The College Cost Reduction Act of 2007 passed the House and Senate, but is likely to be hung up with negotiations before it hits President Bush’s desk. Bush has threatened to veto the new measure due to the flimsiness of the bill in regards to low-income students. Many politicians have talked up the bill’s success, but much of this is marketing rhetoric.
As it currently stands, the College Cost Reduction Act is more oriented to post-college individuals, less focused on current students and those most challenged to get a college degree.
The biggest winners are the Pell Grant recipients—they will likely receive a significant boost in funds, although still far short of the funds once available only a few decades ago.
The bill cuts major subsidies to student loan lenders that offer the FFEL program. This action seems almost a reprimand for the past months’ worth of controversy brought on by unscrupulous and greedy lenders.
Components of the CCR Act:
* Pell Grants will be increased from $4,050 to $4,900 and a maximum $5,200 by 2011.
* Students pursuing a teaching profession stand to earn full tuition compensation in exchange for service in underrepresented schools. This takes calculated aim at the problem of inadequate teachers in poor schools.
* Forgiveness of student loans owned by public service professionals, including law enforcement, firemen, nurses, and even librarians after 10 years.
* $500 million in new investments to minority and underrepresented institutions.
* Student loan interest cuts for need-based loans.
* Federal student loan maximum borrowing limits to be increased.
“Drug Provisions” Remain Uncertain
Part of the proposed amendment to the Higher Education Act still faces an uncertain future. Currently any student convicted of a drug offense is summarily denied government aid regardless of how trivial the offense. Some sources suggest that the number of students affected by this controversial contingency is well over 100,000.
The FAFSA form requires applicants to answer the “drug conviction” question.
This “drug offense” measure was zipped onto the Higher Education Act of 1965 as the Aid Elimination Provision of 1998, also called the Souder Amendment.
Showing posts with label Student Loan. Show all posts
Showing posts with label Student Loan. Show all posts
Thursday, August 30, 2007
Sunday, March 11, 2007
National Health Service Corps Loan Repayment Program
The purpose of the NHSC LRP is to ensure an adequate supply of health professionals to provide primary health services (through a culturally competent, interdisciplinary team of clinicians) to populations located in selected health professional shortage areas (HPSAs) identified by the Secretary of the Department of Health and Human Services.
HPSAs can be found in rural and urban communities across the Nation. The NHSC LRP recruits fully trained health professionals who agree to provide primary health services in NHSC community sites. In return, the NHSC LRP assists clinicians in their repayment of qualifying educational loans that are still owed.
The NHSC is seeking clinicians that demonstrate the characteristics for and interest in serving the Nation�s medically underserved populations and remaining in HPSAs beyond their service commitment.
It is important to remember that service to medically underserved populations is the primary purpose of the NHSC LRP and not the repayment of educational loans. The NHSC LRP will pay up to $50,000 for two years of service, based on the participant�s outstanding balance of qualifying educational loans.
If the total amount of the participant�s qualifying educational loans is less than $50,000, the NHSC LRP will pay the remaining balance of the total qualifying educational loans for two years of service.[source]
HPSAs can be found in rural and urban communities across the Nation. The NHSC LRP recruits fully trained health professionals who agree to provide primary health services in NHSC community sites. In return, the NHSC LRP assists clinicians in their repayment of qualifying educational loans that are still owed.
The NHSC is seeking clinicians that demonstrate the characteristics for and interest in serving the Nation�s medically underserved populations and remaining in HPSAs beyond their service commitment.
It is important to remember that service to medically underserved populations is the primary purpose of the NHSC LRP and not the repayment of educational loans. The NHSC LRP will pay up to $50,000 for two years of service, based on the participant�s outstanding balance of qualifying educational loans.
If the total amount of the participant�s qualifying educational loans is less than $50,000, the NHSC LRP will pay the remaining balance of the total qualifying educational loans for two years of service.[source]
University of Chicago Hormel Public Interest Program Loan Forgiveness Program
Work in the public interest is a valuable and fulfilling career option, and the University of Chicago Law School is committed to making such options available for its graduates. One obstacle is the large educational debt many undertake to pay for their undergraduate and graduate education.
In response, the Law School created a unique and generous program to assist its graduates who pursue careers in the public interest. The Hormel Public Interest Program, or "HPIP," is not a traditional loan repayment assistance program.
There is not a lengthy time requirement to receive benefits, and benefits are provided regardless of spousal income or potential family contributions. We like to think that the HPIP approach is the best way to support and encourage our graduates.
Brief Summary: HPIP replaces the previous University of Chicago Loan Repayment Assistance Program, and is available beginning with the Class of 2007. University of Chicago Law School graduates who work full-time in a qualifying job with a salary of less than $50,000 will receive an interest-free loan of $5,000 a year from the Law School, with each loan forgiven in full before the end of each year.
Benefits under HPIP are available for the five years following graduation, for a potential total of $25,000. The benefit is available regardless of parental, spousal, or other income Requirements and Restrictions Full Time: The position must be full-time (40 hours per week maintained for at least nine months of the calendar year, and in a year that is within five years of graduation Salary Requirements: Full qualification requires a salary of less than $50,000 annually.
Graduates earning between $50,000 and $60,00 annually will be eligible for an award that decreases proportionally as income rises. Qualified Public Interest Position: The graduate must be: (a) engaged in the full-time practice of law, or in positions normally requiring a law degree; (b) working for the public interest, broadly defined; and (c) working for a non-profit organization or government office other than in a judicial clerkship (see below for treatment of judicial clerkships).
Final determinations of eligibility will be made by the Financial Aid Committee of the University of Chicago Law School. Judicial Clerkship Exception: For graduates who work at a qualifying job in the year following a judicial clerkshi
p, the graduate will receive an additional year of eligibility for HPIP benefits. Clerks can receive up to five years of benefits within the six-year period immediately following graduation. Parental Leave Extension: Graduates who leave HPIP for parental leave will be given an additional year of eligibility. They can receive up to five years of benefits within the six-year period following graduation. Distribution of Funds: Participants will apply by September 1 for the year. Loans will be made in October and then forgiven the next July, subject to the Program's requirements.
Graduates who continue in the Program confirm their continuing HPIP status by September for the next year. Award Amounts and Restrictions: The base award of $5,000 per year is available to all graduates who begin law study at the University of Chicago Law School in the Class of 2007. the Program does not cover LLM graduates.
Transfer students who join the Class of 2007 are eligible on a proportional basis, so that a transfer student who graduated after spending two years at the Law School would be eligible to r
eceive up to two-thirds of $5,000 ($3,333) in each of the five years of eligibility. Loan Repayment Requirement: To qualify, a graduate must agree that the entire amount received from HPIP will repay outstanding educational debt. A graduate who otherwise qualifies but whose outstanding debt is less than the amount to be awarded will receive a benefit equal to the amount of their outstanding debt.
This requirement conforms to current Internal Revenue Service Rules. Tax Considerations: The program participant must determine whether payments under the plan should be included in ordinary income or exempted pursuant to Section 108(e) of the Federal Tax Code (26 U.S.C. � 108(e)). Our goal has been to design a program with tax-exempt benefits. Financial Aid Committee: All HPIP benefits must be approved by the Financial Aid Committee of the University of Chicago Law School. All decisions by the Committee are final.[source]
In response, the Law School created a unique and generous program to assist its graduates who pursue careers in the public interest. The Hormel Public Interest Program, or "HPIP," is not a traditional loan repayment assistance program.
There is not a lengthy time requirement to receive benefits, and benefits are provided regardless of spousal income or potential family contributions. We like to think that the HPIP approach is the best way to support and encourage our graduates.
Brief Summary: HPIP replaces the previous University of Chicago Loan Repayment Assistance Program, and is available beginning with the Class of 2007. University of Chicago Law School graduates who work full-time in a qualifying job with a salary of less than $50,000 will receive an interest-free loan of $5,000 a year from the Law School, with each loan forgiven in full before the end of each year.
Benefits under HPIP are available for the five years following graduation, for a potential total of $25,000. The benefit is available regardless of parental, spousal, or other income Requirements and Restrictions Full Time: The position must be full-time (40 hours per week maintained for at least nine months of the calendar year, and in a year that is within five years of graduation Salary Requirements: Full qualification requires a salary of less than $50,000 annually.
Graduates earning between $50,000 and $60,00 annually will be eligible for an award that decreases proportionally as income rises. Qualified Public Interest Position: The graduate must be: (a) engaged in the full-time practice of law, or in positions normally requiring a law degree; (b) working for the public interest, broadly defined; and (c) working for a non-profit organization or government office other than in a judicial clerkship (see below for treatment of judicial clerkships).
Final determinations of eligibility will be made by the Financial Aid Committee of the University of Chicago Law School. Judicial Clerkship Exception: For graduates who work at a qualifying job in the year following a judicial clerkshi
p, the graduate will receive an additional year of eligibility for HPIP benefits. Clerks can receive up to five years of benefits within the six-year period immediately following graduation. Parental Leave Extension: Graduates who leave HPIP for parental leave will be given an additional year of eligibility. They can receive up to five years of benefits within the six-year period following graduation. Distribution of Funds: Participants will apply by September 1 for the year. Loans will be made in October and then forgiven the next July, subject to the Program's requirements.
Graduates who continue in the Program confirm their continuing HPIP status by September for the next year. Award Amounts and Restrictions: The base award of $5,000 per year is available to all graduates who begin law study at the University of Chicago Law School in the Class of 2007. the Program does not cover LLM graduates.
Transfer students who join the Class of 2007 are eligible on a proportional basis, so that a transfer student who graduated after spending two years at the Law School would be eligible to r
eceive up to two-thirds of $5,000 ($3,333) in each of the five years of eligibility. Loan Repayment Requirement: To qualify, a graduate must agree that the entire amount received from HPIP will repay outstanding educational debt. A graduate who otherwise qualifies but whose outstanding debt is less than the amount to be awarded will receive a benefit equal to the amount of their outstanding debt.
This requirement conforms to current Internal Revenue Service Rules. Tax Considerations: The program participant must determine whether payments under the plan should be included in ordinary income or exempted pursuant to Section 108(e) of the Federal Tax Code (26 U.S.C. � 108(e)). Our goal has been to design a program with tax-exempt benefits. Financial Aid Committee: All HPIP benefits must be approved by the Financial Aid Committee of the University of Chicago Law School. All decisions by the Committee are final.[source]
Thursday, March 1, 2007
Study Abroad Loan
Looking to explore the world? The Loan to Learn Study Abroad Loan pays for program costs, travel and expenses for foreign study programs around the world.
Benefits for you:
- Immerse yourself in a foreign land
- Covers all relevant expenses
- Great rates & terms
- Interest rate reductions for on-time and automatic payments
Continuing Education Loan
Have you ever wished that you could take up a new career in a different field? Loan to Learn has the perfect answer for individuals considering career changes. The Loan to Learn Continuing Education Loan allows people like you to finance your education to step outside your current career and broaden your horizons.
Benefits for you:
* Pursue the career of your dreams!
* Borrow up to $50,000 per year, $250,000 total
* Loans cover all education expenses - books, tuition, even a computer
* Interest rate reductions for on-time and automatic payments
Learn More
Apply for this loan
Benefits for you:
* Pursue the career of your dreams!
* Borrow up to $50,000 per year, $250,000 total
* Loans cover all education expenses - books, tuition, even a computer
* Interest rate reductions for on-time and automatic payments
Learn More
Apply for this loan
MBA Education Loan
Our flexible Education Loans for undergraduate study at colleges and universities have been designed to affordably cover all education-related expenses for you and your family. In addition to tuition, the money can be used to pay for room and board and expenses such as books, fees and supplies, even computers and study abroad. Benefits for you:
* Pursue a college degree that helps you achieve your dreams!
* Borrow up to $50,000 per year, $250,000 total
* Quick and easy application
* Interest rate reductions for on-time and automatic payments
Learn More
Apply for this loan
* Pursue a college degree that helps you achieve your dreams!
* Borrow up to $50,000 per year, $250,000 total
* Quick and easy application
* Interest rate reductions for on-time and automatic payments
Learn More
Apply for this loan
Undergraduate School Loan
Our flexible Education Loans for undergraduate study at colleges and universities have been designed to affordably cover all education-related expenses for you and your family. In addition to tuition, the money can be used to pay for room and board and expenses such as books, fees and supplies, even computers and study abroad.
Benefits for you:
- Pursue a college degree that helps you achieve your dreams!
- Borrow up to $50,000 per year, $250,000 total
- Quick and easy application
- Interest rate reductions for on-time and automatic payments
Apply for a Student Loan
Loans to Help You Succeed in Life
What is it about the Loan to Learn programs that revolutionized student lending and helped thousands of families pay for college?
* They're affordable-with competitive interest rates and terms, generous repayment periods, and low monthly payments to maintain your lifestyle.
* They're unsecured-so your home equity and 401(k) retirement account are not tied up.
* They're fast and easy-with no government forms required, no deadlines, and instant pre-approval.
* They foster responsibility-so students can be co-signers and establish their own credit histories.
* They let you keep earning on your investments and savings- so you don't need to liquidate your nest egg.
Over their lifetimes, graduates of four-year colleges earn 80% more income than high school graduates. The average return on investment for a college degree is 20 times the cost of the education. A college education is still the best investment.
Check your application status here
Our Free Online Resources
* School Cost Guide
* Monthly Payment Calculator
* Consolidation Calculator
* School Search
Student Loan Tools
What is it about the Loan to Learn programs that revolutionized student lending and helped thousands of families pay for college?
* They're affordable-with competitive interest rates and terms, generous repayment periods, and low monthly payments to maintain your lifestyle.
* They're unsecured-so your home equity and 401(k) retirement account are not tied up.
* They're fast and easy-with no government forms required, no deadlines, and instant pre-approval.
* They foster responsibility-so students can be co-signers and establish their own credit histories.
* They let you keep earning on your investments and savings- so you don't need to liquidate your nest egg.
Over their lifetimes, graduates of four-year colleges earn 80% more income than high school graduates. The average return on investment for a college degree is 20 times the cost of the education. A college education is still the best investment.
Check your application status here
Our Free Online Resources
* School Cost Guide
* Monthly Payment Calculator
* Consolidation Calculator
* School Search
Student Loan Tools
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