Category: Your Education (Page 18 of 22)

      Yes, Colleges Still Have Money to Loan

      January 25, 2011 /

      Financial Aid_College

      Even during tough economic times, colleges and universities have the means to tap into funds that have been reserved for a “rainy day.” Take Ohio State University, for example. Faced with the possibility of decreased enrollment due to lack of financial aid to many students, Ohio State University tapped into the school’s emergency fund back in 2008 to move roughly $1 million into a program that provides students with emergency short-term loans. The loan amounts ranged from $100 up to $1,000. OSU took it’s mission to help young people pursue their dreams and earn a degree a step further by guaranteeing that tuition would not be raised midway through the 2008-2009 school year. The university went on to promise that if tuition rose for the 2009-2010 school year, financial aid would increase in lockstep.

      Ohio State University is not alone in its quest to provide financially strapped students with emergency University backed loans. Universities currently loan more than $1.5 billion out of the $66 billion in new federal student loans, to students. As of 2006, more than 157 participated in School as Lender (SAL) programs. Among the more than 157 participating SAL schools are:

      • Akron University
      • Bowling Green State University
      • Chicago School of Professional Psychology
      • Des Moines University
      • DeVry University
      • Emory University
      • Loyola University of Chicago
      • New York Institute of Technology
      • Nova Southeastern University
      • Palmer College of Chiropractic
      • Parker College of Chiropractic
      • Southern Methodist University
      • St. Louis University
      • Touro College
      • Tufts University
      • University of Arizona
      • University of Illinois
      • University of Nebraska
      • University of Phoenix
      • Walden University
      • Widener University in Pennsylvania

      Wellesley_College_campus

      While roughly a third of schools use institutional funds to finance student loans, other schools partner with a commercial or nonprofit lending institution to establish a line of credit. Once the line of credit is established, the schools offer loans directly to graduate, law, and medical students, often placing themselves on the list of lenders the school recommends. The schools hold the loans for a certain period of time, typically two to three months after the money has been fully disbursed to the students/borrowers. During that time, the school collects interest, plus the government subsidies provided to lenders in the federally guaranteed student-loan program. The schools then sell the portfolio back to the banks for the agreed-upon premium.

       Status of the School as Lender Program

      While many universities have money for loans from funds taken directly from their own savings, universities that have partnered with a commercial or nonprofit lending institution to establish a line of credit might be in trouble. For starters, schools acting as lenders are constantly being scrutinized in order to help protect students and borrowers against unscrupulous practices. And although $1.5 billion is a small slice of the more than $66 billion in new federal student loans, the federal government doesn’t want the SAL program to undercut federal student loan programs. Schools operating as lenders in the Federal Family Education Loan Program (FFELP) should keep in mind that current federal regulations require guarantors to conduct reviews of certain schools that act as lenders. According to federal regulations 34CFR 682.401(c), guarantors must conduct program reviews of lenders that meet at least one of the following criteria:

      • The volume of FFELP loans made or held by the lender and guaranteed by the guarantor equaled at least 2 percent of the total loans guaranteed by that guarantor in the preceding year.
      • The lender is one of the 10-largest lenders of loans guaranteed by that guarantor in that year.
      • The lender’s FFELP volume was at least $10 million in the most-recent fiscal year.

      Currently, SAL programs are still in place, but according to Part B, Section 436 of the Federal Family Education Loan Program (FFELP), the Senate amendment terminates authority for the school as lender program, effective June 30, 2012.

      Your Education

      Ride the Retail Wave While you Wait for Dream Job

      January 18, 2011 /

      Macys_Stockings_Dept

      Ok, so a retail job isn’t what you had in mind after graduating with a degree in accounting, but you have to make ends meet while you wait for Deloitte & Touche to call. Fortunately, according to Indeed.com, you won’t have to look for a temporary job for too long if you look to the retail Industry. Right now, retailers are in search of 400,000 employees to fill both full and part-time positions. These retail positions just are not just available at clothing stores. Retail is a broad term that covers the selling of just about any type of good or commodity. This means, retail job seekers will find positions in places ranging from Macy’s to Whole Foods to wax museums to automobile dealerships. 

      If you’re interested in a long-term retail career, you’re in luck because this trend is expected to continue. Retail careers are among the top thirty occupations with the largest employment growth for 2008-18. The following are projection figures (in thousands):

      Employment 2008: 4,489
      Employment 2018: 4,864
      Change: 8.4%

      Regarding salary, the Bureau of Labor Statistics reports that:

      Median hourly wages of wage-and-salary retail salespersons, including commissions, were $9.86 in May 2008. The middle 50 percent earned between $8.26 and $13.35 an hour. The lowest 10 percent earned less than $7.37, and the highest 10 percent earned more than $19.14 an hour. Many beginning or inexperienced workers earn the Federal minimum wage of $7.25 an hour, but many States set minimum wages higher than the Federal minimum. In areas where employers have difficulty attracting and retaining workers, wages tend to be higher than the legislated minimum.

      Compensation systems can vary by type of establishment and merchandise sold. Salespersons receive hourly wages, commissions, or a combination of the two. Under a commission system, salespersons receive a percentage of the sales they make. This system offers sales workers the opportunity to increase their earnings considerably, but they may find that their earnings depend strongly on their ability to sell their product and on the ups and downs of the economy.

      Benefits may be limited in smaller stores, but benefits in large establishments usually are considerable. In addition, nearly all salespersons are able to buy their store’s merchandise at a discount, with the savings depending on the type of merchandise. Also, to bolster revenue, employers may use incentive programs such as awards, bonuses, and profit-sharing plans to the sales staff.

      To break into the retail industry, experience helps, but most employers are willing to train the right person on-the-job. To begin your job search, visit Indeed.com.

      Your Career, Your Compensation, Your Education, Your Team, Your Workplace

      100,000 IT Jobs Gained in 2010

      January 14, 2011 /

      Information Technology

      When it came to employment, the IT industry ended 2010 with a bang by adding 3,500 jobs in December. This represents the 13th consecutive monthly increase for IT employment.

      According to a monthly index of IT jobs developed and published by TechServe Alliance, a collaboration of IT services firms, clients, consultants and suppliers, in December, IT employment stood at 3,911,900  jobs; reflecting incremental growth of 0.1 percent. Along with December’s positive news were upward revisions of both October’s and November’s IT employment numbers. On a year-over-year basis, IT employment was up 2.6 percent, approximately 100,000 jobs, compared to only a 0.9 percent increase in total non-farm employment.

      Mark Roberts, CEO of TechServe Alliance mentions that the industry has not yet gained all of the jobs back that were lost during the economic downturn, but gaining 100,000 IT jobs in 2010 is “most welcome news.” This is also great news for graduates and anyone entering college with their eye on establishing a career in the IT industry.

      So what does it take to get your foot in the door at one of the nation’s top IT firms? A bachelor’s degree is the minimum requirement for most IT positions, no matter where you apply. For management positions, most employers require a graduate degree, specifically an MBA with a technology focus. Common majors for undergraduates include management information systems (MIS), computer science, or information science. Job experience through an internship or other IT position is also required.

      While IT employment is expected to grow overall, some career fields within the IT industry are expected to grow faster than others. For example, employment for “computer and information systems managers” is expected to grow by 17 percent for the 2008-2018 decade while employment for “computer software engineers and computer programmers” is expected to grow by an impressive 21 percent. Even better is “computer network, systems, and database administrators” at 23 percent.

      IT salaries are at an all-time high as well. According to the U.S. Bureau of Labor Statistics. IT professionals can expect to earn an average median salary of anywhere from $69,740 on the low end, up to $112,210+ per year on the high end.

      Image Credit

      Information Technology Services of Cabarrus County, NC
      www.cabarruscounty.us/ITS

      Your Business, Your Career, Your Compensation, Your Education, Your Workplace

      Can Working Overseas Help You Get a Job Back Home?

      December 24, 2010 /

      Downtown Hong Kong 

      There’s no doubt about it – even with solid job growth in dozens of career fields for the 2008-2018 projections decade, the competition for high-paying positions is still intense. Employers are always on the look out for the cream of the crop, so today’s young job seeker must accumulate admirable list of accomplishments in order to have a leg up on everyone else.

      Besides having an impressive list of accomplishments at the academic level, employers such as Ernst & Young are also interested in applicants who have worked overseas in an internship or other job, or served with an organization such as the Peace Corps. Ernst & Young’s director of campus recruiting for the Americas, Dan Black, says that as far as he is concerned, young applicants with this background have a leg up on everyone else.

      “We definitely see overseas experience as an advantage,” he says. He directs campus hiring for the London-based accounting and consulting giant, which has 140,000 employees worldwide. “Our clients are demanding more of us these days,” he explains. “They want diversity of thought and diversity of values, and many of our clients are multinationals.”

      Employers feel the advantages do not stop here.

      Dawn Chandler, a management professor at California Polytechnic State University, notes that spending time abroad can teach workers to deal with very different leadership styles. In Scandinavian countries, for instance, leadership is more egalitarian and participatory and less authoritarian. In Asia, on the other hand, the gulf in power between junior employees and leaders is much deeper. The U.S. falls somewhere in between.

      Another advantage, notes Chandler: Time overseas familiarizes you with international legislation and standards. “If your firm wants to open a plant in China, it helps if you know how to get through the bureaucracy there,” she says.

      Finding yourself a member of a minority group in a foreign country can be character building, both professionally and personally, notes Gary Baker, the U.S. global mobility leader for the consulting and accounting firm PricewaterhouseCoopers, which has offices in 154 countries. “It gives you a greater respect for other cultures, and you learn to be better at managing teams that are diverse.”

      According to Mary Ann Walsh, a New York career and executive coach specializing in global talent management, climbing the ladder overseas is much faster than climbing the career ladder in the U.S.

      Walsh has a number of American clients who moved overseas shortly after college and graduate school. They advanced much more quickly than if they had tried to climb the career ladder in the U.S. One young woman who works in financial services is already doing deals with senior Chinese executives even though she doesn’t speak Mandarin.

      Another client of Walsh’s headed to London for a financial services job straight from college. Then he went to Hong Kong. He lost that job, but he was quickly snatched up by a boutique firm. Now 30 years old, he was recently hired by Goldman Sachs ( GS – news – people ) in Asia. “Over there, the recession was just a blip on the radar screen,” Walsh notes.

      Working overseas is not just for fresh graduates. Mid-career professionals tend to move up faster with their current company after returning from a stint overseas as well. If you are interested in working overseas, opportunities for Americans are abundant in China, Brazil, and Russia.

      To learn more about getting a job overseas, pick up a copy of International Jobs: Where They Are and How to Get Them by Nina Segal. Segal is an international career development consultant in New York.

      Your Business, Your Career, Your Education, Your Workplace

      Fastest Growing Careers: Top Thirty for 2008-2018

      December 23, 2010 /

      Retail Sales

      People from all educational backgrounds and varying skill sets might discover that what they’re good at (or could be good at) is probably one of the fastest growing careers for the 2008-2018 projections decade. Published by the U.S. Department of Labor, the top thirty careers for 2008-2018 list includes jobs that require as little as short-term on-the-job training to as much as a doctoral degree. So, if you are a recent (or not-so-recent) graduate looking for a job, and your preferred career field is slow-growing, you might want to consider a sure thing while you wait for your first choice to bounce back.

      The thirty occupations with the largest employment growth for 2008-18, (In Thousands)

      1. Occupation: Network systems and data communications analysts
      Employment 2008: 292
      Employment 2018: 448
      Change: 53.4%
      Source of Education: Bachelor’s degree

      2. Occupation: Home health aides
      Employment 2008: 922
      Employment 2018: 1,383
      Change: 50%
      Source of Education: Short-term on-the-job

      3. Occupation: Personal and home care aides
      Employment 2008: 817
      Employment 2018: 1,193
      Change: 46%
      Source of Education: Short-term on-the-job

      4. Occupation: Computer software engineers
      Employment 2008: 515
      Employment 2018: 690
      Change: 34%
      Source of Education: Bachelor’s degree

      5. Occupation: Medical assistants
      Employment 2008: 484
      Employment 2018: 648
      Change: 33.9%
      Source of Education: Moderate-term on-the-job training

      6. Occupation: Management analysts
      Employment 2008: 747
      Employment 2018: 925
      Change: 23.9%
      Source of Education: Bachelor’s degree or higher

      7. Occupation: Registered nurses
      Employment 2008: 2,619
      Employment 2018: 3,200 
      Change: 22 %
      Source of Education: Associate degree

      8. Occupation: Physicians and surgeons
      Employment 2008: 661
      Employment 2018: 806
      Change: 21.8%
      Source of Education: First professional degree

      9. Occupation: Accountants and auditors
      Employment 2008: 1,291
      Employment 2018: 1,570
      Change: 21.7%
      Source of Education: Bachelor’s degree

      10. Occupation: Licensed practical and licensed vocational nurses
      Employment 2008: 754
      Employment 2018: 909
      Change: 20.7%
      Source of Education: Postsecondary vocational

      11. Occupation: Construction laborers
      Employment 2008: 1,249
      Employment 2018: 1,505
      Change: 20.5%
      Source of Education: Moderate-term on-the-job training

      12. Occupation: Nursing aides, orderlies, and attendants
      Employment 2008: 1,470
      Employment 2018: 1,746
      Change: 18.8%
      Source of Education: Postsecondary vocational

      13. Occupation: Landscaping and grounds-keeping workers
      Employment 2008: 1,206
      Employment 2018: 1,423
      Change: 18%
      Source of Education: Short-term on-the-job training
      14. Occupation: Customer service representatives
      Employment 2008: 2,252
      Employment 2018: 2,652
      Change: 17.7%
      Source of Education: Moderate-term on-the-job training

      15. Occupation: Elementary school teachers, except special education.
      Employment 2008: 1,550
      Employment 2018: 1,794
      Change: 15.8%
      Source of Education: Bachelor’s degree

      16. Occupation: Receptionists and information clerks
      Employment 2008: 1,139
      Employment 2018: 1,312
      Change: 15.2%
      Source of Education: Short-term on-the-job training

      17. Occupation: Postsecondary teachers
      Employment 2008: 1,699
      Employment 2018: 1,956
      Change: 15.1%
      Source of Education: Doctoral degree

      18. Occupation: Food preparation and servers
      Employment 2008: 2,702
      Employment 2018: 3,096
      Change: 14.6%
      Source of Education: Short-term on-the-job

      19. Occupation: Security guards
      Employment 2008: 1,077
      Employment 2018: 1,229
      Change: 14.2%
      Source of Education: Short-term on-the-job training

      20. Occupation: Truck drivers
      Employment 2008: 1,798
      Employment 2018: 2,031
      Change: 13%
      Source of Education: Short-term on-the-job training

      21. Occupation: Carpenters
      Employment 2008: 1,285
      Employment 2018: 1,450
      Change: 12.9%
      Source of Education: Long-term on-the-job

      22. Occupation: Executive secretaries and administrative assistants
      Employment 2008: 1,594
      Employment 2018: 1,799
      Change: 12.8%
      Source of Education: work experience n a related occupation

      23. Occupation: General office clerks
      Employment 2008: 3,024
      Employment 2018: 3,383
      Change: 11.9%
      Source of Education: Short-term on-the-job

      24. Occupation: First-line supervisors/managers of office and administrative support
      Employment 2008: 1,457
      Employment 2018: 1,618
      Change: 11%
      Source of Education: Work experience in a related occupation

      25. Occupation: General maintenance and repair workers
      Employment 2008: 1,361
      Employment 2018: 1,509
      Change: 10.9%
      Source of Education: Moderate-term on-the-job training

      26. Occupation: Child care workers
      Employment 2008: 1,302
      Employment 2018: 1,444
      Change: 10.9%
      Source of Education: Short-term on-the-job training

      27. Occupation: Teacher assistants
      Employment 2008: 1,313
      Employment 2018: 1,448
      Change: 10.3%
      Source of Education: Short-term on-the-job training

      28. Occupation: Bookkeeping, accounting, and auditing
      Employment 2008: 2,064
      Employment 2018: 2,276
      Change: 10.3%
      Source of Education: Moderate-term on-the-job training

      29. Occupation: Retail salespersons
      Employment 2008: 4,489
      Employment 2018: 4,864
      Change: 8.4%
      Source of Education: Short-term on-the-job

      30. Occupation: Waiters and waitresses
      Employment 2008: 2,382
      Employment 2018: 2,533
      Change: 6.4%
      Source of Education: Short-term on-the-job training

      Your Career, Your Education, Your Workplace

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