Stimulus for Your Student Aid? | 01.21.09

Posted in Federal Work-Study, Financial Aid By Student Loan Network Staff

There is a new economics stimulus Bill that has been introduced into the House of Representatives, that could potentially increase your student aid package that you receive from your school.

The stimulus bill, would be part of the “American Recovery and Reinvestment Bill of 2009″ which is being designed to hopefully save millions of jobs, jump start the economy, and (cross your fingers) give you more financial aid:)

Here are the details:

  • Raise Pell grant maximum by $500 (from $4,850 to $5,350)
  • Increase unsub max amounts by $2000
  • provide $490 million dollars extra for work study for undergrad and graduate students
  • Provide $50 million to help the Dep’t of Ed administer new and surging student aid programs through this ever changing educational environment

Sounds pretty good to me…except the Stafford loan sub and unsub limits still don’t come any where close to covering tuition at a private university. Thoughts on this new proposal?


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7 Responses to “Stimulus for Your Student Aid?”

  1. R.Cole says on January 30, 2010 at 11:59 am:

    Interesting. What about the recent graduates that are now trying to enter a dead economy. Those of us with over 100k in debt thanks to false advertisement by schools and business world alike. Yes, those of us who started our education with assurances that a job would be waiting at the end of the line. What about us?

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  2. Lissa says on May 1, 2009 at 5:31 pm:

    While this is a start, it’s not nearly good enough. What about those of us who are nearly done with college now and have student loans (both federal and private) with astronomically high interest rates? I had to get private loans to cover the remaining cost of tuition at my school and because my household makes just over the cutoff, I wasn’t eligible for any federal aid other than a student loan. I’m looking at 10-13% interest rate on my private loans and about 6% on federal loans. This will be impossible to pay back considering I’ve had no callbacks or anything regarding a job. In this economy, there is no way students can pay back loans unless they’re working and work is hard to come by. My proposal is partial loan forgiveness, especially for high interest rate loans. Also, *please* extend the grace period. 6 months is the bare minimum for getting a job nowadays and in this economy, it’ll take even longer.

    Some may say “just get a job” to help pay for tuition – do you really think it’s that easy? Jobs are sorely lacking right now. And like I said, what of those of us who are almost done with school? I had no other option than to go to school online from home because my husband and I can’t afford another car. Trust me, going to school full-time does not leave time for a job and the only option I had for school was a private college. I am a graphic design major and public schools just don’t have online options for that degree.

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  3. Rob says on February 20, 2009 at 2:52 am:

    Forgive student loans??? Why??? If you take out a loan, you need to pay it back…

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  4. Heather says on February 17, 2009 at 5:08 pm:

    How to pay costs in addition to tuition that are not covered by federal student loans? GET A JOB. Deliver pizzas, go to a less expensive school, tutor. Look into any other possible option, and there are plenty, before you even begin to consider taking a private student loan.

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    • Lee Anne Hannula says on February 19, 2009 at 3:58 pm:

      I agree that people should look at different schools. People get caught up with going to a particular school even if it is way out of their price range. The school you go to doesnt matter as much as it did years ago. (unless you go to an IVY or some other elite school). I personally don’t think going to a private college is worth it if it’s going to put me in debt for the next 20 years

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  5. r.wante says on February 12, 2009 at 10:12 am:

    useless..student loans should be forgiven for people that cannot afford them. loans to the banks were forgiven why not the children of our country

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  6. Linda Breckenridge says on February 3, 2009 at 1:39 am:

    The tuition cost is just the tip of the iceberg and usually supplemental loans are required to cover any other cost. What can be done about getting initial cost paid in addition to tuition?

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