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A Little Loan Goes a Long Way

November 29, 2011

A Little Loan Goes a Long Way

by Alexis Mattera

In recent years, college students have become more cautious about taking out loans to pay for school. There are multiple reasons for this – horror stories from friends or siblings, limited job prospects after graduation and high interest rates have all been cited – and while it’s an admirable goal to graduatefrom college debt-free, educators think this approach could actually hinder students from getting degrees.

According to a recent Associated Press article, students are attempting to limit borrowing by working longer hours, taking fewer credits (and often not enrolling full-time), living at home and attending less selective institutions. While educators are impressed with this level of fiscal responsibility, they are quick to point out that each action above is a risk factor that makes college students less likely to graduate. Borrowing could prevent this, said Deborah Santiago, co-founder and vice president of Excelencia in Education. "If you can take out a little bit of loan you're more likely to complete. If you can go to a more selective institution that gives you more resources and support, you're more likely to complete." How much more likely? Federal data analyzed by Excelencia and the Institute for Higher Education Policy (IHEP) in 2008 shows roughly 86 percent of students who borrow for college are able to attend full-time compared to 70 percent of students who don't borrow and roughly 60 percent of full-time students receive a bachelor's degree within eight years compared to 25 percent of part-time students.

What can be done to facilitate this message? Educators believe students need to better understand financial aid, the difference between types of loans, debt management and the returns on various degrees and majors. In addition to searching for scholarships and grants, is borrowing part of your financial aid plan and does this information make you more or less likely to take out a loan?

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Scholarship of the Week? Try Scholarships of the Moment!

October 31st is a Day of Multiple Award Deadlines

October 31, 2011

Scholarship of the Week? Try Scholarships of the Moment!

by Alexis Mattera

Did you know today is Halloween? Of course you did...but did you also know it’s deadline day for multiple scholarships? No?! Well there’s still time to potentially earn thousands toward your college education through these Scholarships of the Moment!

Time is ticking so to learn more about these and other scholarship opportunities, conduct a free scholarship search today!

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Tuition at Cooper Union?

November 1, 2011

Tuition at Cooper Union?

by Alexis Mattera

If you’re a prospective college student considering a career in engineering, architecture or art, Cooper Union is probably on your radar. Not only is the school among the most selective in the nation but the tuition – zero – has been the best deal in higher ed for more than a century...or it was.

Cooper Union President Jamshed Bharucha recently announced that the weak economy has prompted the school to reevaluate its scholarship policy and possibly begin charging tuition for the first time since 1902. Bharucha stressed that lower-income students and many middle-income ones would continue to attend for free and that none of the 900 current undergraduates would be charged but the mere mention of tuition for degree-seeking students marks a serious cultural shift for the institution: Though a final decision has yet to be made, alumni are furious – “It’s a contradiction to everything we’ve learned about Cooper. It’s the last opportunity for free education on that level in the entire country,” said graphic designer, New York magazine co-founder and Cooper Union graduate Milton Glaser – and students are planning to walk out of classes in protest tomorrow.

Bharucha did say that implementing tuition would be a last resort but what do you think of his announcement and its corresponding reaction? What avenues should be explored to preserve free tuition and are there any ways students and alumni can support or contribute to the cause? Lastly, does a potential tuition bill have you reconsidering applying to Cooper Union?

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This Scholarship of the Week from Dr Pepper is Refreshing Indeed!

Hurry - Dr Pepper Million Dollar Tuition Giveaway Deadline is 12/31

December 12, 2011

This Scholarship of the Week from Dr Pepper is Refreshing Indeed!

by Alexis Mattera

If you need to find money for college and know how to create and upload a video file, have we got a scholarship opportunity for you.

The Dr Pepper Million Dollar Tuition Giveaway gives students age 18 and older the chance to earn up to $100,000 to fund their college educations. Thirsty for more details? We bet you are! To enter, all you have to do is submit an original video explaining why you deserve tuition through the Dr Pepper website by December 31st. Hey, it’s easier – not to mention less dangerous – than describing what Dr Pepper tastes like!

Full guidelines for submission and answers to FAQs can be found on Dr Pepper’s website. To learn more about this award as well as additional scholarship opportunities, conduct a free scholarship search today!

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Berkeley Announces Aid Increase for Middle-Class Students

December 15, 2011

Berkeley Announces Aid Increase for Middle-Class Students

by Alexis Mattera

Not-so-breaking news: College is expensive and the costs associated with it show no sign of stopping their steady climb. What’s a college hopeful to do? Consider a school that’s finding ways to bridge the financial gap, like UC Berkeley.

Beginning next fall, Berkeley will amp up its financial aid contributions for middle-class students. School officials reported that while the number of low-income and wealthy students has increased over the last several years, the number from middle-class families has remained flat. Berkeley hopes to regain the interest of middle-class applicants by becoming the first public university to promise families earning between $80,000 and $140,000 a year will contribute no more than 15 percent of their annual incomes toward tuition.

This news – released just one day after Gov. Jerry Brown announced a $2.2 billion budget shortfall and another severe round of cuts to state colleges and universities – has already been dubbed a game changer by Terry W. Hartle: The senior vice president of the American Council on Education also believes other colleges will channel their competitive spirits and do whatever they can to offer similar programs. Learn more about Berkeley’s plan here then tell us what you think.

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Pell Maximum Maintained, Eligibility Tightened

December 16, 2011

Pell Maximum Maintained, Eligibility Tightened

by Alexis Mattera

The Federal Pell Grant program as we know it has been in jeopardy in recent years but an agreement reached last night will keep its funding intact. While college students will still receive the maximum award amount per year, the number of eligible recipients is a quite different (and unfortunate) story.

The Chronicle reported congressional leaders agreed on a spending bill for the remainder of the current fiscal year that would increase funds for the National Institutes of Health by 1 percent, thereby maintaining the maximum Pell Grant amount of $5,550. To make this $300 million increase possible, however, eligibility for the award has been restricted. Under the bill, Pell Grant funding will only be available to each student for six years instead of nine, high school diplomas or GEDs will be required (no more ability-to-benefit tests) and the income cap for receiving an "automatic zero" expected family contribution will be lowered from $30,000 to $23,000. The interest subsidy on undergraduate student loans during the six-month grace period after a student graduates would also temporarily end.

Yes, the changes are significant but they are far less severe than an earlier bill which would have lowered the income cap to $15,000 and reduced the amount of income working students could exclude when applying for financial aid – changes that would have negatively impacted thousands of college students, especially those attending community colleges. We want to know what you think about the news. Is there a way to maintain federal funding without decreasing eligibility or do you think this bill is the best option?

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And the Least Indebted Graduates Are...

U.S. News Lists Schools with Lowest Average Debt for 2010 Grads

December 28, 2011

And the Least Indebted Graduates Are...

by Alexis Mattera

If you are a recent college graduate, those student loans you haven’t thought about in four or more years are about to come calling...and collecting. While some students’ debt tallies are quite large, the amounts owed by others are much more manageable.

U.S. News & World Report has reported that the average amount of student loan debt (defined as money loaned to students from colleges, financial institutions and the government, not including parent loans) for a 2010 college graduate was about $25,000 but this number truly varies depending on what school a student calls his or her alma mater: For example, 2010 graduates of Alice Lloyd College have an average total indebtedness of only $3,108 and those from Princeton owe just $4,385, due in large part to more grants, scholarships and work study that do not require repayment. Here are all of the schools that made the top 10 and the average amount of student loan debt 2010 graduates incurred:

Does this information have you reevaluating your college plans or financial aid choices?

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Is College Still Worthwhile?

December 30, 2011

Is College Still Worthwhile?

by Alexis Mattera

There’s been much debate about the true value of a college degree. This isn’t surprising given rising tuition costs and lower employment rates but a new study by a 2011 Trinity College graduate reveals spending the time and money to obtain a college degree is still very much worthwhile.

That graduate – Sarah Millar – came to this conclusion by examining data from government and private sources as well as her own personal experience as a college student. She found that although college costs have climbed an average of 6.4 percent each year since 1981 and annual income has only risen 0.4 percent in that time, the average take-home pay of college graduates is $38,950 versus $21,500 of students who only graduated high school. Unemployment rates of the two groups are also in favor or college degree holders – as of last month, 4.4 percent to 9.6 percent – and earnings of college grads exceed high school grads by more than $1 million over 40 years. Millar does note that all colleges and majors are not created equal, though, as average starting salaries of recent grads in specific fields of study from well-known or prestigious schools are more than those from state universities or smaller private colleges.

Check out more information from the study here then tell us: What do you think of Millar’s findings?

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Creativity Pays Off - Win This Scholarship of the Week and Earn $10,000 for College!

Annual Create-A-Greeting Card Scholarship Contest Deadline is January 14th

January 9, 2012

Creativity Pays Off - Win This Scholarship of the Week and Earn $10,000 for College!

by Alexis Mattera

Have you ever spent time searching for the perfect card for your mom’s birthday, best friend’s first job or cousin’s anniversary but couldn’t find a greeting that conveyed exactly what you wanted to say? If so, this Scholarship of the Week – and its $10,000 prize – has your name all over it.

The Gallery Collection’s Annual Create-A-Greeting Card $10,000 Scholarship Contest asks its applicants – high school, undergraduate and graduate students – to design the front of a greeting card (holiday, birthday, thank you, get well, etc.) using original photographs, artwork and/or computer graphics. The student with the winning design will be awarded a $10,000 scholarship and have his or her creation made into a greeting card to be sold on The Gallery Collection’s website.

Have the perfect idea? Visit the official website and make sure to get your design submitted before the January 14th deadline. As always, to learn more about this award and other scholarship opportunities, conduct a free scholarship search today!

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Good Samaritan Pays Student’s Tuition

January 13, 2012

Good Samaritan Pays Student’s Tuition

by Alexis Mattera

It’s Friday the 13th and instead of posting some bad, unlucky or just plain weird news, we thought we’d share a story that’s downright feel-good.

Like many college students today, John Jay College criminology major Angy Rivera was having a difficult time making her tuition payments. While she was eligible for in-state tuition rates as an undocumented student, Rivera could not qualify for state and federal aid so she began selling what she called handmade education bracelets on Chipin.com to bridge the financial gap. When her tale was recently featured in the New York Daily News, retired MTA conductor Luis Hernandez took note – and action: He donated $2,500 to cover the remainder of Rivera’s tuition, even though she was a complete stranger. “I’m retired and I’ve got a little money to spend,” said Hernandez. “I like helping out kids...especially if it’s somebody trying to get an education.” Naturally, Rivera shed tears of joy and told Hernandez, “This just made my next six months – you don’t know how big this is!” She also said she will use the money generated from her bracelets sales to pay for books and fees.

Times may be tough but if you’re willing to work hard and aren’t too proud to ask for help, good things can happen.

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