| Parents often fumble on financial aid forms
High school seniors have been scrambling for months to complete their applications for college. Now it's their parents' turn to sweat.
The start of the year marks the launch of financial aid season, when parents fill out exhaustively detailed forms in an effort to get their share of the billions of dollars of assistance available. Unfortunately, aid forms can be every bit as unnerving as college applications. Missteps can cost thousands.
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Contractor loses La. scholarship account data dating back to 1998
BATON ROUGE, La. -- A Boston-based contractor hired to store and safeguard state scholarship and college savings account data lost most of those records _ including bank account numbers and student and parent Social Security numbers _ during a move, officials say. "We certainly don't want to create any panic. But people should be aware and take the necessary steps," said Melanie Amrhein, executive director of the Louisiana Office of Student Financial Assistance. "This is backup data off of a mainframe that contains sensitive personal information." Special equipment and software and "sophisticated computer skills" would be needed to get the compressed records from the TOPS scholarship program, START Saving Program, and Free Application for Federal Student Aid, according to a notice posted on the Internet.
A Shaky Season for Student Loans
Shortly after New Year's Day, Pat Watkins, financial aid director at Eckerd College in St. Petersburg, Fla., placed a worried call to National Education, a student loan company she has been working with for nearly two decades. She had heard rumors that the company was no longer funding federal Stafford and PLUS (Parent Loans for Undergraduate Students) education loans, but had received no official word from the company. She found out that the phone of National Education's local rep had been disconnected. Later she learned that Chicago-based National Education was not planning to accept applications for new loans for the spring semester after Jan. 15, though they planned to fund disbursements for students who received loans for the fall. Federal Loans Lose Funders That was the first surprise.
UT Holds Public Forums On Tuition Hike
As the University of Texas considers raising tuition once again, education leaders from around the state are meeting to talk solutions for higher education. Those meetings are happening at the Frank Erwin Center to help increase college enrollment around the state significantly. The goal is to increase enrollment across the state by 30 percent from 2005 to 2010. While it is an achievable goal, still, university systems across the state feel they have to increase tuition to stay competitive, so while more students want to go to college, making it affordable is another challenge. Financial challenges, like getting students to apply through Free Application for Federal Student Aid, is just one of the many roadblocks to work through.
Senate Scrutiny for Endowments
In the world of tax legislation, hedge funds are the hot topic. The same could be said for the world of university endowment portfolios. Both were scrutinized in a hearing on Wednesday as the Senate Committee on Finance set its sights on the insurance and reinsurance industries, offshore tax havens and, of course, the high-yield but potentially volatile financial products. .
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