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Montana State Aims to Up Graduation Rate

November 1, 2010

Montana State Aims to Up Graduation Rate

by Alexis Mattera

Montana State University has a glass-half-full outlook when it comes to graduation rates but its students aren’t exactly sharing that mentality: Though the school announced it had enrolled record 13,559 students for the fall semester, only half that number will make it to graduation day.

Graduation rates aren’t that different nationwide – about 57 percent of students who enroll in U.S. four-year colleges earn a degree in six years, according to the National Center for Education Statistics – but these low numbers are cause for concern and in order to reach President Obama’s goal of making America the leader in college graduates by 2020, the country’s public universities need to do whatever they can to shed the label of "failure factories." Things are looking up for MSU for the time being, though: The retention rate for last year's freshmen who returned this fall was 74 percent - 2 points higher than last year and a record for the past 10 years.

So what’s being done in the Treasure State? MSU President Waded Cruzado says she plans to renew attention to the goal of graduation with the help of the Montana Board of Regents by getting more people to earn two-year or four-year degrees. But why are so many MSU students are dropping out in the first place? Despite the less-than-favorable economy, finding money for college isn’t the issue; instead, students surveyed cited lack of direction, affinity/connection with the school and overall interest in college classes. MSU is responding by ramping up its career coaching with freshmen and advising to help undecided students pick a major and launching a campaign to lure back former students who have left the university in the last three years.

The university is doing much more than what’s listed above (check out yesterday’s article in the Bozeman Daily Chronicle) but will any of it work? Students leave school for myriad reasons and sometimes no amount of advising, coaching or incentives can change that. Then again, an extra push can make a difference for many students on the fence about their education. How would you respond to MSU’s initiatives?

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Colleges Revive the Humanities

November 9, 2010

Colleges Revive the Humanities

by Suada Kolovic

Due to the drastic economic downturn, students are flocking to majors considered “safe” – economics, engineering and computer science – and steering clear of ones that develop creative thinking and imagination – the humanities. It makes sense, since the objective after graduation is to obtain a well-paying career to pay for that prestigious college education and the best way to do so, in the eyes of the majority of college students, is to select a major where the potential for a generous return on your investment is high. According to the American Academy of Arts and Sciences, student interest in the humanities – which include the classics, literature, languages, history, philosophy, and religion – has dropped dramatically in recent years. Only 8 percent of American undergraduates majored in a humanities field in 2007, compared with 17 percent in 1966.

At esteemed universities, including Cornell, Dartmouth, and Harvard, there is concern that without humanities students won’t develop the kind of critical thinking and empathy “necessary to solve the most pressing problems facing future generations.” Drew Faust, Harvard’s president, explained, “That’s a real shift from seeing an undergraduate education as general preparation in a wide range of fields to seeing undergraduate education as getting a particular vocational emphasis. People worry a lot about what you do with that degree. I think the change has been accelerated and intensified by people’s immediate concern of getting a job — especially with the increasing cost of higher education and the challenges in the economy.’’ (In case you were wondering, the most popular field of study at Harvard is economics.)

In response, colleges have begun pledging huge sums to their literature and arts departments, while others have begun erecting buildings. Among the universities attempting to restore interest in the humanities is Brandeis, which recently dedicated a new $22.5 million glass-and-slate hilltop home, called the Mandel Center for the Humanities. Harvard and Brown have also received millions to support new humanities initiatives.

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Grace Period for Student Loans Coming to an End

Simple Tips to Managing Your Loans

November 11, 2010

Grace Period for Student Loans Coming to an End

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.
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You’re Hired…Maybe

College Grads Get Good News on Employment

November 18, 2010

You’re Hired…Maybe

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!

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Student Loans Leave Student $200,000 in Debt

Northeastern Grad Starts Website to Help Make Payments

November 23, 2010

Student Loans Leave Student $200,000 in Debt

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.

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Pew Reports Students Borrowing More than Ever

November 24, 2010

Pew Reports Students Borrowing More than Ever

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?

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Boston University Student Wins ‘Jeopardy!’ College Championship

Will Use Winnings to Pay Student Loans, Graduate Debt Free

November 26, 2010

Boston University Student Wins ‘Jeopardy!’ College Championship

by Suada Kolovic

Competing against some of the brightest young minds in the country, Boston University sophomore Erin McLean became the 2010 “Jeopardy!” college champion on Saturday. The 2009 Danvers High School graduate beat out 14 competitors for the coveted title. Taking on challengers from Yale University and Southern Adventist University in Tennessee in the final round, McLean won the grand prize of $100,000. Aware of the current economic climate, McLean shared how she planned on spending her winnings: "The first thing I'll do is payoff my student loans. I'm really looking forward to graduating debt-free; that will be amazing." Any money remaining will go towards a new MacBook and a spring break trip with friends. (She is in college, after all!)

McLean, a lifelong “Jeopardy!” fanatic, explained that after missing the Final Jeopardy question, she was unsure of her fate – “If you watch the show, it looks like I didn't know whether I won or not," she revealed – but after a few gut-wrenching seconds, host Alex Trebek announced her the winner. As she made her way out to center stage, she stood beside Trebek clutching the championship trophy, giggling all the while. “It was unreal and one of the best moments of my life," McLean said. "I got to actually live my childhood dream. I never thought I'd even get called to be on the show, so to win ... Words can't even describe it."

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Win $10K in This Scholarship of the Week!

John F. Kennedy Profile in Courage Award Deadline Jan. 9th

December 6, 2010

Win $10K in This Scholarship of the Week!

by Suada Kolovic

The annual John F. Kennedy Profile in Courage Essay Contest invites high school students from across the nation to write an original essay about an elected official who has demonstrated political courage. The contest is a companion program of the Profile in Courage Award, named for President Kennedy’s 1957 Pulitzer Prize-winning book, Profiles in Courage, which recounts the stories of eight senators, the obstacles they faced, and the special valor they demonstrated despite the risks.

Winning essayists will receive awards totaling up to $13,500. The first-place winner will be invited to accept the award at the Profile in Courage Award Ceremony hosted each May by Caroline Kennedy at the John F. Kennedy Presidential Library and Museum in Boston.

For more information on this scholarship and other scholarship opportunities, conduct a free scholarship search today!

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What Ever Happened to Thou Shalt Not Steal?!

Iona College Nun Axed for Allegedly Stealing $1.2 Million

December 10, 2010

What Ever Happened to Thou Shalt Not Steal?!

by Suada Kolovic

Over the course of a decade, an Iona College nun known as Sister Susie allegedly embezzled more than $1.2 million from the Catholic college in Westchester County. Sister Marie E. Thornton, a former vice president of finance for Iona College and nun, allegedly diverted college funds for her own use by turning in phony vendor invoices for reimbursement and having the college pay credit-card bills for “personal expenses.”

Officials wouldn’t say where the funds went but, according to Talk of the Sound, a former men’s basketball coach at the school hinted that Thornton may have gambled away at least some of it. In October, the college’s president, Brother James Liguori, publicly acknowledged the loss of only $800,000 but insisted that it had “recovered a major amount.” And in a statement issued Thursday evening, Iona said they had taken swift action after discovering the missing funds a year and a half ago, had conducted a follow-up investigation and put preventative procedures in place to avoid similar fraud.

Thornton was released without bail after waiving indictment and pleading not guilty to a single felony count of theft involving a federally funded program, but if convicted Thornton could face up to 10 years in prison for her unholy scam. I guess the vows of poverty, chastity and obedience don’t apply when you’re on a hot streak at the craps table.

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Top Majors for College Class of 2011 Announced

January 5, 2011

Top Majors for College Class of 2011 Announced

by Suada Kolovic

Unfortunately, only two winners walked away with the $355 Mega Millions jackpot and if you weren’t one of them, instant fame and fortune may not be in the cards for you, but a lucrative career that is in high demand could be four short years away. If you’re struggling to come up with ideas for possible majors and post-collegiate careers, looking at majors that are sought after may not be a bad place to start.

According to a survey conducted by the National Association of Colleges and Employers (NACE), organizations are most interested in hiring new college graduates with bachelor’s degrees in the business, engineering and computer science fields. Nearly 62 percent of the organizations participating in NACE’s Job Outlook 2011 survey said they plan to hire accounting graduates, followed by finance (57 percent) and electrical engineering (53.5 percent). Here are the top six degrees according to NACE’s findings:

  1. Accounting
  2. Finance
  3. Electrical Engineering
  4. Mechanical Engineering
  5. Computer Science
  6. Business Administration/Management

Each year, through the Job Outlook survey, NACE surveys its employer members about their hiring plans in order to project the job market for new college graduates. Do you agree with this list? Let us know what you think.

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