The Tough Decisions: Answering Questions About How to Pay For College

In a recent article in the New York Times, Ron Lieberman addressed some important questions about financial aid submitted to him by prospective college students. In introducing his topic, however, he makes an important point: “Figuring out how to pay for college has quickly turned into one of life’s most complicated financial decisions.” He gives a few reasons for this:

  1. There’s uncertainty as to whether the student making the decision will be able to pay back his student loans.
  2. There’s uncertainty as to whether spending more on a prestigious school will lead to a future that pays more as well.
  3. There’s the issue of inexperience, the fact that the prospective student has never had to make a decision with such far-reaching and expensive consequences before.
  4. There’s a lack of good information, plus a scarcity of reliable sources to provide it.

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Study: How American Families Pay for College

How did you find the college that was the right fit for you? Maybe you knew you wanted to live in a big city, that the school had the best program in your field, or because your high school friends were going there. Today, most students are swayed by a different measurement of fit. A recent study by Sallie Mae found 69 percent of students chose colleges based on affordability. To make schools more affordable, 51 percent lived at home, 55 percent chose to live with a roommate, 50 percent increased their number of work hours, and 66 percent reduced spending.
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Game Plan for Alleviating Financial Stress in College

There are many reasons college can be stressful for students. Entering freshmen might suffer a culture shock or fear their heightened level of independence. College sophomores have the stress of picking their academic path that should set the pace for the rest of college and their career after school. With their general classes behind them, college juniors go on to higher-level classes and get heftier workloads. Seniors start getting a taste of the real world as interns and student aids, while having the most difficult classes yet. And this is for the traditional student who has remained on-track to graduation. Due to any number of circumstances, many students’ college career will continue over five or six years.
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Engaging Students: Finding Relevance in Your Lessons

How do you get people interested in a lesson and how do you make the information stick, whether it is in classroom or a board room?

Consider what engages any audience, whether they’re educators, low-income students, or CEOs. As an educator, you need to know your audience and define what they need to know to better themselves academically, personally, or professionally. Chances are if you were to hold a professional development class for second-grade teachers and you chose to present on the lifespan of bumble bees in Venezuela, the teachers would not find your presentation key to advancement in their career. Why? The material doesn’t have relevance. Students demand the same customization and relevance in their lessons in order for information to make an impact. However, one lesson does not fit all. A topic’s “relevance” is defined differently by different student populations.

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Saving for a lifetime: Oseola McCarty

Many of us know we should save yet many of us don’t.

We tell younger generations to save so they can afford the expensive things later in life, like investing in real estate, retiring at a decent age, and raising a family. We want them to be able to afford the education they crave, the future they dream of, and just be happy.

Saving can feel like a selfish thing. When you put limitations on your spending, you most likely do it to personally reap some benefit in the future. It can also feel like the reward may never come to fruition. Forty percent of Americans whose household makes $35,000 or less believe they have a better chance of getting $500,000 by winning the lottery or sweepstakes than by saving and investing small sums of their pay. But that’s not the case for all savers.

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4 Ways to Get Financially Fit Before College

It’s almost time to go back to school and college freshmen might be getting a surprise when they realize the cost of college doesn’t end with the tuition bill. Whether students are living in the dorms, at home, or renting, they are all transitioning into a new environment with a new lifestyle and new expenses.

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Investing in College: Financial Skills for Students

College is a big investment, and due to cuts in school funding and the outlook of the economy, some might think it’s too much of a risk. However, in a recent study, researchers found graduates holding a bachelor’s degree make 84% more than high school graduates over their lifetime. Those holding a doctoral degree will earn $3.3 million in a lifetime, compared to a college grad with $2.3 million and those holding a high school diploma with $1.3 million.

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Financial Literacy: Encouraging Generosity of Any Size

This week I’ve dedicated the blog to the topic of financial literacy as we count down the days to the release of LifeBound’s newest addition, Dollars and Sense: How to Be Smart About Money. We covered how finances affect lives, education, math skills, and the future. We also spoke a lot about personal money management in terms of having money. But, another side to managing your personal finances is knowing when it is time to donate to people who aren’t as fortunate as you or who you think deserve a helping hand.

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