In the midst of a financial crisis, we often think of going back to school as a sound investment in our future. Not only can a college education help safeguard our employment, it can also significantly boost earning power by as much as 75 percent. Indeed, in a report from the U.S. Commerce Department's Census Bureau, individuals with a bachelor's degree can expect to earn $2.1 million over their adult working lives, while those with only a high school diploma can expect to earn $1.2 million.

But, like any investment, going back to school involves a financial commitment. And, a recession, combined with the rising cost of education, can make such an endeavor seem daunting. Faced with the prospect of losing their jobs, many adults feel that the long-term payoff of education does not justify the short-term costs.

One thing to keep in mind when considering going back to school is that an online education is both an economical and increasingly prominent way to earn a degree. Last year, there were over 5 million students enrolled in online courses in thousands of programs, ranging from business administration to criminal justice to education. Online education also offers the flexibility to study while working, parenting, or taking care of the multitude of tasks that consume our everyday lives. And, with the average tuition of an online university costing several thousand dollars less than that at a private 4-year institution, it's simply a great deal.

Yet another thing to keep in mind when considering going back to school is that there are several resources online that can give you the financial support you need to take that step, from federal student loans and tuition reimbursement programs to outright scholarships. Resources such as OnlineStudentFinancialAid.com, an educational directory site that aggregates over 130 online institutions that connect you with millions of dollars in aid, are extremely helpful in guiding prospective students to schools that offer financial assistance.

Take, for example, Denise Browning of Cincinnati, Ohio. Since 1986, Browning has been promoted 6 times at her current job, but she has hit the glass ceiling without a college degree. Despite working for her employer for 22 years, she was recently overlooked and deemed "not qualified" for a promotion.

Browning applied for a full-ride college scholarship to go back to school through an online education advocacy campaign to help working moms afford the college degree they need to succeed for themselves and their children. With an online degree, she will be able to further fortify her position within the company and open herself up for career advancement.

Online courses can be a terrific way to pick up the education you need and still be able to juggle the many commitments of adult lives. Choose from the best online colleges, all offering financial assistance at http://www.onlinestudentfinancialaid.com. There could be a scholarship out there waiting for you.

Article by, eLearners and courtesy of Salary.com®

Posted by Candice Arnold on February 20, 2009 at 3:19 PM | Leave a Comment (0)

Ann Marie always yearned for a college degree, but she had to put her dream on hold. She is a 25-year-old mother who works to support her two-year-old and seven-year-old step-daughter, while their dad has been deployed overseas. And in addition to caring for her own family, she also serves as power of attorney for her best friend's young daughter while both parents serve in Iraq.

"With my former husband being deployed on and off over the past two years, I've had to double up and be Mommy and Daddy all alone. School couldn't be a factor when I was alone to raise my family," said Ann Marie in her Project Working Mom essay.

However, Ann Marie's greatest wish was granted when she recently applied for, and won, a Project Working Mom scholarship to attend an online college for free. Although she currently works at a retail store as a part-time manager, she longs for a steady career, especially with today's economic woes. Without a college degree, Ann Marie fears she is being passed over for positions for which she would otherwise be qualified; she fears she is simply not competitive in the job market.

Thanks to the Project Working Mom scholarship, Ann Marie will now get her degree in accounting from Everest University at no cost to her. Online classes grant her the flexibility to attend school from home at any time of day, which frees her from childcare worries. She is home for her children when they need her, and she is now serving as a role model for her children.

"My goal is to do my best so that my daughter can see that if Mommy can do well in school, so can she," continued Ann Marie.

Ann Marie's story represents just one of 93 Project Working Mom scholarship recipient stories from across the country. Each recipient is a powerful example of sacrifice and determination as women seek to provide a better life for themselves and their children through education.

Following two successful Project Working Mom outreach campaigns that awarded more than $4 million in scholarships to nearly 100 recipients, Project Working Mom rolled out a third campaign on January 8, 2009, which will wrap up on April 30, 2009. This round of the program introduced a new twist: Fathers are now eligible to win a scholarship, a request logged quite frequently during the previous campaigns. The participating schools for Project Working Mom...and Dads, Too! are Ashford University, Capella University, Everest University, Virginia College, and Ashworth College.

"We launched Project Working Mom as a response to staggering statistics indicating that working moms are an underserved population that simply need to overcome the obstacles of time, money and confidence to achieve the education they need to improve their lives," said Helen MacDermott, content director for Project Working Mom. "But in today's economy, we realize there are plenty of dads who are also in desperate need of financial aid and deserve a chance to tell their stories, too."

According to the U.S. Census Bureau, of the 2.1 million single dads in the United States only 16 percent have a bachelor's degree or higher. Although the total number of single moms in the United States is much larger, the percentage of moms with a bachelor's degree is about the same; only 15 percent of single moms have a bachelor's degree or higher.

According to the federal government, the number of students applying for student aid is soaring. In the first six months of 2008, the total number of Free Applications for Federal Student Aid submitted was about 1.3 million more than the same period in 2007. Project Working Mom has also witnessed this tremendous demand for financial aid. The first two campaigns in 2008 generated more than 120,000 applications for a full-ride online college scholarship.

eLearners.com, an online education resource that connects learners with online education, which created the Project Working Mom campaigns, also created a complementary, interactive, and in-depth web site to help learners tackle their questions and fears about returning to school. The site is designed to empower working parents and it offers: advice on going back to school; self-assessment quizzes on numerous subjects, including how to determine what subjects to study; an online support community; numerous articles; and a database with $15 billion in financial aid opportunities.

Project Working Mom...and Dads, Too! helps to remove the barriers many people face when deciding whether to go back to school, including the hurdles of money, time, and confidence. The scholarships provided by the participating schools allow the recipients to go back to school at no cost, eliminating the huge financial aid burden. By studying online, students can do classwork from home, during their lunch hour at work, and at any time of day. The flexibility of online classes fits perfectly with the lives of busy parents. And through the comprehensive Project Working Mom web site, working parents can get the knowledge they need to feel confident about returning to school.

"I don't have a lot of family members that have gone to school and certainly none that have received scholarships. To my family and me, this is better than winning the lottery," continued Ann Marie. "This is my time to finish all the way to the end."

Moms and dads, to learn more about Project Working Mom...and Dads, Too! and to apply for a full-ride, online education scholarship visit www.ProjectWorkingMom.com.

Article courtesy of Salary.com®

Posted by Candice Arnold on February 16, 2009 at 9:00 AM | Leave a Comment (0)

If you're the parent of a high school student you may soon be faced with a very tough decision: Should you continue funding your retirement plan or apply these contributions to help pay for your child's college education?

Many parents require additional resources to assist with college expenses and turn to the financial aid system for help. While you may be uncertain about prioritizing retirement contributions versus college expenses, the financial aid system is quite clear about how they view your retirement contributions. They feel that these contributions can be used to help pay for your child's education and assume that you can play "catch up" with your retirement at a later point.

But before you throw your hands up in frustration and buy into their plan, let's take a look at four ways to shave your out-of-pocket college expenses and keep your retirement contributions flowing.

How Parents Can Cut Their Child's College Costs Now

1. Make Colleges Compete

In order to cut your child's college costs, make colleges compete against each other during the application process. For example, if your child is applying to a private college, send your information to the big public university in the same state too - even if your child has no intention of attending.

Why?

You can create competition amongst universities by applying to:

- Colleges within the same conferences
- Public and private schools in the same state
- Institutions within the same region

This can ultimately mean big savings for you.

2. Make Sure You Have a Plan to "Unzip" Your 529 Savings Plan

Most people think, and were probably told by their advisors, that distributions from their 529 savings plans are tax free if used to pay for Qualified Educational Expenses. But what appears to be a clear-cut case isn't always so when you're dealing with the tax-happy trifecta of the Federal government, state governments and the IRS. So be sure to determine your Adjusted Qualified Educational Expenses prior to pulling any money out of your 529 savings plan account to prevent the ever-present taxman's hand from reaching into your wallet.

3. Apply Early

Colleges are often under pressure to meet early deadlines for enrollment goals. To help meet these goals, some institutions will award merit scholarships to students who apply early in their senior year. This is one of the easiest ways to reduce the cost your family pays out of pocket for college. So get busy filling out college applications as soon as your child starts his or her senior year.

4. Understand the Hazards of Cash Gifts

Avoid having cash gifts made directly to the college or the student during the financial aid "base year" or any year your child applies for financial aid. Cash gifts given during this time period can result in your child losing scholarships and other forms of gift aid (which is financial aid that does not need to be repaid). In addition, it may raise the amount of money your family is expected to pay for college. Knowing how and when to receive such gifts is key to minimizing your college expenses.

Funding your retirement and paying for your child's college expenses impacts your wallet now and into the future. So it requires extensive planning and discussion. Saving as little as $350 dollars a month in college expenses and applying those funds to your retirement could mean as much as $136,000 available to you when you retire. And, that's with a minimal rate of return.

Follow the advice in this article and in my FREE e-monthly newsletter, "The College Savings Tip Sheet" at http://www.reduceyourcollegecosts.info and you won't ever have to pay full price for your child's college education. You can slash thousands from your college costs so you and your child are left with less debt after graduation. And, you'll be able to save for your retirement at the same time

Marc Hill is a financial planner who coaches and educates families on how to dramatically reduce their college costs up to $12K or more! Now you can learn how to cut your family's college costs and protect your retirement account with Hill's FREE e-newsletter: "College Savings Tip Sheet." Subscribe now for free at http://www.reduceyourcollegecosts.info & receive two FREE issues of Hill's members-only newsletter "Affording College."

Posted by Candice Arnold on February 10, 2009 at 7:49 AM | Leave a Comment (0)

An exciting trend is developing in the collegiate world. Following in the footsteps of Harvard University, the University of California Board of Regents approved a new financial aid plan, on Jan. 5, by unanimous decision.

The Bule and Gold Opportunity Plan, as it's called, will provide grant and scholarship assistance to undergraduates whose families earn below the state's median income of $60,000. According to UC's Web site, the Blue and Gold Opportunity Plan "will initially provide a minimum level of gift assistance for 48,100 eligible California-resident students ... eligible students with sufficient financial need will receive additional grant support to help defray other educational expenses such as books, housing, food and transportation costs, among others."

"This plan is intended not only to make our financial aid message clearer, but to encourage more low-income students to apply to the University of California," UC President Mark G. Yudof is quoted. "There is no better time than during this period of economic hardship to reassure families and students that UC is financially accessible. The Blue and Gold Opportunity Plan sends a simple but powerful message to these families that the University of California is committed to helping them cover the cost of a college education."

Anyone interested in learning more about the Blue and Gold Opportunity Plan can visit the UC Web site at http://www.universityofcalifornia.edu. Parents interested in learning more about whether their families qualify for the Blue and Gold plan, or any other type of financial aid, can visit one of the UC campuses' interactive Web-based financial aid estimators that can be accessed by visiting http://www.universityofcalifornia.edu/admissions/paying.html

Posted by Candice Arnold on February 6, 2009 at 4:41 PM | Leave a Comment (0)