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Financial Aid Answers - presented by eLearners.com

It is a daunting task to analyze, interpret, and implement federal financial aid regulations these days. Hopefully the information I provide will help you understand and locate the financial aid you need to earn your online degree.

  • Forgot--Veterans benefits

    I knew I'd forget in my first post. This is an online learning forum, so I don't know how the these new veterans benefits will affect distance learners, especially the housing allowance. I'm sure additional clarification is forthcoming.
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  • Big Increases in Veterans Benefits

    On June 30, President Bush signed into law a supplemental spending bill (H.R. 2642), which funds additional resources for U.S. veterans. President Bush has expressed his pleasure in increasing the GI Bill for veterans and military families.

    Our National Association of Financial Aid Administrators (NASFAA) has notified its affiliates of this new increase, and assumes the changes will take place this fall. It is important to know that benefits are only for veterans who have completed three years of active duty post-9/11. However, there appears to be pro-rated benefits for those who had a legitimate reason for not completing the three years of service. The best news is that these educational benefits may be transferred to dependents if a veteran completes the additional terms of service.

    In a nutshell, here are the benefits:

    • Tuition and fees for four years based on the cost of the highest priced public institution in the state.
    • An allowance for room and board based on the equivalent housing allowance given for pay grade E-5. The allowance is based on your state as determined by zip code.
    • A stipend for books up to $1,000 annually (for semester schools)
    • Transfer benefits to dependents with additional service (rules yet to be determined)

    The final rules and regulations are yet to be defined. And if your state has its own veterans program, its not yet been determined how these benefits will impact your state's benefits.

    I'm not yet trained in these new benefits, so check out military.com for Q and A, and its Top 20 FAQs. It's unfortunate that it doesn't benefit all veterans, but hopefully a lot of you can take advantage of the new program. I'm am a big supporter of veterans, and I want to thank you (and your families) for your dedicated service.

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  • Eleaners.com Recognized

    This past weekend I finally had a chance to sit down and read through the July issue of Redbook. I always enjoy reading the Mom Moment section just to see what's changed since my children were growing up. This time, a headline caught my eye: "Scholarships for single moms!" Being the financial person that I am, naturally I had to read the brief article.

    As I read through statistical information about single working moms with college degrees (only 16% out of 8 million in the U.S.!), what caught my eye was the reference to Elearners.com! I quickly scanned the article, then tore out the page and ran out to my husband crying, "This is who I write for!". His enthusiasm wasn't quite the same as mine.

    Anyway, the article talks about how Elearners.com is partnering with certain online universities to offer full-ride scholarships to single moms through it's fairly new website Project Working Mom. That's all I'm going to say, so if you're interested you need to go to the Project Working Mom website, hosted by Elearners.com. I can tell you that the deadline for applications is August 30, so don't delay!

    I signed on with Elearners.com less than a year ago, but I've seen this company grow tremendously. I have great respect for everyone involved with this organization, and they should be proud of their accomplishments. What great advertising to have your company named in a major magazine!

    In addition to Project Working Mom, Elearners.com has an extensive database of scholarships available for everyone through its Elearners.com homepage by clicking Paying for College-Loans, Grants & Scholarships on the right-side menu. I highly recommend you check out this link for additional funding resources.

    Congratulations, Elearners.com! 

     

     

     

     

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  • Gearing Up for Fall

    I realize that many of you are taking classes in a non-traditional format, meaning you're on quarter hours, tri-mesters, or terms other than fall and spring semester. My school runs on those fall and spring semesters. While I try to think outside the educational box, I can't help but write for those students who will begin classes in the next month or two.

    It's funny because a lot of people think I am off work in the summer because of our traditional school calendar, but this is actually my busiest time of the year. My office is busy tying up loose ends from 2007-08, processing summer financial aid, and reviewing applications for 2008-09. This is the beginning of our peak contact from students as they begin to think about the upcoming fall semester.

    As you begin to think about the upcoming academic year, think about financial aid and these actions:

    • Have you completed your FAFSA?
    • Have you submitted the necessary financial documents to your school?
    • Are you required to accept your financial aid package with the school?
    • If you are taking a loan, do you need to do any of the following?
      • Sign a Master Promissory Note
      • Complete the online loan counselling
      • Transfer courses from another college so your class level is correct
    • If your parent is planning on taking out a loan, has he/she completed a PLUS loan application?
    • Have you requested the maximum loan, if needed?
    • Have you read your school's financial aid policies, such as Satisfactory Academic Progress Policy?
    • Have you secured funding to pay for your books?

    Don't get caught unprepared when school starts! And don't assume your school is able to offer you enough financial aid to cover your tuition, fees, and other expenses. It rarely happens any more due to state and federal budget cuts.

    After you have received your financial aid package, calculate your expected educational expenses and subtract your financial aid to see what you may be responsible for out-of-pocket. Then contact the financial aid office to inquire about additional funding, if needed.

     

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  • Natural Disasters

    I live 40 minutes from the Mississippi river. While my town has not been directly impacted by the floods, our community has provided support with sandbagging in area towns. My family had to pack my brother and his wife's belongings (even tearing up the carpet) from his river cabin, which is now under water.

    Mother nature is paying us back with floods, tornadoes, fires, earthquakes, and whatever else she can throw at us. It's heartbreaking to see so much disaster in our country and around the world. As a result, many families are not only displaced, but may have lost their means of financial support. Financial aid is probably the last thing on the minds of families impacted by a natural disaster, but at some point the financial burden will affect students.

    If you experience a natural disaster that affects your financial situation, contact your school about a special circumstance. Financial aid administrators have the ability to perform what's called Professional Judgment to make changes to your FAFSA information. I encourage you to contact your financial aid representative even if the effects of the disaster are felt one or two years down the road.

    I can't give a blanket statement about what changes your financial aid administrator can make because it will depend on the situation. Every Professional Judgment case is made on an individual basis, but your administrator will direct you as to what documentation is needed if a review is warranted.

    As a side point, if the disaster affects your schoolwork or Internet connection, contact your school to let them know of your hardship. If you are unable to complete your classes because of Mother Nature, the school needs to know. Schools should be sympathetic to your situation. Remember that when you attempt coursework, you are put into that pesky policy of Satisfactory Academic Progress. Failure to earn the credit for courses in which you enroll could jeopardize your eligibility for future financial aid. It's important to keep in contact with your school to avoid having to appeal for financial aid in the future. On the other side, find out if your school has been impacted by a disaster. If so, you need to know what delays you may experience.

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I have been a financial aid advisor for nearly 25 years now! Time really does fly. Like other e-learners, I acquired my Bachelor of Arts degree and my Master of Science degree while working full time and raising a family. My coursework consisted of classroom instruction, online and independent study courses, and weekend classes.

I began in financial aid as a secretary, and have worked my way to senior level financial aid advisor at a public four year college in the Midwest. When I began in 1984, we did not have computers, so I have seen the evolution of technology and its impact on education and financial aid.

My husband and I have four children in our household. My daughter and stepson are both in college. My son and stepdaughter are high school freshman.

I look forward to being a part of eLearners.com and given the chance to educate students, especially “non-traditional” students, on the ins-and-outs of financial aid. It is a daunting task to analyze, interpret, and implement federal financial aid regulations these days. Hopefully the information I provide will help.

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