A total of 150 private nonprofit colleges failed the U.S. Department of Education’s most recent financial-responsibility test, which covers the 2010 fiscal year, according to data released by the department on Wednesday. More than half of them scored so low that they will be required to post letters of credit to remain eligible to participate in the federal student-aid programs.… Continue reading
That is the implication of a paper published online this month by the Economics of Education Review.… Continue reading
If you need to borrow to finance your education, federal student loans should be first on your menu. Congress and the U.S. Department of Education regulate federal student loans, setting maximum interest rates, borrowing limits, and other important loan terms. These loans come in loads of different flavors.… Continue reading
Parents who fill out the Free Application for Federal Student Aid, or FAFSA, are often shocked by how much the federal government thinks they can afford to pay for college when they receive their official “Expected Family Contribution,” or EFC.
Those who have investigated exactly how the government calculates the EFC say there’s a reason: The formula is so unrealistic and so old—it’s loosely based on a family budget from 1967—that it isn’t surprising that many 21st Century families are flabbergasted.… Continue reading
The United States Department of Education said it would announce a new timetable Friday for releasing the final version of regulations aimed at the for-profit higher-education industry — and education groups are expecting a postponement of the “gainful employment” rule, a controversial rule cutting off federal student aid to programs whose students have the highest debt burdens and lowest loan-repayment rates.… Continue reading
Is it in the harshly critical investigative reports that stitch together one damaging anecdote after another to suggest that the institutions prey on academically underprepared, low-income students, leaving them with huge student loan debts and few job prospects?
Or, as the colleges’ officials themselves assert, is there a different (and more favorable) truth to be found in the huge numbers of underrepresented students who are flocking to the institutions in ever-growing numbers and emerging with credentials that help them enter the job market, to their own satisfaction and that of their employers?… Continue reading
Getting financial aid starts with the Free Application for Federal Student Aid or FAFSA. By filling it out, you apply for the U.S. Department of Education’s federal student aid programs, the largest source of student aid in America. In many cases, you’re also automatically applying for funds from your state, and your school as well.… Continue reading