Across the country, there are only 13 states that require personal finance course instruction, either as a separate class or as part of their economics curriculum, to earn a high school diploma. The result is that many students arrive at college without any formal financial instruction.

The consensus is that there are some basic concepts every student must know to be successful. By financial basics, we are not talking about something as simple as balancing a checkbook. Instead, we are talking about decisions related to spending, especially when it comes to borrowing money.

Data indicates that very few college freshmen understand three key fundamentals: the time value of money, needs versus wants, and that one habit of yesteryear that has almost disappeared from the landscape, saving money.

Building a Budget

The first step to gaining true financial literacy is to build a budget to track your earnings and expenditures. The single biggest problem for people of all ages is the failure to understand where all their money goes over the course of a year.

A monthly budget ensures you will first understand what you will have for money coming in . When those sums are placed on paper you can begin to allocate where these funds can be spent.

When making your list of expenditures it is critical to list those expenditures that come only at specific times of the year. It is also critical to create a category for unexpected expenditures. If your computer crashes or you need new batteries for you calculator, it is imperative you have some money to solve such problems.

Most importantly, it is also critical to understand the difference between needs and wants and that wants are unnecessary expenses that can be controlled with planning and discipline.

Needs vs. Wants

First and foremost, as a student, your income will be limited – you simply will not have the opportunity to earn a significant amount of money. That said, every student arrives at college with different financial means.

Some have been provided an allowance by their parents – others must rely only on what they can earn in a part-time job or the money that they saved from the previous summer’s employment. Whatever the case, you will have mandatory expenses for books, supplies and room and board. You will also need money to pay for transportation home if you want to get to see your family during the various holidays.

At the same time, in college you will want to have some fun. You will no doubt want to join your peers when they have decided to go to a movie or go out to grab a latte.

Creating a column in your budget for pleasure activities is critical – you must balance the pressures of the academic challenges and having some fun with friends can be a great pressure reliever.

But such outings with friends can create a different pressure. Before committing to an outing with peers, you must determine if you have the money to do so. If you begin spending money that must be used later for items that you will need you will find yourself experiencing a different form of stress.

For those expenses not mandated, you must maintain your budget. If you have spent or have nearly spent your monthly allowances for the wants, you must find free or low-cost on-campus activities, whether it be a lecture, dance, sporting event, or movie.

And though it sounds like heresy, you have to be honest with your peers. Learn to say, “Sorry, I can’t afford to do that.” You will be surprised – true friends will react positively and readily consider options that are viable for you as well as them.

Compounding of Interest

Economists often talk about the rule of 70 when it comes to promoting saving money. The rule of 70 is quite simple, if you multiply an interest rate by the number of years, that is the time it will take for money to double.

For example if you invest any amount of money at 7% interest, in 10 years (10 times 7 equals 70) your money will double. So $1,000 invested at 7% becomes $2,000 in 10 year’s time.

It is important to understand this concept and how it relates to that credit card where interest rates can be 18 to 25 percent. With such numbers, what you owe can double in just 3-4 year’s time.

That is why making minimum payments on a credit card is a significant loser for anyone who charges. Before you know it you are barely paying anything on the principle or the amount owed. Instead you are merely paying the interest that has been assessed and continues to accumulate.

The same principles hold true if you feel you want to splurge and by a car. Supposed you pick out a used one at $10,000 and take out a four-year loan on the car at 8%. Your car is not costing you $10,000 – it is now costing you $13,200.

If you use a charge card, pay off the balance every month to save the interest. If you do not have the cash to buy that car, don’t give away thousands in interest payments. Use the transportation available on campus.

And lastly, think carefully about borrowing significant funds for school. Even with modest interest rates of 5-7 percent, by the time you have graduated you will owe the equivalent of five or six years of costs even if you graduate on time. If you take five or six years to earn your diploma you could end up paying double the money you have borrowed.

If you are like most college students, resources will be slim. Adding interest payments only further reduces your available resources.

Savings Accounts

Lastly, it is imperative that you begin to understand the concept of setting some money aside for that proverbial rainy day. Whether it be a bank savings account or funding the beginnings of a retirement plan, developing the savings habit is critical. In fact, this habit is likely the most important one you can ever develop

Most experts use the phrase “pay yourself first” to describe this habit. It essentially means putting money into a savings account before you become inclined to spend it.

In this case you create a space in your budget for savings and then allocate those funds monthly. This also means that you do not ever spend what you earn or what are given for an allowance.

Again, using the idea of compounding, simply putting $10 aside from your weekly earnings will result in $520 in your savings account by year’s end. As little as $5 per week or just $10 from a biweekly check still totals $260 by year’s end.

The key is save something, month after month. It does not matter how small an amount you start with, the key is to set something aside.

If you work, the easiest way to do this is to have the amount automatically deducted from your paycheck and deposited into your savings account. If you receive an alowance, move the amount into savings as soon as you receive the funds.

Second, learn to deposit any additional funds that come your way into this savings account. When you receive a tax refund, an increase in hourly pay or bonus, or a monetary gift it is easy to spend such windfalls on things that you want rather than need. You must resist such temptations and at least set aside a healthy portion of those unexpected funds.

Your first goal should be to build a separate savings account that matches your credit card maximum so that if you should have some unexpected expenses you have the funds to fall back on when necessary. Nothing is more embarrassing then having to call mom or dad to ask them to come to your financial rescue when you have some unplanned expenses.

As the cost of college soars, it is important for students on a budget to recognize multiple job options exist with a two year degree or in some cases, minimal post-high school training. Not only are there plentiful job options, these fields offer respectable pay and in most cases, a decent benefit package.

Nursing Aides, Orderlies, and Private Care Attendants

With nearly half a million new job openings expected in the next ten years, nursing aides and personal care attendants positions will be available in a variety of work settings. Aides and PCAs are asked to perform a number of tasks of varying skill levels.

Aides may be involved in preparing and serving meals, making patient beds, and changing dressings. They may also be involved in a variety of social settings including accompanying patients on trips.

Training is now offered at most vocational-technical centers. For those who have already graduated from high school, training may be obtained at local nursing care facilities and community colleges. In some cases, aides can be hired and actually learn the requisite skills on the job.

One drawback can be a schedule that can involve weekends and nights. And the pay can vary significantly depending on how much training has been obtained.

Still, pay exceeds the average for retail work. According to the U.S. Bureau of Labor Statistics, average salaries in 2008 for home health aides was $21,440; for nursing aides, orderlies, and attendants the average compensation was $24,620; and psychiatric aides was $27,260.

The other critical element to consider is the benefits accompanying such positions. Aides who are able to find work for hospitals and other health care facilities can expect paid vacation and health insurance. Those in home health may not be fortunate to find such benefits initially leading many to begin in the home health field before moving on to more lucrative options.

Of course the most important element to consider is the number of positions that will be available over the next ten years and likely beyond.

Licensed Practical Nurse

With only a minimum additional commitment to one’s education, you can consider becoming a licensed practical nurse. To obtain such certification, you will need to complete a training program that takes most students a year and pass a licensing exam.

LPNs often perform some of the same tasks as nursing aides including feeding and comforting patients, changing dressings and helping patients with personal hygiene. But because of the additional training received, LPNs play a more significant role in the patient recovery process. Tasks may include checking vital signs (blood pressure and temperature), delivering patient injections and collecting lab samples.

With the additional training, it is important to note that the average pay for LPNs is nearly double that of home care aides. According to the Bureau of Labor Statistics LPNs earned an average hourly rate of $19.28 and a yearly salary of $40,110 in 2008.

Such positions also carry solid benefit packages including paid vacations, paid sick time, health insurance and access to a retirement plan. And with nearly 400,000 projected openings over the next ten years there will be many jobs available.

Registered Nurses

To become an RN or registered nurse, you must complete an approved nursing program at the diploma, associate or bachelor’s level and pass the National Council Licensure Examination. One of the key aspects to making the RN position so enticing is that you can start work without a bachelor’s degree – in fact, in many instances, your employer will actually help you with the cost of obtaining your bachelor’s degree should you decide to pursue that option.

In addition to the basic care duties associated with an LPN position, RNs may administer and analyze diagnostic tests, discuss symptoms with patients and teach them how to manage their prescribed medications.

RNs work in a variety of settings including hospitals, physician offices, home health care services and outpatient clinics. But a critical requirement for renewal of RN certification is to continue taking education courses so as to remain current on developments in the profession.

As with most health care options, RNs must be willing to work flexible hours. Such hours may include evenings and weekends, or in some cases, 12 hour shifts.

But with more than one million anticipated openings in the next ten years, job openings will be plentiful for the foreseeable future. Throw in a complete benefits package and an average reported pay by the Bureau of Labor Statistics of $66,490 (for RNs working in hospitals) and you have a very solid career option considering the level of schooling needed to enter the field.

While many college courses fit the staunch, conservative mold, there are a number of options that just cry out for the opportunity to be in the classroom, even if the course were to be offered primarily in lecture format.

Today we take a look at those options, our “Coolest of the Cool College Courses.”

Music Specialties

If you are into music, then UCLA is a place to consider. You can take courses such as The Beatles, an “examination of life and the music of the Beatles within social and historical context of the 1960s” and featuring an “emphasis on how this music has reflected and influenced changes in sexual, racial, and class identities and attitudes.”

Better yet, you can delve into the History of Electronic Dance Music, a survey of groove-based electrified dance music or take Motown and Soul: African American Popular Music of 1960s, a five credit course featuring four hours of lecture and one of discussion. You study the “relationships between musical forms and cultural issues of 1960s, including Civil Rights Movement, counterculture, black-nationalism, capitalism, and separatism, and larger dimensions of African American experience as mediated through groove-based music.”

Better yet, you can opt for pass/fail grading though you best be into the history of rock and roll as that course demands a letter grade.

Of course, if you are thinking of majoring in music, it will not be all fun and games. You will have to contend with courses on The Symphony, as well as the great composers: Bach, Mozart, and Beethoven. And in some instances, it is letter grade only.

Bah-dah-dah-dumm.

But if music is your specialty, the coolest of the cool has to be Nuthin’ but a “G” Thang at Oberlin Experimental College. Yep, the course features Nas, TuPac, Run DMC, Biggie, Dr. Dre, Snoop, Scarface, DJ Screw, Wu-Tang Clan, A Tribe Called Quest, and Grandmaster Flash. You can even present artists of your choice to the class over the final two weeks.

Television Fanatics

For those into TV, there are some real interesting options. First, consider How to Watch Television at Montclair State University, a course designed for both broadcasting majors and non-majors. In the category of can I really get college credit for this, the school catalog has the course goal as “analyzing television in the ways and to the extent to which it needs to be understood by its audience.”

If you were or still are into Sesame Street (who cannot bust out with a verse of “It’s a Rainy Day” when kids are around and the drops are falling) and those love-able puppets, then you no doubt would love Muppet Magic: Jim Henson’s Art at the University of California Santa Cruz. The focal point of the course is (are you sitting down?): how the Muppets have changed television, film and art.

Or how about The Simpsons? At San Jose State you can delve into the comic characters in The Simpson’s as Social Science, a course that compares Homer and Marge’s stories to real-life issues.

If that doesn’t quite cut it, we have heard tell of Introduction to Cultural Studies: The Simpsons at the Rochester Institute of Technology featuring an introduction to cultural theory and the analysis of popular culture based on the television hit. But the best Simpson’s option could well be the University of California at Berkeley’s Simpsons and Philosophy. But there you need to be expert on Simpsons trivia as to pass the class you must write a 22-minute show for your final exam.

Other cartoon based culture options include Calvin & Hobbes where Professor Timothy Morgan takes a look at the strips quality, ‘relatobility’ and its wealth of themes and ideas. But sadly, one of the most unique, Far Side Entomology at Oregon State may be coming to a close. Students in the Honors class receive “a clipping from The Far Side and then work in teams of two to prepare a presentation the following week on the insect in their cartoon.”

For Trekkies, there has been Philosophy and Star Trek at Georgetown University, Star Trek and Religion at the University of Indiana and The Religions of Star Trek at Muhlenberg College.

At Georgetown and Muhlenberg we could not find the course still in the course catalog despite our hearing that the class considers such amazing questions like “whether or not time travel is possible and if reality is radically different from what we think it is.” InStar Trek and Religion at IU, students are introduced to the “writings of classic critics of religion, mystics, and constructive thinkers who combine some insights from modern physics with religious ideas.”

Moving on to the world of books and movies, the cult phenomena that is Harry Potter has taken the fantasy world to a number of college campuses. There is Science of Harry Potter at Frostburg State University, in Maryland a course that features a comprehensive look into the “reality in the fantasy of Harry Potter” and the magical aspects that are then turned into a study of physics.

We understand that Yale now offers Christian Theology and Harry Potter, a course where students analyze the world of the warlock and how it fits with Christian themes like innocence, sin, and resurrection.

Those who still actually watch pro wrestling would love a chance at MIT’s Topics in Comparative Media: American Pro Wrestling. The course is an “exploration of the cultural history and media industry surrounding the masculine drama of professional wrestling.

Demonstrating the principles of marketing, the class also hones in on the promotion of the sport and “how shifts in wrestling characters demonstrate changes in the depiction of American masculinity.”

And if you are into the phenomena that is YouTube (who isn’t) there is now Learning from YouTube at Pitzer College. And yes, the course consists of students watching, discussing, and commenting on YouTube videos. In fact, the course syllabus and videos from the class are available on YouTube.

But for perhaps the most unique, we turn to Occidental College where students can take an entire course in The Phallus. With puns available galore, we simply note that students examine the signification of the phallus and its relation to masculinity, femininity, and a number of other topics we will leave out at this time.

And in saving the best for last, it is also at Occidental that one can take a course in Stupidity. According to the school catalog, “Stupidity is neither ignorance nor organicity, but rather, a corollary of knowing and an element of normalcy, the double of intelligence rather than its opposite” and how stupidity “makes itself felt in political life ranging from the presidency to Beavis and Butthead.”

Last week we took a look at the various resume types and gave a few pointers as to the theory behind each format. This week we take a second step and look at the creation of a resume that will be submitted online via a job board or company web site.

It is extremely important for job applicants to realize that the same technology that allows you to create several different resumes and forward them at the click of a mouse is also being employed on the other end by large businesses. Today, resumes and applications submitted online generally go automatically into a database for storage and analysis.

What may be a surprise to readers is that those files are often scanned first by sophisticated software before ever being seen by a person at the human resource office. In fact, a resume submitted online will most likely need to pass specific muster or it will never touch human hands.

Applicant Tracking Software

With companies receiving hundreds of resumes (in some instances, thousands) for every job opening, recruiters today utilize technology to help them manage the volume of materials submitted. Applicant tracking software systems (ATS) are used to help recruiters in all facets of the process, from storing the applicant files to recording all communications that take place between the recruiter and an applicant.

Recruiters can handle the first step in the screening process by programming the software to review the submitted resumes according to key criteria. To do so, the recruiter will take some key words or words from the job advertisement or from the job description and let the software package scan the resumes for this specific language.

The ATS software will select from the database only those resumes containing the key words or phrases. Once the applicant pool is reduced, the recruiter may take the new list and run a second scan, a third, or any number for that matter, using another set of words or phrases each time.

Essentially, the recruiter, without ever laying eyes on the resumes directly, utilizes technology to weed them down to a manageable number that he or she can then review individually.

The Need for Targeted, Properly Formatted Resumes

First, when submitting online, you should avoid using the functional resume format and instead create a specific targeted resume that is adjusted for each opening. Most importantly, the resume must be loaded with the aforementioned key words and phrases.

To be sure you have included those words, review the job advertisement language carefully for the skills and expectations noted. Better yet, get a copy of the job description for the position and review it as well. To be sure you hit all corners, use both the title and the abbreviation at some points just in case – for a human resources opening you want to use the phrase human resources as well as the accepted abbreviation, HR.

Second, you should use global and generic job titles and descriptors and avoid using unique phrases or titles that a prior employer might have used. The suggestion is to use a simple phrase such as sales professional to describe any position held that involves sales (as opposed to inside sales, outsides sales, manufacturer’s representative, direct consumer sales, etc.).

Lastly, it seems that most ATS software packages cannot scan power point or PDF formats. Others also struggle with the use of fancy formatting.

Applicants should use traditional text formats such as Microsoft Word and minimize the use of text highlighting such as the use of italics, underlining or bolding. Though those elements might make the hard copy more visually enticing, they can only confuse the automated system.

Online Submissions

So remember, when submitting a resume online to a large job board or company you may well be screened multiple times by a computer software package. While such a concept clearly does not allow a company to personalize the process and may well weed out some great people in the initial phases, when a recruiter is receiving hundreds if not thousands of resumes for each opening, personalizing the process is out of the question to begin with.

As the college years wind down, your thoughts must begin turning to that next phase of adulthood, finding a job. While most of us shudder to think of it, obtaining meaningful employment begins with the construction of a resume.

However, creating a resume today is not all that daunting a task as every college offers a career placement center. Not only will the office be the home to employment leads, it is a place to get help with the construction of a resume and to even learn about specific interview techniques.

But before heading down to the center for help with that resume, you owe it to yourself to learn a little bit about the lingo. Essentially there are three basic types of resumes to consider: chronological, functional and targeted. Most importantly, in the world of work there are sophisticated theories about which type of resume works best for specific job openings.

Resume Types

Below we offer a brief explanation of the basic formats and a sample of the format. Each format should begin with name, address, and contact information followed by your career objective.

Chronological: A chronological resume lists the various jobs you have held. The listing is created by starting with the most recent position then working backwards through time to list the other jobs you have held.

Under each job, it is common to list the major duties performed while performing that role. A simple example:

EDUCATION:

* Handled sales transactions.
* Assisted in training new cashiers.

Etc.

With this type of resume format, the focus is on several years of relevant or noteworthy work experience. This format works extremely well when a person can show that over time the positions they have held demonstrate increasing amounts of responsibility.

Functional: The functional resume format focuses on the skills you have developed as well as your accomplishments. It is more a list of highlights and speaks to what you have done while omitting any reference as to when you developed those skills.

Again, after providing your name and address along with your career objective:

EDUCATION

* Student Government Representative, UMO Student Senate
*Resident Assistant, UMO Department of Residential Life.
* Teaching Assistant, UMO Physics and Mathematics Departments.
* Tutor, Outward Bound Program.
* Volunteer Tutor, Milford Public Schools.

etc.

Targeted: The targeted resume may actually use either of the two types of format noted above. The critical difference is that resume is written for a specific position within a company.

The major difference is that a targeted resume is customized to highlight the experience you have that is directly relevant to the job you are applying for.

As a sample, take our functional resume above, add some chronology to it, then focus on a job opening: an ad for a high school math teacher:

EDUCATION

Teaching Assistant, Physics Department, University of Maine, 1/09 – present.
Tutor, math lab, UMaine Orono (January 2008 – present).
Student Teacher, Bangor High School, Bangor, Maine (Spring 2008).
Sophomore Exploration – Leavitt Area High School, Turner Maine, May-June 2007.

Etc. You can also include a list of activities if any where directly related to the job opening.

Which Format Is Best?

While it definitely takes more time to write a targeted resume, the general consensus is it is worth the effort to do so. In fact, the days of creating one resume, then blasting it off to fifty or more companies is no longer considered good practice. Of course, the targeted format works best if you posses the qualifications and experience that match those needed for the opening.

Functional resumes are considered to be the better format for people with very little experience in a specific field. For example, if you do not have any human resource work experience but have excellent communication skills and extensive coursework in the business field you can highlight those skills in the functional format. Lastly, the functional resume generally allows more flexibility as to how you want to organize pertinent information.

That said, the chronological format is the most common one used. It works really well for those people who have practical work experience and logical periods of continuous employment. It works even better when it is organized in a format that shows demonstrated growth.

Today most resumes become some combination of the above formats. As our example notes, targeting your skills and background to a specific position can also be strengthened by applying chronological order and highlighting functional attributes.

Use Career Center

So don’t fear the creation of a resume. Now that you are armed with the basics of the format, make an appointment with the campus career center office.

But, before you have that first meeting, draft the areas you feel you want to highlight so that you have some hard copy to work with when you arrive. But be open to advice and assistance.

Your campus career counselors will have excellent expertise and they can help you decide the best format for you. Most importantly, those career counselors can be a very important source of potential job leads.

One of the most positive financial aid developments in recent years involved the creation of the no-loan student aid package for the most needy students. It has been a much-heralded concept, described by many as having the potential to truly transform college attainment rates for financially strapped families.

But amidst today’s falling endowments, the concept that blossomed over the last five years has led at least two colleges to take a step back on their pledge. More importantly for students, experts insist many more schools will give careful consideration to reversing their pledges as well over the next few years.

Meeting 100% Need

For years, while many schools have insisted that they will meet 100% of a student’s financial need, those schools have included lending as part of the aid package. In other words, the pledge to meet 100% student need involved only a guarantee that student loans would be available should the student need them.

The result has been students and their parents often borrowing large sums of money to close out what was a significant hole in the 100% need funding process.

The no-loan student aid package took the 100% pledge to a more honest level. Students with significant financial aid needs received an aid package that covered the cost of school without mandating students take out loans.

While some schools took the step to its full conclusion, another group took a slightly different approach. Called the limited-loan schools, these institutions capped the total amount that financially needy students would have to borrow over the course of four years.

While still not meeting 100% need through grants, scholarships, and work study options, students attending a limited-loan school would know up front just how much they would be asked to borrow over the course of four years.

More than seventy schools have begun offering no-loans packages. Some of the colleges eliminating loans from the financial aid packages of all needy undergraduate students included: Princeton University, Davidson College, Amherst College, Harvard University, Pomona College, Swarthmore College, Haverford College, University of Pennsylvania, Yale University, Bowdoin College, Stanford University, Wellesley College, Columbia University, Claremont McKenna College and Vanderbilt University.

Endowment Headaches

Such a no-loan or limited-loan pledge came from these schools ever-growing endowments. From 2004-2008, the four-year rate of return on investments was 15.3%, 9.3%, 10.8%, and 17.2% respectively. With such investment successes and additional funds flowing in from alumni donors, it is easy to see why schools could begin to consider the loan pledge.

But then came the economic downturn and with it a crushing blow to these investments. First, 2008 saw a three percent average drop in the endowments for all schools. But that drop seemed almost inconsequential when contrasted with 2009 where colleges and universities saw an astonishing average endowment decline of 18.7%.

It was the worst average year for endowments over the nearly 40-year period the data has been tracked. It was also 50% higher than the previous worst year, an 11.4% decline in 1974.

The impact was even worse for those institutions with endowments topping $1 billion. On average the decrease stood at 20.5%, but for the three of the largest, Harvard, Yale, and Stanford, the decrease topped 25%.

Two Schools Reverse Policy

These poor investment results led two colleges that had previously eliminated loans from the financial aid packages of all undergraduate students to restore borrowing to the process: Dartmouth College and Williams College.

Thankfully the changes will be phased in at both institutions. In addition, the no-loan provision threshold remains for the most needy students.

For Dartmouth, it will reintroduce loans in the financial aid packages of students with family income greater than $75,000 commencing with the class entering in fall 2011. Those students already in the program as well as those that will enter this fall will not be affected by the change.

At Williams, the school will be reintroducing “modest loans” for some students receiving financial aid. As with Dartmouth, the change will occur in the fall of 2011 and the school will continue to eliminate loans for lowest income students.

Students Need to Be Alert

While these are the only two schools to date to make changes, the overall impact on college endowments will most likely cause some of the other 70 plus schools to reconsider their policy as well. Those students choosing their school based on the no-loan or limited-loan promise will need to carefully observe what takes place over the next few years.

One of the most significant ways to potentially reduce the cost of college centers upon a non-traditional approach to a degree. Given the difference in tuition and fees between colleges, more and more people are suggesting students consider attending community college for as much as the first two years of school.

The potential savings of taking such a step is enormous. According to the College Board (pdf), the average tuition at two-year community colleges is $2,544, or just a tad more than a third of the average instate-costs at four-year public schools ($7,020). Of course, that rate pales in comparison to the average costs at for-profit institutions ($14,174), out-of-state at four-year public schools ($18,548), or at private four-year institutions ($26,273).

Unfortunately, many see the CC step as one of settling for a lower caliber program. However, a recent summary from the Chronicle of Higher Education gives a clear indication that community colleges do offer quality programs.

Quoting data from the recent Survey of Earned Doctorates, the Chronicle reveals a significant percentage of those earning their doctorates attended community college for a portion of their schooling. First, one in five Americans (19.2%) who earned a doctorate in 2008 attended a community college at some point.

But even more significantly a larger portion of several minority groups used the path.The highest percentage subgroup was the American Indian; two out of five (39%) awarded a Ph.D. earned some of their credits at a community college. Two other groups, multiracial and Hispanic, relied on the option significantly as well with one in four (26% and 23.6% respectively) having attended a CC at some point.

Whites essentially matched the American average (19.6%). The two subgroups using the format least were Blacks (17%) and Asians (12.8%). On the flip side, Asians earned 2,543 research doctorates in 2008, more than members of any other U.S. racial/ethnic minority group.

Time and Money

But even though community colleges are less expensive, the debt students took on did not mirror the ratios mentioned above. For example, the highest percentage of attendees at community college, American Indians, posted the second highest overall accumulative debt for those earning their doctorate ($29,698). In addition, in yet another sign that we need to do more in the way of grant opportunities for minority groups, multiracial had an average debt load of $25,761, Hispanics at $27,553 and Blacks $ 38,586.

And while fewer Asians attended CC, the average overall debt for that subgroup totaled just $13,216. Clearly, these speak to another issue, that when it comes to accumulating debt, it is likely more about attitude and approach than simply taking advantage of the CC system.

At the same time, we can begin to understand these debt totals better by noting that attaining a graduate degree can be a very lengthy process for most students. Half of all those earning a Ph.D took at least 9.4 years to earn their doctorate. Even more significantly, half of those earning a Ph.D. took at least 7.7 years just to complete graduate school.

As a way of reducing the need for borrowing, many students were able to utilize teaching assistantships, research assistantships/traineeships, and fellowships/grants to help them fund their schooling. Three fourths of all graduates reported one of these three categories as their primary source of support during graduate school.

And in the best sign that college is possible without taking on gobs of debt, just over half (53%) of graduates reported having no graduate or undergraduate education-related debt at all. But on a sobering note, one in 12 graduates (8%) reported debt of $70,000+.

What one studies also is critical when it comes to debt management. The greatest average cumulative debt occurred in the social sciences ($27,083), the humanities ($23,033) and education ($22,351). In contrast, the lowest average cumulative debt could be found in the fields of engineering ($10,149) and the physical sciences ($10,516).

But in sum total, the most important data for students consists of the difference between accumulated undergraduate and graduate debt. The three most debt-ridden graduate categories (education, social sciences and the humanities) caused students pursuing a doctorate to quadruple their undergraduate college debt.

The key difference involved the number of research assistantships available in the hard sciences and engineering versus that of the social sciences, education and humanities. In contrast, each of the categories posted similar percentages of teaching assistantships as well as grant/fellowship/scholarship options.

Graduating Debt-Free

Taken collectively, these results make it clear that if a student is truly interested, he or she can earn a graduate degree without taking out college loans. No doubt, one clear method of saving is to attend community college for a portion of that schooling.

But the biggest factor to accumulating minimal debt appears to center as much upon the proper choice of major and the subsequent scholarship/funding that accompanies that specific programming as less conventional routes. Most importantly, whether one utilizes a CC for part of their course of study, it is clear that students with the proper attitude, approach and choice of academic area of study can even earn a Ph.D. without making college debt a part of their future.

While the buzz is on about green energy and information technology, these five career staples continue to stand the test of time.

If the current economic downturn has taught us anything, it is that not all career paths are created equal. Male’s are getting hit hardest, primarily due to their employment in the business and manufacturing areas, while women, more often employed in critical service sector jobs, are doing much better holding onto their jobs.

That said, the poor job market is exceedingly stressful for all workers. Even those who are fortunate enough to have a job may still be looking over their shoulder as their company downsizes to ensure profitability. And of course, if you are one of those who received a pink slip, you know all too well that stress it is having on you and your family.

Most of us want to believe that college will be the solution, that earning a degree will ensure a long, healthy career. But that is simply not the case. The fact is that a college education in and of itself does not make you immune when economic times are as tough as they are at this juncture.

Choosing a High-Security Major/Career Path

However, if you want to reduce the overall stress, there is clear indication as to the best career opportunities. A number of professionals have released books and published studies on recession-proof career options.

Below are five of the very best options. Because some only demand a two-year degree, current freshman and sophomores might want to consider working in one of these options as a minor ensuring they have a great career back up if the tough job market continues.

Nursing

Careers in health care generally resides somewhere on every list, often at the very top. Americans are getting older and living longer – therefore the need for trained caregivers continues to increase with each passing day.

One of the top options on the list is nursing (R.N. training). Far too many individuals tend to dismiss nursing from their consideration despite three factors that should prevent you from doing so.

First and foremost, current data indicates a quarter of a million new job openings will be available each and every year for the foreseeable future. Second, the median salary for registered nurses now tops $60,000 a year though earnings depend on where you work and your credentials. And third, as the sophistication of care grows, the menial nature of nursing has diminished greatly.

Perhaps the most important element is that workers can get started in the profession with just an associate’s degree, though to earn the highest salaries one will need to earn their bachelor’s degree and appropriate certifications. But at the same time, many health locations offer courses and training on site, with some even helping with the cost of courses.

Other Health Care Options

It goes without saying that there will also be ongoing openings for doctors, physician’s assistants, and physical and occupational therapists. Such positions demand extensive schooling (often five years or more) and an ability to handle extremely difficult coursework. If you can handle such demands, you will find head hunters searching you out.

But as health care demands grow, the profession offers a number of job options for secretaries and medical records and health information technicians as well. Here again, employment may be obtained with just an associate’s degree yet median salaries now top $29,000 a year.

Yet another option to consider is dental assistant/hygienist. With median salaries topping $30,000 and the need again only for minimal schooling, such options deserve careful consideration.

Secondary Education

Another definite consideration is the teaching profession, particularly teaching at the secondary level in the fields of math and science. While schools have not been immune to the economy, teachers of math and science remain in extremely high demand.

In addition, another high-demand teaching option involves languages. The ever-growing immigrant population in the United States has placed a premium on English-as-a-second-language teachers. At the same time, schools often face great difficulty finding teachers certified to teach a foreign language at the high school level.

Lastly, demand remains high for counselors. The break up of the family has created a need for social workers while vocational and guidance positions continue to be a critical staple for helping high school students move on to the next stage of their lives.

And a one stop-gap option for graduates is to consider a position as a teacher assistant. Though pay is not the best and your qualifications may exceed those needed, such careers generally offer above average benefits (healthcare, sick and vacation time) and a schedule that can be very conducive to a new family.

Early Childhood Education

In contrast to the secondary level, teacher openings at the elementary school level are tough to come by. Though many teachers retire each year, it is not uncommon for even small school districts to have 40-50 teacher applicants for every opening.

But an area of significant growth is the pre-school/child care arena. Whereas once upon a time parents were content to see their children placed in simple day care facilities, today’s more sophisticated workers know full well the importance of the early years in the overall educational process.

Therefore, it is now common for these facilities to hire credentialed workers who have training in early childhood care and educational techniques. Because these positions tend to pay a bit less than an elementary school teaching position, competition among those who have gained credentials is not as keen.

Law Enforcement

While most of our public attention is focused on terrorism, there remains the task of ensuring security in our neighborhoods, towns and states. And not only does crime generally not go down in a recession, it often times increases.

Certainly, there will always be a need for competent police officers and administrators within local departments and state offices. And while law enforcement is generally equated with people having to place themselves in harms way, there are a number of other important options that are less risky.

Probation officers, the individuals that oversee paroles, remain in high demand. A bachelor’s degree is required but employment carries with it a median salary of nearly $45,000 a year.

Two other options in high demand are court reporters and paralegals. In the case of reporters, only post-secondary vocational training is required and yet annual median salaries top those of probation officers. Meanwhile, paralegals need only an associate’s degree to get started and they too post a median salary of roughly $45,000 a year.

Money Isn’t Everything

When it comes to a career option, job security is now trumping pay for many people. But even before the recession, job satisfaction surveys indicated that only half of all employees were satisfied with their current employment.

In one such survey taken before the recession was underway (http://jobs.lovetoknow.com/Job_Satisfaction_Research), 55 percent of employees earning $50,000 or more reported being satisfied with their jobs but only 14 percent claimed they were very satisfied.

Meanwhile, for those employees earning $15,000 or less, 45 percent report being satisfied but an even higher percentage, 17 percent said they were very satisfied.

Clearly time off with family and job security remain key components of job satisfaction for the average worker. Given that scenario, current and soon-to-be college students would do well to think about these five work staples as they select their choice of school and major.

With the passing of J.D. Salinger, for the first time in years I was reminded of the immortal teenager, Holden Caulfield. It had truly been a long time since the famous rebel occupied any of my conscious thoughts.

Apparently that was not true for others. The enormous outpouring of interest on the web gave clear indication that Holden is one of the most remembered characters in the history of America.

Unfortunately, timing being everything, there was another passing last week, one that drew far less attention. The passing of Howard Zinn, Professor Emeritus at Boston University, flew largely under the radar.

For some, the death of Professor Zinn did not rise to the same level as a legendary and reclusive author’s passing. But for me, the passing of the longtime proponent of compassion over vengeance was far more notable.

Howard Zinn

An activist in every sense of the word, Howard Zinn is credited with being a key force in helping young people understand the importance of dissent to a democracy. The historian wrote one of the most important books of all time, A People’s History of the United States (1980). {Fans of “Good Will Hunting” might recall Will (Matt Damon) recommending the People’s History to his shrink Sean (Robin Williams)}.

Zinn served as bombardier during World War II, attaining the rank of second lieutenant. He entered New York University on the GI Bill at the ripe old age of 27. Working nights in a warehouse loading trucks, Zinn worked his way through school earning his bachelor’s degree from NYU, and later, master’s and doctoral degrees in history from Columbia University.

Zinn taught at Upsala, Brooklyn and Spelman colleges. Marian Wright Edelman and Alice Walker were two of his students at the historically black Spelman. During that time, Zinn became active in the civil rights movement and participated in numerous demonstrations. In 1964, Zinn became an associate professor of political science at BU and was later named a full professor in 1966. At that time his focus shifted to opposition of the Vietnam War.

History has it that Zinn ended his final class at BU 30 minutes early so that he could join a picket line. He also urged his 500 students in the lecture hall to join him – estimates indicate roughly one hundred did.

News accounts that spent time discussing this important man cited his autobiography, You Can’t Be Neutral on a Moving Train (1994). In it, Zinn wrote:

“From the start, my teaching was infused with my own history. I would try to be fair to other points of view, but I wanted more than ‘objectivity’; I wanted students to leave my classes not just better informed, but more prepared to relinquish the safety of silence, more prepared to speak up, to act against injustice wherever they saw it. This, of course, was a recipe for trouble.”

Opposition to Afghanistan

In late September, shortly after the 9/11 attacks, Zinn penned a piece for the Chronicle of Higher Education. As we consider the current issues facing our country, hemorrhaging money in Iraq and Afghanistan yet so deep in debt we are finding it near impossible to solve our own problems, Zinn’s thoughts in 2001 are particularly prescient:

The images on television have been heartbreaking. People on fire, leaping to their deaths. People in panic and fear. Terror in hijacked airplanes. The scenes, the images horrified and sickened me.

Then our political leaders came on television, and I was horrified and sickened again. They spoke of retaliation, of vengeance, of punishment. We are at war, they said. And I thought: They have learned nothing, absolutely nothing, from the history of the 20th century, from a hundred years of retaliation, vengeance, war, a hundred years of terrorism and counterterrorism, of violence met with violence, in an unending cycle of stupidity.

Will we now bomb Afghanistan? Then we will, inevitably, kill innocent people, because it is in the nature of bombing to be indiscriminate. Will we then be committing terrorism to “send a message” to terrorists? We have done that before. It is the old way of thinking, the old way of acting. It has never worked. Reagan bombed Libya, Bush made war on Iraq, and Clinton bombed Afghanistan and a pharmaceutical plant in Sudan, to “send a message” to terrorists. Isn’t it clear by now that sending “a message” to terrorists through violence only leads to more terrorism?

Haven’t we learned anything from the Israeli-Palestinian conflict? Car bombs planted by Palestinians bring air attacks and tanks from the Israeli government, and then there are more car bombs. That has been going on for years. It doesn’t work. And innocent people die on both sides.

We need to think about the resentment all over the world felt by people who have been the victims of American military action — in Vietnam, in Latin America, in Iraq. We need to think about the anger of Palestinians, who know that the weapons used against them are supplied by the United States. We need to understand how some of those people will go beyond quiet anger to acts of terrorism.

We need new ways of thinking. A $300-billion military budget has not given us security. Military bases all over the world, warships on every ocean, have not given us security. Land mines, a “missile-defense shield,” will not give us security. We need to stop sending weapons to countries that oppress other people or their own people. We need to decide that we will not go to war, whatever reason is conjured up by the politicians, because war in our time is always indiscriminate, a war against innocents, a war against children. War is terrorism, magnified a hundred times.

Our security can only come by using our national wealth, not for guns, planes, and bombs, but for the health and welfare of our people, and for people suffering in other countries. Our first thoughts should be not of vengeance, but of compassion, not of violence, but of healing.

Change We Can Believe In?

Those of us who fell in love with the Obama campaign harbored hope that we were electing a man who might usher in a new way of thinking.

The loss of that hope is perhaps why I feel so disillusioned today just one year into this new president’s term.

We were looking for someone like Zinn, someone who could inspire a new way of viewing our current issues, someone who could help us create a transcendent America. Instead, we find ourselves stuck, unable to move forward.

One can’t help but wonder, would Holden be far more disillusioned were a young Salinger to pen such a famous work today?

In the meantime, we can’t help but wonder what it says about our current state of affairs when we pay more attention to a fictional teen and the passing of his reclusive creator than we do to the death of one of America’s truly great thinkers.

You consider yourself a top-shelf student.

Over the last four years you have demonstrated an exemplary work ethic, one even your teachers rave about. To challenge yourself, you have taken the most difficult courses your school has to offer.

Even with that demanding schedule you will graduate in June near the top of your class. You have also posted excellent, not perfect, but 700+ SAT scores in all areas.

Just as importantly, you are much more than just some academic nerd. You have been active in extra-curriculars and have even served as team captain of your favorite sport.

You did all these things because of your desire to excel, yes, but you also did them because of a sincere desire to attend a selective college. You have dreamed of earning a diploma from one of America’s most prestigious institutions, one that everyone esteems.

You’ve done so because you know full well that if you graduate from one of those elite, Ivy-covered campuses, you will have extensive advantages in virtually any career of your choosing.

Now those applications are off, your goals and your dreams in the hands of an admission committee, a group of people who have likely never met you or have intimate knowledge of what makes you tick.

Though they do not know you, deep inside you harbor hope that these individuals will be objective, that they will judge you fairly on your record, because if they do, you know in your heart you do have a chance at being accepted.

While you are hoping for fairness, those admissions committees profess to go one step further. They proclaim their objectivity, insisting that decisions will be made on a case-by-case basis.

It will be an extremely difficult challenge to sift through the many deserving applicants, they say, to whittle it down to the most deserving. But they insist that they will do so. And they claim that they will make that decision irrespective of your ability to pay.

But despite your flawless credentials, it appears that you still may get rejected at that elite college and here’s why.

An Unfair System?

While you harbor hope and those committees profess objectivity, it is important to understand that the system is in fact stacked against with you, especially if you are from a family of limited financial means. While those admissions folks at every one of those elite schools will insist otherwise, there are clear indications that the system is not fully based on merit.

In fact, if you listen to Neal Gabler of the Boston Globe, you will begin to realize that the system is anything but fair. In The College Admissions Scam, Gabler insists that it is not an individual student’s record that matters most. Instead, wealth and affluence are the more important factors when it comes to getting into the most selective schools.

Gabler explains in detail, why, despite your astonishing record of merit, you may not receive an acceptance letter to one of those elite schools, especially if your admittance to these high-priced schools means you will be in need of significant financial aid to attend.

He writes:

“The admissions system of the so-called ‘best’’ schools is rigged against you. If you are a middle-class youth or minority from poor circumstances, you have little chance of getting in to one of those schools. Indeed, the system exists not to provide social mobility but to prevent it and to perpetuate the prevailing social order.”

Some Specifics

Gabler first quotes the work of Daniel Golden, author of The Price of Admission: How America’s Ruling Class Buys Its Way into Elite Colleges — and Who Gets Left Outside the Gates. In his book, Golden spends a great deal of time on legacy admissions, what many writers have come to call ‘affirmative action for the rich and famous.’

Legacy admissions essentially involve the acceptance of students who would not have qualified for admission under the school’s specific entrance criteria if not for some connection to the school. A typical example involves a specific school that has previously been home to other members of a student’s family. Golden notes that in such instances, many less-qualified wealthy students get accepted to those schools where relatives have pledged significant sums of money to the school.

In his work, Golden also notes another group of legacy students who may have an unfair advantage, children of the faculty. Because schools offer free or significantly reduced tuition to the children of faculty, professors at elite colleges often seek to get their children admitted irrespective of their qualifications.

In addition to noting the legacy discussion, Gabler goes on to point out how the concept of early admissions also plays a key role. The early admit process in most cases obligates students to attend that school should they be granted admission. Such a decision favors only those with the means to pay since a student cannot wait to make their decision based on their financial aid package.

Gabler makes several other pertinent points related to athletics, racial diversity and the acceptance of economically disadvantaged students, whether black or white.

No Need for Self-flagellation

Gabler insists that many high-credentialed students who in fact meet the admissions criteria end up being passed over at these elite institutions. He further insists that a rejection letter should not be cause for self-flagellation.

According to Gabler, if you are not white and affluent, that thin envelope of rejection should not come as a surprise. He concludes:

“So here’s the bottom line for all those exceptional middle-class and lower-class high school seniors who will doubt their own worth when the near-inevitable rejection letters arrive: The fault, dear Brutus, lies not in you. The fault lies in the system, and the system isn’t going to change.”