Latest news with #financialaid
Reuters
9 hours ago
- Business
- Reuters
IMF disburses about $448 million to Tanzania under two arrangements
June 27 (Reuters) - The International Monetary Fund has approved an immediate disbursement of approximately $448.4 million (SDR 326.47 million) to Tanzania under the Extended Credit Facility and Resilience and Sustainability Facility arrangements, the IMF said on Friday.
Forbes
21 hours ago
- Politics
- Forbes
Scholarship Displacement Robs Students Of Much-Needed Financial Aid
CHAPEL HILL, NORTH CAROLINA - JUNE 29: People walk on the campus of the University of North Carolina ... More Chapel Hill on June 29, 2023 in Chapel Hill, North Carolina. The U.S. Supreme Court ruled that race-conscious admission policies used by Harvard and the University of North Carolina violate the Constitution, bringing an end to affirmative action in higher education. (Photo by) When it comes to paying for college, common wisdom says to apply for as much financial aid as you possibly can. This includes scholarships and grants that come from institutions and government agencies, and private scholarships, too. Unfortunately, colleges and universities have policies that can rob students of aid they may have spent weeks or months pursuing on their own. They do this through something called "scholarship displacement," which reduces aid awards based on outside scholarships a student receives. To understand scholarship displacement, education attorney Dr. Gregory J. Vincent of Vincent Strategies says to imagine a student from a low-income household is awarded a $5,000 local scholarship. "The family is excited because they think this means a lighter financial burden," says Vincent. 'But when they submit it to the school, the institution reduces its own $5,000 grant by the same amount.' This means the net benefit of the scholarship to the family is zero, even if the student earned it based on their grades, an essay, membership in certain organizations or something else. Is Scholarship Displacement Wrong? Using outside scholarships as an excuse to reduce need-based aid for students may not be illegal, but most experts agree it's unethical. Higher education consultant Tom O'Hare of Get College Going says that, at the very least, the practice nullifies the hard work a student and their family will spend searching for and applying for scholarships. Not only that, but scholarship displacement typically takes place late in the enrollment process and after students have already committed to a school. This means it can place students and their families in a financial bind after it's too late to pick a different school or program. Danilo Umali of Game Theory College Planners says he has been helping his clients fight scholarship displacement for well over a decade, and that he considers the practice a type of "resource discrimination." Umali says that families who put significant effort into pursuing outside scholarships could even wind up paying more for college in the end since reduced aid offers can stick through four years of college even if the displaced scholarship was only offered for one year. He also estimates that families who are unaware of financial aid displacement could easily lose $10,000 to $30,000 from a single college offer. With higher education costs on the rise and cumulative student loan debt reaching more than $1.7 trillion nationally, it's a shame that colleges and universities are still using this practice — legal or not. How To Fight Scholarship Displacement While most would agree that scholarship displacement is a pretty bad concept, you don't have to blindly accept what your college says. There are steps you can take to fight against this practice or get the decision reversed. If you earn a scholarship from a third party organization and you're worried about scholarship displacement, you can ask them to pay you the scholarship funds directly instead of sending the money to your school. James Lewis of the National Society of High School Scholars (NSHSS) says they may also be willing to pay the scholarship into a 529 college savings account if you have one. That way, you can use the funds for room and board, tuition, textbooks, and other higher education expenses without getting the school involved. "This preserves a student's autonomy over how the funds are used while maintaining eligibility for need-based financial aid," he says. John Morganelli of Ivy Tutors Network says being a "squeaky wheel" may be enough to get your school to change course when it comes to scholarship displacement. "Schools are far more likely to make exceptions for families that speak up," he says. If aid has been reduced or displaced, pushing back, either through a formal merit appeal or an informal aid conversation, can prompt the school to reconsider. Vincent adds that students and their families should ask specific questions of the college's financial aid office about how outside scholarships are treated. Families should also request a copy of the school's displacement policy in writing, he said. Brian Safdari of College Planning Experts also says families can appeal to the university through a process many parents do not know about. This can begin a negotiation that could lead to scholarship displacement being reversed, more aid being offered and a better deal for the student overall. "If you know how to appeal or negotiate and have the right leveraging strategies, you can get the grants reinstated," he says. To appeal a financial aid offer through your school, you should reach out to the university's financial aid office to inquire. If you're worried about putting a ton of work into earning scholarships you never actually benefit from, you may want to go a different route altogether. Umali says that the best way to avoid displacement is to focus all of your efforts on obtaining grants and discounts directly from the college. Why? Because many "outside" scholarships are time consuming, overly competitive, and tend to involve smaller dollar amounts. By focusing on grants and discounts from the college instead, you can potentially obtain $25,000 to $45,000 a year from a single college. "That dwarfs the amounts you would typically see from an outside source," says Umali. "Plus, these college offers are good for all four years the student is in attendance." The Bottom Line While many people have never even heard of scholarship displacement, this sneaky problem can rob parents and students of outside scholarships they worked hard to find, apply for and earn. Unfortunately, this practice is used by all kinds of colleges and universities around the country, although some states have banned scholarship displacement or have laws that limit its use. If you want to actually benefit from outside scholarships, knowing how scholarship displacement works and how to spot it is your best first step. And if you find a school is limiting your aid because of scholarships from third parties, complaining loudly, filing an appeal, or both could work in your favor.
Yahoo
a day ago
- Business
- Yahoo
Council tax help may face more pressure councillor warns
A Dudley Council's watchdog committee has been told a council tax help fund could face more pressure in coming years. A meeting of the authority's Overview and Scrutiny Committee (Core Business) on June 25 was told by Dudley's Labour leader, Cllr Adam Aston, more people are likely to need help because they were unable to pay their bill. Council tax in Dudley is set for the current financial year at £2,038.57 for a band D property valued between £68,001 and £88,000. Cllr Aston said: 'There is a significant reduction for people who need help with their council tax, as more people struggle to pay their council tax, is that likely to present a problem for us going forward over the next year or two? 'I am aware there is a discretionary council tax relief fund available of £1m, it's very much a last resort for people who cannot pay their council tax 'Is that relief fund enough? Do we have the capacity to administer it if loads of people apply?' The £1m set aside for the council tax relief fund is part of the authority's Medium Term Financial Strategy (MTFS). Finance officers told Cllr Aston the £1m was already part of earmarked reserves for the current financial year and the impact of the reduction scheme on council coffers is something they will monitor very closely in future years. Conservative councillor Adam Davies also had a question on council tax. He said: 'With the way the government has confirmed they will be issuing finance from central to local government, and the wide speculation they are expecting local authorities to increase council tax year on year by the maximum – is that what you allocated for the forecast in what we are looking at?' The maximum increase councils are allowed to make each year to council tax is five percent. Cllr Davies was told the maximum increase is the amount the authority's accountants applied in their forecasts for the next five years.
New York Times
a day ago
- Politics
- New York Times
House Panel Subpoenas Harvard in Tuition-Pricing Inquiry
The House Judiciary Committee subpoenaed Harvard on Thursday in its investigation into whether Ivy League universities have coordinated their pricing, turning up pressure on a school already in an all-out battle with the Trump administration. In the subpoena letter, Representatives Jim Jordan, the Ohio Republican who is chairman of the Judiciary Committee, and Scott Fitzgerald, a Wisconsin Republican who leads a key subcommittee, demanded documents and communications about the university's tuition and financial aid by July 17. They said they were issuing the subpoena after Harvard's response to an earlier request for information was 'inadequate' and 'substantively deficient,' with much of the material that was turned over already publicly available. Harvard disputed the committee's assessment. 'We are disappointed that the committee has chosen to issue a subpoena and believe it is unwarranted, unfair and unnecessary,' said Jason Newton, a Harvard spokesman. He added that the university 'has produced thousands of pages of documents regarding our tuition setting process and financial aid program.' The subpoena threatened to break open yet another front in what has become a sprawling legal battle between Harvard and Republicans in Washington. The Trump administration has sought to punish the university for not acceding to its demands as President Trump pushes to shift the ideological tilt of the higher education system. The university has been the target of investigations from at least six federal agencies, and the administration has already tried to cut off billions of dollars in federal funding and block international students from attending Harvard, among other measures. Courts have halted many of the Trump administration's actions, and the university has become a symbol of resistance for not bowing to Mr. Trump. But Harvard officials have concluded their legal victories alone may not be enough to protect the university and are debating whether they might be able to reach a deal with the administration. The House Judiciary Committee had originally sought information in a letter to Harvard on April 8, alleging that Ivy League schools were 'collectively raising tuition prices' in breach of antitrust laws and were 'engaging in perfect price discrimination by offering selective financial aid packages to maximize profits.' They requested a large swath of documents between Harvard, other Ivy League schools and the College Board that contained any communication related to tuition, financial aid and admission practices. As part of the request, the committee asked for any documents related to the 568 Presidents Group, a collection of universities that worked to provide similar tuition prices and financial aid. The organization was dissolved in 2022 amid a class-action lawsuit. Harvard was not involved in the group or in the lawsuit. In an attempt to address its high tuition, Harvard announced in March that students whose families earned less than $100,000 could attend the school for free, while those whose families earn less than $200,000 would not have to pay the cost of tuition.
CNA
a day ago
- Politics
- CNA
US House committee subpoenas Harvard over tuition costs
The US House Judiciary Committee sent a subpoena to Harvard University on Thursday (Jun 26) seeking documents and communications for its probe into tuition costs and financial aid for Ivy League students. A letter to Harvard President Alan Garber, signed by committee chairman Jim Jordan and US Representative Scott Fitzgerald, both Republicans, described Harvard's response to previous requests for documents as inadequate and said the committee needs the documents "to fulfil its oversight and legislative responsibilities". A spokesperson for Harvard said in a statement: "We are disappointed that the Committee has chosen to issue a subpoena and believe it is unwarranted, unfair and unnecessary." It added: "There is no basis for an allegation of collusion in Harvard's setting of tuition and financial aid." The investigation into tuition is part of a larger fight between Harvard and the White House and Congress, including over cuts to federal funding and efforts to block foreign students from attending the university. President Donald Trump has said he is trying to force change at Harvard - and other top-level universities across the US - because in his view they have been captured by leftist "woke" thought and become bastions of antisemitism. The subpoena comes as part of an investigation by the Republican-controlled US House Judiciary Committee into whether Harvard and other Ivy League schools broke antitrust laws by raising tuition costs. "We are concerned that Ivy League member institutions appear to be collectively raising tuition prices while engaging in perfect price discrimination by offering selective financial aid packages to maximise profits," the letter to Harvard's Garber said. US Representative Jamie Raskin, a Democratic member of the Judiciary Committee, called the investigation "plainly ridiculous" and "based on pathetically weak allegations". The Harvard spokesperson said the school has produced thousands of pages of documents on its tuition-setting process and financial aid. While the Judiciary Committee said it had received hundreds of requested documents, it added that some of them contained publicly available facts and lacked specific information that was desired.
