March 6, 2014
With the economy still in a slump, debt-ridden college students aren't alone in their financial struggles. Colleges and universities nationwide – who've had a fair share in creating insurmountable amounts of debt for the majority of students – have struggled to attract potential donors as concerns about unstable markets remain. Harvard University, however, may be the exception: An alumnus who started trading stock options from his dorm room almost 25 years ago recently donated $150 million to his alma mater for financial aid.
Hedge fund manager and Citadel Investment Group founder Kenneth Griffin’s donation (Harvard’s largest-ever gift specifically devoted to financial aid) is expected to help as many as 800 undergraduates annually. With tuition, room and board at Harvard University hovering at about $56,000, you'd assume that only students from affluent families could afford the outstanding price tag. The reality: Sixty percent of undergraduates receive financial aid from the school and pay on average just $12,000 a year. Families making up to $65,000 a year pay nothing, while those with incomes up to $150,000 pay between zero and 10 percent of their income. Griffin said he hopes to donate more to Harvard in the coming years and called for his peers to consider doing the same. "At Harvard, we've had not decades of commitment for our alumni, but centuries. It's time for my generation to step up," he said.
What do you think of Griffin's donation to Harvard – a school that already has an endowment of $32.3 billion – and not those in need directly? Is this a step in the right direction or not?
March 4, 2014
High school students, as you move further into your senior year and really start making decisions that will shape your future – what college you'll attend, how you'll fund this endeavor and what you’ll possibly major in – it dawns on you: “OMG, I’m officially an adult.” And with that realization comes the fact that very soon, you'll no longer (legally) be the responsibility of your parents. Well, not everyone is willing to accept that as their reality: A New Jersey teenager who was financially cut off following her 18th birthday is suing her parents for immediate support, current private school fees and future college tuition.
For months, Rachel Canning has been living with the family of her best friend and classmate, Jaime Inglesino, whose father, attorney John Inglesino, is bankrolling Rachel's lawsuit. Rachel, an honor student who plans on becoming a biochemical engineer, has asked the court to order her parents to pay an overdue $5,306 bill from Morris Catholic High School, finance her living and transport expenses, and grant her access to an existing college fund. Her father, Lincoln Park town administrator and retired police officer Sean Canning, says that his daughter would not abide by a set of household rules and was therefore cut off financially. "She's demanding that we pay her bills, but she doesn't want to live at home. We're heartbroken, but what do you do when a child says, 'I don't want your rules, but I want everything under the sun and you to pay for it?'" (For more on this story, click here.)
While it's not unheard of for young adults to take legal action against their parents, what do you think Rachel's case? Should parents be financially responsible for their child's college education? Let us know your thoughts in the comments section.
March 3, 2014
The American Fire Sprinkler Association Scholarship Program is unlike many traditional scholarship essay contests. That’s because instead of writing an essay, applicants will read one. That’s right!
To apply, students must go online and read a short essay about sprinklers and fire safety. After finishing, they complete a 10-question quiz on what they just read. Each correct answer gives the student a chance at winning one of 10 $2,000 scholarships (maximum 10 chances per entrant).
The American Fire Sprinkler Association (AFSA) Scholarship Contest is open to high school seniors in the United States who plan to further their education at a college/university or certified trade school in the United States. Home-schooled students may apply as long as your course of study is equivalent to that of a senior in high school. For more information on this scholarship and other scholarship opportunities, conduct a free scholarship search today!
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