Ten Majors that Didn’t Exist 10 Years Ago
Want to try something new? Really new? That list of majors in the course catalog isn’t static. As technology advances and business evolves, fields of study that weren’t imagined or that may have been limited to a few specialized classes emerge as full-blown majors. Check out these 10 fields of study that hardly existed a decade ago.
1. New Media
Online media is one of the fastest growing areas of journalism. New media majors combine traditional journalism studies with courses on the design and management of digital media.
Some programs, like the new media program at the Academy of Art University in San Francisco, concentrate on computer skills and design of online media. Other programs, like the one at Indiana University/Purdue University, Indianapolis, integrate communications and digital skills.
2. Biotechnology
Biotechnology combines biology and technology to solve agricultural, food science and medical issues. It is an interdisciplinary field and is often combined with a business degree, like the joint degree program at Johns Hopkins University. Most biotechnology degrees are at the master’s level, yet bachelor’s degrees in biotechnology, like the one at Delaware State University, are starting to emerge as this field becomes more in demand.
Related fields include bioinformatics, biomedical engineering and biomedical engineering.
3. Organic agriculture
The first organic agriculture program in the U.S. began at Washington State University (WSU) in 2006. Demand for those knowledgeable in organic agriculture is growing. “Large corporations increasingly are interested in meeting the nation’s growing appetite for organic foods [and] are seeking employees who understand organic agriculture systems,” says a highly respected professor who does not wish to be identified.
This major is not widespread, but other institutions are looking into adding an organic agriculture degree program, including University of California, Davis. The University of Florida also launched an organic agriculture major in 2006.
4. Homeland security
New degree programs in homeland security have been established since the 9/11 terrorist attacks. Homeland security majors study everything from psychology to disaster relief and federal law to handling hazardous materials. The U.S. Department of Homeland Security offers scholarships and fellowships for homeland security majors and runs an intensive 18-month degree program at the Center for Homeland Defense and Security.
Homeland security education is expanding rapidly at community colleges. Close to 85 percent of students trained in homeland security-related field’s graduate from community colleges, according to the American Association of Community Colleges.
5. E-Business/E-Marketing
This field focuses on buying, selling and marketing items on the Internet and may also include communicating with customers, employees and business partners. Demand for employees in this field is expected to grow faster than average, according to U.S. Bureau of Labor Statistics.
Degree programs in e-marketing are usually in universities’ business schools and are more common at the graduate level. Some schools, like the University of Akron, offer bachelor’s programs in e-marketing, while others, like Missouri State University, offer a minor for business students.
6. Computer Game Design
Students playing video games in their dorm rooms can now avoid a lecture from their parents by majoring in computer game design. Computer game design programs were nearly nonexistent a decade ago. Today more than 150 colleges offer programs and courses in game design.
Some programs, like the computer games development program at DePaul University, focus on the programming of games while others, like the game art and design program at the Art Institute of Phoenix, concentrate on the visual design. Michigan State University is launching a Serious Game Design master’s degree program in the fall of 2007 for students with “a desire to create and study games which change the world.” The International Game Developers Association offers resources, including a scholarship, for students interested in game design.
7. Forensic accounting
The controversy surrounding recent corporate scandals has drawn attention to the expanding field of forensic accounting. While it has existed for many years, forensic accounting is now the fastest-growing field of accounting. Forensic accountants are like money detectives – they investigate suspected financial mishandling and assist in legal matters. Forensic accountants must have a broad understanding of business practices beyond standard accounting skills.
Bachelor’s degrees in forensic accounting, like the program offered at Franklin University, are required for most careers in this field. Students can also earn a master’s degree and post-graduate certificate through a program like the one at West Virginia University.
8. Human Computer Interaction
Human computer interaction (HCI) majors focus on designing ways to improve human experiences and work practices with technology. HCI investigates the impact of technology on individuals and organizations. While courses in this field have been offered since the 1960s, degree programs in HCI have been growing. Human computer interaction majors are usually located in schools of computer science, but studies are multidisciplinary.
Most HCI programs are at the graduate level, like the program at Iowa State University, but some, like the HCI program at the New Jersey Institute of Technology, have a bachelor’s degree program.
9. Society and the Environment
Society and environment majors study the interactions between society and the environment. Degree programs in this field go by slightly different names, like Indiana University’s joint environmental science and public affairs degree and Columbia University’s climate and society program. Students in these majors apply social science theories to environmental issues. Most programs are at the master’s degree level, but programs like the one at UC-Berkeley offer undergraduate degrees as well.
10. Nanotechnology
Developments in technology have made it possible to control matter at smaller and smaller levels. The field of nanotechnology works with systems at the molecular level and can be applied across many different disciplines, including physics, engineering and chemistry. Interest in nanotechnology is growing and is being encouraged by the National Nanotechnology Initiative, organized in 1998.
Most nanotechnology programs are at the graduate level, but several programs provide a background in nanotechnology studies, like bachelor’s program in nano-systems engineering at Louisiana Tech University.
10 Rules for All Students Applying to College
1.) Talk To Your Counselor. Between the books in the counselor’s office, and the knowledge in your counselor’s head, he or she will be a virtual treasure trove of information. Take advantage of the opportunities you have to work with a counselor to make plans for your future. Many counselors know more than any one book or website, and they are generally always willing to share their knowledge.
2.) Stay In Touch With Your Counselor. Selecting a college is not a one-step operation. In order to really help you make a decision, the counselor is going to need to get to know you. The only way for the counselor to do that is for you to take initiative and go meet with him or her. Also, most counselors are not just there for information. They really are truly counselors, and they are also there to help you with your decision, help you solve your crises, or to just calm you down when you’re really stressed out.
3.) Do Research. The way to begin the college process is to get online or crack some books and start discovering what’s out there. Use the resources in your counselor’s office. There are great websites such as www.myroad.com that, if you have taken the PSAT/NMSQT, are free opportunities to begin your college search. (On MyRoad, you start by taking a personality test. The site then generates a list of suggested majors and career possibilities, complete with a ranking system for how well they think this career will work for you. Then you can browse through their college index and find the right colleges with the right majors for you.) Visit www.makingitcount.com and take the My College Style and All About Me tests. Like MyRoad, these resources are free with registration, but these tools are not limited to students who have taken the PSAT. Don’t forget to research ways to pay for college by visiting sites like www.fastweb.com, a free scholarship search engine.
4.) Get Started Early. It’s never too early to start researching colleges, even if you don’t have a clue where to start. Just get out there and research something. Start now!
5.) Don’t Procrastinate. This is one of the greatest decisions you’ll ever make, and you could end up missing a great opportunity. You shrug this off like it could never happen, but it does happen all the time. Case in point: Last summer I toured a highly selective college near the nation’s capital and instantly fell in love. As the year progressed, and I applied to other colleges, it became apparent that it was very unlikely that I would ever go there, but I did keep the January 10th deadline in the back of my mind. However, at around 11:00 p.m. on Jan. 9th, when I hadn’t even looked at the application, I realized that I might have just let a great possibility slip through my fingers. I’ll be alright, since I might attend a military academy anyway, but there will always be that “what if?” factor at the back of my mind.
6.) Listen To Your Parents. I know you never do this (trust me, I’m like everybody else – I don’t want to either), but they’re there to help you. Having help makes it easier to handle all of this pressure and responsibility—and means you don’t have to handle it on your own. Also, remember that even though this is your future, your parents, in most cases, are the ones paying and the ones who got you where you are. They’re part of the decision too.
7.) Don’t Let Your Parents Do Your Work For You. They’re there to help you, but not to pick up your slack. The most they should ever do for you is research. Let them look up some information for you and go over it with you. It’s then your job to apply that information, fill out the forms, and write the essays yourself.
8.) Open Up Your Mind. Talk to reps of colleges you’ve never heard of. Don’t be fooled by big names and Ivy Leagues. There are so many more great opportunities out there. IN ORDER TO FIND THE PERFECT PLACE FOR YOU, YOU WILL HAVE TO OPEN UP YOUR MIND.
9.) Visit, And Visit Early. How can you make such a huge decision without ever having seen the college? You could fall in love with Hendrix College in Arkansas, even after thinking “no way” when someone told you what state it was in. Or, you could get up to Boston and realize that Harvard is way too uptight for your taste. You have to experience colleges first hand. If you can’t visit, getting good information is critical to making the right decision for you.
10.) Don’t Let The Pressure Get To You. Yes, this is a big decision, but it’s not the end of the world if you make a mistake. People transfer and switch majors much more often than you think. There’s still plenty of time for all of you to find the right place for you. Just keep your options open and always have a back up plan. With a little effort on your part, things will work themselves out for the best.
When Grad School is a Bad Idea: Five Signs You Shouldn’t Enroll
There are good reasons to go to grad school – to pursue an interest you’re highly engaged with, or to take the next step necessary to meet your career goals. There are also bad reasons to go to grad school. Think twice about earning an advanced degree if one of your primary motivations for going to grad school falls into one of the following categories.
- You’re not thrilled about your current job.
It’s easy to fantasize about leaving your less-than-dream job and going to graduate school, but think carefully about your motivation for getting an advanced degree before you hand in your letter of resignation. Graduate school is a lot of work and a big investment. If your motivation for going to graduate school is more to escape your unfulfilling job than because you want to pursue an interest that you are passionate about, you should reconsider. First, address what’s wrong with your career or a few years from now you may find yourself in another crummy job but with an advanced degree. - You’re having trouble finding a job.
You’ve sent countless resumes, sat through dozens of interviews, and still haven’t been offered a job that excites you. While some fields, like law or medicine, require advanced degrees to get ahead, in many fields a graduate degree is not a prerequisite. If you lack valuable experience, it may take time to land a job in your field even if you have completed graduate school. An advanced degree won’t necessarily solve all your employment issues. It could be more worthwhile to continue your job search. Assess your career goals and evaluate if returning to school now is the best move. - You really like academics.
You like taking classes, you like interacting with other students and professors, you even like studying. Continuing your studies at grad school and earning a Ph.D. makes sense, right? Maybe not. Just because you enjoy being a student, doesn’t mean pursuing a career in academia is the best idea. Get a more realistic picture of the challenging aspects of a career in academia before you commit to a program. Additionally, when it comes to post-graduate study, you need to focus on one area of study that interests you and have a clear sense of how an advanced degree will help you reach your academic and career goals. If you enjoy academics but don’t have a clear sense of what you want to study or what your chances for a fulfilling career in academia are, take time to weigh other options. - Everyone’s doing it.
Your roommate is sending in applications, your old lab partner just finished their first semester at grad school — it seems like everyone is earning an advanced degree. You may not have been considering graduate school before, but now it seems like you’ll be left behind if you don’t. Are you making a mistake entering the job market? Probably not. Enrolling in grad school right now might not be the best decision for your career and academic goals. Grad school may make sense for your friends but not for you. Don’t let what your friends are doing persuade you to make the wrong decision. - Your parents want you to go.
Many parents take an active role in their children’s educational and career decisions. Your parents’ influence may be subtle or could be more in-your-face, but don’t let them decide your future for you. Chances are you’ll end up miserable in a job your parents like more than you do. Figure out whether the career you’re considering — and the advanced degree that goes with it — is your idea or your parents before you enroll in grad school.
Private Colleges Announce Their Cost-Cutting Initiatives For The 2009-10 Academic Year
In light of the current economic downturn, private colleges and universities are taking substantial steps to stay affordable to students and their families. The National Association of Independent Colleges and Universities surveyed over 1,000 of their private college members to find out which schools are changing their financial aid policies in order to keep their costs as low as possible. The following are the results of the survey:
- Agnes Scott College (Atlanta/Decatur, GA) – ASC’s 2009-10 price increase for tuition, mandatory fees, and room and board will be lowered to only 2.69 percent. In addition, ASC will guarantee $64,200 in merit aid over four years to students eligible for a Georgia HOPE scholarship.
- Amherst College (Amherst, MA) – Amherst will replace all loans with scholarships in its financial aid packages.
- Augustana College (Rock Island, IL) – Augustana’s tuition increase of 3.9% for 2009-10 will be its smallest tuition increase in 25 years.
- Baker College of Flint (Flint, MI) – Baker College of Flint will offer free housing to residence hall students who maintain a 3.5 grade point average or above, a 50 percent discount on housing for students maintaining a 3.0 to 3.49 GPA, and 25 percent discount on housing for students maintaining a 2.7 to 2.99 GPA.
- Benedictine University (Lisle, IL) – Benedictine will freeze tuition at its current 2008-09 level through Spring 2010 for traditional undergraduate students already attending the university, and have guaranteed that the 2009-10 freshman class will not see a tuition increase through Spring 2011.
- Blackburn College (Carlinville, IL) – Blackburn cut tuition by 15 percent for 2009-10.
- Boston University (Boston, MA) – Beginning in fall 2009, BU will replace need-based loans with grants for Boston residents who graduate from Boston public schools and are admitted to the university.
- Bowdoin College (Brunswick, ME) – Bowdoin will eliminate loans for all new and current students receiving financial aid, replacing those loans with grants.
- Brown University (Providence, RI) – Brown will eliminate loans for students whose family incomes are less than $100,000, and reduce the amount of loans for all students who receive financial aid.
- California Lutheran University (Thousand Oaks, CA) – CLU will now allow incoming students who are also admitted to either University of California, Los Angeles, or University of California, Santa Barbara, to attend CLU for the cost of attending the public university.
- California Institute of Technology (Pasadena, CA) – Cal Tech will eliminate loans for its neediest undergraduate students. Students whose total family income is $60,000 or less per year will be offered a financial-aid package that substitutes scholarship gift aid for loans.
- Capitol College (Laurel, MD) – Capitol College will cut the tuition for business majors starting in the 2008-09 school year by $10,000. Tuition will be frozen at last year’s rate for all other students.
- Claremont McKenna College (Claremont, CA) – Claremont McKenna is replacing student loans with institutional grants in financial aid packages for all current and entering students.
- Colby College (Waterville, ME) – Colby will replace institutional loans with grants in financial-aid packages for all enrolled and new students.
- College of the Holy Cross (Worcester, MA) – Holy Cross will now offer free tuition to city residents whose families earn less than $50,000 a year.
- Columbia University (New York, NY) – Columbia announced that all undergraduates from families with incomes as high as $60,000 a year will no longer have to pay for tuition, room and board, and other fees.
- Connecticut College (New London, CT) – Connecticut College will reduce loans and increase grants for newly enrolled freshmen who are from families with incomes below $75,000. For families with incomes $50,000 or less, 100 percent of the loans will be replaced with grants. For families with incomes between $50,000 and $75,000, 50% of the loans will be replaced with grants.
- Cornell University (Ithaca, NY) – Cornell is eliminating student loans for families with incomes below $60,000. They are also capping student loans at $3,000 annually for families with incomes between $60,000 and $120,000; and $7,500 in annual student loans for families with annual incomes above $120,000.
- Dartmouth College (Hanover, NH) – Students entering Dartmouth from families with incomes of $75,000 or less will receive free tuition.
- Duke University (Durham, NC) – Duke will make it possible for students from families with incomes below $40,000 to graduate debt-free. Duke will also reduce loans for students with family incomes up to $100,000, and will cap the amount of loans for families with incomes above $100,000.
- Fairfield University (Fairfield, CT) – Fairfield will provide full tuition scholarships to Bridgeport, CT, high school students whose annual family income is under $50,000.
- George Washington University (Washington, DC) –Incoming freshmen will have their average debt at graduation reduced by nearly 30 percent, from $29,000 to $20,000.
- Harvard University (Cambridge, MA) – Beginning in 2008-09, Harvard will eliminate loans in financial aid packages, replace them with grants, and remove home equity in determining a family’s assets. Families earning $120,000 to $180,000 a year will be required to pay, on average, no more than 10 percent of their income.
- Haverford College (Haverford, PA) – Starting in 2008-09, Haverford will eliminate loans from financial aid packages for all incoming freshmen and reduce the loan burden for continuing students.
- Johnson C. Smith University (Charlotte, NC) – JCSU froze tuition for 2009-10
- Juniata College (Huntingdon, PA) – Starting in 2008-09, Juniata guarantees that incoming students will graduate with a bachelor’s degree in four years.
- Lafayette College (Easton, PA) – Lafayette is eliminating loans from need-based financial-aid packages awarded to students with family incomes less than $50,000 and replacing them with grants and a modest work-study award. Lafayette also will limit the amount of loans for families whose incomes are between $50,000 and $100,000.
- Lawrence Technological Universi ty (Southfield, MI) – Lawrence Tech has announced 400 newly created “Recovery Grants” that will provide 50 percent of tuition for eligible displaced workers or their dependent children.
- Lincoln Memorial University (Harrogate, TN) – LMU is freezing tuition and rooms for 2009-10 at their current 2008-09 rates.
- Loras College (Dubuque, IA) – Loras announced its 2009-10 tuition increase of 3.5 percent increase will be the college’s lowest tuition increase in six years.
- Manchester College (North Manchester, IN) – Beginning in 2009-10, Manchester will offer its “Triple Guarantee”: (1) grant aid will cover the full cost of tuition for academically strong low-income students who live in Indiana, and guaranteed financial aid for all full-time students; (2) guaranteed graduation within four years for all full-time students, or pay no tuition for credits needed to graduate in five years; and (3) a guaranteed job or enrollment in graduate school within six months of graduation, or return for a full year tuition-free.
- Mercy College (Toledo, OH) – Mercy froze tuition for 2009-10
- Merrimack College (North Andover, MA) – For 2009-10, Merrimack is freezing tuition, room, and board at its current 2008-09 level for all students.
- Massachusetts Institute of Technology (Cambridge, MA) – MIT will waive tuition and replace loans with grants for all students whose families earn less than $75,000 a year. For families earning less than $100,000, MIT will eliminate home equity in determining their need.
- Northwestern University (Evanston, IL) – Northwestern will eliminate student loans and replace them with grants for new and returning undergraduate students from families making less than $55,000 annually.
- Oberlin College (Oberlin, OH) – Oberlin College will eliminate loans for all students who are eligible for federally funded Pell Grants.
- Olivet College (Olivet, MI) – In 2008, Olivet cut tuition by nearly 50 percent for incoming freshman, transfer or nontraditional commuter students who graduated from high school–or currently live–in the neighboring towns of Bellevue, Charlotte, Marshall or Olivet. Beginning in January 2009, Olivet will extend the program to 27 additional schools in the region.
- Pomona College (Claremont, CA) – Pomona College will eliminate loans in financial aid packages for both current and future students and replace those amounts with scholarships.
- Rice University (Houston, TX) – For the 2009-2010 freshman class, Rice’s no-loan policy will be extended to students from families whose annual incomes are $80,000 or less – up from the current threshold of $60,000. The university will also lower the cap on loans in financial-aid packages for need-eligible incoming freshmen to $10,000 for their four undergraduate years – down from the limit of up to $14,500 for freshmen who entered in fall 2008.
- Sacred Heart University (Fairfield, CT) – Sacred Heart will provide a full tuition scholarship to any incoming first-time undergraduate student who is a graduate of a Fairfield County, CT, high school, and whose family earns less than $50,000 a year.
- Soka University (Aliso Viejo, CA) – All students admitted to the bachelor’s in liberal arts program at Soka whose annual family income is $60,000 or less will receive free tuition.
- Southern Virginia University (Buena Vista, VA) – SVU froze tuition for 2009-10
- Stanford University (Stanford, CA) – All students with family incomes of less than $100,000 will no longer pay tuition.
- St. John’s University (New York, NY) — St. John’s announced a plan to provide a 50-percent tuition discount on graduate programs for alumni who were laid off in the economic downturn of the past six months and who enroll in the spring or summer of 2009.
- Swarthmore College (Swarthmore, PA) –Swarthmore will replace all loans with scholarships in financial aid awards for both continuing and new students.
- University of Evansville (Evansville, IN) — Evansville has announced a 3.5 percent increase in tuition and for the 2009-10 academic year; its lowest percentage increase in 12 years.
- University of Pennsylvania (Philadelphia, PA) – All undergraduate students eligible for financial aid will receive loan-free aid packages, regardless of family income level.
- Vanderbilt University (Nashville, TN) – Vanderbilt will replace student loans with institutional grants and scholarships in financial aid packages for incoming and current undergraduate students. In addition, all seniors slated to graduate in May 2009 will have their need-based loans for the spring 2009 semester replaced with Vanderbilt grant/scholarship assistance.
- Vassar College (Poughkeepsie, NY) – Vassar will eliminate loans from the financial aid packages of students with family incomes of up to $60,000. The college will replace those loans with additional Vassar scholarship grants. The policy will apply to students in all four classes, including current students.
- Wake Forest University (Winston-Salem, NC) – Wake Forest will reduce the size of loans to its neediest students and give them more grant aid. Families with annual income of less than $40,000 will have their loans capped at $4,000 per year during their college years.
- Warner Pacific College (Portland, OR) – Warner cut tuition by 23 percent.
- Washington University in St. Louis (St. Louis, MO) – WUSL will eliminate all loans for its students from families that make less than $60,000 annually and replace them with grants.
- Wellesley College (Wellesley, MA) – Wellesley will replace loans with grants for students from families earning less than $60,000 a year.
- Wesleyan University (Middletown, CT) – Beginning with the first-year class enrolling in 2008-09, students whose total family incomes are $40,000 per year or less will receive an aid package that substitutes grants for any loan obligation.
- Williams College (Williamstown, MA) – Williams will eliminate loans from all financial aid packages and replace them with grants.
- Yale University (New Haven, CT) – Beginning in 2008-09, families with incomes of less than $60,000 will not be required to pay anything toward the cost of a student’s education. Families with incomes of $60,000 to $120,000 will contribute from one to 10 percent of the student’s bill. The policy will apply to all students returning to campus in the fall as well as entering freshmen. Yale also announced that it will hold increases in 2009-2010 tuition and room and board charges to 2.2 percent.
The author of this newsletter is Chuck Reilly.
If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.
Texas Tightens Financial Aid Requirements
The Texas legislature has passed law that would tough requirements to the state’s student aid program. Now open to both community college and 4-year college students, the new program will only be open to students who attend 4-year schools. In addition, students must now also meet two of the following requirements.
- Graduate with the Distinguished Curriculum or International Baccalaureate.
- Graduate in the top third of a high school class.
- Achieve a college-ready score of 1590 on the SAT or a 23 on the ACT.
- Graduate from high school with a 3.0 GPA or the standardized equivalent.
It appears that Texas has taken steps to stretch the money in light of dire economic straits. While it may be necessary, it will leave out community college students who may not have the money to attend 4-yeat colleges even with the state grant. We will likely see more measures that will further constrict student aid across other states. Is your state next?
College Endowments Take Financial Blow
For many families, last year was not a year to be very thankful. In one month alone, 533,000 people lost their jobs, sending the unemployment rate to 6.7%. But jobs aren’t the only cuts that have been made in the past few months. College endowments have taken quite a blow as alumni cut their financial ties and save for economic times that are only going to get worse.
New buildings, faculty payroll, and merit and financial aid come from college endowments. Basically, the longevity of a college and its ability to fund itself in order to be competitive in the college market depends on alumni giving to the college. So what happens to the endowments when alumni can’t give?
- Northwestern University has lost more than 14% of its nearly $7 billion endowment.
- University of Maryland’s endowment has decreased by $63 million since the beginning of the year.
- Michigan State’s endowment has declined by 10%…and that’s just the rate from the third quarter.
- Seattle University has lost about 10% of its endowment as well.
Obviously, no university, regardless of size and stature, is safe from the dwindling numbers. Universities like Yale and Harvard aren’t even immune to low alumni giving as a result of the economy. Granted, these universities still have billions in their endowments, but they are “suffering” in monies just like every other college.
Wall Street Meltdown: What does it mean to you?
With the bankruptcy of many companies, the bailout bill passing, the jobless rate growing, and the markets tumbling, Wall Street is in crisis. Low interest rates and serial lending are now haunting the markets. But as parents of lowly college students, what does it mean for you and them?
Banks like Washington Mutual and Wachovia have failed and have been bought out by larger competitors. For those of you with bank accounts at WaMu and Wachovia fear not.
The FDIC (the Federal Deposit Insurance Corporation) was created after the Great Depression just for this. The FDIC will guarantee all the money you have in a bank account up to $100,000. Since you’re a college student who likely doesn’t have more than 100k sitting around, your money is safe.
On the loan front, we’ve already seen lenders close shop or stop disbursing student loans. Getting a loan with no credit history is virtually impossible now, which is to your benefit. Not having to deal with high interest rates after college is a gift. Instead, as a parent who has good credit, being a co-signer betters a students chances for being approved for a loan and receiving a low interest rate.
For you parents with 529’s or other college saving plans, consult your financial advisor on the composition of those plans. Many parents choose to put money in mutual funds, funds with a diverse range of stocks, to finance college.
Depending on the stocks that make up these plans, mutual funds can take a hit in tough economic times. Of course, these funds are meant for long-term investment and panicking at every economic slowdown isn’t wise. Still, by consulting with a financial professional, parents can see if they need to reevaluate these plans to protect what’s there and avoid costly losses.
Joe the Confused College Student
Meet College Joe. He attends a four-year university and is going to graduate in May. Unfortunately, College Joe had to take out a lot of loans to pay for his education. When he graduates, he’ll be roughly $61,000 in debt.
What’s worse is that College Joe has no “real world” job prospects. In fact, he’s been hearing from most of his peers that the job market is a tough place right now. He also hears that graduate students can defer ALL of their loans while they’re in school. So what does College Joe do? He starts studying for the GRE in hopes of going to graduate school after graduation. This sounds good to him.
College Joe seems like a smart enough guy. After all, he’s graduating in four years. And during his senior year, when the biggest concern is typically which party to attend, College Joe is thinking about his finances. But going to grad school to avoid paying off student loans isn’t necessarily the brightest idea. However; many graduating students are taking this option.
During the past ten years, the cost of college has risen 83% while the wages for college graduates have only increased by 38%. To top that, the projected growth of entry-level jobs for college grads in 2009 is 1.3%, compared to 14.3% for the Class of 2008. No wonder students are heading toward the safe haven of graduate school.
But is it the best choice? Many career guidance counselors at colleges say absolutely not. Students going straight to graduate school from college will be setting themselves up with more debt and less marketable work experience. In fact, master’s candidates at University of Wisconsin-Madison graduate with roughly $31,000 in debt while PhD candidates graduate with almost $33,000. Add that to your $61,000 from your undergraduate years and you’ve got yourself a lot of debt.
College students need to ask themselves if going to graduate school will help them achieve their desired salary and whether or not it will be enough to repay the debt.
They should also look at increasing their employment options through specific public-service opportunities. Programs like AmeriCorps, the Peace Corps, and Teach for America provide stipends for “employees” while the government defers, or in some cases forgives, student loans. Also, the government offers loan forgiveness for military service or for doctors, nurses, or teachers working in high-need areas.
Graduating students need to take a hard look at what might seem like a good idea in the short run but maybe all wrong for them in the long term. Walking out of college with 50 to 120K in debt puts the student in a financial hole that may last a lifetime or close too it. Please remind your student to think this over.
Resume Rx for College Students
Question: How can I make my academic and extracurricular responsibilities look more professional?
Answer: Be specific in your accomplishments. Use numbers whenever possible.
If you were an employer looking at a college student’s resume, which of the following entries would impress you more?
- “Wrote news releases”
- “Wrote 25 news releases in a three-week period under daily deadlines”
Clearly the second statement carries more weight. Why? Because it uses numbers to quantify the writer’s accomplishment, giving it a context that helps the interviewer understand the degree of difficulty involved in the task.
With a little thought, you can find effective ways to quantify your successes on your resume. Here are a few more examples:
- “Wrote prospect letter that brought in more than $25,000 in donations”
- “Managed a student organization budget of more than $7,000″
- “Introduced 17 student-service-improvement proposals as residence hall representative for student government”
- “Recruited 25 members for a new student environmental organization”
Question: How specific should my “Objective” statement be?
Answer: It is best to use broad categories of desired jobs and internships so that you can be considered for a wide variety of positions related to the skills you have. This is particularly important if you’re not sure what career field you’re planning to enter.
However, if you have a specific internship or career that you really want, such as “art therapist with the mentally handicapped”, then you should state that.
Question: Should I include my GPA on my resume?
Answer: If you are a student or recent graduate, list your GPA if it is 3.0 or higher. Consider including a lower GPA if you are in a very challenging program. Add your major GPA if it’s higher than your overall GPA. If your school doesn’t use the standard 4.0 scale, avoid confusion by listing the scale (e.g. GPA: 4.1/4.5). As your career progresses, college GPA becomes less important and can be removed.
Question: What do I do if I don’t have much professional experience?
Answer: Students and new grads with little related work experience can use the education section as the centerpiece of their resumes, showcasing academic achievements, extracurricular activities, special projects and related courses.
For example:
ABC College, Macon, Missippi
B.A. in communications, concentration in advertising
Anticipated graduation: June 2008
- Senior Project: Currently completing mock advertising campaign for Coca-Cola (billboard/print/TV/radio ads, direct-mail campaign and press releases).
- Related Coursework: Advertising, Advertising Writing, Direct Mail and Telemarketing, Media Plans in Advertising, Marketing and Advertising, Public Relations, Broadcasting
Question: Should I include any information from high school (honors, activities, etc)?
Answer: No
What to Do if You’re Wait-Listed
You finally get that long-awaited letter from your top-choice school … and you haven’t been accepted or rejected, you’ve been wait-listed. Suddenly you’re in admissions limbo. Here’s what you should do while you wait to learn your admissions fate.
Don’t Let It Get You Down
It’s easy to view being placed on the wait list as a rejection. While it’s no easy task getting off the wait list, it’s not impossible either. Colleges use wait lists when they’ve accepted the maximum number of applicants, but still view some applicants as well qualified. The wait list is a safety net colleges use to fill their class if not enough accepted students enroll.
Don’t get down if you’ve been placed on the wait list. “Don’t beg or plea” – that’s not helpful for an admissions counselor. While you shouldn’t feel dejected, keep in mind that your chances of being accepted from the wait list are slim. Instead of wasting time feeling down, take action to get off the wait list.
Decide Whether You Want to Stay on the Wait List
You have the option to remain on or remove yourself from the wait list. If you want to stay on the list, return the form indicating your interest to the college as soon as possible. If you’ve been placed on several lists, there’s no reason why you can’t stay on more than one.
Find out What Your Chances Are
The number of students on wait lists varies. On average, 27 percent of all students who were wait-listed eventually gained admission, according a National Association for College Admission Counseling (NACAC) report.
Check if the college ranks its wait list and ask if you can know your rank. If your school doesn’t prioritize its list or won’t tell you your rank, look at how many students were accepted from the wait list in the past. You can request information on how many students were accepted from previous wait lists, according to the NACAC “Statement of Students’ Rights and Responsibilities in the College Admissions Process.”
Let the College Know you’re Interested
Don’t just wait out the wait list – make an active effort to get onto the roster of admitted students. “When a student receives a letter saying that they’ve been put on the waiting list, they should respond to the college immediately.”
Write the admissions office and emphasize your sincere desire to attend their school. Don’t have your parents or counselors contact the school on your behalf. “It’s really important that colleges hear directly from the student at all times and not from the parent.”
Find out who represents your region in the admissions staff and send them an email explaining your situation and expressing your growing interest in attending their institution. Be specific and name courses, professors, extracurricular activities, sports teams and other features of the college that you’re excited about and that match your goals.
Continue to Brag
Keep the admissions office updated on your latest grades, achievements and honors. Maintain email contact with your regional admissions representative, but don’t swamp them. “Sending an email on a weekly basis saying the same thing dilutes the significance of whatever that student is sharing, “If it’s not new, don’t email the admissions counselor.” Send in a new letter of recommendation that shows you in a different perspective. You may be reevaluated on this new information and it shows the college that you are serious.
Get On With Your Life
Make plans to attend another school. Send in your deposit to secure a place at your second-choice college. “This whole waiting list thing is about expectations and once students are able to let that expectation go, then they really find the value in the other college,” Even if you’re disappointed, you’ll probably find yourself happy at your second-choice school.
What to do if you are accepted
Congratulations, all your hard work paid off, but being admitted late will cost you. If you end up being accepted from the wait list, you’ll have to forfeit the deposit you made at the college where you enrolled. Students admitted from the wait list may not have the same financial aid or housing opportunities of those accepted during the first round. NACAC’s statement of student rights requires schools to answer students’ questions on how being on the wait list will affect housing and financial aid. Reevaluate the school and decide if you’re still interested enough to back out of the school where you’ve already committed.