Tag Archive | "College"

Are States Running Out of College Grant Money? (Education and Your Money)


State budget gaps are limiting funds. What students should know.

The Illinois Student Assistance Commission (ISAC), which administers the state’s Monetary Award Program grant, announced that it was suspending awards for students who haven’t yet submitted the Free Application for Federal Student Aid (FAFSA) for the 2010-11 academic year. In March, Arizona’s legislature announced that funding for two grants – the Postsecondary Education Grant and the Private Postsecondary Student Financial Assistance Program – would not be available for the upcoming academic year. Meanwhile, the California Student Aid Commission, which administers the state’s grant program, is awaiting a decision by Gov. Arnold Schwarzenegger, who is considering cutting back undergraduate students’ state grants.

The common problem: state budget gaps, says Vicki Merkel, president elect of the National Association of State Student Grant and Aid Programs. With many states collecting less in taxes and lottery revenue because of the economic downturn, they have less money available for grant programs. What’s more, a provision in the health-care law eliminated the Federal Family Education Loan Program, which provided revenue to some states.

In addition, more students are applying for state grants, and many eligible students could be left out. In Illinois, where eligible applications for grants are up more than 30%, some 409,000 students are expected to apply for aid, according to calculations made by ISAC. However, about 189,000 submitted requests before the program was suspended, potentially leaving 220,000 students unfunded.  As of Monday, the program ran out of money, says Andrew Davis, ISAC’s executive director, whose working budget was $400 million, the same as 2009. “We certainly would welcome a larger appropriation, but based on the state’s larger financial circumstances, we think it’s highly unlikely,” he says.

In some instances, students who applied for — and were awarded a grant — could end up with a smaller amount. California students, for example, already have been notified if they will receive a Cal Grant. Those awards took into account tuition increases for the upcoming year. So, if the governor decides to lower state grant amounts, so that they don’t reflect tuition hikes, students’ state grant awards will be revised downward, says Diana Fuentes-Michel, executive director of the California Student Aid Commission.

Read more: Are States Running Out of College Grant Money? at SmartMoney.com http://www.smartmoney.com/personal-finance/college-planning/are-states-running-out-of-college-grant-money/?cid=1122&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+smartmoney%2Fheadlines+%28SmartMoney.com%29#ixzz0lmP316J3

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Tax Tips: Give Your College Kid a Tax Break (Tax Tips)


Even if you aren’t eligible, Junior can take advantage of these tax credits.


View full post on SmartMoney.com

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cXVpY2tpbnZlc3QubmV0L3dwL3dwLWNvbnRlbnQvd29vX3VwbG9hZHMvNC1xLmpwZyI7aTozO3M6NjE6Imh0dHA6Ly9xdWlja2ludmVzdC5uZXQvd3Avd3AtY29udGVudC93b29fdXBsb2Fkcy8zLXFpbG9nby5qcGciO308L2xpPjxsaT48c3Ryb25nPndvb192aWRlb19jYXRlZ29yeTwvc3Ryb25nPiAtIFNlbGVjdCBhIGNhdGVnb3J5OjwvbGk+PC91bD4=