Is your school going broke?
Is your school going broke?
All colleges and universities have to fill a certain number of student openings in order to make the money they need to stay open and running. While most colleges have also raised the price of tuition for the same reason, some are going to relatively desperate measures to fill student slots that remain open after regular admissions have wrapped up.
It’s an increasingly common tactic
Several universities have started what they call on-the-spot admissions or instant admissions. Essentially, in order to fill their remaining openings for the semester, they host special events where prospective students can apply during specified hours on a particular day. Application fees are waived, and admissions decisions are made within minutes.
As soon as a student is admitted, the registration for courses for the semester begins. Within one day, these students have completed the entire admissions and enrollment process. This quick process draws in students who are looking for an easier admissions process, and helps the school fill spots – and their wallets – quickly.
The problem is that most of these schools will continue to spend more than they make. One of the main problems, and the main reason for the rising tuition prices seen country-wide, is that colleges and universities often have too many programs and personnel (often at the administrative level) that make little economic sense to keep on board.
While many people have blamed the rising tuition prices in America as a result of “colleges are being run like businesses nowadays”, they are actually run in ways that go against many best business practices.
Is your school one of them?
Finance Friday: Emergency Funds
You need an emergency fund. You should always have an emergency fund. If you don’t already have one, start saving – it is never too late to start. Even if you have next to nothing in your bank account, start putting away a couple dollars a day toward your emergency fund.
Emergency funds are there to help you get through the tough times. It might feel like you’re in tough times all the time, since being in college is a struggle in itself, but emergency funds are for just that – emergencies. You might have a weekly or monthly budget set up for housing and food, but you also need to plan ahead for unexpected expenses, like car problems.
How much should I save?
The amount you choose to aim for should start out relatively small and grow over time. You want to set a short-term goal and a long-term goal for your emergency fund. Start by setting a goal of $1,000. That’s a modest amount that you should be able to save up to within 6 months to a year.
You can even open up a new savings or checking account with a bank that gives you $100+ for opening a new account to get a jump-start on the saving. Once you’ve hit your $1,000 goal, you’ll know that you won’t have to take out money from your regular budget if you get hit with a medical bill or a blown tire that needs replacing. Anything that you can save can take the weight off your shoulders in case of an emergency. Having to cut things out of your regular budget to fit in unexpected spending is very difficult, especially when you’re already budgeted to the max.
The general rule of thumb for a good emergency fund is to have at least 6 months of living expenses saved up. I know, that seems like a lot right now, which is why you should start small. Having 6 months of expenses in your savings will take time, but it means that if you ever lose your job, you’ll have the means and the time to find a new one.
Build your emergency fund
In the News This Week:
FOOD: after a small launch several months ago, Facebook’s ‘Order Food’ feature has officially launched across the US.
Stranger Things: the final trailer for the series with a cult following has been released, with the series’ second season set to premier on October 27th.
Wildfire: as fires continue to rage across northern California and the Pacific Northwest, air quality concerns have started to rise.
From the Blog
Top 7 Most Bike-Friendly Campuses
Campuses range in size drastically and usually depend on the size and population of the student body itself. For those at bigger universities, campus buildings are often widely spread apart, and students can find themselves walking nearly a mile to their next class. Many schools do offer bus options to help students move in between classes more quickly, but from my experience and the experiences of those around me, these bus routes can often be confusing and unreliable. Perhaps the most common alternative to walking and campus bus transportation is driving. But there are very few campuses with easily accessible (or affordable) parking options. It may seem as though students would be left with no option but to walk all that way, but many times there is a simpler solution: bicycles. Biking can be a great option for getting somewhere quicker and cheaper. However, not all campuses are set up to be easily or safely navigated on a bike.
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