It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
President Biden announced a revised plan to forgive student loans, which will benefit tens of millions of Americans. This plan is narrower than his original effort, but it targets specific borrowers with financial hardship or those who have been in repayment for a long time. The revised plan aims to forgive up to $20,000 of unpaid interest for borrowers and could erase or reduce balances for many. Biden hopes this effort will survive legal challenges and help address the burden of student debt in the country.
Due to technical issues, financial aid awards for college students are delayed, causing uncertainty about next year's decisions. Students may consider applying for private scholarships to reduce college expenses. This delay provides an opportunity to carefully consider college options beyond financial aid. Exploring major choices and potential earnings can help make informed decisions. Utilizing resources like the college scorecard and net price calculators can aid in assessing affordability. By researching and applying for scholarships, students can potentially cover a significant portion of college costs.
College costs remain sky-high, with some universities nearing $100,000 per year. However, most families pay significantly less thanks to financial aid. Scholarships, grants, and loans reduce the net cost, making many schools more affordable. Filling out the FAFSA (Free Application for Federal Student Aid) is crucial for accessing federal aid, even with recent issues.
Several universities are expanding their financial aid programs, providing more students with the opportunity to graduate debt-free. Vanderbilt University will offer full-tuition scholarships to families earning up to $150,000 annually, while Dartmouth has increased its income threshold for zero parent contributions to $125,000. These changes come amid concerns that rising college costs may deter enrollment, especially among lower-income families.
The US Department of Education is facing criticism over ongoing issues with the Free Application for Federal Student Aid (FAFSA). Former student loan official Wayne Johnson has accused the department of "malicious negligence" for technical problems preventing students from accessing and completing forms. This has delayed award letters, leaving applicants in limbo and potentially reducing college enrollment as happened during the COVID-19 pandemic. Republican lawmakers and financial aid administrators are also expressing concerns, highlighting a need for quick resolutions.
Despite challenges, Harvard University has reclaimed its position as the most sought-after institution for prospective students, surpassing competitors such as MIT and Stanford. An increased early acceptance rate has potentially alleviated concerns following antisemitism incidents. Harvard's generous financial aid, notably free tuition for families earning less than $85,000, continues to be a significant attraction for students, mitigating the impact of financial aid delays faced by some families.
