Entry bubble Adults Going Back to College

By: Jim | August 08, 2008 | Category: General

I just got back from attending the American Council on Consumer Interests annual conference. ACCI’s membership consists chiefly of academics and other professionals involved in consumer and family economics. It was good to catch up with colleagues and engage in lively discussions with the professors, but now I've started daydreaming about going back to college.woman in classroom

It’s been nearly 20 years since I graduated from San Diego State. Back then, my only selection criterion was affordability. Now, adults wishing to go to college or a trade/vocational school have more options to consider. For example, the online university concept appeals to many, especially those with busy lives. Me? Having done some distance learning in the past, I prefer the classroom setting.

No matter whether you choose to go back to school online or in the classroom setting, the school’s accreditation is an important factor these days. Your ability to receive federal financial aid to pay for your education can be affected by your school’s accreditation. In addition, many employers in the U.S. only recognize degrees earned from institutions accredited by an agency recognized by the Secretary of Education.

But determining if your potential school’s accreditation is appropriate and legitimate can be downright complicated. Accreditation standards can vary by state, by employer, by occupation, and sometimes within disciplines. Also, just because a school claims to be accredited, the accreditation and the accrediting organization could be bogus, and the school is simply a diploma mill.

The Department of Education offers a searchable database of postsecondary educational institutions and programs accredited by an accrediting agency or state approval agency recognized by the U.S. Secretary of Education to help you find out your potential school’s accreditation status. The Council for Higher Education Accreditation also offers a similar tool and other helpful information on accreditation.

Well, I think that’s enough about accreditation and postsecondary education choices. Readers, what else should you consider if going back to school appeals to you, too?

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Entry bubble Financing College

By: Sam | January 23, 2008 | Category: Home and Family

My sister is in her last semester of high school, and of course, everyone’s favorite question is “Where do you want to go to college?”  Right now, it’s between five schools-2 public and 3 private. Even though the jury is still out on what colors she’ll be wearing next fall, one thing is for certain-college costs are painfully high.  graduation cap with diploma and money

It’s been 10 years since I went to college, and during that time, the average cost of tuition and fees has risen by 57% at private four-year colleges and 69% at four-year public colleges  These figures from the College Board may have you feeling a little light-headed, but the costs can be managed thanks to the power of compounding interest.

Since every family’s situation is different, you’ll need to find a savings method that works for you.  In doing so, you’ll want to consider factors like your tax bracket, child’s age, how much financial aid you expect to receive, etc.  Then, you can use these helpful college financing calculators to figure out how much you’ll need to save. 

Once you’ve determined this figure, you need to decide on a savings vehicle.  In addition to mutual funds, brokerage accounts, and bank savings accounts, there are also some tax-advantaged alternatives available to help.  Here are some options:

And remember you don’t necessarily have to save for the entire four years.  Grants, loans, and scholarships can help make affording college a little easier.  Here are some resources to get you started:

 Students

Parents

 

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