Student loan rate hike stopped, but that doesn't make college affordable. The lower interest rates on student loans don't do much to reduce the spiraling cost of a college education.
Congress has finally agreed on legislation to keep interest rates on federal student loans from doubling to 6.8 percent this school year. The Senate passed a compromise bill last week that ties federal student loan rates to the yield on 10-year Treasury notes. That means undergraduates will pay an interest rate of 3.86 percent on loans taken out this year; grad students will pay 5.41 percent. These interest rates will increase as the economy improves, but the legislation caps interest rates for undergrads at 8.25 percent. Keeping interest rates on student loans from rising won't do much to make a college education affordable. In fact, it may make it worse, some conservatives argue. Some believe that the federal government is contributing to the rapid increase in college tuition. Student loan debt accounts for 36 percent of Americans' total non-housing debt, a bigger share than auto loans or credit card debt. According to the College Board, it cost an average of $22,261 for students to attend an in-state public college last year; the "moderate" budget for a private college averaged $43,289. With prices like that, it's no wonder student loan debt is exploding. And it's no wonder that politicians vow to do something about it. In his economic speech last week, President Barack Obama promised to "lay out an aggressive strategy to shake up the system, tackle rising costs, and improve value for middle-class students and their families. It is critical that we make sure that college is affordable for every single American who’s willing to work for it." For ways to start saving for college tuition, start planning with expert, Ms. Elisa Cheung, at FAConsultant_Elisa@gmail.com.
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Contributed by Joyce Mei, Hunter College HS (Class of 2015)
College freshmen, worried about forgetting something, always tend to overpack on the countless essentials that all seem to be needed, However, there are certain things that are better left at home:
For more details about the transition to college, contact Lee Academia experts. Why engage the services of a private college consultant?
Independent college consultants are
Rising High school Seniors...You're running out of time. Avoid the time crunch in the fall.
Here's what you should start to do: 1. Check deadlines: Get a calendar and start keeping track of deadlines for applications and financial aid. You'll to decide whether to apply early decision, early action or regular decision, if given those choices. When you apply early, the school might require that you submit your financial aid application far in advance, so check deadlines. 2. Get started on the essay: Writing the college essay is nerve-wracking. If you start now, you're more likely to be able to devote the time to do a great job. If you are applying to a school that uses the Common Application, you can obtain a list of the new essay questions that was released in February. While you can often use the same essay for multiple schools, be prepared to answer a college's supplemental questions. 3. Don't forget the supplemental materials: If you are an artist, musician, or actor, applying to colleges can be even more time consuming. You typically will have to send a résumé noting your artistic background and accomplishments, as well as a portfolio that can be captured on a CD or DVD. Start and finish your portfolio now. 4. Research: If you haven't begun researching schools, get started now. Start requesting admission materials from school websites. In addition, spend time on the college's admission website. You can find academic profiles of the freshmen class, notable facts about the school, information on financial aid and scholarships. There are many schools that will offer virtual tours and opportunities for online chats, so why not check it out? Also, start looking online at a school's relevant academic departments. 5. Get Help: Whether you know it or not, most collegebound students are getting help from private educational consultants. Why? Getting into college has become more and more fierce, with thousands of students applying each year. Ask an Educational Consultant for help. Lee Academia's expert consultants are affordable and are certified in College counseling with over 10 years of experience and a successful track record of getting their students into their top choice matching colleges. So get guidance and help early. Contributed by Douglas Lee, Case Western Reserve (Class of 2016)
Finding a job is easier than you may think. Across the campus, there are many departments, labs, and other outlets looking for students for work. Try to find a job that suits you and one you can work up to 10-12 hours a week. It is awfully grueling to work 20+ hours a week while also handling a full course load. Also, remember to be a good employee. Work hard in your position, and especially in internships/research jobs. These first experiences may lead to full time jobs after graduation. Later on, it’s often who you know, not what you know.
Now, with all your hard earned money from your campus job, what are you going to do with it? You should open a banking account with a debit card to store all that money so you don’t have those Benjamins just lying around! Having a debit card may help curb your temptations and impulses because you can only spend what’s in your account. Try opening a bank that is local to your college town. You may have already opened a bank account back home, but if there aren’t many branches or ATMs around your campus, that account won’t do you much good.
Great, with a well-paying campus job and a bank account to store those $9.50/hour wages, the next step is to set up a monthly budget for yourself. Set up a monthly and weekly budget and keep track of your spending. It is very easy to lose track of your spending, with weekend outings with friends, local concerts, and great restaurants tempting you to empty your wallet. You don’t necessarily have to spend money to have fun in college. Be on the lookout for campus activities / economical outings that your school provides.
Remember to keep track of deadlines and paperwork to hand in. Your financial aid may decrease substantially if you miss those important due dates. You don’t want to lose your chance at those tens of thousands of dollars that you have already been awarded just because you forgot about a deadline. Also, you may not get to register for classes in time, which only leads to disaster. You never want to be in a rush for these financial aid matters because mistakes can be made in these situations, so make sure to be prepared.
This last tip may seem the most intimidating for students who have never applied for scholarships before. There are thousands of scholarships out there and they can range from a couple hundred dollars to a few thousand dollars. Don’t disregard the scholarships with smaller awards, as those will be easier to attain since they have a smaller applicant pool. Hey, getting $500 for writing an essay about a random topic, or spending a little time to fill out an application and including a resume to earn a thousand big ones sounds *For any Financial Aid Assistance, contact FAConsultant_Elisa@gmail.com. Contributed by Douglas Lee, Case Western Reserve (Class of 2016)
College visits are an essential part of the important college decision process. By visiting a college campus for an afternoon, you can attain much more information about that school than by spending endless hours researching it online on sites like College Prowler. You can never fully grasp the unique environment each college provides behind a computer screen! In addition, online student submitted reviews are often biased, unreliable, or outdated. The dynamic of a college campus is constantly changing, and these changes may not be reflected online. Sure, a top ranked school may have all the qualities you are looking for: a strong program in the academic field you are interested in, numerous research opportunities, smart and ambitious students, and even a critically acclaimed dining hall! What’s not to like? However, without visiting this school, you miss out on many facets of student life; the qualities that determine whether or not you will enjoy your next four years at the school. College fit is an underrated aspect of the college decision process. When visiting a college, we recommend that you take a quick drive around the nearby city or town, interact with actual students, talk to faculty, sit in on a class, and tour main buildings such as the dining hall, recreational facilities, and library. Current students, professors, and admissions officers may provide much more valuable and insightful information that you may not be able to find elsewhere. By visiting a college, you may learn to appreciate a school that you had not even considered to be a top choice, or, you may learn that a previous top choice was just not the right fit for you. While sites like College Prowler, Unigo, USNews, and even Reddit may provide plenty of useful information, we only recommend that you use these sights as a starting point, and not the only sources you have to base your college decision on. Additional Tips:
For more college visit consultations, contact Lee Academia. Starting today, July 1st, students who are borrowing subsidized loans from the federal government this fall will see interest rates on their loans double to 6.8%. Oh no! But don't worry...lawmakers are working hard behind the scenes trying to strike a deal to save the 7 million college students who are slated to take the subsidized federal Stafford loans this year.
Students are being told to prepare for the worst and hope for the best. Students with loans at stake have been watching the debate on Capitol Hill with worry and apprehension. The doubling student loan interest rates that are going into effect today only apply to new loans. These loans are generally awarded to only about a third of undergraduate students in financial need. Only Congress can change the rates and any tweaks to the law. Students, hang in there...and let's hope for the best. Congratulations on almost finishing your high school career.
Make sure you finalize your admission. Start making a list of tasks you need to complete before you arrive on campus this fall. Have you:
Read all mail and e-mail correspondence from your college, which will provide instructions on how to complete these tasks. Keep track of what is done and what is left to do. Make copies of any forms you submit. Submit Your final transcript to your college, the N.C.A.A. and waiting-list schools. Keep in mind that there may be limited waiting-list activity during the summer. Once a waiting list has closed, the college will notify you that its class is full. Submit your A.P. scores If you expect college credit for Advanced Placement exams, send your official scores to your college directly from the College Board. If your college offers a summer orientation program, be sure to attend. This will be an opportunity for you to meet your academic adviser, register for fall classes, and meet new college friends. Your college roommate will be a new and interesting person, someone to learn from and learn about, whether the two of you are just alike or completely different. Connect with him/her. You don’t have to be best friends with your roommate, but you will have to co-exist. Say hello and decide how best to manage your small space. Thank the people who helped you on your way. Hug your family and friends The summer after your senior year can be a happy, but tense, time at home. While you may be excited, your family may be equally sad and sentimental about your leaving home. Try your hand at managing all aspects of your life. Wake up on your own, to an alarm. Do your own laundry. Learn how to cook your favorite meal. Schedule your own health care appointments. Figure out when and how to exercise. Set a budget and live within it. Find some quiet time to set academic, extracurricular and personal goals for next year. Are you ready to discover something new about yourself? College is a fresh start, a new slate. Set your goals. College is going to be great, but it isn’t always perfect. This summer, endings and beginnings meet in memorable ways. There is so much ahead of you! So for all the art students, art school admissions is a competitive business, one that requires not just an academic application but an art portfolio as well.
It's important to get an outside assessment of a student's work, so be sure to check out National Portfolio Day, a free public event that invites would-be art school applicants to meet with college representatives and have their portfolios evaluated. This event is specifically for visual artists and designers. To get your art portfolio together, contact us at Lee Academia and our art school specialist will prepare you for National Portfolio Day. What are the English language proficiency requirements to study in the United States?
Being able to communicate in English is a basic requirement for successful study in the United States. If English is not your native language, U.S. colleges and universities will ask you to take an English language proficiency test before admission. Almost all institutions require either the TOEFL or IELTS. Check the websites of the institutions where you plan to apply for detailed information. Lee Academia advisers can help. You may be granted conditional acceptance with the understanding that you will attend English language classes at the institution before beginning your degree program. Check with the institution. |
Stephenie Lee
Stephenie, having been a tutor/instructor/mentor since 1996, discovered her passion and founded Lee Academia Educational Consulting, LLC. after she left the dental and medical field. She loves teaching/mentoring and counseling her students. Her passion lies in educating others and helping them pursue their educational path. Today, certified in College Counseling and with more than 10 years of experience, Stephenie and her team continues to blog about current updated educational news and events. Archives
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