1. Cory D. Carson F. Kaitlyn E. Patrick F.

2. Background  Many states are cutting their aid on post- secondary education.  Michigan completely cut out $56 million dollar need based aid.  This aid was awarded to 96,700 students at upwards $4,000.  Illinois there Monetary award program was cut in half. Forcing 145,000 students out of a spring semester tuition.  Utah cut there tuition to 75% to 40% in one of their scholarship programs.

3. Background  Pennsylvania cut back one of their funding programs leaving 172,000 unsure where they will get their aid from.  Not only are state budgets being cut but also parents are being laid off and shrinking bank accounts are sending many students and their family searching for last minute financial aid options.

4. Cheaper Options  Some are deciding against their dream schools  University of Chicago is $54,340  Oberlin College is $50,484  In state tuition is much more affordable especially at local Public universities.  OSU is around $16,000 but most instate students are choosing to live at home and commute which will cut these cost in half.  Community High in Ann Arbor normally has 50% of graduating class who were admitted usually attend the University of Michigan but this last year their was roughly 90%.

5. Cheaper Options  Students are also trying to find work to cover the cost of housing and food.  For example: Ms. Neff didn’t qualify for need based loans therefore is looking for a job to pay for room and board and food. She estimates she will need to put in 20 hours a week if she finds a job paying $8 an hour. However she is afraid her grades will slip.

6. Cheaper Options  ROTC- Reserve Officer Training Crops  They provide stipends and merit scholarships for full tuition in exchange for eight years of service.  John Hopkins University is expecting their enrollment for ROTC to double because more students are looking for financial aid.  However some schools require full time status to receive financial aid through this program.

7. Finding Last Minute Financial Aid Help

8. Financial Aid Help  Some students are taking out emergency loans because some universities require some sort of payment before the school year starts.  However some universities are trying to make it easier for students to get loans.  Choosing to first attend community college to receive credits and then transfer after a year saves a lot of money.

9. Business Opportunities  Prosper.com is a peer-to-peer lending website. Where anyone can lend anyone money, you don’t have to know the person.  This connects people to people and eliminates the middleman and banks so that you can get money directly from the borrower.  The business opportunity of making money off of lending money arose due to lack of financial aid for students.  This is also a great investment because your able to trade portfolio and loan notes.  The one downfall with this would be that the interest rates can rise up to 34% which is higher than any private bank.

10. GreenNote.com  GreenNote.com is also a peer-to-peer lending website but specializes in educational loans.  It loans through social networking which means you are receiving the money through someone you know. Family, friends, and community leaders.  Unlike Prosper.com, GreenNote.com as a 6.8 fixed interest rate.  Payment can be deferred till after graduation and you have up to ten years to repay the loan.  There is a documentation and management fee which is how the website makes money and stays afloat.