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Thiel Fellowship Pays Students to Leave School, Develop Ideas

by Alexis Mattera

Here at Scholarships.com, all of our resources are geared toward helping students prepare for and afford college educations...not leave them behind. That being said, this new award probably won’t be popping up in our database any time soon.

Peter Thiel, the co-founder of PayPal and the first outside investor in Facebook, announced the inaugural recipients of the Thiel Fellowship, a program that will bestow 24 students with $100,000 each to not attend college for two years and develop business ideas instead. The driving force behind the fellowship is Thiel’s concern about the “irrational” increase in cost and demand for college educations and his belief that certain students would learn more by leaving school than continuing traditional coursework.

Not surprisingly, heated debates have erupted in academic circles – William K. Aulet, managing director at MIT's Entrepreneurship Center, believes the fellowship is sending the wrong message, stating, "To say that you're better off dropping out of school is a gross generalization." – but the fellowship winners have a different outlook: At least two recipients have expressed interest in returning to school at the end of the fellowship and one prospective winner turned down the deal entirely to enroll at MIT, which signals traditional education is still valued.

What do you think about the Thiel Fellowship? Would you be more than willing to apply and leave school if selected or would you prefer to continue your education in the classroom instead?


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Australian Student Discovers Universe’s "Missing Mass"

by Alexis Mattera

Summer breaks vary from college student to college student. Some work multiple jobs to help defray tuition costs, others intern or volunteer in their field of study and a select few sit by the pool and do absolutely nothing. Regardless of what they accomplish this summer – a semester paid in full, a professional reference or a tan – this student’s “What I Did On My Summer Vacation” essay is going to be way more impressive.

Twenty-two-year-old Amelia Fraser-McKelvie, an undergraduate intern with a team at Monash University's School of Physics, recently confirmed she had found part of the universe’s “missing mass.” For those not majoring in science or aerospace engineering, this basically means that scientists had previously detected matter present in the early history of the universe but it had disappeared. Astrophysicists had been stymied by its absence for decades...until advanced technologies and Fraser-McKelvie came along. "We don't know where it went. Now we do know where it went because that's what Amelia found," said Monash astrophysicist Dr. Kevin Pimbblet. Pretty amazing stuff!

Now we have to ask: What are you doing over your summer break?


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Students Say "I Do" for Lower Tuition

Would You Marry to Keep College Costs Down?

June 7, 2011

Students Say "I Do" for Lower Tuition

by Alexis Mattera

In February, we read a New York Times article about students getting married to save on tuition and asked our Facebook friends and Twitter followers if they, too, would get hitched if it meant they’d pay less for school. The responses? Mixed, but the topic is still hot four months later.

State aid is down, tuition is up and students are stuck in a tough position these days. While some are continuing down the traditional paths of obtaining funding for college (filling out the FAFSA, applying for scholarships and grants, taking out loans, etc.), others are taking a different route – or should we say aisle – with a friend or another student in a similar monetary situation. Why? If a student is single and under the age of 22, their financial aid is determined by their parents’ income but if the student is married, aid is determined by the joint income of the student and their spouse – an enticing loophole for cash-strapped undergraduate and graduate students. Unlike marrying to obtain citizenship, marrying for financial aid or in-state residency benefits is legal according to WalletPop; there are even matchmaking services that help students find likeminded individuals to marry for tuition relief and divorce after graduation!

What are your thoughts on these “on-paper” marriages? Would you say “I do” if you could save thousands on tuition and fees or do you feel this practice – while legal – is too unethical to consider?


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From Yale, With Love (and Perhaps a Lawsuit)

Online Course Transcripts for Sale in China

June 8, 2011

From Yale, With Love (and Perhaps a Lawsuit)

by Alexis Mattera

This is not a good week for higher education in China. First, a cheating scam is toppled just days before the national college entrance exam and now, it’s been discovered that Shaanxi Normal University Press is selling transcripts of Yale University’s free online courses.

The content – five transcripts from Open Yale Courses, a program that’s been offering free online videos of popular Yale classes since 2007 – has been published by Shaanxi without Yale’s permission. In addition to lifting content from the video lectures, Shaanxi also took material directly from the transcripts’ translations prepared by YYeTs, a Chinese nonprofit. Diana Kleiner, a Yale art history professor and principal investigator for Open Yale Courses, told the Yale Alumni Magazine blog “possibly as much as 95 percent” of the material was copied; this plus the sale of the content violates the terms of the course giveaway, which states others cannot profit from the material.

Though one professor says he is flattered by the attention, Yale officials are less than pleased, especially since the school is planning its own book series based on the Open Yale Courses.


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The Adderall Effect

"Study Drug" Creates Issues for Users and Non-Users

June 21, 2011

The Adderall Effect

by Alexis Mattera

It’s the night before your final in a particularly challenging class and though you’ve been studying for weeks, you decide to turn this evening into an all-night cram session. You feel your eyelids starting to droop at around 2 a.m. and to prevent your GPA from doing the same, do you run to the vending machine for a soda or down the hall to buy some Adderall from your floormate with ADHD?

The latter scenario is playing out far more than the former on college campuses across the nation as students turn to Adderall to gain an academic edge. The 2009 National Survey on Drug Use and Health reported full-time students are twice as likely to illegally use Adderall as individuals their age who are not in school or only enrolled part-time. But how are students getting their hands on the drug? Usually from other students whose ADHD or narcolepsy warrants a prescription. While some students are happy to act as their dormitory’s resident pharmacists – a UC Davis sophomore said they make about $200 per week selling Adderall but a whopping $1,200 the last two weeks of the quarter from students studying for finals – others are less than willing: A student at Christopher Newport University said she has to deadbolt her door and carry prescriptions in her purse to ensure her Adderall pills (which she actually needs) aren’t pilfered.

Does your school have an Adderall addiction? Do you think students who take it are cheating in a way and that those who don’t are at an academic disadvantage? If you have an Adderall prescription, are other students constantly asking you to sell it?


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Fed Law Requires College Net Price Calculators, Experts Question Accuracy

by Alexis Mattera

How much will it cost to attend the school of your dreams? The federal government hopes its new law will make that question easier to answer but higher education experts have their doubts where accuracy is concerned.

By this October, the federal government will require all U.S. higher education institutions to offer net price calculators on their websites so prospective college students can easily compare attendance costs earlier in their college searches. Users will be asked questions about their financial and academic backgrounds and their answers – and the calculator’s tallies of tuition, fees, books, housing and food, minus scholarships and grants – will reveal the net price to attend that particular school. Though many experts are glad students will have access to this information, accuracy is a concern. Certain factors won’t be taken into consideration because direct student-to-school contact has been eliminated; for example, Washington University is willing to adjust financial aid packages if a parent loses their job and this might not be reflected in the calculators’ answers.

It’s likely the law will be revised to make side-by-side comparison more accurate before the calculators are implemented - read more about the net price calculators in today’s St. Louis Post-Dispatch - but would you use this new technology or do you think it’s still too early to glean accurate information?


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Department of Ed Demands Special Reports for Tuition Increases

by Alexis Mattera

Do you get a headache when thinking about rising college tuition and fees? You’re not alone...but your company may surprise you.

Yesterday morning, administrators at more than 500 colleges reached for metaphorical Advil bottles when the Department of Education decreed special reports detailing tuition and student fee increases must be submitted to the government for review. Schools cited include public institutions Arizona State University, Georgia State University, Alabama State University and roughly two-thirds of California State University's 23 campuses for tuition hikes of 38 percent, 46 percent, 43 percent and between 37 and 46 percent, respectively, over the last three years as well as for-profit colleges from DeVry University, Education Management and Corinthian Colleges. In addition to explaining why costs have gone up so dramatically, the schools must also discuss how they plan to address the rising prices.

Do you think these new measures will help students make more informed college choices?


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UConn's New President Donates $100K for Scholarship

by Alexis Mattera

When most people start a new job, it takes a while for them to find their way and perfectly arrange their tchotchkes before they feel truly comfortable. Not Susan Herbst: She took over as president of the University of Connecticut just 22 days ago but she’s already made a huge impact on campus and beyond.

Herbst, the former executive vice chancellor of the University System of Georgia, and her husband, marketing consultant Douglas Hughes, have announced they will donate $100,000 to create a scholarship for needy UConn students pursuing degrees in the arts and humanities. "In these difficult times, UConn desperately needs increased private funding of student scholarships, faculty research, and building projects in order to become the top flagship university the state of Connecticut and its citizens deserve," she said in a statement.

The aptly-named Susan Herbst and Douglas Hughes Family Scholarship will be based on academic achievement and need and will be awarded for the first time next spring. Does this financial aid opportunity have you considering spending your college years in the Constitution State?


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Starting Salaries Increase for 2011 Grads

by Alexis Mattera

Attention recent college grads: You may be able to pay down those student loans a bit sooner than expected!

According to the annual Salary Survey by National Association of Colleges and Employers, graduates from the Class of 2011 shows a 4.8 percent starting salary bump over last year’s graduates. The increase was seen across most disciplines including engineering, liberal arts and social sciences, though 5 percent more 2010 graduates were able to find jobs than their 2011 counterparts. With approximately $2,357 more before taxes (this year’s grads will average $51,018 to last year’s average of $48,661), new grads will have enough for a few months of rent, some padding to a savings account or, yes, a way to make a dent in those loans.

Recent grads, are you happy about this news? Soon-to-be grads, are you hopeful the salary figures will continue to increase until you finish college?


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The Good News and Bad News About State Aid for Students

by Alexis Mattera

There’s good news and bad news regarding state aid for students. The good: State financial aid for college students, including grants, work-study and loans, rose by nearly 4 percent last year. The bad: Just about half of the states surveyed cut need-based grants, even as demand for financial aid increased.

The data – from a report by the National Association of State Student Grant and Aid Programs – also revealed a 1-percent decline in overall state higher education spending and more money spent on need-based grants versus the amount spent on merit-based grants. While this means some students have access to resources that will help them complete college and bolster the economy, not all students are benefiting. Ohio, Alaska, Michigan, Hawaii and Utah have cut need-based grant funding by as much as 66 percent and in Georgia, lower award levels have been implemented for the HOPE Scholarship. And what about California and Washington, where financial aid increased? They’ve seen an increase in student-aid applications but cannot honor all requests because they have run out of money.

Experts view these findings as positive overall but are proceeding with “cautious optimism.” Do you agree or disagree with the actions taken thus far?


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