New Jersey’s Free Tuition Program

My home state of New Jersey has its share of problems. Congestion, pollution, and high taxes are pressing issues facing the state, never mind the budget crunch impacting virtually every level of government across the Garden State.

One thing that New Jersey does have that few other states offer is free college tuition for students attending the state’s community (two-year) college programs. Dubbed, the New Jersey Student Tuition Assistance Rewards Scholarship (NJSTARS) program, students who meet specific academic criteria are guaranteed full tuition and fees to their local community college.

Extending Free Tuition Another Two Years

Qualifying high school students must graduate in the top 20% of their class and successfully maintain a 3.0 grade-point average while in college. These students will then be able to transfer their credits to a state run 4-year public college where they can get their tuition and fees paid, effectively obtaining a four-year college degree for free. Textbooks and other expenses are still the responsibility of the student.

A family income cap of $100,000 was being considered for the program, but that proposal has been shelved, at least for now. When the program was introduced in 2004, 933 students participated. At last count, the number of participating students passed the 4,000 mark, with that number expected to surge again this year.

Restrictions Lifted For Now

New Jersey Governor Jon S. Corzine wanted the family income cap put in place for the coming year, but the state’s legislature found the funds necessary to keep that restriction off, with the Higher Education Committee planning to revisit the issue for the 2009-2010 academic year.

For more information on other state-sponsored scholarships and financial aid programs, visit the New Jersey Higher Education Student Assistance Authority.

(Source: Press of Atlantic City)

Resources

Free Tuition Is In The Stars!

NJ Stars Free Tuition Program

Save On Study Supplies

Starting College

Tags: Atlantic City, Bergen Community College, college, community colleges, free college tuition, Garden State, New Jersey, NJSTARS, PCCC, state colleges, Trenton, university

Although tuition for most community colleges is quite low, many students still need to take out loans to pay for their education. These loans are sought by some of the most financially neediest students, people who would otherwise not be able to attend college without some sort of assistance.

The past year has been a difficult one for many lenders who were hit hard by the sub-prime mortgage mess. To reduce their exposure to bad loans, many creditors have tightened up lending restrictions particularly when it comes to providing private student loans.

This past Monday, The New York Times reported that several banks have closed off student lending to students attending community colleges, for-profit schools, and other less competitive schools, choosing to concentrate on loans to students attending high profile colleges and universities.

Citibank, SunTrust, and PNC are among the major lenders who have scaled back on student lending. Some financial institutions have canceled lending to students at select schools while suspending this practice elsewhere. Higher default rates at select colleges, lower student participation, and reduced profit margins are some of the reasons why lenders are not supporting certain schools.

Up until recently lending requirements for government-backed student loans (Stafford loans) has been stricter than for private student loans. With some private lenders tightening their lending requirements, the reverse is sometimes true.

Students who need financial assistance are being urged to seek private student loans with other lenders.

Resources

About Private Student Loans

Understand the Financial Aid Process

Tags: associates degree, community colleges, financial aid, for-profit college, private student loans, stafford loans, student lending, Student Loans