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SOTW: Do Something's Safe Driving Scholarship

This SOTW is Accepting Entries Through August 14th

August 11, 2014

by Suada Kolovic

At least 59 percent of young people know that texting and driving is dangerous... but 46 percent still admit to driving while distracted. When you text while driving at 55 mph, your eyes go off the road for the length of an entire football field. Tell your friends about the dangers of texting and driving to enter to win a $10,000 scholarship. After entering, Do Something will send you a free pair of "thumb socks" - a physical reminder to stop texting and driving. No minimum GPA or essays are required to qualify for this award so get started today!

For more information on this scholarship and other scholarship opportunities, conduct a free scholarship search!

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10 Colleges with the Cheapest Room and Board Fees

December 2, 2014

by Suada Kolovic

How much you end up spending on room and board will vary greatly depending on the school you attend and how flexible you are in terms of your choice of housing. And with the average cost for room and board for the 2014-2015 school year hovering around $10,000, considering schools with more affordable options may be essential to managing your college budget. Check out the list below from U.S. News and World Report for the top 10 schools with the least expensive room and board below:

Did your prospective college make the list? Would you consider a school based on room and board affordability? Share your thoughts in the comments sections. And don’t forget to try and fund your education with as much free money as possible – a great place to start is by creating a free profile on Scholarships.com, where you’ll get matched with financial aid that is unique to you!

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Ivy League Students Avoid Student Debt Crisis

September 11, 2013

Ivy League Students Avoid Student Debt Crisis

by Suada Kolovic

Despite the hefty sticker price associated with all Ivy League institutions, estimated yearly costs are actually quite affordable. In fact, Ivy Leaguers graduate with less debt than their peers who attended less prestigious schools. How? Turns out healthy endowment funds play a huge role in aiding low-income, middle-income and even upper-income students with tuition costs. Score!

According to statistics from U.S. News & World Report, many of the best colleges in the county are relative steals for the lucky few who earn admission. For example, Princeton University students graduate with about $5,096 of debt for all four years – the lowest sum for alumni leaving a national university with debt. Amy Laitinen, a former White House education adviser now at the New America Foundation, said, "Folks look at the sticker price and assume that's what everyone is paying. The truth is that the more elite schools have more resources."

But with acceptance rates hovering at less than 10 percent, gaining access to those Ivy League dollars is fiercely competitive. Do you think it’s fair for students who don’t meet the Ivies’ steep admissions standards to be saddled with crippling debt or should the few that do be rewarded with an affordable, brand name education? Let us know what you think in the comments section.

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Udacity Discontinues Free Certificates

April 18, 2014

by Suada Kolovic

With the cost of a college education continuing to skyrocket, Massive Open Online Courses (MOOCs) have become increasingly popular. If you’re not familiar with MOOCs, they provide students with the opportunity to study high quality courses online with prestigious universities – we’re talking Harvard, Yale and Stanford – for free. Well, at least, that used to be the case: Udacity, one of the three MOOC providers, said on Wednesday that it would no longer give the opportunity to earn free, “non-identity-verified” certificates.

On the bright side, students will still be able to view Udacity’s online-course materials without paying but those looking to earn a certificate to prove they've mastered the material will have to pay for it. The policy change, effective May 16th, is to help employers take MOOCs more seriously, Udacity’s founder Sebastian Thrun said in a blog post. “Discontinuing the ‘free’ certificates has been one of the most difficult decisions we’ve made,” wrote Thrun. “We know that many of our hardworking students can’t afford to pay for classes. At the same time, we cannot hope that our certificates will ever carry great value if we don’t make this change.” Currently, Udacity offers two types of courses: full and free. (The “full” courses cost $150 per month and include personalized support, project-based assignments, job-placement services and the coveted verified certificate while the free courses only include access to the online course material.) “We keep working hard to bring you the best learning experience. Sometimes it means making tough choices – this was one – to maximize the learning outcome for our students,” he said. “I can’t wait to see more employers seek you out for the skills you develop on Udacity.” (For more on this story, click here.)

Do you agree with Udacity’s policy change? Let us know your thoughts in the comment section.

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Student Debt Forgiveness Programs Skyrocket

May 6, 2014

by Suada Kolovic

Unless you plan on paying for your college education out-of-pocket, completing the FAFSA and applying for scholarships are essential in your quest for financial aid. But have you considered federal programs that forgive student loan debt almost entirely? It’s an increasingly popular option: According to reports, government officials are trying to rein in federal programs that forgive some student debt, amid rising concerns over the plans’ costs and the possibility they could encourage colleges to push tuition even higher.

The fastest-growing plan requires borrowers to pay 10 percent a year of their discretionary income in monthly installments. The unpaid balances for those working in the public sector or for nonprofits are forgiven after 10 years while those private-sector workers see their debt wiped clear after 20 years. And while there is currently no limit on such debt, the Obama administration has proposed to cap the amount eligible for forgiveness at $57,500 per student. The cost? A report last week from the Brookings Institution estimated that the plan could cost taxpayers $14 billion a year! “Loan forgiveness creates incentives for students to borrow too much to attend college, potentially contributing to rising college prices for everyone,” the study said. The authors went on to recommend the forgiveness provisions to be scrapped entirely. (For more on this story, click here.)

Share your thoughts on federal student debt forgiveness programs in the comments and check out our financial aid section for more information on how to fund your college education.

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Consider Consolidating Your Private Student Loan Debt

May 13, 2014

by Suada Kolovic

If you're a recent college graduate, chances are you'll have to start paying off your student loans sooner than you think. And even with the economy in a slump, don't expect a free pass on not paying them back. So while keeping track of the multiple loans you've accrued during your college career is tasking, it's important to understand your options. An often overlooked possibility is private loan consolidation. Aren't familiar? Allow me to explain.

A consolidation loan can simplify the loan repayment process by allowing the borrower to combine several types of loans into one. And often, the interest rate on a consolidation loan is lower than the rate on a typical student loan. Until recently though, few banks have offered consolidation loans for private student debt. Why? According to a report last year by the Consumer Financial Protection Bureau, part of the problem was the high cost of marketing to potential borrowers and finding adequate financing to provide the loans. But that may be changing: In January, Providence, R.I.-based Citizens Bank said it would begin offering private consolidation loans which could signal that change is afoot nationally. Wondering who should consider a consolidation loan? It's an ideal option for students who have finished school, are gainfully employed and have been making on-time payments on your private student loans for at least a year or two. The real advantage of refinancing is the chance to get a lower interest rate on your debt and to simplify their monthly payments into a single bill. (For more on this story, click here.)

For more information on student loan consolidation, borrowing responsibly and tips on repaying your student loans, head over to Scholarships.com financial aid section.

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Obama's Student Loan Plan: What's in it for you?

June 10, 2014

by Suada Kolovic

The financial aid process can be a daunting one but if you're planning on attending college any time soon, you should know that there are tons of federal student aid options available. From Pell Grants to Perkins Loans to FAFSA, the funding is out there but your eligibility to receive aid depends on your level of need and, subsequently, how much aid you are eligible to receive. Translation: For the majority of students, loans are inevitable. But don't fret just yet because President Obama announced an executive order capping loan payments: In an attempt to ease heavy college debt, millions of student loan borrowers will soon be able to cap their payments at 10 percent of their monthly income.

According to the administration, this action will help up to 5 million more borrowers but will not be implemented until December 2015 at the earliest. And while some students taking out loans can already cap their loan payments at 10 percent of their incomes, the president's order will extend this ability to students who took out loans before October 2007. (It’s important to note, however, that President Obama's executive order would cover only those loans from the federal government, not private financial institutions.) "The past couple of years, we've done future students, we've done current students, and now we're trying to take a step back," Education Secretary Arne Duncan told reporters Monday. Duncan went on to explain that the expansion of the payment caps would be "fantastic for the economy" by allowing young people to spend or invest that money elsewhere. (For more on this story, click here.)

What do you think of the president's attempt to ease the financial burden associated with student loans? Let us know your thoughts in the comments section. And for more information on federal funding, visit our Financial Aid section.

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Attention High School Seniors: Free College in Tulsa, Oklahoma!

June 13, 2014

by Suada Kolovic

Understanding the true cost of college is essential when finalizing the decision on where you’ll pursue your post-secondary education. Remember that amid all the literature schools send out, take more than a gander at the teeny-tiny font listing “sticker price” because that number probably doesn’t include room and board, books and myriad other fees you’ll be have to pony up while attending. And while the majority of students won’t pay anywhere near the sticker price, the average cost of college has steadily increased to $20,000 at public colleges and topped $50,000 at private colleges, which has left many families wondering how they’ll afford these astronomical amounts. Unless, of course, you’re a resident of Tulsa, Oklahoma: Eligible students there get the first two years of college for FREE!

Tulsa Achieves is a gap-funding program that provides up to 100-percent tuition and fees to Tulsa County high school graduating seniors who enroll at Tulsa Community College the fall after they graduate. Who’s eligible? Every high school graduate living in Tulsa County, including public, private or home-schooled students with a 2.0 or higher grade point average. The program pays for up to 63 college credit hours or up to three years of college, whichever comes first; students are also required to complete 40 hours of volunteer service each academic year. The total cost is $3,400 per student per year and is mostly paid for with local property taxes. "We established Tulsa Achieves seven years ago because we no longer believed that a high school diploma was sufficient in terms of the jobs of the future," said Tom McKeon, Tulsa Community College’s president. "I think we're seeing kids that never, ever dreamed that college was a possibility for them because parents didn't think it was within their realm," he added. (For more on this story, click here.)

Let us know your thoughts on Tulsa Achieves program in the comments section. And if your state doesn't offer a deal as sweet, head over to Scholarships.com to find financial aid that’s tailored to you – create a profile and conduct a free scholarship search today!

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Starbucks Offers Employees Free College Tuition

June 16, 2014

by Suada Kolovic

Have you heard the one about the English major that was so unemployable that their only viable option was becoming a barista at the local Starbucks? Well, the joke's on you because starting this fall, Starbucks employees will be eligible for a free college education: According to reports, Starbucks is rolling out a program that would allow its workers to earn online college degrees at Arizona State University at a steeply discounted rate. Thanks a latte!

The new initiative will offer Starbucks' 135,000 U.S. employees who work at least 20 hours a week the option to graduate debt free from ASU with no requirement to repay tuition costs or stay with the company. Under this freshly-brewed program, employees will receive full tuition reimbursement if they enroll in ASU's online program as juniors or seniors; they can also pick from a wide range of educational programs that aren't related to their Starbucks work. And while it’s unclear how many employees with choose to participate in the new program or how much it will cost Starbucks Corp., the company isn't disclosing the financial terms of its agreement with ASU. In a news release, Starbucks CEO Howard Schultz talked about “the fracturing of the American Dream”, saying: “There's no doubt, the inequality within the country has created a situation where many Americans are being left behind. The question for all of us is, should we accept that, or should we try and do something about it?" (For more on this story, click here.)

Do you think this partnership between Starbucks and ASU is a step in the right direction? Would you consider working for Starbucks given the promising initiative? Share your thoughts in the comment section and for more info on how to fund your college education, head over to Scholarships.com.

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Community College Students: Avoid These Student Loan Challenges!

June 27, 2014

by Suada Kolovic

Figuring out how you're going to pay for your college education can be intimidating. No one wants to pay off student loans for the rest of their lives, full-tuition scholarships are rare and federal student aid seldom covers all college costs, so considering a community college to curb the financial strains is smart! But attending a community college doesn't necessarily dismiss the likelihood of defaulting on your student loans: According to the most recent cumulative default rates, the percentage of two-year public school students who default is 18.7 percent and 13.2 percent for students at two-year private and nonprofit institutions – that's more than double their four-year counterparts! If you're a community college student, check out U.S. News and World Report's three tips you can follow to avoid defaulting on your student loans.

  • Think before you borrow. Just like your other obligations, a student loan is a commitment. You are responsible for repaying it whether you complete your education or not. By thinking before you borrow, you can help ensure the former comes true.
  • Maximize your federal financial aid. Contrary to popular belief, financial aid is available for community college students. And while you should think before you borrow, you can be less reluctant if you go with federal loans.
  • Stay in school. Maximizing federal financial aid can help community college students in an additional way: It can keep them in school if they run out money. Taking out student loans without going on to complete your program of study can lead to big repayment problems. So whether your goal is a formal credential from a community college or to eventually transfer to a four-year institution, it’s important to stay on target so you don’t end up with debt but no diploma.

Can you think of any tips to add to this list? If so, please share them in our comments section. For more information on the pros and cons of attending a community college, head over to Scholarships.com College Prep section.

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