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.

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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…)

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If you’re graduating from college soon, or are trying to decide what to study there, then the recent figures on current starting salaries for new graduates in a variety of fields might be very interesting for you. (more…)

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With so much trauma in the loans market, things were looking difficult for students for a while there: with many lenders crashing out of the market altogether, getting cheap student loans was starting to look impossible for some college students. But thanks to a new legislation recently passed through congress, there shouldn’t be any college students who find it impossible to get a reasonable college loan now. (more…)

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Unfortunately for many community college students in the U.S., student loans are completely unavailable to them. These students — a disproportionate number of them being minorities — cannot take advantage of low-interest federal student loans because their community colleges refuse to participate in the federal student loan program. (more…)

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If you’re contemplating the daunting financial proposition of going to college, but are in two minds because of the cost, then it’s time to change your thinking. Going to college is an investment that will make you money - the facts speak for themselves. Consider this:

• Having a degree means you will earn on average $20,000 per year more than someone who hasn’t gone to college. That means you’ll still be making a heap extra long after your college loan is paid off.
• Think about what you’ll study carefully, and if you can combine your interest with a job that’s on the high salary and high demand list, your investment in college will pay off even better. Jobs in computer based areas are still amongst the highest paying and in highest demand; other jobs that are projected to provide steady employment and good salaries include financial services agents, securities sales agents, engineers, post secondary teachers and accountants.
• You don’t need to attend the most expensive college to get a successful career in one of these areas. Often times a degree from a public (and therefore much cheaper) college is held in the same regard. Do your research carefully.
• Think of a degree as an asset, like a house. It’s probably the most important asset you’ll ever have.

credit: Neil CareyIt’s becoming increasingly common to spend one semester of your degree abroad, both to enjoy a different cultural experience and it because it looks good on your resume. But with the costs of college education always increasing, you could even consider completing your entire degree abroad.

Education systems around the world are all markedly different, but it is definitely possible to get a quality education outside the United States for a cheaper price. Of course, that could depend on how many times you want to fly home during your course, but the possibility is there.
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