by Dr. Watson Scott Swail, President & CEO, Educational Policy Institute
Well, it’s another school year. Students around the country have started the sojourn back to their elementary, secondary, and postsecondary schools—the pathway to enlightenment for some; the tunnel of darkness for others.
This year’s return is framed by a political discussion that has raised the platform of education as a federal issue. Although we haven’t heard much from the GOP side of things, both Bernie Sanders and Hillary Clinton have made education a seminal platform of their respective campaigns. I have been fairly vocal in my opposition to their views of a “free” higher education, and I don’t think they have much political capital, even if either of them were to become president.
Yesterday, Lumina Foundation released a framework to discuss what is affordable for students and families with regard to higher education. This is a different twist compared to the constant “college is unaffordable” dialogue that we host most of the time (me included). The framework talks much about using a family’s disposable income as a gauge for expected family contribution (EFC). This makes sense, but as their own analysis shows, it does not provide near enough in one sense and arguably too much by another. According to Lumina, a family should contribute what can be saved over 10 years through a metric of 10 percent of disposable income. Makes sense, until you also want those families to save at least 10 percent of disposable income for retirement, and those families that do believe in tithing and supporting their church and community. All of the sudden, disposable income is goggled up pretty quickly. Even by Lumina numbers, that 10 percent, for a family of four earning $50,000/year, equates to $1,500/year in EFC. By the way, most families at that level do not save for college; they do not save for retirement; they do not have pension plans. They work.
NOTE: This is a significant issue because we are now seeing the first retirees who have student loan debts and we are the verge of the first generation that will have emptied their retirement accounts, if they had them at all, to pay for their children’s higher education.
Also according to Lumina, the net cost for a four-year public education is now $111,600, and according to their calculations, a family of four should provide up to $6,000 for that education. I’m not sure what federal or state plan will account for the remaining $105,600 of the cost. Pell sure won’t cover it. Institutional aid and discounting won’t help too much at public institutions. So it comes back to other family resources in the form of (a) student work; (b) student loans (sub and unsub); and family loans (PLUS and private loans). The Lumina report suggests that students can work 10 hours a week and hazards against more. In some cases, students need to work more, and most research suggests that students can work up to 20 hours a week with little or no impact on their studies. But they have to earn funds to assist with college.
Most Americans feel that a college education is important. The 2014 Phi Delta Kappan/Gallup Poll found that 43 percent of those surveyed felt that college was important and an additional 48 percent stated “fairly important.” Only nine percent said it wasn’t that important (Interestingly, 58 percent of Democrats selected “very important” compared to 40 percent of Republicans). Regardless, these numbers resonate with many of us. College is important.
But this conversation comes back to three critical issues: who should go to college; where should they go; and who is going to pay for it.
The first and second questions invites a more lucid, honest, and robust discussion of why we need higher education. This sounds academic, if not elementary, but many of the pundits and analysts in our higher education/workforce arena have done a remarkably poor job of making the argument that we need more college. There is little evidence that we need more. We need better. We need more higher education that is connected to the workforce and societal needs. But we don’t need more degrees. We need more equity of opportunity, but we don’t need more BAs in the United States. We arguably need less. We need more people with stackable credentials and specific skills, many that can be trained in the workforce by companies and corporations and apprenticeships. And not all of these are blue collar positions. At EPI, we can take a smart, young person and teach them up to the talent of a person who has been master’s trained in research. I attended some pretty decent colleges in my time, but I learned most of my research in the field. I learned little about teaching in my undergrad; I learned almost everything in the classroom. The graduate level courses and experience helped, but nothing compared to working on projects with season veterans. So why did I need a Ph.D.? Because the field requires credentials before skills. I know great researchers with BAs that many Ph.D.s can’t hold a candle to. It isn’t about the degree. It’s about the skill. And we do a very poor job of linking higher education with the workforce, and it is costing us billions of dollars in excessive “training” at excessively expensive institutions.
The question of who will pay is important, as Lumina attests. But we cannot talk about affordability without talking about the cost centers. College is too expensive and we have finally reached a point where it just doesn’t make financial sense to a majority of students. Our economy is asking for $100,000+ for a degree from which their graduates will either be unemployed, not working in their field, or earning $30,000 to $40,000/year. Yes, some make a lot more. But most do not. An entry level teacher earns between $27,000 and $49,000/year with an average of $36,000. The higher numbers, by the way, are driven by cost of living in more expensive cities. College professors, by the way, average only $42,000/year. Many of those who will read this letter earn over $125,000, I’m guessing. You’re earning more than your colleagues (or are they earning more than you?).
But everything hinges around the cost centers. We cannot talk about affordability in a meaningful way without talking about controlling the escalating costs of higher education. The model has to change, which means the nature of higher education needs to change which requires that the nature of teaching and professorships needs to change. The immense weight of this system is simply too hefty for today and certainly tomorrow. We cannot make higher education affordable, regardless of anyone’s definition, without reducing—not just plateauing—the cost of a higher education. We don’t need an education for another four years of enhanced high school, unless, of course, it is seriously linked to a professional, like lawyering and doctoring, for instance.
Lumina is trying to tackle the problem from another angle because we can’t seem to tackle it from the cost angle. I give them credit for raising the issue of affordability, and their brief on this is required reading. But the other conversations have to continue. We have to be much more realistic about what this dialogue is about. What is it about?
There is so much that being creative can do for you, including making you happier and even healthier because you are happier. But, it can often be difficult to get creative. You need to find ways to boost your creativity. Here are some things that students can do.
Create Comics – Who doesn’t love cartoons and comic books? Creating comic strips or cartoons is a great way to unleash your creativity, and there are all kinds of tools you can use to get started. Check out Cartoons for the Classroom, a website that has loads of comic strips for students and teachers.
Write – Take a few minutes each day to write things down. Whether you keep a journal or just take notes here and there throughout the day, it is going to help you to get ideas. Later, look over the notes and see if there are any cool ideas you can work with.
Don’t be too Hard on Yourself – You are not going to always be perfect. No one is. You don’t have to expect perfection from everything you do. If you do expect constant perfection, you are going to be in for a huge letdown. Let yourself make mistakes. You may be surprised. Some of the greatest creative ideas come out of mistakes.
Get a Second Opinion – Sometimes, you need to go elsewhere for ideas. Don’t be afraid to ask others to help you with whatever you are working on. The more ideas you can get from any source, the more creative you are going to be in the long run.
Start Drawing – For example, you may want to start drawing to become more creative, and then you can turn those drawings into embroidery digitizing designs and converting them at Absolute Digitizing. You may even be able to sell the designs to make extra cash.
Enjoy Daydreaming – Let your mind wander. It is good for you. Obviously, don’t spend all of your time daydreaming. But, a few minutes here and there can really do wonders when it comes to refreshing your mind and improving your creativity.
Lie Down – Did you know that it has been proven that you can solve problems better while lying down than while in a sitting position? Maybe this is why we seem to come up with so many great ideas when we’re lying in bed at night and trying to get to sleep. The next time you are having a problem with creativity, lie down and try brainstorming in that position.
Meditate – Sometimes, you just need to take a time out and stop thinking about everything in order to really get your creative juices flowing. Try meditating. This is a great way to relax, and it will change your state of mind so you can be more creative.
Listen to Music – Music really does soothe the savage beast, and it can bring out your creativity. The type of music you listen to will affect what you are doing. For instance, if you are studying and want to boost your creativity and brain power, listen to classical music. If you want to create something really off the wall, listen to progressive or heavy metal music.
Tell a Story – Storytelling is a great form of communication, and telling stories helps to improve your creativity and imagination because you get to explore what your own experiences actually mean to you, and to others. You can create digital stories using free tools, such as Story Bird and Slidestory.
List Your Problems – Each time you run into a problem, write it down. Then, you can look at what you have written later and come up with creative solutions that you can use the next time you face similar problems.
Byline:
Jane Hurst has been working in education for over 5 years as a teacher. She loves sharing her knowledge with students, is fascinated about edtech and loves reading, a lot.
It’s time to demand more of American colleges. Here’s how.
Andrew P. Kelly | Forbes
For too long, we’ve judged the quality of American higher education according to Potter Stewart’s famous standard for pornography: “I know it when I see it.” Our current system evaluates colleges almost entirely on inputs — such as the academic pedigree of the students they admit — without actually measuring quality in any meaningful way. Misguided “free college” proposals wave their hands at these problems. Here’s what to do instead.
Hillary Clinton’s New College Compact includes every policy idea in higher education but the kitchen sink. The plan sprawls from loan refinancing, to expanding AmeriCorps, to free community college. Some of the ideas like ensuring state investment in higher education through a federal incentive program are timely and needed. While others, like how the state and federal partnership would work don’t provide enough detail to judge their effectiveness. And some of the ideas like renewing the American Opportunity Tax Credit would continue directing federal resources to those who need them the least.
The Good
The Clinton plan calls for a new program that would provide an incentive to stop state disinvestment from higher education. The idea of creating a new federalism in higher education that ties the state and federal investment together is urgently needed. Only two years ago, state and local funding for higher education was at the lowest level per full-time student in 25 years. Even now, those funding levels have not recovered to where they were before the recession hit in 2008. There is no point in increasing federal financial aid if states continue to divest in higher education. This type of proposal will make it more difficult for states to cut funding without losing federal money. That in turn could be the beginning of a shift where higher education is no longer the ballast of state budgets.
The idea of creating a new federalism in higher education that ties the state and federal investment together is urgently needed.
Another good idea is simplifying income-based repayment. The proposal recommends consolidating the four IBR programs, each with different terms and conditions, into one with the same rules for everybody: 10 percent of disposable income for 20 years with the remainder forgiven. This kind of simplification would be good for borrowers.
Clinton’s plan also proposes simplifying the FAFSA. While there is no detail in this proposal, it seems like there is policy consensus emerging around FAFSA fixes that ease the burden on students and their families.
The Jury is Still Out
While the idea of a new federalism is needed and timely, the design of Clinton’s state and federal partnership raises questions. The New College Compact would create a grant program that routes funding from the federal government through states to public four-year institutions, based on the number of students in each state. In order to remain eligible for funding, states are required to maintain, and at some future point increase, investment in higher education. But the key requirement to remain eligible is that states ensure:
“that no student should graduate with debt for tuition – and limiting costs for non-tuition expenses.”
The Clinton campaign states that low-income students would use their Pell Grants to cover their non-tuition expenses, making this a first-dollar plan.Beyond that, it’s unclear how this policy would work in practice. Would the federal government come up with a definition of an affordable amount of debt for living expenses and hold states and colleges accountable for that? How would states determine what is affordable for families to pay without debt? And how would the federal government encourage states and institutions to continue enrolling the low-income students who would have the hardest time paying tuition without taking on debt?
The plan above only applies to public four-years and excludes community colleges. There is a separate section that requires states to provide tuition-free community college. The reason for adding the additional complexity of carving out particular requirements for community colleges is unclear. Perhaps it has to do with the simple marketing of ‘free’ community college to students. Or perhaps it is about expanding free K-12 education to K-14. Whatever the reason, the implication is that the Clinton team wants to provide a larger subsidy to community college students regardless of their ability to pay. This would mean that a relatively well-to-do student at a community college won’t have to pay anything, while a similar student at a four-year public institution would be required to pay the tuition they could afford without debt. There needs to be a clearer justification for why this is necessary.
The plan also includes a proposal for a new grant for private, nonprofit colleges, with small endowments, that serve a high percentage of Pell Grant students. The funds would be used to lower the cost of attendance and support improved student outcomes at these schools. The program also looks like it could have a special focus on Minority Serving Institutions. But it remains unclear whether there would be requirements that these colleges serve low-income students well. It also unclear whether there would be a limit on the prices they could charge these students. A well designed program that rewards schools who graduate, rather than just enroll, Pell students could go a long way toward improving educational opportunities for them.
The plan also calls for pushing colleges to improve graduation rates. To do this, it proposes “building on initiatives like TRIO and GEAR UP”, yet these programs focus more on college access than graduation . The new grants would go to colleges that invest in student supports like “quality child care, partnerships with early childhood providers, and emergency financial aid”. These much needed supports will be a boon for a group of vulnerable, low-income students. They also represent an important acknowledgement that the majority of students are no longer what most of us would think of as traditional. How would these types of supports work with the more academic focused completion agenda? We need more details about how this program would work, what kind of incentives it would create, and why.
On accountability, the plan proposes requiring schools to be up front on things like graduation rates, earnings, and debt while providing insight into how those metrics compare with other schools. Yet, existing data are severely limited in their capacity to meet these needs, because they do not provide data student level. Adopting a system of limited student-level data collection, as Marco Rubio has called for, is critical to providing a clearer understanding of value of different institutions and programs. Does this mean the Clinton plan will call for a federal student unit record system so students can have access to this data in a central location through a trusted government source? To reach the goal set out in the plan of accountability and transparency, we would need to create that kind of system.
The Bad
The New College Compact promises to cut higher education loan interest rates so the government does not generate revenue, regardless of the accounting standards used. Setting aside the controversy as to whether loans actually do make money for the federal government, this proposal is expensive and doesn’t actually do that much for students. Similar interest rate cuts, such as those proposed by Elizabeth Warren, would only decrease the average monthly payment of someone facing default by about $16. Since cutting interest rates represents a third of the total cost of the proposal, this money could be better spent on other priorities.
The blueprint also extends the American Opportunity Tax Credit indefinitely. According to the College Board, about a quarter of the benefits from higher education tax credits and deductions in 2010 went to families with incomes over $100,000. AOTC is the largest of these tax credits, and has much higher income limits than other education-related tax benefits. There are more effective ways to allocate resources that support students and families who need it most.
The new Clinton plan includes most of the ideas for fixing the system floating around in higher education policy. As this campaign season continues, Clinton has set a benchmark for an inclusive blueprint. Her campaign says that affordable college will be a big focus of her run for the presidency. Hopefully, additional details on some of the bigger proposals will be forthcoming.
This last summer month is very intensive for students, as a rule: they have limited time to take rest but still get ready for a new semester. Reading some interesting and useful content could help them combine both tasks and spend August profitably.
We know students spend much time on the Internet: social media, games, applications, new friends, and collaboration – the World Wide Web provides temptations that are hard to resist. Fortunately, there are many cool blogs, both entertaining and educative ones, for students to check before the semester starts: they share many tips and tricks on getting ready for a new academic year, they’ve been created by young and successful millennials who understand students and their needs perfectly, and they are worth reading to learn new things and become more productive in college.
Let us share the ten most popular blogs for students.
1) Cal’s Study Hacks Blog – for those looking for study tips
Cal Newport started his blog in 2007 when he was a Ph.D candidate at MIT. He writes articles that help students develop effective study habits and shares advice on successful college life organization. Cal hasn’t updated his blog recently, but he still answers direct questions students may have on study, and all tips he shared with readers are still available online to check and keep in mind.
2) Stefanie’s Blog – for those looking for saving money in college
Stefanie is a theater actress and freelance writer from New York City. She found the blog to provide tips and advice with students who would like to know how to save money in college but still build wealth after graduation. Step by step, Stefanie shares her personal experience on surviving in a big city with young people who want to know all secrets of well-being for those studying in colleges and universities.
3) Lindsey’s Blog – for those looking for jobs in college
Many students believe that college life is about fun and partying, but they still understand the importance of education for getting a job and building a career. Lindsey Pollak is a corporate consultant and bestselling author who helps students overcome the fear of unemployment after college: she manages a blog where shares advice on networking, searching for jobs, maintaining social media profiles, and more.
4) Emily’s Reviews Blog – for those looking for writing help in college
Emily Johnson is a graduate of University of Northern Colorado who lives in New York now, reviews writing services for students on the Web, and writes articles where shares tips and tricks to ease academic writing for young people. Emily’s blog is a perfect place to check for those looking for writing help, writing tips, and advice on creating good essays, theses, and other types of academic papers.
5) College Dieting Blog – for those looking for staying fit in college
For some students, college life equals sleepless nights, junk food, tons of coffee while writing assignments, and many other things their health would not be thankful for. That’s why College Dieting may be a very interesting blog for them to check: this platform will not share well-known fitness facts but provide inspirational information to help students maintain a healthy lifestyle.
6) Lauren’s Blog – for those looking for making the most of internship
Lauren Berger helps students find and apply for internships. Her blog provides advice on searching for internships and making the most of this experience. She launched the website in 2009, doing her best to share useful and up-to-date information with young people who wanted to continue studying after college. Lauren calls her blog “Intern Queen”, and she is indeed.
7) Henrik’s Positivity Blog – for those looking for inspiration and motivation to study
Henrik Edberg lives in Sweden, and he has been managing this blog since 2006. Henrik writes and shares practical advice on social skills, improving happiness, reducing stress, and simplifying life, which can be useful for many students to check. This positive guy is also the author of five courses, and one can find them at his blog, too.
8) Hey! Success Blog – for those looking for more opportunities in college
This blog will become a great helper for students who look for more opportunities when in college: events, projects, competitions, scholarships, internships, and more. Many universities and organizations post their programs here to let students apply and choose the best fit. Hey Success Blog is useful for students who don’t believe having a degree will be enough for a successful career.
9) Lifehacker’s Blog – for those looking for exciting and productive time in college
Lifehacker is a must-read blog for young people who want to improve their lives through technology: this platform shares useful information and resources that could help students make the process of study easier and more exciting, and it gives knowledge to let students take the most of modern technologies for effective and productive time.
10) Jenny’s Blog – for those looking for good life after college
Graduation is not the end of life but its beginning. Jenny Blake will help students focus on the BIG picture of their life after college by providing simple and practical tips on the topic. Career, relationships, goals, happiness – her blog teaches and inspires to live at full speed.
Certainly, these ten blogs are not the limit; and students know many other interesting platforms on the Web by all means. If you have some cool blogs and websites in view, please share them in comments. Some comments on the above mentioned platforms for students are also welcomed.
By Lesley Vos, a private educator and online tutor who helps students reach their academic goals. Lesley writes blogs on education, productivity, writing, and career; and you are always welcome to drop her a message on Google+.
If you are heading off to college in the fall, you need to take a lot of things with you. This includes the tools you will need in order to make your college experience a successful one. Luckily, there are loads of great apps that will help you in many areas of college life. Check out these 10 apps that every college student should be using.
Study Blue – This is an awesome study aid that uses flash cards to help you learn everything about all of the courses you are taking. All you have to do is input your school and your courses, and then you get a list of card sets to use. The site is free to use, but study guides cost $9 each. Or, you can get as many as you like with a $48 yearly subscription.
Mint – Find a complete library of personal finance information that will help you to learn how to manage your money. This can be difficult when you are on your own for the first time, but the sooner you learn, the better off your bank account is going to be. This tool will keep track of your bank accounts and spending habits, and help you learn how to live on a budget.
ExamTime – This tool is loaded with notes, quizzes, mind maps, and more, and everything has been created by students and teachers from all over the world. This is a great way to make studying interactive, and you can even hook up with online study groups.
Call Tools – If you are looking to earn money while in college, working for a call center software provider as a tech support personal could be ideally. Money is good and the hours are flexible.
My Study Life – This is another free app, and it will help you to better manage your time. You will be able to get more done, and even have time to hang out with your friends at the pub. This app allows you to check your schedules, even if you are not using an Android device. You can go onto any computer to check things out.
Alarmy: Sleep if You Can – This is an app that will make sure you never sleep in again. You can’t just press the snooze button for 10 more minutes of sleep. You actually have to take a photo, shake your phone several times, etc. to turn off the alarm. After all that, you will end up getting out of bed.
EasyBib – This is a free app that will help you with writing bibliographies. You can scan barcodes of books that you have used as reference, and the app will create a bibliography in MLA, APA, or Chicago style. Then you can email this information to yourself and add it to your paper later.
Amazon Student – Your text books are expensive, but there are ways to get them at discounted prices. For instance, Amazon Student has a free six-month membership for students, and it includes free two-day shipping and great deals on books for students. There is a textbook section where you can buy, sell, and rent text books.
Skype– No one should ever be without Skype. This is a great way to be able to stay in touch with friends and family all over the world, and you don’t have to pay for long-distance phone calls. Enjoy live voice or text conversations with others who are also using Skype. You can even have a chat with multiple people at once by using the video chat feature that lets up to 10 callers take part in a conversation.
Your Official University App – This free app lets you learn all about the college or university you will be attending. You will never be embarrassed about getting lost, and you will know ahead of time about classes, news and events, and a whole lot more.
Byline: Jane Hurst has been working in education for over 5 years as a teacher. She loves sharing her knowledge with students, is fascinated about edtech and loves reading, a lot.
Textbooks are the bane of college budgets, with the average student shelling out $1,200 per year according to a survey published by the U.S. Public Interest Research Group in 2014. That represents 14% of tuition costs for four-year public college students and 39% of tuition costs for community college students.
While buying second-hand textbooks is a go-to money-saving tip, even used titles can be pricey. Plus, they receive a marginal return at the end of the semester, leaving many college students feeling cheated. To dodge the exorbitant costs of college texts, follow these seven savvy tips.
1. Hold off until class. It may be tempting to get all your textbooks purchased before the first day, however many professors will advise you not to purchase the book once they learn how much it costs. Many instructors are just as annoyed by the cost of textbooks as students. If you’re concerned about a textbook running out of stock or missing out on the last used version, reserve the book and wait until you know it’s required.
2. Avoid the campus store. The on-campus bookstore should be your last resort when shopping for textbooks. Often overpriced, these stores charge a premium for convenience, especially now that Amazon and specialty websites offer new and used textbooks for much less.
3. Go the rental route. Considering the less than impressive buyback value of most textbooks, consider renting then instead for a fraction of the cost through websites like BookRenter, Knetbooks, eCampus and Neebo. The cost difference is significant: a used copy of Calculations in Chemistry is priced between $23 and $44, while Knetbooks offers the same title for rent for $14.77. Also look for coupon codes to increase your savings further — at Coupon Sherpa, you can find eCampus promo codesfor $5 off $75, plus 15% off sitewide from Neebo.
4. Compare prices quickly. You wouldn’t buy a new TV without shopping around, so do the same when buying textbooks. Websites such as CampusBooks.com, BigWords.com and AllBookstores.com make the process of comparing much easier to help you pinpoint the cheapest price.
5. Join Facebook groups. Erin Ems, a business finance major at Colorado State University, suggests joining university Facebook groups to buy and sell textbooks for better prices than what can be fetched from the university bookstore. She’s a member of several pages where she connects with students who may be looking to purchase her books or have books she needs.
6. Download content. Few classes require students actually read every page of a textbook, so opt to download the necessary portion instead from such websites as CourseSmart.com or Open Courseware from MIT. At OpenStax College, a nonprofit organization committed to improving student access to quality learning materials, you can find free digital textbooks developed and peer-reviewed by educators.
7. Share with a study buddy. If you carpool, you know the advantage of splitting the cost of high-ticket expenses. Sharing textbooks is a great way to save money on the expense, but the strategy needs to be considered thoughtfully. It’s easier when you’re in the same study group or see each other frequently.
Andrea Woroch is a consumer and money-saving expert for Kinoli Inc. From smart spending tips to personal finance advice, Andrea transforms everyday consumers into savvy shoppers. As a sought-after media source, she has been featured among such top news outlets as Good Morning America, Today, CNN, Dr. OZ, New York Times, MONEY Magazine, Huffington Post, Forbes and many more. For more information, visit AndreaWoroch.com or follow her on Twitter for daily savings advice and tips.
Work Study
Work study works, but for whom?
Federal work-study generally boosts students’ odds of graduating and getting a job, a new study finds. But money too often goes to wealthier students, and findings show an alarming increase in participants’ debt loads. (Inside Higher Ed, July 31)
New America’s Education Policy Program released the third in a series of College Decisions Survey briefs that analyze new survey data about what prospective college students know about the college-going and financing process. Part III: Familiarity with Financial Aid focuses on what information students know about financial aid options. It looks at the types of financial aid with which prospective and recently-enrolled students are familiar and how they learned about them.
Current news coverage of higher education focuses mostly on rising college prices and increasing student debt loads. It’s unsurprising, therefore, that students and families face increasing anxiety when it comes to figuring out how to pay for college. So, how do prospective students think they will use financial aid programs to pay for their postsecondary education? According to an online survey of 1,011 U.S. residents ages 16-40, who were largely prospective college students (with the remainder in their first semester of college), students were most familiar with scholarships they receive from a college (82 percent), student loans (79 percent), and state scholarships/grants (61 percent). Students were least likely to be familiar with Pell Grants (44 percent), tax credits/deductions (35 percent), Federal Work-Study (34 percent), VA education benefits (29 percent), and the Supplemental Educational Opportunity Grant program (27 percent). The survey was commissioned by New America and conducted by Harris Poll in October-November of 2014.
Only 44 percent of students with a household income of less than $50,000 expected to receive or had received a Pell Grant, even though U.S. Department of Education data show that 92 percent of students who applied for federal student aid from that income level received Pell. The lack of familiarity about Pell creates a barrier to an affordable higher education for low- and moderate-income students because many states and institutions use whether a student is Pell eligible as the criterion for awarding their own need-based financial aid.
Using (or not using) various information sources and tools can also affect a student’s knowledge of his or her financial aid options. One such tool–the federally-mandated Net Price Calculator (NPC)–can help students estimate their cost of attendance based on personal financial information. However, only 14 percent of respondents reported using a NPC in their financial aid research. More than half of students (52 percent) had never even heard of the tool. Despite this, 84 percent of those who had used the NPC said it was helpful or very helpful.
“Given that familiarity of financial aid programs varies so much, more must be done to ensure that students are aware of their financial aid options, especially for low- and moderate-income families,” said Rachel Fishman, senior policy analyst with New America and the report’s author.
Early awareness campaigns to help students understand their financial aid eligibility can kickstart the process. In addition, transitioning to using “Prior-Prior Year” taxes (the tax return filed before the most recent tax year) to fill out the FAFSA will allow students to access potential financial aid packages long before making an enrollment decision. Improving and emphasizing the Net Price Calculator tool can also have a positive effect on a student’s understanding of his or her financial options ahead of admission and enrollment timelines.
More About the College Decisions Survey
New America commissioned Harris Poll to create and administer the College Decisions Survey. A national online survey was conducted between October 7th and November 3rd, 2014. The sample included 1,011 completed interviews and consisted of U.S. residents ages 16 to 40 who do not have college degrees and plan on enrolling in a two-year or four-year college within the next 12 months (n=747). The survey also included individuals who were in the first semester of their first year at a two-year or four-year college (n=264).
The five College Decisions Survey briefs will be released during the spring and summer of 2015 and will cover topics including:
Financial concerns during the postsecondary decision-making process
The application process for different types of students
Students’ familiarity with financial aid
Students’ ability to estimate their loan debt and monthly payments
The college search process and helpfulness of various common resources
College is a wonderful time for most of students. It is always excitingly depicted in youth comedies and literature. However, there is always an unpleasant fact that stays behind the college scene and considers almost every freshman and undergraduate. Very often, after four years of study they and their parents stay with a disproportionate financial dept that is literary attached to their diploma. And all dreams of a beautiful and bright future are shelved until 10K, 20K or even all 40K dollars debts are paid. So, are there any universal tips that will help to graduate from college without financial loss?
Investigate Scholarships
Don’t even think that you are not worth of any of the grants offered this year! Stop being a lazy bone and spend some time searching for a suitable scholarship, or even for several of them. Do your own investigation. Shanice Miller and the article about how a student graduated from university with no debt at all is one of the best examples for you. Definitely no one is going to guarantee that you can perform the same kind of miracle, but a small investment on the part has never stopped anyone, besides, remember that you’ll have to spend costs not only on your study, but also on meals, accommodation and occasional entertainment.
Buy a House
At first sight living In-Campus seems much cheaper, but this variant doesn’t suit everyone. For those who are seriously studying, a dormitory life can be really distracting. So they have to move off-campus. But renting an apartment can also turn rather costly. Sometimes students and their parents decide to purchase a house. They buy houses nearby the place of study, contributing to a good investment for the future. This way a student can find roomies that will help to pay for housing, and maybe earn some extra money.
Control your Finances
Remember, that mindless waste of money has never made someone a millionaire. In order not to reach the bottom of the debt hole, each student should know exactly how much money one has, and how much one can spend. It is best to allocate your budget by sections, for example such as textbooks, rent, food, transportation. Other spends that are not included to these categories are better to be rethought twice.
Find a Part-Time Job
Probably almost every student can spare 8-12 hours a week to earn some extra money. Additional spends should be additionally paid. Do you want a new dress for the party? Babysit for an hour or so, or do the pet walking. Get yourself accustomed to the system of how money make the world go round.
Avoid Luxury
If, however, a student and student’s parents got involved into a student loan, and now you’ve got money out of the blue, try not to squander it on expensive watches, don’t rent a luxurious car and stop going to the most popular night clubs of the city.
In the end, you’re a student, a serious person now. It’s time to set goals and go for them. You have four years to prove yourself you can manage your life, try not to waste it and prevent your parents from reaching bankruptcy.
Melissa Burns graduated from the faculty of Journalism of Iowa State University in 2008. Nowadays she is an entrepreneur and independent journalist. Her sphere of interests includes startups, information technologies and how these ones may be implemented in the sphere of education. You may contact Melissa: burns.melissaa@gmail.com
