Posted On: 2005-10-06Length: 29:14
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Good morning, it is Thursday, October 6, 2005. Got a great show for you today on The Financial Aid Podcast show #85. My name is, Chris. If you're just joining us, welcome aboard. Please to have you. Going to cover some news, scholarship update, and some mail call, going to dig into the mail bag, and of course some more Pod safe Music, the best in Pod safe Music from The Pod safe Music Network. Alright, let's get started right away with the news.
Topping the news the today, from inside Higher Ed, House democrats seek hurricane aid for colleges. Democrats in the U.S. House of Representatives introduced legislation on Wednesday that would pour $4.7 billion dollars into colleges and universities affected by the two recent hurricanes. Recruit and retain students and employees with the idea that institutions will be critical to the economic rehabilitation of the region. The measures would provide up to $1.6 million to forgive up to $2500 a year in federal loans for full-time students at those colleges. Students at 2-year institutions would be eligible for a total of $5000 and those at 4-year colleges would be eligible for up to $10,000 in student loans that would be forgiven; just written-off the books. That dollar amount never existed.
The legislation would also make available up to $3 billion in 1-time grants to affected colleges themselves to recruit and retain, students, faculty, and staff members also for providing need-based aid and room and board, making repairs, developing temporary housing. Lot's of good things. This is a bill introduced by Representative George Mill of California and Dale Kildee of Michigan. These are the two top democrats in the House Education Workforce Committee. If you like the sound of this, if this sounds like a bill that you recommend and support for the Gulf Coast region, please let your House Representative know, this called the Miller Davis Kildee Bill, it's been put forward but has not been voted on yet. Let your representatives know.
You can find information on representatives for your geographic are of the country at www.house.gov. And go ahead and let your representatives know if this is a good piece of legislation. It's important, I'm going to get into a political rant again...it's that time of week, it's important to be involved in the political process even if it's nothing more than sending an email when you see something that crosses your desk and your like, I think that's something important or I'm concerned about that. Letting your representatives know what's going on in terms of what you think it's important is imperative because that's the only way then know what their constituents are thinking. That's the only way they can keep a tally on what's going on. When it comes to contacting your representatives, there's generally four ways you can do it: phone, fax, email, and postal mail. Of those, in terms of weight, in terms of priority given, postal mail is a really high priority because it takes time and money to contact a person. The same is true of a phone call. You will probably, most like, not talk directly to your representative, you will talk to an assistant or an aid, but they will catalog your call and it's topic and let your representative know in aggregate. So many people called this week about this matter, so many people called this week about that matter. Faxes, to a lesser degree because it doesn't require as many resources to send, and email is probably taken least seriously because it is so easy to set-up what appears to be a grassroots campaign when in fact it is nothing more than a couple of computers just sending spam. So if your going to contact your representative, consider contacting them through the phone, or the fax. At an email, it is still relevant to send an email, it's just not given the same weight. But, when it comes to being involved in the political process, it is important to be involved. Like I said, even if it's just sending an email or something like that. It's blogging in itself is not enough, because general representatives and staff won't keep track of what people are writing on the internet and with good reason. There is so many blogs; like 7 million people blogging at any given moment. It would be very hard for anybody other than a machine to keep up with it. So, let your representative know directly. You can write a good blog post and then just copy and paste it into an email or a fax. That works too.
Alright, let's move onto some Pod safe Music.
That was Grita, from Monik via The Pod safe Music Network. Of course more information will be in the show notes. Amazing vocals, especially at the end there.
Alright, let's do a scholarship update. Let's talk a little bit about the Alisa Flatlow Memorial Scholarship Fund. This is a scholarship dedicated to the memory of Alisa Flatlow who was a 20 year old student studying in Israel who was killed in a terrorist attack in the settlement of Gaffar Derom on April 9, 1995. The fund has been established to encourage others to follow in Alisa's footsteps by studying Judaism in the state of Israel. To qualify for an award, students studies must be of a post high school nature. The study may be in programs that earn college credits. For example, student may attend a yeshiva and receive credits which may be applied to his degree program at a University.
The fund is administered by a committee and there is an application on their website and they are accepting applications now for 2006-2007. The deadline is February 15, 2006. Among the things you'll need to submit, a 2-page essay on the importance of studying Judaism in Israel and what you hope to gain in this experience, a photograph of yourself, and an odd request for you to right your name and social security number on it, three recommendations must be submitted with the application. The recommendations must be from a person not related to you, a recommendation from your principal or teacher, and a recommendation from your rabbi. I presume this is for people who are practitioners of Judaism and therefore would have a rabbi. There information is on their website at www.alisafund.org. Of course we'll have information in our show notes at www.financialaidnews.com/blog or at www.financialaidpodcast.com. Alright, that's our scholarship update for the day. Let's kick-off another piece of Pod safe Music here. Let's do a longer piece here from Rob Costlow called Bliss.
I could listen to that all day. If fact, sometimes I do. Rob's music is really, really excellent. You can check out his stuff, he's one of the few artists that, if I could get this iTunes affiliate program working, I would and flog his music mercilessly because he has just got such incredible talent. In the meantime while I try and figure that out, you can check out his music in the iTunes Music Store. You can also check it out on his website at www.robcostlow.com.
Alright, let's do some mailbag. I haven't done mailbag in a while and there's a few fun things in here. The first email here is from Kelly Watson who asks, "What address do I need to send my deferment form to?" Presumably this is for a federal student loan, deferment forms? It's pretty straight forward. They go to your lender. If your lender is The Student Loan Network, then you'll get a coupon booklet in the mail with our service form and that's where you send your deferment form to. If The Student Loan Network is not your lender then it would be whoever sends you the bills. That is generally speaking. Deference and forbearance, anything like that, any of those postponement of payment forms all go to the lender that holds your loans. The exception of course is consolidation. You can do student loan consolidation with any third party vendor. Your consolidation may not be eligible but you can apply for one, you can submit one to anyone. If you don't have The Student Loan Network as your consolidation vendor, obviously I'm going to flog this mercilessly, go to www.studentloanconsolidator.com or www.todayisave.com. I'll put some information in the show notes about that too of course.
The second piece of mail here is from Steven Bower saying, "I graduated seven years ago with a bachelors. I have a Stafford loan that I've been paying on. I'm now interested in attending an international English school located Prague in he Czech Republic, to get my international English teaching certificate. What is the procedure for getting a loan?" Ok, if you're looking for a loan, especially an international loan, you're going to want to go to one of our international loan web sites. The one I recommend is www.studyabroad.com. This is actually true for any international student. If you are tuning in from any other country other than the United States, that is the best website to go to, www.studyabroadloans.com. You'll find information there on how to get an international student loan for up to $30,000 a year. So, that was Steven's question.
The third question is from Marty Reynolds. Mary says, "I'm interested in getting a student loan and don't know where to begin. I heard Stafford was the best place to look for a loan but I'm having trouble getting started. I'm interested in how much I can receive, interest rates, and want to know about repaying." Alright, that is a big, big question. Here is a summary of the student loan process, the financial aid process overall. You can actually find this information on any of our student loan websites. The financial aid process is like a four step process.
The first step is to find scholarships. You need to find scholarships because scholarships are, hands down, the best way to fund education. They are other peoples' money that you don't have to repay. The second step are federal student loans. You have to complete your FAFSA, we talked about that the last couple days, but you have to complete your FAFSA in order to be eligible for federal student loans, with the exception of the ACT Loan, but fill out your FAFSA anyway because you get access to other federal funds. Once you've got your FAFSA done and you've gotten your Student Aid Report back, you would apply for a federal student loan if you are eligible.
If you are an undergraduate student, you can have your parents apply for a parent loan for undergraduate students or a Plus Loan you can find that at www.parentplusloan.com. Once you've gone through those steps and you still need funding, for instance you don't have access to the Plus Loan, or your Stafford wasn't what you need to cover the cost of your education. You go to private student loans. Private student loans are exempt from the federal loan qualification process, which means you don't have to fill out a FAFSA and all hat stuff. You find private student loans at www.acteducationloans.com. Once you've reached the end of that process, presumably you will have funded your education because Stafford Loans, and scholarships, and private loans, that's a pool of about probably $50-$55,000 a year. After you're done with school, apply for consolidation. You want to consolidate as much s you can, so you can take your income and create some savings. Remember that federal student loans are typically low interest loans. Even consolidations are fairly low rates. So if you are making investments or making payments on debts with higher interest rates, those come first and then your student loans after. Not saying you don't pay your student loans because you do, but you want to make sure your paying your loans that have the highest interest rates first. That's sort of the quick, short, summary.
That question about the entire loan process could take an entire podcast to talk about or series of them. So maybe we'll think about that in the future. Your best bet is to check out all of our websites, www.staffordloan.com, www.parentplusloan.com, www.studentloanconsolidator.com, www.acteducationloans.com. They each have information on repayment, terms, things like that. Ok that is the mailbag for today. I'm going to do a quick promo here for the Fantasy Times Podcast and then after that we'll do another pieces of Pod safe Music. They were nice enough to play our promo of our podcast, so.
(Fantasy Times Podcast Promo) (Music)
That was Granion with Uncovered from The Pod safe Music Network and of course before that was The Fantasy Times promo. Well that's going to do it for today's show. We are almost out of time, almost 30 minutes. As always if you are not subscribed to the show please get subscribed. It's really easy. Directions are on www.financialaidpodcast.com as always it is free. If you like the show, or don't like the show, or have questions or comments, feel free to send me an email at email@example.com. If you really like the show, give me a hand and get two of your friends subscribed to it, and again the directions are on www.financialaidpodcast.com as well as our show notes. So, until next time, stay tuned, stay subscribed. Take care.