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Sallie Mae, USA Funds To Unveil College-financing Program For ...
(RTTNews) - Monday, education fund provider SLM Corp. (SLM | charts | news | PowerRating), which is commonly called Sallie Mae, said it would jointly work with education-loan guarantor USA Funds to launch a college-financing program for Hispanic students.
The company plans to unveil the program dubbed 2Futuro - during the 2006 National Association for Student Financial Aid Administrators conference between July 5 and 8 in Seattle.
The 2Futuro is a bilingual college-financing and outreach program that helps Hispanic parents and students apply for college loans in Spanish. The program also provides Spanish-language customer service support to students, parents, and financial-aid administrators.
Through a bilingual Web site, the 2Futuro program also helps schools offer access to scholarships, grants and valuable financial-aid information to Hispanics.
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College debt increasing for Hoosier students
WASHINGTON -- Hoosiers are graduating from college owing an average $18,506 in student debt, according to a report released Wednesday by congressional Democrats that argues federal assistance isn't keeping up with college costs.
In addition, interest rates on student loans will increase Saturday by almost 2 percentage points. Rates are adjusted each July 1 based on a formula tied to the yield on short-term Treasury bills.
While federal Pell Grants, aimed at the neediest students, paid for about 44 percent of the average Hoosier college costs in 1987, that fell to 33 percent last year.
"The American dream is at risk if we fail to make college more affordable," said Sen. Ted Kennedy of Massachusetts, the top Democrat on the Senate education committee.
Kennedy and other Democrats released a report Wednesday showing state-by-state levels of student debt and federal assistance.