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      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

      How to Tell When You’re About to Get Fired

      January 21, 2011 /

       Youre Fired

      A recent msnbc.com careers report just might save thousands of unsuspecting employees from the shock and humiliation that comes with getting fired or laid-off. It’s perfectly fine to play defense, especially in the workplace today, so whether you’re feeling a little paranoid about your benefits being cut or your company’s loyalty to its employees is questionable,the 8 signs listed below will help you beef up your defensive game—so you can stay ahead of the game.

      1. Your company is sold
      Tough times can mean lots of mergers and acquisitions — was your company bought out or taken over recently? Even if you’ve been told your job is safe, these kinds of corporate moves always mean the deck will be shuffled, so make sure you hold you cards firmly. Make a list of your accomplishments and contributions, and be ready to give a sales pitch on your worth to the company should you be called in by your boss or a consultant.

      2. Pay or benefits are cut

      3. Co-workers are fired
      Pink slips are handed out all around you, but you’ve been told your job is safe. If layoffs have happened at your work, don’t be naive enough to think you couldn’t be next. Make sure you have your resume ready, and scope out the job market. The worst thing is to be laid off and unprepared, so be ready — just in case.

      4. You’re left out of meetings

      5. You don’t get along with your boss
      This one may be obvious, but just in case: If you and your boss aren’t getting along, your job is in jeopardy. Think about it: When he or she is asked whom to give a pink slip, you’ll have a bull’s-eye on your back. If this is you, look for ways to move within your company. Not possible? Suck up to the boss a little. It may be hard, but it might just save your job.

      6. You’re given a dead-end task

      7. Your projects are stalled
      Feel like all of your work is stopped in its tracks because no one seems to be interested? Watch your back: Having your projects stalled out on someone’s desk is like a big neon sign, announcing that you may be fired soon. Look for projects that you can get accomplished, to show you can contribute to the company’s objectives.

      8. You see your job advertised

      There are two things you can do if you suspect that you are about to get fired. You can do whatever it takes to stand out at work if you think your job can be saved or is worth saving, or you can start looking for a new job so you can do the walking on your own.

      Uncategorized

      Green Jobs Growing

      January 19, 2011 /

      Green Jobs_II

      The Bureau of Labor Statistics has two definitions for green jobs. A green job is one that produces goods or provides services that benefit the environment or conserve natural resources. Green jobs are also jobs in which workers’ duties involve making their establishment’s production processes more environmentally friendly or use fewer natural resources. Green jobs can be found in industry sectors such as construction, natural resources and mining, public transportation, trade, transportation and utilities, manufacturing, public administration, education and health services, information, and professional and business services.

      The number of establishments in these sectors is close to 2.2 million, which means, the number of opportunities for aspiring green collar workers is promising. According to a recent Wall Street Journal report, which discusses a study by Next 10, a San Mateo, Calif.-based independent research organization, the opportunities for green jobs are greatest in certain parts of California.

      The strongest growth in green jobs has been in the San Francisco Bay area, with 109% growth since 1995, the study said. The region is home to 28% of the jobs in the sector. Second in that statistic is the Sacramento area, where green jobs grew by 103%. In Los Angeles, green employment is up by just 20% since 1995, but it still comprises 23% of the sector’s jobs in the state.

      As of 2010, there were more than 890,000 green jobs across the U.S. By 2015, this figure is expected to grow to nearly 1.4 million. This growth represents a CAGR (compound annual growth rate) of 9.2% between 2010-2015. It is important to note that these figures do not include the renewable energy and energy efficiency (RE&EE) industries, which represented 9 million jobs and $1,045 billion in U.S. revenue in 2007. The renewable energy industry grew three times as fast as the U.S. economy with 25%+ annual revenue growth in the solar thermal, photovoltaic, biodiesel, and ethanol sectors.

       If you are interested in a green collar job, read How to Land a Green Collar Job: 15 ways to rev up for a job that’s good for the environment, fills your wallet, and makes a difference by The American Solar Energy Society.

      Your Business, Your Career

      Four Ways To Make A Great Impression On Your Next Job Application

      January 19, 2011 /

      Too many young job seekers do not put enough thought and energy into preparing for a job interview. There are too many people currently looking for a job. You have to be memorable and standout from the crowd. If you have been struggling in job interview after job interview, there are a few things that you can do to help ensure that you will stand above the rest of the crowd on the next interview.

      Four Ways To Stand Out Before Your Next Interview…

    • Spruce Up Your Resume. Many people have not looked at their resume in years, and others have thrown it together after learning about the job interview. Like many business owners who say that you have to spend money to make money, paying for a resume consultant to clean up your resume and cover letter can pay dividends when you are looking for a new job. A professional resume writer knows exactly what style, format, and language human resource experts are looking for in today’s market.

    • Do Your Research. Like a good investor, you should research the company you are interviewing with for a job. You should know what they do, who their competitors are, what they company does well, and what it may need to improve on. You should know a little something about the company that you want to work for before you set one foot in the interview room. Doing a quick search on Google, looking at the company’s website, and reading as many articles you can about the business and its industry will set you apart from the rest of the applicants.

    • Get Some Coaching. A golf pro does not go out to the course without a few lessons along the way. Even Tiger Woods has a golf coach. You should consider taking some lessons from an interview coach. An interview coach can help make sure that you are prepared for the questions that will be peppered at you, look presentable, have the proper poise, and are well spoken. Also, if you get nervous and are intimidated at speaking in a public setting such as an interview, you may want to consider practicing public speaking through organizations such as Toast Masters International.

    • Pay Off Your Debt. Many young college graduates just entering the workforce do not realize that their new employers often check their credit report before offering them a job. In fact, 47% of employers pull an applicant’s credit report before hiring a potential new employee. Even the United States military checks credit reports before issuing a security clearance to its service members. Paying off some debt before you apply to your dream job can help boost your credit score.

      • Finally, follow up your interview with a thank you note or call to the person who interviewed you. It is such a simple thing to do and so often overlooked. A personal touch such as this will show that you are very serious about landing the job and will set you apart from all of the other applicants.

      Your Career

      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

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