Tag: education
There are 4 entries that are tagged education. Now displaying reults 1 - 4.
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Hidden Educational Costs
Posted on December 03, 2007 by Him
photo: powerbooktrance
I'm currently taking some classes in order to obtain a certification that will help me in my current job and in my career. Due to the specialty of the field that I'm in, this program is not common; in fact there are only 4 institutions in the world that offer it, and the one that I'm taking just happens to be the best one. In order to obtain the certificate, one chooses 4 classes in the curriculum and must receive a passing grade in each of the classes.
The classes are somewhat expensive at $1,400 each, plus the cost of books. My job covers up to $2,500 in educational expenses per calendar year; therefore I've elected to take 2 of the classes at the end of this year, and the final 2 classes at the beginning of next year. By doing this, I limit our out of pocket expenses to just $600 (plus books), which is all tax deductible. I also put the tuition on our rewards cards; in addition to being able to command more salary after I get the certification, the tuition payments will also help in paying for our honeymoon.
The one cost that I can't quite shake off is the cost of studying and doing homework in a coffee shop. While I love our apartment, it doesn't have any areas for me to buckle down and concentrate on studying and homework. Having computers, television, cats, refrigerator, chores, and everything else just makes it impossible for me to not be distracted. I attribute this to my college days; where I lived in college was always too rowdy and loud for me to get any studying done, so I always went to a coffee shop. Thus, when doing my homework for these classes, I've found myself in coffee shops around Chicago. It's almost Pavlovian: coffee shops just make me want to study.
For my first class, I went to a coffee shop 5 times to do homework and spent a total of about $30. Were the cappuccinos and pastries worth it? Well, last week I received my grade in the mail:
"A"
To me, it is definitely worth it.
Morningstar.com's Investing Classroom ROCKS!
Posted on January 11, 2007 by Her
Think you know it all about investing? Think you know nothing? Either way, morningstar.com's Investing Classroom is a fun way to learn something new. They offer 172 e-courses on Stocks, Funds, Bonds, and Portfolios. Read a 10-minute summary then take a five-question quiz. For every question you get right, you earn a point. Redeem your points for free Morningstar investing tools including books and premium online membership. It rocks! So far I have earned 79 points (I got one wrong) and have learned a ton of new investment definitions and theories.
Help Your Child Choose a College and Career
Posted on June 14, 2006 by Her
Most would agree that college is a good investment. But as with all investment vehicles, some perform better than others. The same is true for choosing a college and a career. No matter who pays for your child's college education, you can help your child make an informed decision.
First, talk with your child about choosing a major. What are they interested in? What kind of careers are they thinking of pursuing? Sketch out some possible career options they might follow. Have your child go to salary.com and look up the average starting and peak salaries for each career option. Also have them research what degrees are necessary for each career.
Next, compare financial packages at the schools your child is applying to. Help your child calculate the total cost of their four-year degree, plus any additional degrees they will need for their career choices. You might want to exclude any financial aid that is contingent on maintaining a certain GPA, since many freshmen struggle with the transition and lose their scholarship.
Talk with your child and clearly define how much (if any) financial assistance you will give them. Help them calculate how much loan assistance they will need to cover the entire cost. Help them calculate how many years that debt will take to repay and how much the monthly payments might be.
Finally, put it all together. Compare their potential salary with their potential debt service. Most kids haven't dealt with such large dollar amounts before, so help them relate it to your own family expenses. If you have a family budget, share it with your child. Discuss how a salary must cover the basics of food and shelter, plus debt service. If there are big financial differences between several schools or careers, talk with your child about the lifestyle they will be able to afford immediately after graduating, and ten years after graduating. Discuss the trade-offs of each option, such as stress, freedom, and fulfillment. Keep the conversation friendly and work as a team - remember, the goal here is just to become informed.
This is not meant to say that anyone should choose a college or career based solely on the financial rewards. However, this exercise can help your child make an informed financial decision when choosing between several school and career options. Sharing your life experience and gentle guidance can help your child make the best choice.
Beware of Scholarships
Posted on April 05, 2006 by Her
Right now, thousands of families are finding college acceptance letters and financial assistance offers in their mailboxes. Seven years ago, I applied to several schools and was accepted at all of them. The full-price tuitions at those schools ranged from $4,000 per semester to over $17,000 per semester. However, all the schools offered various financial assistance packages that reduced the tuition rates by a little or a lot. At the time, I compared the bottom line (tuition minus assistance) to determine how much each school would cost me. But I made a big mistake in not comparing what kinds of assistance they were offering.
The biggest mistake I made was in assuming that merit scholarships were guaranteed. One school offered me a $4,000 per year merit scholarship and I ended up accepting their offer. In high school I was a straight-A student with no academic worries. I did not anticipate the academic struggles I would face when I was competing with the country's smartest students. Lots of students were their high school valedictorians (I wasn’t). In classes where my grade was determined by my rank in the class rather than the average of my scores, I was at the bottom of the heap. My GPA slipped so low I no longer qualified for the merit scholarship. In addition, the scholarship stipulated that you could not re-gain the scholarship if you later improved. My freshman year struggles cost me $16,000 over 4 years, even though I recovered and graduated with a good GPA.
So, if you are comparing offers, beware of merit-based scholarship offers. Even the best students struggle with the transition to college. Be sure you understand the requirements for the scholarship and be aware of any risks involved so you can make a realistic comparison between financial packages.
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