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WDKX.com » Blog » New study shows financial aid going to wealthy students
Aug 1st 2013 8:14 am
New study shows financial aid going to wealthy students
by News


If you are a parent of a college student, or soon-to-be college student, your child might be getting overlooked for financial aid.

According to a new report by Sallie Mae, more than one out of three students from families who earn more than $100,000 annually, received scholarships worth $10,000 on average.

According to the report, one out of three students from families who earned less than $35,000 received financial aid worth just over $7,000.

Analysts blame these results on competition to recruit highly qualified students, even if they don't need financial assistance.

This report comes after a bill passed in the house on Wednesday, reducing student loan interest rates. Once the bill is signed by President Obama, undergraduate students will borrow at a 3.9-percent interest rate.

The new rate will be locked in for that year's loans, but could go up for each year after that.

Source: whec.com