Over the past few years I have come to learn the meaning of the word perspective. Without a doubt, the lens through which one views events is certainly colored by one’s opinions.

Such is the case with the current situation in Washington. Each passing month criticism is heaped upon President Barack Obama and the ever-growing national debt.

The debt accruing is troublesome, but when it comes to the issue of finances, President Obama is but eight months into a tenure that is attempting to turn around one of the greatest fiscal downturns in our nation’s history.

The Bush Years

As he was leaving office amidst a growing fiscal crisis, George W. Bush offered his own perspective of his financial leadership during the eight years he served in the White House. On one hand, he touted that his administration oversaw 52 straight months of job growth in the middle of the decade. On the other, he sought to reinforce the notion that the economy grew at a steady clip from 2003 to 2007.

We did mention at the outset the key word: perspective.

The Bush view contrasted significantly with a Washington Post evaluation of the eight-year period Bush held office. Back in January, the Post deemed that Bush “presided over the weakest eight-year span for the U.S. economy in decades” and noted that “economists across the ideological spectrum increasingly view his two terms as a time of little progress on the nation’s thorniest fiscal challenges.”

One of the most telling stats was in the area of job growth. During Bush’s time in office, the number of jobs nationally increased by about 2 percent. According to the Post, that represented “the most tepid growth over any eight-year span since data collection began seven decades ago.”

And as for even more stark news, the Post offered:

“Gross domestic product, a broad measure of economic output, grew at the slowest pace for a period of that length since the Truman administration. And Americans’ incomes grew more slowly than in any presidency since the 1960s, other than that of Bush’s father.”

Not too surprisingly, most people seem to see the eight-year period as two distinct eras, the first seven years followed by the severe recession in 2008. The data indicates otherwise as over the first seven years of the Bush administration, the gross domestic product grew at a 2.1 percent annual rate.

In the Post article, Mark Zandi, chief economist of Moody’s Economy.com and an informal adviser to McCain’s campaign, referred to the Bush years as a period representing “almost a lost economic decade.”

That notion of a lost decade comes in great part due to yet another negative, the inability of the administration to address the four most pressing fundamental financial issues facing America: Medicare, Social Security, tax code simplification and affordable health care. According to the post, “Resolution of those issues might have left the government more flexibility to respond to the current crisis by lowering the nation’s future budget deficits.”

A Tale of Two Americas

Now, we see a great deal more is emerging regarding the Bush policies. Peter Cohan insists that the real Bush legacy, “W’s greatest leave-behind, is a level of income inequality that outpaces even that of the Roaring ’20s that led to the Great Depression.”

As but one more example that trickle down economics does not work, by 2007 “the top .001 percent of American earners took home 6 percent of total U.S. wages.” That was twice the figure for 2000, the year before Bush took office.

On the wealth side, Cohan reports that “the top 10 percent of American earners pulled in 49.7 percent of total wages: a level ‘higher than any other year since 1917.” It  “even surpasses 1928.”

That growth in wealth no doubt came in great part due to the Bush tax code changes. Of the $1.3 trillion in tax cuts, essentially one third of those dollars went to the top 1 percent of earners.

Two Wars and Economy Mired in Muck

It is troublesome to read about the soaring national deficit. And we are definitely concerned with our current president’s propensity to spend.

But Obama is to be applauded for beginning the much-needed debate on healthcare. He is also to be applauded for his stance regarding increased access to college for all Americans and his focus on new energy policies and initiatives.

At the same time, Obama is attempting to put an end to a disastrous war of choice while focusing on what many deem to have been the proper battle, the War in Afghanistan. He is tackling all these issues against the remnants of a Bush economy, one that was built on a housing bubble and now provides us with unemployment rates approaching ten percent.

That backdrop is one powerful landscape – it must be kept in mind if we are to have any perspective on the current situation.

Because as challenging as the healthcare debate has been, Obama has yet to address what is perceived as the other three thorniest financial issues: medicare, social security and yes, that elephant in the room:

The tax code.

Ultimately, they all intersect – all are incredibly complex – and all must be solved.

As challenging as they are, one fact is becoming more evident with each passing day. These complex issues have been made all the more difficult by eight years under the leadership of George W. Bush.

It is important that students of all ages recognize the online learning model has been growing in stature with each passing year. Using a delivery style that allows students the utmost in flexibility, online learning has become the choice for most working adults, whether they are seeking their first degree or to upgrade their skills.

However, once upon a time, the general consensus was that online education might be convenient and worthy, but it would not be anyone’s first choice for a learning model. Ultimately, the belief was the flexibility you gained meant you had to give up the ideal learning environment, the traditional college setting where peers physically gathered in a room with the professor.

With the release of a new report, Evaluation of Evidence-Based Practices in Online Learning, those standard thoughts must be reconsidered. It seems the data now indicates that online learning may be the better educational option.

The basis for the conclusion was formed by doing quantitative comparisons of online and classroom performance for identical courses. The Department of Education found that students doing some or all of the course online ranked in the 59th percentile in tested performance while the average classroom student scored in the 50th percentile.

While discussing the summary, the NY Times offered this telltale quote from the study’s lead author, Barbara Means:

“The study’s major significance lies in demonstrating that online learning today is not just better than nothing — it actually tends to be better than conventional instruction.”

Indeed with the arrival of Web-based video, the use of instant messaging and other message boards as collaboration tools, online education has moved beyond the basic correspondence course of yesteryear. Ultimately, as the Times reinforces, the future of online is extremely bright because of its ability to provide “learning experiences that are more tailored to individual students than is possible in classrooms.”

But what has made the online environment take off has been the ability to connect learners through social networking platforms. While learning is ultimately a personal activity, experts agree the most meaningful learning occurs within a community.

Given its convenience and flexibility, online learning is clearly here to stay. In fact, given the online model offers improved student outcomes, it is easy to think that online education could soon replace the traditional model in the not so distant future.

With the networking platforms now available, a learning community is now present in all high caliber online courses. Therefore, the model represents a very viable educational format, one that traditional students now must consider as they pursue their college choice.

Textbook innovator, Chegg.com, recently completed a new deal that will significantly enhance its ability to serve college students. In what appears to be a truly unique partnership, Chegg will work directly with McGraw-Hill Education to provide new print textbooks as part of its online textbook leasing service.

New Business Models

The partnership actually features two new business models simultaneously. First and foremost, Chegg had already initiated its new textbook model, one where students could lease a textbook instead of purchasing one directly.

Through the site, college students could rent hardcopy texts; by renting books instead of purchasing, students could save as much as 80% of the cost of a brand new text. Also, to make the leasing process as simple as possible, students could select the needed books online and have them delivered directly to their dorm room or apartment.

In addition to the leasing option, Chegg seeks to be a full service portal for students. Textbooks may also be purchased and students are informed immediately at the time of purchase what they can expect for a possible cash return should they decide they do not want to keep the text.

Leasing texts of course means greater reusablility and less waste over time. The green nature of the process is critical for Chegg as a business and to further reinforce its environmental message, one tree for every textbook rented.

The second aspect of the model that is unique relates to the new partnership with McGraw-Hill. Though Chegg currently offers over 2.4 million books to choose from, working directly with a major publisher means that many more titles could now be available to students.

As for McGraw-Hill, once upon a time it received payment only when a textbook was sold by a distributor or bookstore. Any reselling of that text benefited only the parties handling the second transaction.

So previously, Chegg would purchase a text and make a single one-time payment to a major textbook seller. Under the new partnership model, the revenue stream is channeled so as to provide McGraw-Hill a payment each time the book is leased.

Currently, textbooks can be rented five or more times before they are retired making the rental life longer than the traditional market for a published edition. Therefore, the new partnership could be of enormous benefit to the two companies.

Great News for Students

The semester textbook ritual is one of the most frustrating and financially challenging elements for students. With Chegg, instead of standing in long lines and subsequently maxing out your credit card, you can place an order online for shipment to your dorm room and do so at a fraction of the cost.

While the partnership with McGraw-Hill is only a pilot program (the first agreement features only 25 select titles), the announcement represents even more welcome news for students.

Every step taken to reduce the cost burden of earning a college diploma is a step in the right direction.

Several Internet sites reported some bleak financial news this morning. It seems that U.S. banks were on a pace to rake in $38.5 billion in customer overdraft fees this year.

Sadly, the vast majority of that $38.5 billion was likely to come from the consumers who can least afford it.

That includes young, cash-strapped college students.

Bank Overdrafts

Whether you write a check, withdraw money from an ATM, use a debit card to make a purchase or make an online electronic payment for an amount greater than the amount of money you have in your bank account, you in essence are attempting to “overdraw” your account.

Banks can do one of two things at that point, they can either pay the amount requested or decline to do so. If the bank fronts you the money to complete the transaction, they will then charge you an “overdraft” fee.
Most people think overdraft protection is a good thing. First of all, if a bank returns a check without paying it, instead of an overdraft fee, you will likely be charged a “bounced-check,” or “insufficient funds,” fee. In addition, the company that you sent your check to may also charge you a “returned-check” fee. That decision is separate from any made by a bank.

Second, with debit cards, it can be pretty embarrassing to be at the checkout counter with items in hand only to have your purchase rejected for insufficient funds.

So ultimately, most people like to work with a bank that will provide overdraft protection. Such a set up means no returned check fees and less potential public embarrassment.

But it places you at the mercy of the bank and their overdraft fee policies. According to the Financial Times, nationally the median cost of an overdraft fee is 26 dollars. At the larger banks, the median fee is 33 dollars.

Remember your statistics here. The median is the middle number in a list – so one-half of all fees are less than the median but another half exceed that value.

In fact, according to the Financial Times, at Bank of America, “a client overdrawn by just six dollars could incur a 35 dollar overdraft fee that can be levied up to ten times in a single day.”

Most Common Mistake

The reason that most people overdraw an account is they have failed to keep track of how much money they have in that account. Keeping any account register up-to-date, checking, debit or other, can be a real pain.

But to be certain of your status, it is imperative that you record all of your checks at the time you write them. It is also important to record those other transactions, debit card or online payments (automatic ones as well), at the time you make them. The ease with which money can be spent in such a manner often leads to the omission of a specific record or two.

And, if it happens, you must not forget to subtract any fees you have been assessed.

At the end of each bank cycle, reconcile your account with your bank statement. Any discrepancies should be dealt with immediately.

Mistakes Happen

If at some point you do overdraw an account, make a deposit as soon as is possible. That deposit must cover both the overdraft fee and the amount the account was overdrawn.

The failure to reconcile the issue quickly often leads to additional overdrafts and fees. In some simple cases, banks charge a flat fee per day (in addition to the overdraft fee) for each day the account remains overdrawn.

And remember, the overdraft fee kicks in on every transaction when you have exceeded your account balance. You might expend as little as $10 for another transaction yet get hit with that $33 overdraft fee.

To minimize the cost of any mistakes, be sure to explore all options with your bank. You may be able to keep an additional savings account with a small sum that you never touch yet can be used to transfer funds when you do overdraw a checking account. Some banks will make limited such transfers free of charge, others for a small fee per transfer.

Another option is a line of credit with the bank. With such an option, if you overdraw your account, the bank lends you the funds from your line of credit to cover the overdraft. There will be interest charges on the loaned sum and the account often carries an annual fee but it can be great protection from other overdraft options.

The same idea can be used with a credit card. It can be attached to your account and when you overdraw your bank account the money to cover the overdraft becomes a cash advance from your credit card.

Just remember, this is still not free. Most cards have a cash-advance fee and the interest charges start the moment of the transaction. And be careful, if your interest rate is high, this can be as expensive if not more expensive than those bank charges.

Don’t Contribute to the $38.5 Billion

The advice is simple. Practice good account management – always know where you stand financially so that you can avoid costly mistakes.

Take the time to review options with your bank so as to ensure the best possible situation should a mistake occur.

You have worked hard for the cash you do have so make it a pledge not to gift your hard-earned money to the bank.

For more on overdraft protection and bank practices, visit the Federal Reserve.

By now you are no doubt familiar with the story of Trina Thompson and her lawsuit against her alma mater, Monroe College. The blogosphere has been abuzz since Kathianne Boniello of the New York Post broke the story.

The Digital Student over at GoCollege offered some support for her plight. They noted that tiny Thomas College in Waterville, Maine, actually makes a promise to its grads, one that Monroe does not: a job or else.

But most were merciless in their criticism of the 27-year-old. Robbie Cooper at UrbanGrounds gave her “The Idiot of the Day Award” while Ryan at RightJuris dissed her even as he stood up for the legal profession noting that Thompson had to file the suit herself, the insinuation being that the case was so frivolous that no one in the legal field would touch it.

Given some of the absurd suits that have been filed we tend to believe her when she simply says she filed it herself because she could not afford a lawyer. Whatever the case, therein lies the rub.

Everyone in the blogosphere has an opinion of the information-technology graduate. Trina Thompson is now a household name on the web.

Today, if one uses any search engine of note and types in the name Trina Thompson, pages and pages emerge. Many with unflattering titles, many more mentioning the anger she feels as a result of her plight and all highlighting the fact that she has chosen to blame her school for her failure to acquire a job.

Future Employment?

Irrespective of the merits of her lawsuit, Thompson now faces more difficulty than she could have ever imagined.

Anyone involved in the process of hiring someone for a professional position will thoroughly check a candidate’s references. Not only will phone calls made and questions asked of all listed references, many employers will try to determine the inside scoop by contacting someone else that may have knowledge of a candidate but is not listed as a reference.

However, the Internet has brought new meaning to the term reference check. The time has come when virtually all potential employers add one other simple process: Googling a candidate’s name.

The availability to readily access information on the web about a candidate has created a whole new phenomena called personal branding. It is a concept every high school and college student needs to become aware of and breaks down simply: it is extremely important that when your name is Googled, positive information comes up.

The last thing you want to have happen is for that search to yield information that would cause an employer to think twice about offering you a job.

If Ms. Thompson was truly searching hard for work before but was coming up empty, her decision to file the lawsuit has likely become her kiss of death. By virtue of her actions, she has created the ultimate red flag for human resource offices. No employer wants to hire someone that appears willing to sue others in a fit of anger.

Unfortunately, the filing of this lawsuit led Trina Thompson down a path in which she lost control of her personal brand.

And given the nature of the Internet that will follow her the rest of her life.

I noted late last week my frustration with the lack of free Wi-Fi access in the northeast. I even went so far as to commend big-box bookseller Barnes & Noble for dropping its prior practice of pay for service.

No sooner had I postured our position when I bumped into a rather different option noted by Alex Salkever of DailyFinance.com.

Instead of free access, he suggests we are on our way to another path, one where The Price of Our Next PC is actually zero.

As in nada.

And it scared the BeJesus out of me.

All About Making Money

Salkever writes:

Here’s another soon-to-be new twist on the Freemium model, where companies make money by giving things away. This time it’s set to hit the high tech hardware world.

….wireless carriers like Verizon (VZ) and AT&T (T) are rolling out more and more plans that offer subsidized netbooks to customers willing to sign up for two and three-year data plans on top of their existing cell phone coverage.

According to a DisplaySearch analysis, the lifetime value of a two-year AT&T or Verizon subsidized netbook (w/ HP Mini or Acer Aspire One netbook) and service plan (assuming you don’t blow through monthly data limits) is $1,159 before sales tax and all of the monthly telecom taxes are added.

As the acceptance of applications delivered over the Internet continues to grow (Microsoft OfficeLive, Google Apps) the true value in a customers engagement will move towards this software and away from hardware. That will force PC companies like Dell (DELL) and HP (HPQ) to consider new ways to boost revenue because, let’s face it, they don’t want to be in the business of selling sub $500 computers, which is where the market is heading.

The upshot? The new price for some PCs might well be $0.00.

Hate the Thought, Part One

Now I hope your not thinking, wow that must be right up my alley. As in free is the word for this writer.

Actually, I don’t like the sound of this at all. First, it reeks of those early days when unsuspecting customers purchased those amazing color printers. You know, those three-way babies that could copy, scan, and print for some ridiculously low figure like $19.99. In some cases, the deal was to throw the printer in free.

Perhaps you bought/accepted one?

At first, things seemed OK. They even delivered a decent product.

But at some point, quite soon in most cases, they ran out of ink. And you headed to the store to pick up a couple of cartridges only to learn you had to shell out $50.00 for a new pair. You cussed but you accepted it, it gave a decent product.

Perhaps the second time, or maybe the third, as they ran out of ink (again quite soon), you caught on. It wasn’t about selling you a printer. It was about getting you take that printer so they could get you to shell out serious cash again and again as you supplied the damn thing with ink.

Hate the Thought, Part Two

This also sounds a great deal why I no longer have full cable television access. You know, the bulk pricing that features oodles of channels.

You soon learn that most of them are not worth even a buck a month. But, you are stuck.

You can buy channels 1 – 23 or 1 – 80 or some other ridiculous combination. But you can’t negotiate a price for the five or six or if you are lucky, ten channels, you might actually watch.

Yes, this sounds too much like the cable outfits, bulking up so as to give the appearance you are getting more just so they can charge more.

Has the Best Come and Gone?

Me, I am fearful. I am afraid that the best has come and gone.

I love this Internet thing and access to the world-wide web as it now exists. The limitless opportunities, the hours of surfing without a meter running.

Yes, I am worried. I am worried that somehow the free, open nature of what we have today will close down.

And the costs rise.

As the services dwindle.

No, I didn’t like what Salkever had to say one bit.

Remember the time when you harbored hope of free wi-fi access everywhere? Not just a few select cities, but unlimited hot spots for citizens all across our great land?

The theory was simple: logging on would involve a 15-30 second period where we would be exposed to local advertising. These captive ads, paid for by local businesses, would ensure the costs of access for an entire community would be more than manageable for any city.

Move forward to 2009 and here in the northeast nothing could be further from reality. In the State of Maine one has to hunt down a Panera Bread to be able to find a sit down, leisure option, for such access. Amazingly, one cannot even get free wi-fi while waiting for one of those indeterminably-delayed flights at the Portland Jetport.

Of course, we have figured out how to get by. Mainers, ever frugal, now know they may pull into the parking lot of a Staples or Office Max or even a VIP Auto (yes, one of the strongest signals available is in the parking lot of an auto parts store) to be able to check their email.

But finding one of these entities, wheeling into the parking lot, and popping open the lap top is never easy.

Ultimately, we have longed for what might be.

Barnes & Noble to the Rescue

Given our frustration we were thrilled to learn of at least one major company willing to give the idea another go. Book store giant Barnes & Noble recently announced it would drop its pay-per-use store hotspots in favor of free wi-fi access to anyone with an appropriately equipped laptop, smart phone or PDA.

Of course the action is not simply an act of kindness by the book store chain. Instead, the store is promoting its e-book library in hopes that you might just be enticed to purchase the latest best seller.

That is not a problem in our eyes. As we noted earlier, we had anticipated a sales model in return for access. Even if it does involve significant marketing, it is no different than any other magazine, newspaper or web site.

As long as you are disciplined, there is virtually no negative. There isn’t a requirement to purchase an e-book to get online. Instead, as WalletPop points out, B & N is simply making it as easy for folks to “browse the cyberspace aisles as the real ones.”

Retailer Has a Plan

While great for users, there actually appears to be a larger plan at work here: B & N is on the path to competing with Amazon by developing its own e-book reader. But for now the company is simply offering software that enables you to view the best sellers on your laptop, smart phone or other electronic portable device.

In the meantime, for those who also really like books and the atmosphere of the book culture there is also a sign up available for promotional coupons and notices of book signing events. But for the rest of us, what makes the entire option a plus is that signing up for such promotional material is not required for access.

It is, dare we say it, free wi-fi access!

B & N, here we come.

Borrowing from a popular credit card commercial format, we toss out a longstanding fundamental belief about higher education.

Four years in-state tuition and fees: $17,360.00

Books and Supplies: $3,960.00

Computer Fees: $4,160.00

Room and Board: $31,200.00

Earning a College Diploma: Priceless

The Financial Benefits of a College Education

In general, most insist that you simply cannot put a dollar figure on a college diploma. It is truly a priceless commodity leading to greater future earnings and a better chance to pursue something one truly loves as a career option.

That said, in recent years, eyebrows have been raised. College costs have been soaring and critics have begun questioning the value of a college diploma.

For years, the generally accepted figure associated with earning a college diploma has been $1 million. Those calculated additional earnings a college graduate earns in his lifetime above and beyond of a classmate with just a high school diploma continue to be used as the rationale for earning that coveted diploma.

However, that generally accepted $1 million figure has recently been called into question by a gentleman named Charles Miller. According to his analysis, the value of a college diploma may actually be significantly less than the popular dollar figure generally tossed around.

A Much Lower Return?

Miller, the former head of the Commission on the Future of Higher Education, raises some interesting dialogue with his set of calculations. He, in sum total, insists that higher education just might have gotten too expensive for what it produces and is certainly too costly for the typical student.

To arrive at that conclusion, he first insists that the calculation procedure used to determine the $1 million figure contains too many false assumptions. For example, Miller rails against one fundamental criterion used in creating the million dollar figure.

When computing the $1 million in additional earnings, estimates are based on an assumption that students finish college in four years. Miller correctly notes that other college graduation data utilizes six years as the standard for earning a degree. So the first significant way that Miller’s numbers are adjusted is to take away two years of earnings for the average college graduate.

Miller also notes two other major calculation adjustments. First, current procedures typically report lifetime earnings in the “present value” of the dollar totals, rather than adjusting for inflation over time. Second, most calculations do not isolate the benefit of those who have only a bachelor’s degree.

Using his assumptions, Miller contends that the lifetime earnings differential for a bachelor’s degree over a high school diploma is a much more modest figure: $279,893.

Easy to See Why Concerns Are Being Raised

There are numerous folks who insist that Miller has low-balled the calculations. In their eyes, he has done everything he can to reduce the value.

Still, the difference is a rather significant number. Certainly, $280,000 in additional earnings is nothing to sneeze at.

However, if we do assume that this more modest differential is somewhat accurate, then the current cost of a college degree does raise interesting questions. Four years of in-state tuition at a local university will set a student back at least $60,000, especially if some time is spent living on campus.

As a monetary investment that number still seems reasonable. We certainly can advocate spending $60,000 knowing full well we can one day expect to pocket $280,000 as a result. Add in the ability to better control one’s career choice and the investment seems to be a no-brainer.

But what of those private schools, of those topping $50,000 per year? Four years of expenses will top the $200,000 mark.

Under such a scenario the monetary piece becomes suspect. In such an instance, the rate of return falls to less than 2% return on the money invested if figured on a per year basis.

With those numbers it is easy why folks are concerned with the skyrocketing costs of a college education. If the costs keep rising, the rate of return ultimately diminishes.

As President Obama has stated on multiple occasions, we must find ways to make college more affordable.

So Where Do We Stand?

Interestingly, Miller’s strong push has at least one agency acknowledging that the $1 million figure may not be entirely accurate. In responding to Miller’s criticisms, the College Board acknowledged that $1 million in additional earnings is misleading.

At the same time, the College Board noted a thought many concur with: there is a very high individual return from a higher education.

According to the Board, a public college graduate will break even by the age of 33. At the higher priced schools, the private colleges, the Board offers a break even point at age 40.

Given those assertions, it is easy to see why education does in fact pay off. Of course, if costs do continue to rise, those pay back ages would rise as well. Pushing them back another ten years would make the dollar return a far more questionable discussion point than as it currently stands.

Without a doubt, students must be mindful of the debt they are incurring as they earn that diploma. They must also have an excellent understanding of potential future earnings: a career in social work or a job as a teacher will not necessarily produce additional earnings towards the $1 million mark.

Great Experience

Ultimately, college can be a great place to spend four years. Students often get their first chance at learning to be on their own. At the same time, you still have a safety net, a “shelter where you can develop yourself.”

At the university level, you will also meet many interesting people and have access to adults who are willing to help you learn new things. Once in the world of work, there will be far fewer people willing to help you become successful.

So independent of the financial figures, college can be a great place to learn about you and about society. College is a place where students get a safe chance to mature even as they pursue a degree and a potential career.

And if you manage the financial piece appropriately, you can expect the opportunity to earn additional funds even as you work in your preferred field. Just don’t go around thinking that a bachelor’s degree is going to make you a millionaire.

If your criteria for choosing a school or major is based on how much you will earn, a recent New York Times article will walk you through the best schools and the highest paying options by major.

In creating the summary, the Times used the data from PayScale, a site that collects data on salaries for different professions, for people whose highest degree was a bachelor’s. That said, the results feature pure earnings, not a comparison of earnings to college costs.

Ivy League Leads

While it is chic to knock the Ivy League schools and their academic peers like MIT and Stanford, the fact is these schools do deliver the goods. In addition to their strong academic programs, these schools produce graduates who go on to earn significant bucks.

However, while Harvard, Princeton and Yale are generally considered the Ivy elite, number one on the list for highest median salary at mid-career was Dartmouth College. MIT came in at number two, topping third ranked Harvard. Somewhat lesser known, but still on the elite list, Harvey Mudd held down the fourth slot while Princeton came in at number five. Demonstrating that the Ivy League is indeed a power, Yale ( number nine) and the University of Pennsylvania (number ten) gave the Ivies five of the top ten slots. Stanford, Colgate and Notre Dame round out the top ten holding down slots six through eight respectively.

However, when only highest median starting salaries are looked at (defined as salaries within five years of graduation), readers would likely be surprised to learn that Loma Linda University came in at number one. That position is a function of the career options at this lesser-known school (excellent programs in nursing, dental and allied health).

Highest and Lowest Paid Majors

When it comes to earning big bucks, there is also a clear indication that the choice of major matters. Engineering, science, mathematics and economics generally held the top slots in both highest starting median salaries and highest mid-career median salaries.

Aerospace, chemical, computer and electrical engineering took home the top four spots respectively. Economics came in at number five followed by Physics. Three additional engineering majors also ranked in the top ten, mechanical, industrial and environmental.

At the bottom we find careers in social work, education, theology, horticulture, hospitality and tourism, and the fine arts.

What Really Matters

While the school and the career certainly do matter to some extent, the Times does a great job of analyzing the data, taking it a bit deeper. We will leave it to the reader to head on over to read the details as to why ultimately Harvey Mudd might just be the overall top performer.

At the same time, the Times quotes some experts who insist the most compelling aspect to consider for the majority of cases is the student. According to the Times:

Hard-working, ambitious students will do well wherever they go. The opposite applies to mediocre or lazy students.

The one exception was lower-income students. For them, the college mattered more.

For the raw data, head on over to the PayScale site directly.

It seems that every family member and friend that I have bumped into this summer, at least those connected to someone considering higher education, is making a point to take some time to visit one or more of the colleges the prospective student is interested in.

I cringe when I hear this. Yes, visiting a prospective college is a very important step in the process of selecting a school. And yes, to truly get a feel for the school, it is absolutely necessary to spend some time on campus.

That said, I am afraid that summer is simply not the best time to make such a visit.

A Convenient Time to Visit

In reality, summer is the most convenient time for families to visit a college campus. First and foremost, not only is school out for the summer, most students also have a break from extracurricular activities. Active individuals know all too well that even during school vacations during the school year co-curricular activities continue to practice making it extremely difficult to find a block of time to visit prospective schools.

In addition, parents of prospective students often are able to find larger blocks of time during the summer months to make such visits. In fact, most parents tend to plan family vacations and pleasure trips around making a stop or two at a college campus in the vicinity.

So, it is understandable that summer is likely the most convenient time for you and your family to make such a visit. Unfortunately, it is simply not the best time to get a real feel for the campus.

Not a True Picture

While it may give you a basic feel for the campus structurally, a summer visit is devoid of the most important element: What does a day at the campus feel like when students are present and classes are in session?

Visiting during the summer will produce a definitive feeling of quiet solitude. That is because there are simply too few individuals around on summer break. That overall feeling of solitude can be very misleading and make it seem like a campus is devoid of any real social life.

There are not likely to be any athletic contests, no meetings and the outdoor quad and student union will be nearly empty. The bottom line is that students do not get a true feel of what it would be like to be a student.

Most importantly, you will have access only to trained tour guides who have been taught to sell the positive traits of the campus. It will be difficult to gain time to simply talk with other students to get the real skinny and nearly impossible to spend a night on campus or visit a class in session.

Make a Visit and Make it at the Right Time

To get a true sense of whether or not a college is for you, you must take the time to make a campus visit. But at the same time, when you are truly narrowing down the decision, you must make a visit during the school year.

Only by visiting during the academic year can students truly discern whether or not a specific college will meet their respective academic and social expectations and needs.