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December 2004
12/28/2004 So the election's done and over. Phew. After the debris has been cleared, the muttering through red states and blue states, exit polls and divisions, let's take a look at what's really important -- at least what's important to us non-partisan folks at College Money, anyway: What effect will a second Bush term have on college savings? The answer is this: we don't know. Bush may have outlined what he would like to do in his second term, but none of that can become reality unless his plans are given the stamp of approval by both the House and the Senate. Granted, the Republican party has taken majority of both of those branches of government, but a two-thirds vote is needed to pass anything -- and that's a majority that neither party has. But, like everyone else, we can make predictions. Bush is proposing to make permanent the 2001 tax cuts that turned 529 college savings plans into tax-free investment accounts if the money goes to education. According to the Wall Street Journal, the same cuts also paved the way for education savings accounts for younger students and allow private colleges to set up prepaid tuition plans like state schools offer. So this could be good news when applied strictly to college savings. However, the Bush tax cuts focus on Americans taking greater financial responsibility for their needs, including social security and health care. This could mean that, while tax cuts might help in some places, there will be less government money available for services. Like the election, this one's a bit murky right now. Time -- and Congress -- will tell.
12/21/2004 With the holidays comes an extra special time for college students: winter break, which they see as their chance to relax, eat mom's food and sleep until way past noon. Yeah, right. While this might be the luxury some college students can afford, a big chunk of them will need to get off their duffs and spend their days away from school in the workplace to earn money for the coming semester. The good thing about the timing of winter break is that it's when retailers are hiring in droves to help with the holiday shopping onslaught. If your son or daughter already works at a retail store near his or her college campus, it's likely that they can make a transfer to a local store if it's part of a national chain (especially if that chain has its college workload going home for the holidays, too). For other students, it might mean a weekend at home knocking on doors -- or storefronts -- or some time on the phone cold calling to see who's looking for seasonal help. Hot spots to start: Malls: Almost every store you pass has a sign in the window, and with extended hours, they need extended help. Big Box Stores: We're talking places like Target and Best Buy, whose parking lots are gridlocked during the season. Gridlock means customers, which means extra help is needed, and it might not be just for ringing up sales. The stores need to be stocked and cleaned, which turns into extra holiday season jobs. Restaurants/catering: The party season is in full swing, and lots of places that feed our desire for food and drink need extra hands during the holidays, whether it's serving tables, bussing or valet parking cars. Temp agencies: Lots of people take vacation time during the holidays, which is is great for the temp business. And with the speed at which most college kids type and their apparent skill on the cell phone, they should have enough office manager and receptionist qualifications to fill a temporary hole at any office.
12/14/2004
We all know that college is expensive,
and we expect that for the price we pay, our students will be given
the best the college has to offer, including access to their
school’s touted professors.
This, however, is not always the case. Most colleges and universities rely on part-time faculty, also known as adjuncts, to teach introductory courses. Recent budget cuts at colleges across the country have forced many colleges and universities to rely on this part-time workforce to teach the bulk of those classes on the 100 level. The university doesn’t pay adjuncts as much as full time professors, and many of those professors don’t want to teach introductory course filled with students who are only there to fill a requirement. As disheartening as it sounds, it’s the reality of higher education. Adjuncts come in a few different forms: 1. Teacher’s Assistants, also known as TAs. These are graduate students working on their masters or doctorate degrees who teach as part of their financial aid package. They also teach to gain experience. Their duties might range from sponsoring out-of-class study groups to teaching an entire course. While it might seem a rip off to be taught by people who haven’t finished their degrees yet, consider that most if not all of the tenured faculty who teach your son or daughter were at one time TAs. So they are benefiting from this traditional way of preparing graduate students to become faculty members in their higher level courses. 2. Professors with doctorates who haven’t yet found tenured faculty positions. There are a lot of very qualified students who finish with their PhD but haven’t found full time jobs because of the hiring crunch that most colleges now face. A temporary solution is to teach as an adjunct, sometimes at more than one campus. 3. Working professionals. This is the most unique group, people who typically work a full time job but also teach classes in their professional specialties or who have masters degrees and teach to stay up to date in their own jobs skills. These adjuncts can offer students practical experience and advice that a faculty member who has never worked outside academia could offer. There are ups and downs to being taught by adjuncts. The biggest negative is that they are usually not on campus as much as full time faculty, especially if they are adjuncting at more than one campus. But if they are new to the profession they might also be eager and willing to spend more time with students while an established faculty member might choose only to associate with graduate students. It depends on the adjunct. If your son or daughter feels as if they are being shortchanged or have a serious complaint about a TA or an adjunct, they should report it to the department chair. If it’s early enough in the semester, they can switch classes. If enough people complain about a particular teacher, he or she might not be invited back to teach the following year.
12/06/2004 College loans may seem daunting, but for most people, they're necessary. A lot of parents feel guilty that their child will be saddled with thousands of dollars of debt when they get out of college. But when you compare the interest rate of a college loan to other debts a family might incur, things might not seem so bleak. Consider the following interest rates*: 30 year fixed mortgage: 5.85% 48 Month New Car loan: 7.42% $30,000 home equity loan: 6.88% Credit Card: 12.68% Right now, interest rates on federal student loans are only 3.37% while in repayment. They're even lower while the student is in school - as low as 2.77%! This means that if you take out loans on other items or rely on credit cards when ends don't quite meet, you're only spending money on interest that isn't necessary when you have the option of taking out enough student loans to cover the cost of college. Sure, the money still needs to be paid back, but what if your child starts a job right out of college that pays back their student loans? Suddenly that loan money has become free money! With rates so low and with payments that can be spread out over 15 years, it's worth sharing the cost of college with your child to ease the strain on your own cash flow. *averages from www.bankrate.com as of September 2004
November 2004
11/29/2004 It's the buzzword on everyone's lips, drilled into parents' heads by guidance counselors and financial aid planners as being almost as important as the student's college application itself. It's the key to getting funds to help pay for college. What is this magical entity? FAFSA. FAFSA is the Free Application for Federal Student Aid. It's where you put down all your financial information so that colleges and universities can determine how much they believe you are able to pay towards you child's education. Without filling out a FAFSA, the student is automatically disqualified for receiving need-based aid. But how is the FAFSA used? Most colleges and universities use data from the FAFSA to plug into formulas they use to determine financial aid. Most colleges use one of two formulas to determine how much they will offer a student in the form of financial aid. The Federal Methodology (FM), which is developed by the Department of Education and approved by Congress, is the formula for giving out federal and most state funds. The FM is the dominant financial aid formula for colleges that depend on government funds for financial aid. These are usually state colleges and universities and some smaller, less well-funded private colleges. The second formula is the Institution Methodology (IM). The College Board, a trade association of colleges, developed this formula to help colleges administer financial aid. The institution methology is the dominant formula used by larger, well-funded private colleges and universities. But colleges don't need to make a decision between the two methods. Some develop their own formulas that are a mix of both. The formulas are complex, and for good reason. They attempt to determine a family's ability to pay for college by evaluating their income, assets, family size and how close the parents are to retirement. Both formulas calculate the expected family contribution (EFC), which is what the financial aid system believes parents can afford to pay toward college expenses. Once the college calculates the EFC, it is compared to the cost of college at the specific schools where the student applied. If the cost of college is higher than the EFC, the student is eligible for financial aid. The difference between the EFC and the cost of college represents financial need. Financial need is the maximum amount of need-based aid likely to be awarded. For more information about the FAFSA, you can go to www.fafsa.ed.gov or contact your high school guidance counselor of colleges applied to.
11/22/2004 College prices are going up and up, but how high will they be? The answers are crucial when creating a financial aid plan. What you paid for college will not be how much it costs for your children. According to The College Board, college inflation has consistently been twice normal inflation over the last 20 years. While we aren't seeing steep increases like we did in the early 80s, the prices are still escalating From 1975 to 2004, the cost of college inflation rate averaged 7.41%. For the past five years, college inflation averaged 5.32%. If these statistics hold true, a baby born today would face tuition costs that are 3.7 times higher than what college costs today. And with state and federal governments slashing how much money is given to colleges and universities, the rates could go even higher. Furthermore, the dip in state funding to state colleges is causing the schools to raise their tuition and fees. Students might not have that low-cost alternative when the time comes. If these numbers seem scary, it's because they are. They present an immense challenge in college planning. It's important though, to keep these numbers in mind so that you can plan accordingly.
11/15/2004 It's the buzzword on everyone's lips, drilled into parents' heads by guidance counselors and financial aid planners as being almost as important as the student's college application itself. It's the key to getting funds to help pay for college. What is this magical entity? FAFSA. FAFSA is the Free Application for Federal Student Aid. It's where you put down all your financial information so that colleges and universities can determine how much they believe you are able to pay towards you child's education. Without filling out a FAFSA, the student is automatically disqualified for receiving need-based aid. But how is the FAFSA used? Most colleges and universities use data from the FAFSA to plug into formulas they use to determine financial aid. Most colleges use one of two formulas to determine how much they will offer a student in the form of financial aid. The Federal Methodology (FM), which is developed by the Department of Education and approved by Congress, is the formula for giving out federal and most state funds. The FM is the dominant financial aid formula for colleges that depend on government funds for financial aid. These are usually state colleges and universities and some smaller, less well-funded private colleges. The second formula is the Institution Methodology (IM). The College Board, a trade association of colleges, developed this formula to help colleges administer financial aid. The institution methology is the dominant formula used by larger, well-funded private colleges and universities. But colleges don't need to make a decision between the two methods. Some develop their own formulas that are a mix of both. The formulas are complex, and for good reason. They attempt to determine a family's ability to pay for college by evaluating their income, assets, family size and how close the parents are to retirement. Both formulas calculate the expected family contribution (EFC), which is what the financial aid system believes parents can afford to pay toward college expenses. Once the college calculates the EFC, it is compared to the cost of college at the specific schools where the student applied. If the cost of college is higher than the EFC, the student is eligible for financial aid. The difference between the EFC and the cost of college represents financial need. Financial need is the maximum amount of need-based aid likely to be awarded. For more information about the FAFSA, you can go to www.fafsa.ed.gov or contact your high school guidance counselor of colleges applied to.
11/09/2004 When most people plan financially for college, they think about how they're going to pay for tuition. Even though tuition is by far the most expensive part of college, there are a lot of other outside costs that need to be accounted for and figured into how much the college is really going to cost. Fees. Most colleges charge student activities fees and technology fees, even if they have no intention to participate in extra curricular activities or technology. Also, if your child is going into a field that requires courses in the lab, there might also be lab fees. While small (most are $50), they quickly add up. Room and Board. They gotta live, and they gotta eat. If you child is going to live on campus, the school will provide information on dorm choices and meal plans. Even if the student is going to commute, they will probably still be on campus during meal times. Travel. How will your child get to and from school? Will he or she have to fly? Drive? Do they need a car or is public transportation readily available? Books. Yes, they're expensive, but they're necessary. You can cut down on costs by buying used textbooks from the bookstore or an online reseller, but figured at least $200 a semester, much more if the student is taking classes in the sciences. Intangibles. This is a gray area, but the bills incurred quickly ad up. Things like laundry, entertainment, fraternity and sorority dues, long distance phone calls, food after the cafeteria is closed. We call this "pizza money," but it could also be called the college cost of living. A lot of students combat these costs by taking a part time job during college. College is much more than sitting in class, especially if your son or daughter is going to live on campus. So when planning on how much you're going to have to pay for college, factor these in to see how much it's really going to cost.
11/02/2004 Think that scholarships are only for geniuses who have dedicated half their lives to community service? Think again. There's scholarships out there for just about everyone, from young inventors to fans of science fiction. The possibilities are endless. The tough part is finding them. The web provides excellent databases of scholarships though you need to be careful not to get trapped in a scam or a clever marketing plan. Fastweb.com and Scholarships.com offer free scholarship searches but try to make you sign up for other services every step of the way. As long as you know how to navigate through them, you can surf to your heart's content for what might be the perfect scholarship match. Below are just a few scholarships out there: A World Connected This is ideal for the student with political aspirations. Students read two articles on a hot political topic and write an essay in response. Prizes range from $2,500 for first place to $250 for honorable mention. http://www.aworldconnected.org/category.php/50.html#question Minority Access Internship Program Designed to bring minorities into the working world, this award provides stipends for students to live while working unpaid internships. http://www.minorityaccess.org/ OP Loftbed College money from a bed maker? Why not? Students answer three questions, which rotate from year to year. Questions in 2004 asked student to recall their most embarrassing moment, develop a new idea for a TV series, and whether or not they would take back a mistake they made. http://www.oploftbed.com/scholarship/index.php Writers of the Future Sponsored by author L. Ron Hubbard, anyone who has not professionally published a work of fiction is invited to send in their sci-fi novel. Prizes range from $1,000 to $500 dollars. http://www.writersofthefuture.com/index2.htm Be aware, though of scholarship scams. If a contest requires an entry fee, it might not be legit. Also, if a student qualifies for need-based financial aid, an independent scholarship might reduce financial aid by the amount of the scholarship.
October 2004 10/12/2004 As millions of students get ready to return to college this fall, we would like to offer an important reminder about safety on college campuses, especially for women. The statistics don't look good. One in ten women on college campuses are the victims of sexual assault, and that's just cases that are reported. Frequently, alcohol and campus parties are involved. While there is no excuse or validation for sexual assault, there are things young women can do to reduce the risk of being in such situations. Never go anywhere alone. Even if you know the people throwing the party, take a buddy with you, and watch out for each other. If you are going to drink alcohol, keep tabs of what you drink and never leave your drink uncovered. Watch your drink being poured and don't let it out of your sight. Never let someone you don't know walk you home. You never know what their intentions may be. Know where your campus security points are. Most schools have stations around campus where you can call security at any time of the day or night. You never know when you're going to need it. Know where you should go if anything were to happen. Maybe it's the resident assistant, security or the health center. This information should be made available to you at orientation, and if it isn't, ask. No means no, every time, any time. And if you were too intoxicated to give consent, that's a no, too. And if you feel you were violated, report it. If you don't, it could happen to someone else. It's a scary thing to think about, but sexual assault is happens, and young women need to be aware of the risks out there.
10/04/2004 We've been writing college tips for grandparents who want to help save for their grandchildren's college education. So far, we have written as if grandparents have years and years to save. However, what if your grandchild is in college now! How can you help?Besides the cost of tuition, room, board and books, there's an expense called "pizza money." This is what a student spends on entertainment, whether it's for that late night pizza, a night at the movies, or a night out with friends. Parents usually don't account for this when they send their children off to college, and they get phone calls every now and then asking for extra money. Grandparents can take care of pizza money if that's something they'd like to do. But this doesn't have to be just money out of your pocket. Some grandparents have used interest from a CD. This way, they won't erode the principle but still can help with college costs.
September 2004 09/27/2004 Private Elementary and High School Another option some grandparents can take "if they start saving early" is to help send their grandchildren to private school. This works for families who can't afford to save for college while they are sending their children to private elementary and/or high school. In order to do this, a grandparent could open a Coverdell Education Savings Account for each grandchild. The goal is to have enough accumulated in the accounts to pay for the private school costs. When grandparents shoulder this burden, the parents can then direct their savings for college. On the other hand, sending children to private school is a decision that should be left up to the parents. This shouldn't be used as a way to coerce parents not to use public schools. Remember, you're trying to help, not parent
09/21/2004 One of the things that grandparents who are interested in helping their grandchildren pay for college need to understand is that college is much more expensive now than it was when they went to college. Way back then (when you walked 5 miles uphill to school, both ways), most people worked their way through college. While for them putting forth the effort and commitment that it takes to accomplish this was a valuable experience, the cost of college was much more manageable. College inflation has been higher than regular inflation for the last 20 years, and there's no indication that this trend will stop. In 2003 the average in-state tuition at a state college for four years of college was $76,245. In 2014, this is projected to be $128,701. For Ivy League Schools, four years of tuition is projected to be $325,839. It would be impossible for a student to pay these costs with a part-time job. In fact, the income a student earns from any job can reduce financial aid. The financial aid system strongly believes that the student should accept some responsibility for his or her own education, which is why any income that can be attributed to the student is calculated into their financial aid equation at nearly 50 cents on the dollar. On top of this, working can add semesters to the college experience. There aren't many students who can work full time and go to school full time as well. This could lead to lighter course loads or lower grades. Consequently college can take 5 - 6 years or more. That means additional tuition expenses. So the college game isn't the same. In a future tip, we'll look at ways that grandparents can help with these mounting costs of college
09/14/2004 Do you look at little Johnny or Suzie, see them dominating the soccer field or smacking home runs over the fence and think that maybe, just maybe, sports might be their ticket to pay for college? The important word to see here is "maybe." Sports scholarships are an incredibly shaky way of planning to pay for college. Consider the following: Even if your child is great at his or her high school level, it's a small pond compared to national talent. The competition is fierce on any collegiate level. Only a small fraction of college athletes play for division I schools. Most end up at lower tiered sports teams that rarely offer full scholarships for athletic talent. If your child has an athletic scholarship and gets hurt, the scholarship goes out the window. This doesn't even factor in the time commitment that a college sport can be or if your child will even want to continue past the high school level. It's a wiser move to keep planning for college without hoping that a sports scholarship will play a role. That way, if it does, it's an added bonus.
August 2004 08/30/2004 Think interest rates on federal loans were low before? Now they're even lower. Rates have dropped from last year's record low of 3.42 percent to 3.37 percent. What this means is that graduates who are already paying back their student loans can lock in this incredibly low rate so that all their loans will be on one bill with a low interest rate. The key is that they need to act soon because, if the rate goes up next summer, they won't ever get that 3.37 percent back again. According to the Federal Student Aid website, which posted the new numbers in May, "For borrowers with Stafford Loans issued on or after July 1, 1998, the new interest rate is 3.37 percent, down from 3.42 percent last year. For students who are still in school, within the six-month grace period, or with deferred payment, the interest rate is 2.77 percent. PLUS Loans (loans for parents) are set at a new rate of 4.17 percent." If you or your child is still in college, though, trying to lock in this rate will mean that you will have to start paying back your loans now.
08/23/2004 One of the things that grandparents who are interested in helping their grandchildren pay for college need to understand is that college is much more expensive now than it was when they went to college. Way back then (when you walked 5 miles uphill to school, both ways), most people worked their way through college. While for them putting forth the effort and commitment that it takes to accomplish this was a valuable experience, the cost of college was much more manageable. College inflation has been higher than regular inflation for the last 20 years, and there's no indication that this trend will stop. In 2003 the average in-state tuition at a state college for four years of college was $76,245. In 2014, this is projected to be $128,701. For Ivy League Schools, four years of tuition is projected to be $325,839. It would be impossible for a student to pay these costs with a part-time job. In fact, the income a student earns from any job can reduce financial aid. The financial aid system strongly believes that the student should accept some responsibility for his or her own education, which is why any income that can be attributed to the student is calculated into their financial aid equation at nearly 50 cents on the dollar. On top of this, working can add semesters to the college experience. There aren't many students who can work full time and go to school full time as well. This could lead to lighter course loads or lower grades. Consequently college can take 5 - 6 years or more. That means additional tuition expenses.
08/17/2004 This creative college savings plan for grandparents comes from someone we met at a workshop. Some grandparents want to help but also might feel that it is partly their children's responsibility to help their own children pay for college. But what if the grandparent feels that their child is not shouldering the responsibility? The grandparent we spoke with had two married children, both of whom were well-off financially. One was saving regularly for college and not living a lavish lifestyle. However, the other child was a poster child for conspicuous consumption. Big house, expensive cars, and plenty of entertainment depleted this family's finances every month. The grandparent's dilemma was that although he was in a position to offer significant financial help for his grandchildren's college education, wouldnt' that be rewarding the one family for their questionable lifestyle choices? The solution? This grandparent opened a 529 savings account for each grandchild, told his children about it, and then said that, for every dollar his children put in, he would match it. This way, he was helping his grandchildren, but not shouldering the entire burden. And most importantly, he helped his grandchildren with their college savings.
08/11/2004 One
option that grandparents have to save for their grandchildren's college expenses
is a life insurance contract. The cash values will grow tax deferred, and if the
contract is built correctly, the withdrawals will be tax-free. Also, as owners
of the contract, the grandparents maintain control over the account. On top of
that, life insurance is usually very financial aid friendly.
July 2004
07/27/2004 One of the things that grandparents who are interested in helping their grandchildren pay for college need to understand is that college is much more expensive now than it was when they went to college. Way back then (when you walked 5 miles uphill to school, both ways), most people worked their way through college. While for them putting forth the effort and commitment that it takes to accomplish this was a valuable experience, the cost of college was much more manageable. College inflation has been higher than regular inflation for the last 20 years, and there's no indication that this trend will stop. In 2003 the average in-state tuition at a state college for four years of college was $76,245. In 2014, this is projected to be $128,701. For Ivy League Schools, four years of tuition is projected to be $325,839. It would be impossible for a student to pay these costs with a part-time job. In fact, the income a student earns from any job can reduce financial aid. The financial aid system strongly believes that the student should accept some responsibility for his or her own education, which is why any income that can be attributed to the student is calculated into their financial aid equation at nearly 50 cents on the dollar. On top of this, working can add semesters to the college experience. There aren't many students who can work full time and go to school full time as well. This could lead to lighter course loads or lower grades. Consequently college can take 5 - 6 years or more. That means additional tuition expenses.
07/12/2004
The
2004 presidential election could have more impact on our country than just the
war in Iraq, the economy, the environment and healthcare. The next person to sit
in the Oval Office could change how the federal government gives out loans for
college.
07/06/2004 When
it comes to putting a child through college, it's more than just the parents who
want to help the potential graduate. In many cases, grandparents are interested
in helping as well.
June 2004 06/29/2004
When
most people talk about college planning and saving, they talk to the people with
the money: the parents, grandparents, or whoever is funding a student's college
education. But there's one person who is usually left out of the equation, and
this is the person who usually bears the brunt of the financial burden after
graduation: the student.
06/22/2004
If you asked ten people how many schools they think a hopeful college student should apply to, you'll get ten different answers ranging from the "apply to all" theory to early decision applications. But one number won't fit for all students applying to college this fall, just like one college might be perfect for one student but not another.
06/14/2004
The 2004 presidential election could have more impact on our country than just the war in Iraq, the economy, the environment and healthcare. The next person to sit in the Oval Office could change how the federal government gives out loans for college.
06/07/2004
The summer is a crucial time to start narrowing down the field of colleges and universities that your son or daughter is interested in. Application deadlines will be rolling in faster than you think, so use the extra time in the summer not only to work on your tan but to sort through and narrow down college lists.
Regular Decision - These dates start as early as December and as late as March
06/01/2004 To continue or not to continue - the post-graduate question? Even though the job market seems to be improving, there are still a lot of freshly minted college graduates who do not have jobs. Instead of floundering in the job market, many recent grads are considering a graduate education whether it be in law, medicine or a higher degree in their chosen field. While this might seem like a safe escape from the job market, it could be a negative career move. Many employers are looking for job experience, not more years in a classroom. Also, graduate school can lead to an even bigger student debt burden that will need to be paid back. There are also students who start master's degree programs and realize that this isn't' what they want to be doing for the rest of their lives. It's wasted money and time. The best thing a student can do is of course, weigh the options. Could they find a job out of their field that would pay for graduate education? Is that post graduate degree really needed in their field? With law or medicine the answer is obviously, yes. But, what about elementary school teacher, Business, Journalism? Sometimes it's that on-the-job experience that is more impressive than any degree.
May 2004 05/24/2004 According to a recent survey, American women are having babies at later ages than ever. The average age in 1970 for a woman having her first child was 21.4 years old. That figure has jumped to 25.1 years old as of 2002. The survey also found that the number of women in their 30's and 40's having children is at its highest level in three decades. What this means for college planning is that, by the time these babies become young adults ready for college, their parents are closer to retirement than in the past. A woman who has her first child at 35 will be 53 when her child is ready for college. That's a lost closer to retirement than for the woman who has her first baby at 21. While college has always been something that affects retirement, it is truer now, especially for older parents. College is something that is supported by government aid and can also be supported by loans while retirement is not. There are plenty of scholarships for college but not for the golden years.
05/18/2004 There are some students who blossom in college. They're involved in every club, sit on all the committees, even call the President of the school by his or her first name. When it comes time for these students to look for jobs after graduation, they might want to look in their current milieu: college.
05/10/2004 Parents shouldn't overlook local community colleges as options for their children's education or their own re-education. Community colleges may only offer two-year programs, but they are much cheaper than most four-year institutions, and community college graduates can easily transition into those four-year institutions. In fact, most colleges rely on community college graduates to keep their enrollment figures up. Community colleges are also good options for students who aren't sure what they want to do. It's a way for them to begin their post-high school education while also testing out different fields or exploring different career paths. As a further discount, most community colleges offer high school graduates with high grades from their counties big discounts; sometimes even free tuition. Some community colleges also offer highly specialized degrees, such as in culinary arts or computer technology, both fields where it might not be necessary to have a four-year degree to succeed. So, if your child is unsure about what they want to do, it might be worth giving the local community college a look.
05/03/2004 It's almost summer job time. With spring break fast approaching and many students coming home for their week-long hiatus from classes, it's a good time for them to start thinking about either summer jobs or internships.
Internships
2004 buy from Peterson's (ISBN 0768912318)
April 2004 04/29/2004 According to a recent New York Times article, guidelines for base guarantees of federal aid, which funds college programs such as work study, will be changing. The numbers had been fixed based on how well universities lobbied for funds back in the 1970s. This meant that many Ivy League schools, who were successful in lobbying for funds and who also have relatively few low-income students, were receiving the most in base guarantees. The aim of these changes is to level the playing field. If this legislation passes, it could mean a shift in funds from schools in the northeast to schools in other parts of the country where there are more low-income students in college. However, don't expect this to slide through congress and the senate. Many schools won't easily give up their funds. This is just another example of the ever-changing world of college financing. It might not have an impact on your student if he or she is a senior in high school, but it could make a difference for your baby or toddler.
04/19/2004 But don't go buying those letterman sweatshirts just yet. Even though this is an exciting time, it's also important to take a step back and wait some more, not just for all the colleges' decision letters but also for another package: their financial aid offers. With the cost of college soaring, what a school can offer in assistance, whether it be grants, loans or scholarships, can make a big difference in that college's value. So while it might be exciting that your son or daughter was accepted to school A, it might make much more financial sense to go to school B. This isn't to say that money is the only factor in making a college decision. It's one of many, but an important one. Waiting for financial aid packages can also help if you're a haggler (or even if you're not). There's nothing wrong with taking school B's financial aid package to school A and asking them if they can match it. They're just as anxious to get back confirmation of attendance letters as you were for acceptance letters. So sit back and relax. No one needs to make any decisions until May, and you'll want everyone's cards on the table before you and your child make your final choice.
04/12/2004 Tokens from Home: Make a list of things from your area that your child might not be able to find at his or her new school. Slip these into their packed things so they find surprises while moving in. Also, save some of these items and send a care package a few weeks into the semester. Address Book: Fill out an address book with all of your pertinent information along with information on how to contact relatives, family, and friends. Encourage your child to fill in names and numbers and e-mail address of friends so he or she can keep it all in one place. Phone cards: If your child doesn't have a
cell phone, stock them up with phone cards. This way, they'll call if
they're missing home. However, encourage them to go out and meet people
instead of spending all their time Family dinner: It might be a good idea,
even if you've already thrown a graduation party, to have an informal
meal with family and friends in the week before your child moves away.
This will be a reminder of all the people
04/05/2004 With college acceptances rolling in, it's also scholarship application deadline time. While application dates run across the calendar year, there are many in the spring months so that money can be handed out before the all important start of the fall semester. Here are a few scholarship options. As you can see from just this small sampling, there's an infinite variety of scholarships out there! Remember though, to check out any scholarships before applying, especially if they ask for an entry form. You can find more scholarship opportunities through a free, tailored search at Title: Jane Austen Society of North
America Essay Contest Title: Richie-Jennings Memorial
Scholarship Title: Second Annual $1000. Galaxy Music
Scholarship Title: National Restaurant Association
Educational Foundation
March 2004 03/30/2004 Try as they might, many college campuses
especially urban campuses, cannot close themselves off from the outside
community. Even gated colleges have security issues, whether from people
outside of the university community or Ask about security measures. Most
colleges will point them out on the campus tour or during orientation,
but make sure you know what they are and how to use them. For example,
does your college have "blue lights," which are lit Many colleges and universities are required by law to report what crimes take place on their campuses. If you're concerned that the school isn't being up front on its tours about the campus's safety, ask for those numbers. They must give them to you. One more note on security: LOCK YOUR DOORS. This may seem like an obviously security measure, but you'd be surprised at how many students leave their rooms unlocked and have items stolen.
03/22/2004 Some of these measures might hurt students who, for one reason or another, can't go to school full time or who have decided late in their college careers that they would like to graduate with a different degree. While this is leading some colleges and universities to implement better mentoring programs, it still could leave students feeling pressured to get out. Opponents to these measures point that the students who graduate early are being cheated of their college experiences, and it could pressure those students who are taking longer than four years for their degrees into making choices that aren't in their own best interests. Ultimately, it's the student's college education, so the choice remains with him or her. No one should feel cheated out of their college experience, so weigh the plusses and minuses to make the right choice for the student, not the state
03/15/2004 If you are planning on using any kind of financial aid to pay for you or your child's tuition, you MUST fill out a FAFSA. Even if you think that you won't qualify for aid, fill one out anyway since most colleges require a FAFSA before they will consider the student for school awards, financial need based or not. You can pick up a FAFSA at a high school guidance counselor's office, or you can fill out the forms online at www.fafsa.ed.gov. Through this website, you can also track the status of your application and find out answers to most questions about the financial aid process. FAFSA aren't just for high school students moving on to college, either. Adults returning to school, graduate students or those students going to law or medical school should also fill out FAFSA's. Be sure to check the application deadlines for each school, they may differ.
03/09/2004 Type in "exam paper" on any search engine, and you'll be offered pages of choices of databases where students can buy papers. Paper writing services are also available for a cost. What many students don't understand
though, is that their professors are well aware of these databases too,
and it's not uncommon for two students in the same class to turn in the
same bought paper. One professor reported that Teachers can also search sentences from papers they suspect are not a student's own work, and those same search engines that help students find papers help teachers find them as well. It might seem like a risk worth taking to students who don't think they actually need to do their research papers, but cheating comes with a high price. Each school has different rules, and at the most strict, any student caught cheating is expelled immediately. Most schools have judicial processes for caught cheaters that could result in failing that paper, failing the class, or having a permanent mark on the student's transcript that shows that student has cheated. This could affect his or her ability to win scholarships, get into graduate school or even to find a job. It's a risk many college freshman don't understand when they first start their classes, but it is crucial that they learn.
03/01/2004 When your child starts his or her college
search, it might feel like someone has begun a letter writing campaign
against your family. You will be inundated with brochures, letters, CDs,
sometimes even video tapes, all There are more colleges in the United States than ever, and everyone is fighting for the same pool of talent. One student joked that she thought tuition was so high because colleges had to pay for their marketing materials somehow. This might not feel far from the truth once the brochures start rolling in. The key to sorting through these materials is to think of it as something just a step higher than junk mail. Don't feel obligated to look through every packet that comes your way. Sorting them into three piles might help: Priority. These are schools your child is interested in. Maybe. These might be worth looking into if you have the time. Junk. Recycle them and don't look back. It's important to remember that a marketing brochure might not be an honest representation of a college or university. If your child is interested in a school, he or she should visit and asks lots of questions. Also, as targeted as some of these
marketing campaigns may be, you won't receive materials from everyone,
so make sure to write any college of interest for more information. It
might result in more mail, but it will
February 2004 02/23/2004 The FAFSA wants the financial data of the parent with whom the child lives more than 50% of the time. If that parent has remarried, the step-parent's financial information is included as well. If the shared custody results in exactly
50% of the time with each parent, then the parent who provides the most
financial support to the child should complete the forms. It doesn't
necessarily matter which parent is taking If the school asks parents to also complete the CSS/Profile, then both parents and step-parents (if they remarried) will have to supply financial information. The noncustodial parent will have to complete a "Divorced/Separated Parent's Supplement" form. In addition, there are some schools that have additional forms they have created themselves that will ask for the information from the noncustodial parent.
02/16/2004 For-profit colleges are emerging as a viable option for higher education, one that has been on an upward swing in the last six years. These are programs that make their money entirely from tuition without relying on other, outside funding. Some examples are the University of Phoenix, Sylvan Learning Series and Kaplan, Inc. They don't have one main campus; instead, they offer the same courses to a wide range of people across the country. For-profit colleges cater to working adults looking to upgrade their education. Their most popular programs are in business, teacher education, heath care and culinary, though some programs are branching out into degree programs - such as teacher education. Their programs are often more flexible for working adults too, offering many courses online which can be a boon to the busy parent or person with an unorthodox work schedule. However, if it's a traditional college degree you want, it probably won't be found in a for-profit institution. Still, they are a great option for people looking for more marketable job skills.
02/09/2004
02/02/2004 Many parents expect that their son or daughter will have top professors at his or her chosen university who will be teaching every single class. In reality this rarely happens, especially when the college of choice is a large state university. Many freshman courses are taught by adjuncts. Some of these part time professors have their doctorates and have not yet found a tenured faculty position, so they teach a broad range of introductory courses, sometimes at more than one college. Other adjuncts are working professionals, usually with a master's degree, who teach classes in their field. Other introductory courses are taught by Teacher's Assistants, or TAs. These are the department's graduate students who are required to teach as part of their funding package. Having a TA or adjunct could be good or bad. Many adjuncts need to teach at more than one college in order to make a living, so they aren't on campus as much as a professor would be, and many students complain that it's difficult for them to see their teachers. However, adjuncts who also have full time jobs can offer advice and tips that an academic might not be able to provide. Unlike adjuncts, TAs are more often on campus because they are also taking classes. They are new to the teaching profession, and while they might not be as experienced as tenured faculty, they may have more energy for teaching than those top professors and are willing to take more risks. Why does this happen when you pay thousands of dollars for your child's education? It all goes back to the money. The university doesn't pay TAs or adjuncts nearly as much as their full time professors; and many of those professors don't want to teach introductory courses filled with students who are only taking it as a requirement. As disheartening as it sounds, it's the reality of higher education. If your son or daughter feels as if they are being short-changed or have a serious complaint about a TA or an adjunct, they should report it to the department chair. If it's early enough in the semester, he or she might be able to switch classes. If a temporary teacher has enough complaints logged against them, they might not be invited to teach the following year.
January 2004 01/26/2004 Many colleges and universities offer prospective students the option to stay overnight with a current student. This is a fantastic opportunity for your child to form a well-rounded perception of the place where they might spend the next four years. It also gives students who would be moving to a different area of the country a perception of what that region is like. Be warned, though, that many of these overnight stays are like the regular campus tours, "packaged deals" that highlight the best parts of the college while shadowing its weaknesses. Like that campus tour, it's important for the prospective student to be loaded with questions. They're more likely to get a straight answer when one-on-one with a student than in a group with a trained guide. Some things to look out for/ask on an overnight visit: What's open at night? Some colleges have 24-hour dining options while others only offer vending machine fare. Drinking/drug scene. Be wary of hosts who want to show you that scene first hand. Don't be afraid to take a stand and refuse to go. Don't be afraid to ask questions, either. Even if your host is tight-lipped, an overnight stay will give you a good idea of how many students are going out and coming in late. The area at night. While the campus might look pleasant during the day, what does the surrounding area look like at night? If your host has a car, ask him or her to drive you around the area so you can get a closer and safer -- look. Daytime highlights. The overnight stay is as much about the nightlife as getting a closer look at how the campus functions. Visit the student center, department where you want to major, the recreation facilities, and even talk to presidents of clubs you're interested in joining. Food. Eat in the cafeteria. While there are no colleges that serve five star meals in their cafeteria, you might as well know what you're getting into! It's also a great place to survey the student body. The website www.collegetours.com can give you a preview of what you'll find on some campus tours and offers more tips before you go.
01/19/2004 While the idea of a single-sex college might sound old fashioned, they are a viable option to prospective college students, especially women. There are more than seventy all-women colleges, and admission has actually been on the rise. According to the website www.WomensColleges.org, a website about the all-female college scene, all-female colleges represent: 20% of women in Congress 20% of Fortune magazine's 50 Most Powerful Women in American Business 33% of female board members for Fortune 1000 companies 50% of women pursuing advanced degrees 30% of Business Week's 50 women who are rising stars in corporate America Why the high numbers? Some believe that all-women colleges allow students to focus on their studies without the distractions of dating. Also, leadership roles for undergraduate groups and activities must be filled by women, and there is an abundance of women role models in the college's administration and faculty (90% of the presidents and 55% of the faculty are women). However, there are drawbacks. An all-female college might be too limited socially for some students, and many women want the experience of working with both men and women because it simulates the real-life working world. These are all factors to consider when considering all-women colleges.
01/12/2004 If you've ever tried to go to your local bookstore and just pick up a book on college, you know that it is an impossible task to complete in under an hour. Search the keyword "college" on the website for Barnes and Noble, you"ll get nearly 25,000 choices. There are books on financial planning, scholarships, how to write the essay, how to survive the freshman year, what to do about your empty nest, how to beat the financial aid equation, how to pick the right college, how to break into the Ivy League - just to name a limited few. There are three ways to fine-tune the search for the book that you're looking for: Know what you want. If your child doesn't want to go to an Ivy League school, then forget those books. College books are usually grouped by subject, so by knowing your topic, you can zero in on at least a few shelves of choices. Recommendations. Suggestions from friends can either harm or help. While one book might have worked for your neighbor, it might not be right for you, but it?s at least worth checking out and a place to start. Narrow down your keyword search. Typing in the word "college" might bring you those 25,000 results, but typing in "college" and "scholarship" gives you 827 choices, and typing in "college," "scholarship" and "women" gives you 86. No book is going to hold all the answers in a college planning game plan, but the right book might be a way to guide you down the right road.
01/05/2004 There are two kinds of Qualified Tuition Plans (also known as Section 529 Plans). One of these plans is the Prepaid Plan. A Prepaid Plan states that if the contributor deposits a certain amount of money now, or on a contractual basis monthly or annually, the equivalent full tuition and fees at the state college will be covered when the student enters college. Where's the benefit in this? Well, with the way college inflation is ballooning, the return on this account will be the inflation rate for that state's public college tuition. Recently, state college tuitions have been increasing in the double digits. Many Prepaid Plans have a second advantage as well: instead of just applying to tuition for state supported schools, most states allow their prepaid plans to be used for private colleges and out-of-state schools. However, the amount of the withdrawal will only be for the equivalent of the state college tuition and fees of the state in which the plan was started. The drawbacks? Many of the plans have severe penalties for withdrawing funds if the money is not used for qualified education expenses. At the extreme, some go so far as to only return the principal amount, less an administrative charge. In other words, you lose all the interest. It's important to look over your state's plan because every state has a different one. The big question mark here is do you know where you child will want to go to school? Will you restrict where he or she can go based on your Prepaid Plan? Most state plans allow the flexibility, though. In fact, a recent addition to the Pennsylvania Prepaid Plan gives families the choice of funding for various levels of college, even having an Ivy League category. And you don't have to fund for all four years. A family can contract for one year if they so choose. The advantages of the Prepaid Plan depend on the state, so seek out information from your state government or your financial planner.
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