Thursday, February 22, 2007

How Much College Debt is too Much?

Students are increasingly having to borrow money to pay for their education. As someone who has worked in education as well as borrowed to pay for my own schooling, I generally say that student loans are good deals. The interest rates are fairly low (you can lock in rates as low as 4% presently, but that doesn't mean you will always be able to do so) and the time and flexibility you have in paying them back is abundant. However, as debt loads continue to increase (PDF), it is pertinent to examine how much debt is too much.

According to the College Board report linked to above, for 2003-04 college graduates, the average debt students incur is $19,300. According to the report, however,

"Despite median debt levels of under $20,000, 23 percent of borrowers from private nonprofit colleges and 14 percent of those at public four-year colleges graduated with $30,000 of debt or more. Forty percent of those who graduated from four-year programs at for-profit institutions had this much debt. On the other hand, 38 percent of bachelor’s degree recipients from four-year public colleges did not borrow at all and another 30 percent had less than $10,000 in debt when they graduated."

Reports of students going into what some might call obscene levels of debt are not uncommon. What drives students to incur so much debt in order to get a college education? Imagine that you really want to go to Name Brand University and in order to do so, you will have to borrow copious amounts of money. You will probably ask yourself at some point if the degree from said University is worth it. However, your borderline obsession with getting a degree from Name Brand U may blind you to the reality of what it means to owe $50,000. Additionally, as the USA Today article points out, students don't just borrow to pay for education costs, they also end up borrowing from credit card companies to subsidize their outside spending. Instead of being on the hook for $50,000, students may instead owe $60,000 when you include credit card debt (an entirely different, less forgiving type of debt).

The federal government is mulling increasing the Pell Grant, but in reality, any increase will have little effect on borrowing. College costs (tuition, books, room and board) have "risen 81 percent, more than double the inflation rate, between 1993 and 2004" (NYT). It is therefore important to consider what you feel is a tolerable level of debt. The articles I referenced in this post can give you some perspective on what other students have borrowed, how they are coping with it, and what you can do to minimize overburdening yourself with loans.

Friday, February 16, 2007

The Long Wait for an Admission Decision

It may seem like a lifetime has passed since you submitted your applications for admission. In many instances, the wait is not over. If it has seemed like a lifetime up until this point, then figure on at least another lifetime or two until you officially hear. In the meantime, I have posted some notes on what you should be focusing on until the decisions start rolling in. In this post, I want to point you to some interesting articles I have been reading lately about higher education.

1. A fascinating story on the state of diversity at UC Berkeley from the New York Times (NYT). The demographics, in California at least, of higher education are changing rapidly. How is this affecting traditional minority students? What do students think about issues of diversity?

2. Another NYT piece on rural colleges and universities. As students become accustomed to more modern luxuries, e.g. Starbucks, massive cineplexes, and ethnic cuisine, how do rural colleges compete with their urban and suburban contemporaries?

3. College Rankings, courtesy of the Washington Monthly Magazine. Why should you care about another ranking system? Start with their premises for what make a college or university excellent, "how well it performs as an engine of social mobility (ideally helping the poor to get rich rather than the very rich to get very, very rich), how well it does in fostering scientific and humanistic research, and how well it promotes an ethic of service to country." It is a compelling way to think about education. I would like to explore this ranking system more in depth in a future post.

4. Wired article on an education program designed to teach students the art of making video games that have meaning. Think world peace over world domination, or swords to plowshares.

Have a great weekend!

Thursday, February 08, 2007

Sources of Information for Studying Abroad

There are a myriad of places to go on the Internet for students interested in studying abroad. I will post links to a few below for readers to peruse:

The first place to go is to your college's Study Abroad or International Programs office. They will have information about programs specifically designed to work in conjunction with the curriculum of the college you attend. You can also check with the department that houses your major to see if there are programs specific to your major. (Editor's note: This was how I found the study abroad program I participated in).

If you will be studying at either the University of California or the California State University, then you are in luck because the systems each have overarching programs that are available no matter which campus you attend. Again, check with your individual campus to learn about special campus-specific programs, of which there are plenty.

You can also look at general purpose sites, which link to programs that are offered no matter the college you currently attend. These also have information on the study abroad process, what to expect, how to prepare, how to choose a program, etc.

Some organizations have developed their own programs, which are not necessarily connected to any Universities in the U.S.

Additionally, there are organizations that are dedicated to certain types of abroad experiences, like field studies. This organization works with students interested in science and environmental abroad opportunities.

My advice is that if you have an inkling that studying abroad is something you might like to do, plan ahead. Start talking to your University's study abroad office as soon as you can. Planning is paramount so that you don't increase your time to graduation and are fully prepared for the adventure you will take. I encourage you to find out more and if interested, I highly recommend studying abroad.


Monday, February 05, 2007

Studying Abroad

Studying abroad allows you to travel the world as a student, earn credits toward graduation, get invaluable cultural experience, and have an incredible time doing so. What isn't to like about that? Most colleges and universities have programs that allow students to study in a foreign country while paying the same tuition as they would normally pay. Transportation to and from your country of destination will be the one significant cost beyond typical college expenses. You will also have to pay for housing, which varies widely throughout the world. However, you would most likely be paying for housing anyway.

The limiting factor in studying abroad is one's tolerance for difference. Can you handle living in the third world (most of Africa and parts of Latin America and Asia) or would you feel more comfortable in the developed world (Europe, Australia, as well as parts of Latin America and Asia)? Do you feel comfortable studying in a country where English is not the predominant language? Is a robust nightlife and cultural scene your flavor or would be happy studying somewhere less urban and more rural? It is questions such as these that prospective study abroad students must ask themselves.

Most colleges, including 2-year community (or junior) colleges, offer study abroad programs. If for some reason the college you attend does not offer study abroad programs, there are often people on campus who can point you in the direction of legitimate abroad organizations and programs. In the next post, I will share some online resources for students interested in finding out more about studying abroad.

Thursday, February 01, 2007

The Importance of Feedback

Hello. I apologize about not posting for a while. I have been busy with putting on an event for applicants to the College where I work. Luckily, it is done and I have somewhat more sane days. The experience of running a program, however, serves as the inspiration for this post.

In creating anything and putting it out there for people to look at, you make yourself vulnerable. Vulnerability isn't necessarily a bad thing. It is hard to judge one's work without letting others get a chance to peruse it. We often have an internal gauge of how we are doing and we should listen to that gauge very intently. However, we also need to hear about our work from others. Specifically, what did we do that worked well. What didn't work so well? What is another way we could have approached the situation?

I have solicited feedback on the event I put on for the College from the students attendees, the faculty and staff who worked the event, as well as students who represented the College. Not all of the feedback has been glowingly positive. I don't expect that it would. People have different ways of doing things. One of the great things about feedback is that you can get an idea of how other people view the situation or problem you have been wrestling with. In doing so, you can see how you might approach a problem or situation differently with this new perspective. One of the most important aspects of feedback is our willingness to listen to it and learn from it.

As you spend your college careers writing papers and working on projects, you will get a lot of feedback. When you do, keep in mind that it is usually in your best interests. You can tell the feedback that isn't constructive, but the majority of it is good. It is all with the intention of helping you become a better person, writer, scholar, and student. Don't fear feedback, embrace it. You will be a much better student (and person) for it.