.  Before you decide to go this route, you will first need to designate your ‘dream university’ and learn about their articulation agreements.  Articulation agreements specify which community college course credits will be accepted towards your bachelor’s degree and what grades you must have to be able to transfer in those particular credits. 

Posted in General Discussion | 1 Comment »

Awareness!

I recently spoke to a parent who expressed her concern to me that their high school guidance counselor offered very little assistance in understanding the FASFA and SAR forms.  Unfortunately this problem is far to common and there are very little services available to educate borrowers.  After reviewing the SAR (Student Aid Report) with her, we discovered that they were actually eligible for Unsubsidized Stafford Loans even though her school told her it was best to use Private Student Loans offered by the lenders on their ‘preferred lender list’.  The major concern here is that many colleges have been recently caught red handed receiving ‘gifts’ or ‘kickbacks’ for channeling applications to specific lenders.  This deflates the customers ability to shop around and get the best deals, and these large lenders are taking advantage of the lack of awareness in the industry.  My goal here is to offer you unbiased information allowing you to make the absolute best decisions for you and your family.  Please make sure you are making educated decisions when it comes to paying for your college tuition! 

Posted in The Basics | 1 Comment »