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February 12, 2010
17:39
College Value vs. College Cost: What’s the Value of College?
» ‎ College-Review-Talk
After hearing stories about unemployed college graduates with six-figure student debt loads, Americans may be skeptical about college value and wary about college costs. Recent research shows college remains one of the best investments you can make.
- • More money over a lifetime. Full-time college students generally forego a living wage while studying, but after graduation, they more than make up for that income shortfall by earning more over their lifetimes than those with only a high school diploma. Also something to consider in the college-value-to-college-cost equation: those who earn degrees in science- or math-related fields generally earn more as soon as they graduate than students in other majors, according to studies cited by The Wall Street Journal.
- • Non-monetary value. According to studies cited by U.S. News & World Report, “College graduates are healthier, contribute more to their communities, and raise kids who are better prepared academically.”
- • Living an inquisitive, well-rounded life. Value can be intrinsic, and it often is with a college degree. College introduces students to new ideas and can awaken interests and aptitudes people didn’t previously know they had.
- • Zeroing in on work you enjoy. Especially at colleges that offer a wide range of programs and the flexibility to study across disciplines, higher education can help those unsure about a new career path decide upon the best one for them.
- • Technological literacy. Especially for older adult learners, the speed with which technology has changed the workplace can be daunting. In most college programs, students are required to learn to effectively work with technology, experience that can serve them well post-graduation.
- • A bootstrap out of poverty. College is a particularly good value for students from low-income families because receiving an education is the best chance of helping them break out of low-paying jobs.
College value versus college cost is often difficult to quantify: how do you place a value on learning? “Higher education is an investment in human capital,” former Gettysburg College President Katherine Haley Will told National Public Radio. College value outweighs “any simple calculation of costs.”

Sources:
John Guthmiller • The Values of A College Education • Oct 02, 1997
Sonoma State University
Sue Shellenberger • Weighing the Value of That College Diploma • Dec 16, 2009
Kim Clark • How Much Is That College Degree Really Worth? • Oct 30, 2008
Breaking the poverty cycle through higher education • Mar 05, 2009
University of Louisville
February 10, 2010
16:15
Is College Worth the Money?
» ‎ College-Review-Talk

Conventional wisdom is that college is worth the money because it provides a path to considerably higher earnings than usually can be earned with a high school diploma alone. But is that true?

If you are considering attending college, you likely are at least partially drawn in by the prospect of earning more money when you graduate. The College Board, a not-for-profit association, has long contended that college degrees are worth the money because they pay off over high school diplomas to the tune of $800,000 more in pay over the course of a 40-year career.

However, in recent years increasing tuition costs and a difficult job market have called those figures into question. In an interview with Forbes magazine, Mark Schneider, of the American Institutes for Research, called the calculation “a million-dollar misunderstanding.”

Reduced Earnings Still Higher for College Grads

Taking into account the increasing cost of college, student loan debt, and breaks in employment, Schneider estimated that college graduates earn about $280,000 more than high-school graduates. A researcher commissioned by The College Board in 2007 put the figure at about $450,000.

Most researchers agree that college is worth the money, because graduates, on average, do earn more than their counterparts with only high-school diplomas.

One way to make sure that college pays off for you is to take advantage of grants and scholarships when applying. Carefully read the terms of any student loans you apply for to make sure the terms are favorable. And research average salaries in your desired field so you can deicide how much debt, if any, you are comfortable taking on.

College offers more than just a path to a higher salary–it offers a change to learn and grow. A carefully thought out financial plan can help you achieve that.

Sources:
Jennifer Cheeseman Day and Eric C. Newburger • The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earnings
U.S. Census Bureau
Mary Pilon • What’s a Degree Really Worth? • Feb 02, 2010
15:50
Conquering the High Cost of College
» ‎ College-Review-Talk
With the national economy still fragile and many Americans struggling just to make ends meet, what’s the best way to tackle the high cost of college? Explore a number of strategies to make college more affordable.

Unless you’re a football or basketball high school stand-out with serious scholarship prospects, entirely avoiding the high cost of college probably isn’t possible. However, you can take steps to offset or minimize what you pay for that sheepskin.

According to The College Board, one year of tuition and fees at a private university now cost a whopping $26,273, while that education costs $7,020 per year at the average state school.

Financial Aid Helps with the High Cost of College

2009-10 College Prices • [www.collegeboard.com] • [www.collegeboard.com] • The College Board

Of all undergraduate students, 66 percent received some type of financial aid in 2007-08, with the average amount being $9,100, according to the National Center for Education Statistics.
- Scholarships and grants. More than half of 2007-08 undergraduates received grants. All students hoping to secure financial aid should complete the Free Application for Federal Student Aid (FAFSA) no later than February 1 of the year they intend to begin their studies.
- Loans. Two-thirds of four-year college graduates incurred some debt to pay the high cost of college, with the average being $23,186 in 2007-08. But think carefully before taking on debt, and apply first for government loans for students with favorable interest rates.
- Tax credits and deductions. The federal government has a variety of tax credits and deductions designed to minimize the high cost of college. These include allowing withdrawals from Individual Retirement Accounts tax-free to pay for college, hefty tax credits such as the Hope Scholarship and Lifetime Learning credits, and federal income tax deductions for student loan interest payments.
- Pay as you go. Working your way through school may not be your ideal way of dealing with the high cost of college, but it’s an option. Increasing numbers of students attend college part-time while also working. Even if you go to school full-time, the federal student work-study program pays you at least the minimum wage for 10-to-15 hours of work a week.
With careful thought about your post-college career aspirations and some advance preparation, the high cost of college can be made manageable.

Sources:
Fast Facts: Financial Aid for Undergraduate Students
National Center for Education Statistics
Free Application for Federal Student Aid
2009-10 College Prices
The College Board

November 02, 2009
4:00
Today's cartoons: Political climate unchanged
» ‎ The Orange County Register - Opinion

Also: Unthinkable delay; Newsom's deflated bid for governor
4:00
Editorial: Another feel-good, hate-crime law
» ‎ The Orange County Register - Opinion

New hate-crime legislation garners votes for politicians but won't change anything.
4:00
Letters: A daunting 1,900-page health care bill
» ‎ The Orange County Register - Opinion

Letters to the editor for Nov. 2, 2009
4:00
Steven Greenhut: Sneaky way to murder Prop. 13
» ‎ The Orange County Register - Opinion

Easier tax increases and budget approvals seems to be the primary goals of a proposed state constitutional convention.
4:00
Star Parker: New hate-crimes act politicizes law
» ‎ The Orange County Register - Opinion

Crimes motivated by gender, sexual orientation or disabilities get more penalties

October 28, 2009
18:42
How to Go to College for Free
» ‎ College-Review-Talk
The College Board reports that student tuition at American universities continues to rise more quickly than inflation. At an average cost of $24K a year (not including room and board), many worry about their ability to cover escalating educational expenses. However, what if there were a way to keep college prices in check? What if you could go to school for free?
How Some People Slash Their Tuition Prices and Go to School for Free
If you really do some digging around, you might be surprised what you find. It may take a little more time and energy upfront, but if you can avoid paying $24K a year in tuition prices, isn’t it worth it? Below are some of the more popular methods for reducing some or all of your college fees:
- • Apply to a tuition-free college where prices are nonexistent. In exchange for a free education, these programs ask you to volunteer 15-30 hours every week in a work-study program.
- • Apply for scholarships. There are hundreds upon thousands of scholarships, ranging from $50 to full rides. In most cases, the only real cost is effort. If you write the essays, obtain some recommendations, lick a few stamps, and stay on top of the deadlines, you could amass enough free money to cover all of your collegiate expenses.
- • Join the armed forces. The Active Duty M.G.I. Bill provides up to $37K for tuition prices. Get an education, stay in peak physical shape, serve your country, and walk away with little or no college debt.
- • Ask your employer for help. If you are going back to school to earn a degree that could somehow benefit your current company, your boss may be willing to help cover some or all of the expenses. In exchange, you might be expected to stay on the job a few extra years so that the company can earn a “return” on its investment.
Stanley Rubenti

Stanley Rubenti is a world traveling writer and editor who has lived in Japan, the US, Thailand, and France. He currently resides in Kuala Lumpur, Malaysia where he offers college admissions advice for international students interested in studying abroad.

Sources:
Alison Damast • Pssst! Wanna Go to College for Free? • Nov 14, 2007
Job Profiles • How to go to College for Free • Dec 31, 1969
18:21
How to Deduct Student Loan Interest from Your Taxes
» ‎ College-Review-Talk
Higher education is becoming increasingly less affordable. As such, you should make every effort to reduce your tax burden by taking advantage of student loan interest deductions when filing for your taxes. You would be surprised by how many people out there are unaware of this process. Do not make the same mistake. By following the steps below, you can save money, making it easier to tackle your college loans in the future.

Steps for Claiming Tax Deductions from College Loans and Interest Payments
1. First you must determine whether or not you are even eligible. If the loan is in your name and you are not a dependent, then you may qualify. It is important to remember that if you are currently married, you are not allowed to file your taxes separately.
2. Do you make over $70K a year as an individual or $145K together with your spouse? If so, then you may not qualify.
3. Next, calculate the amount of student loan interest that is eligible for deduction. This is the total government or bank interest you are required to pay within the given tax year. Loans from family members or 401(k)s do not account. You may deduct up to and including $2,500.
4. You must next determine whether or not you may make a full deduction or only a reduced deduction. If you are married and filing jointly with a combined income above $115K, you can only pay a reduced deduction, which is your combined income minus $115K all divided by $30K. If you are filing as an individual, and you make over $55K, then you can only pay a reduced deduction. This amount is your combined income minus $55K all divided by $15K. Subtract this deduction from your eligible student loan interest.
5. Enter the remaining student loan interest (reduced or non-reduced) on line 33 of Form 1040.
6. Voila. You are done.
Stanley Rubenti

Stanley Rubenti is a world traveling writer and editor who has lived in Japan, the US, Thailand, and France. He currently resides in Kuala Lumpur, Malaysia where he offers college admissions advice for international students interested in studying abroad.

Source:
Deborah Nelson • How to Deduct Student Loan Interest from Your Taxes • Dec 31, 1969

October 21, 2009
9:03
Read the Book, Follow the Steps, and Win a Scholarship or Two or Three or More
» ‎ college-debate.com

Scholarship books are definitely one of our most boring groups of publications. They read like research papers, listing page after page of available grants. Enough to put most clever applicants right to sleep.

Way, way outside the box is Ben Kaplan’s “How to Go to College Almost for Free,” published originally in 2002 and now out in a second edition. And what a fresh breath of air this book is!

What Makes this Book Outstanding?
Ben Kaplan was intent on getting a college education. The income level of his family plus a possible tennis scholarship would allow him to attend colleges he had no desire to attend. The top universities he had set his heart on were way, way out of his grasp. But Ben Kaplan is one inventive, ambitious young man! In his junior year in high school, he set out to learn the ins and outs of not only the availability of scholarships but also the ways to win as many of them as he could. With his love of investigative reporting, Ben not only talked to previous scholarship winners, whenever possible he read the parts of their applications that were available to the public.

And, after succeeding to win close to $90,000 in scholarships, Ben wrote what he learned and what worked in a book that should be read by any student looking for scholarship money for higher education. In my opinion, the sooner the student reads the book and starts applying the principles, the better. Middle school is a good time to start.

This Book is Comprehensive
The sections show how comprehensive the book is:

Part I: How the Game Is Played (includes not only solid information but also action steps)
Part II: Getting Ready to Play (scholarship searching, including action steps to find the right scholarships for you)
Part III: Strategies That Give You the Edge (finding your theme, strategizing for position and content)
Part IV: When the Whistle Blows (developing a game play, writing a winning essay, the secrets of good letters of recommendation, the paperwork, and the interview_
Part V: When the Buzzer Sounds (ways to cut costs and also to keep track of your earnings to make sure all disbursement and reporting rules are followed)

Review
Starting with his own frustration about the inadequate sources of information about scholarships, Ben Kaplan dug in. He used the web, scholarship winners, scholarship committees (when available), and, I would guess, “how to” job interview techniques, to flesh out the entire world of scholarships and financial aid. How much did grades count? What else was needed to win? Personal development? Extra-curricular activities? Personality? How to interact with the interview committee? Letters of recommendation?

Through trial and error and some investigative ingenuity, Ben Kaplan became the “scholarship guru” he was unable to find. After winning his first scholarship, he began refining, researching some more, applying again, revising his technique based on his results and those with other scholarship applicants and winners he interviewed.

This guy is without a doubt the go-to guy for information about the college money game. He even covers how to decide which scholarships are right for you, which extra-curricular activities will match the kind of scholarship wanted, and even how to dress for and act in an interview.

There is more detail in this book on writing a winning essay that some high school students will learn in four years of high-school English. The techniques are that good. And, if you think asking someone for a letter of recommendation is all it takes, guess again. Kaplan explains how to get the right wording from the right person to accompany multiple applications.

And he does not leave it at that. Once a winner (or still in the process), he explains how students can use the Advanced Placement (AP) Program’s annual exams annual tests to get credit for college courses while still in high school, By passing an equivalent exam in, say, Spanish, calculus, government and many more subjects, students can received a maximum of one year’s worth of college credit. That alone reduces the cost of college by 25%. Similarly, the College-Level Examination Program is available to students who have not taken Advance Placement or honors courses or whose expertise is not covered by the AP tests. CLEP is particularly relevant for home-schooled students and those who have learned college-course content outside the regular school system. Examples are introductory business law, accounting, and marketing.

The most telling example of how few students learn about and apply for scholarships might be that, as a book reviewer, I was one of the few who had checked this book out of my local community college library!

He appendices and index are also very well done so pay attention to them as well.