Wednesday, April 11, 2012

Vanderbilt Univ. joins exclusive no-loan club

hat tip to college blog

Vanderbilt announced today that beginning with the 2009-2010 academic year, they will offer grants to all students in lieu of need-based loans. This applies to all new and returning students.

Way to go Vandy!

Dont' Take On More Student Loan Debt that Your First Year Salary

April 6, 2012, 2:18 p.m. ET

How Not to Major in Debt

The total amount of outstanding student debt has surpassed $1 trillion, according to the Consumer Financial Protection Bureau. If your child is in the process of choosing a college—or is already enrolled—your family might soon be adding to the heap.
While the growing debt levels have raised concerns, student loans still are a reasonable way to help fund a college education—within limits. Even so, figuring out the process and navigating the financial-aid maze can be complex and mystifying.
Dieter Braun
College costs continue to soar, despite a relatively low inflation rate, with the total bill at some elite universities nearing $60,000 for the 2012-13 school year.
If your family is weighing college choices or just beginning the hunt, here are some common misconceptions about student debt—and what you really need to know.

Here are major sections

The interest rate is what matters most.
Once made, all student loans are alike.
You can't determine what a college is going to cost until the student is accepted.
The financial-aid package offered at admission is good for all four years.
You should start at a cheaper community college.

The best quote which was in the print version was to not get into more debt than you can expect to make at your first job.

Now if you are an engineering or computer science major from a major school, that might be as much as $60-80,000, but I know recent graduates who make half that contracting for part of the year, and lots of liberals arts majors are lucky to make $25-$35,000 their first year.

see entire article