The shaky economy and sickly housing market have prompted some parents to engage in risky financial behavior: raiding their retirement savings to pay their children's college tuition.

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NASHVILLE – Tennessee Gov. Bill Haslam applauded the passing of HB 2010/SB 1529, which allows students eligible for the HOPE scholarship to apply the funds to summer school and caps the total number of hours based on required degree completion. “Our lottery scholarships have retained the best and brightest students in our state, and this allows eligible students who might not be able to attend summer school without this assistance to continue their course work,” Haslam said. “In our push for more college graduates in Tennessee, this enables students to earn their degrees more quickly, and I appreciate the General Assembly’s overwhelming support for this bill.”

Senate Majority Leader Mark Norris (R-Collierville), Sen. Jim Tracy (R-Shelbyville), House Majority Leader Gerald McCormick (R-Chattanooga) and Rep. Jim Coley (R-Bartlett) sponsored the legislation that passed the Senate in a vote of 27 to 1 and the House 96 to 0.

 

The legislation impacts HOPE scholarship recipients that enrolled in the fall of 2009 or later.

The lottery scholarship bill is part of Haslam’s strategic legislative package focused on making the state the No. 1 location in the Southeast for high quality jobs through meaningful education reform and improvements to Tennessee’s already attractive business climate.

(ARA) - Just a few decades ago, women would boast about going to college simply to get an "MRS" degree, when they were less likely to pursue higher education and more likely to pursue married life. But today, with career aspirations of both women and men at an all-time high, the likelihood of coming away from a college education with a potential spouse is much less.

An exception to this trend, however, appears to be at private religious universities, where students who share the same values and plans for the future often do find their life partner in college.

"Our best estimates are that around 60 percent of our students meet their future mates here," says Mik Milem, pastor at Grand Canyon University (GCU) in Phoenix.

A 2001 study by the Institute for American Values found that 63 percent of college women hoped to find their future husband in college, but with men comprising an estimated 42 percent of the nation's college students, the statistics are not promising.

However, in the case of private,  non-secular institutions, where students have similar backgrounds and life plans, the trend seems to favor the quest to find a spouse. The experiences at GCU support this theory.

Blake Schilly, 25, of Phoenix, met his wife, Julie, at GCU when he was involved in student government and she worked on the school newspaper. They married in May 2008.

"Finding a wife wasn't at the forefront of my mind, it's something that just happened," he says.

With an abundance of extracurricular student activities and smaller classes, students share more experiences and interact with each other more often than a public university where the student numbers can top 40,000.

"I had no intentions of marrying until I was 30 or 32, but she definitely knew it was in her future," says Brent Kuiken, 25, of his wife Michelle, who he met and married while at GCU. Both sociology majors, the two met on a mission trip and now reside in a small town north of Sioux City, Iowa.

When Grand Canyon University CEO Brian Mueller addresses parents during annual orientation at the private Christian university, he shares with parents his own experience when he first attended his alma mater, a private Lutheran college.

"The university president told all the parents to take a look around you, because someone in this room will likely be your child's in-law," he says.

The prophecy came true for Mueller, as it did for several others who now work at the University. Athletic Director Keith Baker met his wife at the University, and his father and uncles all attended GCU, where they each met and married their wives.

"It makes homecoming a lot like a family reunion," he says.

Courtesy of ARAcontent

(ARA) -  In a competitive job market, earning a degree can be the biggest single step one can take to enhance career value and earning potential. As many bask in the glow of making plans to increase their career potential, the prospect of paying for college is a sobering reality.

Few of us have funds set aside for this endeavor. In addition, the College Board's annual "Trends in College Pricing" reports a rise in tuition costs at public and private institutions for the 2009-2010 school year. According to the report, annual tuition and fees at private four-year colleges rose 4.4 percent to $26,273, and public university costs rose 6.5 percent to $7,020.

Prospective students often don't know where to start. But take heart; Darlene Violet, director of Financial Aid at Brown Mackie College - Akron, Ohio,  offers advice on funding your education. "The U.S. Department of Education distributes $96 billion a year in grants, work-study assistance, and low-interest loans," Violet says. "Every student begins the process of seeking financial aid by completing the Free Application for Federal Student Aid form, known as the 'FAFSA.'" Information submitted on the FAFSA form determines the amount a student may receive through a federal Pell Grant, which is based on financial need. The recent economic stimulus program increased Pell Grant funds by $500 per student. Financial aid is available for those who qualify.

Beyond completing the FAFSA, many turn next to student loans. "An education is always a good investment," says Violet, "but many people don't realize the loans must be paid back starting six months after leaving school. I advise students to seek out and apply for scholarships." Wide varieties of organizations offer scholarships, from fraternities and sororities to community groups, foundations, and corporations. Winning candidates receive funds based on a vast spectrum of criteria, including ethnicity and cultural heritage. "Students just don't take the time to find them," Violet continued. "It can be a lot of work."

The Scholarship Committee at Brown Mackie College - Akron hired a group of honor students to help others navigate through the many scholarships available, complete the application forms, and provide feedback on essays written for submission. "This allows students the security to delve deeper into the scholarship world. It's well worth it," Violet says.

Scholarship awards can be as important to the educational institution as they are to the student. Federal guidelines, known as the 90-10 rule, mandate that no more than 90 percent of the funds received by a college can come from Federal loans and grants. A minimum of 10 percent must come from outside sources, including scholarships, private loans, and the students' own financial contributions.

Violet recommends checking additional resources as well. "Many employers will pay or reimburse tuition expenses, sometimes even for immediate family members. And the Veteran's Administration offers benefits to those who have served our country," she says. The Workforce Investment Act offers grants to those who qualify, and many churches offer scholarship opportunities. In addition, the Orphan Foundation of America offers scholarships to students who are wards of the state.

Further savings can come in the form of a temporary tax credit. The American Opportunity Tax Credit, included in the economic stimulus bill signed by President Barack Obama, can be worth as much as $2,500. People who earn $80,000 or less a year (or $160,000 or less for joint filers) can claim this credit on money paid for tuition, certain fees and course materials for higher education in 2009 and 2010. For complete details, visit www.irs.gov.

Once a student enters college, Violet advises making other financial considerations:

Ride public transportation. In addition to saving on fuel and parking fees, public transportation provides time for students to get a head start on assigned reading and homework.

Avoid credit card offers. However tempting the offer seems, credit cards charge interest on purchases and impose fees for late payments.

Work while attending classes. Many students work full- or part-time while earning their degrees. The federal work-study program helps eligible students find employment on campus.

"Taking the time to apply for scholarship funds is a step that can help now while they're in school, and in the future when no bill comes due," Violet says.

Courtesy of ARAcontent

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