Archive for the 'Tuition' Category

A college degree can be affordable

Justin Pope, writing for the Associated Press, pulled no punches regarding the ongoing increase in college tuition for 2009-10. With costs rising anywhere from 4.4 percent at private schools to 7.3 at community colleges, Pope stipulated that colleges were handling the recent recession by simply passing “much of the burden of their own financial problems on to recession-battered students and parents.”

Those ever-increasing costs, consistently higher than the rates of inflation, have a number of folks questioning the value of a college degree, especially as students pile up exorbitant amounts of debt in their pursuit of a diploma. While we agree that absorbing significant debt while earning a diploma is a bad idea, we do still believe there is great value in obtaining your degree.

One only need examine the recent numbers from the economic downturn to find the necessary support for our assertion. While millions of young people are out of work, the percentage of those unemployed who have a bachelor’s degree is about half that of those without a degree.

But the ultimate key is to find a way to earn that sheepskin without mortgaging your future in the process. Scholarships and grants can certainly help students on the funding side immensely, but for those with a mindset, there are a number of ways to dramatically reduce the overall costs of earning a college diploma.

Reducing College Costs

The first aspect of controlling your college costs is to simply examine the cost of tuition by school categories. Here are the numbers as reported by the College Board:

• Average tuition at two-year community colleges: up 7.3 percent to $2,544.
• Average tuition at four-year public schools (in-state): up 6.5 percent to $7,020.
• Average costs at for-profit institutions: up 6.5 percent to $14,174.
• Average tuition at four-year public schools (out-of-state): up 6.2 percent to $18,548.
• Average tuition at private four year institutions: up 4.4% to $26,273.

These numbers are definitely the first ones to analyze, but when looking at ways to reduce this cost, there are two critical elements to these figures.

First students must look at the cost per credit hour. When examining the published cost, students must look carefully at both the published tuition per credit hour and the latest college invention, fees that are generally listed as added costs that can raise the price burden per credit hour significantly.

Second there is the credit hour issue alone. Most degree programs require 60 hours of study for an associate’s degree and 120 for a bachelor’s. If you can reduce the number of credit hours you must pay for you can significantly reduce your cost of overall attendance.

Step One – Reducing Costs per Credit Hour

For 2009-2010, the tuition and fees at public two-year community colleges would produce a per credit hour average of about $85.00 ($2,544 in total costs divided by the average course load of 30 credits). In contrast, we see that the average cost per credit hour for in-state students would be $234 for public schools and $876.00 for private.

So the first step to controlling costs per credit hour is to examine the best way to obtain your desired degree. Simply-stated, unless you have unlimited funds for school, a well-to-do uncle or grandparent, forget about those expensive private schools.

While private schools may boast of providing a better product, it is important for prospective students to understand that college is what you make of it. In fact, many of today’s top business leaders graduated from public institutions: Warren Buffett, CEO of Berkshire Hathaway attended the University of Nebraska-Lincoln. H. Lee Scott, the CEO of Wal-Mart Stores, attended Pittsburg State University in Kansas while James Sinegal, the CEO of Costco Wholesale attended San Diego City College.

Therefore, the first way to manage you college costs is to attend a public college, generally a campus of your state university system. I know: that just might not sound so exotic when you are discussing the topic with family and friends. But it is important to realize that exotic costs bigger bucks.

Second, if you truly want to minimize costs yet obtain a diploma, the most cost-effective road would be to earn your first 60 credit hours (years one and two) at a local community college, then transfer to a public state university school for your final 60 hours (years three and four). Even attending community college for one year would represent an enormous reduction in college costs.

There would no doubt need to be some initial homework to determine which community college credits would be transferable upon matriculation at a state school. You might even have to do some negotiating, but many of the mundane course requirements of any degree program could certainly be addressed at a community college. And if you find a course will not transfer, don’t take it. Save your funds for later. All total, with a little effort you could knock off more than a year’s worth of the higher-priced tuition costs.

Step Two – Reducing Credit Hour Costs

The second way to dramatically decrease your college costs is to reduce the number of credits you must pay for at the required tuition rate. There are almost an unlimited number of ways to reduce the number of credits that you must shell out funds for, but a good many of them must be accessed while you are still in high school.

For example, taking Advanced Placement courses can result in potential college credit. Such courses are often available at your local high school either by direct instruction or through the school in online format.

Students gain access to college-level curricula and upon completion of the material may take an exam to determine mastery. Passing that exam can provide college credit at a large number of colleges across the country.

Students may also take the College-Level Examination Program® (CLEP) tests in 34 different subject areas. These exams, at $72.00 per test, can provide anywhere from 3-12 credits at certain colleges at a fraction of the cost.

Today, many local colleges also offer courses to high school students in their area free of charge (referred to as early college). Again, given the cost per credit hour, students should investigate such options extensively and take advantage of what is available.

In all instances, including the possibility of seeking life experience credit for a work portfolio, the key is to do one’s homework up front. That means sitting down with college officials to review what credits the school will accept when a student does enter that respective institution.

For example, some schools will not accept AP classes whatsoever. Others will allow credit only provided students score a four or five on the exam (even though a three is considered a passing score).

While in college, another very distinct option to reducing credit-costs is referred to as the co-op or internship experience. Here again, the concept is dependent on the school one attends.

Co-op and internships provide students practical learning skills in a specific field through the use of work placements. In such programs, students may receive either pay or course credit for their time. If the experience is in your field of study, the work-related insight one gains is incredibly valid for one’s future career.

At the same time, many such experiences also offer college credit when students combine the proper reflection and academic review to the work experience. In certain instances, these experiences serve as a triple benefit, providing some cash to help pay the bills, some college credits to reduce the number that must be paid for, and even the possibility of potential job placement opportunities that can form as a result of the connections one makes while performing their service.

Reducing Miscellaneous Expenses

In addition to the tuition costs, students face a number of other related expenses while working towards that diploma. Such costs include room and board, books and supplies, and travel expenses.

The bottom line is these costs cannot be categorized as mere incidentals, certainly not when repeated over a four-year period. Once a school is chosen, tuition costs are set but students still have decisions that can greatly reduce the incidentals that accompany tuition costs.

Step Three – Eliminate the Room and Board

One way to reduce your four year college outlay is to rethink the idea of room and board. While many cringe at the thought, it is imperative that students understand the current going rate for room and board is now $8,193 at public colleges and considerably more at some private, elite schools.

Examine that number carefully – it is more than the average cost of tuition at four-year public schools. And it is more than triple the average tuition costs at a two-year community college.

Now spread that out over four years – a total of more than $30,000!

The simplest way to reduce this expense is to live at home. Such a decision becomes a possibility if you consider the community college/state university combined four-year plan we mentioned earlier. It certainly becomes viable if you consider community college for the first two years at a minimum.

If your home residence is simply too far away, you also need to carefully assess the school rates for both the housing and the meal aspects.

It could well be far cheaper to lease an apartment or house, especially if you can find others to share that cost.

In regards to meals, most school plans represent a significant cost per meal. In addition, missed meals seldom produce anything in the way of refunds if you do not access them. So when purchasing any meal plan, be sure it is a plan you will access.

There is no doubt that living at home limits one of the indirect benefits of college, the activities available and the connections made on-campus. To obtain those experiences, students will have to work harder at this element. But the experiences are available to all students, even if you are not residing on campus.

Step Four – Distance Learning Courses

Once available primarily at for-profit institutions, online learning is now available at a multitude of schools including state university systems. Completing one or a number of online courses can greatly impact your miscellaneous expenses.

We noted earlier the need to take into consideration fees when calculating tuition costs. Online courses often allow students to be exempt from a number of facility and campus-related fees such as student activity, campus access and technology fees. At one Florida school that lists tuition costs as $50.00 per credit hour for in-state students, those costs move to $150.00 per credit hour when all the fees are factored in.

In addition to potentially eliminating these on-campus fees, online courses also eliminate travel expenses and room and board entirely. They also can be a key component of our final savings step.

Step Five – College in 3.5 or 3.0 Years

While tuition costs are per credit hour and programs mandate a specific number of credits, miscellaneous expenses occur each semester. So one of the simplest ways to reduce total outlays is to reduce the number of semesters you are at school.

That reduction can of course come from the aforementioned reduction of credits needed. It is for this reason that AP courses, CLEP tests, Co-Op programs and Internships compound your savings, reducing costs at both levels.

But it can also come from taking additional courses each semester. Taking one extra course, either via online methods or simply taking another traditional class, for just five semesters will reduce your program from 4 to 3.5 years. Taking two online courses each summer and one extra traditional class each semester could reduce your college program to 3 years. Prerequisites can make this a challenge but with a little effort you can reduce the standard four-year program.

Remember, such steps would carry tuition costs per credit hour, but they would greatly reduce the costs of room and board and those incidental traveling expenses associated with attending school.

Control Your Expenses and Earn Your Degree

While costs are growing substantially, it is important for students to know that out-of-pocket costs have trended down in recent years. In fact, while tuition and fees have risen as much as 20% since 2004, the average net price of college has dropped over the last few years.

The reason is the greater availability of grants, financial assistance and tax benefits.

Of course such developments make it all the more enticing to consider our steps to cutting the costs of college. According to a recent Time article, the increased aid development means that the “average student at a two-year college or university pays nothing in tuition and fees and collects about $500 toward living expenses.”

Of course, marketing is what drives the business world – if you package your product well enough, people will seek to acquire that product at all costs.

Generally speaking, all colleges have taken advantage of this concept. But some, specifically those elite private schools, have done so to the extreme.

The result is far too many students are being enticed, taking on ridiculous levels of debt as they attempt to obtain a diploma from a school they simply cannot afford. It is time that students, as well as their parents, went back to the old school adage, finding a quality product at a price they can afford.

With a little work and a certain level of sacrifice, students can earn that coveted diploma without mortgaging their entire future in the process.

It was with a great deal of disappointment that we read the recent Tracy Jan post at the Boston Globe. With colleges cutting services and programs in the midst of an economic meltdown of epic proportions, Jan decided to do a little investigative reporting regarding a rather touchy subject.

In “Strapped Colleges Keep Leaders in Luxury,” Jan examines the current housing arrangements of a number of Boston area college presidents. The descriptors she uses to describe the residences certainly contrasted vividly with the non-stop news of employee layoffs, program cuts and tuition increases.

Opulence Reigns Supreme

Jan refers to MIT president Susan Hockfield’s home as a “stone mansion,” a luxurious beauty with wonderful views of the Charles River and its nonstop parade of sailboats moving up and down the waterway.

In the case of Northeastern president Joseph Aoun, it was a mammoth “five-story brick town house” featuring 9,000-square-feet and 7.5 bathrooms. It too had a location to die for, sitting just across the street from Boston Common.

Jan notes that these two leaders are not alone in their good fortune, that their “counterparts at other private colleges reside in luxury as well, many on centuries-old estates surrounded by well-tended gardens and lawns cared for by loyal staffs.”

But it was interesting to note the response of the schools when Jan sought to visit some of these residences. Only Wellesley president Kim Bottomly was willing to allow a Globe reporter and photographer to get an inside glimpse of one of these palatial homes (Jan notes Bottomly’s bedroom overlooking Lake Waban and speaks of at least two servants at the president’s disposal).

Jan is nothing short of realistic when she speaks of an opulence that stands in stark contrast to the current mood on campuses.

The “homes, many provided by universities as part of their presidents’ compensation, are the ultimate perk in this college-rich region, but one that increasingly appears to represent a bygone era.

“While the houses often serve an important ceremonial role and it is questionable how much money could be saved by their elimination, the very mention of them has elicited low-level grumbling on campuses and anxiety among university officials over the Globe’s request to tour them.”

Not a Simple Issue

Jan is right. It is truly debatable as to what savings might be available but the contrast with the current situation of others who work on campus is reminiscent of the blindness of those firms on Wall Street, especially those awarding bonuses just after being given a government bailout.

And the fact that most declined to allow the homes to be viewed added to the feelings that college leaders were out of touch regarding this issue. In fact, the answers used reeked of amazing ambivalence. According to Jan, school spokespeople indicated the presidents at MIT and Harvard simply were “not around” while their counterparts at Tufts and Boston University “should be afforded a measure of privacy.”

Those same spokespeople also attempted to put a positive spin on what others would categorize as a tad excessive, insisting that the homes served as a space for entertaining luminaries, hosting visiting dignitaries and wealthy donors, and even welcome students and neighbors.

Given this amazing perk, it is easy to see why so many have suggested that “presidents could take a pay cut to reflect the free housing they’re receiving.” Certainly, given the current college fiscal environment, one might expect schools to take a look at the cost basis for these buildings and the salaries of college presidents.

As tuition soars, in many cases beyond the means of the average student, more and more reporters will be placing pressure on schools to examine what might be deemed excesses. If schools are to handle that pressure, they will need to think twice about limiting access.

It sends the wrong message and only reinforces a view that colleges remain ambivalent to the cost concerns of the average student.

When it comes to graduation events, most of the media focus the past couple of weeks has been on President Obama’s appearance at Notre Dame. The decision of school officials to invite the president to deliver the commencement address and award him an honorary degree was clearly not sitting well with many Catholics.

Given the president’s views on abortion, protesters have been reportedly out in great numbers. In addition, one person set to be honored offered the greatest of protests as she opted to decline a prestigious award.

Less Media Coverage

Lost amidst the hoopla was a mind-numbing story from another prestigious college, Morehouse in Atlanta, Georgia. In yet another of those situations where the term justice seems to have totally taken a hiatus, about 500 students were set to graduate without such protests.

This despite the fact that one perpetrator, Joshua Brandon Norris, was graduating and his victim, Rashad Johnson was not.

The back story represents one of the more troubling tales we have read about in years. Norris was graduating despite the fact that he had shot Johnson three times.

That’s correct. Norris had pulled a gun on Johnson in an altercation outside a night club in 2007. A scuffle ensued and Norris shot Johnson three times.

The Plea Deal

Facing one count of aggravated assault with a deadly weapon and second count for possession of a firearm during the commission of a felony, Norris attended a court hearing in January. There he was offered the plea deal by the prosecutor.

Norris pleaded no contest to the first count and the second charge was dropped. He ultimately received six years of probation, a $1,000 fine and 240 hours of community service.

Somehow, the incredible plea deal was also accepted by the presiding judge.

And since he avoided any jail time (he faced up to 20 years), he was able to remain in school to complete his degree. In fact, the plea deal mandated that he remain in college and complete his college degree.

Not a School Issue

Understandably, Johnson and his family were astonished to learn of the deal. Johnson, one bullet still in his left leg, had left Atlanta and gone home to California to be with his mom and to recover from his injuries.

Fahizah Johnson, the victim’s mom, took issue with the school.

“I am so disappointed because Morehouse has been an institution in my family for three generations,” she told CNN. “This guy shot my son three times, and he’s still in school? He’s still a student with other students?”

While CNN also seems to take exception to the actions of Morehouse, the school is not at fault. The incident took place off school grounds and the legal verdict essentially mandated that Norris attend school.

Therefore, there was simply no recourse for the school. Refusing to let Norris return to school would not have been legally supportable regardless of the actions he took.

The issue was an appalling set of decisions by the prosecutor in the case.

No Longer a Morehouse Man

According to CNN the prosecutor of the case has since resigned. His boss insists he would have been fired had he not quit.

Little has been said about the judge’s role.

The one step Johnson can take is to separate himself from the school and the city. Despite the school being a longstanding family tradition, Johnson has done just that.

He is now attending Sacramento City College and plans to attend law school after he graduates in 2011.

While we understand the general idea behind the stimulus package and its ability to jump-start the economy, it is easy to see why so many folks are turned off. Items like the $4 million in Pentagon work awarded to Murtech, another of those no-bid contracts that went to the company owned by Robert C. Murtha Jr., 49, the nephew of Rep. John P. Murtha, certainly raise a stink.

For those who do not know, John Murtha is the Pennsylvania Democrat who just so happens to be the chairman of the House Appropriations defense subcommittee. What is most troubling is that at the same time another $150 million in stimulus money has been given to build and maintain an airport in rural Pennsylvania, yes the John Murtha airport.

Just how does stuff like this happen?

Car Voucher, Yet Another Stimulus Option

In recent days we have heard about the renewed push for a government voucher to help citizens purchase a new, fuel-efficient automobile. Like the initial response to the stimulus package, there appears to be support out of the gate for the proposal.

The current idea centers upon a $4,500 voucher that can be used by people to trade an older, nearly worthless gas guzzling auto for a new, fuel-efficient vehicle. The value of the voucher would theoretically be dependent on the differentials in gas mileage between your current vehicle, one that must be at least eight years old, and that of the newer option.

Hypothetically, trading your 18 miles per gallon clunker for a new vehicle that offers 22 miles to the gallon might get you $3,000 say, while trading for one that yields 28 miles per gallon would result in the voucher being worth the full $4,500. The goal seemingly is to max the coupon only when a 10 mpg difference is created.

Supposedly, the plan involves a separate set of numbers for SUVs (5 mpg increase to max the voucher), light-duty trucks (2 mpg increase) and work trucks.

According to the latest gossip, there appears to be great support for some type of voucher plan in Congress. The specific dollar values and respective goals seem to be the debate, not the concept itself.

Proponents indicate the program would create a strong jolt to the economy. First and foremost, it gives individual citizens an incentive to help meet the president’s goal of reducing our dependence on foreign oil. Second, if limited to the purchase of American autos, it could be just the catalyst to jump-start the moribund auto industry. Lastly, it would seem to help the hardest-hit Americans the most if the voucher could only be used for vehicles eight years and older.

In addition, European car sales are reportedly benefiting from such plans. According to at least one report, the idea has increased sales globally by about 400,000 vehicles.

Key Sticking Points

One of the key sticking points of course centers upon potential restrictions. For example, restricting the voucher to American cars only would bring on cries of protectionism yet the supporting rationale for some is that it must help the American auto industry as well as the consumer.

Another is the voucher could prove expensive to the government if large numbers of people took advantage of the program. Of course, many people insist that would be a better use of taxpayer dollars as it would be helping the consumer even as it is helping the automakers, something we are doing already.

A third concern is that the process could re-institute a borrowing craze as folks who could not truly afford a new vehicle utilize the voucher but end up now having monthly payments once again.
In fact, for some folks, it would make far more sense for them to trade up to a newer, fuel-efficient, used option instead.

But now that the stimulus genie is out of the bottle, there will no doubt be constant pushes for options that will jump-start the economy. The auto voucher seems to be one that is garnering significant support.

With the expense of a college education continuing to be a major challenge, students would do well to consider one of the many tuition-free colleges available.

For those students with a real interest in service and character education, tuition-free Alice Lloyd College in Pippa Passes, Ky., represents an exceptionally affordable educational option.

Educating the Whole Person

Founded by Alice Spencer Geddes Lloyd, a former publisher and editor of The Cambridge Press, the school is known for programming that transcends academics. With the help of June Buchanan, Caney Junior College was created in 1923 with a focus on preparing students for roles of leadership and service.

School programming was and remains designed to develop students’ lives “spiritually, intellectually, socially, and physically.” The school features the Caney Convocation Series, a special leadership course required of freshmen students, and continuously seeks to integrate Christian principles into all aspects of campus life.

Set in Eastern Kentucky, Alice Lloyd, also known as Leadership U., has been the source for a brighter future for the people of Appalachia. In fact, its emphasis on character and service come in great part because of the school’s location and the needs of the people in that area.

Admission Criteria Based on More than Academics

The school’s academic admission criteria would not categorize the school as selective. Reserving its right to consider various criteria in addition to academics, the school requires only that freshmen score either a 17 on the ACT or obtain a 430 Verbal score and a 400 math score on the SAT, and have a minimum 2.25 GPA in high school. The school will even consider students without a high school diploma as long as other specific criteria are met.

In addition, the college insists it has never turned away a student because of financial need. Beginning with its initial foundation in 1923, the school was home to “penniless students” who “provided what they could in exchange for their education.”

Many of those students were in fact responsible for constructing some of the campus buildings still in use. Today, that tradition continues in the form of the student work program.

Fully accredited as a four-year college in 1980, ALC is one of just eight work colleges in America. The importance of work ethic began with Lloyd and remains a critical component of the school environment.

All full-time students must work at least 10 hours per week at the school to be eligible to graduate from ALC. However, in return for their service, each student receives free tuition to the school.

Students in need of additional funding support to help pay for room and board may request to work up to 15 hours per week during the school year or additional opportunities over the summer months. Work options include tutoring fellow students, working in the school kitchen, secretarial and maintenance.

Ultimately, instead of paying other adults to handle these responsibilities, the school prides itself in investing its money in its students. The school in turn believes that these work experiences are fundamental to helping students develop their leadership skills.

Cost Effective, Rewarding Academic Options

Since 1980, hundreds of students have earned baccalaureate degrees at Alice Lloyd, doing so at little or no personal financial cost. Despite being home to only 500-600 students, the school’s degree options are quite varied in number.

Bachelor of Arts Degree programs exist in Business Administration, Interdisciplinary Studies, English and History as well as in numerous teaching areas (elementary, middle school, and Physical, English and Social Studies Education). Bachelor of Science degrees are available in Biology and Physical Science as well as a Biological Science Education program for teachers at the middle and high school level.

The school offers minors in Chemistry, Biology, Computer Information, Mathematics, Accounting and Sociology and a number of pre-professional programs in Dentistry, Engineering, Law, Medicine, Optometry, Pharmacy, Physical Therapy and Veterinary Medicine.

And as for its attempts to control student debt loads, the school receives very high marks. Alice Lloyd College has been named by US News&World Report as one of America’s top colleges for graduating students with the least amount of debt.

Flickr photos courtesy of blueathena.

With college costs soaring, budget-conscious students owe it to themselves and their families to give careful consideration to one of the tuition-free college programs currently available.

Last week we featured Cooper Union in downtown Manhattan, an extremely selective school with a storied history. Today we head to Appalachia to look at another tuition-free option with an equally storied history, Berea College.

First Interracial School in the South
Founded in 1855 by the Reverend John Fee, Berea was the very first interracial and coed college in the South. Significantly ahead of its time, the school actually reverted to serving only white students when the Kentucky Legislature passed a law in 1904 prohibiting school integration.

The school, located in the town of Berea 35 miles south of Lexington, remained all-white until 1950 when the law was amended. At that time Berea immediately returned to its initial commitment and became the first school in Kentucky to again admit African-Americans.

A large endowment allows the school to provide every student a full-tuition scholarship currently valued at $23,000 per year. As with most tuition free colleges, students are responsible for room and board, fees and miscellaneous expenses estimated at $7,500 per year. Those fees include a technology fee related to the school’s one-to-one computing laptop initiative.

Admitted students must demonstrate two key characteristics: the ability to meet high academic standards and have limited economic resources. The largest percentage of students are from Appalachia (73%) but those currently attending Berea, some 1500 plus students in total, come from 40 states and more than 60 countries. Approximately one third of the student body is from an ethnic minority.

Those who attend Berea are also required to work at least 10 hours a week in one of 130 distinct work areas. That requirement is designed to develop an appreciation for the dignity and utility of labor and to help students gain valuable job experience.

The immersion in a work-study program also enables each student to limit their need for borrowing to earn that coveted diploma. Traditionally, Berea graduates rank near the top nationally as being among the least-indebted students in America.

Liberal Arts Focus
The school’s web site notes that the core of Berea’s general studies program “is required of all students, is distinctly liberal arts in nature, and that the liberal arts pervade the design of the College’s pedagogy and curriculum.”

Often ranked as one of the South’s finest regional liberal arts colleges, the school offers undergraduate academic programs leading to Bachelor of Arts and Bachelor of Science degrees in 28 fields including 14 teacher education programs.

The school also is known for its Christian character. It is a philosophy that hearkens back to the school’s interracial roots and prominently features the college’s motto; “God has made of one blood all peoples of the Earth.”

Offering a nationally recognized service-learning program and internships/co-op options, Berea presents budget-conscious, financially-needy students a unique, well-rounded educational opportunity.

Flickr photos courtesy of Glenn E. Malone and Blueathena7.

In today’s challenging economy, every student would do well to consider a tuition-free college. In the case of tiny Cooper Union, high-achievers interested in art, architecture or engineering have just such an option.

Believing that a high-quality education should be free, Peter Cooper founded the school in 1858. Housed in Manhattan, CU is one of the most selective schools in the country.

The smallish school is home to 900 plus students. About half are in the Albert Nerken School of Engineering with another 40% divided between the “Irwin S. Chanin School of Architecture” and the School of Art. CU also has a very small number of graduate students in the fields of architecture and engineering.

Roughly 220 students form the freshman class at Cooper Union each year. They are selected from nearly 3,000 applicants with the greatest selectivity coming in the colleges of architecture and art. That 8% selection rate ranks them as selective as any school including Harvard.

Though tuition-free, the school estimates that students will need about $19,000 per year for fees and living expenses. Those costs are broken out as follows: mandatory student fees of about $1,600 per year, room and board at about $14,000, books and supplies at about $1,000-1,800, and other general living expenses totaling about $2,000-3,000 per year. Students must also prove they have medical insurance coverage or they must purchase the school’s health insurance services fee of $1,629/year.

Still, with a current yearly tuition valued at $33,000, those who attend CU for four years receive more than $130,000 in total tuition savings.

Interesting Focus

While the school offers a very limited menu of major options, the course of studies is not so limited. In fact, students must take core courses in the humanities and social sciences, requirements that give the school a bit of a liberal arts flavor.

Another critical component of the school is the opportunity for students to obtain hands-on experience within the city. Students have access to a number of city agencies and cultural institutions as well as the opportunity to gain valuable experience within one of the offices or studios of the many professionals who live and work in New York.

The grounds of Cooper Union are also steeped in tradition. Abraham Lincoln delivered a speech outlining his views on slavery on the Great Hall on the CU campus. Since that time, Ulysses S. Grant, Grover Cleveland, William Taft, Bill Clinton and Barack Obama have spoken there as well.

And in 1866, Mark Twain made his debut on the East Coast with a lecture in the same hall at the school.

Flickr photos courtesy of Watz and Rollingrck.

High school students looking to learn more about the college application, admissions and choice process have a great upcoming opportunity next month.

CollegeWeekLive, the world’s biggest virtual college fair, has been set for March 25th and 26th. Featuring more than 250 colleges and universities from around the world, the annual event is expected to see as many as 28,000 attendees.

What makes CollegeWeekLive so unique is that it offers all of the standard college fair information that students seek when attending such an event but does so in an online format. Therefore, from one’s home or school computer, a prospective college student has access to a wealth of information in a cost-effective and convenient manner.

The bi-annual event (held each November and March) offers students access to some of the top experts in the field. Virtual fair attendees can watch admissions experts speak on SAT preparation, the application essay process and or how to pay for college. Attendees will also be able to ask various questions via live chats.

The event will also feature virtual booths for the various colleges taking part in the fair. These booths will offer student attendees electronic brochures, videos, webinars, and podcasts related to the school. In addition, students will have the opportunity to real-time Instant Message and/or video chat with admissions counselors and students from those institutions.

As for the specific, potentially-valuable presentations for students March 25th offers:

• How to Go to College in a Tough Economy – Dr. Katherine Cohen, Author, President of Applewise
• Perspective From the Admissions Office – An Admissions Office Panel featuring Dr. Patricia Peek, Fordham and Gil Rogers, U of New Haven
• How to Prepare for and Take the ACT – Andrea “Rae” Jones, ACT
• Getting Into College Support – Amy Newmark, Editor Chicken Soup For the Soul: Teens Talk Getting into College
• Being a Student Athlete – National Collegiate Scouting Association Counselor Lisa Strasman and Carla Pentimone
• Federal Financial Aid and the FAFSA Form – Department of Education
• Understanding the GI Bill – Patrick Campbell, Chief Legislative Counsel, Iraq and Afghanistan Veterans of America

On the second day, March 26th, scheduled topics and presenters include:

• What Matters in College Admissions – Matthew Greene
• Choosing a College – Rob Franek, The Princeton Review
• Mythbusting the SAT – Laurence Bunin, Senior Vice President of the SAT Program, The College Board
• Writing a College Essay – Jaye Fenderson, Author, Seventeen Magazine
• The College Interview and Visit – Bev Taylor, The Ivy Coach
• Attending an International School: The University of Melbourne – Krista Northup, North America Manager, University of Melbourne
• Planning For Paying For College – Angela Nuzzi, NHHEAF
• Sports Scholarships – Dion Wheeler, National Collegiate Scouting Association

More details on the proposed agenda as well as relevant links to some of the presenters are available on the CollegeWeekLive agenda page.

Though the program should be extremely worthwhile, as an added incentive to folks, College WeekLive will be giving away a brand new 13-inch aluminum MacBook to one lucky attendee of the fair! . There is a video contest and the chance to win a $2,500 scholarship to the college of your choice.

And if you attended the November CollegeWeekLive and are still a current high school student, you can also complete a survey that will make you eligible to win an iPod Touch or a $300 donation to the charity of your choice. High school seniors will find the link to their survey here while underclassmen will find a separate survey at this location.

In our prior post, we took students on a walk through some key components of personal finance. Our focus was on “good” debt (loans for college) versus “bad” debt (credit card debt) and what loans to consider, all with the idea of minimizing the debt students accrue while in college.

Today we spend some time with Kai Davis, a senior at the University of Oregon, who will graduate this spring with zero debt. Majoring in Economics and minoring in Business Administration, the Eugene, Oregon native offers readers some great insight into how to manage one’s personal finances.

To provide students a thorough look at how Kai has managed to earn a degree debt-free, we present our discussion with him in question and answer format.

As a freshman, did you make it a goal to graduate with zero debt?

No, it wasn’t ever a plan, but I was able to achieve it. I’ve always felt that having a smaller goal like minimizing my debt would be better than a hard and fast rule of no debt. I’ve found that I’ve made the biggest impact on my savings when I’ve adopted a few small rules. I only carry a credit card with me to earn rewards points and fill up my gas tank (I earn 5% back when I use my Chase Visa at a BP gas station). Instead I carry a small amount of cash with me. When I have the impulse to make a larger purchase I wait a few days, assess the need, check my budget, and see if I can afford it. I always want to make my purchase fully aware of costs beyond the price tag.

I think that understanding how to manage your money intelligently and aggressively is the most important skill that students can leave college with. A degree shows that you have the drive, intelligence, and ambition to complete 4 years of course work. It doesn’t give you a job in that field or even the desire for a job in that field. But understanding how to manage your finances is a skill that stays with you for life.

So, graduating without debt isn’t the skill to focus on. Graduating with the ability to understand personal finance is.

Everyone talks about the rising costs of college and how students today have to borrow money to be able to pay for school. How have you been able to graduate with no personal debt?

I was already planning on attending the University of Oregon due to its strong business program. I was able to save quite a bit of money by living at home for the first 3 years of college. I’ve worked 20-30 hours each week throughout college, either at work-study jobs or on start-ups with friends. I’ve found that spending a lot of time working during college doesn’t have to come at the cost of academic success. Rather, spending a good amount of time working during college has given me the ability to triage assignments by importance and complete my academic work in the minimum amount of time.

So your choice of school was critical to your current situation?

No, not at all. I’m lucky that the University of Oregon offered a strong Business Administration major and is an in-state school, so tuition was cheaper, but I’m fairly sure that any industrious student can manage their finances well in college if they take the time to learn the system.

Are there any other steps you have taken to earn additional money?

I’ve always worked on campus in work-study jobs. Its great for networking, learning new skills, and earning money while in college. I’ve also taken recent aggressive steps to manage my money by taking advantage of high interest savings and checking accounts. I switched from a bank paying me 1/10th of a percent interest annually to a bank paying 3.8% annually. If you’re committed to saving, the money quickly ads up.

Can you talk a little bit about credit cards and how you have managed to remain on top of credit card debt?

As a college student you’re existing on a small budget and lines of credit from the school and banks. Let’s say you spend your budget quicker than you anticipated and are left with only your credit card for the month. Every purchase you make on the credit card ends up costing you more to pay it back. I’m not saying don’t make purchases on your credit card – I often do – but be mindful of how long it will take you to pay it back. When I hit the cap on my monthly budget, the first thing I do is assess which planned purchases I can cut back on. I’d much rather go without seeing a movie than having to pay that purchase back plus interest. While seeing a movie might be with $7 cash out of pocket, it isn’t worth $7 + compounded interest on a credit card.

So you would recommend that students set up a budget?

When I first moved out, I set a budget to plan out exactly how much I’d spend on food, utilities, gas, everything. I quickly found out that a budget often serves more as a sketch for spending than the actual spending. Some months I spend more on food than I anticipated, some months I spend much less. I use a budget to figure out how much I think I’ll be spending on average, and then use the final budget total for my monthly planning. If at the end of the month I’ve only spent 90% of my budget, I take a look at what I thought I’d be buying compared to what I did buy and see if I can trim my monthly estimate. More often than not I’ll treat myself with the unexpected windfall or deposit some money into savings. Establishing a budget so you have a general idea of what you’ll be spending in a month is much more important than nailing down the exact values you’ll be spending.

Have you made it a point to focus in on your credit rating?

I think understanding how to use credit is as important as your degree. A horrible credit rating can harm you for a few years, but it doesn’t have to be the end of the world if you rebuild your rating. If you graduate college with bad credit, you have years to repair the credit before you start making those big purchases: a car, a house, a boat. One of my close friends graduated college without a credit rating. He was able to pay for his degree out of pocket and never bothered to open a credit card. By the time he was 26 he had a nice savings account – $50,000 or so. He decided to buy a house and let his savings appreciate there. He found a nice house at a wonderful price and went to talk to the bank about a loan and was turned down. Because he had no credit rating the bank saw him as too much of a risk and wouldn’t issue him a loan.

So is a credit standing as important as a degree?

Earning a degree elevates your standing in the eyes of potential employers just as a high credit rating helps you get credit to make those larger purchases. If you don’t know how to use your degree to effectively position yourself and get a job you want you won’t have as much success during your job search. Understanding how to manage a credit rating – even a bad one! – is one of the most important lessons you can learn in college.

Credit cards and student loans are not free money. Its very easy to think that you’ll just charge purchases to your credit card, make the minimum payment a few times, and be debt free in a few months, but it doesn’t work like that.

What are your thoughts about the importance of saving?

Learning to save now prevents problems later. If a student leaves college not knowing how to manage their money, how much will their lose before they learn how to save? If you leave college understanding the importance of having a check account, setting a monthly budget, eyeballing spending in certain areas relative to your income, shopping around for the highest interest rate on your accounts, and getting a credit card with rewards or cash back and paying it down quickly, you’ll be in great shape to manage your finances.

If you had the chance to offer an incoming freshman advice on personal finance, what would be the two or three things you would most emphasize with him or her?

I’d let them know that they don’t need to lose sleep over their finances. Yes, its an important thing to manage, but if you’re smart about paying your bills and keep to a schedule you’ll be fine. College is stressful enough without worrying that you won’t have enough liquidity come graduation. Take college one day at a time, try to avoid using a credit card unless it’s a purchase you know you can afford to pay off over time, and stay happy. At the end of the day, managing finances intelligently isn’t something you have to do perfectly, but just taking the time to read the fine print and understanding how to save and spend intelligently will make a large difference.

Flickr photos courtesy of Andres Rueda, TheTruthAbout and Eliane.

In today’s tough economic times, state universities are receiving a more thorough look from students who are searching for a quality program at an affordable price.

If you are one of the individuals looking at this option, one concern could be the sheer physical size of the school and the equally large numbers of students on state campuses. However, even if you are thinking of a small liberal arts college option, you might be surprised to learn that such focused study is likely available at your state university in the form of an Honors College.

James Madison Honors College

Featuring numerous study abroad programs and dual major options, James Madison Honors College first year students follow a common curriculum including two Madison courses: a year-long Writing course and a yearlong introductory course on Public Affairs. Under the auspices of Michigan State University, Madison offers students courses with as few as eight students and major options such as International Relations, Political Theory and Constitutional Democracy, Social Relations, and Comparative Cultures and Politics.

However, students attending James Madison utilize the same admissions procedures and pay the same costs as students attending Michigan State University. Still the school has featured a number of Rhodes, Marshall, Truman and Fulbright Scholars and graduates seeking a higher degree at such prestigious institutions as Harvard, Yale, the University of Chicago, Stanford, Georgetown, Cornell, Columbia, Duke, and the London School of Economics.

Lauren E. Youngdahl, a 2004 graduate of the James Madison Honors College, indicates that the choice of JM represented a chance to experience the best college atmosphere possible.

“The appeal of James Madison was it was a ’small’ college within a ‘big’ university,” explains Youngdahl. “So I could have, in my opinion, the best of both worlds.”

Her desire for a strong liberal arts background, one that focused on analytical thinking and writing was a key factor in her selection of James Madison.

From the small class sizes to the highly esteemed faculty members who are experts in their fields (no TA’s), the program delivered. She also noted the impact of high expectations of the professors regarding student work. Adding to the challenges were highly-motivated classmates, individuals who also pushed the work standards.

“I quickly learned there was no ’skating’ by,” states Youngdahl. “And hard work was given a new definition.”

For her studies, Youngdahl was able to pursue several interests.

“I had interest in the International Relations major,” she explains. “I paired that with a Marketing degree from the Eli Broad Business School, something that was not available in any other program at MSU.”

Two other critical components of the program, the field experience and senior thesis also were key for the graduate.

“I played golf at MSU, so the best way to accommodate both my academics and athletics was to work as the Assistant Tournament Director for the Golf Association of Michigan,” states Youngdahl of her field experience. ”I would say a majority of my classmates did internships with legislators, attorneys, etc. – which many of them then became.”

“And, my senior year I had a class that was dedicated solely to writing a thesis. The subject was on the evolution of Asia as a world leader; and I did my paper on the Japanese automakers and their rise to success in the United States.”

The Honors College at the University of Maine

The Honors Program at the University of Maine is one of the oldest in the United States, having begun in the early 1930s within the College of Arts and Sciences. At that time, there were believed to be no more than a half a dozen such programs for undergraduates in the country.

Becoming a full-fledged college in 2002, The Honors College at the University of Maine is home to approximately 650 students. As with James Madison, its smallness is demonstrated by a fundamental commitment to investigate diverse academic areas and challenge students in a supportive intellectual environment, using a process that seeks always to engage fellow students and enthusiastic, distinguished faculty in thoughtful, provocative discussions.

The program features first- and second-year preceptorials, third-year tutorials, and like Madison culminates with a thesis. Its students also demonstrate a lengthy track record of success, being named Cooke Fellows along with Goldwater, Udall, and Smith Scholars.

Rachel Groenhout, now a graduate student in the Netherlands offers similar thoughts regarding her Honors College experience at the University of Maine in Orono right down to the reading and writing focus.

“I was invited to the Honors College at my University in the summer before freshman year,” explains the 2004 graduate. “I decided to give it a try because I would be able to take Honors Courses that would satisfy general education requirements that might otherwise be done through College English, Psychology, etc.

“The special Honors Sections featured a small class size (about 15 students) and a more active student experience: reading, discussing in class and weekly or monthly papers,” she adds. “This appealed to me far more than attending class in a lecture hall and only studying for a midterm and a final exam without doing anything in between.”

Similar expectations at Maine also had students completing some type of thesis senior year to earn their honors degree. The French major presented her research by authoring the work in that language.

“This was unquestionably the formative experience of my undergraduate career. For students going on to grad school, completing a first thesis with the supervision and the support of the Honors College staff is the ultimate preparation for more autonomous research work in graduate school.”

However, Groenhout insists those students with no initial interest in graduate study will also receive enormous benefit from the experiences.

“For those who don’t go on to graduate school, you’ll still have the satisfaction of having once written an academic publication. My master thesis is underway at the moment…and will probably be better than my Honors thesis…but I think no other thesis or dissertation will ever capture my heart and soul the way that the first one did.”

Groenhout offers one other caveat that students may well want to consider.

“In a time when more and more people are graduating from college, and grades are notoriously inflated, having completed an Honors degree gives your transcript and resume a little something extra,” she notes. “Whether you do it for personal satisfaction or to remain competitive on the job market, Honors is a win-win opportunity.”

The Economic Factor
Professor Charlie Slavin, the Dean of the Maine Honors College, indicates that interest is up in the college. However, he is not certain that all of the increase comes because of the fiscal issues facing students currently.

“As for now, it’s hard to say,” states Slavin. “We seem to have had a great deal of interest over the past year in the Honors College, but, again, there might be many reasons. We’ll probably know soon whether the current financial crisis causes precipitous changes in demand for or interest in the College.”

Still, there is little doubt that the Honors option is seen as a quality program that also carries with it great affordability. That concept is especially important to students who desire to continue on to graduate school.

“We always have anecdotal stories of students,” continues Slavin, “of those who enter with an eye already on professional schools (law, medicine). They want to be able to finish their undergraduate experience (more or less) debt-free while still having the credentials to compete well for graduate school acceptances. They know they will incur debt during that training.”

And as for why the experience of Honors College is so meaningful to so many students, Slavin offers his assessment.

“Our Honors Curriculum includes a major interdisciplinary core component that requires all of our students, regardless of their majors, to take intellectual risks,” states Slavin. “They are engaged in challenging academic inquiry outside their disciplines. I often refer to our engineers reading Plato and our artists studying the philosophy of quantum mechanics. This is the key to the honors concept.”

Honors Worthy of Consideration

In a Time magazine article from 2006, writer Nathan Thornburgh offered an assessment and rationale for considering state university honors colleges.

First, it may well be harder than ever to get into an Ivy League, but in presenting his eight strategies for kids and parents to use to find happiness beyond the ranks of the traditional elite schools, Thornburgh offers:

“Take the Honors Route – Big state schools trying to attract top students are increasingly establishing honors colleges. These schools within schools often feel like cloistered liberal-arts colleges but still have access to the superior resources of a large research university.”

For those who also love the athletic environment that a school can provide, Thornburgh adds:

“Another upside is that while you’re getting a more personalized education, you still have the chance to watch your school win a football game every once in a while.”

Slavin offers a similar assessment.

“It’s common in honors education to talk about ‘liberal arts college experience at a large university.’ I’m always a bit hesitant.

“It’s not the same, nor should it be,” insists Slavin. “Yes, there are some similarities: small classes, integrated curricula, closer personal attention. However, the real strength of our Honors College is the integration of those things with the cutting-edge research, and opportunities for students to be involved in this research, which takes place all across a major research University.”

Setting a New Trend

Cost-conscious students may want to think about bucking the elite trend, perhaps beginning a new pathway that represents a discerning consumer with a bent for both quality and value.

However, those who do so will definitely be in the minority at least for now.

“Our society still values name,” notes Slavin, a Princeton grad. “Regardless of education or credentials, there is an advantage to having a diploma with a certain name.”

Slavin notes the slow process of change.

“This is changing, more and more students from public institutions are winning major national fellowships (Rhodes, Truman, Goldwater, etc.) and getting acceptances to the most elite professional and graduate schools. But it’s hard to change people’s biases.”

Hard maybe, until you talk to students like Youngdahl and Groenhout. Listening to them, state university Honors Colleges appear to offer everything a student could want.

And most important for the cost-conscious student, they do so at a more affordable price.