EDUCATION
SPECIAL SECTION:
is that your savings continues to grow with tuition inflation. The
IP gives you more freedom to invest your savings into a variety
of 17 different investment options, but your money is more fluid,
allowing you to lose or gain depending on market conditions.
There are several other options available when starting to save
for a minor, including educational savings account (ES), Uniform
Transfer/Gift to Minors Act, custodial accounts, or simply
putting money under your mattress. No matter what route you
choose, it’s never too early to start saving.
TRADE SCHOOLS
• Plumber – You’ll need your high school diploma and an
apprenticeship to become a plumber. Once you are licensed,
you can start to work, but you’re sure to need some physical
strength to take on this job.
• Diagnostic Medical Sonographer – After obtaining an
associate degree, sonographers go on to prep patients for
procedures, review and process images for physicians,
and administer ultrasounds. You’ll also be responsible for
operating imaging equipment.
• Elevator Installer – A career with high earning potential,
elevator installers repair and maintain elevators, escalators,
moving walkways, and lifts. A high school diploma and
apprenticeship is required for this role, so if you’re good with
power tools, this job might be a lift up for you.
TYPES OF COLLEGE LOANS
Over the past 30 years, the cost to attend a four-year college
has increased by 213 percent, leaving many college graduates
searching for ways to repay their student loans. Some high school
seniors are looking to avoid the hefty price tag of a four-year
degree and instead opting to attend a trade or technical school.
Trade school enrollment continues to increase since the early
2000s, but a steep decline in vocational education in the 1980s
and ‘90s led to a shortage of blue-collar workers across the
nation. Trying to gain back skilled workers has led to an increase
in wages, enticing students and parents alike to see past the old
stigma of choosing a trade school over college. Here are a few of
the best trades or vocations available.
• Air Traffic Controller – With a few years of intense training
and a certification by the FAA, air traffic controllers are
highly sought after. Individuals must have the ability to
concentrate, organize flight plans, inspect radio equipment,
and are required to be constantly vigilant to successfully
execute their job duties.
• Radiation Therapist – An associate degree is required to
land a job as a radiation therapist, along with a licensure to
practice. If you’re interested in caring for other people, this job
requires administering radiation for cancer treatments.
• Dental Hygienist – Smile! Your career could be in making
teeth brighter. Dental hygienists work to clean teeth, take
x-rays, and educate patients on oral health. They are also
ranked among the most satisfied workers. You’ll need an
associate degree to pursue this career.
• Electrician – Training to become an electrician takes about
as long as it takes to get a bachelor’s degree and a license,
but this job training pays for itself along the way. If reading
blueprints and installing or repairing wires and other
electrical components interests you, this career might be
electrifying.
Getting into college is one of the most exciting times of a
student’s life and is the first step in shaping his/her career. Many
colleges and universities offer a myriad of grants or scholarships
to assist with paying for post-secondary school, but often these
are not enough. Student loans provide financial assistance for
students to cover the costs associated with attending a college
or career school, including tuition, supplies, books, and living
expenses. There are several types of loans available including
need-based, non-need-based, state, and private.
Need-based loans are provided to students who are unable to
pay the amount needed to cover all costs to attend college. Need
is determined by the Free Application for Federal Student Aid
(FAFSA), which can be completed online, as the name suggests,
for free! Need-based loans are available as a Federal Perkins Loan,
awarded to students with the highest need, or a Federal Direct
Subsidized Loan, provided interest-free while in college.
If FAFSA determines that a student is ineligible for a need-
based loan, non-need-based loan options are available as a
Federal Direct Unsubsidized Loan or Federal Direct PLUS Loan.
Unsubsidized loans allow the borrower to add interest to the
total amount borrowed after graduation, but beware, as this leads
to owing even more money when it comes time to start paying
off the loan. Direct PLUS Loans provide graduate students or
parents the opportunity to borrow the total cost of attending
college, minus other financial aid received.
Unlike the loans mentioned above that are sponsored by
the federal government, state and private loans are sponsored
by banks, colleges, foundations, and state agencies. The U.S.
Department of Education manages all college loans available by
state and requires students to be in-state residents or enrolled in
a college in that state. Private loans are an option for borrowers
but come with terms and conditions that may not be as favorable
as federal loans. Private loans also require a cosigner who is
responsible for repaying the money if the student fails to do so.
MANAGING DEBT POST-COLLEGE
Student loan debt continues to increase and has become a
burden on both graduates and the U.S. economy. There are a
variety of loan repayment options for students. Here are some
tips on how to approach repayment.
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