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Federal Grants

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On July 1, the new federal interest rates for student loans went into effect

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Lower interest rates for student loans Interest rate decreases as Pell Grant amount increases by $619 per student By Vinh Tran Vanguard staff Published: Thursday, September 10, 2009 Updated: READ MORE
http://www.dailyvanguard.com/lower-interest-rates-for-student-loans-1....
As the economy worsens and the jobless rate hits double digits, many people are looking to change careers whether by choice or necessity. A strong college foundation will be helpful not only to graduating seniors, but adults as well. But tackling the rising costs of tuition, books and school-related fees can be a daunting task. Action taken recently at the federal level could help alleviate that financial burden somewhat. More options for grants, low-interest student loans, additional tax credits and work study were included in the economic stimulus package approved by lawmakers and President Barack Obama's education budget. The most obvious change will be increasing the maximum federal Pell Grant from $4,731 to $5,350 on July 1, an increase of $619 that can go a long way in paying for books. By 2010, that figure would increase to $5,550, adjusted for inflation. Concerning loans, students have been able to borrow money for college through two avenues -- banks and the federal government. The new plan will eliminate the bank option, allowing students to apply for a loan directly from the government. Money to loan will increase from $1 billion to $6 billion. Families will also see the tax credit rise from $1,800 to $2,500 when filing their taxes. This includes all families who make up to $180,000 a year.
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