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financial aid

Study.com selected by Department of Education for EQUIP experiment

Study.com, in partnership with Thomas Edison State University and Quality Matters, has been selected to participate in the Department of Education’s Educational Quality through Innovative Partnerships (EQUIP). The program will allow low-income students access to financial aid for nontraditional education and training programs through partnerships with select colleges and universities.

The partnership between Thomas Edison State University and Study.com offers a Bachelor of Science in Business Administration and a Bachelor of Arts in Liberal Studies. At least half of the coursework in these programs will be completed by taking Study.com video courses.

“I am honored Study.com has been selected for the EQUIP pilot. Equal access to a bachelor’s degree is the key to upward mobility for low-income students, and the foundation for success in today’s knowledge economy,” said Adrian Ridner, CEO and Co-founder of Study.com. “The Thomas Edison State University and Study.com program will provide an accelerated and flexible path to a bachelor’s degree at a fraction of the cost.”…Read More

ED launches new financial aid toolkit

Online resource intended as a ‘one-stop shop’ for financial aid information

121113sotwThe U.S. Education Department (ED) has opened a new website aimed at guidance counselors and other advisers who help students choose and pay for college.

The Financial Aid Toolkit, available at FinancialAidToolkit.ed.gov, is intended to be a “one-stop shop” that consolidates financial aid resources into a searchable online database, making it easy for educators and administrators to find the information they need to support their students.

“By equipping counselors and mentors with financial aid information, we can help to ensure current and potential students are getting the assistance they need to successfully navigate the process of planning and paying for a postsecondary education,” said Education Secretary Arne Duncan in a statement.…Read More

Unease grows about future of financing for Pell grants

With the lame-duck Congress winding down and a $5.7 billion gap in financing looming for next year’s Pell grants–and a further $8 billion gap for the following year–there is growing uncertainty about the future of the grants, the nation’s most significant financial-aid program for college students, reports the New York Times. After months of wrangling, Congress grappled Friday with stopgap financing to keep the government in business after the budget expires this weekend. But the temporary measures, probably extending to mid-February, will most likely continue the current budget without providing extra Pell money. Earlier this year, Congress passed legislation that provided an extra $36 billion over 10 years to the Pell grant program and increased the maximum grant to $5,550, up from $4,050 five years ago. But with a new Congress arriving in January and determined to cut spending, it is unclear whether that expansion is sustainable. If Congress does not cover the gap in financing, millions of students could see their Pell grants reduced by more than 15 percent, with the maximum grant shrinking by about $845.

Financial aid officers are starting to worry about a program that is supposed to provide more than $30 billion next year to college students.

“Our students count on that money, and we don’t have the resources to try to make that up,” said Alice Murphey, director of financial-aid management at the City University of New York. “There’s always been a lot of support in Washington for Pell, and enough people on our side. This is the first time it’s ever looked like there wouldn’t eventually be a solution.”…Read More

ED looks to stop misleading college recruiting

Duncan said ED's proposed rules would increase colleges' accountability to students.
Duncan said ED's proposed rules would increase colleges' accountability to students.

Some of the nation’s largest online colleges could be barred from tying recruiters’ pay to the number of students they enroll if the Obama administration’s new list of rules for for-profit institutions becomes federal policy.

The administration’s set of 14 proposed guidelines for for-profit colleges—announced June 16—was created in response to widespread student complaints of deceitful recruiting practices at some of the most profitable institutions.

Many of the proposals aim to ensure that federal aid is distributed only to students who are qualified to take college classes.…Read More

Blackboard unveils system for disbursing student aid

Students will be able to use Blackboard Pay cards to withdraw from ATMs.
Students will be able to use Blackboard Pay cards to withdraw from ATMs.

Some college students will be able to use their allotted financial aid by swiping a debit card instead of waiting for paper checks to come to their dorm rooms or houses after Blackboard Inc. this week launched a student payroll system.

Officials from Blackboard, the largest provider of learning management systems (LMS) software in K-12 schools and colleges, said the Blackboard Pay program would not charge overdraft fees or other penalties common among banks and other companies that issue debit cards.

Blackboard is teaming up with First Data and Discover to distribute the cards, which students will use to spend the per-semester or annual aid they are granted through federal or private loans. Student card holders will be able to use the Blackboard Pay cards to get cash from ATMs with the Pulse, Allpoint, or STAR Network logos, among other companies.…Read More

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