Wednesday, December 12, 2007

Colleges pledged to lowering student debt

Here is a list of colleges who have implemented financial aid programs aimed to avoid or minimize student loans in their financial aid packages.

These colleges are certainly implementing policies which will help families pay tuition bills.

It's easier to Pay Tuition at Harvard, too

Harvard has joined the ranks of those highly endowed colleges and universities who have decided to replace loans with grants in the financial aid packages offered to their students.

They have also announced a simplified plan that says families with incomes between $100,000 to $180,000 will not have to pay more than 10% of their income.

These changes prompted an article with questions and answers in today's Boston Globe:

It is great to see more colleges looking for ways to help families pay tuition.

Monday, December 10, 2007

The growth of community colleges

I've been reading more and more about the growth of community colleges so I thought it was time to share some of the information I'm finding.

What are the benefits of spending your first two years at a community college?
1. COST - it is a fraction of the cost of most colleges plus you can live at home for free!
2. Diversity - the mix of students at community college often includes adults who are currently working or changing careers. These adults can become invaluable contacts for employment and/or a wealth of information offering an educational perspective based on real world experience.
3. Sampling - how many college freshman really convinced of their major when they start college? The price at community college gives them the freedom to try on a few different subjects to see what excites them, what they enjoy and what fits well.

Here's an artilce about the growth in Long Island New York community college system:,0,76056.story?coll=ny_home_rail_headlines

Should your college aged child have a credit card?

My answer is YES, if you believe you have taught your child how to be financially responsible. This is not an easy task - let's face it, most adults don't use credit cards properly, evidenced by the incredible level of credit card debt in our country.

But, let's change that and help our children do it the right way. You can establish some good rules for using a credit card and then choose credit cards that offer some advantage to cardholders.

Here's an article with some helpful suggestions: