Lower Percentage of Low-income Students are Graduating College

The Lexington Herald-Leader recently reported that, overall, more Kentucky  students are graduating college. However, there is a noticeable gap between the number of low-income college graduates and middle-to-high-income graduates. The graduation rate of low-income students dropped to only 35 percent versus 53 percent for middle- to high-income. That is an eight point increase in the gap since 2008. 

The Kentucky Center for Economic Policy states that the slow economy and rising cost of college may be to blame for the widening gap. Most state universities raised tuition and reduced financial aid over the past two years. Last year, over 90,000 eligible Kentucky students were denied financial assistance for college. In order to cover the costs of college without assistance, more students are relying on student loans. The average Kentucky four-year college student carries $19,000 in student debt.

Another reason for the graduation gap may be students trying to avoid debt. As Chairman of the Kentucky House Education Committee, State Rep. Carl Rollins states that low-income student are hesitant to take out loans. This reluctance to incur debt, paired with rising tuition,  leads many students to delay higher education. For some, the delay becomes indefinite. 

To reduce the costs of higher education as well as decrease your dependence on loans, students should try saving for college as soon as possible. Also, students should not wait until the last minute to seek out scholarships. State-funded scholarships give priority to those who apply early. Though funding for state scholarships is being cut, there are also many scholarships and grants provided through private awards and contests. Ask your guidance counselor about contests and awards for which you may qualify. 

One way the reduce costs without delaying school is to attend community college. Community colleges offer courses with much lower tuition and fees. The campuses tend be local, thus students can stay home to cut living expenses. The savings would be significant, even if you only attend for a couple of years. You can take core classes at the community college, and later transfer to your preferred school or program.

Readers, what do you think? Realizing the average debt of those graduating four-year universities is $19,000, are you looking for ways to reduce the cost of furthering your education beyond high school? Are you thinking of maybe going to a community or technical college for at least your first two-years?

Reference: Blackford, L. B. (2012, July 9). College graduation gap widens for low-income Kentuckians. Lexington Herald-Leader. Retrieved July 12, 2012, from http://www.kentucky.com/2012/07/09/2253489/graduation-gap-between-poor-and.html.

How to save money when applying to college

Almost everyone is going to tell you that applying for college is important. Very few people, though, will tell you how expensive just applying for college can be. Application fees alone can amount to hundreds of dollars. Visiting campuses, especially those out of state, is often unobtainable for some students.

To help save some money, students should plan ahead. High school students should narrow their list of possible schools. Applying for every college under the sun may seem like a good way to make sure you get in somewhere, but that would actually be unbelievably expensive. Write a list of the schools you want to apply to, research their application fees, and decide what you can afford.

Try categorizing the schools to decide where to apply. Here's an example of possible categories: low odds of being accepted, high odds of being accepted, offer great financial aid, and dream schools. Some schools may appear under more than one category, and seeing where they fall on the list will help you prioritize your applications. If a college offers low acceptance odds, little financial aid, and is not a dream school, then avoid wasting much money applying there.

Go to colleges' admissions Web sites to find out how much the application fees are so you can budget and save accordingly. You can even try contacting the admissions office to find out if you can receive an application fee waiver (which would mean you can apply for free!). Just be sure to ask early.

Visiting college campuses may be hard for students to afford, especially if your parents have a very limited amount of time off from work. Why not have your family vacation double as a college visit? Many campuses are located near historic towns, amusement parks, or beaches. You can discuss with your parents the possibility of taking your summer or spring break trip to see the frontrunner of you college choices, and spend the rest of your vacation enjoying the surrounding attractions.

Before you go, make sure you get the most out of the limited time you will have on the campus. Write a list of all the questions you want answered, the names of the people you would like to talk to and where to find them, and the parts of the school you must see.

Even if your family cannot afford the trip at all, you may still be able to go. Some high schools will organize trips to near-by universities, so ask your guidance counselor. Or you may be able to tag along on a friend's campus visit. Some colleges have virtual campus tours on their Web sites, along with admissions personnel available for  live internet chats. So, even if you cannot be there in person, you can still be informed.

Readers, what do you think you? Are application fees difficult for students to manage financially? Do you think campus visits are worth the expense?

Reference:

Davis, K. W. & Burt, E. (2006, July 5). Make the most of a campus tour. Kiplinger. Retrieved June 8, 2012, from http://www.kiplinger.com/features/archives/2006/07/campustour.html?si=1.

Insurance: A Growing Career Opportunity

With unemployment remaining high, many Americans are unaware that there are still growing industries. Insurance is one of the fields looking to employ more people. Since the number of insurance jobs is increasing, students may find Insurance Studies to be a beneficial college pursuit. Insurance programs are becoming more available in colleges, and provide many opportunities with insurance employers.

Recently, Cal State Fullerton's Director of Insurance Studies , Dr. Weili Lu, described students' opportunities to the Insurance Journal. In the interview, she details how scholarships are integral in the program. Scholarships are available to students through partnerships with insurance companies, and have allowed Insurance Studies programs to grow in the past few years.

Dr. Lu relates that internships are critical. Students are offered a range of possible internships in differing insurance-related  fields, such as  annuities, risk management, and independent brokerage. Risk management has seen particular growth since companies continue to require the expertise of risk managers. In addition to a positive job outlook, this sector offers funding to risk management students.  Students can also opt to intern with independent insurance brokers. The student learn how to operate their own brokerage, as well as how to use social media tools. Established firms are eager to hire their interns, and 90% of students are employed following their graduation. 

Thus, high school students may want to further explore the insurance industry. Since the field continues to grow, having an interest in it may pay off.

To view Dr. Lu's full interview, the video is posted below.

Readers, what do you think? Do your career interests and educational choices change based on the job market? Are you more likely to consider a career if you know it's job outlook is positive? 

Reference:

Dunford, M. (2012, May 21). Job Outlook for Insurance Graduates. [Web video]. Insurance Journal TV. Retrieved June 11, 2012, from http://www.insurancejournal.tv/videos/7241/