The University of Wisconsin announced the Wisconsin Tuition Promise program will begin in 2023. The tuition waiver program is targeted at families that have a combined income of $62,000 or less. The program is for fulltime students who are residents of Wisconsin. WTP covers tuitions and fees that remain after financial aid is applied to the students bill. Students who apply for financial aid will be automatically considered for the waiver program.
President Biden’s administration continues to cancel student loan debt for those who have been the victim of for-profit institutions’ fraud. Yesterday Biden cancelled $4 billion in student loan debt for those defrauded by ITT Tech. If you had loans while attending any ITT Tech program you may be impacted by this cancellation. For details click on link here ITT TECH Loan Debt
A private boarding school in western Massachusetts will be banning smartphones for students and teachers next fall. Will the bank work? Interesting thoughts are discussed in this article. What do you think? Will it work? Will other schools follow Burton’s lead?
If you have any Federal Student Loans currently on repayment hold, you may be wondering what is happening with the Biden’s Administration’s plan to cancel loans and if the moratorium will be extended. Here is a good resource from Forbes for where these plans stand.
The Washington Post reported yesterday that Williams College in Massachusetts has announced a major change to its financial aid policy with the exclusion of both student loans and work-study. Many colleges and universities have revised their student loan awarding policy in the past few decades, with a more and more promising to fully fund students needs without loans when family income is less than $120k. Williams College is the first that I have seen vow to totally eliminate loans and replace them with grants.
The elimination of work-study is quite a surprise, as t can be a great source of ongoing funding during the semester for students. It is helpful for ongoing expenses such school supplies, gas for commuting, trips home or getting to and from internships and practicums. In rural campuses, access to off campus jobs can be difficult. This is especially true if freshmen are not allowed to have a car on campus.
Having worked as a Director of Financial Aid, I know that federal work-study funds are scarce. No new money has been added to the program for decades. For some colleges and universities work-study wages can’t compete with that offered by local employers. So, for aid offices, trying to use all your work-study allocation can be hard. That’s why when I counsel my clients, I advise them to ask for more work-study if they are using it up quickly during them semester or would like to work during winter or spring break. As I tell my clients, “Don’t be afraid to ask for more work-study funds. You are actually helping out the aid office!”
It will be interesting to see if Williams College starts a new trend, especially with the work-study policy. Link to Washington Post article below.
Forbes has published its list of the top 21 most progressive colleges and universities. No big surprises on this list. California State University campuses feature heavily as do a number of elite institutions such Harvard, Wellesley and Yale.
Are there any missing from the list?? I’m looking at you Rensselaer and WPI!!
One way to pay for college is through Employee Educational Benefits. Many companies offer these benefits to full time employees. Some even offer them to part time employees.
How do they work? Most EEB’s are offered in the form of a reimbursement to the employee once proof of successful completion of the course is submitted. You will need to submit a copy of your grade/transcript and you must receive a C or better in the class. Once you receive your initial reimbursement, you can use that to pay for your next class, then submit your request for reimbursement for all subsequent courses.
Employers may put limits on the types of courses that can be reimbursed , such as courses that are relevant to one’s job/career with the company. There is often a yearly cap on the amount an employee can receive in EEB.
Here are few national companies that offer Employee Educational Benefits:
To get information on your company’s Employee Educational Benefits program contact your Human Resource Department.