Graduate Financial Aid

A blog about how to pay for graduate school

06.16.09 | Why pay 50K for a degree when you can pay 50 bucks?

Posted in Uncategorized by The Wise One

Degree Mills, which produce phony degrees, have been around for over a hundred years and have helped thousands of people find employment. Of course if the human resource department did their due diligence at the time of hire these cheaters would not thrive at all, but many are too trusting and take the credentials listed on ones resume at face value.

The superintendent of school’s for California’s second largest school disctrict lost his job and faced serious legal consequences when the Stanford Ph.D he had claimed for years turned out to be a phony one. The chairman of the board of a major Florida university resigned, after it became known that he had bought his degree from an Oklahoma diploma mill.

The Federal Bureau of Investigation actually has a division called DipScam, which was launched back in the 1970’s, and is committed to investigating diploma scams. That’s how big the problem has become. In fact, in one operation they accumulating over 7,000 client names from a diploma-mill raid, and the FBI identified more than 200 federal employees in the batch, including 75 in the Defense Department with bogus degrees! Just mind boggling.

It may also trouble you to know that newspapers and magazines continue to allow these perpetrators to advertise. Next time you pick up The Economist, USA Today, Forbes, Psychology Today, Inc., Discover, Investors Business Daily, and the regional editions of Time and Newsweek keep an eye out for these second rate operations.

Do I endorse buying a phony degree? No. Have many people jump started or furthered their careers with phony degrees? Yes. Every man has their own code of ethics and personal standards they must follow. You can roll the dice if you want, but just remember the house usually wins.

05.29.09 | Inmates Go To College

Posted in Uncategorized by The Wise One

This is an article from the New York Times about Marymount Manhattan College (my alma mater) and its program to help inmates get college degrees. When I went to Marymount this program had just been developed and a few of my teachers taught at the prison as well. I always thought it was a great idea to give these women something more to live for…whether they are getting out of prison soon, or they are in there for life. In my opinion, everyone deserves a second chance, and this program without a doubt helps these woman succeed in the real world once they are released; it gives them hope and it gives them direction. I applaud the professors who take extra time out of their life to travel to the prison and teach these women. Now the next step would be to offer these women the opportunity to get their graduate degrees in prison…it’s possible right?

Valedictorian Knows What Future Holds
Thursday was graduation day for Cathy Watkins. She received a bachelor’s degree in sociology from Marymount Manhattan College.

Ms. Watkins did so well in her courses that she was named the class speaker. She set her speech on the lectern and put on her reading glasses. At 41 — a grandmother of three, no less — she was not the standard age for a graduate.

Much of what she said would sound familiar to anyone who ever sat through a commencement ceremony. “One person can make a difference,” she told her fellow students. “Let that difference start with you.” Afterward, she joined her classmates and visiting relatives for lunch.

And then Ms. Watkins returned to her normal life, locked up behind the walls and concertina wire of the maximum-security state prison for women in this Westchester suburb of New York City.

She has been here for 12 years. She is likely to stay here for a long time, having been found guilty of a 1995 murder in Manhattan. She didn’t do it, she said in an interview. But “innocent or guilty,” she said, “you can still grow to be a better person.”

“Even though these walls can restrict our physical movement,” she said in her valedictory, “they cannot restrict our imagination, nor our connection to the outside world.”

In some ways, a commencement exercise inside prison is much like any held on the outside. The graduates wore caps and gowns. They filed in and out of the Bedford Hills gym to Elgar’s “Pomp and Circumstance.” Their worthiness was affirmed by a guest speaker, Lanie Robertson, a playwright. “You each have your own spark of celestial fire,” he told them.

But how many ceremonies have you gone to where the robes hide state-issued green uniforms, or where the proceedings are interrupted and the graduates told to stand so that the guards can count them and make sure no one has slipped away?

At how many commencements can you say with confidence that the graduates enjoy the unqualified support of every one of their mates? At Bedford Hills, there was no such thing as polite applause. Dozens of inmates attended, and let out enormous cheers and whoops for each woman who walked on stage. It was as if every diploma was a victory for them all.

Thirty women graduated: 5 with bachelor’s degrees, 9 with associate’s degrees and 16 with high school equivalency diplomas that qualify them for college-level work.

Marymount Manhattan, on East 71st Street, has conferred degrees here since 1997 in collaboration with six other schools. “What better deal there is for the people of New York State, I simply don’t know,” said Judson R. Shaver, the college’s president. “The recidivism rate for women who graduate in our program, as far as we know, is zero.”

A 2001 studyby the Graduate Center of the City University of New York showed that Bedford Hills women who took college courses were far less likely to land back in prison than those who skipped the program. Overall behavior inside the prison improved. “If you want your degree, you have to stay out of trouble,” said Aileen Baumgartner, the program’s director since 2002.

IN a prison with about 800 inmates, Ms. Baumgartner had 175 students this semester. For those who stay in the program all the way, the road to a bachelor’s degree is long. Only a few courses may be taken each semester. Ms. Watkins needed 11 years to get her degree. Monica Szlekovics needed 10.

“I took my time,” Ms. Szlekovics said, adding with a glint of irony, “I have a lot of time.”

That she does. She was found guilty of a 1996 murder in Rochester and sentenced to a minimum term of 50 years. At 33, she can expect to stay where she is into old age.

For her, graduation was “bittersweet.” The program “allowed me to live in here,” she said. Now she wonders “what’s the next chapter in my life here? How do I engage myself intellectually?”

Women like Ms. Watkins and Ms. Szlekovics are “the most compelling” for Ms. Baumgartner. Most people focus on how a program like hers can help prisoners once they’re freed. “But frankly,” she said, “I’m here for the ones who won’t get out — because they still have minds and spirit, and can grow. Part of me thinks that crime stems from a lack of imagination. What higher education does is broaden the imagination.”

“I’m not in the business of shutting doors on people,” she said.

E-mail: haberman@nytimes.com

05.27.09 | GMAT’s Non-Standard Accommodations

Posted in Uncategorized by The Wise One

For someone like my wife who suffers frequent anxiety attacks, tests for her are exceedingly stressful. To be honest she’s brighter than me, but I’m the one holding the degree while she remains underpaid in the wonderful world of retail. Perhaps that’s why I was so inspired to post this blog. I really feel for anyone who has trouble taking tests; whose heart palpitations cause their blood pressure to spike and lead to wavering focus and a poor test score. Many people don’t know it, but if you need to take the GMAT to get into grad school you may qualify for a non-standard accommodation.

The non-standard accommodation gives you twice as much time as everyone else, if that’s what you need to compensate for a medical condition.

You’ll need to complete a form called the Documentation Certification for Nonstanding Testing Accommodations which you can get from a counselor at the office of your college that provides services for students with disabilities or from a human resource operator at the company where you work. There’s also a second form, the Examinee’s Eligibility Questionaire for Nonstandard Testing Accomodations that you may need to complete as well. If all else fails a letter from your physician detailing your condition will also suffice.

Additional note: On August 1, 2001 the ETS, who administers the exam, removed the indicator which alerted anyone who viewed your GMAT that you were awarded extedend time.


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03.13.09 | Knowing Your College Test (2 of 2)

Posted in Uncategorized by The Wise One

In the second of my two part blog series Knowing Your College Test we shall tackle pharmacy school, optometry, nursing, and English as a second language.

Pharmacy College Admission Test (PCAT): it is a specialized test that helps identify qualified applicants to pharmacy colleges. It measures general academic ability and scientific knowledge necessary for the commencement of pharmaceutical education. The PCAT is constructed specifically for colleges of pharmacy. Exam cost: $125 online or $160 by mail.

 

Optometry Admissions Testing (OAT): a standardized examination designed to measure general academic ability and comprehension of scientific information. The OAT is sponsored by the Association of Schools and Colleges of Optometry (ASCO) for applicants seeking admission to an optometry program. All schools and colleges of optometry in the United States, and the University of Waterloo, Canada require the OAT. Exam cost: $189.

Test of Essential Academic Skills (TEAS): Nursing schools and other post-secondary education programs use TEAS® test scores as a standardized measuring stick to determine who gets admitted and who benefits from the best scholarships they have to offer. While it may not be fair, a student’s entire academic career will get completely overshadowed by a single TEAS® test score. Exam cost: $45.

National Council Licenser Examination (NCLEX): this exam is designed to see your knowledge and critical thinking skills as a potential nurse. Your critical care nursing judgment is put to the test. The examination is purposefully difficult so only qualified applicants will pass. Health promotion and a safe care environment are examples of the types of topics covered in the NCLEX. There are multiple choice questions and alternative type items on the nursing exam. Exam cost: $200.

Test Of English as a Foreign Language (TOEFL): evaluates the potential success of an individual to use and understand standard American English at a college level. It is required for non-native applicants at many US and other English-speaking colleges and universities. The TOEFL is the product of the Educational Testing Service (ETS), which is contracted by the private, non-profit firm, the College Board to administer the test in institutions in the US; they also produce the SAT. Exam cost: $185.

Did you pass the test about tests? Were you aware of all the different types out there? Chances are you will only take one or two of these exams at most as they are in specialized fields or have a specialized focus.

Also, keep in mind, it is wise to take a prep course for these exams, as they are designed to be challenging. True, you can take the test multiple times should you fail, but the added cost of taking the exam again can add up quickly. Spend the money upfront by investing in a prep class would be my suggestion; it may save you valuable time and money later.

For more information on grad loans (click here).

For more information on private student loans (click here).

03.12.09 | Knowing Your College Test (1 of 2)

Posted in Uncategorized by The Wise One

With so many programs and admissions tests out there it can be difficult to keep them all straight.

What test do I need to take if I want to get my MBA in business administration? Is there a certain test needed to get into a pharmacy college? What if I want to be a nurse?

In the first of my two part blog series entitled, Knowing Your College Test I will discuss the general management, dental, medical, law, and psychology admissions tests you need to be aware of.

Graduate Management Admission Test (GMAT): a 3-1/2 hour standardized exam designed to predict how test-takers will perform academically in MBA (Masters in Business Administration) programs. GMAT scores are used by graduate business schools to make admission decisions. You might also see the GMAT referred to as the “GMAT CAT”; the acronym CAT stands for “Computer Adaptive Test.” The GMAT is administered only by computer now, except in certain locations outside North America, where the test is referred to as the “paper-based.” Exam cost: $250

Law School Admissions Test (LSAT): half-day, standardized test administered four times each year at designated testing centers throughout the world. Most law schools throughout the US and Canada use the LSAT results as part of their admission process. All ABA-approved law schools, most Canadian law schools, and many non-ABA-approved law schools require applicants to take the LSAT. Exam cost: $123.

Medical College Admission Test (MCAT): The Medical College Admission Test is required by all medical schools. The evaluation of grades alone is not helpful in selecting students. Thus, the MCAT is designed to help the admissions committee determine who is best suited for medical school. The American Association of Medical Colleges administers the test once in April and once in August. A whole day is spent at the testing center with an average of 9 ½ hours. Exam cost: $225

Graduate Records Examination (GRE): consists of two separate tests: the General Test and the Subject Test in psychology. The General Test is composed of three parts–verbal, quantitative, and analytical writing. It is similar to the well-known SAT test except that the GRE is used for acceptance to graduate instead of undergraduate schools. The GRE is a computerized test that can be taken at authorized testing centers at virtually any time during the year. Exam cost: $140.

Dental Admission Test (DAT): is a multiple-choice standardized exam taken by potential dental school students in the U.S. and Canada (although there is a separate Canadian version with differing sections). Both American and Canadian versions are usually interchangeably accepted in both countries dental schools. The DAT is a computer based test that can be administered almost any day of the year. Each applicant may only take the test a total of three times before having to ask special permission to take the exam again. After taking the exam you must wait 90 days before repeating it. Exam cost $205.

For more information on grad loans (click here).

For more information on private student loans (click here).

10.10.08 | Direct Loan School vs. FFELP School

I’m sure most of you have no idea if your school is a Direct or FFELP school. If you do, give yourself a big pat on the back. If you don’t, no worries, you’re not alone. In fact, before this moment I’m sure many of you had never even heard those terms before. It’s important to know which bucket you fall in, but not pivotal. Usually the FAO will steer you in the right direction, but that is not always the case.

Here’s the difference. Direct Loan Schools use the Department of Education as the lender for their students. That means if you want a Stafford loan of a Plus loan (Parent or Grad) there is only once place you can go to sign your Master Promissory Note. These are referred to as direct subsidized, unsubsidized, or plus loans.

Now if your attending a FFELP school the options are wide open to you. You can go anywhere that services Stafford loans or Graduate Plus loans. Granted, in this market many private institutions are not funding federal loans, but we are.

Current rate for Graduate Plus loans is 8.5%. To apply for a graduate plus loan (click here).

09.25.08 | Market still strong for Grad students

The national unemployment rate has soared to 6.1%, according to the latest Bureau of Labor Statistics report, but that doesn’t mean everyone is feeling the pinch.

The hiring for those with an MBA remains strong despite layoffs and corporate cutbacks in this turbulent market. Hiring managers, which hired MBAs last year say they expect to hire the same many this year or even more, according to Graduate Management Admission Council. Some corporate recruiters even think they’ll have to fight harder to land top candidates.

I liken an MBA degree to holding that one ring in the Lord of the Rings trilogy. Everyone wants it, even in an economic downturn. Many view hiring those with an MBA as a long-term investment in human capital. It is always good to have the next manager in the pipeline should another manager retire or be lured away by a competitor.

So if you’ve been asking yourself if attaining an MBA is worth the time and investment – all signs point toward yes.

If you need a graduate loan for school (click here).

01.14.08 | Student Loan Network Announcing Ten Year Anniversary Scholarship of $10,000

Posted in Uncategorized by The Wise One

Student Loan Network Announcing Ten Year Anniversary Scholarship of $10,000

Click to enter our 10K scholarship

Quincy, MA — The Student Loan Network, an Edvisors Company, is marking its 10th anniversary by sponsoring the Ten-Year $10K Scholarship – a special $10,000 scholarship to be awarded in the first quarter of 2008. “We are celebrating 10 years by giving back to our students. It is becoming increasingly difficult to pay for the rising cost of a college education. Our goal for the last 10 years has been to help students find the right solutions – from scholarships and grants to federal and private loans – for them,” said Joe Cronin, President of the Student Loan Network. “What student couldn’t use a $10,000 scholarship?”

Any current full-time college or graduate student – or student who will be enrolled full time by the end of 2008, such as high school seniors – is eligible for this scholarship. By registering at here, students will receive one entry. Each time they refer a friend who registers, they will receive another entry.

“The funds will be sent directly to the winning student’s school,” explained Cronin, “so our only requirement is that the student be enrolled, or will be enrolled, this year. It’s important that these funds are used for tuition and other essential education expenses, and sending money directly to the school ensures that.”

Visit www.studentloannetwork.com/10k to learn more about the Ten-Year $10K Scholarship. Students do not need to be customers of the Student Loan Network to be eligible. No purchase is necessary.

12.26.07 | Out with the old debt, in with the new credit score!

Posted in Uncategorized by The Wise One

The Holidays are just about past us now and this is the time of year I like to reflect and plan for the future. Generally that starts with my finances. One of my credit cards (one that I use most) sends me a handy year end summary with nice pie charts and graphics of where I have been spent my hard earned dough. This usually prompt me to look at my budget and how I spend money. So when the piece of the pie for shoes is bigger than groceries, I know I need to make some changes. That being said, it is also a good way for me to find places to save more money by knowing where and how I spend.

Taking time to look at your finances and see where you are at is always better than ignoring them. Even if things are going relatively well, it is always a good idea to sit down and look at how you spend money. Much like writing in a food journal, you will be surprised by how easily we loose track of how much we spend.

January is a great time for people to make fresh starts, people resolve to get into shape, quit bad habits, dump that no good significant other for once and for all because he never is going to marr…oh sorry got a little off track there. But you get the picture. Use this time to look at your finances and how you can spend the next year improving your fiscal health.

If you are recently graduated grad student you may want to consider consolidating your student loan debt. Did you know that you can consolidate private loans as well? Private loan consolidation can save you thousands of dollars as well as improve your credit score. Check out www.StudentLoanConsolidator.com for more information. another great site we offer is www.StudentPlatinum.com. This site has a lot of great tips on debt management, credit and overall financial management.

So see you at the gym in 2008 (or the shoe store) and good luck with keeping those resolutions!

12.03.07 | Tis the season!

Posted in Uncategorized by Grad Loan Guru

One of the things I love about working here at the Student Loan Network is that we are a fun bunch of cool cats. A meeting never goes by without a hearty laugh or chuckle about something sometimes even at my expense! 1250 Hancock is truly a fun place to work. So now that the holidays are upon us we are doing our annual “Secret Santa” gift exchange and knowing my colleagues, this is going to be fun and challenging.

We have set a limit at $25 and over three gifts over three different days. This scenario requires quite an imagination and some skill. It was requested that we blog to give some hints about things we would like to receive. Since Chanel bags don’t cost $25 well the knock-offs in NYC do but eww… tacky.

Anyway here are some things that make me, me!
Love most types of music (not really a country western fan though)
I love to work out and if I am not in Yoga I am running or hitting a step class
I love to read
I love movies (have a tendency towards complex plots, think pieces and documentaries)
I can never have too many hair elastics
I love Cabernet, Pino Noir and Zinfandel wines
I am almost always out of gas (yes I still drive an SUV!)-but not much anymore though-trying to be green :-)
I don’t like candy
I don’t eat seafood
I like soy candles

Hopefully that is enough info for the fortunate person who gets to present me with a gift!
Enjoy the holidays and remember to laugh! :-)