Is a Degree Worth It?

Ever wonder whether getting a college degree is worth the time, effort, money, and stress? Now there’s evidence to say that getting a degree significantly raises your income level and job success! It seems intuitive that more education would make you more competitive in the job market, but it’s nice to know this equates with financial success as well.

The College Board Report

A report released by the College Education Board this year affirms that receiving a college degree leads to a more successful career, and a higher income. The median income for persons with a college degree is 63% higher than the median incomes of those who have only received a high school diploma. In layman’s terms, that means that if a person with a diploma had an income of $25,000, a 65% increase would equate to about $40,750! Over the course of a career spanning 25 or so years, it is obvious that the difference mounts up quickly in terms of quality of life and how long before you can afford retirement.

Furthermore, they found that the education that children receive is correlated with that of their parents. If a child’s parents have been to college, they are more likely to also attend, putting them in a better situation for success. The report comments that a goal of educators should be to reach out to students whose parents did not go to college, to encourage them to attend. As the global market becomes more and more competitive, it is becoming increasingly important to have a valuable degree to make you stand out.

Surprise: Women Earn More than Men

Despite much previous evidence that showed an “earning gap” between men and women, in favor of men, the College Board Report found that women earned more than men.

Sandy Baum, senior policy analyst at the College Board and a professor of economics at Skidmore College, addressed this issue among others.

“The real issue here is that at every level of education, women earn significantly more than men,” she said. “However, female high school graduates have particularly few options for reasonable wages. The male/female gap is greatest for high school grads than for college grads.”

Exceptions to the Rule

This does not mean that there are variations in these populations: obviously some high school grads do just fine, and some college degree-holders might not excel. The statistic is the average of the population at large, gathered by the College Board. So remember that while some wealthy moguls or movie stars decided to skip college and still became a success, those are the exceptions to the rule. Its better be well-prepared, and well-educated, that to rely on luck.

The Rhodes Scholarship is perhaps the most prestigious scholarship there is, providing students from around the world the opportunity to study at the University of Oxford in England for 2 years. Thirty-two awards are made each year in the United States. Past awardees have become some of the brightest political, scientific, and literary minds of our age. Continue reading to learn how to apply for this life-changing scholarship.

History of the Scholarship

The scholarship’s funding was stipulated in the will of Cecil John Rhodes, and has been awarded since 1902 by the Rhodes Trust based on character and academic record. Although it began as a way to find and train the future leaders of Britain, it soon expanded to other European nations, America, and beyond. In 1977, women were included as well (they were not mentioned in the original 1902 will). Although traditionally, applicants applied seeking a bachelor’s degree, recent Rhodes scholars usually are seeking a master’s or PhD. Worldwide, 90 scholarships are annually awarded.

Who’s the Ideal Candidate?

Mr. Rhodes will specified four standards: literary and academic excellence; using one’s talent or ability to the fullest; truth, courage, kindness, and an unselfish character; and compassionate leadership. Universities nominate candidates that they feel are well-qualified. Scholarships are available to residents of the USA, Canada, South Africa, Australia, India, Germany, New Zealand, the Caribbean, Kenya, Pakistan, Zimbabwe, Newfoundland, Bermuda, Jamaica, and Zambia. Applicants are 18-24 years old.

Past Winners

Recipients of Rhodes scholarships are in notable company. Previous winners include Presidents of various countries, famous inventors and writers, Nobel Prize winners, senators, Olympic gold medalists, admirals, ambassadors, and many other luminaries. A few of the famous names include David Chalmers, George Stephanopoulos, Bill Clinton, John Searle, and Bill Bradley among others.

Important Info and How to Apply

The award includes all university tuition and fees, travel to and from Oxford, and a living stipend to cover room and board, books, laundry, and some additional travel. For more information on how to apply, visit the Rhodes Scholars page here: http://www.rhodesscholar.org/. Applicants must be nominated by their university, with a lengthy interview process following. To inquire as to a nomination from your school, you should visit your financial aid department. Selections are made in the fall, for entry to Oxford in the following fall. Prepare now and be ahead of the game!

A foundation which awards scholarships to Wisconsin high schools graduates is now accepting applications. The Herb Kohl Foundation Excellence Scholarships are made to 100 Wisconsin high school graduates, in the amount of $1000, who are planning to attend college, university, or technical school.

Criteria for evaluation includes academic record, leadership skills, citizenship, and extracurricular activities. Awardees must be residents of Wisconsin and between 16-18 years old. Applications are available at www.kohleducation.org, with individual high schools setting the exact due date.

A Scholarship for White Students?

In an effort to encourage discussion on race-based scholarships, a student group called the Boston University College Republicans (BUCR) has instituted a controversial $250 “Caucasian Achievement and Recognition Scholarship”. Applicants must be at least 25% Caucasian, have a 3.2 GPA, and submit an essay on what it means to be a Caucasian-American in today’s society. BUCR argues that scholarships that are preferentially given to members of a certain race, and excluding others, are a form of bigotry no matter which way the discrimination swings. By their own definition, this scholarship is meant to be a token to raise awareness of their position (“the worst form of bigotry confronting America today”) rather than a bona fide “scholarship for white kids.”

Scholarship Getting Mixed Reactions, Of Course 

Reactions to the scholarship have been predictably mixed, ranging from anger to approval. Student Admissions Diversity Board member Sara-Marie Pons, for example, stated that while she agreed with BUCR’s position that racial preference is “contradictory to our American ideals of freedom and equality,” that historic occurrences justify the use of selective measures towards race.

Negative Attention for the Winner 

However, those considering applying for this scholarship may want to take heed of the situation of a similar winner, Adam Noska. A group at Noska’s college, Roger Williams University, awarded him a similar “whites-only” scholarship in the amount of $250, however he received more than just money. He also received notoriety. After receiving the scholarship, Noska was largely shunned by the campus and has been branded the ‘Big Racist’ on campus.

‘‘I’m not a racist or a white supremacist,’’ Noska said last weekend, after deciding to donate the $250 and pledging to raise more for charity. ‘‘I wasn’t prepared for the level of disappointment people have shown me. I mean, I’ve been overwhelmed. I became a minor celebrity on campus, and for the wrong reasons. I saw this splitting the campus community, and I’m worried that the school name could become synonymous with a whites-only scholarship. It wasn’t supposed to be this way.’’

Although he applied for the scholarship tongue-in-cheek, he quickly realized that the issue of race still demanded a higher level of sensitivity. However the scholarship was meant to be portrayed, as a tool for discussion or fuel for controversy, in the end it just ended up ticking off a lot of people.

So What’s the Difference?

But how is a scholarship meant for “whites only” any different that affirmative action which preferentially accepts minority applicants or bestows minority-only fellowships? The difference may exist in who holds the power in our society, and to what purpose such preferences are put into place. Cultural, socioeconomic, and gender barriers all exist to some extent in American culture—perhaps best evidenced by the startling low 6% enrollment of minorities at Roger Williams University itself. In order to ensure that universities, and students, benefit from a diverse education, often pro-active techniques are utilized to recruit minorities. These sort of actions are more difficult to justify when the demographic in question is already at 94%. The goal of higher education should be to broaden horizons, not just of one slice of America, but of the whole. While a discussion on how that can best be achieved is a significant one, that goal is only undermined when significant biases which persist in our culture are ignored rather than corrected.

A Fortune Magazine article details some of the past relationships of student loan lenders and for-profit schools (Big Education) and the federal government.

We all understand that tuition has been rising, and student financial aid has not kept up. Will a Democratic-led House and Senate help out the American student? Here’s the most promising quote from the article:

“George Miller (D-California), who is likely to become the new chairman of the House Committee on Education and the Workforce, wants to cut interest rates on student loans in half.”

Read more and you’ll likely learn some new information about government, lending companies, campaign donations, and higher education schools.

Stay After School…at Home

What a concept! The online news section of the College of Saint Benedict in St. Joseph, Minnesota just announced another Collegeville Community will break ground on the college campus in the spring of 2007.

Collegeville Communities®

The aforementioned with be the third such community. Currently, there are two Collegeville Communities, one in Northfield and one in Winona, MN.

One man’s dream, Collegeville Development Group, LLC was founded in 2000 by entrepreneur Jon Petters with the first of the Collegeville Communities, University Village of Winona breaking ground in 2002. What’s different about this community is that it provides exclusive access to activities and classes at St. Mary’s University.

This isn’t simply a “side benefit” of home ownership at the University Village of Winona. This is about a lifestyle; a lifestyle that provides lifetime learning opportunities with cultural, educational, physical and in this case, spiritual surroundings and amenities.

An Active Retirement

The houses are in the $150,000 to $300,000 range at University Village and they’re virtually maintenance free. But more than anything, it’s the community that is laying the groundwork for a more active retirement for many. In fact, it won’t be long until the “baby boomer” generation will face retirement yet today retirement sometimes means the beginning of a second career.

Eventually, the idea is to have Collegeville Communities all across the United States which will be partnered with colleges and universities all over. The response has been phenomenal, not just from homebuyers but from colleges and universities.

The minimum age requirement for most homes will be 55 but there will be a limited amount available to those at least 40. In any event, Collegeville Communities gets a thumbs up for placing education and the culture it affords at the front of the line. The colleges and universities benefit, the homeowners benefit and look at the influence these parents and grandparents will have on the younger generation. The kind of influence that says, “College is important. It’s so important I think I’ll stay awhile.”

Do You Know the Difference Between Federal and Private Student Loans?

I had no idea such a thing could happen until I read the piece in the October 29, 2006 Business section of floridatoday.com.

It seems that students can actually take out a private student loan and not even realize that they are not participating in the Federal student loan program. That’s because some lenders make both kinds of loans, federal as well as private and don’t bring it to the student’s attention that the loan they are actually taking out is at a much higher rate of interest and won’t be eligible for consolidation.

Know thy Loan

Now, this doesn’t excuse the student who needs to read every word before signing on the dotted loan line. Unfortunately, there are some lenders who will take advantage of students who just want to complete the loan application as fast as possible and get on with it. Some lenders thrive on students such as these.

Students too are knowingly making private students loans when they haven’t exhausted their federal loan options yet. With the high price of a college education in the news literally every day and most of us screaming that we need more help with tuition, we really need to do our part to keep costs down. Besides, we’re the ones stuck with those private loans with the variable interest rates so it makes sense we need to know what we’re doing before we take out those oh so easy to get student loans.

Don’t even think you’re getting a federal loan, but know you are. “But I thought Sallie Mae meant it was a federal loan”, you moan 3 years from now. “It is,” I remind you, “but Sallie Mae also makes private student loans and that happens to be the kind you made.”

Do This in Order

Make sure you have exhausted all federal loan options before you even think about taking out a private student loan. Then, shop around for an interest rate you can live with. Most important, know all the terms before you sign off on the loan. If you don’t, it will haunt you later.

We want you to become our ‘resident blogger’.

Requirements:

• 20-30 quality blog posts per month
• Active enrollment in college
• Excellent blog writing skills
• Ability to engage in discussions of education and finance
• Professional attitude
• Extensive blogging experience
• Your own personal writing style

Contact me with your qualifications at this Email:
danielkovach@gmail.com

Congratulations Stephen Yellin of Drew University!!!!

Stephen is our Grand Prize winner and will be receiving $5000 for his college education.

But there’s more…

We have decided to award our 2nd and 3rd place finalists with $1000 each! So congrats to Paul Stamatiou and Shelly Batts.

Stop by and congratulate them:

Stephen Yellin
Paul Stamatiou
Shelly Batts

There’s even more..
All of our other finalists will be receiving $100!

See our complete list of 10 finalists here.

Our Other Scholarships:

Don’t forget about our foundation’s other 6 scholarships. They are each awarded 4 times per year. See our complete list of scholarships.

More Financial Aid Options:

If you like to hunt for all possible funding opportunities, we also provide a huge categorized list of additional scholarship and grant resources.

We’re also finishing up on a Google-powered topic specific search engine for all college related financial aid. More to come soon…

We Want a Resident Blog Writer

20-30 posts per month at $1000. Read all about it here.

Next Year’s Blogging Scholarship:

Please leave constructive comments below about what we should do next year for an even greater Blogging Scholarship. A perfect example would be the comment from Jim Benton. The first comment here is a copy of his comment from another post.

If you haven’t already, go vote for your pick to win the $5000 Blogging Scholarship.

Voting stops at 11:59 PM on Sunday, November 5th.