Hiding from the Economy With Loans

Dear Student:

I know that the American employment landscape is quite frightening and has been for a while. Friends of mine are moving home to regroup and figure out how to survive while looking for work, or even as full time employees! It is tough for everyone and I want to fully acknowledge that. However, despite how safe school feels you have to go ahead and get out there.

I’m quite saddened and, quite frankly, startled to see young people staying in school unnecessarily to avoid facing the economy. Most colleges only require 120 credits to graduate, but I am seeing students with 150 and more. Some of these students say they are adding a second major to be more competitive. However, I implore you to figure out the long term costs.

Tuition at my institution is quite expensive. Tuition, fees, room and board tops 56 thousand dollars. 56 thousand dollars is more than many Americans earn per year. Staying in school to add extra credits at a cost of 56 thousand dollars does not make long term fiscal sense. Even if your university expenses are less think about what your starting salary may be and how you will pay off that extra year of schooling.

Even though the economy is tough it is better to get out there and start your career and build experience. You may have to live at home and that’s okay. You may have to share an apartment or house with several friends. Again, doing so is okay, and actually pretty fiscally sound if you put away the money you save on rent and pay down student loan or credit card debt contribute to your retirement or put it in a good old savings account.

If you insist on staying in school then I suggest that you earn another credential. Adding credits to your bachelor’s degree does not help in the marketplace. Also, employers may question why you did not graduate on time. Earn a certificate or master’s degree if you can instead. You may not be able to use the graduate education right away, but at least there will be tangible evidence of your extra time in school.

Sincerely,

Shonda

What are your fears about graduating and getting out there? Maybe we can offer some solutions. Leave a comment.

MOOCs and Being First Gen

In our office we recently had our first dust up with MOOCs, or massively open online courseware. A student was attempting to transfer in an edX class and we had to figure out how to explain that this type of credit was not sufficient for our institution.  I have nothing against MOOCs for personal enrichment. edX seems to offer a wonderful array of courses for anyone who wishes to be a lifelong learner. The danger is when students do not know the difference.

Many MOOC sites do explain that their courses may or may not count for academic credit at a traditional college or university, but sometimes this information is hard to find. If you find yourself unsure about your classes and whether they transfer look for a few key things:

  • Are there any admissions requirements? A regionally accredited university requires some sort of documentation that you attended and completed high school or a GED equivalent. This is true of for-profit, online education and traditional non-profit schools. If a site allows you to take classes without any such documentation then it is likely that the site is meant for “fun” and not mean to be transferable.
  •  Are the classes free? With the budget cuts all American colleges are experiencing you can trust and believe that no credit-bearing class is going to be free.
  • Is the site separate from the main university site? Many of these courses are taught by faculty from prestigious institutions such as MIT, Harvard, and UC Berkeley, but unless you have gone through the admissions process at the main university site then you are not enrolling in an actual course from these institutions.

MOOCs are a wonderful way to enrich your life and help you really hone a knowledge base. I liken them to the Khan Academy, which helps refresh a student’s memory on concepts long forgotten, or even reinforces what one learned in traditional classes. However, if your desire is degree attainment then please reach out to the admissions counselor at your local community college, or four-year public or private university.