Category — College Finances
Colleges Are Working To Avoid Tuition Hikes By Cutting Costs
In these difficult economic times, colleges, as well as the parents and students who are paying tuition, are feeling the financial pinch. Like the families who pay tuition, many colleges are attempting to tighten their budget in order to avoid raising tuition more than necessary. Many colleges are also committed to maintaining, or even raising, their amount of financial aid to students. Only 8% of colleges surveyed by the National Association of Independent Colleges and Universities said that they had plans to reduce their financial aid offerings.
Most colleges and universities have already looked at and instituted some of the big savings strategies also being used by the corporate world as well. Many have looked to layoffs, halting construction projects, hiring freezes, and salary freezes. But colleges are also looking for other ways to trim their budgets.
June 23, 2009 No Comments
Alternatives to Having a Car on Campus
In an earlier post, we suggested some of the considerations parents and students might want to discuss as they decide whether or not the student will take a car to campus. Many colleges prohibit first-year students from bringing cars, but at some point during the college years, your student may want to consider whether or not to take a car to school.
More and more colleges are encouraging their students to leave their cars home. As more students bring cars to school, parking on many campuses is becoming a serious issue. Colleges and universities are also trying to do their part to institute policies which are environmentally friendly. So if your college student is considering whether or not to take a car to school, he might want to investigate the alternatives available.
June 1, 2009 No Comments
College Students and Credit Cards – Part 2
Numbers can tell us a lot, and it is important that we consider the sometimes surprising numbers regarding college student use of credit cards. In our previous post, we looked at some of the current statistics regarding student credit card use. In this post, we consider not only the numbers, but also what parents might do to help their college students to understand and work with their credit cards.
It is clear when we look at some of the numbers surrounding college student credit card use that credit cards are an important part of college student life. Students often have multiple cards and they use those cards to pay for everything from tuition, to textbooks, to food and clothing. Many students carry a balance – which may be because of lack of understanding or from irresponsibility – but which also may be out of necessity. Student credit card use mirrors what we are learning about American society’s use of credit cards.
May 27, 2009 No Comments
College Students and Credit Cards – Part 1
This is the first of a two-part series regarding college students and their use of credit cards. This post attempts to give an overview of student credit card use by presenting some statistics taken from Sallie Mae’s National Study of Usage Rates and Trends of Undergraduate Student Credit Card Use released in April 2009. In our next post, we’ll discuss how parents can help students think about their use of credit.
Most college students use credit cards. Credit has become a part of the fabric of college life. Many college students use credit cards out of necessity, and many college students use credit cards wisely, but college student debt is mounting. Many parents of college students who are over 18 may not know whether their student has a credit card, or multiple credit cards, or whether their student is carrying a balance.
The following are some statistics which may give college parents pause to do some thinking about their student’s use of credit. These statistics were released in a recent study by Sallie Mae conducted in the spring of 2008, regarding college students and credit cards. You may find some of these facts surprising.
May 26, 2009 No Comments
Should My College Student Have a Car on Campus?
Cars. Many of us spend a great deal of our time in them. Our teenagers can’t wait until they can get their license and gain some independence. Some surveys tell us that as many as 70% of college-age students own or have access to cars. Cars have certainly become a part of the fabric of our lives. But should they be part of the fabric of your college student’s life? The answer is – it depends.
You and your student should think carefully about whether it is important for your student to have a car on campus. Of course, it is possible that this may not be a decision that you will have to make during the first year. More and more colleges are prohibiting first-year students from bringing cars to school. Obviously, if your student is commuting to college then whether or not to have a car may not be an issue. But many college families will need to give thought to the issue of whether or not to take a car to campus.
There are several reasons why many schools are telling their first-year students to leave their cars at home.
May 18, 2009 3 Comments
College Textbooks: Tools of the Trade – Part 3
In our previous two posts, we considered the high cost but importance of textbooks and possible ways to save money when buying them. In this final post on the topic, we’ll consider what students can do with their books at the end of the semester.
Your college student has just completed his course. He bought his textbook and used it diligently throughout the semester. Now that the course is over, he’s wondering what to do with this pile of books. He has several options.
April 16, 2009 2 Comments
College Textbooks: Tools of the Trade – Part 2
In our last post, we considered the importance of college textbooks and some of the reasons why they are so expensive. In this post, we’ll consider some possible ways of obtaining books. Our next post will consider ways students can sell books at the end of the semester.
Students may buy new books from the campus bookstore.
When your student considers possible ways of getting his textbooks, he’ll need to weigh convenience and cost. The most convenient way to purchase his books is through the campus bookstore. Bookstores work to make the task as convenient as possible. If the student knows the name of the course and the instructor, the bookstore can usually tell him exactly what he needs for the course. At many schools students can pre-order their books and have them waiting for them when they arrive or even delivered to their dorm. However, this convenience comes with a price. Campus bookstores are the most expensive way to buy a textbook.
Alternatives to the college bookstore may take a bit more work, and definitely some pre-planning, but there are alternatives out there. Here are a few possibilities.
April 15, 2009 4 Comments
College Textbooks: Tools of the Trade – Part 1
This is the first of three posts about one of a student’s most valuable tools – her textbooks. In this post, we’ll consider some essential facts and tips about the importance of textbooks. In our next posts, we’ll consider some alternative ways to purchase books and some thoughts about reselling them later.
Aside from tuition, one of the major expenses your college student will encounter during the college years will be the cost of textbooks. Students often head off to college knowing that they will need to buy their books and supplies, but having no idea how much to expect to pay. As college parents, there are some important points about textbooks which you can help your student anticipate and understand.
April 14, 2009 5 Comments
My College Student Received His Financial Aid Package, But What is Federal Work Study?
Your child has been accepted to the college of his choice. Congratulations! You’ve received that all-important financial aid package and you’re all thinking about how to make it work. A portion of this financial aid package is labeled Federal Work Study. What exactly does that mean?
The Federal Work Study portion of the financial aid package is the portion that a student can earn through a part-time job on campus. Not every campus job will be designated as a work-study job, but there are usually many different types of jobs available on campus which will qualify. These jobs may include anything from working in the library, tutoring, cafeteria jobs, maintenance jobs, or clerical office positions. Students apply for the jobs and are paid, usually federal minimum wage. Obtaining a work-study job is usually handled during the first couple of weeks of the semester.
Work Study funds are provided to the school by the federal government. The college will determine how to use these federal funds and which jobs will be designated as work-study positions. The awarding of funds to students is based on financial need as determined by the FAFSA (Free Application for Federal Student Aid). Each school sets its own policies, procedures, and deadlines for applying for these jobs.
There are a few things which parents and students should consider and remember as they look at the work-study portion of the financial aid package.
April 9, 2009 6 Comments
