“Winning Upromise’s Tuition Tales made my first year so much easier financially… I can actually sleep at night! This is such a great opportunity for students to use their creativity, both in making the video AND in finding ways to rack up the votes! Thanks again to Upromise for helping students just go for it!” said Chris Rehmann, of Gulfport, MS, a $10,000 2009 Tuition Tale winner and freshman at NYU.

Currently in its third year, Tuition Tales was developed to jumpstart national conversations about saving and paying for college. Now through May 5, 2010, Upromise members can upload entries revealing their savvy college planning, paying or saving strategies at www.upromise.com/tuition-tales. Upromise will award two grand prizes — $10,000 for higher education – to contestants who submit the best video in the Saving-for-College Strategies and Paying-for-College Strategies categories. Those two winners and eight other finalists will also win a $500 Bank of America® Visa® Gift Card. Official rules and entry materials are available at www.upromise.com/tuition-tales.

“Saving for or paying for college can be daunting,” said Edward Scannell, director of Upromise and hobbyist director and filmmaker who helped create this year’s program. “Tuition Tales encourages people across the country to think about and share their creative strategies to invest and succeed in higher education.”

Videos will be judged on quality, fit to theme and creativity. Accepted video entries will be viewable online so that the general public may cast votes. Both online voting and a panel review will determine the top 10 finalists in each category. The public will determine, via online voting May 12-26, who wins the two $10,000 grand prizes.

Upromise by Sallie Mae is a free program designed to help families and students plan, save and pay for college. The money earned from everyday spending with Upromise partners goes directly into a Upromise account where members can choose to invest their earnings in a high-yield savings account or tax-deferred 529 plan; use it to pay down a student loan; or request a check that can be used for college or other expenses.

It doesn’t make much sense until you realize that the government is using education to pay for health care.

 According to SmartMoney.com, “The most crucial part of federal student aid reforms includes a transition to 100% federal student loan funding from the direct loan program – directly from the government – while eliminating banks and private lenders as the middle man.”

 The Congressional Budget Office (CBO), says this will help the government save $61 billion over 10 years – savings that will help pay for health care reform and go toward reducing the national deficit. In fact, it is largely thanks to these savings that health care reform is even possible.

What can students expect?

•  They will see increases in the Pell grant. However, those increases may be smaller than expected. The new provision averages to three-quarters of a percent under the inflation rate—not even keeping up with the Consumer Price Index.
•  There will now be one way to receive federal loans: the direct loan program. This may help students by providing lower interest rates and more favorable terms. The direct loan program is run by the Department of Education—the department sends money to colleges and the colleges issue the loans to students.
• Beginning in July, 2014, students can start taking advantage of the changes to the income-based repayment (IBR) plans. These IBR plans base a borrower’s monthly payment on income rather than debt.

College is expensive, so are textbooks.

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It goes on to say that, “a majority (80 percent) of these parents expects them to contribute by applying for scholarships and grants, though both are increasingly endangered financial species.”

 Additional survey findings reveal that:

• Equal percentages of parents consider themselves as concerned about the national unemployment rate as they are about college tuition costs (77%).
• For the third survey in a row, a plurality of parents (29%) identified the “rising cost of food, gas, and other daily necessities” as the single greatest obstacle they face when trying to save for their children to go to college, followed by job loss/income reduction (18%), and fear that saving now still won’t be enough (16%).
• 41% of parents who anticipate that their children will attend college have opened or plan to open a 529 tax-advantaged college savings account, though a staggering 33% still do not know what a 529 account is.

Futuretrust® is a MasterCard®-linked college savings program that enables families and friends to save for college through their everyday spending.

I never knew how hard it would be to get scholarship money for college until I actually started looking for it. After days of searching for what I thought would be free scholarship money, I discovered that over half of the scholarship sites I visited required personal information. If they didn’t ask right away, they sent me through a dozen pages of sponsor advertisements until finally getting me to a form that asked me for a four page description on how I wanted to change the world.

Although the internet made it easy for me to search for undergraduate college scholarships, it also made it easy for millions of other students hunting for a shot at free cash. So even after finding sites that didn’t ask me for my background information, I still competed with thousands other people. One week after I submitted online applications I checked my e-mail account, for what I thought would be updates regarding the status of my completed applications, only to find massive amounts of SPAM from companies I hadn’t even heard of before.

It’s hard enough writing a paper for one scholarship on top of trying to complete course work for five classes, let alone working two part time jobs where I can not futz around on a computer all day begging Google for tips on how to get scholarships from sites that don’t invade my privacy. I turned to my college advisor for advice. I visited the department for scholarship information and found two scholarships available for the current semester. So they expected me to compete with over twelve hundred students for a scholarship that required two recommendation letters, an unofficial transcript, a two page paper and the three page application itself? I was desperate.

After spending days gathering and completing all of the required materials I went to the office to apply. It was there I found out that I needed five copies of each paper I had with me so that every member of the board could review my application. So after spending money on a new ink cartridge, ream of paper and stressing out about deadlines, I got to rest. Two months later I received an electronic notification telling me that some girl named Britney something was receiving over three thousand dollars and that I should try again next semester.

Get Your FREE College Scholarship & Grant Guide NOW!

Higher student loan debts and higher unemployment, means a record number of college students defaulting on their student loans. The default rate is almost 7 percent—twice what it was in 2006. According to NPR, “About a quarter of a million people who were supposed to start paying their student loans in 2007 still are not.”

With no jobs and no job prospects, recent graduates are taking whatever they can get. They’re working as temps, waiters, in retail, and even fast food. They are barely making enough to get by, and no where near enough to pay off their student loans.

What happens if you default on your student loan?

You can be:

• turned over to a collection agency
• your credit score goes down
• the government can garnish your wages
• Social Security can be withheld

Get help to pay off student loans
The Income-Based Repayment Plan is a program that borrowers can sign up for that will limit their student loan payments to 15 percent of their incomes. A three-year deferment is also possible if graduates can prove they are hardship cases.

Even if you do get a deferment, chances are you’re going to have to pay it back at some point. Even if you defer for a few years the time will come when your loans comes due. The federal government guarantees most student loans and over a third of American students take one. Therefore, federal law makes it really had to discharge a student loan debt. That means, you can’t get out of paying it through declaring bankruptcy.

Luckily, there are many services to help you manage your money. PayOff Live is a web-based application that determines how you can pay off your debts quickly—often in less than half the time. You save money by paying less interest. As long as you’re make more money than you’re spending, you can use PayOff Live to become debt free—without major changes to your lifestyle, refinancing or lines of credit.
Facing large student loan debts can be frightening. PayOff Live can offer you personalized direction and step-by-step instructions that you can follow to pay off your student loans in less than half the time.

Get a free trial of PayOff Live.

Find a college scholarship or grant.

For some, going to school online is like a dream come true. You can “go to class” in your pajama’s, you don’t have to deal with traffic or nasty weather, and you’ll never have a scheduling conflict between your class schedule and your work schedule.

Pursuing a college degree online makes sense.
Distance learning has been around longer than you might imagine; online college is just one type of distance learning that has become very popular in the past few years. You have probably seen the ads for University of Phoenix. Founded in 1976, it is a private accredited university offering a variety of options for earning college degrees at all levels including an online doctorate.

Whether public or private, an increasing number of colleges and universities are offering classes online. The internet allows colleges to offer classes to a greater number of students; thus, increasing their revenue. Students benefit also, online classes give them the flexibility and tuition and fees are often lower, not to mention the savings on commuting and campus housing.

Many types of college degrees can be earned online.
Whether you’re pursuing a two-year degree from a community college or technical school or a Bachelor’s or Master’s degree, or even a PhD from a private, public or state university, there’s probably a program to meet your needs. A continuum of options is available to educate yourself via your home computer.

Some courses are considered hybrids as a significant portion is online, but they have a classroom component to them; other classes are completely computer-based. Some degrees can be pursued without ever setting foot onto a college campus; these are typically programs that require less hands-on training and are more conducive to online learning. But, degrees in music performance, physical education or teaching, for example, require brick-and-mortar settings for performance, internships or student teaching.

Know what you are getting into and know yourself.
Before pursuing some or all of your college education online you must be comfortable on the computer and have the right equipment (internet access and a compatible web browser). You must be organized, disciplined and a self starter. Remember that college isn’t just about the classroom; a lot of college learning comes from social interactions. If you don’t require the social life of being on campus or the face-to-face interaction with your professors and classmates, then online education may be perfect for you.

First, you need to find out which courses and which degrees can be pursued online. Be sure to read the fine print on eligibility for your specific situation. And, expect to work at least as hard as you would in a traditional classroom setting. Online college is definitely not for lazy people.

Accreditation matters.
Colleges and universities choose to be accredited; accreditation is not a requirement. In the United States, there are regional agencies that govern and regulate the college accreditation process.
There are many reasons to choose an accredited college or university. You are likely to get a better education. Your degree will have more credibility and clout in the job market. And, perhaps most important, financial aid, loans, grants and scholarships are available to those enrolled only in accredited programs. Make sure your school of choice is accredited.

“Accreditation mills” are counterfeit accrediting agencies; “diploma mills” sell bogus pieces of paper that can be purchased without doing any of the work that goes into earning a legitimate college degree. Again, do your research before enrolling in any of these programs or colleges. Time and money are precious—don’t waste either of them.

Show me the money.
There is scholarship and grant money available for online education. Some programs are unique to online programs while others are available for classroom and online college classes. The Perkins Loan and Pell Grant, both of which are part of Federal Financial Aid programs, are available for students at two-year or four-year colleges whether online or in a traditional classroom setting.

Some scholarships and free money is specific to your state or your college or university. Unique to University of Phoenix is the First Chance Program. Since 2006, this scholarship has been available to a selected group of “in need” students enrolled in Bachelor’s and Master’s Degree programs. It’s funded by a combined effort of various non-profit groups.

Helping Outstanding Pupils Educationally, (the HOPE Program) is available in many states including Georgia, Tennessee and Illinois. It is not a scholarship but rather is a tax credit for online programs in two or four year colleges.

Online college education may be the right choice for you. Be sure you’re enrolled in an accredited school and an accredited program, and seek out one of the many scholarship programs for which you may be eligible.

Do you need money for college?  Whether you are looking for student college grants or scholarships or minority college grants or scholarships the free college scholarship grant guide is the only resource you need.

You probably wouldn’t start a road trip without knowing where you are going and the best way to get there, so why jump into a student loan repayment strategy without the same level of planning and preparation?

For Spring 2009 graduates, November marks the end of the six month deferment period for student aid. And while the full payment of student loans may seem daunting, a few simple and timely steps, along with knowledge of your options, can make for an easier journey.

Think of it as your repayment roadmap from PNC Bank, N.A., one of the nation’s top student lenders.

Find the Right Route

How long you take to pay your loans will impact the amount of money you pay back overall. An aggressive approach will probably save you the most money in the long run, but what is important is finding the option below that best fits your funds and lifestyle.

Standard Repayment– Generally a fixed monthly payment of at least $50 over a period of up to ten years. Extended Repayment*– Reduce your monthly payment by extending the repayment term for a period of up to 25 years.
Graduated Repayment – Payments start low and increase over time. This may be the right choice if you currently have limited income but expect higher earnings in the future.
Income Based Repayment (IBR) – Payments are based on income and family size – usually, 10 percent of your income or lower – and adjustable annually. A new repayment option as of July 1, 2009, you may qualify if your loan payments exceed 15 percent of your income.
Loan Forgiveness - Those working in certain fields, such as public service, government or non-profit, may be eligible for loan forgiveness. Check with your state or U.S. Department of Education to see if you are eligible.

Lighten the Load

Always pay your higher interest or variable rate loans first. Wherever possible, pay down your principal to slow the build-up of interest. This can usually be accomplished with a written request. Be sure to check if you lender offers incentives for good repayment habits. For example, PNC offers a quarter percent interest rate deduction for taking advantage of automatic payments. If you are still in school, start repaying interest on unsubsidized loans now to save on interest expenses later. Think about opening an interest-bearing savings account and depositing the amount of your student loan interest accumulation on a quarterly basis to pay off at graduation.

Leave Breadcrumbs

What your lender doesn’t know can end up costing you…a lot.

Your lender is available to help make your loans manageable and to help you avoid default. If you are going back to school, are unemployed or are just going through a tough time, you may be eligible for deferment, so it is important to stay in touch with your lender and to alert them to any changes in your employment or contact information.

Before you embark on the road to repayment, it is important to sit down and map out the best strategy for you. In a world of GPS and navigation systems, let your lender, financial aid office and knowledge of the options available help you chart a course that will meet your needs every step of the way.

For more information, visit www.pnconcampus.com or call 1-888-762-1001.

This was prepared for general information purposes only and is not intended as legal or tax advice or recommendations. Any reliance upon this information is solely and exclusively at your own risk. • Available for example if you received a FFELP (Stafford Loan) after Oct. 7 1998 and have more than $30,000 in eligible loans outstanding. By Thomas Lustig, manager of Education Lending for PNC Bank PNC Bank, National Association. Member FDIC

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My expected graduation date was printed on the top of my transcripts: May 31, 2010. Then California State Universities were hit with a massive budget cut. This cut lead to several campuses cutting classes, raising tuition prices, cutting teacher’s salaries and hours, and closing off admission for new college-goers. May 31, 2010 looks a lot less hopeful now.

With only thirty units left until I receive my English degree, I had to beg teachers to let me in their classes. I emailed every teacher trying to persuade them to let me be the first on the waiting list if anyone dropped. I had to borrow a few thousand dollars from my boyfriend when loan companies did not want to help me with my last-minute request for the 32% tuition price raise. Next semester looks even dimmer; I have six more classes to complete with limited class sizes and overlapping class times.

In May 2009, Collegenews.com said, “The governor is proposing the cuts in an attempt to close the state’s $42.5 billion gap, which is the largest state budget gap in U.S. history.” This large gap has caused California campuses to undergo more budget cuts than any other university system nationwide. Collegenews.com continues, “The budget to support California schools will decrease up to $2.1 billion.”

This means that CSU campuses are being made to cut $584 million for the 2009/2010 academic year among their campuses. Furthermore, the CSU system looks to reduce the student enrollment by 32,000 students.

“The worst is not even over today,” says University of California President Mark G. Yudof during a Board of Regents meeting in San Francisco. (Watch Yodof’s speech on YouTube: http://www.youtube.com/watch?v=MEoYAuGF9Ug) President Yudof continued to express his regrets that students had to pay more. He then said, “The state has stopped paving freeways to higher education and it has started building toll roads.”

It is understandable to have to pay for an education. However, the fact is that students are now paying more for a lesser-quality education. I paid a lot more money to attend classes infected with furlough days and tense teachers. I’m paying brand name price for the cheaper, generic product.

What can California students do during this time? Make your voices heard! Write letters to your school’s and state officials. Creative solutions are what we need to survive this California education budget crisis. If we all took charge of our education and made our ideas known, things will get better. For example, Alison Stinson, Junior at CSU Northridge says, “I honestly don’t think furlough days are the answer. A better solution would be more days where the entire campus shut down. It would save more in the long run. Furlough days are just an added hassle to the professors and students.”

Do you need money for college?  Whether you are looking for student college grants or scholarshipsor minority college grants or scholarships the free college scholarship grant guide is the only resource you need.