I Have to Pick a Major — Now What?
It’s the most common question asked of college students: “What’s your major?”
You might be able to get away with responses like “I’m not sure,” or “I’m keeping my options open.” But eventually — thanks to your school’s academic rules, your parents’ incessant nagging or even your own impatience — you’ll have to make a choice.
Thousands of college students around the country go through the same anxiety-producing experience every year, often around mid-semester when they have to choose their courses for the following semester (and they’ve already taken all their general or core courses).
Are you in the “I have to pick a major — now what?” mode? If so, don’t panic. If you’re like many college students, the major you select won’t have a huge impact on your future career anyway. But even if it will, there are plenty of things you can do to help yourself make a sound decision.
Meet with a Campus Career Counselor.
Your school’s career counselors know your institution’s majors well, and they have a good general sense of where those majors might take you with respect to your career. Perhaps more importantly, though, many campus career centers keep detailed statistics on the types of jobs their schools’ graduates have landed with various majors. Typically, these statistics appear in the career center’s placement report, which you can ask for and then read to find out where different majors might take you in the future.
Read Your Undergraduate Bulletin and Related Publications.
Maybe you don’t need to actually read the entire undergraduate bulletin, but at the very least, page through it and look at all the majors available at your institution. You never know when you’ll stumble upon one that really fits your interests.
If browsing your institution’s undergraduate bulletin sounds far too boring, stop by your school’s admissions office and ask for briefer major-related publications that might be available.
Talk to Professors and Students in Various Majors.
Start by asking your friends and acquaintances what they’re majoring in and why. What do these students like and dislike about their majors? And what can they tell you about the courses in their majors and the careers their majors might lead to?
Similarly, ask professors in various academic departments to briefly describe their majors. Tell them you’re interested in learning more about what previous students in the department have gone on to do, career-wise. Professors will gladly tell you in most cases, if you ask.
Check Out “What Can I Do with a Major in ______?” Materials.
There are lots of ways to answer the question, “What can I do with a major in _______? “ You can use the Major to Career Converter tool to get an initial sense of which majors lead to which types of careers.
Dozens of major-related books are available to you as well, often at your school’s main library or your campus career center’s library.
Page through Guides to College Majors.
Several publishers have developed books that offer extensive descriptions of various college majors and what careers those majors might lead to. JIST, for instance, offers The College Majors Handbook, which features information (based on a survey of some 150,000 college graduates) on 60 different majors. Ferguson Publishing, meanwhile, offers College Majors and Careers, which also describes 60 majors in detail.
There’s no need to fly blind when it comes to researching and then choosing college major, especially in this day of the Internet and easily accessible information. The more you talk to knowledgeable people and read about various majors, especially those you know little or nothing about, the better chance you have of picking the one that best fits both your short-term needs and your long-term career goals.
Should You Hire a Professional?
Without a doubt, figuring out how to pay for college can be a pretty stressful experience. You might be considering a financial aid consultant to help you through the college cost maze. Financial aid consultants provide advice and services to make the financial aid process a little easier. But before you choose a consultant, there are some things you should consider.
When to Use a Financial Aid Consultant
Financial aid consultants can take the frustration out of filling out forms, but not everyone needs one. Use these tips to decide whether you really need an expert or whether you can solve your problems on your own.
Do get a financial aid consultant if you don’t have the time to fill out the FAFSA, are unfamiliar with financial terms or have special circumstances that make the FAFSA hard to complete. Applying for financial aid can be complicated, so if you’re pressed for time or are confused, an advisor can assist you. The advisor should also help you with the CSS/Profile.
Don’t get a financial aid advisor if you have the time or have a straightforward income situation.
Even if you find you need more assistance, don’t rush to hire a private consultant. Basic questions may be easily answered by any number of free services available to you. Start by checking at your school or local library to see if they offer free workshops on filling out the FAFSA. If you have specific questions, call the free Federal Student Aid hotline at 1-800-4-FED-AID (1-800-433-3243 or TTY 1-800-730-8913).
Don’t Get Taken for a Ride
If you choose to hire a financial aid consultant, find a qualified professional. To avoid getting stuck with a bad consultant,
- Call your campus financial aid office for their input. They probably won’t recommend a consultant, but they will tell you if they’ve had trouble with any consultant in particular.
- Consider the consultant’s qualifications. A consultant who has worked in a university financial aid office or is a Registered Financial Consultant will have more expertise than someone without that specialized training.
- “Find out how long they’ve been in the industry,” “Experience matters – you want to be sure you use the services of someone with breadth of knowledge and experience, especially with something as complex as financial aid administration.”
- Never use a consultant who encourages you to do something unethical. If you lie about your assets, you’ll end up paying a big fine – or in jail.
Be aware that some consultants charge reasonable fees ranging from $500 to $2000, while others charge anywhere from $2500 to $30,000. Advisors who charge big amounts will usually “promise” you the world and don’t deliver. The FAFSA is a free application. A financial aid consultant can charge a fee for helping you fill out the FAFSA, but you don’t have to use their services to apply for federal student aid. If you are just looking for help filling out the FAFSA, you should pay no more than $125.
Figuring out financial aid can be a headache, so it’s nice to know there’s help. But before you choose a financial aid consultant, get the facts and find out what they will do for you and your student.
The Frustration of Today’s College-Bound Families
Do you have a high school sophomore or junior who plans to look at colleges in the near future? If so, you may want to take the time to read the following e-mail that was sent to the staff at the college planning website Getready4college.com.
“I realize now that I did it all wrong. I bought a small house I could afford, I worked hard and went to school nights so I could get a degree and make more money. I drove older model cars. I made my mortgage payments on-time and acquired equity in my home. I put money away for my retirement. and I was completely honest and forthcoming on my financial aid forms for my daughter. And for all that I’m told that after 12 years of working hard and getting my daughter into five of the top colleges in this country (including 2 Ivies), she gets ZERO dollars to attend the schools she got accepted to. We are not rich. My wife and I make just about $125,000 per year combined, so we take home only $90,000 or so a year. So now I am supposed to donate one-half of my take-home pay ($45,000+) so my daughter can go to college? Or let her enter life with $180,000 in loans? I actually had a financial aid officer at a major Catholic college just outside Boston tell me I could take a home equity loan, or stop my 401k contributions. And meanwhile, derelicts who sat around saving nothing, not working to better themselves, not paying their mortgages, and just accumulating debt and bad habits, end up getting a free ride. Our college system is BROKEN. We are on the verge of returning back to the days when only the very rich and the occasional sponsored poor family could go to college. Our top colleges have abandoned the middle class.”
This is the typical frustration that many high school seniors and their families went through this year. Do you have a high school sophomore or junior? If so, the above story may soon be your own! Don’t let this happen to you! There are many ways to deal with colleges on their price, but you have to know the procedures and guidelines to be successful. Contact our office as soon as possible to see if we can help you avoid being “abandoned” by the colleges you choose.
College Aid Offices Told By Department of Education To Give More Help
The Department of Education issued a statement to college financial aid officers around the country urging them to give more help to students from families suffering from the recession. The following is an excerpt from the statement:
“I am writing to remind you of the authority you, as a financial aid administrator, have under the law (section 479A of the Higher Education Act) to make adjustments, on the basis of adequate documentation, and on a case-by-case basis, to address circumstances not reflected in a student’s original Free Application for Federal Student Aid (FAFSA). This authority is particularly important for families who may be struggling during these difficult economic times. Simply stated, most of these families do not know about their right to request that you adjust one or more of the components that determine their eligibility for financial aid. I would ask you to reach out to your students (and prospective students), particularly those who seem to have hit a rough patch, to make sure that they know there may be ways that you can help.”
However, college officials warned that while they want to give more help to people who’ve recently lost their jobs, there still isn’t enough money to give every student what he or she feels is needed.
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.
Resident Life: A Place to Live and Work
There’s at least one in every college dorm. From mediating arguments between clashing roommates to diffusing finals week stress, they look out for their residents. They’re Resident Assistants, more commonly known as RAs, and they’re an integral part of dorm life.
An Uncommon Job
An RA is usually in charge of a floor or a wing of residents. Their responsibilities include:
- Helping out with the personal and academic concerns of the students on their floor.
- Serving as a facilitator to build a community among floor residents by initiating and organizing floor activities.
- Providing information about the campus and residence hall.
- Making the dorm floor a fun and safe place to live.
“It’s a 24-hour-a-day job,” says Amanda Pierce, who was an RA for two years at New York University. Resident assistants are on call around the clock. As an RA, you can expect to hear from residents at seven o’clock in the morning because they’re nervous about an upcoming test, or late at night because they got locked out of their room.
And there’s nothing like an everyday routine when you’re an RA. “You should always expect the unexpected,” Pierce says.
Qualifications
Serving as an RA requires responsibility and organization. To ensure candidates are up to the challenge, offices of residential life require certain criteria for selection:
- You must have a certain grade point average or be in good academic standing.
- You must be at least a sophomore or in your second year of college.
- You can’t be on any type of judicial probation.
- Outside jobs usually aren’t permitted.
“Above all, you should have great listening and time-management skills,” Amanda says.
An RA’s Rewards
Resident Assistants are usually hired for the academic year (nine months). Free housing on the dorm floor and free meals in the dorm cafeteria are typical job perks.
“But you get a lot more out of it than just the free room and board,” Pierce says. “The personal growth and development you gain can help you in college and beyond.” As an RA, you can get a lot of experiences that future employers are looking for, such as:
- Involvement with a wide range of staff and students.
- Experience in program presentation and event planning.
- Training in many areas, including conflict mediation and diversity awareness.
- Growth of leadership skills and style.
- Development of administrative skills and time management techniques.
“I loved being an RA, it was a lot of work, but the payback was worth it. It allowed me to meet people, build relationships and develop myself as a person in a way no other job could have.”
If you’re interested in being an RA, check with your Resident Advisor or Residential Life office and find out how you can get more out of your college housing experience.
You’ve Been Rejected: Understanding the Rise in Rejection Rates
You may have seen the headlines: College Rejection Rates at Record Highs. With schools like the University of Pennsylvania and Pomona College admitting less than two out of every 10 people who apply, you may think you’ll never get into your top-choice school. Don’t despair. The headlines appear daunting, but there’s more to rejection rates than these headlines would lead you to believe.
There’s no denying that 2007 was an extremely competitive year for college admissions. Highly-selective schools saw their admissions rates hover around 10 percent. Harvard University admitted a record-low nine percent of applicants. Even schools outside the Ivy League admitted fewer students this year, like the University of North Carolina at Chapel Hill, which accepted only 33 percent of applicants.
Why have rejection rates increased? A few key factors contribute to high rejection rates.
- The number of students enrolling in college has reached an all-time high. More than 17.3 million students enrolled in post-secondary institutions in 2005, which is more than three million greater than a decade ago, according to the National Center for Education Statistics (NCES). The number of students enrolling in post-secondary education is expected to continue its increase for the next few years. College enrollment is projected to reach 19 million by 2014, according to NCES.
- Students are applying to more colleges. Not only are there more students enrolling in colleges, they tend to apply to more colleges than before. Seventy-three percent of colleges reported an increase in applications in 2007, according to the National Association for College Admission Counseling (NACAC). Many colleges, like the University of Chicago, are seeing record numbers of applicants. The College Board suggests that some students are now applying to 20 or more colleges, while in the past five to eight colleges was the norm. “There’s so much panic out there that more and more students are applying to more colleges. That’s really a problem,” says Joe Casper a college admissions officer.
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Additionally, online applications have made it easier to apply to multiple colleges. An increase in the use of online applications has been reported by 85 percent of colleges, according to NACAC.
With an increased number of applicants for the same limited number of class positions, rejection rates are bound to rise at some schools. Despite the headlines, low acceptance rates publicized by schools like Harvard and the University of Chicago remain the exception—not the rule—when it comes to admissions. On average, four-year colleges accept seven out of every 10 students who apply for admission, NACAC reports. Most schools still accept more students than they reject.
There are over 4,000 colleges in the country and the whole conversation about rejection rates going up is tied to a relative handful of colleges, certainly less than 100, I can close my eyes and name over 100 colleges that are still accepting applications and would love to have more people and I can guarantee students could get into all 100 of them, says Casper.
To avoid being rejected, be realistic about your chances of being accepted. “A lot of students only apply to highly selective schools and they have no backups. Students need to do their homework and find out that these schools are such longshots and they’re not going to be accepted,” Keith Wren, an independent college counselor, says.
Casper suggests having one or two schools you’re sure you can get into, one or two that are a stretch but that you’re 70 percent sure will accept you, and one or two that are stretches. “Applying to a double-digit number [of schools] is absurd. It just means you haven’t done your research,” he says.
If you are rejected from all the schools you applied to, it’s not the end of the world. You’ll probably still be able to enroll in a local college in time for the fall semester. You can make plans to reapply as a transfer student for the spring semester. This time, follow Wren’s advice above, and do your admissions homework.
The New “Reverse Transfer” Student
Due to the present economy, there seems to be a new trend beginning in college admissions. Instead of the normal flow of students who move from two-year institutions to four-year institutions; more and more students are becoming “reverse transfers”, or students who leave four-year universities to attend a community or junior college.
For instance, Cuyahoga Community College in Cleveland, Ohio had an 11 percent increase in the number of “reverse transfer” students so far this year. These students came from a variety of public and private institutions around Ohio. Last year, 86% of the “reverse transfers” to CCC came from public institutions, while 14% came from private institutions.
However, this “reverse transfer” phenomenon is not just a regional trend. The recession has led to surge in community college enrollments this year. Nationally, the American Association of Community Colleges publicized that over 30% of all two-year students previously attended a four-year institution. They expect the number of “reserve transfers” to continue to rise as the economy worsens.
The current economy has created havoc in many family’s college decision-making process. Don’t second-guess your ultimate college choice based on price! Please call us first! We have helped many families dramatically lower their actual cost of college, especially at private colleges.
College Bits And Pieces
- On Monday, the nation’s largest student-loan provider, Sallie Mae, will begin requiring borrowers who take out its private loans to make interest payments while they are still in college and repay their loans in 15 years or less, rather than the typical term of 15 to 25 years. The company’s goal is to reduce the costs of borrowing, thereby lowering the risk of default, and making private loans more attractive to investors.
- In a national address on Tuesday, March 10, President Barack Obama called for the simplification of a financial aid application. “Never has a college degree been more important. And never has it been more expensive,” Obama said. “We will simplify federal college assistance forms so it doesn’t take a Ph.D. to apply for financial aid.” However, according to many college financial aid directors, this “simplification” process will take several years to complete.
- Applications for federal financial aid are up way up this year. The National Association of Student Financial Aid Administrators reports that it has already processed 3 million FAFSA forms for the upcoming 2009-10 school year, a 20 percent jump from a year ago in the same time period. Federal direct-lending volume also increased to $20.2 billion, up $7.1 billion over a year ago.
- Harvard University will reduce about 15 percent the amount it draws from its endowment to fund operations during the next two years, resulting in a $52 million cut next year to the budget. Harvard’s endowment, the largest of any school in the U.S., fell 22 percent, or $8 billion, from July 1 through Oct. 31, 2008 putting the fund on course to have its worst performance in at least four decades. “Our strong sense is that an eventual recovery will take longer, and that we must therefore begin to accommodate a new economic reality for the university,” said John Longbrake, Harvard University’s spokesman.
Tax Primer: The Basics of Filing
If you’ve never filed taxes, it can seem pretty intimidating. But it’s really not as bad as you think. Arm yourself with some basic information before reporting to Uncle Sam.
Learn the Language
Before you dive in, master some of the terms you need to read IRS documents:
Earned income – Salaries, wages, tips and professional fees, including taxable scholarships and fellowship grants.
Unearned income – Investment-type income like interest on your savings account, dividends and capital gains, as well as unemployment compensation.
Gross income – All income you received in the form of money, goods, property and services that is not exempt from taxes.
Exemptions - A predetermined amount of money you can deduct from your taxable income for basic living expenses. You, as an individual, may be an exemption, and dependent children (which you probably are to your parents) qualify as exemptions.
Standard deduction – A set amount of money that the federal government gives you if you meet certain stipulations. It differs according to marital status.
Itemized deductions - There are six main categories of expenses that can be deducted: medical and dental, taxes, interest, charitable contributions, and casualty and theft losses. Itemized deductions reduce the amount of tax you owe.
W-2 Forms - Wage-income forms that you receive from employers in order to prepare your taxes.
Filing status - Whether you are single, married or head of household. There are several sub-categories within each of these as well.
Deciding Whether (and What) to File
Depending on your gross income, you may or may not be required to file. For example, in 2000, all individuals under 65 with a minimum gross income of $7,200 were required to file. Even if your parents (or someone else) can claim you as a dependent, you may be required to file if you meet certain income conditions.
When determining your income, be sure to include all taxable income you receive. If your scholarships are not taxable, you need not include them in your income. (Non-taxable scholarships carry no service requirements and are used to cover education-related expenses).
But if your scholarship money is paid in exchange for teaching, research or other services, it is taxable – even if you don’t receive a W-2. This includes work-study income and pay you receive as a teaching or residential assistant.
“Students really need to know that even though they might not be required to file, they may have some withholding taxes from a job,” says an Internal Revenue agent in Kansas City, MO. As a student, your income probably won’t reach filing minimums, but you’re still having taxes withheld by the federal government. “If you file, you’ll likely get that money back,” he says. And if you don’t, then the government will gladly keep it.
Choosing a Form
To file your taxes, you need to fill out one of three basic forms:
- 1040EZ: The simplest tax form; consists of a single page. Requires a taxable income of less than $50,000 and interest income of less than $400. Restricted to singles and couples with no dependents. Cannot itemize deductions or deduct IRA contributions.
- 1040A: A more complicated form, allows more flexibility in income sources (including pensions, IRA dividends and retirement benefits). Also requires a taxable income of less than $50,000. Cannot itemize deductions but can deduct IRA contributions.
- 1040: The most complicated form sometimes called the “long” form; required if income is more than $50,000. Can itemize deductions to adjust income.
For most students, the Form 1040EZ will suffice. If you’re not sure and want to include more sources of income and deductions, you can always file one of the more complicated forms. If you itemize your deductions, you’ll also have to complete Schedule A of your 1040.
Itemizing Deductions
The federal government allows you to deduct certain specified expenses from gross income. The result is a lower tax base – and less tax that you have to pay. You’ll need to fill out the 1040 if you want to itemize deductions.
You should itemize your deductions if they total more than your standard deduction (the standard amount you deduct from gross income on the 1040EZ and 1040A forms). However, certain people must itemize even if their deductions are less than the standard deduction. For example, you must itemize if you are married, but filing separately and your spouse is itemizing; or if you are a nonresident or dual-status alien.
When to Pay
The deadline for taxes is April 15 after the year for which taxes will be filed. You can get an automatic four-month extension, but this is not an extension for paying. It’s only an extension to file. If you know you’re going to owe taxes, you still have to pay by April 15.
Getting Help
The IRS now has a 24-hour, 7-day toll-free number to help answer questions during the tax crunch period. The number is 800-829-1040. You can also call this number to get the location of the nearest IRS office. You can get free tax assistance at any IRS office. It’s probably a good idea to make an appointment, the IRS advises. Also, look for help online at www.irs.gov.
Learn the basics for how to file, and come next April, you can file your taxes with ease.
Health Insurance for Grads
College graduation is upon you. You’re probably worried about getting a job and finding a new apartment, but have you thought about health insurance? You may find yourself suddenly uninsured once you get your diploma.
New college graduates are among the least likely groups to have health insurance, according to the (NCHC). Most students are no longer covered by their parents’ insurance after they graduate. Roughly 40 percent of new graduates do not have insurance, according to a survey. Don’t count on receiving health insurance once you get settled into a new job either. Not all employers offer coverage. The percentage of employers offering health insurance has dropped, with 61 percent of employers offering their employees health insurance in 2006, down from 66 percent in 2000, as reported by the .
University Health Plans – If you have a that was started before entering your fall semester, you may be able to retain your coverage until the end of the August after graduation. These programs are run by the students’ health centers or in partnership with private insurers. Some alumni associations, such as the George Mason Alumni Association, offer plans to members, but these are usually limited to short-term coverage. Some policies, like those at, partner schools with insurance providers. Charges vary depending on the policy and factors like deductibles and co-payments. Students living in Massachusetts, New York, New Jersey and Vermont can participate in alumni insurance plans, however, short-term health insurance is not available.
Permanent Health Insurance – If you want insurance coverage beyond the time limits usually set with short-term health insurance plans, you can purchase permanent health insurance. Permanent health insurance is the most expensive option, but may be a good choice if you plan on being self-employed. When considering various plans, take note of coverage’s, co-payments, deductibles, and limitations on drugs and access to specialists. What is the maximum you’ll be covered for? Are there restrictions on the physicians you can use? You can compare various plans at.