NY Colleges & Universities receive more than $2 Billion in donations

February 15th, 2012Uncategorized0 comments

In 2011, New York’s colleges and universities received more than $2 Billion in charitable contributions, according to the Council for Aid to Education. The annual survey includes 105 of the state’s largest colleges and universities including three of the nation’s top 20 recipients in charitable donations, Columbia University at #5, NYU at #13 and Cornell University at #16. See more details at the Ithacajournal.com article.

Affordable Higher Education: 2012 State of the Union Address

January 26th, 2012News0 comments

President Obama’s remarks during the 2012 State of the Union Address regarding the cost of college centered on student loan interest rate relief, tuition tax credits and increasing the number of work-study jobs. Also, he challenged colleges and universities to keep tuition rates from increasing or face the possibility of receiving less federal funding. See the following excerpt,

“When kids do graduate, the most daunting challenge can be the cost of college. At a time when Americans owe more in tuition debt than credit card debt, this Congress needs to stop the interest rates on student loans from doubling in July. Extend the tuition tax credit we started that saves middle-class families thousands of dollars. And give more young people the chance to earn their way through college by doubling the number of work-study jobs in the next five years.
Of course, it’s not enough for us to increase student aid. We can’t just keep subsidizing skyrocketing tuition; we’ll run out of money. States also need to do their part, by making higher education a higher priority in their budgets. And colleges and universities have to do their part by working to keep costs down. Recently, I spoke with a group of college presidents who’ve done just that. Some schools re-design courses to help students finish more quickly. Some use better technology. The point is, it’s possible. So let me put colleges and universities on notice: If you can’t stop tuition from going up, the funding you get from taxpayers will go down. Higher education can’t be a luxury – it’s an economic imperative that every family in America should be able to afford.”

What does this mean to those families with students heading to college for the 2012-13 academic year for the first time or those returning college students?

For Undergraduate students, the Federal Direct Subsidized Student Loan fixed interest rate is currently at 3.4% and the interest rate is scheduled to increase to 6.8% on July 1, 2012. Also, the current Federal Direct Unsubsidized Student Loan fixed interest rate is currently at 6.8% and it is scheduled to remain the same.

Increasing the number of college jobs in the Federal Work-Study program over the next five years is a step in the right direction. However, the work-study program has limited positions available per college, students have to be eligible and “hired” for the job. Also, typically students are paid every two weeks for hours worked throughout the academic year. More importantly, unlike grant/scholarship aid awards, being awarded a work-study job does not immediately impact the bottom line cost of the respective college.

Certainly tuition tax credits benefit those taxpayers that qualify but the most important piece of the discussion is the ever increasing tuition costs. College and Universities have significantly raised tuition and fees over the past twenty years, so families need to be more focused on the actual costs of college over the next four years. Focused discussions on the college major, career aspirations, borrowing loans to pay for college and the actual return on the investment are important to students and families striving to make college affordable.

Is College Worth It?

January 25th, 2012News0 comments

A new report just released January 2012, by the Georgetown University’s Center on Education and the Workforce answers the question by analyzing employment opportunities for college graduates and salaries based on college majors. In “Hard Times, College Majors, Unemployment and Earnings,” the report states that a college education remains the best alternative for young workers entering the workforce. See how some college majors offer substantially better employment opportunites than others. The authors of the report, A. Carnevale, B. Chaeh and J. Strohl provide details on earnings for college majors, unemployment and more.

College Financing Group Featured on NBC News, WETM 18

January 12th, 2012News0 comments

College Financing Group co-founder Rick Ross presented “Making College Affordable” to seniors and parents at Southside High School in Elmira. With over 75 people in the audience we discussed college costs the financial aid timeline, sources of financial aid, loans and making sound financial decisions when selecting and paying for college.

Gaining Admissions- College Selectivity, see how the colleges rank

December 13th, 2011News0 comments

Soon, college Admissions offices will be making decisions on the thousands of applications from high school students. A recent analysis by On Numbers, an online service, shows Princeton University is the most selective college in the Eastern United Sates. Like Princeton, three of the top five eastern colleges are Ivy League schools along with Massachusetts Institute of Technology (MIT).

All of your favorite eastern colleges and universities are included in the On Numbers analysis and for more details go to the recent Business Journals article by G. Scott Thomas.

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