That means the family is looking at paying more than $40,000 per year for college over the next four years if “junior” follows through with attending nearby Duke University and living on campus. But, before he does that I think I’ll share with his family my copy of Barron’s Best Buys in College Education (2010 | Barron’s) first.

That reference book, which was first compiled in 1990, has been updated in 2010 for its eleventh edition. As always, it features high quality colleges and universities, priced at levels most families can afford. That’s good news because sticker shock seems to be a generally expected occurrence these days.

Best Buys

Find a first-class education at a price you can afford is the tagline for this book which offers a state-by-state breakdown of “best buys.” Though I now live in North Carolina, I decided to see which schools in my native New Jersey are listed and found the two I expected to appear: The College of New Jersey in Ewing and Rutgers University in New Brunswick.

Both these schools offer above average education without busting the bank, although families will take note that when living on campus the cost for each school can increase to more than $20,000 annually for in-state students. But, that amount is half what a New Jersey kid would pay at Princeton which is what this reference book is all about: finding equivalent education and paying less for it.

Detailed Information

“Best Buys” gives detailed information about each school, but starts out by sharing five “quick lists” to help narrow down the selection. Those lists feature schools with 20,000 or more students, 1,000 or fewer students, colleges charging under $15,000 annually, schools dominated by single-sex enrollment and colleges with chapters of Phi Beta Kappa, the national honor society.

Enough information is presented about a school to help prospective students narrow their list quickly. Barron’s explains whether the school is in an urban, suburban or rural location, who controls the college, breakdown of enrollment by gender, graduate enrollment, student/faculty ratio, freshmen profile, faculty profile, tuition and fees, room and board, freshmen financial aid, campus jobs, application deadline, financial aid deadline and admissions information.

Further, Barron’s tells a story about the college to give the reader an important backdrop on how the school formed and important factors students look at including facilities, special programs, campus life, how many students return for their sophomore year, payoff (pay attention to this section, parents!) and bottom line — what an education at that school has to offer.

The Bottomline

Best Buys offers something college-bound families need to know and that is a top-notch education can be had for less money. Skyrocketing tuition means students need to explore all of their options, Best Buys in College Education makes it easier to narrow that list down.

Adv. — Are you coming up short financially this semester? A Sallie Mae Smart Option Student Loan is one option to consider to help you close the financing gap.

President Franklin D. Roosevelt signs the GI Bill.

To clear the confusion and to offer clarification on what the federal government will or will not pay, the Veterans Administration has issued fresh guidelines.

Eligibility Tests

Those guidelines emphasize three “tests” to help eligible recipients determine if they qualify for funding:

1. Students must be enrolled in courses that will apply to their program.

2. The programs at the “host” school in the foreign country must be approved.

3. VA cannot pay any fees specific to studying abroad unless the student is required to study abroad as part of their program.

GI Bill funding can only be used to pay for study abroad if it is a mandatory part of a student’s academic program and those benefits cannot be used to reimburse arbiter study-abroad programs. The VA issued a worksheet detailing the rules affecting study abroad students.

Bill Anniversary

June 22 marked the 66th anniversary of the GI Bill, signed into law by President Franklin D. Roosevelt. That law is formally known as the Servicemen’s Readjustment Act of 1944.

Before the second world war, very few Americans could afford to go to college. With the passage of the GI Bill, higher education opportunities were suddenly within reach of millions of Americans. According to government records, 49 percent of college admissions in 1947 involved GI Bill recipients.

Important Changes

By the time the original GI Bill ended, July 25, 1956, 7.8 million of the 16 million World War II Veterans had participated in an education or training program. The bill was revamped in 1984 and again in 2009.

Under the changes approved in 2009, the law gave Veterans with active duty service on, or after, Sept. 11, 2001, enhanced educational benefits to cover more expenses, provide a living allowance, money for books and the ability to transfer unused educational benefits to spouses or children.

For details about the Post-9/11 GI Bill for Veterans, please visit http://www.gibill.va.gov/.

Adv. — Not a veteran? Visit OfftoCollege.com for student aid information including loans, grants and scholarships.

WalMart Associates will get some help pursuing their college education

Retailer offers price rollback of another kind

Spiraling college costs are affecting everyone, but are having a profoundly negative impact on retail workers who want to better themselves. The world’s largest retailer, WalMart Corporation, has announced a new plan to help their own associates obtain a college education and do so without setting foot on campus.

APU Program

As part of the retail giant’s Lifelong Learning Program, Walmart has announced a partnership with American Public University to educate associates who want to further their education. And, for some associates, time spent at Walmart may also be credited toward a degree, eliminating as much as 45 percent of the credit hours needed to complete their studies.

In a statement published to their website and confirmed by The New York Times, WalMart states that every Sam’s Club and WalMart associate who enrolls in the APU program will receive a 15 percent tuition discount. SayCampusLife has confirmed that APU charges $250 per credit hour for undergraduate classes and $300 per credit hour for graduate classes.

Discounted Price

This means that the typical three-credit undergraduate class costing $750 will be discounted to $637.50 while graduate students can expect to $765 per class. The cost of books may be included if eligible students seek out the school’s book grant program.

To support its initiative, WalMart plans to invest $50 million over the next three years in the form of tuition assistance and other tools to help students complete their studies. Should an associate leave WalMart, their credits and degrees will be portable, and will stay with them for life.

Employees Surveyed

According to the Times article, WalMart surveyed its employees to craft an educational plan suitable to their associates. Most associates interested in pursuing a college degree said that the flexibility of online learning was of interest to them.

APU, a for profit school based in Charles Town, West Virginia is regionally accredited by the Higher Learning Commission (HLC) of the North Central Association. This point is important because some online institutions lack full accreditation.

Photo Credit: WalMart

Established 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.

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 citizens –Georgia 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

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.

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)

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

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.

American military personnel who have been fighting in Iraq and Afghanistan are getting a heap of thanks from this country due to an important overhaul of the GI Bill signed into law by President Bush late last month. For the first time since the initial bill was enacted in 1944, significant changes have been put into place, updates which will make it easier for returning veterans and their families to benefit from their service to this country.

Key provisions of the Post-9/11 GI Bill include the following important points:

• All service personnel who have been active since September 10, 2001 and/or who have been honorably discharged are eligible to participate.

• A housing provision of up to $2600 per month is now included for retired military personnel.

• An increase in tuition assistance kicks in; a yearly books and supplies stipend payable to the student of $1000 is also included (active duty personnel are not eligible to receive this benefit). A one time payment of $500 is given for people who must relocate from a rural area to attend school.

• Under certain conditions, benefits can be transferred to spouses and to their dependent children.

Provisions of the new bill do not kick in until August 1, 2009, with various benefit percentages granted depending on their length of service from September 10, 2001 on. Ex-military members are eligible to receive benefits for 15 years from their last period of active duty of at least 90 days.

The changes to the GI Bill have long been in the making, ending several years of frustration on the part of advocates who called for the end of partisan wrangling and for the passage of the bill. Some states and private colleges are already developing plans to offer in-state tuition rates or discounts to eligible students ahead of the August 1, 2009 start date or other incentives to attract new students.

(Source: www.gibill.va.gov)

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