FAP809: Quack like a duck, pay for college

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Student Financial Aid News
+ Free credit reports, scores, and monitoring from Transunion
+ Chronicle: the U.S. Senate overwhelmingly approved legislation last week that would significantly expand veterans’ tuition benefits while providing billions of dollars for the wars in Iraq and Afghanistan. The bill awaits action in the House, where the president has enough Republican support to sustain a veto. In his address, the president said Congress should pass a bill to pay for the wars that is not “loaded up” with unrelated domestic spending.
+ Speaker of the House Nancy Pelosi reacted to the message by saying Congress wanted to “launch a new GI Bill for a full, four-year education for the veterans of Iraq and Afghanistan.” The administration opposes the Senate bill because it would give the college benefits to veterans with three years of service, which, it says, would discourage them from re-enlisting.
+ Is or was the lending crisis real? Have you been applying for student loans and found it any different than previous years? Let me know!

Scholarship Update
+ Chick and Sophie Major Memorial Scholarship
+ Duck calling scholarship open to all US high school seniors
+ $1,500 scholarship
+ Details at our free college scholarship search site

Financial Aid 101
+ For many who have graduated, it’s time to start thinking about student loan repayment
+ Grace periods - Stafford loans have 6 months, Perkins loans have 9 months
+ For any unsubsidized Stafford loan, the clock is running
+ For Stafford and PLUS loans taken out prior to July 1, 2006, you have variable interest rates - for graduating seniors, that’s probably freshman and sophomore year loans
+ Resetting rates take effect July 1
+ 3.60% - Stafford loans in grace (down from 6.62%)
+ 4.21% - Stafford loans in repayment (down from 7.22%)
+ 5.01% - Parent PLUS loans (down from 8.02%)
+ Wait until July 1, 2008 for student loan consolidation
+ Make extra payments to principal if possible
+ New Stafford subsidized loans start at 6.0% this July 1
+ Private student loans can fill the gap between scholarships, federal aid, and the cost of college

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