In a recent survey published by the Brookings Institute, current college students with student debt were unaware of the exact loan amounts, as well as what they’d eventually repay. At $1.2 Trillion and growing daily, total student debt may be more complicated than we, as a society understand.
Highlights of the findings are below:
- At a public four-year colleges, 24% correctly estimated their student debt within 10%, while 22% overestimated and 54% underestimated it.
- At private colleges, 27% knew about how much they owed, while 23% overestimated and 50% underestimated.
- At two-year colleges, 29% got it right, while 22% of students overestimated their burden and 49% underestimated it.
“We find that among students with federal loans, 28% reported having no federal debt and 14% said they didn’t have any student debt at all.”
- Elizabeth J Akers and Matthew M Chingos of the Brookings Institution.
Source & for more information: The Guardian
As we enter the winter season, this year’s class of bacteria and viruses will be waiting to greet students with open arms. While no one intends to be sick, sickness is an inevitable part of life. Yet, once sick, students resist taking time to rest, so as to “not fall behind.” Sickness is disruptive, forcing those who are ill to choose between denial or healing. read more…
Is the trend shown in the chart below,
caused by the increase in student loans, as seen in the following chart?
Charts Courtesy: Goldman Sachs Global Investment Research & Zero Hedge, October 26, 2014
The writing process is not simple nor are perfect college essays developed in one draft. The following is an excerpt from a recent New York Times Magazine article, “Old Masters“:
Lewis Latham on writing:
When I was 6, I delighted in the act of writing, at 12, in the expecting that by the time I turned 21, I would know how to make of it an art. The birthday came and went, and no dog showed up with the bird in its mouth. Before I was 30, I’d written seven drafts of a first novel mercifully unpublished; I consoled myself with the thought that by the time I was 40, I would know what I was doing. Another dream that didn’t come true, and so when I was 45, I began to explore the uses of the essay, the term from the French essayer (to try, to embark upon, to attempt), the form experimental and provisional, amenable to multiple shifts of perspective and tone, and therefore the best of instruments on which to practice the playing with words. The essay proceeds from the question “What do I know?” and doesn’t stay for an answer until the author finds out what he means to say by setting it up in a sentence, maybe catching it in the net of a metaphor.
On the way through my 50s I could see signs of progress, producing manuscripts that required only extensive rewriting, not the abandonment of the whole sorry mess of a dumb idea. Revisions pursued through six or seven drafts allowed for the chance to find the right word, to control the balance of a subordinate clause, to replace the adjective with a noun. I didn’t enlist the help of a computer because words so quickly dressed up in the costume of print can pretend to a meaning and weight they neither enjoy nor deserve. Writing with a pen on paper, I can feel the shape and sound of the words, and I’m better able to judge how and why one goes with another, and on approaching the age of 70 I toyed with the hope that success was maybe somewhere not far away in a manger or on the near side of a rainbow.
Now I am 79. I’ve written many hundreds of essays, 10 times that number of misbegotten drafts both early and late, and I begin to understand that failure is its own reward. It is in the effort to close the distance between the work imagined and the work achieved wherein it is to be found that the ceaseless labor is the freedom of play, that what’s at stake isn’t a reflection in the mirror of fame but the escape from the prison of the self.
The following graph shows the top American cities with growing populations of young adults and recent college graduates – indicating growing jobs and features attractive to today’s generations. As cities gain popularity, college applicants may be wise to research the location in order to determine the potential job opportunities and quality of life for after college.
Graph Source: The New York Times
About the Author: Both of Louise’s daughters worked with Creative Marbles Consultancy to navigate the college admissions process. Emily is a third year student at Cornell University and Kate is a second year student at University of California, Berkeley. Louise graciously shares her experiences about the transitions as both daughters moved away for college.
Before my first daughter left for college, I received lots of advice from friends and other parents and was given books about my pending “the empty nest”. Mostly I heard about anticipated fear and loss and suggestions about how to handle it. The bottom line for me, I discovered, was that everything was going to be all right.
I burst into tears at seemingly random times starting in the college application process. Something was about to change. read more…
- If you’re the new kid in school, smile often.
- If you’re not the new kid in school, invite the new kid to sit with you at lunch.
- Park in the furthest parking spot away from campus. A little sunshine can be just what’s needed to rejuvenate the grey matter.
- Say “hello” to your teachers daily. Don’t be shy. A daily “hello” can set a foundation for getting assistance when needed, and lead to strong letters of recommendation later.
- Prevent anxious conversations about grades. Ask how often and how teachers manage online grading systems, since not every teacher updates their grade-books as soon as assignments are completed.
- “I don’t know” can be the gateway to learning.
- Just because you can wait until the last minute to complete an assignment, doesn’t mean you should wait.
- As the saying goes, “Sometimes, you gotta go slow to go fast.” Take breaks…often.
- “Being educated” is more than just memorizing facts.
- Don’t underestimate the power of a good night’s rest.
“A college education” can simultaneously help teenagers transition to adulthood, prepare for a career, as well as gain academic knowledge. When researching colleges, finding information related to all three aspects of a college education can help families choose the most fitting college in the end. A campus academic environment can be compared with the culture of the surrounding city to understand the range of learning opportunities available. Future careers can be determined by internship opportunities related to the industries located in the college’s region. Thus, a comprehensive view of a college education allows families to develop the understanding needed to make the most informed college decisions possible.
To know yourself, in order to not be overly edited by others.
Photo credit: unknown
September 13, 2014 ACT test scores are now available online. The mailed copies of test scores will arrive in the next 2-4 weeks. Often, the online score report is missing the Combined English/Writing section score, as ACT readers are still evaluating the essays. Fear not: the Combined English/Writing score will be posted online within the next week or two, as well as be published in the mailed scores. Once the full score report is received, be sure to consult a trusted advisor to understand your scores in relation to the college admissions process, as well as tweak your strategy for possible future college admissions exams.
Reviewing subject matter broadly does not constitute an effective preparation strategy for the SAT and ACT. Since the SAT and ACT constrain students’ performance within strict time limits, understanding the test format is essential. Being familiar with the test structure and testing circumstances, students can deftly navigate each section, and not become flustered when encountering a difficult question. Then, even for students with less content mastery, an accurate answer to each question can be identified, using test taking techniques, thus leading to the highest possible score. In the end, a test preparation strategy that balances both content review and learning the test structure, students can best position to increase their scores.
The following chart shows wage growth (or lack of) 60 months into the most recent economic “recovery”, which is at the lowest point since World War II.
Furthermore, the employment situation is no more rosy:
“The bottom line is, we’re a million miles from full employment,” said [David] Blanchflower, a Bank of England policy maker from 2006 to 2009 [a professor of economics at Dartmouth College in Hanover, New Hampshire]. “Workers are struggling, and they don’t see signs that things are suddenly going to change.” (Bloomberg News, August 18, 2014)
With a less-than-optimistic employment outlook, plus stagnant income, all while college tuition escalates annually, families’ confidence in a college degree may be tottering.
About the author: Allie is starting her senior year at University of Arizona, which she selected after an intensive search for colleges in the Western U.S. with speech therapy and audiology programs. She graciously agreed to allow Creative Marbles to repost the following from her blog.
This summer I worked at the College of Admissions at the University of Arizona and I called incoming Freshman every single day offering up advice, answering questions and concerns and ultimately making sure they had everything they needed before they start school. I decided it might be beneficial to some if I shared some of these tips! Every school is a little different in how they run things, but for the most part, the important things are all about the same.
So let’s get started::
1. Shop around for your books.
As has been previously discussed, college tuition is increasing annually, and shows few signs of abating; however, at some point college education will be subject to the law of supply and demand. As demand for college education continues growing – seen in each year’s record numbers of applicants, with total student debt growing beyond the record breaking $1.2 Trillion mark and college tuition skyrocketing, demand for a college education may cool at some point. Furthermore, any decrease in student demand would have the immediate effect of crimping college budgets, forcing an adjustment in the college education market toward a much needed equilibrium, where a reasonable price will prevail. However, when and how the law of supply and demand will make itself known in the college marketplace is up to anyone’s best educated guess. So, additional consideration of which college to choose and what to study in college may be the most prudent course of action.
Graph from: Bloomberg News
A single ‘C’ grade in a high school class is not the security guard blocking the door of admissions to college, nor is an middle-of-the-road SAT or ACT score the reason to abandon all college plans. read more…
Inspired by CMC Clients:
- OMG College ESSAYS! College essays are often feared. Topic selection can confound students, who’re under the impression that a traumatic-dramatic-life-altering experience makes a compelling college essay. However, choosing the “perfect” topic is not necessary to begin writing. Simply start putting words on the page. Then, students will have some thoughts to edit and refine. Knowing that the first draft is just the first of many drafts can reduce the pressure to write the perfect draft as the first and only draft.
- The ‘A’ in SAT and ACT Doesn’t Stand For ‘Anxiety’ Feeling pressure to answer EVERY SINGLE question correctly on the SAT or ACT as the only way to a college acceptance is typical. On the one hand, such care about future success means a student values what happens in the future. Yet, concentrating on the content of SAT questions in the midst of fear and stress can be an unanticipated test taking skill, that teenagers need to practice. In preparing for the SAT or ACT, don’t just review the concepts that will be tested, also practice skills to stay calm and focused during the test.
- What Lazy Summer? Summer’s lazy, sleep-until-afternoon days seem non-existent for today’s youth. Between summer reading, multiple week-long enrichment camps, family vacations and summer sports, summers can quickly fill with activity. The year-round hamster wheel of organized activities, while creating competitive resumes for future college applications, may have drawbacks. Be sure to create a balance between exploring interests and taking a break.
From the News:
- Building a Better College Ranking System. Wait, Babson beats Harvard? New York Times July 28, 2014
- No SAT? No problem, Bryn Mawr Says, The Philadelphia Inquirer July 28, 2014
- Education Versus Experience, Human Resource Executive Online July 29, 2014
An unprecedented $1.2 trillion in student debt has grown exponentially in the last several generations, showing few signs of abating. In less than one generation, college graduates have tripled their debt burden. According to the Wall Street Journal, over 70% of the Class of 2014 will graduate college with an average of $33,000 in student debt. The convergence of multiple, complex social and economic issues fuels the unrivaled borrowing, and may potentially handicap multiple generations.
Record numbers of students are applying to college, having grown up believing a college degree is the foundation for prosperity. Colleges scramble for the necessary financial resources to expand capacity that will accommodate the increased demand of students. However, states—forced to balance their own budgets—are simultaneously reducing financial support for universities. Left with few alternatives, colleges raise tuition at rates that outpace even those double digits rises seen in healthcare. Unfortunately, while college costs slope skyward, median income for American families remains flat. Thus, student loans are filling the gap between languishing incomes and triple-digit percentage hikes in college tuition.
Recent college graduates, who borrowed under the aforementioned circumstances, face a multi-faceted conundrum. Persistent underemployment and unemployment, combined with stagnant income and ever-present inflation may help explain why $124 billion or 11.7% of all Federal student loans are currently 90+ days delinquent. To add insult to injury, no matter the threat of default, student loans cannot be discharged under current bankruptcy laws, creating a chokehold over borrowers into financial perpetuity.
Facing economic insecurity, young adults are delaying marriage, starting families, and purchasing homes. Thus, current twenty and thirty-somethings may become the first generations since WWII who are not expected to amass more wealth than their parents. Moreover, the effects of a less settled and debt-addled workforce trying to support the largest and rapidly aging generation in history is, at best, a tenuous economic proposition.
Society may not escape the repercussions of run-away growth in student debt. After a lifetime of indoctrination promoting bachelor’s degrees as a guarantee of future success, generations of youth willingly borrow to pay increasingly unaffordable, yet unabatedly mushrooming tuition. Finally, current college graduates find themselves burdened by student debt, un- and under-employed, and generally bereft of the economic prosperity enjoyed by previous generations, while nevertheless still expected to fund the long-ago promised pensions of their parents. Something’s bound to give.
Original Graphic from Hubbubbaloo Creative
Chart from The Wall Street Journal, May 16, 2014
- Where are you applying to college?
- You must be excited to graduate high school, aren’t you?
- Isn’t senior year the best time of your life?
- What is your GPA?
- What are your SAT scores?
- Why do you want to apply there? (referring to a particular college)
- My son/daughter/nephew/co-worker’s daughter’s boyfriend’s cousin went to _____ (fill-in-the-blank with a college name). Why don’t you go there?
- What’s going to be your major?
- What do you want to do for the rest of your life?
- Why aren’t you going to become a ______, like your mom or dad?
Original Image by Hubbubbaloo Creative