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Seven Tips for Repaying Your Student Loans

May 22, 2015

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 your loans. Are you starting to panic? Well, don’t! There’s a ton of advice out there to help students stay on track and courtesy of the U.S. News and World Report, here are seven tips for repaying your student loans.

  • Repay you student loans automatically. Make things easier on yourself by setting up automatic withdrawals from your bank account. This reduces the chance of late or missing payments.
  • Aim for 10 years. The traditional repayment period for student loans is 10 years and ideally you'll be able to pay off all your debt within that time period. If you end up struggling with your monthly payments, however, you could stretch out your loans to 20 or even 30 years. Your monthly payments will become more manageable but you will end up paying a lot more in interest.
  • Stay organized. Having multiple student loans can be a challenge to keep track of but with the government's National Student Loan Data System, you’ll be able to track all your federal student loans in one place.
  • Pay off the loans with the highest interest rates first. A high interest rate costs you every month and compounds that amount you owe every month you aren’t paying off the entire balance.
  • Consider IBR. The IBR is a federal Income-Based Repayment program that allows a borrower to repay his or her federal loans based on what is affordable and not what is owed.
  • Keep abreast of student loan developments. Staying informed is just as important as making your payments. Familiarize yourself with websites that are devoted to college debt issues like Project on Student Debt and the National Consumer Law Center's Student Loan Borrower Assistance Project.
  • Contact the Federal Student Aid Ombudsman. Sometimes your relationship with a lender can go belly-up. If you end up in a dispute, the Federal Student Aid Ombudsman may be able to help resolve the issue.

Are there any tips you'd like to add? Share your suggestions 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 Scholarships.com and conduct a college scholarship search 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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A New Facebook in Town?

August 31, 2010

by Kevin Ladd

Looks like there’s a new facebook in town. Sort of. Apparently trying to recapture what the aforementioned site once offered, namely exclusivity to college students, is the new site CollegeOnly.com. It’s really not a bad idea, either, if you think about it. Sure, facebook really took off and their numbers skyrocketed as a result of their opening-up their site and services to the general public, but at what price? Or, at what price to students, I should say. It worked out pretty well for facebook. I mean, does it really make sense to jettison users of your site once they reach a particular age or social status? With regard to site traffic, less is never more.

Several years ago, students could go online and post photos from frat parties and, basically, be college students without fear of their parents, employers, etc. seeing them, for example. Sure, facebook allows you to adjust your privacy settings and sure, you don’t have to accept every friend request you get, but it could be a bit awkward to get an invite from an employer, parent, aunt, etc. with whom you really don’t want to be facebook “friends” for the above-mentioned reasons.

Having only glanced at the site (don’t currently have a “.edu” email address), I can’t go into much more detail, other than to say the clipart on the home page is certainly an interesting choice. Regardless of your gender or preference there’s a plunging neckline there for you. Enjoy.

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Daytona State Employing E-Book Program

Students Could Save Hundreds of Dollars Each Semester

September 3, 2010

by Kevin Ladd

Daytona State is going to do it beginning in January 2011; they will actually purchase a license from publishers to allow their students access to electronic versions of the texts they would otherwise go out and try to locate in print form at the best price they can find. For this service, the student s will be charged a “digital materials” fee. For it’s part the college will require publishers to make the e-books readable in multiple types of e-reader, regular computers included. After all, not everybody has a Kindle or an iPad.

Since they can pretty much guarantee one e-book sale per student per class per semester, Dayton State will be able to get a pretty sizeable discount from the publishers. When you consider there are no printing costs, etc. for the publishers, you would think it would be even less, but the estimated fee as it stands is about $30 per e-book. That said, this is still a huge savings off regular e-book pricing and only about a quarter of what they would be paying for standard, new, print textbooks.

Funnily enough, this practice actually originated with one of the oft-maligned “for-profit” institutions, University of Phoenix, where e-books have been in use for some time. At many schools the cost of books, while considerable, is not much in comparison to tuition, room and board at around $1,100 per student at a four year school. However, at Daytona State, a former community college that now offers some four-year degrees, textbooks can make up nearly a third of a student’s total cost of attendance. With that in mind, it’s easy to understand why such a school might give this approach a try. And it’s not like the students won’t still have a choice, either. If a student prefers a printed book they can either print the book themselves or purchase a regular print textbook and apply the digital materials fee to the purchase. Would you rather save up to $1,100 or have traditional, print textbooks? Do you think/hope your school will try a similar program? Let us know what you think about Daytona’s upcoming e-book program.

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Asian Education Superior? First Cars, Now College...

March 10, 2010

by Administrator

Perhaps, for the time being, American colleges (see Harvard, Princeton, Yale, etc.) are among the most desirable in the world, but there is some concern that this might not always be so and that perhaps this shouldn't be taken for granted.

Before Toyota started shipping automobiles to the United states in ever-increasing quantities, General Motors ruled. The American car was king in the U.S. and led all other auto companies world-wide for three quarters of a century. That began to change in the 80's and now it is not uncommon, even right here in the heartland of America, to see more Japanese cars on your morning commute than those manufactured in the United St. Could we have learned a lesson from Japan? Taken a page from their playbook maybe and avoided the enormous failure and subsequent government bailout of what was once the auto sales leader for 77 consecutive years? There are those who believe education is set on a similar trajectory. Here are five things we might want to consider:

  1. Building Human Capital While college costs continue to rise in the U.S. and it becomes more and more difficult for high school grads to attend college, China is making sure its young people have an opportunity to get a post-secondary education. Apparently they, along with other East Asian countries, see a strong connection between the education of its citizens and its burgeoning economy and are working to build human capital to ensure continued growth and success.
  2. Policy May Set Pace China is set to outpace the U.S. not just in college grads, but also in world-class universities. This is primarily due to the amount of importance they place on education and the funding they commit to seeing that it succeeds. If we are to have any hope of keeping up with China, India and Japan in the coming decades, we may want to consider a similar approach and learn from the success of these programs and their dedication to higher education.
  3. Beware Hubris It's probably not a good idea to assume that, because there presently are no Asian institutions listed among the top 20 worldwide, there won't soon be. According to Yale's president, Richard C. Levin, there is likely to be some change in the coming years, with National University of Singapore one of the schools likely to break into the top twenty.
  4. Eyes on Asia It might be a good idea to take a serious look at some of the programs the most successful schools in Asia have implemented and consider building some of our own in select institutions, for a start. Getting students involved in more global, real-life situations and positions earlier, for example, might be something we should be doing more of.
  5. If You Can't Beat 'Em OK, it may be a bit early to admit defeat and, if we step it up a bit, maybe concession won't be necessary, but working with Asian universities could be among the key steps we could take to improve the quality of the education we offer in the U.S.

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California’s Community Colleges Taking-On Unfunded Students

March 26, 2010

by Administrator

It would seem there are a substantial number of students in California that are relying on local community colleges to provide them with the education they need. Fortunately for them, nearly all of California’s community colleges are willing to dip into their reserves to enroll these unfunded students. Still, though, many of these schools have waiting lists in the thousands as the price of higher education rises and there just aren’t enough paid-for chairs to go around.

Of course, this also raises the issue of whether the number of students being added to the classrooms will have a detrimental impact on the quality of education students can expect to receive at one of these colleges. For example, College of the Sequoias has increased their average class size by about 20% (from 26 to 31 students per class) in addition to using almost $2 million from its reserves to accommodate some students who would probably have had to wait until next year (perhaps longer) to enter college otherwise and whose prospects of employment would not have been very good, either.

With unemployment as high as 18% in the surrounding region, College of the Sequoias’ president Bill Scroggins feels it is his duty to do all he can to make sure as many of these folks as possible have the opportunity to receive a post-secondary education. In Mt. San Jacinto College’s immediate surroundings the unemployment rate is at 15% and, consequently, more than 25% of its students are unfunded. While these schools have not yet furloughed faculty or cut their pay, many other budgetary cuts have been made, such as eliminating travel and conference budgets. Clearly these are short-term solutions and a more permanent solution will need to be found, but at least some of the unfunded students are being taken-in and given an opportunity to get the education they will need in order to work toward their desired career.

Apparently, while California’s economy is running at a high deficit, there are these small bastions of efficient colleges who managed to put away some of their assets for a few years’ worth of rainy days. Hopefully the economy that surrounds them will turn around before their reserves are depleted and the would-be students in the surrounding communities find themselves entirely dependent upon state and federal funding.

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Discounts to Take Advantage of While in College

July 26, 2011

Discounts to Take Advantage of While in College

by Aaron Lin

Being a college student has a lot of perks in terms of accessible facilities, discounts and resources. Here are a few tips on what to take advantage of while you’re a student:

I hope some of you have ideas to add, too. Feel free to comment!

Aaron Lin is a chemistry major at Louisiana State University but has plans to transfer to LSU Health Sciences Center in New Orleans to pursue a medical laboratory science degree and further feed his interest in the application of scientific and medical knowledge. In his free time, Aaron likes to eat food, read and write about food, exercise to work off that food and play the occasional computer game. He also enjoys footbiking, running and Frisbee.

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Meet Scholarships.com’s Virtual Interns: Allison Rowe

May 6, 2011

Meet Scholarships.com’s Virtual Interns: Allison Rowe

by Allison Rowe

As a rising senior at Washington State University, I have a lot on my plate – balancing two majors, maintaining honor roll grades and working to realize some serious career aspirations – but I wasn’t always this way. If I can ever convince you of one thing, it is the infinitely transformative power of the college experience.

Lazy. Pessimistic. Socially awkward. These words describe my high school self. Not only did I take the second chance granted to everyone at my WSU freshman orientation, but also realized everyone is free to reinvent themselves as many times as they wish during these four years, so long as they are brave enough to embrace opportunity when it arises.

If you aren’t in a club and don’t have a job, if you haven’t applied for scholarships or attended your professors’ office hours, if you skip class and don’t give back to your community, if you haven’t made a new friend all semester, listen up: You are missing crucial opportunities and wasting money! Though hipsters would like to convince you otherwise, participation in college IS cool and its payouts are unlimited. You can boost your resume, pay off debt and eat free food with friends all at once by taking full advantage of services and activities your fees pay for. This is especially true now with widespread tuition increases (WSU’s has jumped more than 30 percent since I enrolled) and using your time in college efficiently should become a top priority.

Now I do not mean to suggest you must do all those things simultaneously, but the general consensus among seniors is that a busier life is a happier life! During my time as a Scholarship.com virtual intern, I hope to help you all get involved early and build a strong, diverse skill sets to maximize the true potential of your college experiences.

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To Attend or Not to Attend: That is the ($100,000) Question

June 20, 2011

To Attend or Not to Attend: That is the ($100,000) Question

by Angela Andaloro

The decision to attend college is one that everyone arrives at differently. For some, not going to school isn’t an option, be it by their own standards or their parents’; for others, taking the next step in their educational career may have required a little more convincing. I have even heard stories of parents who bribe their kids to go to college with promises of apartments or cars.

While a new ride or a place to call your own might sound tempting, there’s an even more tempting offer out there from PayPal co-founder Peter Thiel – the 20 Under 20 Thiel Fellowship, which, in exchange for a commitment to not attending college for two years and dedicating themselves entirely to their inventions, Thiel offered each fellow $100,000. The response was overwhelming, as are the opinions floating around the controversial award.

One of the lucky 20 fellows, Dale Stephens, wrote an article for CNN discussing his own feelings toward the idea that real world experience could prove to be more beneficial than a formal education. He discusses his disappointment in the values that are promoted by the college system – a disappointment that resounds on college campuses around the country. He goes on to discuss the possibilities out there for our generation beyond a traditional education, which, as Stephens puts it, are beyond the extremes of “Becoming the next Mark Zuckerberg or mastering the phrase ‘Would you like fries with that?’”

Stephens’ call to seek opportunities beyond the formal educational system may be influenced by his experience as a Thiel Fellow but is an idea that is considered by many current and soon-to-be college students. I myself have heard students complain about feeling as though they aren’t really getting anything out of college. The phrase “I’m never going to use this in real life” is one that’s uttered frequently, but how much truth is there to that? Do you feel that there’s something to be learned in college or is it a societal expectation we’ve come to accept?

Angela Andaloro is a rising junior at Pace University’s New York City campus, where she is double majoring in communication studies and English. Like most things in New York City, her life and college experience is far from typical – she commutes to school from her home in Flushing and took nearly a semester’s worth of classes online – but she still likes to hang out with friends, go to parties and feed her social networking addiction like your “average” college student.

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Starting a New School Year Successfully

September 16, 2011

Starting a New School Year Successfully

by Angela Andaloro

September is the perfect time for a new academic start. There are so many opportunities ahead of you, regardless of what may have happened the year before. Many of us have felt the fear of what looms ahead and discouragement that goes along with having a bad semester. It can be very hard to succeed when you feel like you’ve already failed but with the right strategies and, more importantly, the right mindset, you’re closer to a stellar GPA than you think.

Start strong. Remember when you were in elementary school and the first day of school meant all new notebooks, pens and pencils? You were actually excited to jump right in! College shouldn’t be any different: You might be trading those notebooks for a MacBook but you can still get excited about a new year!

Get organized. We all know how it feels for midterm week to hit and have to search through mountains of papers to find your notes from the first month of class. Don’t be that student! Keep everything organized in the way which works best for you and keep up with it as the semester goes along. This makes studying a little easier (you’ll always know where everything is) and can help give your grades a boost.

Ask questions. Professors have email addresses and office hours for a reason: If you don’t feel comfortable asking questions in class, take the time to do so outside of class. Your grades reflect the amount of effort you put into them, so be sure to do your part – before, during and after class.

A college workload can be a stressful thing to deal with without a good work ethic and the right attitude. You can’t throw these traits in your cart along with your school supplies, though...and they don’t come cheap either! Do the best you can do and if you find something isn't working, it’s never too late to make a change.

Angela Andaloro is a junior at Pace University’s New York City campus, where she is double majoring in communication studies and English. Like most things in New York City, her life and college experience is far from typical – she commutes to school from her home in Flushing and took nearly a semester’s worth of classes online – but she still likes to hang out with friends, go to part

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How Steve Jobs Changed the Lives of College Students Everywhere

October 18, 2011

How Steve Jobs Changed the Lives of College Students Everywhere

by Angela Andaloro

On October 5th, the world lost Steve Jobs – a visionary and technology pioneer – to pancreatic cancer at just 56 years of age. The former Apple CEO is without question one of the most inspirational figures of our generation. He created a line of products that many a college student claims they can’t live without but the products are just the beginning. Here are a few ways Jobs changed the lives of college students everywhere.

  • iEverything. While the products he created aren’t the only way our lives have been touched by Jobs, they are definitely one of the major ones. From the Macintosh (which changed the way college students of ‘80s and ‘90s worked) to the MacBook Pro (a staple on college campuses throughout the world today) to the iPod, iPad and iPhone (which have impacted how students communicate and share media), Jobs created products that made students’ lives much easier and more enjoyable.
  • Pixar. In 1986, Jobs bought the company that would become Pixar and collaborated with Disney to create animated films. These films – Toy Story, Finding Nemo, and Monsters, Inc., to name a few – enriched our childhoods in so many ways; I dare you to find a college student who didn’t love Toy Story, which Jobs executive produced.
  • In Life. As I mentioned earlier, Jobs was a true inspiration. He showed an entire generation the impact thinking differently could have...and he also showed us that this process is far from easy and not everyone will love you along the way.

The commencement speech Jobs delivered at Stanford University in 2005 was a beautiful summary of the legacy he would leave. He reminded students to “trust in something,” “don’t settle,” and to “Stay Hungry. Stay Foolish.” With these last thoughts in mind, I thank Steve Jobs on behalf of the generations whose lives he changed – mine included.

Angela Andaloro is a junior at Pace University’s New York City campus, where she is double majoring in communication studies and English. Like most things in New York City, her life and college experience is far from typical – she commutes to school from her home in Flushing and took nearly a semester’s worth of classes online – but she still likes to hang out with friends, go to parties and feed her social networking addiction like your “average” college student.

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