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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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Data Spill at University of Hawaii

Former Student Sues Over Privacy Breaches

Nov 22, 2010

by Suada Kolovic

Every day, you’re prompted to enter personal information on the web. Whether you’re buying a Kindle from Amazon, filling out a college application or applying for a job, you’re asked for a credit card number, your social security number and, in some cases, even your mother’s maiden name. And sure, in the back of your mind you know there’s the slightest possibility that your personal information could be disclosed, but I doubt that fear was a serious concern on your university’s website. Former University of Hawaii-Manoa student Philippe Gross was no different but on Thursday, Gross filed a class-action suit against the university after the system allowed a series of privacy breaches. It was only last month that the system discovered that a retired professor had posted social security numbers and other personal information about more than 40,000 alumni on a public web server. That wasn’t the first incident either: Back in July, the system acknowledged that hackers gained access to records of 53,000 students and employees at its Manoa campus.

Mr. Gross’s lawyer, Thomas R. Grande, said the University of Hawaii had violated the constitutional right to privacy of the students and employees who were affected. “For those with access to private security information comes a heavy responsibility to protect that information,” Mr. Grande said. The University of Hawaii-Manoa has acknowledged that they are working on improving its data security and, as of right now, their approach was inadequate. Though I doubt the thousands affected by the breaches take comfort in knowing that only now, after two incidents, has the university taken action.

Do you think the University of Hawaii – or any institution for that matter – should be liable for data breaches?

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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KFC Offers $20K for Best Tweet

This Scholarship of the Week’s Deadline is Friday!

Nov 22, 2010

by Suada Kolovic

Through November 26, KFC wants high school seniors to put their tweeting skills to good use and apply for the $20,000 Colonel’s Scholars scholarship. KFC is asking college hopefuls to tweet why they exemplify Colonel Sanders’ commitment to education and enriching their communities, and why they are deserving of a college scholarship. The scholarship winner, announced on December 1, will receive up to $5,000 per year for the next four years to pursue a bachelor’s degree at an accredited public university within his or her home state.

And a scholarship for tweeting is definitely S-O, G double O D good! For more information on this scholarship and others you may be eligible for, conduct a free scholarship search!

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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You’re Hired…Maybe

College Grads Get Good News on Employment

Nov 18, 2010

by Alexis Mattera

Finding a job has never been easy but over the past few years, that same task has become even more nerve-wracking and downright disheartening. This situation is all too familiar to recent college graduates, who – save for an internship or two – have very little experience outside the classroom but the Collegiate Employment Research Institute at Michigan State University just revealed the hiring of new bachelor's-degree graduates expected to increase by 10 percent this academic year.

Institute director Phil Gardner describes this news as the first step out of a deep hole – this year’s increase is over last year's hiring, which held steady after it tumbled 35 to 40 percent in 2008. The report, "Recruiting Trends 2010-2011," says hiring will not increase across the board but will instead be seen in certain industries, for specific majors and in isolated areas of the country:

  • More recent graduates will be hired by manufacturers, professional-services companies, large commercial banks and the federal government; smaller banks, state governments and colleges and universities project drops.
  • Grads with majors and experience in business, technology, e-commerce, entrepreneurism and public relations will have better luck than those in the fields of health sciences and social services; companies also plan to increase hiring 21 percent among liberal-arts majors.
  • The Great Lakes and Mid-Atlantic regions will see the highest increases in recent graduate hiring, while the Northwest will see a 10-percent decline.

If these findings don’t relate to your situation, there’s still a chance you could snag the job of your dreams: Thirty-six percent of employers say they will consider applicants regardless of major. So, recent and soon-to-be college graduates, breathe those sighs of relief and start updating those resumes!

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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A Little Birdy Told Us Tweeting May Boost Grades

Recent Experiment Revealed Higher Marks, Increased Discussion

Nov 17, 2010

by Alexis Mattera

Logging onto certain social networking sites while in class may be frowned upon by some schools but at one Midwest institution, doing just that resulted in grade point averages about half a point higher over the course of a semester.

The school was not named to protect the identities of the 125 participating students but the subsequent report, entitled “The Effect of Twitter on College Student Engagement and Grades,” showed the 70 students who used Twitter to access information and complete four class assignments displayed higher GPAs, were more engaged in classroom discussion and more likely to interact with their instructor about course material than the 55 non-tweeting students in the control group.

But is Twitter really responsible for the grade boost? Reynol Junco, an associate professor of academic development and counseling at Lock Haven University, said the familiarity with Twitter (which is a lot like Facebook’s status update feature) may make students more comfortable participating in discussions outside the classroom and responding to class material. But Dave Parry, an assistant professor of emerging media at the University of Texas at Dallas who has used Twitter in his classes, had reservations. He said more specific studies needed to be conducted to determine if Twitter is the deciding factor in increasing grades and what uses of Twitter are most effective to achieve desired results.

Students, do you tweet? What do you tweet about: schoolwork, politics, gossip? Have you noticed a difference in your grades – positive or negative – since activating your account? Do you follow us?

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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The Evolution of College Admissions

Eight Changes Geared to Weeding Out the Wheelers

Nov 16, 2010

by Alexis Mattera

You all remember Adam Wheeler, right? If not, he’s the kid who lied his way into Harvard and Stanford and made a mockery of the college admissions process along the way. Though his actions were definitely considered, what Wheeler did is just part of the reason why these two schools – and many others – are revising their admissions rules to ensure only the most honest and qualified candidates get in.

According to a U.S. News and World Report article, eight major changes are afoot, ranging from limiting the time admissions counselors spend reviewing each application and relying less on recommendations to setting earlier deadlines and placing more emphasis on the application essay. Each modification is twofold: It will expedite the process for admissions committees and separate the truly worthy applicants from the ones trying to game the system.

The more noteworthy changes include the diminished emphasis on high school class rank. Where a student stood amongst his or her peers used to be quite weighted but a survey by the National Association of College Admissions Counselors (NACAC) found that from 1993 to 2009, its importance dropped from a “considerable” 42 percent to 15 percent with admissions officers. Also changing in prominence is the emphasis on high-caliber coursework, even through senior year. The rationale? Students who take more rigorous courses in high school have a higher likelihood of collegiate success. Think you’re a shoo-in because you got all A’s in moderate classes while your best friend pulled B’s in her honors and AP courses? Hate to break it to you, but your buddy is the better candidate for admission. Senioritis is no longer tolerated, either: Last year, the University of Washington withdrew 27 offers of admission of students who goofed off too much during senior year. Lastly, quality control is through the roof thanks to Turnitin, an anti-plagiarism software that scans essays for similar or identical phrases found on millions of websites, articles and books. Sorry, Wheeler wannabes.

The full article is pretty interesting (view it here), as is the united front these schools have created to ward off scammers and slackers. If you’re just applying this year, do you think these changes will affect your chances? And if you are currently in college or have already graduated, would you be where you are now if these regulations existed when you applied?

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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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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GPA, SAT, and a Great Sense of Humor Walk into a Bar

Nov 12, 2010

by Suada Kolovic

When you envisioned what your college application process would be like, I’m sure you anticipated stress and anxiety but I doubt you expected a joke could get you in. This was the moment you were told to draw on your strengths and articulate every achievement – countless community service hours, stellar GPA, and the fact that you were senior class president. Every sentence would be so perfectly and meticulously thought-out that who you were just leapt right off the page. You prepared your answer on why you belonged at your dream college and pinpointed what you had to offer…until you opened the actual application and found a serious curveball.

In addition to common essay prompts, more and more institutions are jumping on the unconventional question bandwagon and are interested knowing not only in why students want to gain admission but just how creative they can be when challenged. Here are the far-from-average questions schools are asking this year:

California Institute of Technology

Caltech asks applicants to not overanalyze:

  • “What are three adjectives your friends would use to describe you?”
  • “Caltech students have long been known for their quirky sense of humor and creative pranks and for finding unusual ways to have fun. What is something that you find fun or humorous?”

University of Chicago

Each year the University of Chicago asks newly admitted and current students for essay topics:

  • “Dog and Cat. Coffee and Tea. Great Gatsby and Catcher in the Rye. Everyone knows there are two types of people in the world. What are they?”

Yale University

Yale asks applicants to write essays, plus answer the following questions in 25 words or less:

  • “If you could witness one moment in history, what would it be and why?”
  • “Recall a compliment you received that you especially value. What was it? From whom did it come?”

University of Dallas

Along with three conventional questions, including “What influenced you most to apply to the University of Dallas?” the school also asks:

  • “Tell us your favorite joke or humorous anecdote.”

Soon-to-be college applicants, what do you think of this technique? Are you a fan of the challenge or frustrated by the fact that not only are you expected to impress them with your achievements and extracurricular activities but now you’re expected to be witty, too?

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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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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Wacky, Unusual and Just Plain Weird Scholarships

Nov 10, 2010

by Suada Kolovic

Sure there are tons of scholarships out there for the egghead, the jock, the feminist, the free spirit, and even the average student. But what about those of you with strange talents? Those talents that really make you stand out in a crowd are the same talents that could potentially earn you loads of cash for college!

Unlike your typical scholarships, where the selection pool is humongous, a specific criterion – like having the name Zolp – is required for unique scholarships. There are tons of wacky, unusual and just plain weird scholarships out there. For instance, can you call ducks? Seems like a strange question but if you can, check out the Chick and Sophie Major Memorial Duck Calling Contest; with a grand prize of $2,000, that’s sure to ruffle a few feathers. Do you have a sweet tooth? Who doesn’t, but unlike the rest of us who just sit around and enjoy those tasty treats, you’re interested in creating the next Snickers, making the National Candy Technologists Scholarship the perfect outlet for you to put those taste buds to good use. (The rest of us will be indebted to you!) Are you someone with a knack for fashion and have creativity coming out of your ears? Then take on the Duck Brand Stuck at Prom Scholarship Challenge and create your entire prom attire out of Duck tape.

Remember, if you have an unusual talent, there may just be an equally unusual scholarship out there. For a complete list of wacky, unusual, and just plain weird scholarships, conduct a free scholarship search at Scholarships.com and put those talents to good use!

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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