Don’t miss Sallie Mae’s offer of free assistance

Posted by admin on February 23rd, 2009

Sallie Mae, the largest provider of student loans in the country, announced today an offer that no family preparing for college admissions should miss.

A new website, www.salliemae.com/resources, aims to help alleviate fears and provide answers. “We have helped more than 21 million Americans achieve the dream of a college education, and we do not intend to let this economy keep us from helping you achieve yours.” They’re not only offering detailed responses to frequently asked questions, but on Wednesday (February 25), Sallie Mae has a toll-free hotline open from 6pm – midnight EST. In addition, you can submit questions directly to the site, get email updates when new answers are posted, and download a free podcast that explains how to complete the FAFSA (the federal financial aid application).

Finally, there are two 45-minute webinars that explain how to calculate and compare college costs, create a plan to pay for college, understand loan payments, and use free scholarship Web tools. The webinars will be held on February 24 at 6 pm and February 25 at 7 pm (both EST). Register by emailing schoolresource@salliemae.com. If you miss it, the webinar will be available on their website beginning February 26.

Congress Approves College Student Loan Bill

Posted by admin on September 19th, 2008

Legislation that seeks to protect college students from lending abuses while boosting student aid was approved by Congress on Thursday.

The bill, which would require lenders and colleges to adopt strict codes of conduct, passed the Senate 83-8 after the House voted 380-49 for the measure.

Once signed into law by President George W. Bush, the bill would ban lenders and colleges from offering or accepting payments or gifts in exchange for making loans, a response to scandals uncovered last year involving kickback schemes and conflicts of interest between lenders and school officials.

“We got rid of cronyism, kick backs and sweetheart deals,” said Sen. Barbara Mikulski, a Maryland Democrat who took over leadership on the bill after education committee chairman Sen. Edward Kennedy was diagnosed with a brain tumor.

Other features of the bill include increased funding for graduate study at institutions that primarily serve minorities and new scholarship programs and support centers for military veterans.

Pell grants that go to low-income students, would increase to $6,000 from $4,800 for 2009, and to $8,000 for 2014.

The bill follows other legislation passed during the last 10 months aimed at overhauling the student loan industry.