Rhodes Trust Learned about Allegations, and Suspended Candidacy

According to the Times’ sources, the Rhodes Trust learned about the allegations against Witt several days before the interview was scheduled to take place. The Trust then informed Witt and officials at Yale that his candidacy had been immediately suspended, and that the university would have to re-endorse Witt before they would allow his reconsideration.

At the time, Witt said nothing about the suspension of his Rhodes candidacy in interviews with media, including the Yale Daily News, instead working to focus the issue around the Yale-Harvard football game and his commitment to playing. Witt stated that “It’s still very new, it’s still very fresh just finding out this information. So I need to kind of reevaluate. If the Rhodes Committee is willing to work with me, in a perfect world, I can interview first thing in the morning and get on a flight to be back in time for the game on Saturday. But I don’t know if that will be possible.”

Interestingly, the individual who accused Witt of sexual assault has not gone to the police, nor did she file what Yale would consider a “formal complaint”. The authors of the story were unable to contact her, and as such did not get to hear the accuser’s side of the story.

Yale Daily News Editors Knew about Story, but Chose Not to Publish

According to Alex Klein, a Yale senior majoring in economics and the former opinion editor of the student newspaper Yale Daily News, editors of the newspaper new about the sexual assault charges leveled against Witt as early as November but chose not to publish them.

According to Klein’s sources, Editor-in-Chief Max de la Bruyere chose to sit on the story and avoid publishing the allegations for reasons that are yet to be determined. It’s likely that the newspaper will face some sort of investigation to determine what information they knew about the allegations against Witt and why they kept it quiet for so long.

Currently, Patrick Witt has completed his class work and is apparently working on a future career in the NFL. He wasn’t available for comment on the story.

Plan Focuses on 5 Key Points Related to College Success

President Obama’s plan points to innovations in five key areas:

Reforming Student Aid to Provide Affordability and Value – It’s no secret that the rise in federal aid has caused colleges and universities to continually raise tuition in the hopes of soaking up more and more federal money. President Obama is looking to reforms that will move funds away from colleges that fail to keep tuition down and toward colleges that work hard to keep tuition affordable.

Race to the Top Targeted at Colleges – one of the most interesting announcements in the president’s plan was the creation of a Race to the Top targeted at college affordability and completion. This would involve a $1 billion investment in a competition which incentivizes states to move quickly on higher education reforms which focus on bringing down the costs of a college education, containing tuition increases, and making it easier for students to earn a degree.

First in the World Competition to Boost Graduation Rates – the “First in the World” competition is a $55 million plan to support public and private colleges in the development and implementation of strategies to boost graduation rates and student outcomes. This program is also intended to help schools implement practices that have shown to enhance teaching and learning, providing a better quality of education for their students.

College Scorecard Designed to Make Choice Easier – part of the president’s plan includes the development of a ‘college scorecard’ for every degree granting institution. The idea behind this scorecard is to provide students and their families with information regarding college costs, graduation rates, and possible earnings through a degree granted by that institution. This will help students make a better choice and find a school that can provide them with an affordable education that will lead to a career.

Federal Funding to Decrease College Costs – the release points out that the Obama administration has already made some of the largest investments in student financial aid since the founding of the G.I. Bill. In addition, President Obama is calling for a doubling of the number of work study jobs over the next five years, as well as pushing Congress to keep interest rates low for student borrowers.

Will These Measures Provide Real Support?

Only time will tell as to whether or not colleges and universities around the country are hearing what the Obama administration has to say and move to creating real changes that will affect students in a positive way. Schools are loathe to take on any project that has the potential for a negative impact to the budget, and unless federal dollars or legal changes force their hand, it’s likely that schools won’t change willingly.

Tips for Completing the FAFSA

1: Complete the FAFSA for Practice – The first tip is to take some time to go through the FAFSA and complete the form for practice. The FAFSA generally takes most individuals anywhere between 30 to 60 min. to complete; with a bit of practice you can likely bring this down and make completing the form less of a pain.

2: Apply Early – Meaning NOW! – When it comes to the FAFSA, a good rule of thumb to remember is “the earlier, the better”. Some states require students to file their FAFSA as early as February 1, which means that you need to start tackling this form now in order to ensure that it gets in on time. It can be a bit of a pain to try and complete the FAFSA without having your income tax information complete for this year, but use estimated numbers now and update the form later after you’ve completed your taxes.

3: Check on Timing with your Preferred Schools – If you’re a graduating high school senior who is completing the FAFSA for the first time, it’s worth checking with the schools that you are applying to in order to find out any specific FAFSA deadlines that they might have. Missing these deadlines can mean missing out on the opportunity for thousands of dollars of financial aid from the school, so spend the hours necessary to get in touch with financial aid offices and make sure your FAFSA gets in on time.

4: Watch for College Scholarships that Use the FAFSA – Many schools have college scholarships and other forms of financial aid that make use of the FAFSA to determine whether or not the student qualifies based on their financial need. If you intend to apply for any of these programs at your college or university of choice it’s best to check and make sure that you know when the deadlines are so you don’t miss them.

5: Don’t Lie or Make Mistakes on your FAFSA! – While it might seem tempting to slightly under report or embellish the figures you input on your FAFSA, doing this can actually delay the processing of your form each may push you out of reach for some student financial aid. Complete the form as accurately as you can without leaving out any items; this will ensure that your FAFSA is processed as quickly as possible.

Complete your FAFSA ASAP!

The most important tip to remember is to get your FAFSA completed as soon as you can. Click here to visit the FAFSA website for more information and to get your online form started!

The latest figures available from the US Department of Education show that in 2009, almost 9% of borrowers went into default on their student loans. That number represents more than 320,000 of the 3.6 million people who began repaying their student loans that year. It certainly seems that the cost of education will be a major issue for candidates over the coming months; Richard Vedder, an economist and scholar at the conservative American Enterprise Institute and author of “Going Broke By Degree: Why College Costs Too Much” commented that “This may become the first election in modern history where higher education rises to the level of being one of the top half-dozen issues.”

70,000 Grads Protest Sallie Mae Forbearance Fee

As of today, more than 70,000 college graduates have signed a petition urging student loan lender Sallie Mae to drop the $50 fee charged to those seeking forbearance (a special agreement which allows the student to suspend or reduce their payments under certain conditions) on their student loans. The campaign was launched by Stef Gray, a student who recently received her M.A. in Geography from Hunter College.

“As an unemployed person desperately looking for work, I need every extra dollar I have to pay for rent, electricity and groceries,” Gray commented on the petition. “I refuse to borrow $300 (for the fees) from friends and family … just to line Sallie Mae’s pockets.”

Student Loan Interest About to Double for 8 Million Students

Another major issue facing those with student loans is the expiry of the interest rate cut on Stafford student loans which was enacted in 2007. Once this subsidy expires – which is currently set to happen on July 1, 2012 – the interest rate will effectively double from 3.4% to 6.8%. While this may seem like small amount, it will actually add about $5000 more in interest costs for those who take out the maximum $23,000 in Stafford student loans with a 10 year repayment period. Students working under the assumption of a 20 year repayment period will be facing about $11,000 in additional interest.

All of these issues combined are set to make student loans a huge issue in the upcoming presidential election. We will work to ensure that any announcements about student loans as part of presidential platforms get coverage here on the blog.

Education Grants Targeted at Solving Transportation Challenges

It’s probably no surprise to anyone who has recently driven on an interstate highway or freeway that our transportation system is starting to hit a state of disrepair and can certainly use some new ideas and innovation to help improve things. This is likely just the beginning of a major push by the USDOT to help improve crumbling transportation infrastructure around the country, which is a problem that cannot be pushed off into the future and needs to be solved as soon as possible.

Transportation Secretary Ray LaHood commented on the huge education grants, stating in a release that “Transportation matters in everyone’s daily life. These research centers will help us solve the transportation challenges we face today and those that we know lay ahead of us.”

The Department of Transportation’s Research and Innovative Technology Administration – also known as the “RITA” – went through a competitive selection process to help find the 22 different University programs that would receive the education grants. Each of the schools will receive $3.5 million grant which must be matched with funds that come via sources that aren’t government-related.

$41 Million in Education Grants for Parks Transit

The USDOT also announced the launch of $41 million in education grants for nearly 60 projects around the country that will help provide transit access for those who are visiting national parks and wildlife refuges. The plan is to help improve and modernize the infrastructure for accessing these parks, which is starting to grow old and certainly can use some help with maintenance and upkeep.

All of these grants are funded by the Paul S. Sarbanes Transit in Parks Program, which was established to help try and address the challenges involved with increased traffic and congestion in federal national parks and other recreation areas. The program aims to provide these grants to help develop alternative transportation systems, including shuttle buses, light rail, and access for bicycles. Click here for more information about the Paul S. Sarbanes Transit in Parks Program at the USDOT website.

In an article in today’s New York Times, the Economix blog team took a look at the 2010 U.S. Census data to determine which faculties and degrees those in the top 1% had majored in. For some, the results may be somewhat surprising; the usual suspects such as health and business related fields are present but there are many other graduates with lesser-known degrees making some pretty decent money.

Science and Business Take the Top Ranks

According to the study the majors that give graduates the best chance of landing careers with salaries that will push them into the 1% are those who take premedical studies, economics, biochemistry, zoology, and biology. An astonishing 12% of those who graduated from health and medical preparatory programs, such as premed programs, are currently part of the “One Percent” with economics graduates coming in second at about 8.2%.

At the bottom of the list were accounting, mathematics, English, and literature majors with only about 4% of graduates from each degree program making it to the top 1% of earners. While they aren’t represented in this report it is likely that other majors falling under the arts would be found near the lower end of the scale as well.

School, City and Other Choices Factor In

It would be a disservice to you as readers if we did not point out that there are many other factors involved with achieving a high salary, regardless of whether or not you graduate with one of these top level degrees. Small decisions such as the city you choose to live in, the school you graduate from, and your willingness to continue your education as needed can dictate your earning power in pretty significant ways.

Finally, don’t forget that it’s important to have a genuine interest in your field of study as you will be working in that field for the rest of your life. There’s no amount of money that can fill the void that comes with doing a job you don’t want to do day in and day out, so try to choose a major that provides decent future salary potential and matches your interests.

The latest news from Washington is that Pell grants are set to face a number of new cuts, which will reduce eligibility for thousands of students and will eliminate many from the program altogether. Below we’ll take a look at some of the changes to Pell and how students can avoid being caught in the crunch.

Omnibus Spending to Eliminate 143,000 Recipients of Pell Grants

The latest omnibus spending bill to pass through Congress looks to cut the number of students eligible for federal Pell grant funding by about 143,000. 63,000 of these students are those who take more than six years to earn an undergraduate degree; as the cap has been reduced from 18 to 12 semesters, these students will be cut off from obtaining more Pell grant funding.

Another change was to remove Pell grant eligibility from students who have not yet obtained a high school diploma or GED. This tweak will remove funding for nearly 70,000 students, and was expected at some point to try and reduce the total cost of the program.

Pell Grants Provide up to $5,550 Per Year for College

For those who are unfamiliar with the Pell grants program, it is the federal government’s flagship education grant to help provide low-income students with the ability to pay for college. The program, which was founded decades ago to offset rising education costs, provides students with up to $5,550 per year in funds that do not have to be repaid. Pell grants are renewable for up to six years, which should be more than enough time to complete an undergraduate degree.

As with every federally-funded program, Pell grants are currently the target for spending cuts as the program costs a fortune to operate. Ten years ago, just 9.5 million students apply for Pell grants; that number has since blossomed to nearly 20 million students this year at a total price tag of almost $35 billion. It’s clear that this level of growth is unsustainable, and Congress is now tasked with figuring out how to reduce the cost of Pell grants without impacting too many students.

Look to Other Sources of Student Financial Aid

For low-income students that rely on education grants and other sources of financial aid, now would be a good time to start looking for additional sources of income to help offset any money lost from reduced or eliminated Pell grants. Contact your student financial aid office for information about other scholarships, grants and bursaries that you may qualify for and apply as soon as possible to get your name into the mix. Good luck!

The program offers students in grades 9 through 12 the opportunity to receive a $1000 scholarship upon high school graduation which can be used to help fund postsecondary education of their choice. Best Buy has committed a total of $1.2 million for 2012, which means that up to 1200 students will get a shot at receiving these college scholarships to help pay for their future education. Let’s take a closer look at the 2012 Best Buy college scholarships and how students can apply.

$1000 Best Buy College Scholarships Eligibility

To be eligible for the 2012 Best Buy scholarships, an applicant must be a high school student that is currently in grades 9-12 and lives in the United States or Puerto Rico. Students must have a minimum high school grade point average of at least 2.5 on a 4.0 scale, and also demonstrate a commitment to the community through volunteer experience or work experience.

Since Best Buy founded the program in 1999, they have paid out more than $20 million in college scholarships which have provided financial aid to nearly 16,000 students. Up until 2009 the program was restricted to high school seniors only, but Best Buy has since opened up the program to include students from grade 9 and upwards.

Notification, Acceptance and Payment Details

Once you’ve successfully submitted your application, you will be playing the waiting game with Best Buy until at least March 5, 2012. This is when Best Buy will mail out to those students who have made the initial cut; from here, students will be required to submit additional information about volunteer and work experience, high school transcripts, and the necessary release forms to secure the scholarship.

The scholarships are paid out on August 15 of the year you graduate high school and are made in one installment via check. The check is made out to your college or university, so unfortunately you won’t be able to spend it on things like textbooks, room and board or a new laptop.

For more information about the 2012 Best Buy college scholarships program and to submit your application, please click here to visit Best Buy’s web page.

Top 10 Schools with the Least Student Loan Debt

As we mentioned in yesterday’s article covering the top 10 schools with the highest student loans debt, the average 2010 college graduate will leave school with around $25,000 in debt. Considering the costs of other high ticket items such as houses, cars, and luxury goods, $25,000 may sound like a bargain to some for an education that can produce millions of dollars in salary returns over a lifetime. However, with the job market facing a bleak outlook for the foreseeable future that $25,000 debt can cause a number of financial headaches after graduation.

The top 10 schools by lowest average amount of student loans per student:

#1 – Alice Lloyd College – 32% of Students Needed Student Loans – $3,108 Average Student Loans Debt

#2 – Princeton University – 24% – $4,385

#3 – Anna Maria College – 77% – $5,152

#4 – College of the Ozarks – 11% – $5,389

#5 – Berea College – 73% – $5,836

#6 – Reinhardt University – 62% – $6,131

#7 – Clearwater Christian College – 51% – $6,365

#8 – California State University Bakersfield – 72% – $6,730

#9 – East-West University – 80% – $7,000

#10 – Cameron University – 32% – $7,200

While most of the schools on this list are smaller universities, it is somewhat surprising to see Princeton at number two on the list. This is likely due to the fact that many students arrive at Princeton on full ride scholarships as opposed to the school having inexpensive tuition fees and other costs. Also, some schools take a unique approach at helping limit student debt, such as College of the Ozarks. Although 90% of the incoming class has financial need, the school helps students find on-campus jobs which help cover the cost of their tuition.

Quality Education is Still Available at a Fair Price

For the most part, it’s not necessary to pay a fortune to go to school that’s highly rated if you are confident that you know exactly what kind of degree you want, and you’re willing to work hard to get it. Yes – having a prestigious name on your college degree may help close specific jobs; however, putting in the effort to get the most out of your education while you’re in school and gathering as much experience as possible before heading into the job market will suffice for most students.

The bottom line: the less student loans you have to take out to graduate, the better.

Top 10 Schools with the Most Student Loan Debt

According to the report, the average amount of student loan debt for a student who graduated in the class of 2010 was close to $25,000. This total reflects loans taken out from financial institutions, banks, private lenders, and from schools that provide loans to their students. Across the board, nearly 70% of students had to incur at least some debt through student loans to attend school.

Unsurprisingly, most of the schools that made the top 10 list for the highest amount of student loan debt or smaller liberal arts schools and regional colleges which typically tend to have higher tuition as they focus on a smaller market of students looking for specialized degrees. While these schools have long been known to be very expensive, it is still somewhat disheartening to see that students are taking on massive debt loads in such an unstable economy and with uncertainty in the job market.

The top 10 schools by average total amount of student loans per student:

#1 – Eastern Nazarene College – 87% of Students Borrowed – $51,336 Average Student Loans Debt

#2 – Ohio Northern University – 85% – $48,886

#3 – Holy Names University – 79.3% – $48,833

#4 – University of New England – 88% – $47,293

#5 – Mount Ida College – 80.3% – $46,393

#6 – La Salle University – 84% – $45,888

#7 – Kettering University – 78% – $45,570

#8 – St. Joseph’s University – 62% – $45,530

#9 – Clark Atlanta University – 93% – $45,227

#10 – Bard College at Simon’s Rock – 44% – $44,910

As you can see, there is a wide variety of schools on display in this list. The question is: how should a high school senior make use of a list like this while trying to choose potential colleges and universities for enrollment in the fall?

Choose Carefully to Avoid Crippling Student Loans

Unless money is no object is important to at least consider the tuition, room and board, textbook, and other costs that you will incur in the course of earning your degree. If you are a student of lesser financial means it is worth your while to choose carefully and balance the quality of your education with the costs you’re able to afford.

Tune in tomorrow as we look at 2012’s Top 10 Colleges by Lowest Amount of Student Loans!