Home     Log in    XML, RSS Subscribe Feed (RSS)     XML, RSS Comments Feed

Posts Tagged ‘college education’

Sallie Mae To Reverse Job Outsourcing

April 8th, 2009 by Matthew C. Keegan | 3 Comments | Filed in College Financial Aid

Founded as a government sponsored enterprise, SLM Corp. which is better known to students as Sallie Mae,  has helped millions of students fund their college education through its portfolio of student loans. Operating under the tag line, Champions For Higher Education, Sallie Mae has gained a reputation for opening the doors of higher learning for people who might otherwise not be able to attend college.

Sallie MaeEstablished in 1972, SLM Corp. began to privatize its operation in 1997, reaching full independence from the federal government in 2004. Today, the company helps more than ten million students and borrowers, servicing well over 100 billion dollars in loans.

Consumer Warning Network Speaks Out

A consumer watchdog group, Consumer Warning Network, has been taking Sallie Mae to task for outsourcing thousands of jobs overseas. Currently employing more than 12,000 people, Sallie Mae has been sending jobs to India and the Philippines even as it receives the benefit of federal support in the form of subsidized loans.

Thanks to consumer pressure, Sallie Mae has reversed course and plans now to bring as many as two thousand jobs to the United States. According to the Consumer Warning Network, the company’s change of heart came about as it seeks a federal contract worth at least $200 million a year. Given the current economic and political climate, it is unlikely that companies with offshore operations could win the work, given the “challenging” personnel and system security requirements, said Chris Greene, a spokesman for the U.S. Department of Education in response to questions from the Consumer Warning Network.

Additional Student Loans Will Need Stateside Servicing

President Obama recently proposed fundamental changes to the education system that would increase the number and volume of federal student loans that need servicing. The servicing will likely be done by the private sector, said Mike Whisler, the administrator overseeing the new education contract.

Despite record unemployment in the United States, Sallie Mae, the country’s largest student lender, routes payments, complaints and applications for these loans as well as their sensitive personal and financial information to processing centers in Bangalore and Pune, India. It also directs loan questions to Baguio in the Philippines.

Adv. — Is your family experiencing a financial shortfall this academic year? Scholarships, grants, 529 money, and part time work may not be enough. Learn about private student loans by visiting SayStudent.com, your portal for college financial assistance. We have free tools for your download and updated information about current college financing requirements.


Tags: , , , , , , , , , ,

Compelling Reasons Why You Should Go To College

September 29th, 2008 by Matthew C. Keegan | 7 Comments | Filed in Personal Advice

As recently as a few years ago, having a college education meant that employment doors were opened to grads, as they tapped their school and class contacts to help them a land a decent job. With several years of hard work, on the job training, and personal growth, many employees would find college educationthemselves established in their careers within about five years of their graduation.

Today, it seems that the value of getting a college degree has been diminished.

No, I’m not saying that you can’t earn a decent salary as a college graduate, rather there are opportunities for you to still make a lot of money without even taking one class. The difference today seems to be new earning opportunities — including the internet — where some people are gaining big riches through starting a new site, via ad revenue, or providing some other important web based service.

But, what I find lacking with some of these financially successful people, are some things which are best gained by attending college. These include:

A global education — Today’s college students have access to the entire world, thanks to the internet. But, internet access is only part of the equation — receiving instruction from a learned professor pays far more dividends than anything else. Great minds have much to share and college campuses have many people who can impart much including staff, grad students, and college leadership.

Peer challenge — The solitary lives that some people lead who work exclusively online means that they are missing out on being challenged by their peers. There is much energy that can be tapped from like-minded people who have a challenge set before them, a goal which they want to reach. The Biblical adage, “iron sharpens iron” is applicable at quality colleges and universities, giving you an opportunity to be built up while you build others up.

Diversity — The code word for learning today is diversity, but that often signifies only those people who look different from you. While diversity in this limited form can still be quite good, a diversity of ideas is what I’m talking about. Engaged students who are encouraged to share their ideas, problems, and resolutions can stimulate the mind. If you’re with your own limited people group all of the time will you be able to flourish? In some cases group thinking prevails where a diversity of ideas isn’t encouraged.

Good health — College graduates are generally healthier than their non-college peers, smoking less and eating better. A report from the U.S. Centers for Disease Control revealed that college students have a better grasp of health issues and exercise more often specifically, “Among men, significant increases in regular physical activity were observed among respondents aged 45–64 years, non-Hispanic whites, non-Hispanic blacks, high school graduates, and college graduates — CDC Data & Statistics.

Better citizens — While making more money is often given as the chief reason why students should secure a college degree, for generations college was recognized as being a place to instill them with the knowledge and understanding that will make them more responsible citizensGeorgia Tech Research News. Citizenship seems to have taken a beaten of late — no wonder that so many people don’t vote or are disengaged civically. Personally, good societal health is guaranteed when citizens are involved.

Certainly, you can make a compelling argument why you shouldn’t go to college, perhaps grades, finances, or a lack of interest stand in the way. Yet, for people who finish up school, they’re much more likely to contribute back to society, something that can benefit everyone.

Further Reading

Promoting Healthy Eating and Physical Activity for a Healthier Nation (pdf)

The (Non-Monetary) Value of a College Degree

The Social Value of the College-Bred


Adv. — Is your family experiencing a financial shortfall this academic year? Scholarships, grants, 529 money, and part time work may not be enough. Learn about private student loans by visiting SayStudent.com, your portal for college financial assistance. We have free tools for your download and updated information about current college financing requirements.


Tags: , , ,

No Degree? That Might Be A Problem.

August 14th, 2008 by Matthew C. Keegan | 2 Comments | Filed in Commentary
If youre thinking about quitting college, think again. A lack of a college degree can hurt you, causing you to miss out on career advancement opportunities.

If you're thinking about quitting college, think again. A lack of a college degree can hurt you, causing you to miss out on career advancement opportunities.


Here’s a thought: you’re in college and are frustrated with your major, even dissatisfied with your school. You’re contemplating quitting, perhaps heading out to the work world in pursuit of a career and some money. After all, Bill Gates never finished college and look where that got him.

Though entertaining thoughts of quitting college can certainly be appealing, it could leave you vulnerable. Specifically, you may end up being passed over for a promotion simply because you didn’t finish college.

Co-Workers Say They Know Someone Who Was Passed Over For A Promotion

In a recent study conducted by eLearners.com and Kelton Research, respondents were asked several questions about employment, specifically their personal knowledge of the work environment. 19% of the people surveyed revealed that they knew of at least one person who didn’t get a promotion for not having a college degree, with 13% saying that they knew of a co-worker who didn’t get promoted because their education level was less than desirous.

“The statistics from this study confirm what has widely been known, not only is a degree critical to getting a job, but it is also key to advancing in one’s career,” said Terrence Thomas, EVP Marketing Operations at EducationDynamics. “And given the current economic climate, a degree might be needed just to keep your job.”

People Surveyed Admit That A Lack Of Education Has Hurt Them

When people were asked if they were passed over for a promotion themselves, the response was a bit different, but still significant: fully 9% of those surveyed said that they themselves lost the opportunity for a better job because they were unqualified academically.

“The message is loud and clear, that in today’s competitive job market, if you don’t have the right education others will pass you by,” continued Thomas.

“We found that 22% of people who started college but didn’t finish have been denied a job, raise or a promotion. What is shocking is that workers are telling us that not having a degree is becoming a significant roadblock in their careers.”

Stay In School

Clearly, the survey reveals two important points about higher education: a degree is still valuable when seeking career advancement and, if you’re already in college, then completing your studies is the way to go.

(Source: eLearners.com)


Tip – Is a lack of money keeping you from finishing your college education? Consider Federal Pell Grants which never have to be repaid or a work study program offered through your school. Upper classmen can sometimes find work as a professor’s assistant while private student loans and Stafford loans offer ways for you to borrow money which can be paid off after you graduate.


Tags: , , , , , , , , ,

What You Should Know About Private Student Loans

July 29th, 2008 by Matthew C. Keegan | 2 Comments | Filed in Student Loans

Private student loans provide a sound way for college students to fund their education.

Private student loans provide a sound way for college students to fund their education.


College students who need help funding their education will often turn to student loans as an important way to meet their financial needs. Federal Stafford loans have helped millions of students pay for college down through the years, a program that continues to meet the funding needs of families all across America today.

Inasmuch as Stafford loans are a lifesaver for many families, some families aren’t eligible for these types of loans. Fortunately, the private sector has stepped in by offering their own lending plans, what we call private student loans.  Commercial banks and other private financial institutions are the largest providers of these types of loans, hence the name.

A private student loan has several advantages and attributes including:

Loan limits are higher with a private student loan. In some cases, you can borrow as much as $45,000 annually to pay for your education. Limits are based on what your academic costs run.

Interest rates are competitive. Though loan rates for private student loans are higher than federal Stafford loans, interest rates on private loans are often quite lower than other consumer lending options. You can get an even lower rate if you have someone co-sign the loan. In this case the co-signer’s good credit is also considered when applying.

Loan disbursement funds go directly to you, not to the educational institution. This distribution method gives you some flexibility on how to spend your funds and can be used to cover related expenses including rent, food, new computer equipment, etc. Stafford loans are restrictive and won’t allow you to use these monies for some related school expenses.

Extended grace period. Many government loans will require you to make your first repayment some six months after you graduate. Similarly, private student loans work the same way, but certain lenders may allow you to wait a full year after graduation before repayment must begin.

Of course, if you choose to borrow money for school, you’ll want to only borrow the amount of money that you will need. For some first year students that can be difficult to predict, therefore if you choose to borrow more for the first year then you can be assured that you have sufficient funds for the entire academic year. Excess funds can always be applied to subsequent schooling, thereby reducing or eliminating the need for a follow up private student loan.

Finally, when it comes time to make regular payments, most students choose automatic deductions from their checking accounts to cover their monthly obligations. Your lending institution will supply all of the details you need when payments are due, providing a secure and sensible repayment plan that is right for you.


Tags: , , , , , ,