Skip Navigation Links

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.

Comments

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?

Comments

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."

Comments

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!

Comments

Nobody’s Business

Interest in the Once Most Popular Major Stalling, Falling

December 13, 2010

Nobody’s Business

by Alexis Mattera

One would think that the condition of the U.S. economy would have undergraduates declaring business as their majors in droves. One would also, however, be wrong: Federal and college data show interest in the field is mimicking the Metrodome roof and falling.

Inside Higher Ed reports business is no longer the big man on campus in terms of majors and interest appears to be static and even waning at many schools. Since 2008, Pennsylvania State University has recorded a 30-percent decline in undergraduates accepting offers from its Smeal College of Business – a trend that’s far from isolated: Though rates have remained stable and even increased at the University of Oregon and Indiana University, the share of business majors at University of Central Florida is down by nearly 15 percent this semester relative to 2008 and 13 percent fewer students are enrolled in Purdue University’s Krannert School of Management this semester compared to two years ago; last year, the number of applicants dropped 26 percent from the previous year.

John Pryor, director of the survey-conducting Cooperative Institutional Research Program at the University of California Los Angeles, suggested student loan debt and the perceived lack of career stability in business may be fueling this shift. "Even though students have higher debt, some are seeing that business is not as likely to help them pay that debt back," he wrote. "We also saw business employees losing jobs and having lower incomes, so perhaps students see business as not providing as sure a track towards economic freedom as in the past." The survey also suggested undergraduate interest in business peaked long ago – 1987 to be precise, the same year Gordon Gekko famously declared "greed, for lack of a better word, is good” in the movie “Wall Street.” Coincidence?

Students, has the economy influenced what you’re majoring in? Are you more likely to take pages from the books of computer science majors Bill Gates and Mark Zuckerberg instead of emulating good ol’ Mr. Gekko?

Comments

A Deal with the (Sun) Devil

ASU Placed on NCAA Probation for Scholarship Violations

December 17, 2010

A Deal with the (Sun) Devil

by Alexis Mattera

Imagine working hard throughout high school, getting accepted to the college or university of your choice and receiving a scholarship covering all or part of your tuition. Now imagine being asked to give back even a tiny percentage of that award.

Wait...WHAT?! Exactly...but that's what happened at Arizona State University when former baseball coach Pat Murphy requested a number of his players relinquish all or part of their athletic scholarships for the 2006-2007 academic year so that the coaching staff could enroll several transfer students they had been recruiting through a program Murphy called Devil-to-Devil. His actions may not have been discovered unless a parent of a player complained about the process to ASU’s athletics director and after an investigation, the National Collegiate Athletic Association (NCAA) agreed that this practice was problematic and violated rules. The punishment: ASU has been banned from the college playoffs this coming season and must vacate numerous wins, including the team’s 2007 Pacific-10 Conference title and trip to the College World Series; the school also received three years' probation, scholarship reductions and recruiting limitations. Though ASU has taken responsibility for not monitoring the baseball program more closely, it intends to appeal the NCAA’s decision.

As for Murphy – who echoes the name of his program with several other questionable practices – he’s not coaching anywhere at the moment but will not go unpunished. He was forced to resign last year and the NCAA bestowed a one-year show-cause penalty upon him so that any institution interested in hiring him in the next 12 months must not only defend why it is hiring him but also how it will monitor his behavior to prevent further violations.

This situation is shady any way you slice it but I do feel for the ASU students and coaches who are being penalized for events they had no part in. The beauty of college scholarships is that they don’t have to be repaid, allowing students to graduate with little to no student loan or credit card debt. To be clear, what Murphy did was wrong but by limiting the amount of scholarship awards and financial aid ASU can disperse, he’s not the one being truly punished – it’s the deserving students that are being hurt the most.

Comments

Mind the Gap

Should You Take a Year Off?

December 30, 2010

Mind the Gap

by Alexis Mattera

The road to college – once thought to be straight and narrow – is detouring into uncharted territory. It was once expected for all high school seniors to matriculate to an institute of higher education the semester after they graduate but today, many students (and their parents) are considering the notion of taking a year off from formal schooling first.

But what do students do during this time, often called a gap year? Not catching up on “Extreme Couponing” or trying out online dating: Students use this time to volunteer abroad or build their resumes and schools are adopting formal programs allowing incoming freshmen to defer admission for a year to do so. According to the Wall Street Journal, "gap fairs" are becoming just as common as campus job expos. The results? Mixed. While most students end their gap years better prepared to attend college, some get so waylaid that they abandon a collegiate education all together.

It may sound tempting to take a year off to explore the unknown but there are a few confounding variables. First, the price tag is far from alluring – unless you feel $35,000 is a reasonable figure. (The upside is that costs can be defrayed by stipends, grants, research fellowships and scholarships or the agreement to work in a very remote area.) Next, the hazy direction of your future. I won't deny that your late teens and early 20s are the best times to gain life experience but if said experience is going to leave you in debt or questioning once-important educational goals, is taking the time off worth it?

Comments

Fee Increase? No Problem!

Students Willing to Pay Up for Needed Projects

January 13, 2011

Fee Increase? No Problem!

by Alexis Mattera

Scenario: You’ve been accepted by College A and College B - your two top choice schools - and have been awarded generous financial aid packages by both. You decide to attend College B but one year in, a project is announced that would increase the fees you’re paying...on top of the already hefty sums of tuition, books and housing. Are you on board? If so, you’re in good company.

State funding for colleges isn’t what it used to be so when a school needs new dormitories, laboratories and classrooms, students have become more willing to fund these endeavors because they will benefit their educational experience. In Colorado, mandatory student fee increases range from 18.5 percent (University of Colorado at Colorado Springs) to 611 percent (Mesa State) since 2006 but current students are readily handing over the cash…even though the majority will have graduated long before the projects are finished.

"I won't be a student here when the projects are complete, but I do know my degree will only gain in value," said Sammantha O'Brien, a student at Metropolitan State College of Denver. Brad Baca, vice president of finance and administration at Western State College in Gunnison, agrees. "We're in a very competitive environment and having high-quality amenities and facilities is an important factor," he said. And if the upgrades aren’t reward enough, students at these schools are more informed and involved: At Western State, for example, 40 percent of the student population participated in the fee vote – a record turnout.

What do you think, readers? Would you pony up the dough for a dorm you won't live in or an academic building in which you’ll never hear a lecture?

Comments

How to Save When Buying Textbooks

January 19, 2011

How to Save When Buying Textbooks

by Suada Kolovic

The start of every new semester calls for a new set of textbooks – very expensive textbooks. Students can’t really think about the cost of college today without factoring in the skyrocketing cost of textbooks. With the individual book prices well over $100 in many cases, textbook costs can easily add up and, depending on your major, you could easily be spending $500 or more on textbooks a semester. For years students have improvised on ways to dodge buying a new copy and it’s important to know that there are options available, so here are some tips put together by the Huffington Post that can save students some cash.

  • Buy Used: Definitely not a new concept, but still a great way to save almost half the cost of a textbook. Most college bookstores have used options on campus but quantities are limited. Other reliable resources that sell used textbooks are Amazon, half.com and abebooks.com.
  • Book Renting: This option is becoming increasingly popular. It allows students to rent a gently-used textbook for a semester for about half the price of a new edition. But if your campus bookstore doesn't rent books, check out chegg.com, bookrenter.com or collegebookrenter.com.
  • Try the Library: Believe it or not there are FREE options out there, like campus and local libraries. And if you’re one of the lucky ones to actually find a copy of what you’re looking for, check it out fast before one of your classmates beats you to the punch.
  • Buy Older Editions: In some cases, professors will permit students to buy a previous edition of a book that is just as good as the more expensive current edition. Therefore, it’s a great idea to ask your professor what their policy is before purchasing your textbooks.
  • Get International Editions: According to the New York Times, international editions of your textbooks are often identical to U.S. editions and cost 50 to 70 percent less than their American counterparts.
  • Go Digital: It seems like the end of traditional textbooks are near and increasingly more students have the option to purchase e-books directly from book publishers from sites like cousesmart.com and cafescribe.com.
Comments

How Much Is The Application Fee?!

Top 25 Highest Application Fees

January 21, 2011

by Suada Kolovic

Sure, we’ve discussed the skyrocketing cost of college tuition on a daily basis and considering every other add-on you’ll have to endure when it comes to paying for collegeroom and board, books and supplies – having to pay an outrageous application fee is downright cruel.

According to a U.S. News report, the average application fee to apply to colleges is $38.44 and $46.78 at universities, which is a steal compared to the fees charged by the institutions listed below. Of the 1,474 undergraduate programs that supplied application fee data, only 39 claimed to have no fee. And for those schools that did have fees, many waived them for students with financial need or for those who applied online, U.S. News also reported. Check out the list below and share your thoughts. Let us know if these hefty fees will ultimately decide where you’ll apply.

National University Application Fee
Stanford University $90
Columbia University $80
Boston University $75
Brown University $75
Duke University $75
Drexel University $75
George Mason University $75
Harvard University $75
Massachusetts Institute of Technology $75
University of Delaware $75
University of Pennsylvania $75
Yale University $75
Boston College $70
Carnegie Mellon University $70
Cornell University $70
Dartmouth College $70
Hofstra University $70
Johns Hopkins University $70
Lehigh University $70
North Carolina State University-Raleigh $70
Northeastern University $70
Rensselaer Polytechnic Institute $70
Syracuse University $70
Tufts University $70
University of Connecticut $70


Comments

Recent Posts

Tags

ACT (19)
Advanced Placement (24)
Alumni (17)
Applications (81)
Athletics (17)
Back To School (73)
Books (66)
Campus Life (456)
Career (115)
Choosing A College (52)
College (997)
College Admissions (240)
College And Society (302)
College And The Economy (374)
College Applications (145)
College Benefits (290)
College Budgets (214)
College Classes (445)
College Costs (491)
College Culture (594)
College Goals (386)
College Grants (53)
College In Congress (88)
College Life (560)
College Majors (220)
College News (583)
College Prep (166)
College Savings Accounts (19)
College Scholarships (159)
College Search (115)
College Students (448)
College Tips (113)
Community College (59)
Community Service (40)
Community Service Scholarships (27)
Course Enrollment (19)
Economy (120)
Education (26)
Education Study (29)
Employment (42)
Essay Scholarship (38)
FAFSA (55)
Federal Aid (99)
Finances (70)
Financial Aid (415)
Financial Aid Information (58)
Financial Aid News (57)
Financial Tips (40)
Food (44)
Food/Cooking (27)
GPA (80)
Grades (91)
Graduate School (56)
Graduate Student Scholarships (20)
Graduate Students (65)
Graduation Rates (38)
Grants (62)
Health (38)
High School (130)
High School News (73)
High School Student Scholarships (184)
High School Students (309)
Higher Education (110)
Internships (526)
Job Search (177)
Just For Fun (115)
Loan Repayment (39)
Loans (47)
Military (16)
Money Management (134)
Online College (20)
Pell Grant (28)
President Obama (24)
Private Colleges (34)
Private Loans (19)
Roommates (100)
SAT (22)
Scholarship Applications (163)
Scholarship Information (179)
Scholarship Of The Week (271)
Scholarship Search (219)
Scholarship Tips (87)
Scholarships (403)
Sports (62)
Sports Scholarships (21)
Stafford Loans (24)
Standardized Testing (45)
State Colleges (42)
State News (33)
Student Debt (83)
Student Life (511)
Student Loans (139)
Study Abroad (67)
Study Skills (215)
Teachers (94)
Technology (111)
Tips (506)
Transfer Scholarship (16)
Tuition (93)
Undergraduate Scholarships (35)
Undergraduate Students (154)
Volunteer (45)
Work And College (83)
Work Study (20)
Writing Scholarship (18)

Categories

529 Plan (2)
Back To School (357)
College And The Economy (513)
College Applications (251)
College Budgets (341)
College Classes (564)
College Costs (749)
College Culture (930)
College Grants (133)
College In Congress (132)
College Life (953)
College Majors (330)
College News (911)
College Savings Accounts (57)
College Search (390)
Coverdell (1)
FAFSA (116)
Federal Aid (132)
Fellowships (23)
Financial Aid (705)
Food/Cooking (76)
GPA (277)
Graduate School (107)
Grants (72)
High School (539)
High School News (259)
Housing (172)
Internships (565)
Just For Fun (223)
Press Releases (1)
Roommates (138)
Scholarship Applications (223)
Scholarship Of The Week (347)
Scholarships (596)
Sports (74)
Standardized Testing (58)
Student Loans (225)
Study Abroad (61)
Tips (833)
Uncategorized (7)
Virtual Intern (532)

Archives

< Mar April 2015 May >
SunMonTueWedThuFriSat
2930311234
567891011
12131415161718
19202122232425
262728293012
3456789

<< < 12 13 14 15 16 17 18 19 20 21  > >>
Page 17 of 49