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How To Reduce College Expenses By Susan Doktor offers great advice for current high school and college students. This is something they should all read so please share. Thanks, Susan.

College is expensive. But in today’s labor market, it’s arguably less expensive than not going to college. On average, workers who have earned a Bachelor’s degree will also earn 75% more in their lifetimes than high school graduates will. Depending on the choices you make, your college degree can actually pay for itself after just a few years in the workforce. Let’s take a look at a few of the more financially significant decisions you’re likely to make—the ones that will have a direct impact on how much your education costs.

Choice Number One: Which School Will You Attend?

• The price of a college education varies from institution to institution. Let’s say you live in Massachusetts and decide to attend the University of Massachusetts—a public institution. In 2022, tuition and fees will set you back around $17,000. But let’s say you decide to attend a private college with a similar reputation for excellence, such as Boston College. That will cost you just over $60,000 per year. That’s a pretty big spread. So one of the first questions you should ask yourself is whether, all other things being equal, the prestige of attending a private college is worth the price. You may decide that some of the other benefits private colleges offer such as smaller classes, opportunities to study abroad, and living in a close-knit community hold a lot of weight for you, too. But if you’re leaning towards a private college education, don’t make the decision just because it will look good on your resume.
• There are two other factors to consider when deciding between public and private universities. Public schools are much more economical for in-state students. Out-of-state students may have to pay more than $10,000 per year in tuition and fees when attending a public college. And in terms of prestige, some public universities rival ivy league schools, in terms of academic reputation. Several campuses within the University of California system, the University of Michigan at Ann Arbor, and the University of North Carolina at Chapel Hill are among them.

Strategies for Lowering Your Student Debt

• Most college students will take on a substantial amount of debt to pay for their educations. One out of four Americans today are paying off their student loans. On average in the US, college students graduate with $37,693 in student loans. But the principal amount you borrow is only one part of the cost of paying off your student debt. How much interest you wind up paying on your loans is another factor. That’s why you should be paying attention to your credit profile. Student loan finance companies offer their best interest rates to borrowers who have the highest credit scores.
• Lenders are in the business of managing risk. It pays to have an excellent credit history and a high credit score. Lenders look for borrowers who consistently pay their credit card, mortgage, and auto loan bills on time, for example. They also want to do business with people who carry a modest amount of debt when compared to their earnings (also known as your debt-to-income ratio). They’ll also consider the length of your credit history before offering you a loan. Manage all of these factors well and banks and other financial institutions are likely to consider you a safe bet. And they’ll offer you a more favorable interest rate.
• So it pays to know what’s on your credit report and correct any bad credit habits you may have. Knowledge is power in the credit game. Before you apply for any loan, you should download a free copy of your credit report.

What If I Don’t Have a Credit History?

• Many students apply for student loans directly out of high school, before they’ve had the opportunity to build a credit history or warrant a credit score. In many cases, that’s actually better than having a low credit score. But if you’re 18 years of age, you still might have time to develop a brief credit history. One option is to open a secured credit card account. By depositing cash with the credit card company, you can draw against your credit card at gas stations, online stores, and other retail locations. Your credit limit will be equal to the cash you deposit. When you make a purchase, your credit limit will temporarily go down. Then you’ll get a bill for your purchases. Your only job then is to pay it all before its due date. Your credit limit will go up again and you’ll be building a track record of on-time payments—the biggest influence on your credit score.
• Or maybe you’re in the enviable position of being able to buy a car before you apply for a student loan and build a credit history on your own. You won’t be able to secure a car loan on your own, but if you have a co-signer, someone who’s willing to guarantee your debt will be paid, some auto finance companies will approve you for a loan. The on-time payments made against your account will be recorded and you’ll be able to build a positive credit profile. Incidentally, having a co-signer on your student loans can substantially decrease the interest rates you’re offered, as well.

After You’ve Borrowed, You Can Still Lower Your Debt

• The global pandemic brought major changes in the credit market in its wake. Interest rates for all kinds of loans plummeted to historic lows during the worst of it and they remain favorable. If you took out your student loans more than two years ago, you’d be wise to consider refinancing themconsider refinancing them. Between the 2019-2020 and 2020-2021 academic years, rates went down an average of 31.24% nationwide. Let’s do a little math. Assume you owe $30,000 on a 10-year term loan. You’ve been paying 5% interest, but you are able to refinance at 4%. Over the life of your loan, you’d save $1735 by refinancing. If the term of your loan is longer than ten years or if you carry a higher balance, you’d save even more. If your credit score is higher today than it was when you originally took out your loans, that’s another reason to look into refinancing. Again, financial institutions offer lower rates to more credit-worthy borrowers.

Don’t Leave Money on the Table

• From state universities to private colleges, most institutions offer some form of need-based financial assistance. Be sure to ask for it, even if you don’t think you’d qualify. Your grant may not be huge, but every little bit helps when you’re taking on student loan debt. If you’re willing to do the research, there are thousands of other scholarship and grant opportunities that can speed you on the way to paying off your college degree. Local businesses, labor unions, Fortune 500 companies, and various non-profit companies set aside money to support higher education. It takes a little work to research what funding may be available to you, but unlike student loans, scholarships and grants are free with no repayment strings attached. Each year, new gifts become available. So make scholarship hunting an annual goal. Many websites can help you through the process of researching and applying for grants.

Top Tips for Reducing the Costs of Higher Education

• Whether you’re just applying for college or you’ve already graduated—no matter where you are in your college career—the right strategy can save you money. Here’s our best advice summed up in three recommendations:
• Choose the least expensive school that meets your academic needs.
• Take steps to build an excellent credit history and credit score.
• Shop around for the best student loan rates initially and consider refinancing soon before interest rates rise again

And have fun! It’s true what you’ve heard: your college years can be the best years of your life. And they prepare you for a sound financial future, which can make life much more fun in the long run.

Susan Doktor is a journalist, business strategist, and principal at Branddoktor. Her contribution comes to us courtesy of Money.com. You can contact her on Twitter @branddoktor.

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Five Important, Meaningful Benefits of Education by Craig Middleton will help students you know understand why education is important. While lessons from subjects like math and social studies may not relate directly to a student’s world this article explains why they nonetheless have meaningful personal value. Thanks, Craig

Though the importance of a good education is not lost on most people, there are still many who view an education, especially beyond basic academics, as a waste of time and resources. Education may appear as a requisite experience for children and young adults in order to satisfy societal requirements, parental expectations, or capitalist ideals, but schooling is a crucial part of a well-functioning society that consists of healthy, happy, and stable individuals. 

Let’s take a look at a few of the ways that education benefits the people, families, and institutions of every community across the world.

1. Increased Opportunities

• Do you want to better guarantee that you will land a high-paying job? Are you interested in developing skills and characteristics that will help you to succeed with your passions? Whether you hope to pursue a creative endeavor like photographer Ansel Adams or have your sights set on an ivy league education like Courtney Lanier Sarofim, a good education will equip you with the tools you need to make your dreams a reality.
• Regardless of the path you take in life, it’s important to gain an education that will help you to accumulate the necessary skills and knowledge that will make you a standout candidate for any jobs, positions, and roles you seek in the future.

2. Sharper Cognitive Skills

• While you may never use some of the math skills you develop in school when you reach adulthood, these practices help to develop the critical thinking and problem-solving parts of your brain that ease a variety of challenges and issues in your adult life. The stronger your critical thinking skills, the easier it is to make a sound, confident decision in the face of life’s problems.
• Boosted cognitive skills also help you to be better at advocating for yourself and others in the future, as you’re more likely to take the time to better understand complex situations, provide proper data to support your choices, and make more informed judgments.

3. Better Global Awareness

• In order to become a more compassionate, knowledgeable, and responsible citizen of the world, it’s vital to become aware of other cultures and historical events that have shaped the world to be what it is today.
• This not only makes it easier to relate to others who may be different from you, but it also encourages a broadening of the values and goals you may have in your life as you explore new ways of viewing the world through the lens of other civilizations or communities.

4. Expanded Equality

• Education functions as a uniting force for people from all walks of life. Everyone, regardless of age, sex, gender, religion, or orientation, deserves access to the same opportunities in the world.
• A good education provides everyone with the necessary skills, tools, and knowledge to achieve their goals, but educated people are more likely to maintain an open mind and remain aware of societal issues that block or drive wedges between different social classes or groups of people. Educated individuals are often more likely to take measures in their own work or personal circles to ensure that everyone has an equal chance at a healthy, happy, and fulfilled life.

5. High Self-Esteem

• School is challenging for everyone at one time or another. Overcoming challenges, even on basic levels, fuels your sense of accomplishment and fulfillment, which can help you to feel more confident and able to navigate difficult situations on your own in the future. Even in times of failure, the lessons learned in a schooling environment have real-world applications that teach people how to secure their own success and happiness on their own.
• As well, educated people rely less on others to make decisions, form opinions, provide financial support, or speak for them. Education can empower each person to find their strengths and their voice, and use them to make the world around a better place to be.

Craig Middleton

• Craig is a New York City-based retired business consultant, who is an expert in education and cultural trends. He has a Masters of Business Administration and a Masters in Education from St. Johns and loves sharing his knowledge on the side through his writing. If you have any questions or comments you can direct them to Craig at craigmiddleton18@gmail.com.

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Four Benefits of Employing Toys for Education by Craig Middleton explains why toys belong in just about any learning environment and activity. Are there age-appropriate toys in you home and in your child’s classroom? Thanks, Craig.

Introduction

• Over the last century, parents and teachers have found many creative avenues for educating children. The theories on education and how children learn are endless, but some of the tools are timeless, such as books and instruments for writing. One of the most enduring tools for educators of children has been toys. Because children associate toys with having fun and entertainment, toys also have the ability to make learning fun.
• The word “toy” conjures images of an expansive array of manufactured goods for children, as there is no limit to their many shapes, sizes and uses. There are puzzles, games, dolls, blocks, and more. Here’s a look at how toys help build learning foundations and lasting outcomes in the classroom.

1. Greater Empathy and Emotional Intelligence

• When children watch toys during a lesson, they are watching a scene playout, much like a movie. For example, if you want to teach a child about sharing, you could take two figures, such as the famous Barbie made by Mattel, and demonstrate how friends take turns. This demonstration will resonate better than being told. It also builds on a child’s ability to understand the needs of others around them.
• Toys also demonstrate how to respond to situations, and how uncomfortable situations can be resolved. Children look to adults to answer these types of questions, but adults themselves don’t always make the best role models, except when they use toys to show how to do it right. Through the use of toys, a discussion can take place about why someone felt the way they did and how someone else can help make them feel better.

2. Increased Creativity

• Toys help children expand on their creativity. They teach them to fill in the gaps and to imagine alternate endings. For example, if an adult utilizes a puppet for storytime, and the puppet is a whale, the child knows a whale must have water in its environment, and so the child’s mind fills in the environment that is missing. While the whale may be attached to a hand, during the story, the child can imagine the whale is at a dock, or some other place the story dictates.
• Give the child the same toy to play with on their own, and they will create their own stories. New scenes will be created in their minds. Not only are they learning to create dialogue, but they are learning to create images.

3. Improved Learning Retention

• When children learn, new paths are created in their brains that they can return to in a similar situation. This is an oversimplified explanation for how learning works, but since children are more apt to pay attention when a toy is utilized when they encounter the same problem again, they can draw on what they learned through the toy.
• This is especially critical for developing problem-solving skills. Children can look back to what they learned through the use of toys and apply them to problems in everyday life as well as later in their educational development.

4. Assists with Motor Skills

• Toys can also be used to assist with developing motor skills. This is especially important for children with disabilities who may require more work to reach certain milestones such as using writing instruments and eating utensils or tying shoes. By using playtime to teach and practice these life skills, children are more eager to participate. The result is practice that is fun.
• Educators often overlook the positive achievements that can be made by employing toys in the classroom. Yet, toys have always been strongly associated with developing creativity and emotional intelligence in children. If a child were to walk into a classroom and see only books and a blackboard, they might sense they had a dull day ahead of them. Add some colorful puzzles, games, and toys to that same classroom, and it becomes an environment that is friendly and ripe for exploration. The same if true for their home environment.

Craig Middleton

• Craig is a New York City-based retired business consultant, who is an expert in education and cultural trends. He has a Masters of Business Administration and a Masters in Education from St. Johns and loves sharing his knowledge on the side through his writing. If you have any questions or comments you can direct them to Craig at craigmiddleton18@gmail.com.

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