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Nobody’s Business

Interest in the Once Most Popular Major Stalling, Falling

Dec 13, 2010

by Alexis Mattera

One would think that the condition of the U.S. economy would have undergraduates declaring business as their majors in droves. One would also, however, be wrong: Federal and college data show interest in the field is mimicking the Metrodome roof and falling.

Inside Higher Ed reports business is no longer the big man on campus in terms of majors and interest appears to be static and even waning at many schools. Since 2008, Pennsylvania State University has recorded a 30-percent decline in undergraduates accepting offers from its Smeal College of Business – a trend that’s far from isolated: Though rates have remained stable and even increased at the University of Oregon and Indiana University, the share of business majors at University of Central Florida is down by nearly 15 percent this semester relative to 2008 and 13 percent fewer students are enrolled in Purdue University’s Krannert School of Management this semester compared to two years ago; last year, the number of applicants dropped 26 percent from the previous year.

John Pryor, director of the survey-conducting Cooperative Institutional Research Program at the University of California Los Angeles, suggested student loan debt and the perceived lack of career stability in business may be fueling this shift. "Even though students have higher debt, some are seeing that business is not as likely to help them pay that debt back," he wrote. "We also saw business employees losing jobs and having lower incomes, so perhaps students see business as not providing as sure a track towards economic freedom as in the past." The survey also suggested undergraduate interest in business peaked long ago – 1987 to be precise, the same year Gordon Gekko famously declared "greed, for lack of a better word, is good” in the movie “Wall Street.” Coincidence?

Students, has the economy influenced what you’re majoring in? Are you more likely to take pages from the books of computer science majors Bill Gates and Mark Zuckerberg instead of emulating good ol’ Mr. Gekko?

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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Boston University Student Wins ‘Jeopardy!’ College Championship

Will Use Winnings to Pay Student Loans, Graduate Debt Free

Nov 26, 2010

by Suada Kolovic

Competing against some of the brightest young minds in the country, Boston University sophomore Erin McLean became the 2010 “Jeopardy!” college champion on Saturday. The 2009 Danvers High School graduate beat out 14 competitors for the coveted title. Taking on challengers from Yale University and Southern Adventist University in Tennessee in the final round, McLean won the grand prize of $100,000. Aware of the current economic climate, McLean shared how she planned on spending her winnings: "The first thing I'll do is payoff my student loans. I'm really looking forward to graduating debt-free; that will be amazing." Any money remaining will go towards a new MacBook and a spring break trip with friends. (She is in college, after all!)

McLean, a lifelong “Jeopardy!” fanatic, explained that after missing the Final Jeopardy question, she was unsure of her fate – “If you watch the show, it looks like I didn't know whether I won or not," she revealed – but after a few gut-wrenching seconds, host Alex Trebek announced her the winner. As she made her way out to center stage, she stood beside Trebek clutching the championship trophy, giggling all the while. “It was unreal and one of the best moments of my life," McLean said. "I got to actually live my childhood dream. I never thought I'd even get called to be on the show, so to win ... Words can't even describe it."

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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Pew Reports Students Borrowing More than Ever

Nov 24, 2010

by Suada Kolovic

On the heels of our latest post – a story about a Northeastern grad who accumulated $200,000 in student loans – the Pew Research Center released a report that members of the class of 2008 borrowed 50 percent more than their counterparts who graduated 12 years earlier. According to the report, increased borrowing by college students has been driven by three trends: more college students are borrowing, college students are borrowing more, and more college students are attending private for-profit schools. The report reveals that the number of undergraduates borrowing rose from 52 percent in 1996 to 60 percent in 2008 and among those who borrowed, the average undergraduate loan increased from $17,000 in 1996 to $23,000 in 2008. The rise in attendance at private, for-profit colleges also resulted in the increase of student borrowing; the report states, “Students who attend for-profit colleges are more likely than other students to borrow, and they typically borrow larger amounts.”

This isn’t the shock of the century by any means. In August, the Wall Street Journal reported that for the first time in history, student-loan debt surpassed credit card debt. The figures are staggering: According to the Federal Reserve, Americans owe $826.5 billion in revolving credit, while students owe an estimated $829.785 billion in loans. In fact, so many college graduates are plagued by massive amounts of debt that the Huffington Post has provided an outlet for college graduates to share their stories - almost as a cautionary tale – through an ongoing project, Majoring in Debt.

What do you think? With recent college graduates facing debt in the hundreds of thousands, what are you doing to ensure you don’t end up in the same situation?

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 Loans Leave Student $200,000 in Debt

Northeastern Grad Starts Website to Help Make Payments

Nov 23, 2010

by Suada Kolovic

Figuring out how to pay for a college education can be complicated, but what happens once you’ve graduated and your loans become so overbearing that even with a full-time job, monthly payment are implausible? A few weeks ago, we blogged that the average college student leaves school with $24,000 in debt, but what about the student who’s debt is about eight times that amount? Northeastern alum Kelli Space, 23, found herself in that exact predicament: With $200,000 in debt, Space was unable to pay her stifling student loans – her monthly payments to Sallie Mae are $891 and by next November that figure will nearly double – so she started a website, Two Hundred Thou, in order to solicit donations from the public.

The site is devoted to sharing her story about the naivety of an 18- year-old, who was the first in her family to attend college and her reliance on readers to foot the bill. Space explains, “At the moment, I like to think I have great things going for me! A job, an accommodating family, loyal friends, etc... but these loans are crippling my ability to enjoy these things – or pay rent. Can I live?” She goes on to explain that by donating to her cause, you’ll also be helping the country as a whole.

Two Hundred Thou also tracks Space’s progress and so far she’s raised $1,726.50, leaving a mere $198,273.50 to go. Space ends with the notion that once her student loans are paid off she’ll spend her money elsewhere, “probably single-handedly spurring the economy.” To think you’re just a click away from cleaning up the mess of a recent college graduate, while fixing the economy and helping the country as a whole – and at $200,000, that’s a bargain.

However, we should point out – before you lend a helping hand – that we really don’t know who this person is or even whether this story is embellished or even entirely fabricated. The domain is registered privately, hiding the identity of the registrant, and the email address is just a gmail account anybody could have created. Sure, maybe this is on the up-and-up, but there’s really no way of knowing. It wouldn’t be shocking to see a bunch of these sites spring-up if this idea gains traction and exposure.

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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From Hogwarts to Harvard

How Would “Potter” Characters Fare in College Admissions?

Nov 19, 2010

by Alexis Mattera

After you rub the sleep out of your eyes left over from the midnight “Deathly Hallows” showing, consider this: How well does Hogwarts prepare its students for college? Well, we Muggles would have some definite competition if our applications went head-to-head with Harry Potter's, Hermione Granger's and Ron Weasley's before They Which Shall Not Be Named (aka admissions committees).

First, there’s Harry. From losing many people he loved – parents, godfather, mentor and friends – to having the Dark Lord trying to kill him at every turn, his application essay would tug at the heartstrings but also reveal a young man able to succeed against all odds. He’s as skilled with a quill as he is with a wand and admissions committees would be impressed with his ability to work with others toward a common goal. He’d gain admission because he’d be an asset to any department (I’m thinking his major would be chemistry or political science), study group and, obviously, the Quidditch team.

Next, Hermione obviously has the brains and could dominate the SATs or ACTs just like she owned the O.W.L.s…but what about extracurriculars? In her case, wizarding and witchery definitely count as community service and her compassion for oppressed individuals (mudbloods, ogres, elves, etc.) hints at possible careers in social work, nursing or medicine. Maybe the actress portraying her can put in a good word with the dean at Brown, though Ms. Granger would surely gain admission on her own merit. She wouldn’t have it any other way!

Lastly, we have Ron. As one of seven Weasley kids, Ron knows a thing or two about standing out in a crowd…even if he does so while wearing his older brothers’ hand-me-downs. His athletic skills may garner a scholarship or two but admissions committees will be most impressed with his essay, which would detail his problem solving skills and loyalty demeanor. His innate investigative skills are top notch and could easily translate into aced journalism and criminal justice classes. And don’t worry, Mr. and Mrs. Weasley: Not only will Ron get in but he’s also going to get an excellent financial aid package!

Though Harry, Hermione and Ron won’t be applying for a spot at your dream school, other students possessing equally impressive skills and backgrounds will so it’s important to make your college application memorable. We’ve got plenty of tips on the college application process throughout our site as well as strategies for winning valuable scholarships. Hurry, though: Application deadlines are approaching faster than the Hogwarts Express!

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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And the Best Value Colleges Are…

Kiplinger Ranks Top Private and Liberal Arts Schools

Nov 15, 2010

by Alexis Mattera

True or false: Public schools are always a better value than private schools or liberal arts schools. Have your answer all bubbled in? Let’s see if it’s right.

A school’s value isn’t solely determined by cost; though it does play a significant role, if you factor in curriculum caliber and overall quality of life, it turns out that many private and liberal arts schools are indeed better values than their public counterparts. That and the amount families actually have to pay after financial aid is only around $20,000. Nice.

According to Kiplinger’s annual lists, Swarthmore College and Princeton University lead the pack for liberal arts and private institutions, respectively. Why? Swarthmore’s most qualified applicants only pay $18,791 – that’s nearly two-thirds off the school’s $52,650 sticker price and a huge reason why almost all Swatties return for sophomore year – and Princeton graduates leave its hallowed halls with the lowest average debt, due in large part to a tuition bill less than $50,000 and the elimination of student loans from its financial aid package. Here are the top 10 in each category:

Best Values in Liberal Arts Colleges

  1. Swarthmore College
  2. Pomona College
  3. Williams College
  4. Washington and Lee University
  5. Davidson College
  6. Bowdoin College
  7. Claremont McKenna College
  8. Amherst College
  9. Hamilton College
  10. Vassar College

Best Values in Private Colleges

  1. Princeton University
  2. Yale University
  3. California Institute of Technology
  4. Rice University
  5. Duke University
  6. Harvard University
  7. University of Pennsylvania
  8. Columbia University
  9. Brown University
  10. Dartmouth University

Students and parents, does this information have you rethinking the possibility of private and liberal arts schools?

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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Grace Period for Student Loans Coming to an End

Simple Tips to Managing Your Loans

Nov 11, 2010

by Suada Kolovic

With the typical six-month grace period on student loans right around the corner, recent college graduates across the country will start making monthly payments whether they’re ready to or not . If you’re one of those students, or just starting your college career, here are a few suggestions from the Project on Student Debt, an initiative of the Institute for College Access & Success, a nonprofit independent research and policy organization, on how to manage your loans.

  • Know where you stand.

    A great way to get the exact amount you owe is to visit your lender – in some cases, lenders – or you can find details of your student loans, including balances, by visiting the National Student Loan Data System, the U.S. Department of Education’s central database for student aid. If you have non-federal loans, there is a possibility they won’t be listed so contact your institution for that information.
  • When’s the first payment?

    The grace period for student loans is the time after graduation before having to make your first payment. But the length of grace periods can vary; for Federal Stafford loans it’s six months, nine months for Federal Perkins Loans and Federal Plus Loans depend of when they were issued. To find out the grace period attached to private loans contact your lender.
  • Keep in touch with your lender.

    It’s important to remember to keep your contact information updated with your lender. Whether you’re moving or changing your phone number, an updated contact sheet could save you from unnecessary fees.
  • Consider what repayment option works best for you.

    One option is the Income-Based Repayment Program (IBR), which is not available on private loans, that sets a reasonable monthly payment based on a borrower’s income and family size. Under IBR, after 25 years of qualifying payments, your remaining debt, including interest, will be forgiven.
  • Prepare for life and the unexpected.

    Sometimes life doesn’t go according to plan. If you can’t make payments due to unemployment, health issues or other unexpected financial challenges, you have options for managing your federal student loans. There are options to temporarily postpone your payments, such as deferments and forbearance. Contact your lender for more information and the interest attached to those options.
  • Never ignore your financial responsibilities.

    Ignoring your student loans – or any loan for that matter – can result in serious consequences that can last a lifetime. When you default, your total loan balance becomes due, your credit score is ruined and the total amount you owe increases dramatically. If you default on a federal loan, the government can garnish your wages and seize your tax refunds.

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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Ohio Program Rewards Higher GPA’s with Cash

Nov 8, 2010

by Suada Kolovic

Imagine a world where cold, hard cash was the incentive for doing well in school. A new study, that examined three Ohio community colleges, attempted to explore if paying students is the answer for an authentic effort in their education. The report, "Rewarding Progress, Reducing Debt: Early Results From Ohio's Performance-Based Scholarship Demonstration for Low-Income Parents," showed that using financial aid strategically – providing low-income parents scholarships based on their performance – was “encouraging.” The program offered the low-income parents up to $1,800 for one academic year if they earned at least a “C” in 12 or more credits, or $900 for the same grade in six to 11 credits.

According to Lashawn K. Richburg-Hayes, deputy director of young adults and postsecondary education with MDRC, a nonprofit research organization based in New York, “the goal is to understand if performance-based scholarships can work for different populations, in different amounts." The result – of the students assigned to the scholarship group, 33 percent earned the full-time award and 41 percent received the part-time award in the first term. Thirty percent earned the full-time award and 31 percent the part-time award in the second term. The scholarships earned were then paid directly to the students, “allowing them to use the money for whatever expenses were most pressing”, said Reshma D. Patel, a research analyst with MDRC and a co-author of the report. Unlike scholarship funds that must be put towards tuition fees or books, the student has the freedom to use the cash as they see fit. “That flexibility was especially important for the program's target population, low-income parents, who could use the money for child-care or other living expenses,” Patel said.

So, future college attendees, do you think students would be more inclined to put in a wholehearted effort in their education if they were paid to do so?

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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How Expensive is "Too Expensive" for a College Education?

Students Willing to Spend More for Academics, Prestige

Nov 4, 2010

by Alexis Mattera

The true cost of a college education is seldom the number that’s printed in school brochures and on various college comparison lists. When you figure in federal aid, scholarships, grants, room and board, books and supplies, that price fluctuates. One thing remains constant - higher education doesn’t come cheap - but a new poll finds students are willing to stretch their finances for several key factors.

In April, right up until enrollment deadlines, students were still considering “too expensive” schools and were willing to stretch to pay for their education, poll conductors the College Board and the Art & Science Group report. While it would be more financially sound to select the school with the lower tuition and better financial aid package, “too expensive” colleges remained in play if they had strong academics in students’ fields of interest, were places students felt comfortable, had prestigious academic reputations or had excellent records of graduate school acceptance or good job placement after students graduated. Here’s the breakdown:

  • Twenty-six percent of students surveyed said their family would have to stretch a lot, but “I think we’ll make it.”
  • Twenty-two percent chose “I’m not sure how my family will afford to send me to college, but I believe we’ll work something out when the time comes.”
  • Eleven percent said, “I don’t think my family can afford to send me to college, but we are going to try.” Nearly 40 percent of students surveyed did not have a sense of long-term costs, citing “no idea” what their likely monthly payment on student loans would be after graduation.

If you think back to every award show you’ve ever seen, you’ll recall those who do not win always say it is an honor just to be nominated. The same can be said for college admissions: It’s an amazing achievement to be accepted to a prestigious college but is attending worth it if the cost of attendance is going to drive you and your family into debt?

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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Montana State Aims to Up Graduation Rate

Nov 1, 2010

by Alexis Mattera

Montana State University has a glass-half-full outlook when it comes to graduation rates but its students aren’t exactly sharing that mentality: Though the school announced it had enrolled record 13,559 students for the fall semester, only half that number will make it to graduation day.

Graduation rates aren’t that different nationwide – about 57 percent of students who enroll in U.S. four-year colleges earn a degree in six years, according to the National Center for Education Statistics – but these low numbers are cause for concern and in order to reach President Obama’s goal of making America the leader in college graduates by 2020, the country’s public universities need to do whatever they can to shed the label of "failure factories." Things are looking up for MSU for the time being, though: The retention rate for last year's freshmen who returned this fall was 74 percent - 2 points higher than last year and a record for the past 10 years.

So what’s being done in the Treasure State? MSU President Waded Cruzado says she plans to renew attention to the goal of graduation with the help of the Montana Board of Regents by getting more people to earn two-year or four-year degrees. But why are so many MSU students are dropping out in the first place? Despite the less-than-favorable economy, finding money for college isn’t the issue; instead, students surveyed cited lack of direction, affinity/connection with the school and overall interest in college classes. MSU is responding by ramping up its career coaching with freshmen and advising to help undecided students pick a major and launching a campaign to lure back former students who have left the university in the last three years.

The university is doing much more than what’s listed above (check out yesterday’s article in the Bozeman Daily Chronicle) but will any of it work? Students leave school for myriad reasons and sometimes no amount of advising, coaching or incentives can change that. Then again, an extra push can make a difference for many students on the fence about their education. How would you respond to MSU’s initiatives?

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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Unemployed Boston College Law Student Wants a Refund

Oct 28, 2010

by Suada Kolovic

Recent college graduates entered one of the worse job markets in history. And while some have opted to stick it out busing tables to pay the debt caused by their college education, a third-year Boston College Law School student decided he wasn’t willing to bear the cost of an education that did not guarantee a job upon completion. In an open letter posted on EagleiOnline — an online student-run newspaper at BC’s law school — the anonymous student made a proposition to the school’s dean: Refund his tuition and he’ll leave school without a degree.

The student explained that the lackluster job market, a massive student loan debt load and his wife's pregnancy were all causing him undue stress. And he went on to say, “This will benefit both of us: on the one hand, I will be free to return to the teaching career I left to come here. I'll be able to provide for my family without the crushing weight of my law school loans. On the other hand, this will help BC Law go up in the rankings, since you will not have to report my unemployment at graduation to US News.”

How did the school respond? Shockingly enough, BC did not meet the student’s request. According to the Boston Herald, the law school said in a statement that while it is "deeply concerned" about its students' job prospects no institution of higher education can guarantee a job after graduation. "What we can do is provide the best education possible, and work together to provide as many career opportunities as possible," the statement said.

What do you think? Should tuition be conditional?

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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