One may also contact local government offices for referrals to a good debt consolidation specialist. Information may also be found on the Internet concerning debt consolidation services.
Grants: government funding that does not have to be repaid.
Scholarships: college funding that does not have to be repaid in the form of sports scholarships, scholarships won in beauty pageants and other contests and events, and scholarships presented by civic organizations and businesses to students to assist their funding for college.
FAFSA - the Federal Student Loan Application for Free College Funding.
I. EDUCATION SPENDING and FEDERAL FINANCIAL AID mere generation later, "state spending on higher education is at a 25-year low and federal financial aid is increasingly debt-based, with only 38% in the form of grants." (Draut, 2008) Students do not receive assistance in being able to afford college but instead are assisted into very deep debt for having attained a college education. Last year Congress passed the College Cost Reduction and Access Act, an act that will provision $20 billion additional student aid over the next five-year period and while held to be an improvement of a major sort the reality is that the impact of this act on access to college will be "negligible." (Draut, 2008) the act made only very modest improvements including:
1) increasing the Pell grant maximum about approximately $500 per year over a five-year period of time reaching $5,400 by 2012;
2) increasing an income-based repayment system that caps the amount student borrowers would pay on their loans to 15% of their discretionary income; and 3) reduces the interest rates that new student loans charge reducing them by fifty-percent in 2012. (Draut, 2008)
III. DECLINE in PAY LEVELS AMONG COLLEGE GRADUATES
Draut (2008) states: "The paycheck decline experienced by this new generation of young workers can partly be explained by the disappearance of manufacturing jobs that offered good wages for workers without college degrees, and the proliferation of low-wage service-sector jobs in their place, with no public policy...
Interest rates will be lowered reaching 3.4% in 2011 and borrowers won't have to begin repayments until they are making about $15,000." (Education Portal, 2007) Furthermore, the effectiveness of this bill is questioned because after 2011 interest rates will quickly climb on these loans again. The work entitled; "Student Loan Lenders Creating a New Credit Bubble" states of investors, that they are: "...clamoring to purchase bundled student loans. According to
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