November 11, 2009
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.
November 16, 2009
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.
November 17, 2009
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.
April 14, 2010
Many students are preparing for the last few weeks of finals, completing projects and cracking books open for a week of finals. Students at Southern Catholic College in Georgia, however, are packing up their bags, potentially for good. Tomorrow is the last day of the semester at the college, nearly a month ahead of schedule due to budget woes that made it impossible for the school to maintain its schedule of courses through mid-May, the traditional end of the spring semester.
The decision was announced abruptly earlier this month by Rev. Shawn Aaron, the school's president and a priest of the Legionaries of Christ, via email to faculty, staff, and the school's nearly 200 students. Students will receive full credit for the entire semester, and graduating students will receive their diplomas in an upcoming simple ceremony at the college. In the email, Father Aaron gave no indication as to whether the school would reopen at all, or whether this was a temporary budget fix. According to an article in The Catholic Review, the school would need $6 million to reopen by June.
The school was founded in 2000, but has had some financial trouble since its first years of operation. According to The Catholic Review, the school had gotten into the bad habit of spending more than it took in; in 2007, the college spent $2.5 million more than it should have, and only continued the trend in the years that followed. The formerly privately-run institution was transferred to the Legionaries of Christ in the fall of 2009, but the congregation was unable to financially support the school. In addition to overspending, the students at the school who were on full scholarships outnumbered those who paid full tuition, room and board, which runs more than $24,500 a year.
Students didn't see the early closure coming, according to the article. They went to social networking sites when they heard the news, learning mostly through hearsay why the school would be closing so suddenly. Their worries include how their grades will be calculated based on the shortened semester, and whether their credits will transfer over to other institutions if the school closes for good. According to The Catholic Review, the school's president waited so long to notify the student body because the school board was waiting to hear back about a last-minute plea to a benefactor of the college. That plea did not lead to any last-minute funding, so the decision was made to close the school when it was apparent the school was unable to pay its faculty and staff beyond April 15.
April 19, 2010
If you're a decent writer, essay scholarships may be your opportunity to shine and win awards to help you cover your college costs. This week's Scholarship of the Week doesn't ask for things like your race or financial status. All it asks for is an essay and verification that you'll be enrolled in at least three credit hours this summer or fall.
The Alvin Cox Memorial Scholarship asks applicants to write an essay on what you've probably already thought about - their reasons for deciding to go to college. (An essay like this could also easily be retooled to serve other purposes, from personal statements to other awards that have broad essay requirements.) The fund was created in 2006 in memorial of Alvin Cox, a public school teacher for more than 40 years whose passion was matching students with financial aid opportunities so they may have a way to pay for college. Although the prize money may not seem very impressive, if you're a natural when it comes to the written word, winning several scholarships like this one will make a difference when you're determining how much to borrow to pay for college.
Undergraduates and graduates enrolled in at least three credit hours this summer or fall are eligible to apply. Those attending career schools are also eligible to apply, as long as they describe why they chose a career school in their essays. (About 10 percent of the fund's scholarships are awarded to those attending career schools.) High school students enrolled in dual credit courses that require out-of-pocket expenses are also eligible to apply.
May 31, 2010
Those interested in the scholarship must submit online their name, email address, academic year, and and an essay based on the following: Please discuss any factors that influenced your decision to pursue a college degree. You may discuss any people who affected your decision making process and explain how your decision may have been different without their influence.
Further details about the application process can be found by conducting a free college scholarship search on Scholarships.com. Once the search is completed, students eligible for this scholarship award will find it in their search results.
April 22, 2010
Just in time for the 40th anniversary of Earth Day, The Princeton Review has come up with a list of the 286 greenest colleges. The list is based on the notion that the environment has become so important to college students that some would base their college searches on whether or not a school is as concerned as they are about preserving the ecosystem.
The Princeton Review partnered with the U.S. Green Building Council to come up with the list, which gives colleges and universities a “Green Rating” based on their environmentally-related policies, practices, and academic offerings, according to the test prep company. The schools on the list include: Allegheny College, where 40 percent of the food budget is spent on local or organic food and 90 percent of the school grounds are maintained organically; Illinois State University, which opened a Center for Renewable Energy in 2008 and which holds an annual “Healthy You Healthy Earth” environmental fair; Lawrence University, which recently opened a new LEED-certified student center and campus garden that provides produce to the dining hall; and Mills College, which reuses or recycles more than 60 percent of its waste and is working to restore nearby Leona Creek and Lake Aliso as school-wide projects.
Each school that received a “Green Rating” in the 80s or 90s on a scale of 60-99 was included in the ranking, which explains the odd number of schools who made it on the list. While it’s difficult today to find a college that doesn’t feel some responsibility to preserve the environment through recycling or energy conservation programs (which can also save schools struggling to cope with budget shortfalls some money), the list went further than those basic safeguards to determine which schools included “green” thinking in their curricula and broad policies.
An article this week in The Chronicle of Higher Education was skeptical of the list, citing anecdotal evidence of student demands that are not all that “green.”Private rooms and bathrooms and well-equipped recreation and student centers, among other things that would in fact make a college less environmentally-friendly, often top students’ wish lists on what they need out of their college experience, according to the Chronicle article. What do you think? Do you agree that college students are more "green" these days? Would you base your decision on where you plan to go to college on a "Green Rating"?
April 23, 2010
Many fields of study require or strongly suggest semesters or summers of unpaid, or “educational,” internships, where students get experience in their intended future careers but not pay, and often not even college credit.
To address concerns that some employers may be taking advantage of the opportunity to have eager college students come work for them at no cost, the U.S. Department of Labor released a set of rules Wednesday that clarify the roles of those employers and the students’ colleges. The rules will fall under the Fair Labor Standards Act, which also establishes the minimum wage, overtime pay, and any youth employment standards.
According to the Labor Department, internships may be unpaid if they meet the following six criteria:
The Labor Department rules agree with the notion that internships existing as partnerships between employers and colleges are best, and most likely to comply with the new regulations. According to the Labor Department: “The more an internship program is structured around a classroom or academic experience as opposed to the employer’s actual operations, the more likely the internship will be viewed as an extension of the individual’s educational experience (this often occurs where a college or university exercises oversight over the internship program and provides educational credit).”
We know sometimes students have no choice but to apply for internships led by private companies and organizations, and outside of their colleges’ control. Some of those experiences offer not only stipends or salaries but benefits as well, since the students are considered more than interns but temporary employees. What do you think about unpaid internships? Should there be more oversight, as the Labor Department hopes there will be now?
April 27, 2010
While many students – and their parents – will say no amount of student loan debt is ideal, a new report has zeroed in on those at the top of the pile, those who borrow most and may be most at risk for defaulting on their loans and running the risk of hurting their credit scores.
The newest student debt story comes from a report released yesterday by the College Board Advocacy and Policy Center, which looked at data from 2007-2008 graduates who participated in the “National Postsecondary Student Aid Study.” It paid particular attention to the 17 percent of all bachelor’s degree recipients in that year who graduated with at least $30,500 in student loans. Of those, one in six had average student loan bills of $45,700, with much of those loans coming from private lenders who typically lend to students at higher interest rates.
An article in The Chronicle of Higher Education focused on one particular detail included in the report – that those who borrow more are disproportionately black. Although the sample size was small, and the report’s researchers were hesitant to place too much importance on any breakdowns based on race, the numbers did show some differences in that category. According to the study, 27 percent of black bachelor’s degree recipients borrowed $30,500 or more, compared to 16 percent of white graduates, 14 percent of Hispanic students, and 9 percent of Asian students. Those numbers have little to do with income, however. Middle-class students tended to borrow more than those coming from low-income households, perhaps suggesting that those are the students who are more likely to attend private colleges rather than public institutions.
How else did the report describe those students who borrowed most?
May 17, 2010
The name of this week’s Scholarship of the Week, the Kor Memorial Scholarship, may suggest that applicants be familiar with Klingon, the language created for use in the “Star Trek” series. The main criteria, however, is that all undergraduates and graduates nominated for the award be interested in the field of language study, whether that’s Klingon or the more traditional Spanish, French, or general linguistics degrees.
The purpose of the Kor Memorial Scholarship is to recognize and encourage scholarship in language study, and to award creative and innovative students. Applicants must be nominated in order to be considered for the award, so if you think this award is a good fit, make sure to talk to your academic department chair or dean. Winners are chosen by the director of the Klingon Language Institute and a panel of qualified language specialists. If you’re interested in checking out more awards with unique criteria, we have a long list of unusual scholarships that reward students their interest in mule deer, duck calling, and everything in between.
Eligibility: All nominees must be full-time students at the time of the award and in a program leading to a degree in a field of language study.
Deadline: June 1, 2010
Required Material: In addition to a nominating letter from a department chair or dean at the student’s school, applicants must submit a resume highlighting their education, experience, awards, and community service. Applicants must also submit two additional letters of recommendation from departmental faculty, and a brief statement of goals related to the field of language study.
May 3, 2010
Minority scholarships are one of the more common scholarships by type out there, with numerous organizations looking to make college more affordable for those who may have been traditionally under-served in higher education. Scholarships for Asian students are no different. In honor of May being Asian Pacific American Heritage Month, this week’s Scholarship of the Week is limited to women of Asian and Pacific Islander descent.
This week’s award comes from Central California Asian Pacific Women, a group of business and community leaders looking to support young women in their educational endeavors. Since 1981, the group has given more than $750,000 in scholarships to more than 180 of California’s Asian and Pacific Islander women. If you don't fit in to this category, try conducting a free scholarship search, and there are dozens of awards out there for not only Asian students looking to pay for college, but students from all minority groups and other demographic populations.
Prize: Scholarships vary, but the maximum amount is $1,000. Awards are given in July.
Eligibility: Applicants must be Asian and Pacific Islander women residing in Fresno, Kern, Kings, Madera, Mariposa, Merced or Tulare Counties in California. The selection criteria include academic achievement, extracurricular activities, and financial need. Applicants may be entering, continuing undergraduate, or re-entry students in a college or university. Special awards are also available for students studying in the areas of health, business, or early childhood education.
Deadline: May 15, 2010
Required Material: Those interested in the award are asked to complete online applications that include short essays in response to three questions to communicate personal experience, academic, and/or special circumstance information. Applicants must also submit official transcripts and two letters of reference; at least one of these should be from a teacher or counselor from the last or current school that applicant attended.
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