What's a for-profit college? Think DeVry and University of Pheonix. These schools offer a range of degrees (think X-ray technician certifications to master's degrees) and are run by private, profit-seeking companies or groups, which makes them an easy target for public criticism.

However, this list focused on the traditional institutions that rack up the most student debt, as a large part of the U.S.'s college-going culture seeks admission to these revered schools. It's important to note that these prestigious universities, also, do not leave students' wallets unscathed. Here's the list, via Gawker:

1) New York University: $659 million
2) University of Southern California: $631 million
3) Penn State University: $590 million
4) Ohio State University: $560 million
5) University of Minnesota: $495 million
6) Arizona State University: $479 million
7) University of Texas: $474 million
8) Michigan State University: $433 million
9) Indiana University– Purdue University: $421 million
10) Rutgers: $398 million

It all comes down to the same basic question in the end. What's an education worth?

In America, the answer to that question often comes in the forms of decades-long repayment plans to student loan agencies.  Fortunately, more and more programs that aim to educate students about student debt are beginning to sprout up. Check out the student loan resources we've cited in recent articles about student debt.

For now, all we can do is educate and spread the word about managing student debt, since higher education isn't free. If it was, for-profit schools wouldn't even have a chance.

Think again.

Check out other BG articles on financial aid here.

© image by Nick Schwartz

Brenzel advises students not to dwell on rejections, but I would argue that it’s okay and even healthy to allow a little “mourning time” for those skinny envelopes. Even though I was careful to apply to a mix of “reach” and “target” colleges, I was still very disappointed when I didn’t get into a few in particular. It wasn’t about one school being better or superior to others, it was about spending so much time learning about each school, imagining my life there, working hard on the application, and then having that taken off the table rather abruptly. So I think that it’s okay to spend a little time lamenting those rejections before moving on. I browsed the websites one more time, bid adieu to the viewbooks, probably cried over one or two, and then I was able to focus entirely on the colleges that did accept me.

I’m glad that Brenzel discusses the weight that we so often give to  selectivity reports and ranking lists. He advises that students eventually push those aside and make a more holistic decision and I completely agree. My choice came down to Bryn Mawr College and Occidental College and I had a hard time because nobody from my high school had ever even applied to Oxy, so I felt like I was deciding between a total unknown and a well-known, prestigious women’s college. College rankings are like opinionated classmates, teachers, and guidance counselors that come with fancy numbers and percentages to back up their statements. Listen to them, understand them, but don’t let them make the decision for you. It took a lot of effort and energy to view Oxy in its own light, but I’m so glad that I did.

One of the things that helped me do this was overnight stays at each my final two contenders, which Brenzel also advises. Visiting a college as a prospective applicant and visiting as an accepted potential student are extremely different experiences. For one thing, you no longer have to take notes on average SAT scores and application requirements—this time it’s completely about what you want to know and get out of a campus visit. When I visited Bryn Mawr and Oxy post-acceptance, I had a list of specific questions regarding academics, study abroad possibilities, campus housing, academic advising, and much more that I just couldn’t get into on such a detailed level when I was still applying to college. If an in-person visit is out of the question, many admissions offices will help accepted students get in touch with current students with similar interests so that they can ask questions and gain further insight into student life at that particular university.

Last but certainly not least, I wholeheartedly agree with Brenzel’s recommendation that students (and their parents) scrutinize the financial situation for each school. This is one thing that I did not do thoroughly and it complicated things further down the road. Clarifying my situation early on would have made matters much easier after I enrolled.

What do you think of Brenzel’s article? What advice would you add?

My own experience with this time turned out much differently than I first anticipated. For one thing, after submitting my applications I had more time to really consider what I wanted in a college. I know that this sounds very counter-intuitive, but I had loved some big universities just as much as the small colleges throughout the college search and I applied to a mix of both. Specifically, George Washington University was high on my list for its location, the Elliot School of International Affairs, and the fact that going there would mean meeting many other students whose interests were similar to mine.

By the time the fated decision letters arrived, however, I had decided that I needed to be on a smaller campus. College would already be overwhelming whether I went to the school with the largest student population or the very smallest. So even though I’d applied to several medium-to-large universities that appealed to me very much, I had a strong feeling that I would aim to end up at a small liberal arts college. I never regretted applying to that range of schools because it never meant that I would not have had great experiences there; it’s simply that sometimes we need to go through the entire process, start to finish, in order to gain clarity on what will be the best decision.

Of the schools that accepted me, I zeroed in on Bryn Mawr College, and Occidental College. Oddly enough, Oxy was one of the first schools I ever seriously considered while Bryn Mawr was literally my last tour and application. They differ greatly and yet I was equally drawn to each of them for different reasons. I did overnight visits at both schools and e-mailed with professors from departments that interested me. I hemmed and hawed. I majorly freaked out about the decision and consulted with just about anyone who would listen. As cliché as it sounds, I eventually put away the reasoned lists and comparisons and went where my heart took me.

Ultimately, I was very happy with my final choice—though honestly, I know that I would have been happy with many of the schools to which I applied. After all of the stress of applying to schools, we sometimes forget that it can also be very difficult to hold the decision-making power. Here’s what I learned:

• making pro/con lists is great—but don’t underestimate the value of that classic “gut feeling” (that’s what tipped the scales for me)
• tour guides and overnight hosts are helpful, but it’s crucial to talk to as many students as possible to get a genuine feel for the college and its student body
• food is key: try out as many eating locations on campus as possible and be sure to ask about vegetarian/vegan/kosher/allergy accommodations if that’s a factor
• clarify financial aid information

And most importantly…everyone will have an opinion and it’s definitely good to listen to the input of family, friends, teachers, guidance counselors. Listen. But then make your own decision.

How did you make your college decision? What measures were most helpful in the process? Least helpful?

The cumbersome umpteen-long FAFSA application process has been an easy target for complaining about the difficulties of securing higher education, but alas, Sallie Mae (one of the biggest student loan providers) has come to students' aid… For securing that financial aid.

Brand-spankin' new, Sallie Mae's February Resource Center is chock-full of advice, instructional videos, Twitter/Facebook links and even a chance to win $10,000. Particularly helpful, the site's list of common financial aid myths dispel many notions that often prevent otherwise-eligible students for applying for money for college.

When I applied for FAFSA in 2004, I relied on my dad's independent-business-owning tax knowledge and school counselors for help, but I still wasn't clear about the meaning of those endless number fields and calculations. While I'd much rather see high school courses begin to offer more classes geared toward life skills (read: teach us how to fill out bureaucratic forms), Sallie Mae's online tutorial would have helped leagues. Leagues, I say.

For more up-to-date help with FAFSA, check out a 7-part FAFSA FAQ series on the New York Times's blog, The Choice, written by the founder of FinAid.org, an online self-help guide to funding your college education.

Happy FAFSA-ing.

Many an eager applicant may encounter a temporary state of pride-induced mania after receiving a "Yes, we like you" letter from their top-choice school… followed by the more sobering news of tuition and living costs ballooning upwards in the tens-of-thousands. Yikes!

The U.S. News & World Report recently (yesterday) their updated 10 Steps to Raise $15K or More for College Now, and here are some highlights from the article:

Bigger and better tax breaks: The federal government estimates perhaps 2 million tuition-paying Americans will be able to get as much as $2,500 back on their taxes when they file in 2010 and 2011 by taking advantage of the new American Opportunity tax credit. The new credit is targeted at low– and middle-income families and isn't available to singles earning more than $90,000 a year or couples earning more than $180,000. Even those who earn so little that they owe no taxes can receive refund checks of up to $1,000.

Cheaper schools: The biggest increase in enrollment has been in two-year community colleges, which are the lowest-priced colleges in the country. The sticker price of a year's tuition at an average community college rose by $220 for the 2009-10 academic year, to $2,540, the College Board reported. But because of increased Pell Grants and tax breaks, the out-of-pocket (or net) price paid by community college students actually fell, the College Board believes. The average community college student got enough aid to pay all tuition, with $460 left over to help pay for books and supplies (which typically add another $1,000 to total college costs), the board estimates.

More, bigger, cheaper, and easier federal student loans: At least 6 million students are taking out federal Stafford student loans this year, up from about 4 million two years ago. Young freshmen can borrow up to $5,500. Upperclassmen 24 and older can borrow up to $12,500. The government has made it easier to repay those loans by allowing graduates to cap their monthly payments below 15 percent of their incomes.

These are just some of the timely financial aid info for college that might make or break a college decision, especially with prospective college students from families with moderate incomes.

If you have some tips for financial aid that we've not yet mentioned here at BetterGrads, please let us know.

Check out previous BetterGrad articles related to funding your college education:

Count Those Pennies

Making College Affordable

Things to Think About Before Transferring

He explains that experts in the Education world approve of President Obama’s proposal to transfer more than $40 billion in banking industry subsidies to Pell Grants, as this would provide more opportunities for low-income students to obtain the necessary aid making the epic quest of attending college a little more realistic. However, adding more money to the Pell Grant budget does not resolve the issue of tuition hikes. And that’s a minor issue when compared to this observation by Carey:

“The biggest culprit is the lack of objective, publicly available information about how well colleges teach and how much college students learn. Nobody knows which colleges really do the best job of taking the students they enroll and helping them learn over the course of four years.”

Taking Carey’s comments into consideration, what’s at stake for colleges if they were to participate in a national exam evaluating their ability to educate students? Brand Equity. Hypothetically speaking, let’s say College A is a famous, large research university, who has received many accolades. College A, along with many other similar schools, decides to participate in a national assessment measuring its ability to educate students across majors. One year later, College A receives their exam results and the administration learns that College A can do a much better job of educating its students. With its reputation tarnished, College A sees lower enrollment numbers, and as a result lower revenue. While this example is a bit extreme, it shows why colleges would be apprehensive to subjecting themselves to said testing.

On the other hand, one might question the effectiveness of such testing. Obviously, there are different types of learning that extend beyond the classroom. For example, how could such an exam go about evaluating what a student has learned via an internship or research opportunity?

So, should colleges be evaluated on their ability to educate students? Feel free to share your two cents in the comment section below.

I came across a neat and tidy PDF: the College Affordability Fact Sheet, published by the Obama Administration.

In it, the following facts are noted:

College costs have grown nearly 40 percent in the past five years.

60% of all college graduates leave college with debt.

The average college graduate ends up with over $19,000 in debt.

Between 2001 and 2010, 2 million academically-qualified students will not attend college because they cannot afford it.

Only 12% of Latinos and 16% of African Americans eventually earn a bachelor’s degree, compared with 33% of White students. The rising cost of college is a factor in this disparity.

The price of college has risen 40%, and our recent economy has been likened to the Great Depression? Yikes.

But wait, the point of these statistics isn't to lament and complain-monger. Rather, they serve to bolster support for several initiatives underway to tackle these growing problems. President Barack Obama and Vice President Joe Biden have teamed up to present a package of forward-moving plans, detailed here in a much cheerier list:

(Note: These and the above items have been paraphrased, BG-style. Please view the PDF for full citation and more information.)

1. American Opportunity Tax Credit: What's a tax credit? It's a refund from the government after having paid your taxes for the year. What's this one for? A check (a CHECK, I say!) for the first $4,000 of your college education. The idea is that, save for the Ivy Leagues and comparables, this will cover two-thirds of tuition at the average college. What'll it cost you? Other than good grades, 100 hours of public service. If you get involved with clubs, organizations and other extra-curriculars on your campus, you're likely to rack up HUNDREDS of hour without even realizing it. (Trust. I can rack up 100 hours in a few weekends judging for college speech tournaments.)
2. Simplify the Application Process for Financial Aid: Who are we kidding? FAFSA is confusing. This initiative candidly admits that a ton of students don't even apply for financial aid, like Pell Grants and Lifetime Learning tax credit programs, because they're super complicated and difficult to navigate. By using tax information that students already file, the 5-page, 127-question FAFSA behemoth may disappear. (FAFSA = Free Application for Federal Student Aid)
3. Help Students Become Aware of College Readiness: Hey, that's what we do! This plan pledges to provide $25 million annually to match funds for states to develop Early Assessment Programs, college preparation programs just like BetterGrads. Citing under-preparedness as a prime reason for high school seniors missing the college application boat (<— read that one more time), this is a great reaffirmation to the team here at BG. We're on board, Obama. You, too, Biden.

The College Affordability Fact Sheet lists several other initiatives, and I suggest you visit the link to learn more about the details. This whole plan is under the umbrella of the recent focus on education our government has fortunately taken. Check out my recent article on STEM education initiatives, under the same mentality as the College Affordability plan. (STEM = Science, Technology, Engineering and Mathematics)

Comments? Concerns? Ideas? Type away.

Here are some of the key things to address when you are transferring schools so that you do not risk being unhappy with your decision. While considering a new school, it is essential to consider, why would I like to go there? If you are unhappy with the weather in upstate New York it would not benefit you to transfer to a school in Maine, right? Then, once you make up your mind on your school, you need to ask yourselves these questions:

Am I going to change my major?

If the answer is yes then you need to prepare for your new major ahead of time. Find out what classes are necessary for meeting the major requirements and take the prerequisites first to allow for more flexibility in scheduling during later semesters. Now, if the answer is no, it becomes less challenging. In this case, you will usually be able to transfer many of your credits over to your new school and things will run smoothly.

However, did you check the general educational requirements?

General educational requirements can get tricky. For example, you take the exact same class at your first institution, it transfers, but does not count towards your general education credits and it should, what can you do? It is as simple as obtaining the syllabus from your first school and filing a form with the registrar. That small task allows you to save money, time, and the headache of sitting through the same class again. Also, consider the emphasis on Foreign Languages and Technology classes at certain colleges.

What happened to my financial aid?

There are two common scenarios with financial aid. First, everything goes splendidly, and you have the same amount as before. Alternatively, for some season you are not eligible for the same financial aid as before. Each school has different criteria to determine the amount of financial aid given. For instance, both of your schools are similar in price. You were eligible for a Federal Pell Grant at your first school, but at the second school, you are not able to receive that same Pell Grant. Now, a sizable piece of your college fund is missing. Make sure that you check with your new financial aid office beforehand to eliminate this conflict.

How many of my credits will transfer?

This is hard to determine. Most schools give you this information after acceptance, so give yourself ample time to make your decision. It could cost you an extra year of tuition. Make sure you compare schools and it is beneficial to apply after fall semester. Once again, allowing ample time to make an intelligent and well-informed decision.

Upon the arrival of your new school, you should take the time to acclimate yourself to your new surroundings and peers. Get involved with activity and clubs. Find new friends and most importantly make yourself comfortable. Transferring can be a sticky process, but with adequate research, it can be a comfortable transition. Give yourself time to make your decision and eradicate future conflicts by doing your research.

Good luck!