Wisconsin Students Realize the DREAM
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An Easier Way to Pay Back Federal Loans Begins July 1, 2009
Life after college can be hard enough without overwhelming federal loan debt, especially in such a tough economy. Fortunately, beginning Wednesday, July 1, college graduates may pay back their federal student loans in a simpler and more affordable way. The Income-Based Repayment program (IBR), which was a major component of the 2007 College Cost Reduction Act, will allow grads with federal loans to lower their payments if they are in enough debt relative to their income. For most borrows, this means that loan payments will be less than 10% of their income and any remaining debt will be forgiven after 25 years of qualifying payments. Sounds good, right? This is where it gets a little tricky, so bear with us...
The federal loan payment must be more than 15% of whatever you earn above 150% of poverty level to pay off the loans on a standard 10-year payment plan. So, for example, if you earn below 150% of the poverty level, your required payment will be zero; if you earn more, your payment will be capped at 15% of whatever you earn above that amount.
Click here to learn more about this great opportunity!
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June 2009 Legislative Update
We've just published the June 2009 legislative report! This update covers the Student Aid Reform Bill, Budget and Appropriations, the federal DREAM Act, and FAFSA reform efforts. Contact USSA Legislative Director Angela Peoples if you have any questions._____________________________________________________
Introducing the Summer Job Testimonial Project!Do you find yourself day-dreaming about a relaxing summer watching TV and drinking smoothies all day as you're toiling away at a thankless summer job, struggling to save up money to pay for tuition next year? Do you know someone who is working a demanding job (or two!) that requires personal sacrifice in order to pay for the unreasonable cost of higher education in this country (and we all know someone!)? We need your help capturing these stories for USSA's Summer Job Testimonial Project! Over the next two weeks, USSA will collect stories in the form of digital video testimonials from students who are struggling this summer to pay for school. We plan to showcase these stories as a tool for motivating political leaders to take action to meet the needs of students. The top 15 video clips that we receive from students will be compiled into one DVD that we will share with politicians and the media. Finalists will receive a USSA t-shirt and one testimonial judged as the best will receive a free registration to USSA's National Student Congress in Boulder, CO happening from July 21st-26th! (for more info on Congress go to the USSA Conferences site) THE DEADLINE FOR VIDEO SUBMISSIONS IS JULY 1ST!
Step-by-step instructions for creating and uploading your entry at: Summer Job Testimonial Project Guidelines and Submissions |
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What do President Obama and bank execs have in common?
They're both organizers. Well, at least recently in this case. Not satisfied with being handed millions of dollars by taxpayers, private student loan executives have decided to take up organizing. Recently, several student lenders asked their loan recipients to call congress and send letters to protect their profits. These wealthy executives are worried that President Obama's proposal will take the money they've been making off of hard working students and their families to fund financial aid instead of financing their private jets.Unfortunately for these lenders, students around the U.S. are fighting back! Right now, in every state in the country, facebook groups have been formed to counter these bank executives. Each group serves as a petition to call on Congress to support President Obama's plan to cut wasteful bank subsidies and use the estimated $94 billion in savings to provide grants for students.
CLICK HERE to see a map of every state's facebook group and join to sign the petition today!
In the next 2 weeks, the Education Committees in the House of Representatives will be meeting to make changes on the bills affecting students that they will vote on this fall. They will either continue to allow your money to go to the banks and lenders, or they can invest in America's future by making the Pell Grant and entitlement program so that everyone who wants to go to college has the opportunity to do so. YOUR student voice will make the difference between the choice they make.
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Federal Budget Passes In The House And Senate! We Won! Yesterday a historic federal budget passed the House and the Senate with the education investments we fought so hard and haven't seen in generations! There has never been a more important time to invest in America's future and yesterday after all your hard work we made history. With the passage of this budget we learned two things, first, young people DO MAKE A DIFFERENCE and THE POWER TO WIN victories that change peoples lives! And second, there are still private student lenders making millions off of students to prevent Congress and President Obama from making education a right for every hard working student and family who deserve it. But the fight is not over. In the coming weeks we will continues to defend out victory as we push Congress to fund the budget proposal they just passed. Congratulations again and thank you so much for all that you do to make education a right.
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State Student Association Staff Training