CLEP Review Center
Survive the Increasing Costs of College and Get Ahead
On May 4th, The Wall Street Journal Reports TV Show discussed the increasing cost of college and ways to save for education. Here are some of the highlights from the show.
COLLEGE FEES ARE INCREASING
We all know that prices across the board tend to go up over time, but did you know that the cost of education is averaging an increase of 6% a year? This is clearly above the standard (prior to 2007) 3% inflation rate and most likely above your annual pay increase. This fact clearly supports the trend that students will graduate with plenty of debt - over 20,000 on the average.
WHAT ARE SOME SAMPLE ANNUAL COLLEGE COSTS?
In this episode the President of University of Pennsylvania, Amy Gutmann, discussed their fairly new initiative to give full scholarships to those who have a combined family income of less than $100,000. This is a great program partially funded by their extremely large endowment. Considering the cost to attend UPENN, it almost seems like this program is a necessity for the success of the university, going forward. The UPENN full scholarship reduces your monetary expense to attend however it does not reduce the time you will need to invest to complete your undergraduate degree. Below are some sample costs to attend Pennsylvania higher education institutions. Figure 1 shows the information graphically and the potential cost saving from taking advantage of the CLEP examination program.
Example: UPENN 08-09
Tuition 37,526
Books 1,200
Room & Board 10,622
Total 48,148
Source: WWW.UPENN.EDU
Example: PENN STATE 08-09
Tuition 11,476
Books 1,200
Room & Board 7,700
Total 20,376
Source: WWW.PSU.EDU
Example: Community College of Philadelphia 08-09
Tuition 3,21
Books 1,200
Room & Board -
Total 4,410
Source: WWW.CCP.EDU
NOTE: Only one school at UPENN accepts CLEP credit. As with all things college related, check with your university counselor to make sure you can take advantage of earning college credit this way.
SAVE TIME AND MONEY ON COLLEGE WITH CLEP TESTS
The College Board (the folks who put together that great SAT exam we all love) put together a program back in the 80s to allow students to get credit for the knowledge they already have. Why would you want to take a class that you are already educated on? The benefit of this program lies in the fact that you are saving money (tuition, books, Room and Board), saving time (9 week average class time) and fast-tracking yourself to that graduate degree each time you pass a CLEP exam. Personally, I found the most value in the notion of fast-tracking to graduate school, which is why I chose to CLEP out.
GETTING IN TO A TOP UNIVERSITY
The importance of the college degree is steadily increasing in our service oriented economy. The number of students enrolled in our top universities is also increasing. Add to both of these the competition of ever improving GPA, SAT and GMAT requirements among top universities and you have quite a challenge. For high school students applying to a university, having a couple of CLEP exams completed can give them an edge with college entrance and move them toward upper division classes more quickly.
GRADUATE DEGREE IS MORE THE NORM
We seem to be getting to the point where a graduate degree is the bare minimum for a good position. Take a look at Google's open jobs and you will often see PhD as the desired education level - for a mid-level position. What this says is saving time on your undergraduate education and moving on to your graduate degree will clearly give you a competitive edge in the job market and help fast track your career. Taking a few CLEP exams can truly payoff big with the saving of time and money.
In Part II of this WSJ Reports episode review, I will touch on potential tax savings that were mentioned.
-Jason
CLEP Test Review
References:
Saving for College Wall Street Journal Reports, May 4 2008
Amy Gutmann, President, University of Pennsylvania
Penn's president on the new ways an Ivy League education can be more affordable for the best and the brightest.
http://www.cnbc.com/id/15840232?video=729542669&play=1
Joe Hurley, CEO, Savingforcollege.com
Hurley explains how saving for college costs over time is less daunting when you choose a 529 investment plan, run by your local state government.
http://www.cnbc.com/id/15840232?video=729544343&play=1
Univerisity of Pennsylvania Website
http://www.upenn.edu
Pennsylvania State University Website
http://www.psu.edu
Community College of Philadelphia Website
http://www.ccp.edu/site/prospective/financial_aid/tuition.php
- Jason's blog
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the increase in college fee is something that not only concerns parents but even student alike. Many students living in hostels and boarding schools have to pay for tuition fee, books, studying material, vocational courses and of course general living expenses.
In such a scenario it is becoming increasingly difficult to pursue higher education which comes at an added cost. And without higher education jobs and a good career become even more difficult.
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The cost of education is always going to rise, partially due to inflation which means that costs rise and colleges look to pay teachers and professors more to have the best staff with them.
Also if you happen to be studying at a boarding school you have to pay for accommodation, tuition fee etc.
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The cost for higher education is rising day by day. And the recent economical meltdown made the situation more critical. Colleges are putting extra financial burden to students and as a result the number of college dropouts are increasing. The added problem is that some students are creating fake certificates to ensure a job. In this situation, your post actually show a ray of hope. Thanks for sharing such a great informative post.
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Too many Canadians still believed that free trade with the United States would lead to political annexation of Canada. The early 1930’s witnessed continuing opposition to free trade from both Canada and the United States. In 1930, Congress passed the Smoot-Hawley Tariff Act, pushing duties on imports to the United States higher than they had ever been. Canada responded by raising its tariffs in 1932. In 1934, the situation began to change, as the United States passed the Reciprocal Trade Agreements Act. The two reseller web hosting companies started negotiations to further lower tariffs the following year and signed a new treaty in 1938. During World War II, trade relations continued to improve, as Canada and the United States collaborated economically for the war effort. In 1941, President Franklin D. Roosevelt and Prime Minister William Lyon Mackenzie King met at Hyde Park, New York, to implement an agreement for cooperative war production. The Hyde Park Declaration was signed on April 20, 1941. After the war, Canada was once again wary of economic dependence on the United States, and having seen its windows web hosting imports from the United States rise to twice as much as it was exporting, Canada preferred multilateral trade agreements and relied on the General Agreement on Trade and Tariffs (GATT) and the agreements reached under the North Atlantic Treaty Alliance (NATO). However, economic involvement between the two countries continued to increase. Canada possessed enormous stores of raw materials but needed the industrial supplies and technology of the United States. In January, 1965, the Automotive Products Trade Agreement, or Auto Pact (APTA), was signed by Prime Minister Lester B. Pearson and President Lyndon B. Johnson. The agreement eliminated tariffs on cars, buses, trucks, tires, and automobile parts. To protect Canadian workers, the agreement stated that the three major U.S. automobile manufacturers, General Motors, Ford, and Chrysler, would make three of every five cars sold in Canada in Canadian plants. It also ensured that Canadian shared hosting services would not fall below the 1964 level. Although the Auto Pact provided many blue-collar jobs in Canada and thus stimulated the economy, it was detrimental to Canada from the standpoint of creating a large trade deficit, as more cars produced in the United States were sold in Canada. The agreement also prohibited Canada from free trading in automobiles with other nations.
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We cannot deny the fact that the cost of education nowadays is indeed high.We spend so much money just to finish our studies.It's not only the education but almost every thing in the economy today.I wonder how much money it costs for the daylight savings time to be implemented.Of course,it's expensive.It's time to spring forward – daylight savings time begins on March 14th, 2010 at 2 in the morning. If you live in Hawaii,or Arizona,you don't have to worry about it,but everyone else does – though your cell phones will reset automatically – no payday loans needed for a tech update. Daylight savings time is an ancient tradition (the Romans had it) and it has everything to do with getting people to work in the available daylight than anything else,and as a result, it's a useless anachronism –so any money spent maintaining it is a complete and utter waste.
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