Increased Federal Student Loan Limits and $850 Million New Grant Money
Available When Award Letters Arrive in Mailboxes April 1
Sallie Mae Helps Families Evaluate Financial Aid Offers, Meet the Cost of
College
RESTON, Va., March 29 /PRNewswire-FirstCall/ -- College-bound students
who have applied for financial assistance will soon open their mailboxes to
find financial aid award letters from the higher education institutions
where they have been accepted. For many families, the arrival of an
institution's financial aid award package is the moment they have been
waiting for: they now know where they've been accepted and what it will
cost them to attend college.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
According to the U.S. Department of Education, nearly eight out of 10
full-time undergraduates receive some sort of money for college, and it
averages out to $9,900 per student. Students have even more to look forward
to when they open their financial aid award packages this year, as $850
million in new federal grant money will be handed out and federal student
loan limits have increased for freshmen and sophomores. This means more
free and cheap money to help cover the cost of higher education.
Colleges and universities send financial aid award letters to let
students and families know what types of financial assistance they are
eligible to receive -- and in what amounts -- as well as conditions of the
award. Some of the financial aid options outlined in award packages include
grants, scholarships, work-study and student loans. Aid is awarded based on
many factors, including the cost of education, availability of funds and
family financial information provided on the federal financial aid
application known as the FAFSA.
"Make sure you take the time to understand each itemized offering on
your financial aid award letter so that you can compare award packages and
determine which to accept," said Martha Holler, spokesperson, Sallie Mae.
"Looking at the bottom line can be misleading. What's most important is the
amount you will be expected to cover out of your own pocket."
Sallie Mae's CollegeAnswer.com, the most comprehensive online
"going-to- college" resource, offers an Online Award Analyzer to help
families evaluate financial award packages side-by-side, as well as other
resources, including the largest, free online scholarship database.
If students find that the grants, scholarships and work-study will not
cover the full cost to attend the college of their choice, Sallie Mae
offers additional options to help students bridge the gap. In addition to
low- interest federal student loans and affordable private student loans,
the company offers an interest-free payment solution to students and their
parents: tuition payment plans.
To use the Online Award Analyzer and to estimate monthly student loan
payments after graduation, go to http://www.CollegeAnswer.com/Award. For
more information about federal and private loan options, visit
http://www.SallieMae.com. To schedule an interview with a
college-financing expert, contact Erica Eriksdotter at 703/984-5628.
SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the
nation's leading provider of saving- and paying-for-college programs. The
company manages $142 billion in education loans and serves nearly 10
million student and parent customers. Through its Upromise affiliates, the
company also manages $15 billion in 529 college-savings plans, and assists
more than 7.5 million members with automatic savings through rebates on
everyday purchases. Sallie Mae and its subsidiaries offer debt management
services as well as business and technical products to a range of business
clients, including higher education institutions, student loan guarantors,
and state and federal agencies. More information is available at
http://www.salliemae.com. SLM Corporation and its subsidiaries are not
sponsored by or agencies of the United States of America.
SOURCE Sallie Mae
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