Harvard Slashes Tuition: NY Times Complains
I knew Harvard was using its funds to drastically increase need-based aid, but I had no idea people were complaining. The NY Times is apparently less optimistic about this than CNN was. While CNN praised this as a great financial burden being lifted off the backs of low and middle-income students with great grades who are headed to Harvard, the NY Times is bothered about potential consequences at other colleges.
The fear, I suppose, is that schools will be more concerned with showing their generosity than with finding the best students. In a worst-case scenario, colleges will be fighting over low-income students, and the brightest minds of the lower class will find themselves in high demand at prestigious schools. How is this a bad thing again?
Harvard is, no doubt, the very model of a successful school. Its alumni are rich and connected, and its foundation’s trust account is enormous. By bringing in the best faculty and providing great facilities, they are setting their graduates up for great success that will come back in the form of alumni donations. Some say Harvard should be free completely to those with the academics to be accepted for enrollment - and it wouldn’t surprise me if this was achieved in a few years at the rate they are going.
More schools should follow Harvard’s lead and work to make university more affordable for its students. The point should be to make it accessible to everyone, not to pick a favorite targeted group.
*Edit: I had referenced a web log called “Wild Upper West” but this site is apparently private now. Since the link didn’t work, I’m removing it..
In State, Out of State?
Jkenny asks about the apparent popularity of in-state colleges among her graduating class: Is it purely financial?
Well, pretty much. The difference between attending an in-state and out-of-state school is even greater than the 300-400% increased tuition. You also have to consider the cost of travel - and if not living on campus, the cost of moving (or buying) furniture. Local colleges & universities also offer the possibility of living at home. I know, I know - that isn’t what high school students are looking forward to, but in a practical sense the money saved there could mean the difference between being able to afford tuition or not.
So when choosing a school, the question of why should be applied first to the more expensive choice. What makes it better? Is the school particularly well-known for the major you want to study? Just because a school has a good general reputation doesn’t mean that the department you want to be in is particularly strong. If one doesn’t even know his/her intended major, it is almost impossible to pick a best school and even makes some sense to just pick the cheapest school until you figure out what you want to study and where to transfer to.
Of course, much of college and the quality of education is what one makes of it. If the student reads extra books outside of class, spends time discussing concepts with the professors during office hours, and joins campus professional groups, they’ll get a lot more out of it than someone who spends more just to get by on the minimum amount of effort.
What Not to Do
Over at Lorla’s Blog, there’s a perfect example of a way you shouldn‘t try to pay for college. Apparently, these two kids thought that the only way they could afford tuition was to steal money! I understand that tuition is incredibly expensive, but its gonna take forever! to pay off a felony theft. At least loans are done in twenty years (lol)
Times may seem desperate, but its never so desperate that you should resort to illegal acts. Stories of easy cash may sound good, but you put yourself and your future in serious danger when you break the law. Coming out of college, no one wants to hire a felon - and even if you don’t get caught now, you will eventually. Many times in an illegal lifestyle, you don’t have to get caught to pay the consequences. Drugs, underage alcohol rings, prostitution, each guarantees to destroy your academic success and ruin your grades. Even if you don’t get caught, this type of lifestyle will probably get you kicked out of school.
That’s if you’re lucky! If you get caught like these kids, you could be facing 20 years in jail! I can’t say I’ve been to jail, but from what I read, that’s a lot worse than making a student loan payment.
Another more mundane temptation is to drop out of school, or “take some time off.” Even if the tuition, fees, and books seem expensive, you have to consider it against the reduced wages you’ll be earning without a degree. And really, once you’re started, its a lot easier to finish it once than try to go back after a break. If things happen out of your control and you have no choice but to take some time off, don’t panic yet. There are even some scholarships for non-traditional students returning to school.
FAFSA
Free Application for Federal Student Aid (FAFSA)
The new year is approaching, and for most college students this is a time for parties, vacation, and travel. In the holiday rush, its easy to get caught up in spending money and not necessarily the time of year that one wants to think about paying next year’s tuition bill. But, if you want to secure some federal funds for your degree, now is the time to act.
This website has all you need to file a FAFSA online. You can apply for a PIN (Identification number), fill out practice reports, and even file your official application. If you have your last paycheck of the year, you can get all your financial data prepared in advance and fly through the process in just an hour or two.
Applications open up on Jan. 1, and many schools operate on a first-come first-served basis. So, the sooner you apply after the 1st, the better your chances of getting financial assistance for school. Even if you don’t think you will qualify for federal aid, its worth filling out the report because other scholarship and grant sources may want to see the data too.
Be careful of websites who offer to file a FAFSA for you, they charge a significant sum and they don’t really provide any service that isn’t already available on the government’s web site for free. The point is, you’re the one who needs money for school, you don’t need to donate to someone else’s business at your own expense. Remember, its the “Free” Application for Federal Student Aid 
Federal and School Financial Aid Might Not Help
Depending on your family’s income and the cost of the school you are attending, you might not be able to qualify for federal and institutional aid. There’s a really good discussion of this over at the TaxProf Blog. Savings count against what you qualify for, unfortunately, and the schools and government will expect you to put up a large portion of what you have available.
If this is the case, consider a more moderately priced school, and apply for merit-based aid through private organizations. Even if you don’t qualify for federal aid, your state government may have a grant program - and at the very least, they offer public four-year universities that can provide a great education value.
If you’re looking at a public college, look at statistics like how many professors they have per student and whether or not most classes are taught by assistants. Many state schools have a few departments that are particularly well-known and selective so its possible to get the prestige of a private school with the cost of a public one. Considered against the interest you might end up paying on a student loan, you’ll be glad you saved that $100,000.
Some politicians in Washington D.C. are looking at the various issues involved with federal financial aid. The primary focus over the last few weeks has been toward increasing grants and reducing student loan interest rates. If college tuition remains an important issue to voters, its possible that we could see more reforms targeting the FAFSA system.
Top Ten Reasons You Need Money for College
I’m sorry, this isn’t actually a top ten list. I promise I’ll write one for you after this contest is over.
Scholarship Experts is offering another scholarship contest this month. To apply, you simply need to register and submit a list of 10 reasons why you need money for college! Entries will be judged on overall quality, so whether you decide to go with something funny or something serious, make sure it stands out and leaves an impression. Creativity is going to be key in a contest like this, because if you think about the first things that come to mind you’ll end up with a list that looks like everyone elses’!
What are you waiting for? While you’re there, complete a profile and browse scholarship results, or get other financial aid help in the expert articles section. They have information online that will help you file a FAFSA, find scholarships, and write a winning essay.
If you’re looking for examples of popular top ten lists, try Digg.com, Listverse.com, and Reddit.com. There are lots of lists on the web, and they’re popular for a lot of reasons. A list of brief ideas is easy to read, avoids unnecessary words, and offers a sense of progression. You could start off with something serious, and work toward something downright silly. Or, you might think up something completely different.
Whatever it is, I’m sure we could all use some money for school. Share your top reasons and share your top wishes and have a chance to have your financial dreams come true!
Blogging Your Way Through School
Megan McArdel brought my attention to another blogging contest that can help students pay for college. This scholarship is worth a whopping $10,000 (!!!) to the best conservative or libertarian blogger currently enrolled in college.
Full details can be found at the America’s Future Foundation. They’re looking for a blog that covers campus events, discovers and breaks news, and demonstrates an influence on campus issues. It doesn’t matter if the blog has multiple authors, so long as each member’s contribution fits a theme and a coherent voice.
If you have a blog, make sure to nominate your site!
If you don’t have a blog yet, this would be at least one more reason (or ten thousand reasons?) to get one!
Here are some other advantages to operating a blog:
- Cheap or free to start
- Collect and save your thoughts & ideas
- Find people who share your interests
- Learn about internet technology, SEO, and internet marketing (high demand jobs here)
- Potential source of income (even without winning an award!)
- If your posts have high quality and focus on topics related to your major or career, it can be a record of your research and proof of your expertise
Maybe blogging isn’t for you - but the trick to getting a free education and a head-start in your career is finding something productive that you enjoy doing. The activity can be a reward in itself, and sometimes it can be a part of something even bigger.
Setting up a blog or other type of website on your own server is really rather easy these days. The host I use, Bluehost, has a Fantatisco script that will install Wordpress in about 5 to 10 minutes. I set up a guide to this process here with pictures: Install Wordpress on Bluehost
Fiction Fans: Its the Harry Potter Scholarship!
I was reading the Scholarships Blog at Enotes and I was reminded of what I’ve thought several times in my financial aid career: There is a scholarship for practically every hobby or demographic I can imagine (and there are thousands I definitely would have never imagined)
At the Common Knowledge Foundation, you can take this Harry Potter Scholarship quiz on the specified dates (plenty of time to hit the bookstore and study-up! If you were looking for a reason to read, here’s a great excuse.) I’m not personally familiar with the Harry Potter books, but they’re part of the culture and they seem to draw a lot of excitement to reading, which is great. No offense to the TV, but it seems to be a drag on vocabulary, writing skills, and creativity. Reading a book for pure enjoyment can also be a good way to break the stress of studying: If you can enjoy a good fiction story, it helps remove some of the negative association that can go along with reading.
This program is another good reminder that students should perform a comprehensive scholarship search at free web sites (review), high school guidance offices, and your college or university’s financial aid department. Also, local Chambers of Commerce will often have information about scholarship programs that the city’s businesses and business leaders are contributing to.
Don’t limit your scholarship search by focusing on a few sources of information. Make sure you look around and compare lists. Its easy to take the first opportunity and run with it, but you need to know all the options before rushing in.
Did I mention this time of year is busy?
Although the next college year isn’t going to start until near the end of next year, THIS is when the financial aid is being decided (well other than FAFSA, which will be open after the New Year). Things at work have been crazy and I haven’t had much time to work on the website right now, so I just want to recommend again that you sign up for multiple scholarship search services. Start looking early and check a lot of sources, because as I’ve mentioned before its impossible for any individual group to have 100% of the information.