FAP413: Arizona State University Advantage, First Marblehead, graduation rates, John Jacob Penn memorial, David Spak

Student Financial Aid News
+ Boston-based student lender First Marblehead Corp. disclosed that will receive $89 million of "upfront structural advisory fees," as part of a $1.025 billion securitization of private loans.
+ About 93% of the loans to be securitized were be made directly to consumers; the remaining portion were originated through schools. First Marblehead [ticker: FMB] has a market capitalization of about $897 million.
+ Disclosure: First Marblehead powers our Act Education Loans at ActEducationLoans.com and private student loans at AlternativeStudentLoan.com
+ ASU is opening wide its doors to low-income Arizonans, announcing the âSun Devil Promiseâ to provide full funding to all Arizona freshmen from families with incomes under $25,000. The new program will pay for tuition, fees, books, room and board, about $13,000 a year.
+ Forty-seven percent of Arizona children live in low-income homes, and about one-quarter are in households with incomes less than $25,000. ASU is among the first universities in the nation to offer this type of assistance.
+ Two years ago, ASU launched the ASU Advantage program to cover the full cost for students whose family income is at or below the federal poverty level of $18,850. More than 600 students have entered ASU under the program. The Sun Devil Promise is expected to make a university education accessible to hundreds more qualified low-income students.
+ College officials and tax experts said they were taken by surprise by the Internal Revenue Serviceâs announcement this month that one of its focuses for the 2007 fiscal year would be a new project examining how colleges and universities account for âunrelated business incomeâ â revenue they take in from activities that are not deemed to be connected to their underlying educational mission, and that are therefore taxable. The announcement was included in an annual letter the IRSâs Exempt Organizations division releases with its guidelines for the coming year.
+ A new report released Monday from the National Conference of State Legislatures sounds the alarm: For every 100 ninth graders, only 18 will enter college and finish within six years.
+ The report lays much of the blame at the ballooning price of a bachelor's degree, which is more than double the rate of inflation. For example, over the past five years, average tuition has climbed 35 percent, adjusted for inflation, at four-year public colleges, according to the College Board in New York. Inflation rose 13.8 percent over the same period.

Scholarship Update
+ Arizona State University Sun Devil Promise - ASU Advantage
+ Eligibility:
+ Arizona Resident.
+ Admission to ASU as a degree-seeking freshman beginning the fall semester (pursing first undergraduate degree).
+ Demonstration of total family income of $25,000 or less on the FAFSA for eligible students entering fall 2007.
+ Enter ASU beginning the fall semester immediately after Arizona high school graduation.
+ Native American high school seniors that meet the Arizona residency criteria for tuition purposes at ASU are eligible.
+ Full-time enrollment.
+ Program participation extends for eight full-time, consecutive semesters.
+ Details at our free scholarship web site

A Quick Personal Note
+ John Jacob Penn, 1912-2006
+ Man, do those little sailboats hurt.

Podsafe Music
+ David Spak, Amazing Grace
+ Music via the Podsafe Music Network
+ Stop by our MySpace page!

Reminders
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ Stafford federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ FAFSA form online filing at FAFSAonline.com
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ The Financial Aid Podcast is a publication of the Student Loan Network.

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