Signs 'discharge petition' to force vote

Washington, D.C. - Congressman Dave Loebsack today joined fellow lawmakers to take action that would force House leadership to bring up legislation to prevent student loan rates from doubling.  Student loan interest rates are currently 3.4 percent, but are set to double to 6.8 percent on July 1^st.  If Congress does not act, the average borrower's debt would increase by $1,000. This action builds on Loebsack's call to House and Senate leaders to come together and bring up a bill for a vote that can be passed by both Chambers and signed into law.  As the only member of the Iowa delegation to serve on the House Education and the Workforce Committee, Loebsack, a cosponsor of the Student Loan Relief Act of 2013 (H.R. 1595), has helped lead the fight to ensure students do not see a raise in interest rates.

"With tuition rising rapidly and far too many Iowans struggling to make ends meet, middle-class families are finding it more and more difficult to pay for college." wrote Loebsack.  "Time is running out for us to get this done for our students and the future success of our economy.  I strongly urge you to work together to find a solution that will prevent this $1,000 increase on students come July 1^st."

As a member of the House Education and the Workforce Committee, Loebsack has championed numerous pieces of legislation to increase access to higher education, including:

·         College Cost Reduction and Access Act (CCRAA) Loebsack helped craft and pass this legislation, which makes college more affordable and accessible for all Iowans by increasing the maximum Pell Grant scholarship and expanding eligibility;

·         Year Round Pell Grants Loebsack authored a provision that created year-round Pell grants in the Higher Education Opportunity Act, which was signed into law in 2008.  However, the year-round Pell grant was unfortunately eliminated in 2011.  In response to the ongoing need for more flexibility, Loebsack partnered with Rep. Cheri Bustos (IL-17) to introduce legislation which would reinstate the flexibility that was provided by Loebsack's provision in 2008.

·         Student Aid and Fiscal Responsibility Act Loebsack was a cosponsor of this bill, which will save American taxpayers $61 billion by making the student loan process more efficient.  The bill further expanded the maximum Pell Grant available from $5,550 in 2010 to $5,975 in 2017, granting Iowa students more than $291 million for higher education. This bill was the largest single investment in student aid in America's history, and will make college more accessible, transform the way student loan programs operate and strengthens community colleges.

From $20,000 to $65,000 a year - that's the tuition cost for one year of college, says John McDonough, a money expert who helps retirees and parents plan for their families' futures.

"For the 2012-2013 academic year, the average cost for an in-state public college is $22,261. A moderate budget for a private college averaged $43,289," says McDonough, CEO of Studemont Group College Funding Solutions, www.studemontgroup.com. "But for elite schools, we're talking about three times the cost of your local state school. Either way, your kid's higher education can easily shoot into six figures after four years."

Along with worrying about rising tuition prices, parents also fear for their own futures if their retirement savings are drained by children's college costs, McDonough says. Only 14 percent, for example, are very confident they'll have the money to live comfortably in retirement, he says, citing a 2012 survey by the Employee Benefit Research Institute.

"Families feel they're faced with conflicting goals, but there are numerous ways to pay for college while investing in your future retirement," says McDonough, who offers insights for parents to keep in mind while planning for their child's education:

• The ROI of a college education: At a time when so many American families are financially strapped, college is an especially stressful topic because parents know higher learning will help their kids succeed. College graduates earn 84 percent than those with only a high school diploma, according to Georgetown's Center on Education and the Workforce. Here is how earning breaks down over one's life time, based on education: a doctoral degree-holder will earn $3.3 million over a lifetime; $2.3 million is estimated for a college graduate; those with only a high school diploma can expect $1.3 million.

• Move retirement assets to qualify for grants: Most parents know about the 529 savings account, but that's not necessarily the best or only option. Reallocating your retirement assets, such as 401(k)s, can better position a child to qualify for grants and scholarships. This legal and ethical maneuvering may be the single most important factor when considering how to pay for college.

• Know your student's strengths and weaknesses: Consider independent and objective analysis of your future college student. Assessment might include a personality profile and a detailed search for a future career. Also think about a more nuts-and-bolts approach, including scholarship eligibility, SAT and ACT prep courses, review of admissions essays and an in-depth analysis of chances for enrollment in a student's top four choices of colleges.

• Make a checklist of financial aid forms: In order to maximize a fair price of higher education, remember there is plenty of data to review. McDonough recommends a checklist with a timeline and notable deadlines. Be ready to troubleshoot the "alphabet soup" of data forms: FAFSA - Free Application For Federal Student Aid; CSS profile - College Scholarship Service; SAR - Student Aid Report; and more. Think about this process as a second job, or find professional help you can trust.

About John McDonough

John McDonough is the managing member at Studemont Group, which is primarily focused on helping retirees gain peace of mind with unique market rescue and recovery programs. He is also founder, president and CEO of Studemont Group College Funding Solutions. His experience in the financial services industry includes managing partner at Granite Harbor Advisors in Houston and divisional vice president of AXA Equitable/AXA Advisors, the third largest insurance company in the world. McDonough is a member of the prestigious Forum 400, a qualifier at the Court of the Table qualifier for Million Dollar Round Table, an active member in National Association of Insurance and Financial Advisors and Society of Financial Service Professionals, as well as American Association of Life Underwriters. He has completed the course work to sit for the Certified Financial Planner® professional designation exam from Rice University.

295 Cadets to Graduate with GED June 15 at Prairie Capital Convention Center in Springfield

SPRINGFIELD, IL (06/12/2013)(readMedia)-- Listening to Lincoln's Challenge Cadets talk about their experience in the structured, quasi-military academy in Rantoul, Ill., a common theme emerges from the nearly 300 young men and women who are about to graduate June 15.

"This place saved my live," said Cadet Javier Campos, 18, from Grayslake, Ill.

"If I didn't complete this, I know I wouldn't complete anything else in life," said Cadet Erin Keegan, 17, of Downers Grove, Ill., and the salutatorian of the class graduating on June 15.

Lincoln's Challenge Academy (LCA) is an Illinois National Guard-administered launching platform for Illinois' at-risk youth that provides Cadets with essential life skills and educational requirements to be successful in today's society. Since LCA began in 1993 as a pilot program, more than 13,000 Cadets have graduated with more than 75 percent earning a GED, making it the most successful Youth Challenge program in the nation.

While both Campos and Keegan said the 22-week residential phase of LCA has given them renewed confidence and instilled improved self-discipline and work ethic, they acknowledge the program is not for everyone.

"This program doesn't work for 100 percent of people, but those few people that take everything to heart and that listen and that learn, they will go places," said Campos.

Keegan, who scored a 3,800 out of 4,000 on the GED exam, the second highest score ever for an LCA Cadet, said being successful at LCA depends on the individual.

"A few things play into it. First is personality and how the individual's personality fits with the military lifestyle. Second is your willingness to change," said Keegan.

LCA is completely voluntary and Cadets can quit the program at any time. Cadets come from different backgrounds, from 115 communities across the state, and for various reasons.

Campos said he was estranged from his mother, living on his own, and performing poorly in school when his Grayslake Central High School dean arranged a meeting with his mother in the dean's office to suggest LCA as an option to get Campos back on track.

"He sat us down to talk and I asked my mother if we could forgive each other. It didn't work out and she left," said Campos. "I sat there in shock. I broke down and felt like I had nobody. The dean said 'you need to trust me, this is something you need to do.'"

Other Cadets were good students and involved in their high school, but strained relationships with their parents led them to LCA.

"When I found out my mom made the decision to send me to Lincoln's Challenge, all I could think about was my Downers Grove South High School teachers and my friends, my cap and gown, my class ring," said Keegan. "To not get to walk across the stage and receive my diploma, to leave that behind was hard. Now, I know it was the right choice. Without LCA I couldn't have learned what I've learned-self discipline-but I still miss Downers Grove South."

If the Cadets had found life to be a challenge before LCA, the challenge that awaited them at the academy proved to be cathartic.

"It was a shock. I had seen military situations on TV and, before I got here, I thought 'I'm big stuff, this will be easy." said Campos. "I was confronted with not only physical challenges, but also emotional challenges. The Cadre tell you how it is. They've been through what we've been through. They're honest and you can relate to them."

During the residential phase Cadets get a $10 per week allowance and, like most high schools, have an array of extracurricular opportunities including yearbook, student council, intramural sports, chorus and band. After the residential phase, the 12-month post-resident phase pairs the Cadets with mentors in their communities to provide positive, continued support. On average, after graduation 49 percent of Cadets go on to get jobs, 34 percent attend college, 12 percent join the military and 5 percent pursue other opportunities.

Keegan plans to study creative writing and performing arts at North Central College in Naperville, Ill. Campos plans to enlist in the Marine Corps and specialize in military intelligence.

Both said they would recommend LCA to young people they see fit.

"Definitely," said Keegan. "I made the right choice. Staying at home I wouldn't have gained the necessary skills for the real world...self-discipline, time management, motivation for life. My habits are much better than they used to be."

Approximately 295 Cadets will graduate from the 40th Lincoln's Challenge Academy class June 15 at 11 a.m. at the Prairie Capital Convention Center in Springfield.

JACKSONVILLE, IL (06/12/2013)(readMedia)-- The following student(s) has been named to Illinois College's Spring 2013 dean's list.

Elizabeth Manary of Moline, Ill., a Moline Senior High School graduate. Manary is a senior at Illinois College

Kelsey McFarren of Fulton, Ill., a Fulton High School graduate. McFarren is a 2013 graduate of Illinois College

Dustin Secrist of Hillsdale, Ill., a Riverdale Senior High School graduate. Secrist is a 2013 graduate of Illinois College

Candidates for the dean's list must complete at least 14 semester hours and post a grade point average of 3.5 or higher on a 4.0 scale. All grades must be C or better, and no more than one C grade is allowed.

Founded in 1829, Illinois College is a residential liberal arts college fostering academic excellence rooted in opportunities for experiential learning while preparing students for lifelong success.