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New Student Debt Report Looks at Those Who Borrow Most

April 27, 2010

by Scholarships.com Staff

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?

  • The frequency of high debt is higher among independent students than among dependent students (24 percent graduated with at least $30,500 in debt).
  • Students who graduated from for-profit institutions are much more likely to have high debt levels than other students.
  • Private loans are most prevalent among students with family incomes of $100,000 or higher.
  • Although black graduates have the highest debt totals, Asian students rely more on private loans. About 12 percent of Asian graduates had no federal loans, with 68 percent of their student loan debt coming from non-federal sources.
  • Higher-income parents of bachelor’s degree recipients are more likely than those with incomes below $60,000 to take out PLUS Loans, and borrow more when they do. Thirty percent of the lowest-income parents borrowed an average of $22,400 in PLUS Loans, while 47 percent of those with incomes of $100,000 or higher borrowed an average of $41,500.
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The Kor Memorial Scholarship

May 17, 2010

by Scholarships.com Staff

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.

Prize: $500

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.

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.

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Central California Asian Pacific Women Scholarships

May 3, 2010

by Scholarships.com Staff

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.

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.

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Arizona College Aims to Catch Students Skipping Class

May 4, 2010

by Scholarships.com Staff

It’s late in the semester, and you’ve got final projects and exams staring you in the face. Now seems like as good a time as any to skip class, either to get a jump on the above-mentioned workload, sleep in, or enjoy the warmer weather. Your professor won’t miss you in that big lecture hall, right?

Come fall, students at Northern Arizona University may be missed more than usual in those big college classes thanks to the installation of a new electronic system that will measure students’ attendance. According to a recent article in The Arizona Republic, the new system will effectively mark students present by scanning their ID cards as they walk in. That system, paid for by $75,000 in federal stimulus money, then produces an attendance report for the instructor of that course.

The system will affect the most popular — and populated — courses, typically taken in students’ freshman and sophomore years. This doesn’t mean the school will be introducing mandatory attendance policies; but instructors may be more likely now to consider attendance as a factor when awarding grades. (Most instructors in smaller classrooms already count attendance/participation as part of students’ final grades.) Students are unsurprisingly upset by the plan, calling it an invasion of privacy. According to The Arizona Republic, a new Facebook group in opposition to the measure has already collected more than 1,300 members. Some students suggest that if they really want to skip class, they’ll find ways around the new system, like handing their IDs to a study buddy so that their name is counted on that day’s roster.

In response to complaints that the process was a little too “Big Brother,” administrators say they’re doing this for the students’ own good and to lower the number of students who miss class. Those who frequently miss class will probably not do as well in school, thus increasing their likelihood that they’ll drop out of college altogether. Administrators point to a number of research studies that link academic achievement with attendance to help their cause. A study in 2001 from the University of Maryland-Baltimore County, for example, found that students scored higher on quizzes if they were responsible for signing in to class each session.

What do you think? Would you try to avoid classes that scanned ID cards? Is it an invasion of privacy, or just a way to make students more accountable?

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So You’re a College Grad

Part III: Setting Long-Term Goals

May 20, 2010

by Scholarships.com Staff

Once you’ve figured out what you should do with your life after graduation in the short-term, it’s a good idea to start thinking long-term, and determining where you’d like to see yourself a few years down the line. The first step may be getting your affairs in order. If you’re expecting a move within a year or two after college, look into how much money you’d need to save to make that happen, and what you need to know about your intended location’s housing/rental stock and job outlook.

Speaking of jobs, finding the perfect one isn’t an exact science. Deciding on a long-term gig shouldn't be taken lightly, and if you can, take the time to do your research when considering where you'd like to work. It’s hard to tell how long the process may take, but there are ways for you to improve your chances of finding a job that is a good fit for you. Use your school’s career center and alumni networks. Sometimes, it is all about who you know. The counselors at the career center may also help you retool your resume, the most important piece of your application package that you’ll be giving to potential employers. If your job search is hampered by a weak economy, or if you’ve gotten word that a job you think you qualify for and would really enjoy will open up in a few months, make the most out of your time. Look into seasonal internships related to your college degree to impress employers once jobs do open up. You’ll look like self-starter who takes initiative rather than waiting things out.

If you’re interested in a career where it would be beneficial to have an advanced degree, graduate school right after you’re done with your undergraduate degree may be an option for you. Just know that this option may not be for everyone, especially if you’re feeling burned out from your four years in college or if you’re only interested in graduate school because you’d like to put any decision-making about your future career on the back-burner. Depending on your field of study and college major, graduate school may help you tremendously, giving you openings to positions higher up in the food chain, or it may not be as beneficial, giving you an additional mound of student loan debt.

Did we miss anything? What else do you think new graduates should consider when thinking about their long-term goals?

This is the last post in a three-part series on dealing with that “What’s next?” feeling college students may get post-graduation. The Scholarships.com blog will be back to giving you the latest higher education news and tips on financial aid and college life tomorrow!

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Space Still Available at Many Colleges for Fall

May 5, 2010

by Scholarships.com Staff

May 1 is traditionally the day many students submit enrollment deposits to their intended schools and make their college choice official. For colleges will late and rolling admissions, however, now begins the time to woo students into choosing their school for fall.

Despite what you’ve heard about increased competition and limited space at the most selective institutions (and colleges in California, where the state school system is using wait lists for the first time), space is still available at a number of colleges across the country. A survey released today by the National Association for College Admission Counseling lists those public and private schools, and whether slots available for new freshman and transfer students are limited or more plentiful.  The Space Availability Survey is also probably good news for students on wait lists, as it shows there are still options for those who may be rejected from those schools they have been waiting to hear back from. The survey also lists which schools still have housing and financial aid available to incoming students, as both may be limited this late in the game.

For once, it seems, the ball is in the students’ courts. Schools that may need to reach deep into their wait lists or that may have lower enrollments overall due to high price tags that may not be as desirable in a tough economy may need to put in a little extra effort getting students interested in their campuses. A recent article in The Chronicle of Higher Education described the “sweet and subtle science” of wooing students who have yet to make their final decisions. At Lafayette College, for example, admissions officials spend much of the late spring reaching out to high school seniors and their parents with personalized follow-up letters, e-mails, phone calls, and on-campus events meant to showcase how their school is different than the rest and is more interested in building relationships with new additions to their student body.

At Menlo College, admissions officials don’t expect to have their incoming class finalized until the first week of September, according to an article yesterday in The Chronicle, with many of those late registrants coming from overseas and transfer students from across the country. Pennsylvania State University at Schuylkill is about two-thirds of the way to their enrollment goal for their new group of incoming freshmen. At the same time, recruitment officers there are contacting juniors for next year.

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Study Finds College Students "Addicted" to Social Media

May 6, 2010

by Scholarships.com Staff

Many of you have probably joked about being “addicted” to your Twitter accounts, cell phones, and other social media outlets. A recent study from the University of Maryland shows that for many college students, that description of their relationship with those tools may not be too far off.

The recent study, “24 Hours: Unplugged,” found that at least on the Maryland campus, students hooked on social media may experience withdrawal symptoms similar to those addicted to alcohol and other substances if they are forced to do without those tools for any longer period of time. The study, led by the International Center for Media and the Public Agenda, came to that conclusion after asking 200 students on the Maryland campus to give up all modes of media for one full day. Those students were then asked to describe their personal experiences on, somewhat ironically, a blog, the next day.

According to the results of the study, the students came up with the equivalent of a 400-page novel when describing their experiences. So what did they say? We’ve come up with some highlights:

  • "My attempt at the gym without the ear pieces in my iPhone wasn’t the same; doing cardio listening to yourself breathe really drains your stamina."
  • "I literally had to have my friend hide my phone so I wouldn’t check it by accident."
  • "It becomes a normal task to look at my phone every few minutes, yes minutes."
  • "It is almost second nature to check my Facebook or email; it was very hard for my mind to tell my body not to go on the Internet."
  • "I knew that the hardest aspect of ridding myself of media though, would be not checking Facebook or my emails, so I went ahead and deactivated my Facebook account in advance. It’s pathetic to think that I knew I had to delete my Facebook in order to prevent myself from checking it for one day."
  • "Although I started the day feeling good, I noticed my mood started to change around noon. I started to feel isolated and lonely. I received several phone calls that I could not answer."

Addiction is a strong word, and there haven’t been any formal initiatives to add things like “Internet addiction” to the American Psychiatric Association’s list of disorders and addictions. But is this something we should worry about nonetheless? According to the news release on the study, even the study’s project director was surprised by the number of students who had such intense reactions to leaving their media alone for a day. What do you think? Are college students too dependent on media? How long could you go without your favorite media outlets?

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California Targets "Super Seniors" to Address Over-Enrollment

May 7, 2010

by Scholarships.com Staff

For some students entering their fifth, sixth, maybe even seventh years of college in the fall, administrators in the California State University system have a message for you: Graduate. Please.

You may remember reading about the trouble California colleges and universities in general have had over the last year. Budget problems have forced schools to significantly limit enrollments, placing students on wait lists for the first time in many of the schools’ histories. “Super seniors” are now viewed as part of the problem, taking up valuable space on the state’s campuses while would-be freshmen look elsewhere for available slots.

The California State University system has begun introducing initiatives targeting those students who take longer than four years to graduate. A recent article in The Chronicle of Higher Education that describes the state system’s dilemma describes these initiatives as expanding advising services, limiting financial aid, and getting department heads more involved in making sure students graduate in a more timely fashion. Administrators say this doesn’t mean students will be prohibited from switching majors if they find themselves flailing in a potential degree they were pushed toward by their parents, for example.

In fact, students who take longer to graduate but aren’t amassing a large number of credits (perhaps because they are attending school part-time, for example) aren’t even the target of the initiatives. The school is after the “Van Wilder” types. The Chronicle describes one 50-year-old student who had more than 250 credit hours under his belt, which came out to about eight years of full-time college schooling. He had enough credits for degrees in both health sciences and theater, but wanted to start over to get a degree in marketing. According to The Chronicle, the school handed him his degrees and told him to look elsewhere for that new degree: "At 50 years old, you should know what you want, and you're stopping two other young people from coming to this university,” Cynthia Z. Rawitch, associate vice president for undergraduate studies at California State University, said in the article.

The California State University system hopes to raise its six-year graduation rate up to about 54 percent by 2016, according to The Chronicle. Studies over the years from the U.S. Department of Education's National Center for Education Statistics have shown that less than 40 percent of students graduate within four years, so this may be something other states should look into doing to increase freshman class sizes as well. There may be a number of reasons for students’ graduation delays, however: transferring schools, balancing work and school, indecision about choosing a major or switching majors well into a college career, or a number of other potential factors. What do you think? Should students be held more accountable for how long it takes them to graduate?

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ALBA George Watt Memorial Essay Contest

May 10, 2010

by Scholarships.com Staff

History is one of the most popular college majors pursued by college students across the country, second only to business. It’s only natural then that there are a number of scholarships out there for future historians, academics, and educators. This week’s Scholarship of the Week is the ALBA George Watt Memorial Essay Contest, an award for history majors particularly interested in Spanish and world history, presented by the Abraham Lincoln Brigade Archives.

Scholarships as specific as this one typically have fewer applicants than sweepstakes or awards based on broader criteria, so your chances of landing this one if you meet all of the qualifications are greatly increased. If you’ve already written essays about the Spanish Civil War, the global political or cultural struggles against fascism in 1920s and 1930s, or the lifetime histories and contributions of the Americans who fought in support of the Spanish Republic from 1936 to 1938, you may as well send your work in. Why not get rewarded for doing well on an assignment? If you’re a history major who has not been exposed to these particular historical events, try out a scholarship search, because there’s a good chance there are history scholarships out there that fit your interest areas.

Prize: Two prizes of $500 will be awarded.

Eligibility: All undergraduate and graduate students are eligible to apply. Work will be judged on the basis of originality, quality of research, and effectiveness of argument or presentation.

June 1, 2010

Required Material: Applicants must submit essays or thesis chapters of between 3,500 and 7,500 words in Spanish or English on topics already mentioned above. Submissions must have been produced to fulfill an undergraduate or graduate course or degree requirement. Any work produced since January 2009 is eligible for the competition. Award winners will be announced at the end of June, and all winning essays are published on the ALBA website.

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Unsure About Your Major?

Colleges Let You Create Your Own

May 21, 2010

by Scholarships.com Staff

Although many students have a good idea about what they’ll be majoring in as freshmen, even choosing their colleges based on the programs offered at a particular school, many others have a tougher time deciding on their future careers without some self-reflection first. For some, the flexibility a college may offer in terms of offering students the choice of creating their own major may be more of a selling point than a school’s reputation in a particular field of study.

As the number of years students spend in college continues to climb (“super seniors” have even become problematic at some colleges), individualized major programs are becoming a more desirable option for schools and students, even outside the private liberal arts set. In such a program, students are able to take their specific interests and skill sets and create majors centered around those attributes, with the help of faculty advisers, of course.

A recent article in The Chronicle of Higher Education looked at a student at Indiana University at Bloomington who graduated this month with a major in magic. Yes, magic. According to the article and accompanying interview with Jordan H. Goldklang, the college magician, he created the major with a blend of theater arts and psychology classes. When asked how being a magic major will benefit him long-term, Goldklang has a tough time describing the real benefits: "Aside from what I've learned here so far, just the ability to say that I did something completely unique has already afforded me so much." Goldklang plans to continue performing in magic shows post-graduation, and hopes to eventually open a bar with his brother.

The Individualized Major Program at Indiana University has been around for about 20 years. A recent article in the school’s student newspaper revealed that one popular self-designed major, fashion design, may soon become an official major at the college because of the interest it has received from students pursuing that field of study. Princeton University has the “independent concentration program”; a number of colleges allow students to create independent study experiences.

If you’re worried that your particular interests don’t fit any of the college majors offered at your school, talk to your counselors and advisers. It may be possible for you to design your own. Or, if you’re able, take courses in a number of different disciplines. (Chances are you can fulfill quite a few general education requirements doing so.) You may find you have a passion in a field after all if you do some exploring.

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