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by Scholarships.com Staff

College and university endowments plunged an average of 23 percent between July 1 and November 30 in 2008, with many sustaining further losses since then.  While almost everyone who's been reading higher education news or attending college knows that endowments have dropped, the depth and the breadth of the damage has largely been left to the realm of speculation.

Endowment losses had become a hot topic at some schools, including the one my youngest sister attends, even before the release of this study.  Undergraduate students previously unaware that colleges even have investments are worrying about the (admittedly slim) chance of their schools' investment funds disappearing, taking their scholarships, their degree programs, or their favorite instructors with them.  While such drastic cuts have not been made, schools are facing very real struggles to preserve their staff, their services, and their endowments in the face of a still-deepening recession.

The extent of losses varies, as does the extent of reactions to losses.  Several universities have instituted hiring freezes, while others have resorted to layoffs or mandatory unpaid furloughs.  Brandeis University and the University of Pennsylvania have both made unpopular moves to cut budgets. Penn has done so by cutting 18 campus museum staff positions, and Brandeis has announced plans to close the institution's art museum entirely and sell its collection. Some state universities battling shrinking endowments and drastic cuts to state funds have been forced to look at double-digit tuition increases.

Still other schools are making almost opposite responses.  Some institutions are looking into freezing tuition or increasing it by small amounts, such as Princeton University, which has announced a tuition increase of only 2.9 percent for 2009-2010.  Others are hiring new faculty as planned or launching additional searches, hoping to attract stronger talent.  Many schools are also increasing student financial aid to help families hit hard by the recession.  Even schools making budget cuts are reluctant to touch financial aid, recognizing its importance.  However, fears remain that students who need money for college may be unable to find it from their schools.  Whether these fears are justified remains to be seen, though many hope that the proposed economic stimulus package will allow schools to continue to fully fund or even expand essential programs.


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by Scholarships.com Staff

According to newly released data, default rates on federal student loans continued to climb in 2008, reaching a nine-year high of 6.7 percent, most likely as a result of the recession. The annual cohort default rate, released by the Department of Education on Monday, covers federal student loans that went into repayment between October 2006 and September 2007 and had gone into default by September 2008.

The 2007 cohort default rate was 1.5 percentage points higher than the rate for the previous year, as significant increases took place across the board. Defaults were higher in the bank-based Federal Family Education Loan (FFEL) Program than in the Federal Direct Loans Program, which is typically the case, but the discrepancy between the two grew this year. A total of 7.2 percent of loans in the bank-based system were in default, compared to 4.8 percent of the loans in the Direct Loans program.  he numbers for 2006 were 5.3 and 4.7 percent, respectively.

Much of this discrepancy can be attributed to a higher percentage of students at proprietary schools participating in the FFEL Program, as these schools carried a default rate of 11.1 percent, compared to rates of 6.0 percent and 3.8 percent at public and private colleges. Still, the lower default rate in the direct lending program is likely to be brought up as Congress debates moving all lending from FFEL into Direct Loans.

Default is defined as failure to make payments on a student loan according to the terms of the master promissory note the borrower signed, and federal student loans are considered in default only after several months of missed payments. This means that 6.7 percent of students in this cohort had stopped making payments for 270 days or more within 1-2 years of their first loan payment coming due. It's likely that the cohort default rate numbers released paint an optimistic picture of the number of borrowers currently having trouble making payments on student loans.

New repayment options may help troubled borrowers, though, and several have been introduced in recent months. One is the federal Income-Based Repayment Plan, which allows students to make payments they can afford and forgives all remaining debt after 25 years. Borrowers worried about repayment can also look into loan forgiveness programs offered in exchange for public service, which have been expanded under the Higher Education Act and national service legislation.

The best way for students to avoid the prospect of defaulting on loans is to limit borrowing as much as possible. Put some serious effort into a scholarship search, and consider affordability when doing your college search, as well. Practices such as keeping your options open and landing a scholarship can go a long way towards reducing your loan debt and your risk of being unable to pay once you graduate.


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by Scholarships.com Staff

Has the recession had a negative impact on families' view of college? Record college enrollment in 2009 suggests no, and a new survey of parents backs that up, as well. Oppenheimer Funds conducted a survey asking parents of pre-college-age children whether they view college as important for their kids and how they plan to pay for school and recently shared the results in The Chronicle of Higher Education. The survey focused especially on saving for college-not surprising, since Oppenheimer Funds is heavily involved in college savings plans.  The more than 1,000 parents overwhelmingly responded that they view attending college as a must for their children. Eight out of ten say it's very important for their children to earn a college degree, despite barely half of respondents saying their own parents wanted the same for them. An even larger proportion, 90 percent, stated the belief that sending their children to college was an essential part of the "American dream." Hispanic families had an even more positive response, with 95 percent regarding college as essential for their children's success.  Most families still believe that college is within reach for students who want to attend, even after the effects of skyrocketing college costs and the economic downturn. However, more than half believe that it's less accessible than it used to be, and nearly two-thirds expressed concerns about the pace of tuition increases eventually pricing out many families.  In the meantime, the parents surveyed planned largely to pay tuition themselves, often with the aid of scholarship money. While over 60 percent had less than $10,000 tucked into a 529 plan or similar college savings account at the time, 80 percent of parents said they hoped to cover at least half of their children's college costs. Parents also overwhelmingly wanted to avoid debt for their children, with half hoping their kids could take out less than $10,000 in student loans.

But college savings accounts took a sharp downward turn in the recession and while private loan borrowing is down, overall student loan debt has largely been on the rise (the average amount borrowed by college graduates currently sits at over $20,000). Given this, parents of high school students, as well as the students themselves, may want to focus their efforts on finding scholarships. Our free college scholarship search can help-parents or students can complete a profile to learn about scholarship opportunities they can apply for early or late in high school.


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by Scholarships.com Staff

While so far it appears that the recession has not had a negative impact on students' desire to go to college, it may be affecting their ability to get there, or at least to get into their school of choice.

State colleges have endured some significant budget cuts in the last year, while also coping with an increased demand for student financial aid and drops in endowments and donations. These circumstances have left schools scrambling to find additional sources of funding to meet everyday expenses and deal with increased demand. To mitigate tuition increases, many state colleges, especially public flagship universities, have begun to admit more out-of-state and international students. These students pay higher tuition, often without significant help from university scholarships, meaning more revenue for the university and lower costs for the in-state students attending.

This is a win-win situation for colleges and out-of-state students, who are more likely than ever to get into their dream school thanks to these new policies. One example is the College of William and Mary, where the out-of-state admission rate has risen from 22 percent of applicants in 2007 to 30 percent in 2009. While out-of-state admission is still significantly more competitive than in-state, students who are able to pay non-resident tuition at public flagship universities may see more success in 2010 than previous years.

However, with more seats being filled by out-of-state students, in-state students are at a disadvantage. At the same time as admissions ratios are being adjusted, more students are applying to in-state schools to take advantage of relatively reasonable tuition costs, especially where a low price corresponds with a top-rate education.

Where competition is fierce and seats and scholarships are limited, students who had been planning on attending their state's public flagship may want to cast a wider net in their college search. Consider a private college-some in California are offering substantial scholarships to students who would otherwise have attended a state college-or think about putting in a year or two at community college first. You may also find a less expensive, but still highly respected, option in a branch campus of a flagship, or in another state college nearby.  It may even be possible to transfer to your dream college later, as more and more university systems and community colleges develop agreements for how credits will transfer between schools.


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by Scholarships.com Staff

Current undergraduate students who are looking towards employment after graduation, as well as graduate students hoping to ride out the recession before beginning their job search may want to make note of survey results just released by Michigan State University's Collegiate Employment Research Institute.  The survey focused on job prospects for new college graduates at 2,500 businesses nationwide, and the numbers don't look good.  Things were even worse than anticipated for the classes of 2008 and 2009, with the job demand for college graduates dropping 40 percent in the past year, far exceeding initial projections of declines in hiring of 8 to 10 percent, and they aren't expected to soon get better.

Hiring of new college graduates is expected to remain low, with overall figures dropping another 2 percent in 2010, with mid-size and large businesses anticipating continued reductions. However, some sectors are starting to show growth, though none can yet be described as booming. Smaller companies, especially, are expecting to hire more recent college graduates: approximately 15 percent more than last year. New graduates looking for jobs will also have better luck in the west than the east.

The types of businesses that are most likely to hire new graduates in the coming months include web design, e-commerce, information systems, nonprofits, statistics, nursing, social work, environmental sciences, manufacturing, agriculture production and food processing. Accounting, banking, and real-estate will continue to be poor bets, along with engineering, transportation, utilities, computer science and computer programming. Education is also likely to continue to suffer without federal stimulus money supporting K-12 teaching, and non-academic university jobs are likely to be scarce.

The Michigan State University researchers who conducted the survey warn that many of these shifts in hiring appear permanent, or at least long-lasting. College graduates will have to continue to compete fiercely for fewer jobs with lower starting salaries for years to come. To improve their chances at landing a job right out of college, students will want to demonstrate their flexibility and critical thinking skills, according to the report. Taking rigorous classes and participating in internship and independent study opportunities can help.

Students who want to be more competitive or who are struggling to find work may also want to consider graduate or professional programs, or other alternatives to employment. These can develop and showcase your thinking, research, and analysis skills, as well as provide advanced training and work experience directly relevant to your intended profession.


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How to Win a Scholarship: From a Girl Who's Applied for 300+ Awards

by Diane Melville

Yes, I’ve applied for a LOT of scholarships. It was basically my full-time job throughout college and Scholarships.com was my preferred source for finding the scholarships that I qualified for. You may think that this post will outline how you should do the same thing. False: Me telling you how to apply for 300 scholarships would be like a guy who found a mountain of gold after searching for 30 years telling you to take the same long, exhausting journey. You don’t want to repeat his arduous trek – you just want to buy a one-way ticket to gold mountain! In the same way, I want to teach you some of the lessons I’ve learned along the way that will help you to win scholarships...without having to apply for hundreds of them.

Start Small. I started this whole thing by applying to one scholarship. That’s it. I won that scholarship ($1,500 a year for the rest of my education) and that’s what motivated me to apply for more. Some students create massive goals for themselves and set out to win a ton of scholarships, yet they soon find the process to be daunting and give up. The best piece of advice I can give you is to start small. Don’t try to find hundreds or even dozens of scholarships in one shot. Instead, find five scholarships that have deadlines within the next six months and make it a priority to apply for them. First off, it’s a lot easier to find five scholarships that you not only qualify for, but feel you have a solid shot of winning. Second, this will be enough of a taste of the application process to help you determine whether or not you’d like to keep this whole scholarship thing up. If you do end up winning a scholarship, or if you simply enjoyed the process, then you can go to town and apply for many more. Until then, keep it simple.

Select the Right Scholarships. National corporate scholarships draw a lot of applicants so even if you are eligible, the odds of you winning are low in comparison to the smaller ones. The same goes for awards with very limited requirements. What should you do then? I suggest that your five scholarships look something like this:

  • Two national scholarships (examples: Coca-Cola Scholars Foundation, Hispanic Scholarship Fund, Jack Kent Cooke Foundation, etc.)
  • Three small or local/state scholarships (examples: Central Massachusetts Community Foundation, City of Boston Scholarship Fund, The Girl Friends Fund Scholarship, etc.)

This mix still gives you the opportunity to win a national award but increases your chances of success by including smaller, local scholarships that receive fewer applicants.

Take Your Time. Now that you’ve got your scholarships selected, you should put maximum effort into completing the applications to the best of your abilities. Don’t procrastinate until the night before the essay is due and just slap a few things together with the hope that it’s good enough – really research and consider what each scholarship organization values and try to highlight the areas of your life that reflect these values.

Push Through It! You are going to feel unsure. Maybe you hate your essay. Maybe your resume feels lacking. You get stuck, then procrastinate, then neglect and before you know it, the deadline has passed and you didn’t apply for the scholarship. Don’t let this happen! If you don’t apply, you will never have a chance of winning. Push through those feelings of frustration, ask for help if you need it and just submit your scholarship application. Trust me, you’ll be happy that you did.

Diane Melville is the author of The Community College Advantage and president of the community college planning website, Transfer Bootcamp. Diane has applied for more than 300 scholarships (using Scholarships.com, of course!) and paid for her entire college education using private scholarships. She hopes to use this blog to share everything she has learned about paying for college.


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Your Guide to On-Campus Living

September 4, 2013

Your Guide to On-Campus Living

by Abby Egan

As an incoming college student, you’ve probably heard the term “freshman experience” a million times by now. Well, think of residence halls as feeding grounds for memories and experiences you can gain outside of the college classrooms: The social atmosphere of residence halls is the most basic way to build college connections and relationships and staying on campus during freshman year is essential to receiving that crash course to how life really is on a college campus.

Abby Egan is currently a junior at MCLA in the Berkshires of western Massachusetts, where she is an English Communications major with a concentration in writing and a minor in philosophy. Abby hopes to find work at a publishing company after college and someday publish some of her own work. In her spare time, Abby likes to drink copious amounts of coffee, spend all her money on adorable shoes and blog into the wee hours of the night.


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Making the Most of Your College’s Resources

by Abby Egan

Navigating college can be difficult, especially when you’re just starting out. Every school runs a little differently but most have many common resources available to all students, new and seasoned.

  • In the Residence Halls: Ever wonder who puts those pretty name tags on your door? That’s your residence advisor (RA)! They’re your immediate resource in the residence halls if you lock yourself out of your room or want to get involved in your building’s community. A step up from the RAs are the residence directors (RDs), who are the head honchos of each residence building. If your RA doesn’t know the answers to your questions, it’s likely that the RD will. Make sure you know these people and how to get in contact with them because they are always available to help.
  • In the Classrooms: In your classes, your resources are a little more obvious. Your teachers are there to guide you through the courses you’re taking with them but since many professors believe in student independence, sometimes you’ve got to figure it out on your own. Connect with your peers to help each other out with homework, group projects and other assignments – it will give you a chance to make new friends and find a study partner for finals as well. Some professors have teaching assistants (TAs) who can help you in class or out of class for tutoring if you make appointments with them. It’s important to remember that you have connections in every college situation you’re in, even the hardest of classes.
  • Outside of the Classrooms: There is an abundance of resources available to students outside of the classroom that are just waiting to be utilized, such as academic advisors, librarians, info booth attendees, peer advisors, tutors, admissions tour guides and even the registrar workers. Colleges are full of helpful people who are there to make sure you have the best experience and achieve your goals while you’re enrolled. The best part about these resources is that if they can’t help you or answer your questions, then 9 times out of 10 they know who to connect you with so that you can get the help and answers you need.
  • Abby Egan is currently a junior at MCLA in the Berkshires of western Massachusetts, where she is an English Communications major with a concentration in writing and a minor in philosophy. Abby hopes to find work at a publishing company after college and someday publish some of her own work. In her spare time, Abby likes to drink copious amounts of coffee, spend all her money on adorable shoes and blog into the wee hours of the night.


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Meet Scholarships.com's Virtual Interns: Abby Egan

by Abby Egan

Hi all! My name is Abby and I’ll be a junior this fall at Massachusetts College of Liberal Arts (MCLA). Nice to meet you!

I chose MCLA mainly because it was as far away from the city as possible: I’m from Quincy, MA, right outside Boston, so I’m well acquainted with the city lifestyle but when choosing a college, I wanted to step outside of my comfort zone. I major in English Communications with a concentration in writing and a minor in philosophy but when I’m not busy with schoolwork, I love to read, drink tea and walk around town with my camera. Most of the time, however, I run a very busy lifestyle including working three jobs, participating in two volunteer groups and testing out more clubs than I could possibly count.

I applied to be a virtual intern with Scholarships.com this summer because I saw this as my chance to use my own experiences to help incoming college students get a taste of what college is really all about. When it comes down to it, I’m just a regular girl finding her footing in the college atmosphere...just like you. Hopefully I’ll be able to shine some light on what it’s like to live away from home and start the next chapter of your life but the best advice I can give you would be 1. sleep is the most important thing in the world, and 2. your college experience will be what you make of it. Looking forward to sharing more with you soon!


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Meet Scholarships.com's Virtual Interns: Anthony Guzmán

by Anthony Guzmán

Howdy, Scholarships.com readers! My name is Anthony Guzmán, a sophomore business major and Spanish minor from Austin but most importantly, I am the loudest and proudest member of the Fightin' Texas Aggie Class of 2016!

That's my typical introduction as a student here at Texas A&M University in College Station. As for how I got to this point, choosing my school was cake after I experienced A&M's family feel, tradition and dedication to financial aid. (Yay!) I study business management because I love people and intend to use my major to help others through non-profit organizations. I am also the first in my family to attend college so I'm trailblazing and taking advantage of all the opportunities that have arisen right in front of me.

But I am not always doing the nerdy college thing! I love to dance, hang out and meet new friends. I call myself athletic because I casually knock the soccer ball around and I go out for a few long runs. Also, I participate in many organizations: For example, I am heavily involved in ministry at my school's parish, which reflects my deep love for my faith.

As you begin your journey toward college, you may be tempted into thinking, "Look at all these successful college kids...they make it sound so easy" or "I’m not as bright as them." Well don't fall into that: Just over a year ago, I had no idea what, where or if I would study after high school but I was fortunate enough to find resources to help prepare myself for what was to come! So think of this guy Anthony as your friend or big brother, a resource you can utilize. Feel free to pick my brain – that is what I am here for! You are already on your way to a bright future. Thanks and Gig'em!


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