April 24, 2008
As far as we know, there isn’t one. Let’s begin by addressing your first question: if there is no catch, who's paying for this, and what's their work incentive? The answer is FlatWorld, and, if things go right for the new company, guidebooks, work materials and requests for in-print versions will be sufficient to cover labor costs and to generate profits.
Since 2007, FlatWorld has been crafting their innovative idea, and it plans to make services available to the public by 2009. The diversity of their textbook selections and the facility of their use will largely determine the success of their new venture, but students aware of FlatWorld will probably, at the very least, check out their site. According to The Chronicle of Higher Education, the average college student spends over $900 on textbooks—annually. Being able to pocket a good chunk of that money will significantly alleviate financial burdens caused by increasing college rates.
Electronic book versions are not exactly new, and companies less geared towards college students dealing with unregulated textbook costs have already offered similar services. Electronic books in general are growing in popularity, especially the fee-based ones. If you’ve done some Amazon shopping or people watched on the train in recent months, you’re probably familiar with the new Amazon electronic reading device. It’s catching on quickly, but, truth be told, there’s just something about physically holding a piece paper. As much as I love branches, I couldn’t help but print out class articles en masse during finals week, ones I could have easily browsed online. (In my defense, I did fit four pages on one sheet.) The ability to quickly scribble a note, double star a sentence or circle a key word just makes the learning process more interactive and complete.
Still, I’m willing to bet that dishing out $120 for a textbook that can’t be resold due to future edition changes can make a little inconvenience worthwhile. Most money management tactics can. And FlatWorld is doing its best to make up in ease what they lose in “that special something”. By making their texts editable to both students and the professors who assign them, they have made their options a bit more user friendly and appealing. Readers can even interact with each other during the reading process—I smell an attractive cliff note opportunity. Dragging your desktop to the quad may be a bit of a pain, but being able to afford vacation time may give you an incentive.
April 25, 2008
Many intelligent, talented and hard-working students, ones who have the know-how and determination necessary to succeed at top universities, feel that finances are holding them back from the education they dream about. With the annual costs of Harvard estimated at $34,000, Duke $35,000 and Columbia $37,000, it’s no wonder that students shy away from just the though of prestigious schools. When one considers tuition, a troublesome economy and the weary prospects of student lenders, high school dreams become just that.
However, students are often unaware that many of the best financial aid packages are available to those who plan to attend the most impressive (and expensive) schools. Cream of the crop universities know that many cannot afford their high costs. To avoid missing out on a diverse student body—one that can contribute to academics and cultural perspective—they offer very generous financial aid packages. Elite schools often cut tuition by the thousands, if only students knew that.
If you have high hopes about attending an elite college or university, don’t give up before you start. Instead, become educated about your financial aid options. Check out university websites, conduct a free scholarship search and take a look at the hefty financial aid options below.
Stanford Financial Aid
In the ongoing Ivy League battle for the most promising students, Stanford has once again increased the size of undergraduate financial aid packages. Students whose parents make less than $60,000 will soon be attending the school for free—no tuition, no room and board, no additional expenses. Those whose parents make between $60,000 and $100,000 will have their tuition paid for but will be expected to cover other expenses. Unfortunately for those whose parents make more than that, tuition will increase this year.
Harvard Financial Aid
Like Stanford, Harvard has already eliminated contribution requirements for students whose household income is lower than $60,000 per year. But that's not all; they have also upped financial aid for to the less needy. Students whose parents make between $60,000 and $120,000 will be expected to pay no more than 10 percent of estimated college costs and those making between $120,000 and $180,000 will be expected to pay 10 percent.
Duke Merit Scholarships
Students who apply to Duke are automatically considered for one of Duke University’s Merit Scholarships. A number of awards are granted, and they can be quite generous. Students who are selected for the Angier B. Duke Memorial Scholarship, for example, can win full tuition for four years, a spot at a Duke/Oxford College summer program in England, a $2,500 stipend for expenses and a President Research Fellowship of up to $5,000.
Northwestern University Scholarships
Northwestern University gives away more than $50 million annually to helps undergraduate students meet the financial costs of this private university. All awards are based on financial need and funding availability. About 50 percent of students receive university aid packages which range in size from $250 to $33,000 (with $15,000 being the average).
University of Chicago College Honor Scholarship
Twenty undergraduate students attending the University of Chicago will be awarded the College Honor Scholarship—an award that covers full tuition for all four years. To be considered for this award, students should check the scholarship box upon filling out their college application. The awards are merit-based so students who have an exceptional academic record will be the ones rewarded.
April 29, 2008
Financial aid in the form of scholarships and grants is a student’s best bet when searching for college funding. Families who cannot pay for a student’s education without outside assistance should first turn to cost-free resources. When these prove insufficient, students can consider borrowing money for college.
With recent articles detailing the plights of indebted students and their troubled lenders, it’s no surprise that students are intimidated by the borrowing process. If one’s economic situation calls for assistance in the form of student loans, getting comfortable with the lending process is a good way to get rid of the loan jitters. So before you sign on the dotted lines, familiarize yourself with the following terms:
May 1, 2008
When doors to the new University of Central Florida College of Medicine open in 2009, they will open with a bang. In the hope of attracting the best and the brightest, medical practitioners and college representatives from the University of Central Florida have raised enough money to reimburse the first class for all four years of medical school. They will cover not only the tuition but also the fees and living expenses. With the Association of American Medical Colleges estimating the average debt of medical school graduates to be at about $139,000, the deal is sweet enough to cause a toothache.
“I think setting the bar high for the quality of the first class will set the stage for the caliber of every class that follows,” said Tavistock Group director and donor Rasesh Thakkar. Fundraisers have been in place since 2007 to make that happen. After tapping all possible resources, the school is expecting to admit a class of about 120 students which, based on a four-year plan, will receive a grant worth approximately $160,000.
Students interested in attending the school may begin applying in June of 2008. If accepted, they will automatically receive the award---no lengthy essay competitions, no laborious commitments, just money. “UCF stands for opportunity,” states the university website. When studies and internships leave little time for outside work, a full tuition scholarship is the epitome of such opportunity.
May 2, 2008
After passing the Senate and the House in varying formats, a compromise was reached on legislation that would help lenders stay afloat in a troublesome student loan market. The Ensuring Continued Access to Student Loans Act of 2008 was sent to the President yesterday, and rapid approval is expected.
If signed into law, the bill would give the Secretary of Education the right to buy loans from struggling lenders, thus providing them the capital needed to offer new student loans. Worried that lenders may continue to depart from the Federal Family Education Loan (FFEL) program—as fifty have already done—legislators have been scurrying to provide financial assistance before the school year begins. Though the law would only serve as a backup plan, the hope is that knowledge of a federal cushion would make both lenders and students more willing to engage in business.
To decrease student dependence on private lenders, ones generally offering loans options that are more expensive and less flexible than those offered by FFEL lenders, the maximum sum a student could borrow from the government was also increased. According to The Christian Science Monitor, the caps on unsubsidized loans available to students of any income level would increase by $2,000 for each school year. Dependent students would now be able to borrow up to $31,000 for their undergraduate education.
May 5, 2008
As a means of promoting diversity and developing talent, Scholarships.com has created a new set of scholarships for high school and undergraduate students. The “Fund Your Future” area of study scholarship consists of thirteen $1,000 awards to be granted to students who pursue a postsecondary education in one of thirteen designated fields and 185 related majors. Included is the Scholarships.com Business Scholarship, an award for students who plan to or are already majoring in business and related studies.
Scholarships.com understands that writing a 2,000 word paper on trickle-down economics can be a turnoff to students who lack both money and time. That’s why we’ve simplified things, and cut the requirements down to a 250 to 350 word scholarship essay. Students interested in applying for the award will have to submit an online response to the following question: "What has influenced your decision to pursue a career in business?"
1. Applicant must be a registered Scholarships.com user. Creating an account is simple and free of charge. 2. Applicant must be a US citizen 3. Applicant must be undergraduate student or a high school senior who plans to enroll in a college or university in the coming fall 4. Applicant must have indicated an interest in one of the following majors:
Business, Accounting, Actuarial Science, Business Administration, Advertising, Economics, Finance, International Business, Management, Marketing/Distribution, Hotel/Restaurant Management, Human Resources, International Affairs, Real Estate/Development, Sports Administration, Manufacturing, Engineering Management, Retail
May 31, 2008
A 250 to 350 word response to the following question: “What has influenced your decision to pursue a career in business?"
Further details about the application process and about contacting the scholarship provider can be found by conducting a free college scholarship search. Once the search is completed, students eligible for the award will find it in their scholarship list.
May 6, 2008
The rising cost of college rates has been a headache for families across the nation. However, college tuition is not the only expense expected to increase. Due in part to the high costs of gas, the price of food transportation—and therefore food—has been on the rise. Like consumers, campuses have to deal with the effects that food costs have had on meal plans.
If you're one of the many dorm-residing students subscribing to an on-campus cafeteria plan, especially one with a buffet-style layout, you can imagine how quickly prices could escalate. Numerous students make it a habit to fill their trays with one of everything…just in case. The quantity of wasted, expensive food has college representatives worried that a hike in cafeteria prices is inevitable.
Colleges are doing what they can to minimize expected charges, but pricing continues to be a problem. According to The Chronicle of Higher Education, some schools have taken to skimping on the amount of ingredients used in each dish while others have managed to save by eliminated cafeteria trays. In an interview with Mr. Simon of Western Washington University, it was reported that, “Western Washington dining halls observed a 34-percent reduction in waste during one week last month when the institution went trayless.”
For students who aren’t fond of dorm food as is, the idea of having to save money to afford it is extremely frustrating. Unfortunately, many students see few alternatives. Unless they can stuff all groceries into a portable, shared fridge, it’s just one more pain to deal with.
May 9, 2008
Young adults often join the army hoping that their contributions will serve the nation's good and aid them in affording a quality education. Army.com admits that, “Ninety percent of servicemembers enter the armed forces for the educational benefits.” Unfortunately, an increasing number of veterans are finding their promised aid insufficient in paying for tuition and other costs.
In an interview with MTV, veteran Evan Aanerud expressed his surprise upon finding that, even with financial assistance, he would have to work full time to cover college expenses. When Evan returned from Iraq and enrolled in the California Polytechnic State University, he received only $430 each month. “That’s about the cost of one-quarter of the books, and that’s about all that I got,” he said.
Even servicemen who receive the maximum $1,100 per month as determined by the GI Bill—a law made to cover each veteran’s college expenses---often find the assistance lacking. With College Board estimating the four-year cost of a public, four-year, in-state university at $54,356 and the private one at $129,228, the maximum $39,636 veteran budget just doesn’t cut it.
But there is hope. If a revised version of the current Montgomery GI Bill is passed, veteran students may soon receive a federal student aid boost. According to the proposal, the new GI Bill would pay the full cost of in-state tuition (up to the cost of the most expensive in-state public university) in addition to a housing and book stipend. With bipartisan support, the bill has a chance at passage if opposing congressmen can be convinced that costs are manageable. Having put their lives on the line to serve the nation, many veterans feel that it's the least they deserve.
May 13, 2008
When reviewing your application, scholarship judges knows only what you tell them. Abiding by scholarship etiquette is an important but frequently overlooked way of letting scholarship judges know that your are serious about your future and appreciative of their donations. To maximize your scholarship potential, remember the following scholarship guidelines:
Professional Presentation Most applicants are dedicated to their education, but they often forgot to show it. Presentation is a great way to let the judging panel know that you have considered each part of the application process. Save email addresses such as email@example.com or firstname.lastname@example.org for your friends. When applying for scholarships, stick with the more serious name and number versions.
The Magic Words Don’t retire the “please” and “thank yous”. Scholarship providers don't have to offer financial aid, but they do. A simple, “thank you for this opportunity,” makes you stand out, and it lets the judges know that you appreciate their efforts.
Spelling Spelling and etiquette may not appear correlated, but they are. Students who take the time to polish their scholarship essays are showing the judging panel that their application is important enough to revise thoroughly. Most word processors are equipped with spelling tools, and applicants should take advantage of them. A few grammar mishaps may be overlooked—not everyone is an expert grammarian—but spelling is vital.
Keep Some Things to Yourself Many students take finances into account when selecting a career. It’s only natural that individuals search for jobs that ensure financial security and a comfortable lifestyle. That being said, keep some things to yourself. You can mention wanting to provide for your family or to wanting to break a cycle of financial struggles, but skip the part about bossing people around, wearing fancy suits or wanting to make millions.
May 16, 2008
On Thursday, the House passed a bill increasing the amount of federal aid awarded to college students who were veterans of the wars in Iraq and Afghanistan. Though approved, the process was anything but smooth.
When it was introduced to the House, the tuition-benefits measure was just one part of a bill calling for additional war funding and a new troop withdrawal timeline. To avoid having to choose between appropriating additional war funds and aiding returning veterans, House Democrats split the bill up into three parts, only voting against the new war funding measure. After angry Republicans sat the vote out, the war-spending amendment was defeated. The provisions for a troop-withdrawal timeline and college and unemployment benefits, however, were passed.
The veteran education amendment would cover the tuition of eligible veterans as long as it did not exceed the most expensive public state university tuition in the veteran's area of residence. Those who decided to attend a private college where tuition surpassed that limit would receive the maximum public tuition as well as a dollar-for-dollar match for any additional aid provided to the student by that university.
As promising as the bill sounds to veterans, the odds are stacked against the probability of presidential and Senate approval. According to The Chronicle of Higher Education, numerous senators disagree with the idea that federal student aid funds should be raised through taxes on the wealthy, and President Bush is at odds with the timeline and expensive domestic-spending provisions.
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