• The New York Times helps you decide if getting a Master’s degree is worth it.

• You may have heard that Obama has introduced a new program aimed at aiding college graduates who are struggling with college debt. The Washington Post and The Daily News explain it a bit here and here.

• Are you thinking about going to a community college before a 4 year university? Well, you’re not alone! Unfortunately, it appears that funding for community colleges is going down!

Be sure to share your thoughts on these articles after you have read them! I’d love to hear what you think about them!

College Credit Cards on Spot – Chicago Tribune
New Program Erases Student Loan Debt – The Mercury News
Rates Dropped July 1 on Some Student Loans – Cleveland Daily Banner
Graduates Need to Go on a Strict Debt Diet – The Courier Journal
College Guide Answers Questions for South Carolina Families – GreenvilleOnline.com

This week, I want to talk a little bit more about the last article. The news story points to a Guide that is free to anyone, but is supposedly geared toward people from South Carolina. The guide can be found directly by going here. It’s all about finances and college and the suggestions and information included are good for you wherever you live. I will warn you that the guide is 125 pages long, but very worth it. You can see the titles of the chapters below.

Chapter 1: Preparing for Success in College
Chapter 2: Navigating the College Admissions Process
Chapter 3: How Can I Afford College? Solving the Financial Aid Puzzle
Chapter 4: Understanding College Savings and Investment Choices
Chapter 5: Working through College: Is a Job Part of Your Investment Plan? Chapter 6: Maximizing Your Investment Return: Planning for Career Success
Chapter 7: Investment Costs: How Tuition and Fees are used at Institutions Chapter 8: The Public Investment: The SC Funding Process for Higher Education

I would suggest you go to the site and you download the guide and start processing through it in your free-time. I haven’t read it all, but what I’ve seen has been good and insightful. Give it a look for yourself!

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Here is this week’s edition of “In The News” – A compiled list of news stories and blog posts from this last week that you should read!

How Does Consolidating Student Loans Help You? – MSNBC
The Sky’s the Limit As College Kids Dive Into Debt – The Beaumont Enterprise
After College, A Crash Course In Finance – The Washington Post
Newlyweds Must Find Common Ground on Financial Issues – The Sun Sentinel
Challenge Yourself to Start Saving More, Spending Less – Ohio.com

I think the Newlywed article is a great read. Finances are probably going to be one of the toughest things to figure out with your spouse when you are married. Each person brings different habits, baggage, and everything else to the table. Give the article a read and get some solid advice on approaching the issue of finances with your spouse.

After reading the articles, is there anything that raises some questions for you? Any thoughts on the articles? Leave a comment below and share with us all. We all want to hear what you think!

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Tough Assignment: Find College Loans – The Wall Street Journal
Money management can make students’ dollars last longer – Norwich Bulletin
You’ve Graduated: Now Pay Back Your Debts – WalletPop
Not All University Students Will ‘Mature Out’ Of Heavy Drinking Habits – Science Daily
Letting High Schoolers Voluntarily Graduate Early Would Benefit Them And Taxpayers. – Courant.com

The first article is kind of scary. As many of you know, loans make college possible for a good majority of college students. Unfortunately for us, the government limits the amount of loans that are backed by the government. Typically they offer better rates, so I think we all want to get those loans. However, because of that limit, we’re often forced to either get a job (or two) or we seek out loans from a private source. The article discusses the private lender situation, and it’s not a good one. Things seem to be alright for the next year, but beyond that, who knows? I suggest you read the article!

After reading the articles, is there anything that raises some questions for you? Any thoughts on the articles? Leave a comment below and share with us all. We all want to hear what you think!

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In the News (5/26/08)

Debt Squeezed Gen X Saves Little – USA Today
What College Graduates Need to Know About Money – Star Tribune
Try to Keep College Debt Low – The Morning Call
Overrated: College Diploma – Dallas Morning News
Graduates with Loans Boomerang Back Home – The Courier Journal

My favorite article out of the bunch was “Overrated: College Diploma” as it takes a honest look at the college system and flat out says that not everyone should go to college. Some people just aren’t cut out for it. The closing statements of the artcile say this:

“College is a wise choice for far fewer people than are encouraged to consider it. It’s crucial that they evenhandedly weigh the pros and cons of college versus the alternatives. The quality of their lives may depend on that choice.”

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“The college has introduced a new program that will eliminate the need for loans for students who are among the neediest financially and who are eligible for federally funded Pell Grants.

To be known as the Oberlin Access Initiative, the effort is part of a broader goal of the college and a growing trend nationally to afford opportunties for families who “are among the most disadvantaged in American society,” said Debra Chermonte, Oberlin College’s Dean of Admissions and Financial Aid.”

Sounds pretty cool huh? Sure does! And how does this help you? Well, unless you go to Oberlin it probably doesn’t. However, Oberlin isn’t the only school that is developing a program like this. I’ve also read that Harvard is planning on taking similar measures to make college more affordable.

Let’s hope that these measures will start a trend for all schools! I’ll keep you posted with further news as I find it!

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My advice: Stay away from credit cards. Or if you must have one, make sure you pay off the full balance each month. If you pay just the minimum, you’ll be eating interest costs for far too long!

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