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What Ever Happened to No Takesy Backsies?

Possible Pell Cuts Could Mean Revised Financial Aid Offers

April 6, 2011

What Ever Happened to No Takesy Backsies?

by Suada Kolovic

If you’re a high school senior and have received your financial aid package from your dream school, listen up: Congress may cut the Pell Grant program’s budget this year and colleges may have to roll back a portion of the financial-aid offers they made to students for the coming academic year. Translation: You may receive a smaller financial-aid package than was originally offered.

According to the Chronicle, both parties acknowledge that some type of restructuring will be necessary to put the program on sound financial footing, but lawmakers disagree on the size and scope of the cuts. Some proposals suggest lowering the maximum award, ending the year-round program and changing the income requirements in order to reduce the number of people eligible for the grants.

At a news conference held by the U.S. Public Interest Research Group, a college administrator and student advocates agree that cuts in award levels this late in the admissions process would be particularly hurtful to the low-income families the program serves. "Families with the most unsteady income, or who don't have much financial flexibility ... need the most time to thoroughly plan out their expenses," said Misty Whelan, a Pennsylvania high school counselor. With most decision deadlines around the corner – May 1 at many colleges – how do you feel knowing these cuts could potentially dictate where you go? Do you think it’s fair for colleges to backtrack on their offers? What ever happened to no takesy backsies?


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Which Colleges Are Worth the Sticker Price?

Colleges with the Highest Return on Your Investment

April 8, 2011

Which Colleges Are Worth the Sticker Price?

by Suada Kolovic

With all this talk about possible Pell Grant cuts, acceptance rates plummeting and universities facing serious tuition hikes – Arizona universities could face hikes of up to 22% – which schools are worth the outrageous sticker price of about $200,000? According to PayScale.com’s annual survey of colleges with the highest return on investment rates, the California Institute of Technology tops the list with a 12.2% annual return. PayScale’s data is pulled from 1.4 million pay reports from persons who obtained bachelors degrees in the last 20 years, for more on their methodology click here. Check out who made the cut below:


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UCs Out-of-State Solution

UCs Accept Highest-Ever Rate of Non-Residents

April 20, 2011

UCs Out-of-State Solution

by Suada Kolovic

With California universities facing massive budget cuts in the upcoming year, the state has turned to a creative way to fill the void: According to data released by the University of California, out-of-state and international student admissions are at an all-time high and these students are paying pay about $23,000 more a year than their in-state counterparts.

The LA Times reports that applicants from other states or countries made up 18.1% of the 72,432 students admitted to at least one of the nine undergraduate UC campuses, up from 14% last year. At UC Berkley and UCLA – two of the most selective colleges in the UC System – the trend of accepting out-of-state and international students was most dramatic at 31.2% and 29.9% respectively. Why? The UC system is dealing with a crippling decline of investments from the state of California. Bloomberg reports that the state's current UC funding is back at 1998 levels, despite an additional university campus and 70,000 more students.

So where does this leave Californians who were looking forward to the affordability and convenience of a state school? With a slim chance that there’s a fat envelope headed their way. The fact is that higher acceptance rates for non-Californians means that more state residents were denied admissions at their first- and second- choice state campuses. Do you think it’s reasonable for schools in such serious financial strains to accept students based on their home addresses?


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Scholarship of the Week: STOP Hunger Scholarships

by Suada Kolovic

The Sodexo Foundation seeks applicants for the STOP Hunger Scholarships to recognize students in the fight against hunger in America. More than 49 million Americans are at risk of hunger and Sodexo, Inc. is committed to working toward a hunger-free nation. The STOP Hunger Scholarships recognize and reward students who have made a significant impact in the fight against hunger and its root causes in the United States.

Each national STOP Hunger Scholarship recipient receives a $5,000 scholarship and a matching $5,000 donation to their affiliated hunger relief organization. Added consideration is given to those students working to combat childhood hunger.

Applications are available to students from kindergarten through graduate school. For more information on this scholarship and other scholarship opportunities, conduct a free scholarship search today!


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Top Priority for Americans: Affordable College

by Suada Kolovic

A recent survey suggests more Americans believe that making higher education more affordable would be the most effective means of helping those who are struggling financially. The Public Agenda study, “Slip-Sliding Away: An Anxious Public Talks About Today’s Economy and the American Dream,” revealed reducing college costs was most important to the 1,004 Americans surveyed at 63 percent, beating out preserving social security (58 percent), cutting taxes (48 percent), reducing the deficit (40 percent), “providing financial help to people who owe more on their mortgage than their house is worth” (22 percent) and others as the best solution.

Why do Americans have so much faith in the higher education system? According to the study, “One reason for the faith in education may be the public’s perception of who’s struggling most in the current economy. Three-quarters of Americans say that people without college degrees are struggling a lot these days, compared to just half who say college graduates are struggling.” Of those respondents who identified themselves as “struggling a lot” financially, 77 percent said they were very worried about having trouble paying for their children’s college educations. In addition, nearly one-third of those who are employed (32 percent) said they were "very worried" about losing their job, while 45 percent said they were “very worried” about paying back debt.

With the economy slowly turning around, are you concerned about the cost of college? If you’re stressed about finding financial aid, you don’t have to be: Check out our free scholarship search and get matched with scholarships just for you today!


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Credit-Card Companies Paid Colleges Almost $84-Million

Payment Based on Cards Issued to Students and Alumni

October 27, 2010

Credit-Card Companies Paid Colleges Almost $84-Million

by Suada Kolovic

As a college student, I must admit I was duped into opening a credit card my freshman year. I was lured in by the fact that all my friends were rockin’ their free TCF sweaters and, of course, the concept they pushed of “buy now, pay later.” But credit-card companies marketing themselves heavily on college campuses isn’t new: It’s the perfect place to find new customers who are low on cash and looking for a sweet deal. But have you ever wondered why some colleges allow TCF on campus as opposed to Bank of America- they pay to be there. That may not be the shock of the century but with payments hovering at almost $84 million, you have to question the ethics of it. According to a report released by the Federal Reserve Board, credit-card companies paid $83.5 million to colleges, their foundations and alumni organizations last year under agreements that allow them to market credit cards to students and alumni. Under the agreements, schools and affiliated groups were generally paid for each account opened.

Why were credit-card companies willing to disclose such details? Under the Credit Card Accountability Responsibility and Disclosure Act of 2009, credit-card issuers are required to submit their agreements with colleges and related organizations to the Board of Governors of the Federal Reserve; they must also disclose the total number of opened accounts. Of the agreements reported, about 40 percent were with colleges and 33 percent were with alumni associations. The agreements resulted in the opening of 53,000 accounts in 2009.

The college with the most accounts was Penn State Alumni Association at 1,600 and they were paid $2.8 million by the card issuer FIA Card Services, a subsidiary of Bank of America. The University of Illinois Alumni Association received the most money at about $3.3 million. If you’re interested about your school’s agreement with credit card issuers, check out the Federal Reserve database.

The agreements, certainly ones that involve marketing credit cards to students, can be considered predatory in nature. An examination of this year’s contracts found that they required colleges to provide personal information about their students and, in some cases, even paid the institutions extra when students carried a balance on their cards. And with what sounds like colleges profiting from student debt, it would seem that “free sweater” doesn’t seem like such a sweet deal after all.


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College Dropouts Cost Taxpayers Billions

by Suada Kolovic

Dropping out of college would surely ruffle a few feathers at home, but it seems mom and dad may not be the only ones affected. While dropping out after a year can translate into lost time and a mountain of debt for the student, now there’s an estimate of what it costs taxpayers: billions.

According to a report released Monday, states appropriated almost $6.2 billion for four-year colleges and universities between 2003 and 2008 to help pay for the education of students who did not return for year two. The report takes into account spending on average per-student state appropriations, state grants and federal grants – such as Pell grants for low-income students – then reaches its cost conclusions based on students retention rates. It’s worth mentioning though that the report’s conclusions are considered incomplete: Because it’s based on data from the U.S. Education Department, it does not take account of students who attend part time, who leave college in order to transfer to another institution, or who drop out but return later to receive their degrees.

And with figures in the billions, critics agree that too many students are attending four-year schools – and that pushing them to finish wastes even more taxpayer money. Robert Lerman, an American University economics professor, questions promoting college for all. He said the reports fleshes out the reality of high dropout rates. But it could just as easily be used to argue that less-prepared, less-motivated students are better off not going to college."Getting them to go a second year might waste even more money," Lerman said. "Who knows?"


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Community Colleges Seek New Revenue Streams

Schools Try to Keep Lines of Communication Open with Alumni

September 27, 2010

Community Colleges Seek New Revenue Streams

by Suada Kolovic

College is expensive - no one would argue that. That being the case, attending community college is an option students are turning to. But with the economy in a slump, community colleges across the country are faced with booming enrollment amid decreasing financial support from the state government.

State appropriations for community colleges have taken a hit in recent years. In the past decade alone, state funding per full-time equivalent student fell to $3,150 from $4,350. Accordingly, the state’s community colleges turned away about 4,000 applicants this fall alone because of lack of capacity, turning away a similar number last fall.

The Foundation for Maine’s Community Colleges, a newly created development organization courting donations for the state’s seven two-year institutions, has begun a $10 million fund-raising campaign to help with the slumping state’s support. Foundation officials note that they expect the majority of the funds to come from state businesses that see community colleges as serving them, in contrast to the development work many four-year institutions do among alumni.

But as state budgets continue to dwindle, experts expect more community colleges to look to private donations in the future.

"Most donors to universities are alumni who have been carefully cultivated and served," said Linda Serra Hagedorn, professor and interim chair of Iowa State University’s Department of Educational Leadership & Policy Studies. Community colleges typically do not keep communications open with their alumni. Most do not keep any contact with their alumni. As a result, most CC graduates do not identify with the CC as an alma mater. I think we will see this changing with time."

Hagedorn acknowledges that donors can be very helpful to providing the funds necessary to serve their students and many community colleges have yet to explore the options of naming their buildings or providing endowed professorships.


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College Tuition Increases Slow, Government Aid Falls

by Suada Kolovic

High school seniors heading to college in the fall, listen up: The average cost at the nation’s four-year public universities rose 2.9% this year, the smallest annual increase in more than three decades (yay!) but the slowdown in tuition increases have been offset by reductions in federal grant aid (boo!).

According to a new report from the College Board, public colleges have raised tuition prices so sharply in recent years not to gouge students but to bank on the increased state aid. And although the increase is moderate, "this does not mean that college is suddenly more affordable," says economist Sandy Baum, co-author of Trends in Higher Education reports on tuition and financial aid. "It does seem that the [upward tuition] spiral is moderating. Not turning around, not ending, but moderating." Unfortunately, students continue to suffer from the constant cycle of rising costs and serious college debt. Shrinking state aid for public colleges and universities has translated into the cost of public schools to jump $1,770 in inflation-adjusted dollars. The amount of government aid received last year fell $6,646 for every full-time student at those institutions while just five years ago, each student received $9,111 in today’s dollars. (For more on this report, click here.)

If college is in your forecast, what do you make of the report’s findings? Let us know in the comments section.


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Study: Majors Are More Important Than Where You Went to College

by Suada Kolovic

With fall semester in full swing, high school seniors are mere months away from deciding where they’ll spend the next four (or more) years. And while there are multiple factors to consider when making such a major decision, most would argue that prestigious universities and high-earning salaries are intrinsically tied...or are they?

According to a recent study by College Measure, students who earn associate degrees and occupational certificates often earn more in their first year out of college than those with traditional four-year college degrees. Examining schools in Arkansas, Colorado, Tennessee, Texas and Virginia, the study found that short-term credentials such as two-year degrees and technical certificates were worth more than bachelor’s degrees in a graduate’s early years. College Measures President Mark Schneider said, “The findings challenge some conventional wisdom, showing for example that what you study matters more than where you study. Higher education is one of the most important investments people make. The right choices can lead to good careers and good wages while the wrong ones can leave graduates with mountains of debt and poor prospects for ever paying off student loans.” (For more on this study, click here.)

It’s important to remember that the study focuses on short-term gains as opposed to long-term/lifelong earnings. It’d be interesting for College Measure to reexamine their findings over the next few years but what do you think of its current report? Share your thoughts with us in the comments section!


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