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Are College Students Borrowing Too Much or Not Enough?

by Alexis Mattera

Did you have to take out student loans in order to pay for all or part of your college education? Probably, as total student loan debt passed total credit card debt for the first time and is approaching the $1 trillion mark, but the bigger problem could be that college students who truly need to borrow are not doing so.

In a new analysis of student debt published in AEA’s Journal of Economic Perspectives, researchers Christopher Avery and Sarah Turner explain that overemphasis in news coverage of students drowning in debt is scaring people away from taking on healthy debt. They say that capital investment one takes on with a student loan is growing – males with college degrees make $600,000 more in their lifetimes than peers with only high school degrees – but just one in six full-time students at four-year colleges who are eligible for a student loan do not take one out. Why? The study cites rational self-control, short-sightedness and risk factors like the difficulty of predicting future earnings but also reveals that many loan-less students accrue debt by relying heavily on credit cards to cover educational expenses and half work more than 20 hours per week – a schedule that could hurt their chances of graduating on time or at all.

There’s much more to the study here but what’s your take on student loans? Is borrowing worth it if it's done responsibly or is it best to use loans as a last resort in funding your education?


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IL Professors' Children Could Lose Tuition Benefit

by Alexis Mattera

There have been strides taken to ease the financial burden of higher education but for every state that limits college credits to keep degree costs down or entire college system freezing its tuition, there’s another school increasing its fees and cutting benefits. The latter could soon happen in Illinois, as lawmakers are weighing whether to eliminate tuition discounts for the children of professors and other university employees.

The legislation would get rid of this prized benefit, which allows faculty and staff members who have been employed at public universities for at least seven years to receive half-price tuition for their children. More than 2,000 college students take advantage of this perk each year and advocates of the bill say the state cannot afford to continue to offer the discount because it costs the Land of Lincoln about $8 million annually. Bill sponsor State Rep. Luis Arroyo also questioned the lack of income cap on who can use the waivers (for example, a college president earning a six-figure salary could pay far less for their child to attend college than a lower-income family would) but university officials say the discount is an important tool for recruiting and retaining top faculty members.

Does the possible end to this tuition benefit impact you in any way? How are you covering the costs of your own college education?


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Slow Down and Apply for This Scholarship of the Week

Project Yellow Light’s Deadline is March 31st

March 19, 2012

Slow Down and Apply for This Scholarship of the Week

by Alexis Mattera

Text messaging can come in handy when you are taking a short study break in a quiet library but when it happens behind the wheel of a moving vehicle, its convenience is replaced by danger. You’ve probably see people texting at traffic signals, on side streets and on the highway at 65 miles per hour but the action is dangerous and on its way to becoming illegal. Want to help bring about change regarding texting and driving? Slow down and take a look at our latest Scholarship of the Week, Project Yellow Light.

As a Project Yellow Light applicant, you have one clear mission in your video application: encourage other teens to develop and embrace safe driving habits – specifically, don’t text and drive. High school seniors who will complete graduation requirements by or before July 31st of this year must submit their 60-second videos via the Project Yellow Light website by March 31st. The first-place winner will receive a scholarship in the amount of $2,000, the second-place winner will receive $500 and the third-place winner will receive $200; in addition to a scholarship, the winning video will be turned into an Ad Council PSA and will be distributed nationally to 1,600 TV stations.

Interested in learning more about this scholarship opportunity? Visit Project Yellow Light’s official website and conduct a free scholarship search today!


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Colleges Worry About End of Federal Aid-Based Ability Benefit

by Alexis Mattera

It may feel like we’ve skipped winter but federal aid is about to be put on ice for college hopefuls lacking high school diplomas or GEDs.

As of July 1st, newly-enrolled students will no longer be allowed to take an "ability to benefit" test or complete a set amount of credits without aid; instead, college students will be required to have high school diplomas or GEDs in order to receive federal financial aid. How will these students – many of whom are older, seeking training to find a new job, immigrants and students in states like California where the basic adult education budget has been cut – pay for school? College administrators anticipate they will turn to private loans...or give up on their degrees entirely.

David Baime, vice president for government relations at the American Association of Community Colleges, says the change “runs counter to the missions of many of our colleges,” as these schools view enrolling students without high school credentials as a key part of providing access to higher education: There are currently about 836,000 students without high school diplomas or GEDs enrolled at two-year public colleges nationwide and according to a limited 2006-2007 Education Department study, students without high school diplomas and GEDs were ultimately more successful in college and had higher GPAs than their classmates with high school diplomas, even if they failed the "ability to benefit" test. If would-be students have to get a GED before going to college and receive zero financial assistance while they prepare, Baime says many will opt out altogether.

What do you think of the new rule regarding federal aid? Do you think a high school diploma or GED is necessary to succeed in college?


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Commit Now, Pay Later

Public College Tuition Often Still Undecided by Enrollment Deadlines

March 21, 2012

Commit Now, Pay Later

by Alexis Mattera

The cost of college is a huge factor for a high school senior about to head off to college for the first time, a transfer student getting ready to continue his or her education at a four-year school and an undergrad preparing to pursue a graduate degree. If the student can’t afford to attend a specific school, an alternate institution that better fits his or her college budget should be selected...but what if tuition is still undetermined before the enrollment deadline?

This scenario is common at public universities across the country, as they cannot announce the next year’s tuition until they know how much funding they will receive from their respective states. Though schools like Towson and UVa offer estimates, banking on those figures is a gamble: For example, VCU raised tuition 24 percent in 2010 and the average public university in California raised expenses 21 percent last year – sizeable increases few college hopefuls could have expected. Colleges in this position have to work out preliminary financial aid packages based on the current year’s costs and adjust the awards after tuition is set. Students weighing their enrollment options at private universities have it much easier: A recent report projected private tuition would rise between 4 and 5 percent for next year but schools including Georgetown, UPenn and Goucher have already set and posted their tuition rates for the upcoming academic year.

Are you still waiting on next year’s tuition rates to make your college choice?


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State Financial Aid Runs Dry in Illinois

by Alexis Mattera

Did you already file your FAFSA this year? If you live in Illinois, your early bird mentality will help you pay for college because state funding has run out earlier than expected.

Officials said the state’s primary source of need-based financial aid, the Monetary Award Program (MAP), received 40,000 more applications this year than last. "It's a sign of incredible demand more than anything else," said John Samuels, spokesman for the Illinois Student Assistance Commission but since these scholarships are awarded on a first-come, first-serve basis, students who applied after March 13th – roughly 140,000 – will have to find alternate funding. Illinois currently provides at least $387 million for the program and Governor Pat Quinn has proposed increasing that amount by $50 million to give financial assistance to 35,000 additional students – though it would take $1 billion to for every eligible student to receive a MAP grant.

Does this news impact your college plans or did you submit your financial aid forms in time?


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Tips & Tricks for a More Affordable Internship Experience

by Alexis Mattera

Many students don’t have time to take on internships during the traditional academic year, making summer break the perfect time to gain experience in their fields of choice. Unfortunately, students looking to earn college credit for these often unpaid positions must still fork over the cash to cover the credit fees – sometimes thousands of dollars – despite not being enrolled in formal classes.

Is there a way to have a more affordable internship experience? Indeed, according to one of USA Today’s collegiate correspondents...and with 11 internships under her belt, she speaks from experience:

Are you interning this summer? Let us know where in the comments!


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Go Green with This Scholarship of the Week

Castle Ink Paperless Scholarship Deadline is March 31st

March 12, 2012

Go Green with This Scholarship of the Week

by Alexis Mattera

St. Patrick’s Day may only come once a year but going green is important every day! Whether it’s recycling cans, unplugging your computer when it’s not in use, opting for reusable water bottles or reading the online edition of your favorite newspaper, protecting the environment is something everyone should try to do in some way. Want to get started but don’t know how? You’re in luck: The Castle Ink Paperless Scholarship is giving you the opportunity to do just that and earn $1,000 for college at the same time.

The Castle Ink Paperless Scholarship is open to U.S. residents who are college bound (aka high school juniors and seniors who will begin attending college within the next two years) and any students currently enrolled at accredited institutions of higher education. To apply, simply fill out the entry form on Castle Ink’s website then post a YouTube video, tweet or create a Facebook wall post explaining how you reduce, reuse and recycle.

Applicants currently have a little over two weeks left to enter – the deadline has been extended to March 31st – so take this time share what you’re doing to make the environment a little (or a lot!) better. To learn more about this and other scholarship opportunities, conduct a free scholarship search today!


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The Short & Tweet Scholarship Has Returned!

Earn $1,000 or a Kindle for College in 140 Characters or Fewer

April 2, 2012

The Short & Tweet Scholarship Has Returned!

by Alexis Mattera

Another academic year is winding down but before you turn your attention to summer jobs, internships and the occasional beach day, we have a question for you: What was the most important thing you learned this year and why? Not only could answering this question help provide some insight into your priorities for next year but it could also earn you $1,000 or a Kindle for college. That’s right: Scholarships.com's Short & Tweet Scholarship is BACK!

Was it a lecture or group project that stuck with you the most? A personal experience that changed your way of thinking? If it's important to you, we want to know! The challenge is that you have to tell us in 140 characters or fewer. Here's how to enter:

Step 1: Starting April 2nd, follow @Scholarshipscom on Twitter.

Step 2: Mention us (@Scholarshipscom) in a tweet answering the question "What was the most important thing you learned this year *AND* why?" Once you do this, you are entered to win a $1,000 scholarship or one of two Kindles.

Step 3: You may enter as many times as you want from April 2nd through May 14th but please limit your tweets to three per day. Each tweet will be a stand-alone entry and tweets that are submitted by non-followers, exceed 140 characters, do not include @Scholarshipscom, do not answer the entire question or are submitted after the May 14th deadline will not be considered. From there, the Scholarships.com Team will determine which comments are most deserving of the awards.

  • Starts: April 2nd
  • Ends: May 14th
  • Number Available: 3
  • Amount: $1,000 for one first-place winner; one Kindle each for second- and third-place winners

This scholarship competition is offered by Scholarships.com and is in no way sponsored, endorsed or administered by, or associated with Twitter.

For official rules, please click here.


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Tuition Discounts Lack Effectiveness

by Alexis Mattera

When making your final college choice, would you choose the school touting generous tuition discounts or the institution offering the standard financial aid package? The choice may seem obvious but according to a new study, things aren’t always what they seem.

A survey of 400 private institutions conducted by the National Association of College and University Business Officers revealed tuition discounting could be losing its effectiveness as a way of luring students to colleges. Data show that though the rate of institutional discounts in the form of scholarships, grants and fellowships continues to rise – the average is predicted to hit 42.8 percent this year – 45 percent of the schools surveyed saw overall enrollment remain flat or drop and 53.2 percent saw a decline or no change in the number of freshmen they enrolled.

What do you think of the tuition discounting trend? Is it playing a role in your college decision or are other factors (location, reputation, programs of study, etc.) more important to you?


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