Students Need Schooling on Financial Aid

Bloomberg: “An overwhelming majority of 11th and 12th graders (from 73% to 81%, depending on income group) were unaware that the government will pay their interest on existing loans while they are still in college, according to a new analysis of data by the ACT’s Center for Equity in Learning. From 67% to 70% didn’t know about a program that allows students to repay loans slower, based on how much money they make after college, the study found … The center outlines steps for improvement, including tailoring information for different student groups and improved outreach by college representatives.”

Equity in Learning: “The Center proposes the following ideas in its report … Where possible, a more nuanced view of high school students and their financial needs should be adopted … Colleges need to improve their outreach to the students who could use their assistance and advice the most; without it, students may not have the most up-to-date, personalized or accurate information to make college enrollment and student financial aid decisions.”

“Despite efforts to increase financial aid literacy, there remains an urgent need for more financial literacy–specific interventions. Further, debt-averse students may need additional information about the value of undertaking some (but not too much) debt, and the difference in types of debt.”

Work Colleges: Earning a ‘Free’ Education

USA Today: “Berea College is called a ‘work college,’ meaning students must work as part of the learning experience toward a degree. There are nine official four-year work colleges, but only three offer free tuition, including Berea. Most free tuition programs are funded through a mix of endowments, alumni gifts and grants. Sometimes students’ earnings are applied to help cover tuition, but other times they keep their wages. Students usually pay for fees, room and board, books and supplies. These additional costs may be covered by federal aid like Pell Grants along with scholarships and loans.”

“While free tuition is sometimes offered at community colleges, it’s rare at four-year schools. The average undergraduate annual tuition and fees across all undergraduate institutions is $12,600, according to the National Center for Education Statistics. Students at private nonprofit schools pay the most: $33,800 annually, on average.”

“Over 3,400 colleges and universities participate in the Federal Work-Study Program. To qualify, students must submit the Federal Application for Federal Student Aid and have demonstrated financial need. It’s a first-come, first-served program where jobs are not guaranteed. Among those who did work-study in 2017-18, average earnings were $1,693, according to a 2018 survey by the private lender Sallie Mae.”

When Minor Interests Are Major Studies

CheatSheet: “Don’t you wish you could have studied in The Beatles in college? Believe it or not, majoring in this English rock band is a real thing at Liverpool University. This isn’t the only unusual college major out there .. With cannabis becoming legal in more states, there’s a real need for people with degrees in medicinal plant chemistry … Roller coaster engineering can fall into several engineering specialties, like design, computer, civil, and industrial/structural … Many people have tried home-brewing beer. So, it makes sense that fermentation sciences is a popular degree nowadays.”

A degree in recreation and leisure “prepares students to find funding for new parks, plan health and fitness events for their community, and help the disabled and elderly … Comic art majors learn both traditional and digital comic-drawing techniques as well as the craft of storytelling … Michigan State University has a school of packaging that takes the subject to a new level. One reason this field is so important is that they innovate sustainable packaging practices … Entertainment Engineering and Design is a major at the University of Nevada, Las Vegas.”

“You can major in nannying at Sullivan University in Kentucky and learn things like child development, preparing nutritious meals, and effective communication with both adults and children … If you major in pop culture, you may double major or minor in a study like journalism, public relations, or marketing … At Texas A&M, the anthropology department offers a nautical archeology degree that prepares you for a future in the field. Courses included are Books and Treatises on Shipbuilding and Outfitting and Sailing the Wooden Ship: 1400-1900.”