Today’s guest post is from Elliot Felix, author of “How to Get the Most Out of College”.
College can really feel like a maze. It’s complicated, expensive, and the future is at stake. It’s also a different maze than what we went through a generation ago, and so are today’s students. They are more diverse in terms of age, race, income, and experience. More transfer between colleges. More work during college, live off campus, and study part-time. Even before the pandemic, about one in six studied fully-online and about one in three took at least one online class. Compared to 30 years ago and adjusted for inflation, private colleges are twice as expensive and public colleges are three times as expensive. Students today have only a 50% chance of making a better living than their parents compared to an 80% chance 30 years ago. Is it any wonder why today’s students and families are more career-focused, more value-conscious, and need more support?
A recent study found that 76% of parents want their children to end up in STEM-related careers. And with an ever-growing number of jobs requiring knowledge of new technologies, it isn’t very hard to see why. From manufacturing to marketing, most jobs today are dependent on computers for their success. And computers are dependent upon code. That’s probably why so many parents are hoping to get their kids into coding.
As many as 85% of parents are encouraging their children to learn to code, according to one study. But despite wanting their kids to learn, many parents are at a loss about the best resources available to help kids to code. Where can a parent start when they want to help their child dive into this new field, especially if they don’t know much about coding themselves? We’re here to help! We’ll help you narrow down the options by explaining the different categories of resources out there. Then, you can decide which resources best meet your needs.
For decades, it’s been widely accepted that applying to college is a hard, stressful and time-consuming process. Students can easily spend months on university preparation and the application process, as well as thousands of dollars in application fees. Parents aren’t always sure which universities are the best fit for their students’ needs and qualifications. The anxiety is real, and when students receive rejection letters, it can be crushing.
A recent educational survey conducted by T. Rowe Price has revealed that almost 45% of parents who are saving for college are using a normal savings account. Only 31% of parents are using a 529 plan for the college-savings purpose.
The prime reason so fewer people are saving through the this plan is people are not aware of the 529 college savings plan. The T. Rowe Price survey has revealed that nearly one-third (28%) of the parents are not aware of what this plan is all about.
So, if you are one of the 28% people who are still not aware of the benefits you’ll get from the college savings plan then please read the article once.
The 4 Key points that you should read first
The 529 college savings plan helps you to save for the education-related expenses of any student in your family. The education-related expenses include college or post-secondary education, tuition fees for elementary, secondary, and religious schools.
The person who opens the 529 account plan is called the ‘Account Holder’ or the saver.
The person for whom the 529 account plan is opened is called the ‘Beneficiary’ or the student.
The ‘Account Holder’ or the ‘Beneficiary’ doesn’t need to be two separate persons, there will be nothing illegal if both are the same person.
10 Benefits of a 529 Plan
Now, maybe you are one of those parents who have heard about the 529 plan but do not have any information about it. Below are 10 benefits of a 529 college savings plan.
1. You will get the benefit of tax while saving money in the 529 account
In many of the US states, you will get a tax deduction or credit for contribution if you save your money in the 529 accounts. Your money will grow on a tax-advantaged basis in the 529 accounts and if you spend the money saved in the 529 accounts, for qualified education expenses then you can withdraw the money in a tax-free way.
2. The 529 plan helps you to reduce the student loan borrowing
It is a concern that the expenses of higher education are increasing every year. You have nowhere to go but to take out the student loan with ahigh-interest rate. The 529 college savings plan can provide you with adequate support to lessen your dependence on the student loan.
According to student loan experts, there is nothing better option than a 529 college savings plan to reduce your student loan.
“Every dollar you save is about a dollar less you’ll have to borrow…. Saving money for college lets you avoid paying interest on the money you’d otherwise have to borrow.” Mark Kantrowitz, college finance advisor
3. The grandparents can benefit by contributing to the 529 college savings plan of the grandchild
The grandparents can benefit from the significant tax break by contributing to the 529 college savings plan of the grandchild.
If a grandparent owns the 529 college savings plan for the grandchild, it will reduce the potential tax liability of the grandparents.
The grandparents can also get benefit from the state income tax deduction as per their state rule if they contribute to the 529 college savings plan.
4. The 529 college savings plan is good for them who have started contributing in the account a little late
If you open the 529 college savings plan for your child and grandchild when he/she is in middle or high school, it will not be too late.
Eventhe college savers can also get the benefit by opening the plan a little bit late. According to the Washington Post, around 46% of Americans live in a state which offers state-specific-income-tax benefit for contributing to the plan. The plan can reduce your tax burden.
There are rules in the plan that if you have started late in contributing to the plan and want the asset to grow then you can withdraw the money from the account a little bit late.
5. Your home state-sponsored 529 college savings plan can provide you some additional tax advantages
Almost all the states, in the USA,sponsors the plan for accredited schools in any state. Many US states offer state income tax deduction for residents who are contributing to their home state’s 529 college savings plan.
This is the benefit of contributing to the plan of your home state, it will give you additional tax benefits.
6. The child won’t lose the other financial aids if you contribute to the 529 plan
Many parents fear that opening a plan can force their child to get less federal financial aid. But this is a wrong conception. The 529 savings plan is considered a parental asset. The child will never get less federal financial aid if the parents contribute to the plan.
7. With the 529 plan, both the amount and date of contribution will be in your hand
The advantage of using the plan is you can contribute in the account whatever amount you will be able to contribute and the annual payment date too will be as you choose to pay.
The minimum initial contribution requirement for most of the 529 college saving plans is $25 and the upper limit of contribution is up to you. Like the contribution amount has no limit, the payment date also is not bound by anything.
Many people prefer to pay a monthly contribution to the plan and others love to pay an annual contribution.
So, you can contribute any amount as you wish and whatever time you may like for contributing the amount.
8. You can have your own choice while selecting a 529 college savings plan
There is a good number of 529 savings plan options available to choose from. If your state is offering a prepaid tuition plan or if you have selected the private college independent 529 plan then you can choose from a wide array of 529 plans.
The selection will give you an advantage if your child prefers to go to a particular type of school.
9. Money withdrawals from the 529 account are both penalty-added and penalty-free
If the student earns a scholarship then the same amount can be withdrawn from the 529 college savings plan without paying any penalty and in tax-free manner.
For any urgent and nonqualified purpose if you need to withdraw money from the 529 accounts then you have to pay the federal income tax and 10% penalty.
However, for any urgent money requirement, you have other ways to obtain the required amount than making non-qualified withdrawals from the 529 plan or by going to the payday lenders.
None of the options will be considered a good decision taken by you. You’ll be penalized for the non-qualified withdrawals from the 529 account or have to make a payday loan debt settlement for repaying the urgent payday loan.
So, use other options if you need money for some urgent purposes.
10. The 529 college savings plan will provide special benefits for students that a traditional savings account cannot give you
To bear the educational expenses, the plan is best in the USA. The problem is parents are not aware of the plan and they cannot differentiate between the plan and the regular savings account, traditional and Roth IRA.
You won’t get any tax benefit for saving your money in the regular savings account, traditional and Roth IRA for educational purposes. You will get the tax benefit only by contributing to the 529 college savings plan.
So, when you aim to save for education, you should depend only on the plan.
Being an involved parent is crucial to your child’s success, especially as they explore the world of possibilities in high school. Not surprisingly, many kids don’t understand this; they want to do everything on their own.
A new platform, spikeview, helps parents prompt meaningful conversations about interests and potential career tracks, in part by showing the big picture with the various explorations and steps in their journey so far. By making kids be a key stakeholder in navigating their journey through high school and into their dream college, spikeview helps with planning early and often to avoid unnecessary panic. Beyond just a well organized, secure, portfolio, teens are encouraged to build a network with others, take on leadership opportunities in interest-based online groups, and find opportunities (like internships, jobs, and high quality classes, tutors, career counselors, and summer programs) to strengthen their college application.
Here are 3 unique ways you can support your teens’ journey!
Drive Interest Aligned Discussions
Nothing is more off putting to a budding independent high-schooler then pushing all those amazing activities and experiences that YOU believe are so good for them. While you may be right, you might need to consider how those opportunities fit into the overall interests of the student. Looking at a snapshot view of their experience and interests and discussing why those are so valuable or exciting for them will establish trust and open them up to the possibility of considering other opportunities. This enables a “data-driven” conversation which tends to be more objective and palatable to a teens. We love the “My Story” visualizing tool that does the job and is a fun way to acknowledge your teens efforts.
Finding a supportive online community, and tapping new opportunities
Let’s face it, it is hard to be the parent of a teenager. Whether you have one or multiple kids, each is different and each has unique interests and hobbies. While we are always bombarded with camps, classes, online programs, it is not easy to find good quality opportunities that will interest your teen and will be worth the expense. It takes a lot of time to find the right fit opportunities and maybe requires you to ask other community parents. But, what if based on your kids’ past experiences and interests, you could see specific opportunities that helped magnify their impact, explore other avenues they may not have considered previously, or strengthen their college application? What if you could create and participate in discussions with other parents in the same situation as you, or those with older kids who have learned some of the harder lessons. What if you could get access to good quality content and opportunities that actually align to their interest. What if you could see students and parent reviews to help you decide? Think of how much time you would save, and discover something that will truly resonate. Easily create your teens profile and let the auto-discovery save you some time.
Preparation prevents panic and panic prevents progress
For this generation of teens, technology and media play a large role. Kids enjoy using media, digital content socializing through online platforms. They are not as interested in boxes full of photos , certificates or badges sitting in the garage that make up their experiences. So why not become a part of their world as a parent, and even better, use a medium that is fun, ubiquitous, and permanent. Help kids digitally organize their assets, and give them control of who gets to see what aspect of their data. Once uploaded into the secure spikeview cloud, you can decide what to share using custom views tailored to each opportunity or interaction. It can be polished and professional for applying for an internship, or casual and fun when reaching out to an online club. It can cover all your achievements, or showcase just one of them. The profile can be built over time with all types of experiences, achievements, thighs they are proud of. This can serve as a digital journey book across all phases of life and an invaluable shared asset between you and your teens. Best of all, parents can rest easy knowing that the default setting on spikeview is privacy.
With all the blood, sweat, and tears we put into them, it is almost criminal that all the planning for camps, internships, and classes, all the effort in polling other parents for the best coach or tutor, all the time invested in weekend games, and all the endless drives to and from activities – is forgotten within a few weeks, with nothing at all to show for it. What’s more, in most cases, the kids themselves don’t remember these critical building blocks of their life within a few years, losing the key formative steps, friendships, and memories that could make for an engaging, compelling life story. Rather than panicking looking at a last-minute sparse “brag sheet” to prepare for college admissions essays, these small nuggets instill confidence and make all the difference between getting into your dream college and opening a thin envelope.
You’re likely to feel a little anxious about the idea of your teen going off to college. Your years of being able to protect and coddle your child are about to end, and you know how cruel the world can be.
One fear that you might have about your teen going off to college is that of drug and alcohol abuse. Many teens face problems such as peer pressure and the need to fit in with the “everybody’s doing it” crowd.
Here are some tips for talking to your teen about the dangers of succumbing to peer pressure and risky behavior in college.
Over a lifetime there’s a huge financial payoff for going to college, but how can students avoid taking out outsized student loans for their education in the short term? The key is to make your ‘out-of-pocket’ expenses as low as possible. You can do this by putting strong merit aid colleges on your list. Applying to colleges that are likely to give you merit aid is one of the best ways to make ‘financial fit’ choices and save thousands of dollars a year.
The largest pool of non-loan money available directly from colleges is merit aid scholarships. Colleges award over $8 billion dollars in merit scholarships annually. Understanding how colleges award these scholarships requires a thoughtful strategy that can result in significant savings. Merit aid awards are mostly given to applicants who show academic excellence and are in the top 25% of a college’s most recently admitted freshman class. Since many colleges offer merit scholarships, you don’t need to have straight A’s or a 1600 SAT score to be awarded merit aid. Each school has its own top quartile stats.
Merit aid grants are unlike other forms of aid in several ways. Federal government grants like Pell are primarily targeted at low-income families and are limited in size. Private scholarships are generally not renewable and require a separate application. And loans, of course, have to be repaid with interest. Merit aid, on the other hand, is not income dependent, doesn’t require a separate application, doesn’t have to be paid back and it’s renewable.
Finding merit aid can be tricky and time-consuming. Using a college’s Common Data information will provide some information. You can find lists of colleges that give merit aid awards online, but those lists won’t show you if a particular college is likely to give you aid based on your profile. A new tool called MeritMore uses your stats to match you with colleges most likely to give you aid and shows you how generous those colleges have been to students with similar profiles. You can check to see if your top schools are likely to offer you merit aid and then compare aid offers against each other. MeritMore also finds colleges generous with merit aid that match your criteria, but may not have been on your radar. This is a great strategy for finding financial fit gems.
The best way for families who don’t qualify for need-based aid to avoid paying sticker price is through merit aid. Awards can be in the thousands and tens of thousands of dollars per year. These scholarships help make college more financially accessible and help families avoid getting caught in the student loan trap.
When I come across a product that can help parents of college students, I’m happy to share it with my readers. For parents whose students will be heading off to college this fall, this product will you stay in touch and show “love” for your students.
Do you have a student entering college for the first time? How about a student returning to school? Either way, they’ll be working hard and missing home. For those that are leaving home for the first time, being away will be exciting and scary. They will be trying to keep up with their work, while at the same time balancing a new social dynamic. Thoughts of home will be a safe haven from the hectic schedule they will now be keeping. For those students who are returning, they will be trying to maintain the school lifestyle they’ve become accustomed to. However, they too will look to reminders of home for solace when things get a little too crazy.
While it’s common for parents to send their students care packages to help them stay fed, most of these care packages are filled with junk food. Processed, unhealthy junk food. Why not give them a true reminder of home each month by ordering them a subscription to A Taste of Home Cake Crate by Kentastic Cakes? A Taste of Home Cake Crate is a monthly subscription of homemade, from scratch baked goods that are shipped directly to their door(or school Mailroom) each month. All items within A Taste of Home Cake Crate are created from scratch using only fresh ingredients. Nothing is processed and everything tastes AMAZING!!
A Taste of Home Cake Crate can be ordered by the month or in longer durations at a discounted price. We also offer our COLLEGE PLAN, which is specifically meant for your student and follows a typical school year. With the COLLEGE PLAN, your student will receive a Cake Crate from September through November and from January through May. They will NOT receive a Cake Crate in the month of December, as most students go home for the holidays. Crates are shipped on or around the 20th of each month, with the exception of May. May crates will be shipped the 1st week of the month to be sure your student receives it before leaving school for the summer. We also offer a First Semester and Second Semester Plan. A NUT FREE option is also available.
Each month, your student will receive:
A Large Cake In A Cup (almost a full pound of moist cake and creamy buttercream frosting)
4 Yummy Cake Pops – Flavors change each month.
3-6 Fresh Baked Cookies(dependent on size and type)
A Mystery Item – Past Mystery Items have been French Macarons, Baklava, S’mores Bars and Chocolate Covered OREOS.
Kentastic Cakes has been creating beautiful, delicious custom cakes since 2012. In addition to weddings, Bar/Bat Mitzvahs and birthdays, Kentastic Cakes has been enjoyed at high profile events, such as the Boston Strong Benefit Concert after the marathon bombings and the Vans Warped Tour 20th Anniversary BBQ. Our cakes have been eaten by members of NKOTB, Aerosmith, celebrity chef Ming Tsai and more. We’ve even made cake pops for legendary rock band, Motley Crue on their Farewell Tour.
A Taste of Home Cake Crate just celebrated its 1 Year Anniversary and is excited to send your hard working student awesome treats each month. Please visit mycakecrate.com for more detailed information and pricing, as well as some FAQs at our College Plan page.
Orders received by July 1, 2020 will save, as prices will increase on July 1. Save even more by using Code: COLLEGE to save an additional 5% off your order.
As we always say, “Just because they can’t be at home, doesn’t mean you can’t send them A Taste of Home.”
With a new school year quickly approaching,
many parents are figuring out how their child is going to afford college.
According to CollegeBoard, the average student budget for the 2019-20 academic
year was $26,590 for students attending a four-year university. This figure
includes the cost of living on campus, which may be required of incoming freshman students.
This means your child’s education could cost
well over six figures. And no parent wants their child to start their adult
life with that amount of debt.
As a parent, you can help guide your child to make smart decisions
that will impact their finances for years to come. This begins with choosing an
affordable school.
There are also other ways to help pay for the
cost of attendance and living expenses. Here’s how to help fund college costs
and ways to borrow wisely.
Apply for financial aid
opportunities before borrowing
Before you or your child
take on debt to pay for college, you should exhaust all other available
resources.
Your child can access financial aid opportunities, like grants, scholarships and work-study programs, by
completing the Free Application for Federal Student Aid (FAFSA).
The FAFSA filing window
is October 1 to June 30 for each upcoming academic year. Keep in mind that some
financial aid is available on a first-come, first-serve basis, and cutoff
deadlines vary by state. Encourage your child to complete their application as
early as possible.
Also explore third-party
scholarship opportunities through your employer, local community organizations and
online databases. Each additional scholarship or grant — even if it is only for
a few hundred dollars — can prevent your child from taking on more student loan
debt.
How to borrow wisely for college
Once your family has explored all financial
aid opportunities and pooled existing resources (e.g. 529 college savings plan
and other family contributions), your child may still need to turn to student
loans.
Whether your child is taking out loans in
their own name or you’re borrowing on their behalf, it’s important that your
family only borrow what is needed to fill the remaining financial gap.
The first way to approach student loans is
through federal loans. Federal loans have more flexibility and have certain
protections and benefits. This is why it’s best to maximize federal loan
opportunities before taking out private loans.
For example, your child can enroll in a
repayment plan that matches their financial situation and may be eligible for
loan forgiveness opportunities.
Your child should borrow funds in this order:
Direct Subsidized Loans.
Subsidized loans typically have the lowest rates, and the government will
cover any interest that accrues while your child is in school.
Direct Unsubsidized Loans.
Unsubsidized loans aren’t need-based, so any student can qualify for them.
However, your child is responsible for the interest that accrues during
school.
Private loans. Your child
will likely need a cosigner to qualify for a private loan. Shop around
with various private lenders to find the lowest rate and best terms for
your credit.
You may also have the option to take out a
federal Parent PLUS loan in your name to help fund your child’s
education.You’ll be solely financially responsible for the loan — not your
child.
Make a debt repayment plan
Student loan borrowers
should always be aware of interest charges that will accrue during school and
after graduation. These charges should be included in their overall financial
plan.
Your child should also start making a debt
repayment plan as soon as possible. Popular student loan repayment methods
include enrolling in an income-driven repayment (IDR) plan or refinancing student loans after graduation to
get a lower interest rate.
When considering refinancing federal loans
into private student loans, it’s important to understand the consequences of
losing out on federal benefits and protections, like loan forgiveness and
forbearance.
The earlier your child plans for their educational costs, the more likely they can save money during their college experience and beyond.
Our guest post today is by Travis Hornsby, CFA, and Founder and CEO of Student Loan Planner. He lives with his wife in St. Louis, MO, where he loves thinking up new student loan repayment strategies and frequenting the best free zoo in America. As one of the nation’s leading student loan experts, he has consulted on $500 million of student debt personally.
You may have seen them; memes about plagiarism checkers pop up here and there. They either scoff at the tools’ malfunction or the distrust they provoke. What triggers such a reaction?
Plagiarism checking has become an integral part of the evaluation of papers, and now students’ perception of academic dishonesty has changed. More of them know how to cite, whether it’s appropriate, and how to avoid accidental plagiarism. The problem, however, is that a great many peers look for ways to beat the tools or still believe that plagiarism isn’t a big deal when it occurs only occasionally.
There must be something that forces them to think along these lines. As it turns out, it’s the pressure to succeed and the stress it causes. One study, “The Effect of Anti-plagiarism Software on Students’ Plagiarizing Behaviour” reveals that 59% of the surveyed students feel pressure when being checked, and 41% either think that plagiarism tools aren’t a necessity, or they feel neutral about them.
These attitudes toward plagiarism checkers are quite understandable. Just imagine yourself taking a lie detector test—would you feel anxious? More than likely.
But these attitudes may prevent your children from improving their writing skills. After all, checkers shouldn’t be making students obey, like a sort of policing agency. Instead, they should educate and point them in the right direction. So, let’s treat checkers as helpers rather than accusers.
What follows are some arguments that can help relieve the stress that college students face and let them see the value in using a plagiarism prevention tool.
Stop stressing about being checked for plagiarism
Stress is the response to a challenge—the challenge of getting good grades, maintaining a scholarship, or meeting their parents’ expectations.
The stress of being checked is a response to uncertainty or lack of understanding of what constitutes plagiarism, how to conduct research, what sources to use, how many of them should be enough, etc. If the knowledge gap grows, students experience more stress at college. So, one of the most effective stress management techniques is to learn to write without the threat plagiarism, accidental or otherwise.
This video by The Texas A&M University Writing Center sheds some light on writing with integrity and provides comprehensive advice on how to do it right:
If anxiety is still difficult to overcome, parents need to act proactively and explain why there’s no need to stress out.
So, why is being checked a normal thing?
Equal opportunities. Educational institutions lay special emphasis on academic integrity. This is a kind of ethical code that ensures everyone behaves responsibly. No cheating, no unauthorized collaboration, no plagiarism. By checking for originality, a college or university creates equal conditions for all. If a student makes every effort to write originally, others should also attempt to be honest.
Learning moments. Advanced plagiarism prevention solutions provide reports that contain all sorts of information about the scanned paper: a score for text matches, a list of sources used, quotes made, etc. Some of these reports also highlight references and citations, which makes it simple to see what citations are incorrect, if any sources need attribution, and more. Students can quickly get a handle on what’s right and what’s wrong to avoid making the same mistakes in the future.
Developing student voice. When students write originally, they begin to develop their own voice. Students can’t simply stuff essays or theses with quotes or research data provided by outside sources without providing their original thoughts. Plagiarism checking pushes students to not rely heavily on the opinions of others, and that’s a good point.
How can plagiarism checkers encourage fair assessment?
Plagiarism checkers alone can’t motivate students to write with integrity, but they can create favorable conditions for fair assessment.
If everyone knows that they won’t receive good grades for plagiarized works, they’re more likely to take the effort to write originally.
To fully assess work, teachers need to involve students in the process. Plagiarism prevention tools make this simple. Students can check the work of their peers, exchange reports, give advice on how to cite properly, and add more original insights. By doing so, students grow their confidence in writing and, therefore, become less inclined to cheat.
Fair assessment with plagiarism prevention software helps students take control of their learning success and boosts their responsibility.
What makes originality detectors irreplaceable assistants?
Apart from being great motivators, originality detectors can help students to avoid accidental plagiarism and the recycling of their own writings.
Essays, research, reviews, or any other type of written assignment requires a high level of concentration. If students are too pressed for time, they may forget to include sources in the reference list or fail to put someone’s words into quotation marks.
This oversight leads to a lot of stress and anxiety. Here’s when a plagiarism checker likeUnicheck can be of great help to students. Advanced tools usually deliver search results in the blink of an eye and provide hyperlinks to matching sources. As a rule, navigating such reports is quite straightforward, and you can always use the tools to educate your child and show your support that way.
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Note: I was provided access to the Unicheck software to test it myself. I found it helpful in determining whether content was original. It provides you with the exact text that is similar, along with checking any citations and/or references in the article. In my opinion, this software would be a beneficial tool for your college student.
