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Student Loan Debt Numbers

Figure carries building blocks spelling out the word DEBT

Student Loan Debt Numbers

Posted: 06.15.15

In honor of this summer’s big announcement that Central Scholarship will be paying off student loan debt, we want to illustrate the student loan debt situation in the United States.  In order to understand the scale of the student loan debt problem in the US, let’s look at numbers. Nationwide, student loan debt is nearly $1.3 trillion dollars. It exceeds credit card debt. A growing number of students – 40 million Americans – have student loan debt. Out of the types of loans that students take out, 80% are Federal loans and 20% are private loans.  Students who take Federal loans often have lower interest and more options to repay and enter into forgiveness programs than students who take out private loans.

Nationwide, 69% of new graduates have student loan debt averaging $28,400. In Maryland, our numbers are lower than the national average, but not by much. In our state, 59% of new graduates have student loan debt averaging $26,300. Young students face a lifetime of loan repayments if they are not savvy.  One third of those in loan repayment are in their twenties, another third are in their thirties, and 29% are in their forties and fifties.  Only 5% are older than sixty. For more information, visit The Institute for College Access & Success and their Project on Student Debt.

Encouraging A Better Approach to Student Debt

Posted: 05.12.15

Person holding a rolled-up newspaper
On the heels of our “Managing Student Loan Debt” seminars last month, CS Vice President Michele Waxman-Johnson penned an op-ed in The Frederick News-Post detailing the options available to those burdened with student loan debt.  In “Encouraging A Better Approach to Student Debt,” she points to the massive $1.3 million student loan debt borrowed by 40 million Americans and offers loan solutions such as loan repayment and forgiveness programs.  To learn more, click here to read the article.

Brian, Scholar of the Month

Posted: 01.20.15

Scholarship Brian with Governor O'Malley at the City College 175th Anniversary Gala
Brian graduated from City College in Baltimore and began his college career in the fall at Albright College.  He enjoys learning about finance and hopes to become an accountant one day.  “By becoming an accountant, I believe I can help people tremendously and bring them knowledge such as investment advice and budgeting tips to make their finances easier to manage,” writes Brian.  “By doing this, I will help people who are ignorant to the fact that they must plan for their future.”  During winter break, he volunteered at the local elementary school helping students with their homework.  Brian is planning a study abroad trip to Greece and had the opportunity to meet Governor O’Malley at last year’s City College 175th Anniversary Gala.  Brian is pictured on the left with Governor O’Malley.

1 in 10 Chance of Winning Up To $10,000 Scholarship

Posted: 03.04.13

Central Scholarship logo

Even though they were busy with classes, work, and school — they applied for local scholarships.  With only ONE MONTH until the April 1st deadline, wouldn’t you like to know why local scholarships like ours are worth your time and energy?

Because we’re local, our pool of applicants is smaller – which means it’s easier for you to apply and win.

We do not require any letters of recommendation and providing your resume is optional. You only need THREE ITEMS to submit your General application!

1. One paragraph about your career/college goals
2. One paragraph about a challenge you overcame
3. Your Student Aid Report

Winning is easier too. For a national scholarship (such as the Coca-Cola Scholars) your chance of winning is about .025%. But if you apply with us? Closer to 10%.

Applying with Central Scholarship gives you a 1 in 10 chance of winning up to $10,000.

Central Scholarship has been providing financial aid to Maryland students for almost 90 years, so we know where you’re coming from. We’re familiar with your neighborhood and your school, and we understand the challenges you face as you pursue your education.

Plus, all types of students are eligible for our awards–from high school seniors planning to go to college for the first time, to undergraduate and graduate students,  to students pursuing professional degrees in fields like social work, medicine, or law, to students seeking non-degree career or technology training. We have nearly 40 different scholarship programs, so chances are, you can find a Central Scholarship award that’s right for you. 

Click here to read student testimonials at GREAT NONPROFITS!

Central Scholarship’s April 1st deadline is only ONE MONTH AWAY!   Apply now.

Questions? 
Call: 1-855-276-0239
Email: [email protected]

It has been a busy fall…

Posted: 10.31.12

Central Scholarship staff mapping priorities at the staff retreat

We’ve been mighty busy here at Central Scholarship this fall.  After sorting through over 5,000 students applications and awarding our 2012 scholarship winners in time for fall semester, we are back to the grind focusing on program outreach and learning about the latest trends in higher education.  In September, staff left the office and headed to the Retreat and Conference Center at Bon Secours for an exploration into how we can improve our services to our students.  We brainstormed and discussed ways to improve our program, development, and operations efforts.  Regrouping outside of the office was an invaluable experience and staff returned to the office re-energized, driven and more enthusiastic than ever. In addition to inviting students to our office for annual focus groups where we gather ideas for how to improve our services, we are constantly looking for new ways to help students in our community and provide a better experience for our scholarship winners.  (Pictured: Jennifer Bauer, Program Manager, re-arranging our student application process.)

In October, our Development team, Jessica Schmidt-Bonifant and Lucy Sytov, traveled to Austin, Texas for the National Scholarship Providers Conference (NSPA).  They delivered a presentation about the importance of online presence during a session titled The Magnifier Effect: How Social Media Channels Can Build Your Scholarship Program’s Web of Recipients, Allies and Supporters.  The NSPA is a rare opportunity for scholarship providers from around North America to gather and discuss challenges that organizations are facing and propose solutions.  Foundations, Jessica Schmidt-Bonifant, Development Director and Lucy Sytov, Development Coordinator at NSPA Conference
Community Organizations, Non Profit Organizations, Institutions for Higher Learning and For Profit Organizations all gathered to compare notes and elevate our mission.  During Central Scholarship’s presentation, Jessica and Lucy shared the stage with David Neff, Senior Management Consultant at Ant’s Eye Media; and Jane Thompson, Executive Director at TD Scholarships.

All in all, it has been a busy couple of months and with Thanksgiving approaching, we are ever so thankful for our donors who allow us to help more and more students, and to our students for never failing to impress us with their motivated hearts and inspiring stories.  Thank you!  (Pictured: Jessica Schmidt-Bonifant, Development Director and Lucy Sytov, Development Coordinator.)

 

Two Weeks Left to Apply For Scholarships

Posted: 03.12.12

Students — the April 1st deadline is approaching and we encourage everyone to get their applications in to us soon.  Every year, we have scholarship-worthy students who begin their applications and forget to come back and complete them before the deadline.  Don’t let that be you this year and complete your application today!  If you have any questions about the application, call our office at 410-415-5558.