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Report: Millions of Millennials Are Underemployed or Unemployed

May 20, 2014

by Suada Kolovic

It wasn't too long ago that the majority of Americans agreed that one had to pursue a college degree in order to succeed in the workforce. Unfortunately for millennials, the rate of success after obtaining said degree is no longer so intrinsically tied: According to multiple reports, millions of college graduates suffer a mismatch between education and employment and hold jobs that don’t require costly degrees.

Among recent college graduates ages 20 to 29, the Bureau of Labor Statistics reports unemployment stands at 10.9 percent, more than three points higher than in 2007. While a study from the Federal Reserve Bank of New York found that of those recent college graduates who have managed to find work, more than 40 percent hold jobs that do not require a college degree; more than 20 percent are working only part-time; and more than 20 percent are in low wage jobs. Canadian economists Paul Beaudry and David Green of the University of British Columbia and Benjamin Sand of York University have documented a declining demand for high-skilled workers since 2000. They say, "high-skilled workers have moved down the occupational ladder and have begun to perform jobs traditionally performed by lower-skilled workers ...pushing low-skilled workers even further down the occupational ladder and, to some degree, out of the labor force altogether." If correct, their work might just turn conventional wisdom on its head. (For more on this story, click here.)

Do you think that a college degree is necessary for gainful employment and upward mobility? If so, check out our college search tool to find detailed information on more than 7,000 colleges including admission statistics, tuition and fees, financial aid and scholarships, academic majors and more. Not sure where you want to go to college? Check out our College Matchmaker.

And remember, there’s no need to rely on expensive student loan options to pay for your college education. For more information on finding free scholarship money for college, conduct a Scholarships.com free college scholarship search today, then apply and win! It’s that easy!

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Ten Surprising Celebrity College Majors

May 16, 2014

by Suada Kolovic

Due to the stagnant economy, students are flocking to majors considered “safe” (economics, engineering and computer science) and steering clear of ones that develop creative thinking and imagination (the humanities). It makes sense: The objective after graduation is to obtain a lucrative career to pay for that prestigious college education and the best way to do that is to select a major where the potential for a generous return on your investment is high. Interestingly enough, that same thought process applied to some of our favorite A-listers way back when they were considering college majors! Don’t believe us? Check out some of the more surprisingly “safe” majors chosen by celebrities below:

If you’re struggling with choosing a major, head over to Scholarships.com’s College Prep section for tips on things to consider before making a definite decision. And while you’re there, we invite you to do a free college scholarship search to find financial aid opportunities that are tailored to you!

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

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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.

And remember, there’s no need to rely on expensive student loan options to pay for your college education. For more information on finding free scholarship money for college, conduct a Scholarships.com free college scholarship search today, then apply and win! It’s that easy!

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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.

And remember, there’s no need to rely on expensive student loan options to pay for your college education. For more information on finding free scholarship money for college, conduct a Scholarships.com free college scholarship search today, then apply and win! It’s that easy!

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Top Majors for College Class of 2014 Announced

Apr 23, 2014

by Suada Kolovic

If you're struggling to come up with ideas for possible majors and post-collegiate careers, looking at majors that are sought after may not be a bad place to start. According to a survey conducted by the National Association of Colleges and Employers (NACE), organizations are most interested in hiring new college graduates with bachelor's degrees in the business, engineering and computer science fields. Nearly 70 percent of the organizations participating in NACE's Job Outlook 2014 survey said they plan to hire business majors and 43 percent said they plan to hire more grads during the fall of 2014 than they did just last year. Here are the top six degrees according to NACE’s findings:

Through the Job Outlook survey, NACE surveys its employer members each year about their hiring plans in order to project the job market for new college graduates. What do you think of the majors that made the list? Any surprises?

And don't forget, you should pay for your college education with as much free money as possible! Find as many scholarships and grants as you can before turning to student loans. Visit the Scholarships.com free college scholarship search today where you'll get matched with countless scholarships and grants for which you qualify, then apply and win! It’s that easy!

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Udacity Discontinues Free Certificates

Apr 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.

And remember, there’s no need to rely on expensive student loan options to pay for your college education. For more information on finding free scholarship money for college, conduct a Scholarships.com free college scholarship search today, then apply and win! It’s that easy!

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April is National Volunteer Month – Time to Give Back!

Apr 8, 2014

by Suada Kolovic

From finalizing your college choice and figuring out your major to applying for scholarships and getting your financial aid package in order, the life of the average high school senior is chock-full of to-dos. And while finding the time to volunteer may seem downright impossible, making a positive impact in your community can be easy, fun and could potentially earn you some serious cash for college!

When it comes to scholarship opportunities, community service can help to distinguish you from the competition by showcasing your commitment to making the world a better place. Being philanthropists themselves, scholarship providers appreciate students who show an interest in helping those around them. There’s no better time to get started than during National Volunteer Month so check out some of the scholarship opportunities below – they'll not only have you giving back in no time but could also help fund your college education:

  • $7,500 Fight Hunger in Your Community Scholarship - To qualify for the $7,500 scholarship, collect 10 jars of peanut butter, jam or any other non-perishable and submit a photo of them to DoSomething online. For every ten items donated, you are entered into the lottery once, no limit on the number of entries you can earn.
  • CBC Spouses Education Scholarship - This is the foundation's first educational program. The CBC Spouses Education Scholarship is a national program that awards scholarships to academically talented and highly motivated students who intend to pursue full-time undergraduate, graduate or doctoral degrees that exhibit leadership ability and participate in community service activities.
  • The Salvation Army Linden Scholarship - We are looking for individuals who demonstrate their community spirit through active volunteerism.
  • $10,000 Clothes Recycling Scholarship - Sign up for Comeback Clothes to collect old and worn-out clothes in your school and communities and drop them off at your local H&M store to help save precious resources.
  • Dr. Alma Adams Scholarship - Applicants must provide evidence of service to a community in an economically or socially disadvantaged setting; involvement in volunteer activities such as outreach, peer counseling to prevent the use of tobacco, drugs or alcohol or other efforts of benefit to a local community should be described in a personal statement.
  • Rotary Club of Newark Scholarship - This scholarship will be presented after high school graduation to students who show exceptional character and qualify as judged by grades, class rank, SAT scores, community and school service, extracurricular activities, a written essay and financial need.

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

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Which Colleges Are Worth the Sticker Price?

Colleges with the Highest Return on Your Investment

Mar 28, 2014

by Suada Kolovic

With all this talk about possible Pell Grant cuts, acceptance rates plummeting and universities facing serious tuition hikes, 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, Harvey Mudd College tops the list with a 8.8% annual return. PayScale.com’s data is pulled from 1.4 million pay reports from persons who obtained bachelor's degrees in the last 20 years, for more on their methodology click here. Check out who made the cut below:

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

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Cleveland Law School Offers “Risk-Free” J.D. Program

Mar 25, 2014

by Suada Kolovic

The decision to pursue a law degree is not one that should not be taken lightly. Analyzing your hopes and needs prior to applying will help you decide whether it’s worth your time, effort and money. It’s also crucial to examine the possible downsides: crippling student debt, high unemployment rates and declining starting salaries. At this point, if you’re still interested in studying law, you might want to consider a law school that’s offering the country’s first “risk-free” juris doctor program.

Following a recent trend among law schools to attract prospective students, the Cleveland-Marshall College of Law at Cleveland State University announced that beginning this spring, a student who decides to not continue law school after successfully completing their first year of studies can graduate with a Master of Legal Studies (M.L.S.) degree without taking any additional courses. And although students with this degree will not be permitted to sit for the bar exam, this approach will provide students with a foundation in law without preparing them to practice. “The new opportunity removes at least some of the financial and personal risk inherent in a large educational undertaking and comes at a time when people appreciate more guarantees,” said Craig M. Boise, Cleveland-Marshall’s dean. He added, “For these students, the first year of law school might have seemed like a waste and a hard-to-explain item on their resumes. Now they can leave with a master’s degree that we believe will be attractive to employers.” (For more on this story, click here.)

Law school hopefuls, does the “risk-free” J.D. program at CSU’s Cleveland-Marshall College of Law help quell your anxieties given the weak legal job market? Do you think this program (which is essentially one-third the cost and time of a traditional law program) would be viable or not? Let us know in the comments section.

And remember, there’s no need to rely on expensive student loan options to pay for your college education. For more information on finding free scholarship money for college, conduct a Scholarships.com free college scholarship search today, then apply and win! It’s that easy!

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Five In-Demand Careers for College Grads

Mar 18, 2014

by Suada Kolovic

With recent college graduates facing an unemployment rate of 6.7 percent and substantially lower starting salaries, we have to ask: What path should students take in order to flourish professionally after graduation? While there isn't one direct route that translates into success, the recent “Hot Careers for College Grads and Returning Students 2013” report by UC San Diego Extension revealed a list of in-demand careers based on job growth, salary and work environment:

  • Software Developers, Applications and Systems Software: According to the report, the integration of technology into our daily lives “has created an ongoing critical shortage of qualified software developers to design, develop, test, document and maintain the complex programs that run on these hardware platforms.”
  • Market Research Analyst: Market research analyst jobs have exploded in every sector of the economy. This has created a high demand for those who can access, analyze and extract meaningful, actionable and tactical implications from a sea of data.
  • Accountant and Auditor: Accountants and auditors earned their spot on the hot careers list because of the sheer demand for accounting jobs. In 2010, more than 1 million people were employed as accountants and auditors and that number is expected to grow at a healthy rate of 16 percent by 2020.
  • Elementary School Teacher: Elementary school teachers outnumber any other single occupation nationally and a teaching career tends to offer a form of stability that is relatively rare in other fields of pursuit.
  • Computer Systems Analyst: From growth to salary, computer systems analysts scored strongly in every category of hot careers evaluation. This career is projected to grow in demand by 22 percent by 2020 and with a mean annual salary of $83,800, it is one of the most lucrative jobs on the list.

Did a career you’re considering make the list? If not, would you considering switching majors based on the likelihood of gaining employment after graduation? Let us know in the comments section.

And don't forget, you should pay for your college education with as much free money as possible! Find as many scholarships and grants as you can before turning to student loans. Visit the Scholarships.com free college scholarship search today where you'll get matched with countless scholarships and grants for which you qualify, then apply and win! It’s that easy!

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President Obama Encourages More Students to Fill Out FAFSA

Mar 13, 2014

by Suada Kolovic

While the road to a college degree may include countless detours, it’s essential to understand the importance of financial aid and filling out the FAFSA. But don’t just take my word for it – President Obama agrees: Last week, the President announced an initiative that would encourage more students to apply for federal student aid.

Under the FAFSA Completion Initiative, the Department of Education will work with states to identify students who have not completed the form and employ new outreach efforts to help more students through the process. The White House said the effort would build on earlier steps by the Obama administration to simplify the form and make it easier for parents and student to use information from their tax returns to complete the paperwork. "We made it simple. It doesn't cost anything. It does not take a long time to fill out. Once you do, you're putting yourself in the running for all kinds of financial support for college," said President Obama.

For those of you that aren’t familiar, the FAFSA (which stands for Free Application for Federal Student Aid) acts as a gateway between graduating seniors and almost $150 billion in grants, loans and work-study funds that the federal government has available. Funds do run out, though, so we recommend filling out the FAFSA as early as possible. Have you filled out the FAFSA? Let us know how it went in the comments section. If you haven’t done so yet, review our financial aid section for some tips.

Going to college doesn't have to break the bank or saddle you with tens of thousands of dollars in student loan debt. Check out the Scholarships.com free college scholarship search where you’ll discover you qualify for hundreds of thousands of dollars in scholarships in just a few minutes, then apply and win! It’s that easy!

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