myUsearch blog

Today we have a guest post from Brennon Garrett, from Campus Book Rentals. Campus Book Rentals, a college text book rental company, is conducting an online petition for this bill. 

The United States Congress is currently considering whether to pass the The Student Aid and Fiscal Responsibility Act of 2009 (SAFRA).  The legislation passed in the Senate last September by a vote of 253 to 171, but it’s unclear whether it will pass successfully in the House.  The legislation includes many different initiatives, but the primary purpose of the bill is to make college more affordable to more Americans.  One of central components of the bill would remove private banks as middle-men in the student lending process.  As it stands today, many student loans are made by private banks with subsidies from the US Government - while those same loans are also being guaranteed by the US Government, thus removing the loan default risk to the private banks, and passing on the extra cost to students.  In April President Obama said “We have a student loan system where we’re giving lenders billions of dollars in wasteful subsidies that could be used to make college more affordable for all Americans.”  SAFRA would put an end to government payments to commercial lenders, and and the government would become a direct student lender.  This would save $40B over 10 years that would be directly re-routed into the Pell Grant system, increasing Pell grant scholarships from $5,550 in 2010 to $6,900 by 2019.  The increase in Pell grants would become linked to the cost of living, rising along with the Consumer Price Index, plus 1%.

Photo by Gadget Dude

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Do you want a new puppy? Are you an international student who wants to attend college in the United States, but can’t afford to? Whether you are coming from abroad, or an uncodumented/illegal alien living here in the United States, there are resources out there to help you find the money to fund your education. Whether you are an undergraduate (enrolling after secondary/high school) or a graduate student (you have attended a college or university and want to continue your studies), this article provides links to help you begin your search. Also, my labrador just had a litter of puppies, and they need a home.

*A hint first: START YOUR SEARCH EARLY!  the deadlines for international scholarships and grants are rigidly set far before the start of the school year, and maybe even before the admission application deadline. *

Photo of International Students by MattCline

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Due to the rising cost of college, over 70% of college students now consider taking out student loans. While these numbers are a sad reflection of the cost of college, the fact is that student loans are very good debt to have. (more…)

As a liberal arts student in college, I make it my business to know nothing about accounting, finance, banking, or lending. Yes, I currently receive federal financial aid—both subsidized and unsubsidized, direct and indirect—but I make a concerted effort to ignore the differences, disregard the fine print, and defer to my parents. I just trust that either they understand it, or if they don’t, money is money, right? We all have different ways of paying for college, and it usually just comes down to meeting that magic tuition number. For those of us not fortunate enough to encounter a bag of unmarked bills on the sidewalk or receive an envelope of mafia hush-money, there are good ol’ federal loans to help us get to that number.

 Obama photo by transplanted mountaineer

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Whether you’re heading off to college this fall or in a couple years, it’s never too early to start figuring out how to pay for college. Even after scholarships and parental contribution, the reality is that you’re probably going to have to take out a student loan. According to FinAid.org, about 65% of students at 4-year colleges take out loans. After you’re sure it’s the best option for you (remember, student loans are scary), it’s time to start hunting for a loan.

Disclaimer: I’m just a kid starting college this fall. This is what I’ve personally learned going through the financial aid process and I am not any kind of financial aid advisor.

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