Do you want to attend college? If so, good for you. An education is very important, and this can go a long way in helping you earn more money in the future. Of course, you need to pay quite a bit of money to get a college education. How are you going to afford tens of thousands of dollars?

Most students in today’s day and age are forced to take out student loans. If this scares you, you need to change your way of thinking. Yes, this means you are going to get into debt, but it is a part of life. Remember, student loan debt is not bad debt. While you do have to pay it back you are getting something in return, a good education.

You can offset your loans by asking your parents for money or working your way through college. Any bit of money you put towards your tuition is debt that you will not have to pay back after graduation.

If you want to attend college do not let the money (or lack thereof) hold you back. Instead, consider all your options so you can obtain a degree in your desired field.

College costs have been a heavy financial burden for many in the United States for a long time now, but some scary statistics are making it sound like it could get a whole lot worse. (more…)

Gone are the days when a good college degree was the key to an instant career. Looking into the future for those Americans who will graduate from college in 2009, the job prospects are not looking that rosy, according to a National Association of Colleges and Employers survey.

For a start, the number of graduates that employers expect to hire has fallen dramatically in the last months, and many will hire fewer than they did last year. On top of that, more and more students are graduating from college each year, so the job market in 2009 will start to be flooded with new graduates.

Starting salaries for new graduates are likely to be the same as last year or even lower, instead of the usual increase. Perks like signing bonuses that might have been around even during 2008 are unlikely to exist in 2009.

Of course, it depends on the industry. The survey suggests that graduates looking for employment in the finance, retail, manufacturing and construction sectors will be the hardest hit. But if you’re graduating to work in an area like accounting, public service, health care, education or technology, then there is still a reasonable demand for new graduates.

If you think having an MBA will help your career, you might be confused about which school to choose. Business Week creates a list every two years of the top schools for MBAs in the United States and some of the highlights from this list are:

• University of Chicago: It’s in the number one spot again with its Booth School of Business, right where it was when they last did the survey.
• Harvard Business School: This is second on the list but it’s the most expensive with tuition fees totalling almost $102,000. The great thing is the average student increases their salary by $44,000 when they graduate with a Harvard MBA.
• Stanford University: The most exclusive on the list, Stanford only accepts 8% of applicants (many others accept around 20 to 30%). Since they have small classes and a good location, the MBA here is clearly in demand.
• University of California Berkeley: It comes in tenth on the list, but is by far the cheapest with tuition fees adding up to “just” $84,000.
• Colombia Business School: Last time they did this survey Colombia just scraped in at number ten, but they’ve made some improvements to rank up at number seven now; although the New York location may not be so important after Wall Street disasters this year.

It’s sometimes hard enough for college-bound teenagers to choose a course that they’re interested in, without also having to consider the financial implications of their chosen field of study - will they end up with a job at the end of it, and will they earn enough to pay off their college debt? If you are a parent of a college-bound child and want your son or daughter to avoid the fate of being a highly qualified dishwasher, there are a few ways you can help them out:

• Help them get sufficient information on job prospects related to particular college courses while they’re making their decision. Technical fields like computing, health care and engineering offer degrees most related to future work and currently, most likely to have your child end up with a job. Obviously, a drama major will have a lot more trouble. Help your children understand the financial implications of their choice.
• Suggest that they study in two areas if they have a particular passion for something that is less likely to lead to a job. For example, take music courses as well as economics or computing; or do a dual degree with a practical back-up for a less practical choice. Success at college is much more likely if a student is studying something that they enjoy, so be careful not to push your child into something they’re really not interested in.
• Encourage them to get work experience in the area while they’re still at college. This is especially important for areas where graduate employment is less lucrative.

photo credit: steakpinball

photo credit: chidorian

School lunches have never been anything to write home about - pork and beans, plain spaghetti, and greasy pizza are noontime staples. Unfortunately for many students, though, these mediocre lunches will soon be just fond memories of the past, as a failing economy causes parents and school officials to economize their lunch ingredient purchase.

Parents, instead of paying for the rising cost of school lunches, have begun to pack their children’s lunches. Chopped veggies and hand-packed potato chips are favorites for daytime snacks, and peanut butter (if a school allergy ban does not prohibit it) and Spam, instead of lunchmeat, are best bets for lunch’s main course.

Parents are not the only ones focusing on lunch’s bottom line. Major food corporations, like Sara Lee Corp. and Kraft Foods Inc., have combined increased prices with smaller sizes to stabilize their profits. In many case, size reductions are tricky, with same-sized packages carrying less food. For struggling families, the only answer is to be vigilant about purchases.

As prices continue to increase, with no end in sight, companies, schools, and parents will have to watch their bottom line. Try to economize by buying shelf products in bulk, changing eating habits to incorporate lower-cost foods, and reducing meat consumption in favor of healthy, less expensive fruits and vegetables.

photo credit: berbercarpet

We often think about “good” and “bad” debt, and mortgages on a home and student loans for your education normally come down on the side of good debt. But a recent Laura Rowley article prompts us to think otherwise - and perhaps it’s timely advice for you, if you’re about to start college or are planning for your children’s future at college.

First up, an interesting statistic: the proportion of graduates who say they borrow less if they could go back and start college again is rising, and is now up to 54%. Many are realising that they could have approached college life differently, and spent less money, or could have chosen their school different (and more cheaply) but still ended up with a useful qualification and perhaps even got into the same job.

Considering whether an expensive college is necessary or not is one of the major decisions to make. For students who intend to go on to graduate school, then attending a home state college with low costs for the undergraduate degree is often perfectly alright - future employers will pay much more attention to the name of your graduate school, anyway.

The best tip is to consider the average starting salary for graduates of your course - this information is easily available from student advisors - and then only borrow a maximum of this amount for the total of your college years. Then you should be able to pay it back within ten years or less.

photo credit: dcJohnSaving money on school supplies is a must for many families, but easy for very few. Don’t despair, though, savings are much easier than you think; just follow these easy tips for back-to-school supplies savings:

• Start at home: Dig through your closets and supply drawers for reusable and nearly-new items. Company logos are easily covered-up with fancy stickers, and backpacks can easily be used year after year.
• Patronize your neighborhood dollar store: You may not shop here often, but now is certainly the time to do so: many of your kid’s basic school supplies can be found at rock-bottom prices.
• Set a budget for back-to-school clothes: It’s not likely that your kids have grown out of every, single shirt, short and pant, despite their claims. Lay the ground rules for the clothing trip before stepping out of the house, and stick to it. Buy as many neutral pieces as possible to maximize wear and use.
• Easy on the tech: It’s always tempting to buy the latest computer or calculator, but think before you leap. If you really need such an item, you’ll get amazing deals on eBay, Craigslist, and even in your local classifieds.
• Practice prudent backpack shopping: Kids shouldn’t carry more than 20% of their weight, so if your child has the tendency to shove every school book, binder, and supply into his backpack, buy a smaller backpack.

For the complete list, check out MSNBC’s back-to-school savings tips.

A surprising number of American families do not invest in 529 college savings plans, even though their deposits are tax-deductable and their income is tax-free. While everyone seems to have their own reasons to not use these funds, the experts are clear on this point: whether your child is just-born or already talking about college, a 529 college fund is an ideal way to fund his education.
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With the cost of getting a good education constantly rising, many students are finding they finish college with a mountain of debts that will take quite a few years to repay - assuming they get a good job at the end of it. To improve their chances of getting a good job, many students end up studying at a more prestigious school, which is also more expensive, so they have an even larger debt: and the cycle begins. (more…)