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07.06.11 | Top 15 Most Expensive Public Colleges

Posted in College Costs, Paying for College by Edvisors
Always an interesting topic.  What we typically see is simply the most expensive private colleges.  Here is a list of the top 15 most expensive "Public 4 Year Colleges". (more...)

03.09.11 | College Tax Credits and Deductions

Posted in College Costs, College Life by The Admissions Guru

In the midst of tax season, it is important to be aware of the credits and deductions available for college students. Saving money wherever you can is a huge help in relieving the college financial burden, and these tax credits help you do it!

Before claiming a tax credit or tax deduction, it is important to understand the difference between them. Tax credits take off a certain amount of money in total from what you owe. Tax deductions subtract an amount from your taxable income, which means that the exact amount you can save varies. You may not be able to claim both a deduction and credit, so it is important do calculate which one saves you the most money.
(more…)

11.10.10 | ‘College is Too Expensive!’

Posted in College Admissions, College Costs by College Kid

There are always worries during the college application season, of ‘how will I get in to a good college?‘ But with college costs rising, many students are also concerned with ‘how will I afford college?’

There are money-saving strategies used by high school graduates world-wide that make going to college affordable.  For example, the classic: start at a 2-year community college and transferring to a 4-year school.  The Jack Kent Cooke scholarship and other grant programs are designed specifically for students that take this approach. Another option is taking online courses through your college or through a distance learning program with another school.  The cost per credit for most online classes can be cheaper than traditional schools and cut down on overall college costs.

The benefit of taking the leap is well worth it.  Have you heard college graduates make over $1.3 million more in their lifetime earnings? Because of the recession many professionals are back in school getting additional degrees, making the work force more competitive in many fields – take the opportunity to get your education now.  Whether or not you are sure you can afford it now, fill out the FAFSA and apply to schools. You may be surprised to see that at most schools you will not end up paying the sticker tuition price.

Chart of rising cost of tuitionMany sources would agree that the rate of tuition increase has been phenomenal. Colleges with tuition over $50,000 a year has recently exceeded 100 schools!  Seeing these numbers, even after financial aid, scholarships, grants, and loans some colleges are still too expensive, but can you afford to sacrifice an investment in your future because 100+ schools out of over 4000 degree granting institutions in the U.S. are expensive?

Quick tips:

  • Money you save from a high school job will help ease college expenses, including application fees (If you mind your pennies, the dollars will take care of themselves!).
  • Take out only what you need in private loans to cover extra costs.
  • Be mindful the money taken out in some federal and all private loans will gain interest while your in school, even if the payments are not due! Take only what you need to minimize the amount of interest gained and return excess money and if you are working try to make interest payments as you can.
  • Never stop looking for scholarships.  Follow @winscholarships on twitter to hear about new scholarships, and complete activities to win scholarships on ScholarshipPoints.com
  • Know what you will be expected to pay when you graduate by using loan calculators and working with you parents.
  • Be confident and apply yourself!! College is expensive, but stay passionate about your abilities and you will be successful.

09.09.10 | 7 Strategies to Avoid the College Debt Trap

Posted in College Costs by College Admissions Partners
September 5, 2010

Is it worth it to pay $200,000 for a liberal arts education, especially if it means taking out loans? One of my 20-something Kiplinger colleagues answers bluntly: "If I had realized how much debt I was getting into, I would have gone to my state school instead of an expensive private college." As important as education is in today's world, families need to find more affordable ways to pay for it. Mark Kantrowitz, publisher of FinAid.org and FastWeb.com, has calculated that total student-loan debt exceeds revolving credit (mostly credit-card debt). Here's my guide for parents about avoiding the student-debt trap:
  • Save as much as you can. It's never too late to start, especially if you live in a state that gives you an income-tax break for contributions to state-sponsored 529 plans. Plus, money withdrawn from 529 accounts and used to pay for qualified college expenses is tax-free.
  • Don't let the total cost of college discourage you. If it seems intimidating, aim for a more manageable goal -- such as saving enough to pay first-year expenses or one-third of the total cost (the rest could be covered by a combination of current income, both yours and your child's, and financial aid). Remember, every dollar you save is a dollar you won't have to borrow.
  • Be straight with your kids about what you can afford. Have the "college talk" with your teenagers before they start their search so that they know what fits into your budget and how much they'll have to contribute. At a minimum, kids should be expected to earn their own spending money.
  • Choose schools strategically. You're looking for colleges that deliver good value -- a high-quality education at an affordable price. That might mean a state institution, or it could mean a pricey private school that offers a generous financial-aid package. To better their chances for a scholarship, students should focus on schools at which their GPA or other achievements would make them a standout.
  • Think outside the box. Students can follow the example of one of our top Kiplinger editors, who started at a lower-cost community college and then transferred to a four-year school. And more colleges are offering online classes to keep costs under control. Taking Advanced Placement classes in high school can slice a year off your child's education and cut your expenses by 25 percent. Uncle Sam will help pay the bill if your child joins the military. You could also take advantage of the growing number of colleges offering accelerated, three-year degree programs.
  • Or, here's a radical thought: Your child may be better off passing up college, at least for a year. Not everyone is ready for college at 18. It might literally pay if your child takes a year off to mature, earn some money and figure out what he really wants to study. Education and training are critical in today's economy, but rather than spend time and money on a degree from a four-year institution, it might be more appropriate for some kids to consider a one- or two-year certificate program from community college in a field such as health care or engineering.
  • Borrow smart. If your family must borrow to pay the bills, stick with government-sponsored Stafford loans for students and PLUS loans for parents (or a home-equity line of credit, if you qualify). Current interest rates on government loans are 6.8 percent for students (lower if you're eligible for financial subsidies) and 7.9 percent for new PLUS loans(for more information on student loans, go to www.studentloannetwork.com). With that combination, you shouldn't have to resort to more-expensive private loans.
  • Run the numbers. Perhaps the most important mathematical exercise your child will ever have to do -- and the most widely neglected -- is figure out how much it will cost to pay back her student loans. At FinAid.org, you can use the Student Loan Advisor calculator to determine the monthly payment amount based on a future salary. Let's say your daughter plans to major in accounting, with a projected starting salary of $47,200. If she wanted to hold the loan payments to 10 percent of her monthly income and repay the loans over 10 years, her monthly payment would be $393, assuming a student-loan interest rate of 6.8 percent, and her maximum manageable debt would be $34,200.
  • Pick a marketable major. Majors that are most likely to yield an immediate job offer after college are accounting, business administration, computer science, engineering and math, according to the National Association of Colleges and Employers. But students can still major in liberal arts and make themselves attractive to potential employers by choosing subjects that are marketable. As an editor, I always counsel budding journalists who are majoring in something as general as "mass communications" to add a minor or a concentration in another subject -- business, health or computer skills, for instance. As the editor of a personal-finance magazine, I can attest that our most attractive job candidates are those who combine writing ability with knowledge of the subjects we cover. That applies to other fields as well. If your daughter is majoring in economics, she should take accounting. If she's studying history or government, she could learn a foreign language. An English major could take classes in technical writing. Then she'd have a better shot at landing a well-paying job to help pay back those college loans.
By Janet Bodnar Featured in “The Washington Post”

09.01.10 | Back-to-School Facts

Posted in College Costs, College Rankings by Admissions Girl

Happy September!

September means it is officially back-to-school time.  New clothes, books, pens, teachers and classes. Here are some back-to-school facts for the 2010-2011 school year:

Students

  • 76 million – The number of U.S. residents enrolled in schools, from nursery schools to colleges.
  • 56 million – The number of students projected to be enrolled in the nation’s elementary and high schools grades K-12 this fall. That number exceeds the total in 1969 (51.6 million) when the last of the “baby boom” children expanded school enrollments.
  • 1.1 million – Number of students who are home-schooled, or 2 percent of all school-age students ages 5 to 17.
  • 9.1 million  - The projected number of students enrolled in the nation’s colleges and universities this fall. This is up from 12.4 million a quarter-century ago.

Technology

  • 100 – Percentage of public schools online with Internet access. In 1995, the proportion was 50 percent.

Tuition

  • $14,915 – Average tuition, room and board (for in-state students) at the nation’s four-year public colleges and universities for an entire academic year, more than double the amount from 1990.
  • $40,640 – Average tuition, room and board at the nation’s four-year private colleges and universities for an entire academic year, more than double what students were paying for college in 1990.

Earnings

  • $83,144 – Average annual earnings of workers age 18 and older with an advanced degree. This compares with $58,613 a year for those with bachelor’s degrees, $31,283 for those with a high school diploma only and $21,023 for those without a high school diploma.
  • $75,621 – Average starting salary offer to bachelor’s degree candidates in petroleum engineering, among the highest of any field of study. At the other end of the spectrum were those majoring in the social science; they were offered an average of $39,476.

As the school year begins, remember that a new year is a clean slate and the perfect time to focus on goals you can achieve this year, and beyond. Education is a crucial investment for the future, and with the population growing and tuition costs rising, it is important to know that there are many resources and people willing to help.

What are your thoughts about the resources available to today’s students?  What tips do you have to stay ahead of the curve?

[Statistics from the U.S. Census Bureau's Facts for Feautures: Back to School 2010-2011]

03.24.10 | More private colleges and universities cross the $50K mark for 2010-11 tuition and fees

Posted in College Costs by College Admissions Partners
March 23
College Admissions Examiner

Private colleges and universities are quietly announcing increases in tuition and fees crossing the $50,000 mark for the 2010-2011 academic year. Coupled with promises of increased financial aid, the boost in tuition is needed to cover continuing shortfalls in campus operating budgets.??This week, Harvard University announced that undergraduate tuition and fees for next year will total $50,724, an increase of 3.8 percent. According to a Harvard press release, financial aid for undergraduates will be increased by 9 percent, to a record $158 million for the upcoming academic year. “Harvard remains committed to a fully need-blind admissions policy that will enable us to continue attracting the most talented students, regardless of their economic circumstances,” said Michael D. Smith dean of the Faculty of Arts and Sciences.??Harvard’s tuition increases remain roughly in line with other Ivies, including Yale, which announced tuition and fees totaling $49,800 or an increase of 4.8 percent; Princeton, which went up by 3.3 percent to $48,580; Brown at $51,360 or 4.5 percent over last year; Penn at $51,944—3.9 percent more; Dartmouth to $52,275, up by 4.6 percent; and Cornell, which will increase by 4.4 percent for the university’s endowed colleges to $52,316.??

Other private colleges and universities crossing the $50,000 threshold for the next academic year include Boston University at $51,120 (+3.7%), Carnegie Mellon University at $52,250 (+2.98%), Notre Dame at $50,785 (+3.8%), Washington University in St. Louis (+4.2%), and Stanford University at $50,576 (+3.5%).?? Both George Washington University and Georgetown have been over $50,000 for the past two years. This year, Georgetown tuition will go up by 3 percent and room and board will increase 2 percent for a grand total of $52,443. GW will remain true to tuition commitments leveling a 3 percent tuition increase only on incoming students leaving tuition and fees the same for all others.??While tuition increases at private colleges are not good news, they don’t approach the projections for public institutions. Florida college students could face 15 percent tuition increases for several years, and University of Illinois students will pay at least 9 percent more next year. Georgia’s 35 colleges and universities are planning a 35 percent tuition increase on top of a raise in student fees according to the Huffington Post online. The University of Washington will charge 14 percent more at its flagship campus, and in California, tuition increases of over 30 percent have sparked protests.??A four-year freeze on college tuition in Maryland is expected to end this year, but the increase is likely to be only in the range of 3 percent. Virginia schools so far remain mum on the subject, but increases are all but inevitable.?

By Nancy Griesemer

11.19.09 | Regents Set to Raise Tuition in California by 32 Percent

Posted in College Costs by College Admissions Partners
New York Times
November 19, 2009

The University of California Board of Regents was expected to approve a plan on Thursday to raise undergraduate fees — the equivalent of tuition — 32 percent by next fall, to help make up for steep cuts in state funding.

The state allocation for the 10-campus system, one of the leading public university systems in the nation, was cut $813 million, or 20 percent, this year, leading to a hiring freeze, furloughs and layoffs.

The impact on the University of California campuses has been dramatic: faculty hiring is not keeping up with enrollment demand, and many course sections have been eliminated. Across all campuses, instructional budgets are being reduced by $139 million, with 1,900 employees laid off, 3,800 positions eliminated and hiring deferred for nearly 1,600 positions, most of them faculty.

Several campuses are now planning to admit more out-of-state students, who pay higher tuition, to help close the budget gap. And there is a growing worry that senior faculty may begin to defect to other institutions.

Since the school year began, thousands of students have protested both the budget cuts and the proposal for higher fees, which would bring in-state tuition to more than $10,000 a year. On Wednesday 14 protesters, including 12 students, were arrested at U.C.L.A., for disrupting the meeting of the Regents Finance Committee, which was eventually closed to visitors.

There were large protests on the Berkeley campus as well, by union workers, students and faculty.

Mark Yudof, president of the system, said the University of California now received only half as much support from the state, per student, as it did in 1990. Even with the higher student fees, the system needs a $913 million increase in state financing next year to avoid further cuts. If that extra money is not provided, next year’s freshman enrollment will most likely be cut.

"When it comes to the university’s core support, we have only two main sources — taxpayer dollars from the state and student fees,” Mr. Yudof said. “Even with deep administrative cuts, when one goes down, the other almost inevitably must go up."

To help students who cannot afford the increasing fees, the Regents are also expected to approve the expansion of the Blue and Gold Opportunity Plan, for undergraduates whose family income is below $70,000.

by: Tamar Lewin

08.10.09 | Arts Programs in Academia Are Forced to Nip Here, Adjust There

Posted in Applying to College, College Admissions, College Costs by College Admissions Partners
New York Times
August 9, 2009

If you are looking for a sign of how strapped the University of California, Los Angeles, is for cash, consider that its arts and architecture school may resort to holding a bake sale to raise money. California’s severe financial crisis has left its higher-education system — which serves nearly a fifth of the nation’s college students — in particularly bad straits. But tens of thousands of students at public and private colleges and universities around the country will find arts programs, courses and teachers missing — victims of piercing budget cuts — when they descend on campuses this month and next.

At Washington State University the department of theater arts and dance has been eliminated. At Florida State University the undergraduate program in art education and two graduate theater programs are being phased out. The University of Arizona is cutting three-quarters of its funds, more than $500,000, for visiting classical music, dance and theater performers. Wesleyan University’s Center for the Arts, which supports four departments — dance, music, theater and visual arts — is losing 14 percent of its $1.2 million budget over the next two years. The Louisiana State University Museum of Art, one of the largest university-affiliated collections in the South, saw 20 percent of its state financing disappear. Other private and state institutions warn of larger classes, trimmed offerings, higher tuition and fewer services, faculty and visitors.

The arts are of course not the only victims of the recent economic meltdown. Large reductions in budgets have stung pretty much every corner of academia, from philosophy to Chinese, from gymnastics to geology.

The University of California, for example, is raising student fees by 9 percent, reducing freshman enrollment by 6 percent and cutting at least $300 million across its 10 campuses. There are no nationwide statistics to reveal whether one discipline is suffering more cuts than others. But administrators at more than a dozen state and private campuses who were interviewed say that the way that arts programs are structured and operated may amplify the effect of reductions.

Since tenured faculty are generally insulated from layoffs, budget cuts fall on part-time and visiting staff, Christopher Waterman, dean of the School of the Arts and Architecture at U.C.L.A., explained. For teachers, “we want artists who are in the thick of their careers,” he said. The result is that a large proportion of the school’s instructors are not permanent members of the faculty. Every department across the board has been ordered to cut 5 percent — on top of a 10 percent cut last year — but that relatively small reduction could mean the elimination of a third of the art department’s staff, Mr. Waterman said. (Final decisions on specific cuts have not been made.)

Crowded classes may not be as harmful in lecture courses, but in creative and performing studios, increasing class size is not always an option, he added. “You can’t teach painting to 40 students or give that many students voice lessons in opera or jazz.”

Several other college arts administrators around the country also said programs that serve the surrounding community as well as the students — like museums and performing arts centers — are especially vulnerable.

In California figuring out which programs and positions will survive will take a few more weeks. In the meantime the School of the Arts and Architecture, like other sections of U.C.L.A., has been told it should search for more ways to raise money itself. “We’re looking at more summer classes for high school seniors and bake sales,” Mr. Waterman said.

Elsewhere on the campus the Film & Television Archive is paring back its foreign-film program “because we cannot afford shipping any more of those prints from foreign countries,” said Jan-Christopher Horak, the archives director. A smaller staff in the film studies center could translate into less academic research, he added. As public universities watch state legislators slice away their funds, private colleges have seen their endowments shrink. Both are having to rely more on private donations at the same time that the recession has left individual contributors less able to give.

Figuring out what or who faces the budgetary guillotine has been a harrowing process no matter how it was done. Few go quietly.

Officials at Washington State University held a dozen public forums, testified before state lawmakers, appeared before the student council, the Faculty Senate and the Board of Regents; they responded to thousands of electronic messages and spoke with every single student, legislator, faculty and staff member, alumnus and community member who requested a meeting before deciding where $54 million and 360 jobs over the next two years would come from. One result: Sports management got a reprieve; that program and major will continue, while theater arts and dance will be phased out.

Arizona State University’s four campuses lost 500 jobs, closed 48 programs and imposed 10-to-15-day furloughs this spring. The schools of music, theater, film and design were all incorporated into the existing art and architecture center. Virgil Renzulli, the university’s media spokesman, said that officials focused on slashing administrative costs to maintain the same number of courses and tenured faculty.

In Flagstaff, Northern Arizona University spread the $21.3 million in cuts across departments. “The only program that we eliminated was a B.A. in theater education,” said Tom Bauer, assistant director of public affairs. “It only had 15 students, and they will be allowed to finish.” He added that the university is still waiting to hear from the governor’s office how much federal stimulus money might be directed its way.

Like California, Louisiana has had a tough year, although the doomsday cuts that some administrators were forecasting have not come to pass. Laurence Kaptain, dean of the College of Music and Dramatic Arts at Louisiana State University, said, “We tried to save people and cut things in our operations.” The college, which took a 3 percent cut this year on top of a 10 percent reduction last year, is holding back on upgrading computers and production technology, spending less on costumes, scenery and special effects as well as travel and conferences. “It’s making us more dependent on private funds,” he said.

Over at Louisiana State’s College of Art & Design the dean, David Cronrath, said a 4 percent cut ate up the positions of three full-time tenure-track faculty members, eight adjunct faculty and two staff members. He hopes to offer the same number of courses by increasing the faculty members’ loads and by relying more on graduate-student teaching assistants and part-time faculty, he said. But he, like others around the country, expects more cuts despite federal stimulus money and student loans.

For some institutions many tough decisions are yet to come. Cornell University, for example, recently approved long-term capital projects, including a $20 million extension to its art museum and a $55 million building for the College of Architecture, Art and Planning, said Simeon Moss, a university spokesman. But the university is also undertaking a top-to-bottom evaluation in the face of a projected operating deficit of approximately $150 million within five years.

Although some arts advocates, faculty and students have complained that their subjects are saddled with a disproportionate share of the cuts, Sally E. McRorie, the dean of visual arts, theater and dance at Florida State University, said that did not happen in her case.

“Florida State has a long history of dedication and investment in the arts,” she said. “Our cuts have not been greater than anybody else’s.” She said the university made a decision to use federal stimulus money “to keep people employed” but noted that after next year, when “those funds are gone, I’m not sure if we’ll be able to maintain those positions.”

by: Patricia Cohen

07.16.09 | University of California Makes Cuts After Reduction in State Financing

Posted in College Costs, Federal Student Aid by College Admissions Partners
New York Times

The University of California will use a combination of furloughs, deferred hiring and cuts in academic programs to make up for an $813 million reduction in state financing, its president, Mark G. Yudof, said Friday.

Mr. Yudof said the actions amounted to a major retrenchment for the university, which has long been regarded as the nation’s leading public university.

“The impact of this cut is devastating,” Mr. Yudof said at a press briefing. “There is no way that we are going to be able to look every student in the eye and say, ‘Tomorrow, the University of California will be just the way it was yesterday.’ ”

Most of the university’s campuses will defer at least half of their planned faculty hirings, Mr. Yudof said, and the Berkeley campus expects to reduce faculty recruitment from the usual 100 positions a year to 10.

Chancellors from the individual campuses will present their cost-cutting plans next week to the state Board of Regents, which must vote on the entire budget.

Many of the planned cuts, and those already put into effect, impinge upon the university’s academic offerings.

The Irvine campus has halted admissions to its education doctorate program for working professionals, and its Latin American studies program is on hiatus. Class size is expected to increase 10 percent to 20 percent next year, while faculty and staff is expected to decline by at least 10 percent over the next five years.

At the Davis campus, the Medical Center has eliminated its liver transplant program, and in the division of humanities, arts and cultural studies, 44 courses and sections are expected to be cut.

The University of California, Los Angeles, will close its Labor Center, and deans and faculty members have been told to reduce courses, majors and faculty size by 10 percent to 20 percent over the next year. The freshman enrollment target on the campus for the 2009 fiscal year may drop by as many as 500 students.

At the Santa Cruz campus, most general-education courses with fewer than 100 students enrolled have been canceled, along with the bachelor of arts degree in earth sciences and the minor in music. Creation of an environmental sciences major has been deferred.

The San Diego campus has eliminated senior seminars, a small-group experience for students, and curtailed freshman seminars.

The University of California has faced financial challenges for years, leading to bigger classes, fewer course offerings and deferred maintenance — and caused some faculty members to defect to competing universities.

Tuition has risen to more than $8,700 for in-state students this fall, more than doubling from the $3,859 nine years ago.

Systemwide, 724 staff members have been laid off, and there may be more, Mr. Yudof said, especially if unionized employees reject the furloughs.

The furloughs, to be implemented Sept. 1, will be systemwide, with some exceptions, including those whose jobs are fully financed by research grants.

“It’s important not to take money from enterprises that are really entrepreneurial,” Mr. Yudof said, “and it wouldn’t help us with our deficit. Maybe this will encourage people to be entrepreneurial and go out and get those grants.”

In response to urging from university employees, the furloughs are structured so that people who earn more take bigger pay cuts. Those earning less than $40,000 will have 11 furlough days, equivalent to a 4 percent pay cut, while those earning more than $240,000 will have 26 furlough days, which is about a 10 percent pay cut. Mr. Yudof said he expected that faculty members would not take furloughs on their teaching days.

The university may also close for some additional days, as other California offices have done.

Over all, Mr. Yudof said, furloughs and pay cuts will offset about a quarter of the $813 million in budget cuts, and previously announced increases in student fees will offset another quarter. About 40 percent will come from cuts decided on by chancellors at the individual campuses, and the remaining 10 percent from systemwide changes, including refinancing of debt, and further cuts in the president’s office, where the budget has already been cut by a third.

The university’s struggle is the latest and starkest example of the statewide effects of legislators’ inability to come to an agreement with Gov. Arnold Schwarzenegger over how to deal with a $24 billion budget shortfall. The state’s controller has been forced to send i.o.u.’s to many of the state’s vendors and taxpayers. Most large banks said they would refuse to accept the warrants after Friday, leaving people and businesses to decide whether they will hold onto the warrants until they mature in October or try to find some other method of cashing them.

On Friday, much of state government shut down for the third monthly furlough day ordered by the governor to save money.

Financing for the University of California system rose only 2 percent from 2001 to 2008, a period when enrollment grew 30 percent, and financing for state prisons, K-12 public schools and health and human services each grew by more than 40 percent according to a report from the outgoing chairman of the Board of Regents, Richard C. Blum.

At the briefing, the current chairman, Russell Gould, announced creation of a new University of California Commission on the Future, which he and Mr. Yudof will head. The commission will consider how to maintain access, quality and affordability in a tough economic climate, what delivery models for higher education make the most sense, how big the university should be, and how to maximize traditional and alternative revenue streams.

“We’re going to have to change the way we do business,” Mr. Yudof said.

In an interview after the briefing, he said he would like the new commission to look into the possibility of an online University of California and alternatives to the current system of majors.

by: Tamar Lewin