Students going back to school in 2010 will see higher college grant amounts and better student loan rates. In response to increasing tuition rates and rising unemployment, financial aid initiatives were included in the American Recovery and Reinvestment Act of 2009. To help qualified students pursue their educational goals, the Department of Education increased the amount of funding available through Hope Scholarship Credits and Federal Pell Grant programs. Additionally, interest rates for some educational loans – which tend to be very high – have held at 5.6 percent for the past five months and are expected to fall by July of next year.
“Funding, and sustaining funding, for educational endeavors can be a rigorous but worthy task,” Tressa A. Brush, director of student financial services at South University, told
the Osceola Sentinel-Tribune. “If you do the work well, great payoffs can happen, and of course, the biggest payoff is the investment you will make by getting an education,” she added.
While many students may be wary of putting themselves in a great deal of debt in order to enhance their qualifications with education, the government has also added many options to its federal loan repayment programs, the Baltimore Sun reports.
Because many individuals are out of work, trapped in low-paying jobs or returning to school in response to the recession, debtors now have several options to postpone repayment and avoid defaulting on their loans. “If students are conscientious about it and they explore their options, there shouldn’t be any reason they would be in default, even if they don’t have a job,” Mark Lindenmeyer, director of financial aid at Loyola University Maryland, told the newspaper.
Individuals who wish to return to school may take advantage of government leniency and financial aid programs at campus-based and online universities that can help them attain high-paying positions and avoid debt.
May 4, 2010
Going back to college is less difficult that finding the money to do it. Hearing that there is more financial aid is a relief to those of us wanting to go back for a degree.
June 9, 2010
I am interested in going back to school to get an associates degree to start with. I have started college twice before about 5 years ago and was not successful due to depression. I feel more confident this time and was wondering how hare it will be to get financial aid considering my record?
June 9, 2010
I am interested in getting financial aid to go back to college. How complicated is it now with the new laws?
June 9, 2010
I have tried to apply for financial aid in the past but got frustrated with all of the red tape. Have they made the process any easier?
July 2, 2010
I have been trying to get financial aid and have already been accepted to college. Would it help to talk to my advisor and get help from her?
July 2, 2010
can you tell me where to begin looking for financial aid?
July 14, 2010
I have been reading all of these articles about financial aid that is now available. It seems to me anyone who wants money for college should be able to get it. If that is the case, why is it so difficult.
July 29, 2010
This is really good news. After graduating high school 5 years ago and dropping out of college, I now realize that I have to have a degree if I want to make anything of myself. Obviously, my parents are now willing to pay for school because I blew if the first time. So, now I am working and want to go to school online. Knowing that financial aid is available is quite exciting.
August 7, 2010
If I understand this correctly, I can put off the repayment of my student loans until I get a job and am able to pay, without being penalized. Is that correct?
March 1, 2011
Hi Jesse. If only it was that easy
Contact your loan company to see if you can get a deferment due to unemployment or financial hardship before you altogether stop paying. They will be able to give you more info about what you can do if you cannot pay at the moment.