Despite Economy, Many Colleges Still Give Generous Aid
Amid all the bleak news about college affordability, family finances, and the economy in general, it's nice to hear something good every now and then. And there is good news out there. Despite financial hardships, many colleges are not only continuing to offer generous financial aid packages, but are actually expanding scholarships, grants, and tuition waivers for needy and deserving students. As a taste of what's out there for students across the country, we're presenting a roundup of campus-based aid programs announced this week. Conduct a college search on Scholarships.com to learn more about these and other schools committed to helping students enroll and stay enrolled. While you're at it, be sure to start a free college scholarship search to find more ways to fund your education.
A number of cities, states, and universities offer promises, guarantees, or other commitments to cover four years' full tuition for financially needy or academically gifted students. While a wave of these scholarship and grant programs were launched in financially better times, more are still being unveiled in the current economic climate.
Manchester College in Indiana has rolled out a "Triple Guarantee" that promises to make college more affordable and less stressful for its students. Qualifying students are guaranteed a combination of federal, state, and institutional aid up to the total cost of tuition and mandatory fees for four years. Students with a 3.3 GPA or higher who qualify for the Pell Grant are guaranteed full-tuition grant aid. On top of paying tuition for four years for needy students, the college also guarantees four-year graduation for everyone who meets progress requirements, and will allow qualified students who need a fifth year to attend for free until they graduate. Finally, the school also guarantees a year of free tuition for additional coursework or certifications for students who fail to find a job placement or a spot in graduate school within six months of graduation.
In a similar vein, St. John's University in New York is also offering a substantial tuition discount to unemployed alumni. Graduates of St. John's who were laid off in the economic downturn can return to college to pursue a graduate degree for half-price. Alumni will also receive free career counseling services and see their application fees waived for graduate programs.
Finally, Texans get multiple pieces of good news. More students at Rice University will be able to graduate debt-free, as the university has expanded its no loan program to families making up to $80,000 per year. Students with family incomes over the $80,000 threshhold who still qualify for need-based aid will not be asked to borrow more than $10,000 in student loans for four years. Lamar University is also making college more affordable for Texans by unveiling the Lamar Promise, which will cover tuition and fees for all freshmen and transfer students who qualify as "dependent" students for federal aid whose families make less than $25,000 a year. Students who make more are likely to also receive substantial financial aid packages. Tuition assistance will come in the form of state, federal, and institutional financial aid.