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Hartford, Connecticut Sean Pavone | Istock | Getty ImagesWhen it comes to improving access to higher education, each state is largely left to its own devices. Connecticut, for example, recently rolled out several programs to establish pathways to college and lower the debt burden. Free college program"We're trying to do everything we can to make education less expensive to start with," Lamont said. Like a growing number of states, Connecticut recently introduced a free tuition program for students attending community college either full- or part-time. In Connecticut, students receive "last-dollar" scholarships, meaning the program pays for whatever tuition and fees are left after federal aid and other grants are applied.
Persons: Hartford , Connecticut Sean Pavone, Anthony Carnevale, Ned Lamont, Here's, Lamont, Joe Biden, Terrence Cheng, Sandy Baum, Baum Organizations: Istock, Georgetown's Center, Education, Workforce, CNBC, Free, Finance, Harvard, State Colleges, Urban Institute's Center Locations: Hartford , Connecticut, Connecticut, , Connecticut
Washington CNN —The head of the Federal Student Aid office, which has faced criticism for the botched rollout of this year’s college financial aid form, will be stepping down. The announcement of Cordray’s departure comes as his office has been under fire for problems with a new version of the Free Application for Federal Student Aid, or FAFSA, released late last year. “If there was a financial aid director, or even a college president, that delayed financial aid on their campus for up to six months, the professional price that would be paid for that would be pretty steep,” Justin Draeger, president of the National Association of Student Financial Aid Administrators, told lawmakers. Cordray’s tenureAs the head of FSA, Cordray oversaw not only the FAFSA but also the entire $1.6 trillion federal student loan system. It also sued Navient, one of the biggest federal student loan servicers, for allegedly processing payments incorrectly.
Persons: Richard Cordray, Cordray, Justin Draeger, Virginia Foxx, Miguel Cardona, Cordray’s, Rich Cordray’s, ” Cardona, , Rich, Obama, ” Cordray, Pell, Biden, Trump, Massachusetts Sen, Elizabeth Warren —, Navient, “ I’m, ” Warren Organizations: Washington CNN, Federal, Aid, CNN, Department of Education, Federal Student Aid, Education, Workforce, National Association of Student Financial, Republican Rep, Consumer Financial Protection Bureau, Democratic, National College, of Education, Public, Consumer Financial, Massachusetts, Corinthian Colleges Locations: North Carolina, Ohio
When President Joe Biden unveiled the details of his Plan B for student loan forgiveness, he revealed that his hope to make some college free was not dead. "I also want to make community college tuition free so you don't need loans at all," Biden said after including free community college as part of his $7.3 trillion budget for fiscal 2025. "Student loan forgiveness is a Band-Aid," said Ryan Morgan, CEO of the Campaign for Free College Tuition. "Loan forgiveness is a snapshot in time in terms of a fix," Morgan said. Alternatively, free college appeals more broadly to those struggling in the face of rising college costs, rather than after the fact.
Persons: Joe Biden, Biden, Ryan Morgan, overstepping, Morgan Organizations: Free College, Finance, Harvard
Amid arguably the worst year to apply for financial aid, some colleges are implementing new strategies to entice students wary of the high cost. Vanderbilt University announced it is expanding Opportunity Vanderbilt to include full-tuition scholarships to students of families with an annual income of $150,000 or less. Meanwhile, Dartmouth also said it is nearly doubling its current income threshold for a "zero parent contribution" for parents with an annual income of $125,000, up from $65,000. "As costs continue to escalate we think it's so important there is access," said Doug Christiansen, Vanderbilt's dean of admissions and financial aid. "I am concerned on a national level that we will have a portion that think they can't afford it," he said.
Persons: Dartmouth, Doug Christiansen, Christiansen Organizations: Vanderbilt University, Vanderbilt, Finance, Harvard, Federal Student Aid
Antonio Scordo, 50, is struggling to navigate the college financial aid process for his two daughters. Having already sent his son through college, Scordo was familiar with the Free Application for Federal Student Aid, or FAFSA, process — but this year has brought a host of new challenges. "We also don't want to apply for not enough because then you're scrambling to try to find money at the last minute. According to Federal Student Aid, the ability to make corrections and updates will not become available until "the first half of April." To help pay for his son and one of his daughter's schools, he took out nearly $50,000 in parent PLUS loans, per documents reviewed by BI.
Persons: Antonio Scordo, , Scordo, Joe Biden's, she's, she'll, Miguel Cardona, Cardona, they're Organizations: Service, Federal Student Aid, Joe Biden's Education Department, Business, BI, The Education Department, Politico, Microsoft, Education Department Locations: Scordo
Roughly two dozen schools have introduced "no-loan" policies, which means they are eliminating student loans altogether from their financial aid packages. "They are giving them out like candy now," said Menaka Hampole, an assistant professor of finance at Yale School of Management, of the growing number of no-loan policies. "Post-Covid more schools are rolling out no-loan policies mostly on the back of Princeton, which had the money in its endowment to do something," Hampole said. Even if a school has a no-loan policy, that also does not prevent a student or family from borrowing money to help cover their contribution. "No loan doesn't mean free," said Robert Franek, The Princeton Review's editor in chief and author of "The Best 389 Colleges."
Persons: Menaka Hampole, Hampole, Colin Hatton, Hatton, Robert Franek, Nicole Hurd, Hurd, Biden, Terra Gallo, Gallo, Colby, Jackie Hardwick, Hardwick, Randi Maloney, Franek Organizations: Yale School of Management, Princeton, Nationwide, Lafayette College, Finance, Colby College, Colby, The Princeton Locations: Easton , Pennsylvania, Lafayette, Waterville , Maine, Jacksonville , Florida
Apply for financial aidIn ordinary years, high school graduates miss out on billions in federal grants because they don't apply for financial aid. Because this year's award letters are likely to look a lot different, that also opens the door for families to ask for more college aid. In that case, you may be able to appeal to the college financial aid office, according to Menaka Hampole, assistant professor of finance at the Yale School of Management. Alternatively, if the financial aid packages from other, comparable schools were better, that is also worth bringing to the school's attention in an appeal. "It's very important for students and families to know that financial aid offices tend to be very approachable," Greenberg said.
Persons: haven't, Rick Castellano, Sallie Mae, Greenberg, Menaka Hampole Organizations: U.S . Department of Education, National College, College, Network, Yale School of Management
The U.S. Department of Education announced Monday it is introducing a "FAFSA College Support Strategy" with additional personnel, funding, resources and technology to help colleges process the new Free Application for Federal Student Aid forms after the rollout was repeatedly complicated by a number of setbacks. "We are determined to get this right," U.S. Secretary of Education Miguel Cardona said in a statement. However, the consensus among college financial aid administrators seems to be that it is "too little, too late," said higher education expert Mark Kantrowitz. It will also offer a "concierge service" to answer questions from colleges about the new form and help schools drive FAFSA completion so students can get their aid packages in time. Last week, the Department of Education said colleges won't receive FAFSA applicant information until early March, instead of late January as initially estimated, potentially delaying financial aid award letters until April or later.
Persons: Education Miguel Cardona, Mark Kantrowitz, Biden Organizations: U.S . Department of Education, Federal, Education, Finance, Department of Education
For most students and their families, which college they will choose hinges on the amount of financial aid offered and the breakdown between grants, scholarships, work-study opportunities and student loans. This year, schools are now waiting on that FAFSA information to begin building financial aid packages and to give students and families enough time to weigh their options. "The delay in sending FAFSA data to colleges will cause college financial aid offers to be delayed until at least April, maybe even May." "Making an offer of admission without offering a full financial aid offer really isn't useful for most families," said Adam Miller, vice president for admission and financial aid at Whitman College in Walla Walla, Washington. To do this, Whitman and other colleges would need to leverage the information families provided in their completed CSS Profile.
Persons: Mark, Mark Kantrowitz, Adam Miller, Whitman, Miller, Rick Castellano, Sallie Mae, Castellano Organizations: National College, Whitman College, College Board, Decision Locations: Walla Walla , Washington
The latest delay means financial aid awards might not come until April. AdvertisementThe sole application for receiving college financial aid has had a rocky rollout this year — and it means reward letters will be delayed by months. AdvertisementThe latest delay in receiving financial aid awards can be attributed to the department's efforts to update FAFSA qualifications to expand families' financial aid eligibility. However, that'll take time — and could leave some families in a time crunch when it comes to evaluating their financial aid packages. "Updating our calculations will help students qualify for as much financial aid as possible."
Persons: , That's, they'll, that'll, Education James Kvaal, Justin Draeger, Draeger, Virginia Foxx, Burgess Owens, Secretary Miguel Cardona, Sen, Bill Cassidy, Biden, Cassidy, Foxx, Richard Cordray Organizations: Education Department, Service, Federal Student Aid, Education, U.S . Department of Education, National Association of Student Financial, Republican, Secretary, Department, Office, Aid
The Supreme Court is set to hear oral arguments Tuesday on a case that could affect broad swaths of the U.S. tax code and federal revenue. The closely watched case, Moore v. United States, involves a Washington couple, Charles and Kathleen Moore. Designed as a transition tax, the legislation required a one-time levy on earnings and profits accumulated in foreign entities after 1986. While the 16th Amendment outlines the legal definition of income, the Moore case questions whether individuals must "realize" or receive profits before incurring taxes. It's an issue that has been raised during past federal "billionaire tax" debates and could affect future proposals, including wealth taxes.
Persons: Moore, Charles, Kathleen Moore, Donald Trump's, Moores, Matt Gardner Organizations: Taxation, Economic, Finance Locations: United States, Washington
The earlier families fill out the form, the better their chances are of receiving aid, since some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds. However, that shouldn't prevent families from completing the FAFSA in the days that follow, he added. "While there may be some hiccups along the way, students and families should do what they need to do to file as soon as possible," he said. Up until now, "the multiple student adjustment has been the single most important data element affecting one's eligibility for federal student aid," Chany said. At the same time, the new FAFSA will raise the family income threshold, making more students eligible for federal need-based aid.
Persons: Rick Castellano, Sallie Mae, Castellano, What's, Kalman Chany, Chany, Pell Grant, Mark Kantrowitz Organizations: IRS, slims, Department, Education, Princeton, CNBC
Many families struggle with giving priority to saving for college and retirement. Photo: ISTOCKFaced with the gargantuan cost of higher education, Americans often have to choose between securing their children’s future or their own. A new rule change makes it slightly easier to do both. Pretax contributions made to retirement accounts will no longer count as income in the formula that measures a family’s ability to pay for college, under changes to this year’s Free Application for Federal Student Aid, or Fafsa. The Education Department made the changes to simplify the form and ensure more aid goes to those who need it most.
Organizations: Federal Student Aid, The Education Department
What is the Student Aid Report?
  + stars: | 2023-10-24 | by ( Aly J. Yale | Richard Richtmyer | ) www.businessinsider.com   time to read: +14 min
The Student Aid Report summarizes the information on your Free Application for Federal Student Aid (FAFSA). See Insider's picks for the best private student loans >>What is the Student Aid Report (SAR)? The Student Aid Report is a document that, through the 2023-2024 school year, was used to summarize the data submitted on a Free Application for Federal Student Aid (FAFSA). Federal student aid eligibilityYour summary will also include your Student Aid Index — formerly called the Expected Family Contribution. Schools and aid offersThe schools you apply to don't actually receive your FAFSA Submission Summary (formerly Student Aid Report).
Persons: , Shannon Vasconcelos, Robert Kersey, you'll, Kersey, Vasconcelos, Perkins, Pell Grant, Elaine Rubin, You'll Organizations: Federal Student Aid, Service, Bright Horizons, Grants, What's, College of Charleston, Education, Department, Department of Federal Student Aid, Internal Revenue Service, SAR Locations: FAFSA.gov
Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). AdvertisementAdvertisementAs of October 2023, student loans payments are back, but there are options if you can't afford them. As of October 2023, monthly payments are once again due on federal student loans after being paused since March 2020. Fortunately, there are solutions for people who can't afford student loan payments now. Borrowers who don't want to pay the payment on a standard 10-year repayment plan should look into income-driven repayment plans (including Biden's new SAVE repayment plan).
Persons: , Jared Costigan, Costigan, Robert Farrington, Farrington, Danny Cieniewicz, you'll, Kantrowitz, Ben Markley Organizations: Service, White, The College Investor, Hyperion, Public, More College Financial
Bankman-Fried's will be the first of Williams' blockbuster white collar cases to go to trial. The cases Williams, 43, has brought so far show he has been a "steward" of the SDNY's longstanding priorities, said Kan Nawaday, who overlapped with Williams at the office. Prosecutors had described the cases as the first insider trading cases brought involving digital assets. Williams' charges against Bankman-Fried came just one month after FTX's collapse, which former prosecutors say is very fast for a complex white collar case. WILLIAMS HAS STRUGGLED WITH SELF-DOUBTBankman-Fried's trial comes after some setbacks and amid ongoing challenges for Williams' office.
Persons: Damian Williams, Mike Segar, Sam Bankman, Williams, Charlie Javice, Bill Hwang, Joe Lewis, Javice, Hwang, Lewis, Kan Nawaday, He's, Venable, Prosecutors, Alex Mashinsky, WILLIAMS, SDNY's, John Paul Stevens, General Merrick Garland, Garland, Joe Biden, Bob Menendez, Menendez, Fried, Joshua Naftalis, Pallas, Brian Benjamin, haters, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: Attorney, Southern, of, REUTERS, U.S, Yale Law School, Archegos Capital Management, Supreme, Allianz's U.S, Allianz, Bankman, New, Columbia Law School, Thomson Locations: Manhattan, New York City , New York, U.S, of New York, English, Jersey, Bahamas, Caribbean, New York, Bronx, Georgia
A new servicer, for someMillions of federal student loan borrowers will have a different servicer when payments resume in October. Impacted borrowers should get emails about the change, said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. Borrowers previously with FedLoan should be transferred to MOHELA, or the Missouri Higher Education Loan Authority, he said. Another repayment optionFederal student loan borrowers can now sign up for the Biden administration's new loan repayment plan, and they could be enrolled in it by the time the bills resume. If your student loan servicer can't process your application for the SAVE plan by the time payments resume, it should place you in a temporary forbearance.
Persons: Julia Amaral, they'll, Granite State —, Scott Buchanan, Buchanan, FAFSA, Mark Kantrowitz, Kantrowitz, servicer, Biden, they're, Joe Biden Organizations: Istock, Pennsylvania Higher Education Assistance Agency, Student Loan, Alliance, Finance, Missouri Higher Education Loan Authority, EdFinancial Services, Lakes Higher, Federal Services, Biden, Valuable Education, Public, Education Department Locations: That's, Pennsylvania, Granite State, MOHELA, Missouri, StudentAid.gov
It’s not too late to apply for financial aid or appeal the financial aid amount that was given. “It doesn’t mean that we run out of funding,” said Phil Asbury, Director of Financial Aid at Northwestern. With the financial aid office, students shouldn’t brag or boast about grades. Explain what has changed in your situationAt Emory University, “students can contact the Office of Financial Aid at any point” with what’s called “a special-circumstances appeal,” said John Leach, Associate Vice Provost for Enrollment and University Financial Aid. Inform the school’s financial aid office right away and in some cases, financial aid can increase, he said.
Persons: It’s, , Phil Asbury, “ Don’t, Lissett Bohannon, “ It’s, University of Chicago’s Youssef Hasweh, Hasweh, shouldn’t, what’s, John Leach, Leach, ” Leach, FAFSA, Vicki Vollweiler, Vollweiler, Miranda McCall, Duke, ” McCall, Organizations: CNN, Columbia University, University of Wisconsin, University of Colorado, Education Data Initiative, Northwestern University, Aid, Northwestern, University of Chicago’s, Federal Student Aid, Emory University, Financial, Enrollment, University Financial, College Financial, Locations: New York City, Madison, University of Colorado Boulder, United States, Illinois
The average sticker price for college, or published costs for tuition and fees, has been rising — but most families don't pay full price. Here are three strategies that can help you pay for college now and save for rising costs in the future. Last year, about 30% of parents used college savings plans such as 529 plans to pay for about $7,800 of college costs, on average, according to the Sallie Mae report. For families who remain concerned about making ends meet based on the financial aid award they've received, it is possible to ask the college financial aid office for more aid. If your circumstances are now different, that should be brought to the financial aid office's attention.
Persons: Sallie Mae, Adam Nguyen, Ivy Link, Roth IRAs, Ivy, Nguyen, Rob Franek, Mark Kantrowitz, they've, you've Organizations: College Board, Istock, Getty, Ivy, The Princeton, ACT, College
Massachusetts' new 4% tax on millionaires is bringing in $1 billion in revenue this year. Maura Healey last week signed a $55.98 billion state budget that spends the funds. The money is going toward free school lunches, discounted transit fares, and college financial aid. Maura Healey last week signed a $55.98 billion state budget for the 2024 fiscal year to spend the money. The signing of the budget made Massachusetts the eighth state to adopt a plan for free school lunches since the expiration of federal free school lunches that had emerged during the COVID-19 pandemic.
Persons: Maura Healey, Healey Organizations: Gov, Service, Massachusetts, Democratic, Democratic Massachusetts Gov Locations: Massachusetts, Wall, Silicon, Democratic Massachusetts
The Sibling Discount Ends for College Financial Aid
  + stars: | 2023-07-18 | by ( Oyin Adedoyin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/the-sibling-discount-ends-for-college-financial-aid-7368334c
Persons: Dow Jones
Companies JPMorgan Chase & Co FollowNEW YORK, July 12 (Reuters) - U.S. prosecutors on Wednesday unveiled an indictment charging Olivier Amar, who helped run college financial aid startup Frank, with defrauding JPMorgan Chase (JPM.N) into buying their company for $175 million. Amar, who was Frank's chief growth officer, was charged with wire fraud, bank fraud, securities fraud and conspiracy, becoming the second company official indicted in the case. Lawyers for Amar, whose whereabouts were not immediately known, did not immediately respond to a request for comment. A spokesman for the U.S. Attorney's office in Manhattan also did not immediately respond to a request for comment. The bank shut down Frank in January, and Chief Executive Jamie Dimon branded the acquisition a "huge mistake."
Persons: Olivier Amar, Amar, Frank, Charlie Javice, Javice, Jamie Dimon, counterclaims, Luc Cohen, Bill Berkrot Organizations: JPMorgan Chase, U.S, JPMorgan, Thomson Locations: Manhattan, U.S, Amar, Delaware, New York
The founder, Charlie Javice, instructed employees to change "public-facing numbers" of college aid platform Frank to 4.25 million customers in January 2021, JPMorgan alleged in the filing. Frank had fewer than 300,000 real customers when JPMorgan bought it in September 2021, the bank has alleged. one Frank employee asked in a January 2021 Slack thread. According to Thursday's filing, Javice justified the change in user stats by telling employees that website visitors counted as customers, the bank alleged. Javice has said in court filings that JPMorgan knew how many users Frank had and that the bank sought to blame her for its mistakes.
Persons: Charlie Javice, JPMorgan Chase, Frank, Slack, Charlie, Javice, Javice didn't Organizations: JPMorgan Chase, Co, United States Court, JPMorgan, Department of Justice, Securities and Exchange Commission, & $ Locations: Manhattan, New York City, Javice
The allegedly inflated numbers helped her sell her startup to JPMorgan Chase for $175 million. Classmates of Charlie Javice told Fortune they were shocked by allegations she defrauded JPMorgan Chase for $175 million – and one wondered why she didn't immediately flee the country. In January 2022, JPMorgan Chase realized that the subscriber numbers were inflated, and Javice was fired by the end of the year. If I sold a company to JPMorgan Chase, I would explain everything, everything [that] I expensed including that salad that I bought at Sweetgreen that one time. She is being charged with securities fraud, wire fraud, bank fraud, and conspiracy.
Persons: Charlie Javice, didn't, Fortune, Frank, , JPMorgan Chase, Javice Organizations: JPMorgan Chase, Morning, JPMorgan, Wharton School, University of Pennsylvania
The allegedly inflated numbers helped her sell her startup to JPMorgan Chase for $175 million. Classmates of Charlie Javice told Fortune they were shocked by allegations she defrauded JPMorgan Chase for $175 million – and one wondered why she didn't immediately flee the country. In January 2022, JPMorgan Chase realized that the subscriber numbers were inflated, and Javice was fired by the end of the year. If I sold a company to JPMorgan Chase, I would explain everything, everything [that] I expensed including that salad that I bought at Sweetgreen that one time. She is being charged with securities fraud, wire fraud, bank fraud, and conspiracy.
Persons: Charlie Javice, didn't, Fortune, Frank, , JPMorgan Chase, Javice Organizations: JPMorgan Chase, Morning, JPMorgan, Wharton School, University of Pennsylvania
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