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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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Data Spill at University of Hawaii

Former Student Sues Over Privacy Breaches

November 22, 2010

Data Spill at University of Hawaii

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?

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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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Rose Bowl Tickets Scalpers Beware

Wisconsin’s Badger-Herald is Taking (and Publishing) Names

December 7, 2010

Rose Bowl Tickets Scalpers Beware

by Suada Kolovic

On Sunday night, diehard Badger fans – as well as those looking to make a quick buck – lined up to purchase coveted Rose Bowl tickets. Unfortunately, within minutes the 5,800 tickets allotted to the university were completely sold out but to the surprise of many, dozens of tickets were listed shortly after the sale concluded on web sites such as Facebook Marketplace and Craigslist. Great…only the price had suddenly skyrocketed to as much as $400 apiece – a stark increase from the face value of $150. The Badger-Herald, the Wisconsin independent student newspaper, decided to take action and published the names of the Wisconsin students selling their tickets under the headline, “The Worst People on Campus.”

The opinion piece calls out those students looking to profit from their Rose Bowl tickets and below the list of names they wrote: “Truly, there is a special place in Hell for people who buy Rose Bowl tickets with the sole intention of profiting from them. It is entirely unfair to those who actually love this football team and were counting on a cheap face value ticket in order to make the trip to Pasadena an economic reality. We'll keep printing names of those we catch on Facebook marketplace. And feel free to send an e-mail to editor@badgerherald.com if you know of anybody whose name should be added to the list — particularly the 100 people who have already made a listing on Craigslist.”

Since being published, an Editor’s Note was added to the article asking those commenting on the story to be more respectful. It seems like this is a growing trend among college students – shaming one another publicly – but do you think public humiliation the only way to teach these students a lesson? My worry is that shaming is only the tip of the iceberg here: What if students seek out those selling tickets and things turn violent?

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CBS Announces Top 25 Colleges with the Best Professors

Money Watch Ranks the Collegiate Cream of the Crop

December 8, 2010

CBS Announces Top 25 Colleges with the Best Professors

by Suada Kolovic

There are myriad reasons to attend a particular university – from prestige and academics to athletics and diversity. But if you’re in search for the universities with the top rated professors, CBS Money Watch has created the ultimate list for you. To compile the list, CBS relied on data from the Center for College Affordability and Productivity, which referenced information from RateMyProfessor.com. If you’re unfamiliar with the website – which I doubt you are – it allows students to anonymously rate their university professors as well as view the ratings college teachers have received. And with over one million professors and 10 million opinions, it’s the most comprehensive online source of student feedback on instructors.

After perusing the list, it’s clear there’s a common denominator: For the most part, a majority of the schools are liberal arts colleges with student bodies under 4,000 students. That’s not surprising considering smaller student bodies translate into smaller classes, greater hands-on learning opportunities and, most importantly, more individual attention. For additional information on any of these school – or thousands of others – check out our college search.

  1. Oklahoma Wesleyan University
  2. United States Military Academy (NY)
  3. Clarke College (IA)
  4. Wellesley College (MA)
  5. North Greenville University (SC)
  6. Master’s College and Seminary (CA)
  7. Wabash College (IN)
  8. Carleton College (MN)
  9. Sewanee-The University of the South (TN)
  10. Marlboro College (VT)
  11. Corban College (OR)
  12. Randolph College (VA)
  13. United States Air Force Academy (CO)
  14. Wesleyan College (GA)
  15. Pacific University (OR)
  16. Whitworth University (WA)
  17. Doane College (NE)
  18. College of the Ozarks (MO)
  19. Bryn Mawr College (PA)
  20. Sarah Lawrence College (NY)
  21. Emory & Henry College (VA)
  22. Wisconsin Lutheran College
  23. Hollins University (VA)
  24. Trinity International University (IL)
  25. Cornell College (IA)
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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 10 Universities with the Highest Graduation Rates

December 20, 2010

Top 10 Universities with the Highest Graduation Rates

by Suada Kolovic

Drum roll please: According to a report released by the Chronicle of Higher Education, Harvard University nabbed the top spot with the highest undergrad completion rate of all research universities...shocking, I know.

The report, “Graduation Rates Over Time: Private Research Institutions,” compared graduation rates at public and private research universities from 2002 to 2008 analyzing changes in graduation rates of more than 1,000 four-year public and private nonprofit colleges and universities. The rates were calculated as the percentage of all first-time, full-time students entering in the fall seeking bachelor’s degrees who completed their bachelor’s degrees within six years. The Chronicle found that 33 percent of universities showed a lower graduation rate in 2008 than in 2002 and suggested that the decrease may be due to the fact that students are taking longer than six years to earn a degree.

Check out the top 10 universities below with the highest graduation rates in 2008 and for a complete list, visit the Chronicle’s website. For more information on any of these schools – or thousands of others –check out our college search.

  1. Harvard
  2. Yale
  3. University of Notre Dame
  4. Princeton University
  5. University of Pennsylvania
  6. Duke University
  7. Dartmouth College
  8. Washington University in St. Louis
  9. Massachusetts Institute of Technology
  10. Northwestern University
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Yale Alum Donates $50 Million to School of Management

December 21, 2010

Yale Alum Donates $50 Million to School of Management

by Suada Kolovic

Giving back to your alma mater is a tradition deeply rooted in the inner workings of any university. Once your status has shifted from “student” to “alumni,” you can bet there is an expectation for you to give back. And while some go out of their way to avoid the financial strains of contributing, a Yale graduate recently pledged $50 million to the School of Management…and that ain’t chump change.

A member of Yale University’s Class of 1964 has given a $50 million gift to the Ivy League school towards construction of a new building at the School of Management. Edward P. Evans, the former chairman and CEO of the Macmillan publishing house, will fund a portion of the estimated $189 million construction costs. In honor of the gift – the largest in the School of Management’s history – the building will be named Edward P. Evans Hall.

According to the Associated Press, Yale President Richard Levin says the large losses in the university’s endowment during the recession have prompted the school to secure funding before new projects begin. School of Management Dean Sharon Oster said the university has raised all but some $25 million toward the campus plan and the campaign will continue for another six months. Officials say the new building is expected to open in 2013 and allow the graduate school to add 200 more students.

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