FAP391: A mail bag full of questions and answers, investment strategy for college, minority scholarship, Jerzy Jung

Student Financial Aid News
+ A coalition including College Parents of America, the United States Student Association, and the State Public Interest Research Groups is petitioning for reform of student loan repayment rules.
+ The group wants to limit student loan payments to 15% of any income above 150% of the poverty level, gain protection from high-interest charges from lenders, cancel remaining debt when borrowers have made on-time payments for 20 years, and simplify the application process for hardship deferrals and other repayment options.
+ The U.S. Student Association is also pushing for an increase in grant aid for lower- and middle-income students, something that was reduced when the Deficit Reduction Act of 2005 took effect earlier this year.
+ Bad investments and foreign currency exchange rates swung Lincoln, Neb.-based student lender Nelnet Inc. to a $22.4 million loss after recording a $72.1 million gain a year ago.
+ The leaders of the six major higher education associations that represent institutions have sent the Bush administration a letter outlining priorities for the 2008 fiscal budget. Among the priorities: Pell Grants, international education, science research, job training and the National Endowment for the Humanities. With work on the fiscal 2007 budget not done, 57 senators have written to Senate leaders asking for more money for the appropriations bill that supports the Education Department and the National Institutes of Health.
+ For parents saving money in stocks and investments, if the investments are underperforming by the time a student goes to college, consider taking out student loans, paying the interest on them in school for unsubsidized loans, and then if the investments rebound later, using the proceeds to pay off loans, rather than sell at a loss.
+ In lighter news, a great clip by Dove shows the essence of how media can make models look unrealistically good.

Scholarship Update
+ William Randolph Hearst Endowed Fellowship for Minority Students
+ A fellowship grant of between $2,500 and $5,000 will be awarded, depending on the recipientâs educational level, financial need, and time commitment.
+There is no application form for this fellowship. Please send: 1) a letter of interest (include information about dates of availability for the fellowship); 2) a resume; 3) a transcript; 4) a letter from the appropriate university financial aid officer certifying demonstrated financial need; and 5) two letters of reference
+ Open to undergraduate or graduate students
+ The student must be able to intern for 10-15 weeks at the Washington, DC, office of the Aspen Institute. We generally expect that Fall and Spring internships will be part-time (10-20 hours per week) and Summer internships will be full-time. All travel and housing costs must be covered by the student.
+ Deadline December 15, 2006
+ Detailed information at our free scholarship search site

Mail Bag
+ I just called in, but it was a more direct question to you than something about the show, which is great by the way. My question to you is if you know of any large financial institutions that are developing college financial planning programs? NOT 529 plans and such, but addressing the need of parents with college-bound students - how to begin the college search, how financial aid works, how best to structure your assets in the years leading up to college to qualify for maximum aid, how to pay from available resources, etc. With all of the institutions I've checked with, no one seems to be doing this. Your thoughts would be appreciated. thanks, Joseph Casey
+ Hi Christopher, I've been listening to your podcast for about a two months now, and I'd like to say its been very informative since I was initially completely clueless to the aid process. Which has led me to my question. I have a unpaid balance due to my college for credits earned my freshman year. I have applied to countless scholarships, and have been trying to find ways to pay the balance. I applied for a private loan through TERI, but my cosigner wasn't approved. Do you know of any private lenders that have high approval rates? Your help will be appreciated. Thank you so much. - Femi
+ Try our undergraduate loan application from MRU at StudentLoanNetworkApplication.com
+ Or find a different cosigner and reapply at ActEducationLoans.com
+ I was wondering what is a good publication that helps me figure out what types of Aid I am eligible for and what are the limits? I am having a hard time with the financial aid and was wondering who I could turn to for help her ein Texas? - Korey Vera
+ The FAFSA is what you're looking for
+ File your FAFSA form online at FAFSAonline.com

Podsafe Music
+ Jerzy Jung, Never Say I'm Afraid
+ Music via the Podsafe Music Network
+ Stop by our MySpace page!

Reminders
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ Federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ My personal blog
+ The Financial Aid Podcast is a publication of the Student Loan Network.

Questions? Comments? Suggestions? Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 877-328-1565 x529. AIM: FinAidPodcast Add me to your iTunes by visiting http://www.FinancialAidPodcast.com/subscribe/

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