There’s no doubt that we’re all still a little sensitive when it comes to the economy. Although it’s been nearly four years since the start of, what we now call, The Great Recession, the world still hasn’t let down its guard. The new warning making its way through the financial media is the rising student loan burden. Some believe that this could bring down the economy in much the same way as the 2008 and 2009 mortgage crisis, but is that true?

BackgroundFor generations, young people have heard that the only path to success is through a college education. College remains the accepted path for 68.1% of high school graduates, according to the Bureau of Labor Statistics.

For most students today, student loans are the way to pay the expenses of a higher education. The average student loan debt for a college student in 2010 was $25,250, up 5% from the previous year, according to a study by the Project on Student Debt. For the first time in history, total student-loan borrowing for one year surpassed the $100 billion mark in 2010, making the total outstanding debt more than $1 Trillion.

Some believe that the problem will continue to get worse. Over the past 50 years, the rate of college tuition inflation has ranged from about 6 to 9% annually, sometimes twice the normal rate of inflation. With college becoming more financially out of reach and the economy largely failing to put all of the college graduates to work, experts believe that more and more people will be unable to pay these loans.

BankruptcyThe problem doesn’t stop there. Current laws don’t allow student loan debt to be written off by bankruptcy proceedings, regardless of how bad a person’s financial situation becomes, so graduates who are bankrupt will likely continue to pay on their student loan debt. Some students with more than $100,000 in debt may pay the equivalent of house payment each month for sometimes more than twenty years.

Economists fear that as this problem continues to grow, traditional purchases like homes and other economy-stimulating activities could be largely stifled, impacting the growth of an already fragile economy.

This problem is much more than a theory. A recent survey found that around 50% of bankruptcy attorneys reported significant increases in clients who list student loan obligations as a significant financial burden. Another survey of the class of 2005 found that one out of every four became temporarily delinquent or haven’t paid for a significant period of time.

The FixBankruptcy attorneys believe that the only way to fix the problem is to allow for student loan debt to be discharged in the same way as credit card or other debt through bankruptcy proceedings. Some believe that this would be just another taxpayer bailout of the student loan industry but since a large portion of debt is through government agencies, much of the debt is already held by taxpayers. Others believe that college tuition inflation needs to be brought under control, but there is little hope for that in the near future.

The Bottom LineThere’s no doubt that the student loan system is in desperate need of reform but comparing it to the mortgage crisis may be inaccurate. Although the total amount of outstanding student loans now stands at about $1 trillion, that number is small compared to the roughly $13.5 trillion in outstanding mortgage debt.

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Finding a high-paying job is a catch-22: You can’t make more money without upgrading your skills, but in many cases getting another degree (or even just one to start) just isn’t affordable for everyone. And while we always advocate higher education, sometimes you need to forge ahead with life smarts, savvy skills and hard work and carve out a career of your own.  With that in mind, here are some high-paying jobs that don’t necessarily require a university degree – and what you need to do to get one.

Editor’s note: Unless otherwise noted, all salary figures are derived from PayScale.com and are average, Canada-wide estimates.

1) Real estate agent or brokerIf you have a background in the real estate industry, becoming a broker might be a way to boost your bottom line. Real estate brokers run the offices out of which real estate agents work, and are experts in the rules that govern the real estate industry in their province. Becoming a broker may differ from province to province, but in general, a licensed real estate agent can become a broker by completing provincial broker education and passing a qualifying exam. Income here averages about $126,000 per year, though varies widely. [More: Self-employment: Get excited about home/work!]

Income potential for an agent can also be high, depending on reputation, years in the business and geographic area.  As with most sales jobs, it takes putting in the time and hard work, being great with people, and offering the kind of customer service that incites positive word of mouth and glowing referrals.

2) Police officerAlthough wearing “the badge” doesn’t necessarily require a degree, applicants for this tough job must jump through a series of hoops to prove their smarts — and their mettle. You’ll have to be fit and fiercely competitive because physical fitness and agility are a key part of the program. While this has typically been seen as a man’s career, women shouldn’t be discouraged. More than 20 percent of the police force in Canada is already female, with many recruiters seeking to balance out the ranks. Total pay in this job, including salary, wages and overtime, can be more than $150,000 per year. [More: Success & Savoir Faire: 5 women who made their millions after age 40]

3) Small business ownerRunning a business you are passionate about can be a reward in and of itself, but the best part is that if you succeed, you get to keep way more of the spoils. This career isn’t without risk — Industry Canada estimates that 30 percent of new businesses fail within their first five years — but if you get it right, the results can be golden. PayScale.com puts the average pay for this job at between $24,000 and $120,000, but there’s really no limit as to how far a great business concept — and well-executed business plan – can take you.

4) Accountant/bookkeeperWorking as an accountant typically requires a college degree, but according to Evelyn Jacks of the Knowledge Bureau, a company that provides education and certification in the financial services sector, accounting is a growing field with a wide variety of opportunities for those with some experience and aptitude. Certificate courses and related exams in accounting and bookkeeping can often be pursued from home, opening up the door to jobs such as accounting clerk, accounting assistant or bookkeeper. The pay for these jobs is above average, but when it comes to hitting the six-figure mark, this is a promising track for aspiring entrepreneurs; strike out on your own and the earning potential is up to you. [More: 10 most valuable start-ups founded by women]

5) Medical sonographerAccording to the Canadian Association of Registered Diagnostic Ultrasound Professionals, sonographers are in short supply in Canada. These diagnostic medical pros use ultrasound technology to deliver key information used to diagnose and treat a number of conditions (not to mention determine whether your next bundle of joy will likely be sporting a lovely shade of pink or blue). In most provinces, sonographers need a three-year diploma. Those who work in the field can expect to earn between $48,000 and $100,000 per year.

6) Emergency medical technician (EMT)If you turn on the tube before dozing off, you probably have some idea of what an emergency medical technician does. These super-hero health-care professionals respond to emergency calls and treat and stabilize patients in the field before whisking them to the emergency room. This is an intense, fast-paced job that often involves long hours, but for those who thrive on making an impact, this may be the golden ticket. Becoming an EMT typically requires a two-year diploma, and the pay here tops out at $96,000, falling just short of six figures. But then, you can’t put a price on saving someone’s life. [More: Change your life, change your career: 5 steps to financing the career of your dreams]

The journeyThese fields have the potential to earn the big bucks, but getting top dollar isn’t easy. Only the best rise to the top, and it often takes years of hard work to get there. If you aspire to earning six figures, you’ll know when you’ve arrived. But in the end, it won’t be because of what you earn – but the journey you took along the way.

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As a way to help students plan for the cost of college, Truckee Meadows Community College will host Leap into Financial Aid night Feb. 29.

TMCC financial aid experts will be on hand from 6 to 7:30 p.m. to address all questions regarding Federal Student Aid (FAFSA), scholarships, veterans education benefits, Governor Guinn Millennium Scholarship, student employment, Gaining Early Awareness and Readiness for Undergraduate Programs (GEARUP) and the Success First Program.

The cost of education usually consists of tuition, fees for the number of credits you plan to take each semester, living expenses and transportation costs.

For more information about financial aid, visit www.tmcc.

edu/financialaid.

If for example, you borrowed R30 000 for a period of four years at an interest rate of 15 percent, the repayment would be R815.66 per month. Obviously this payment would be a hefty commitment for a full-time student, so the bank allows the student to only pay the interest portion of the payment. The capital remains unpaid for the full period of the loan. The borrower can opt to settle the debt and pay the R30 000 or refinance it.

What this means is, that at the end of the four years the loan starts again. Unfortunately most people have to choose this route. So what started out as a four-year loan turns into an eight-year commitment with exorbitant interest charges. The interest amounts to a whopping R18 302.

It is a tough one to get around, so here are some tips to help you to avoid using this kind of financing.

Your first port of call would be to find an interest-free loan from a family member. Agree to a set monthly payment while you are studying and arrange for an increase when you start full-time employment.
Find out about grants or academic bursaries from your chosen place of study.
This is really simple – get a part time job. It may put a little extra pressure on you but many people have been able to juggle work and studies successfully.
Consider delaying your studies and work for a year to build up capital.
Find a job that offers a work-study programme. Beware, however, that if your employer pays for your studies, they may require you to work for them for at least three years.
Moving out of home may seem very appealing but it will cost you a small fortune. Stay at home and keep your overheads to a minimum.

PRCS Acting Secretary General Muhammad Ateeb Siddiqui and PRCS Sindh Provincial branch secretary Kanwar Waseem were also present on the occasion.

Speaking on the occasion, Senator Nilofar Bakhtiar paid rich tribute to the deceased and said that PRCS is proud of its staff and volunteers who gave their lives in serving the humanity.

She said that its is because of the services and sacrifices of these staff members and volunteers PRCS reached out to millions of affectees all over the country.

She said that the PRCS keeping in view the nature of work has enrolled all the staff members for health and life insurance in order to compensate their families in case of any mishap during and relief operations.

PRCS Sindh branch has also contributed in the financial aid to the deceased staff member.

It is pertinent to mention here that Rizwan Gul was working with the PRCS for the last many years and performed his duties during the most critical times in far-flung areas of the country.—APP

BY EMILY McFARLAN emcfarlan@stmedianetwork.com February 21, 2012 6:44PM

Updated: February 21, 2012 7:52PM

ELGIN — There are a lot of misconceptions when it comes to the Free Application for Federal Student Aid, or FAFSA, that most college students and their parents fill out each year.

There’s the misconception that if you fill out FAFSA incorrectly once, that’s it ­— you’re done, you can’t apply for aid again, according to Kim Wagner, managing director of student financial services at Elgin Community College.

“No, come back. We’ll help you,” Wagner said.

Or the misconception that applications must be submitted by a specific date, like filing taxes, she said.

Actually, in Illinois, the director said, “You can file any time.”

That’s why Elgin Community College’s Financial Aid and Scholarships Office is offering free help with FAFSA during open houses from February through June. The first open house will be 10 a.m. to noon next Monday in the Financial Aid and Scholarships Office, located inside the Student Resource Center at the college, 1700 Spartan Drive.

Financial aid professionals will be available during those hours to answer questions about eligibility for federal aid and help fill out applications, according to the community college. Appointments also are available.

Applicants should bring a copy of their 2011 taxes if they are applying for aid for the 2012-13 school year, which includes summer 2012, according to the college.

“We’ve always had FAFSA workshops,” Wagner said.

That has included help at “college nights” hosted by feeder high schools in Elgin Community College District 509.

But, added Assistant Director of Financial Aid and Scholarships Mary Crowe, this is the first year the Financial Aid and Scholarships Office has had five computers to use for those workshops. Before they moved into their new space in the Student Resource Center, financial aid professionals had hosted workshops in one of the campus computer labs.

This also is the first time the office has been able to offer that assistance in Spanish, Crowe said.

And staffers are seeing more and more students coming in, looking for help with financial aid, she said.

The office saw 23,000 walk-ins in 2011, Wagner said. That’s up from 15,000 the year before, she added.

It also answered 20,000 phone calls last year, Crowe added.

And 54 percent of Elgin Community College students receive financial aid, Wagner said. That’s a little over 6,000 students, she said, which shows students have a lot of questions about aid.

“We really advocate for them to (fill out FAFSA), even if they don’t think they’ll qualify or get money,” Crowe said.

Students are considered “dependent” on their parents, with few exceptions, until they turn 24 years old, Crowe said. But even if their parents make too much money to qualify for financial aid, students still need to fill out FAFSA if they plan to apply for loans, work/study programs or scholarships, she said.

And she encourages all students in District 509 to list Elgin Community College as a possibility on those applications because, Crowe said, plans and circumstances always can change.

More information about financial aid is available from Elgin Community College’s Financial Aid and Scholarships Office at 847-214-7360 or financialaid@elgin.edu.

Malloy is proposing to cut funding to the Connecticut Independent College Student Grant program, which provided need-based scholarships last year to more than 5,400 students attending 16 Connecticut schools. The program applies only to Connecticut residents who attend private colleges in the state, including the University of Hartford, Goodwin College in East Hartford, University of New Haven, and Albertus Magnus in New Haven.

For the first time, Malloy is seeking to end the program for any private colleges in the state with endowments higher than $200 million: Yale, Wesleyan University, Connecticut College, Trinity, Quinnipiac University and Fairfield University.

None of the Connecticut schools comes close in wealth to Yale, which has the nation’s second-highest endowment at $16.5 billion. But the $200 million endowment cut-off is a close call for some of the schools, including Connecticut College at $212 million, Fairfield at $254 million, and Quinnipiac at $277 million, according to figures in the Chronicle of Higher Education.

Judith B. Greiman, president of the association representing the private colleges, said the grants are highly important to many students who last year received an average of slightly less than $4,000. The maximum grant is more than $8,100, depending on a student’s financial need. Greiman and some legislators questioned whether the state should be spending additional money on elementary education while cutting college scholarships at the same time.

“We don’t want to close the achievement gap at K-12 and have a financial gap at college,” said Greiman, a former top official in the governor’s budget office under Lowell P. Weicker Jr.

To make the point, Greiman’s organization created 12 cards — akin to Major League Baseball cards —each of which shows a picture of a different student who is currently receiving a scholarship.

One of those students is Laquisha Springer of East Hartford, currently studying behavioral neuroscience at Connecticut College in New London with the help of the CICS grant.

“The cost of one year of a good education is worth more than my family’s yearly income,” Springer says on the back of her card. “The scholarships and grants I’ve received from my school and elsewhere have helped to take off some of the anxiety of funding my education, but it has not been enough.”

Another student, Nicholas Hamilton of Bloomfield, is studying business administration at Mitchell College in New London.

“Financial aid has helped out enormously because it takes a little burden off what my family has to pay for me to get an education — and knowing that I could get more grants and scholarships for performing well in college just pushes me to perform at my best,” he said.

The same program was cut last year under Malloy’s budget — from $23 million to the current year’s level of $18 million. Currently, students in the top six schools receive state scholarships totaling $4.8 million of that $18 million. For the second year of the two-year budget, Malloy wants to reduce the scholarships to $11.3 million.

The executive director of the state department that oversees the grants, Jane Ciarleglio, said that Malloy decided to draw the line at the state’s six richest universities.

“The governor thought that with an endowment that large, they can come up with institutional aid,” she said.

A spokesman for Malloy referred questions to Ben Barnes, Malloy’s budget chief. He was not immediately available for comment.

Rep. Roberta Willis, a Litchfield County Democrat and co-chairwoman of the higher education committee, fought against last year’s cuts in scholarships. Some lawmakers thought the battle was over, but Malloy came back with more cuts this year.

“No one likes to cut financial aid. It hurts,” said Willis, who also sits on the appropriations committee. “But this is even more painful than last year.”

More than 25 students and administrators signed up to address legislators during a hearing Tuesday night at the state Capitol complex. One of the students — Alessandra Cabral of the University of Hartford — told legislators that she is a mother who already works two jobs in order to afford the tuition with the hope of obtaining a degree in biochemistry. Without the CICS grant, she said, meeting her payments would be difficult.

“I would have to reconsider my whole life,” Cabral told legislators. “I don’t think I could afford to go to college.”

Keisla Medina of Bridgeport, who is majoring in business management in the Class of 2013 at the University of New Haven, says on her card that financial aid has helped her move toward her goal of becoming the first in her family to graduate from college.

“I was born in Puerto Rico, but I have been living in Bridgeport ever since I was a year old,” Medina said. “I am one of four siblings, and my mother is a single mother who for the past year has been unemployed. … Thanks to financial aid, my dream is slowly becoming true, but my dream is not complete until I graduate.”

Faced with cuts in the overall program last year as the state faced a dire financial situation, Yale University opted out from accepting the state scholarship money as “good citizens,” Greiman said.

But Sen. Toni Harp, a New Haven Democrat who co-chairs the budget committee and whose district includes Yale, said that was only a short-term decision.

“I expect Yale to be crying the blues,” Harp said Tuesday during a public hearing at the Capitol complex. “They took themselves out last year, but they said they don’t want to be out forever.”

As Ciarleglio was explaining Malloy’s higher education budget, Harp said, “Frankly, I don’t like any of your cuts.”

On a day of education hearings at the Capitol, Malloy spoke to students rallying for education reform after sunset outside the Capitol. The students held signs and listened as Malloy spoke in the area between the Capitol and the adjacent Legislative Office Building.

“This is our opportunity to bring real reform to education,” Malloy told The Courant after finishing his speech. “If we don’t reform education, we will not be competitive in the future. We have presented a 163-page document that is soup to nuts on reform, and I hope it will be taken seriously.”

It would be of great interest if you provide your own (or the DP’s) view on this, as it is at the heart of Penn athletics future. Essential to any team success is the ability to recruit the best athletes, and that involves financial aid in the form of outright grants rather than loans.

It has been often repeated that Harvard has the most generous financial aid packages, followed by Princeton. If this is accepted as a given, how can Penn and the other Ivies CONSISTENTLY compete on a manifestly un-level playing field?

It is no longer questionable that Penn has reduced internal funding for Intercollegiate Athletics, and most teams have to be self-funded to a major extent. Penn Park and the wonderful Weiss Pavilion notwithstanding, where’s the declared commitment in the form of financial support for Penn sports from the administration and trustees? Most succinctly, where’s the money?

MINNEAPOLIS and ST. PAUL, Minn., Feb. 21, 2012 /PRNewswire via COMTEX/ — Robert C. Ballard, Senior Vice President, Access and Outreach, USA Funds

Scholarship America®, the nation’s leading nonprofit scholarship and educational support organization, is pleased to announce that Robert C. Ballard, Senior Vice President, Access and Outreach for USA Funds, has been elected to serve as a member of Scholarship America’s Board of Trustees. He brings with him more than 29 years of higher education finance experience.

“I am honored to be selected to serve on the Scholarship America board of trustees. Scholarship America has been a valued partner to USA Funds in helping families prepare and pay for college. I look forward to working more closely with the organization to open the doors to college to every deserving student,” said Mr. Ballard.

Mr. Ballard currently directs USA Funds’ and its affiliates’ college access and outreach programs, philanthropic activities and the corporation’s strategic innovation activities. He oversees access and outreach activities that in 2011 provided funding totaling more than $13.5 million for programs to promote preparation for, access to and success in higher education. In addition, Mr. Ballard oversees the delivery of college support services delivered by two of the corporation’s Centers for Student Success and the development of new strategic opportunities, collaborations and partnerships. Prior to joining USA Funds in 2008, he held a variety of positions within the financial services and education finance communities.

Mr. Ballard serves on the boards of several community and charitable organizations; he is a member of the board of Bottom Line, a nonprofit organization that helps disadvantaged youth get into college, graduate and go far in life, and also serves on the board of the United Way of Central Indiana and its Ready to Learn-Ready to Earn committee. He is the immediate past chair of Indiana Dollars for Scholars, and Riverview Hospital Foundation in Noblesville, Indiana, and continues to serve on several board committees of both organizations.

“I am thrilled that Mr. Ballard has joined Scholarship America’s board to assist in our pursuit of postsecondary success for all students. His 29 years of higher education experience will be a valuable asset to our organization, and we look forward to benefiting from his insights and expertise,” said Lauren Segal, President and CEO, Scholarship America.

About Scholarship America®

Scholarship America is a national education service organization that mobilizes support for students getting into and graduating from college. Scholarship America has distributed more than $2.7 billion in scholarship assistance to more than 1.8 million students over the last 50 years. Scholarship America’s programs, which include Dollars for Scholars®, help fund both entry-level and multi-year scholarships, as well as emergency financial grants. More information is available at scholarshipamerica.org.

SOURCE Scholarship America

Copyright (C) 2012 PR Newswire. All rights reserved

Durban – The University of KwaZulu-Natal’s Westville campus has extended the closing date for the registration of students who are struggling financially.

“Returning students who are on financial aid appeals will be expected to register as soon as their appeals have been finalised and no later than February 29,” university spokesperson Nomonde Mbadi said on Tuesday.

Students eligible to apply to the registration appeals committee were those studying towards a qualification.

“They are eligible to register if they have not been academically excluded and have a family income less than a threshold of R180 000 per annum,” Mbadi said.

Other requirements included students who owed less than R4 000, students who owed money and had applied for financial aid for the first time and students who owed money but were on financial probation.

Mbadi said students who submitted appeals to the registration appeals committee would be contacted to consult with the staff of student fees offices.

“Regarding the issue of the selection of residence assistants, a meeting will be held with manager of the student residence affairs Mr Themba Khumalo to find an amicable solution to the challenge,” she said.

Mbadi said first year students who had applied to the central applications office for financial aid and who qualified for assistance would be cleared to register.

Students at the university protested last Monday and Tuesday because they wanted funding to be made available to over 1 000 students.

They also wanted the university to provide housing for more students.

The students went on the rampage on Tuesday after being told about a court interdict against the protests of the past weeks.

Police spokesman Colonel Vincent Mdunge said students barricaded roads with burning tyres and rocks, preventing vehicles from entering or leaving the institution.

Four students were arrested for malicious damage to property and three students were injured.

Mbadi said the strike at the university had been called off and normal academic programmes had resumed.

- SAPA