By: Andrew O’Donnell, intern for the U.S. Department of Education’s Office of Federal Student Aid
As someone currently attending community college, I can tell you firsthand about many of its benefits. Not only is community college significantly cheaper than four-year institutions and often much closer to home, it’s also a great place to begin your postsecondary education if you’re someone like me who was unsure of a specific program of study to pursue right after graduating from high school.
In addition to considering community college, it’s beneficial to weigh all of your options before deciding what college to attend. The U.S. Department of Education’s College Scorecard is a tool that provides data to prospective college students and their families about the costs of different colleges. This resource can be used not only to compare the costs of different institutions, but also to compare other metrics of a college such as its graduation rate, the post-college earnings of graduates, and more. The College Scorecard is a great tool for current and prospective students to make well-informed financial and academic decisions about their postsecondary education options.
Unfortunately, not all these options are taught during high school. The Council for Economic Education’s recent 2022 – Survey of the States study found that only 23 states require students to take a course in personal finance to graduate. This seems to directly conflict with the need for financial education for prospective college students who are faced with a wide array of important financial decisions, such as deciding where they will go to college and how they will pay for it.
The following 5 steps will put you on track to succeed financially throughout not just college but also life after school.
Create a Budget
Regardless of your current financial situation, creating a budget and sticking to it lets you control where your money goes instead of wondering where it went. A budget is a guide that helps you track and organize your cash inflows and outflows. Your budget should account for your personal financial goals, which may include paying bills, saving, giving to others, treating yourself, and much more. Get started by using Federal Student Aid’s simple guide to creating a budget and check out their brief video on budgeting to further your understanding.
Start an Emergency Fund
It can be difficult to prepare for all of life’s surprises. That’s why when the unexpected happens, an emergency fund can turn what could have been a financial crisis into a mere inconvenience. An emergency fund is a cash reserve that’s set aside specifically for financial emergencies or unplanned expenses. Losing a job, needing a car repair, or experiencing a medical emergency are all realistic examples of what you could use an emergency fund for. The Financial Industry Regulatory Authority’s guide to starting an emergency fund recommends that your emergency fund is made up of roughly 3-6 months’ worth of living expenses. Make sure you keep these funds somewhere where they can be easily accessed, but also where you won’t be tempted to use them for non-emergencies! Having this financial safety net gives you peace of mind and helps protect you from having to incur debt when an unexpected expense or emergency arises.
Fill Out the FAFSA Form and Apply for Scholarships
The Free Application for Federal Student Aid, better known by the acronym FAFSA, is a form completed by both current and prospective college students to identify their eligibility for federal aid. Filling out the FAFSA every year is a great way to determine if you are eligible to receive financial aid that can help you pay for college. The first “F” in FAFSA stands for free! It costs you nothing to fill out this form every year, and you may have to fill it out to be eligible for certain scholarships at your college anyway. Be sure to fill out the FAFSA annually. However, the FAFSA isn’t the only resource available that you can use to help pay for college. Scholarships are a form of financial aid that don’t have to be repaid! Scholarships can be offered on the basis of a variety of criteria, which can include academic merit, athletic skill, inclusion and diversity, and financial need. Scholarships can also differ drastically in terms of their amount. Be sure to check your college’s website or call their financial aid office to learn about the various scholarships that they may offer and apply for as many as you qualify for. For more information on scholarships, check out Federal Student Aid’s page on everything you need to know about scholarships.
Start Building Credit and Know Your Credit Score
A credit score is an indication of how “creditworthy” you are, which is a metric used to represent how likely you are to repay a loan on time. Your credit score is important because it directly affects your ability to finance large purchases like a house or car, your eligibility to obtain lower interest rates, as well as your potential to receive housing and insurance discounts associated with a high credit score. Most credit scores range from 300 – 850 and the higher the score, the better your chances are of being approved for a loan and obtaining a favorable rate. Some of the factors that contribute to the calculation of your credit score include your bill-paying history, your amount of debt, and the amount of credit you’re using. You can find more details about how your credit score is calculated from the Consumer Finance Protection Bureau here. Also get a free copy of your credit report. Repaying student loans and having a credit card you pay off on time every month are both great ways to positively impact your credit score. However, be very cautious about your credit card use because failing to pay off your credit card bill on time will harm your credit score and likely result in you being charged with extremely high interest rates on your payments!
Start Planning for Retirement
For many college students, saving for retirement may be an afterthought because it’s so far off. Despite the fact that most college students won’t retire for several decades, now is the best time to start saving in order to ensure a successful retirement. Explore all the options you have when it comes to different retirement savings accounts and choose the one that fits you best. By beginning to save now, you can benefit from the power of compound interest, the process by which your savings grow exponentially, or at a continually increasing rate. Take advantage of your youth and start saving early!
Conclusion:
Many of the financial decisions that you make during college will have a lifelong impact, which is why it’s important to become financially-literate. Continuing your education beyond high school should open new doors and provide you with new opportunities, not burden you with financial regrets. Wise financial decision-making now can lead to a prosperous financial future and help give you the upper hand when it comes to financial success.
Author’sBio:
Andrew O’Donnell is an intern for the U.S. Department of Education’s Office of Federal Student Aid. He is passionate about the field of personal finance and will be pursuing a bachelor degree in finance at a four-year institution after graduating from Carroll Community College with an associate degree in business administration.
Adnan Syed, who was freed in September after he spent 23 years in prison fighting a murder conviction that was chronicled in the hit podcast “Serial,” has been hired by Georgetown University as an associate for an organization whose work mirrors the efforts that led to his release, the university has announced.
Mr. Syed, the subject of the 2014 podcast and pop-culture sensation that raised questions about whether he had received a fair trial after being convicted of strangling his high school classmate and onetime girlfriend Hae Min Lee in 1999, will work for Georgetown’s Prisons and Justice Initiative.
Mr. Syed, who was 17 at the time of Ms. Lee’s death in Baltimore, has steadfastly maintained his innocence.
The university said that Mr. Syed, now 41, will help support programs at the organization, such as a class in which students reinvestigate wrongful convictions and seek to “bring innocent people home” by creating short documentaries about their findings. The program, founded in 2016, “brings together leading scholars, practitioners, students and those affected by the criminal justice system to tackle the problem of mass incarceration,” according to its website.
Georgetown University, which is in Washington, said that in the year leading up to his release, Mr. Syed was enrolled in the university’s bachelor of liberal arts program at the Maryland prison where he was incarcerated.
“To go from prison to being a Georgetown student and then to actually be on campus on a pathway to work for Georgetown at the Prisons and Justice Initiative, it’s a full circle moment,” Mr. Syed said in a statement. “P.J.I. changed my life. It changed my family’s life. Hopefully I can have the same kind of impact on others.”
He added that he hoped to continue his education at Georgetown and go to law school.
The new job this month culminated what has been a remarkable year for Mr. Syed, whose case has again received widespread public attention after a flurry of recent legal activity.
In September, Mr. Syed was released from prison after a judge overturned his murder conviction. Prosecutors said at the time that an investigation had uncovered various problems related to his case, including the potential involvement of two suspects and key evidence that prosecutors might have failed to provide to Mr. Syed’s lawyers.
In October, prosecutors in Baltimore dropped the charges against Mr. Syed after DNA testing on items that had never been fully examined proved Mr. Syed’s innocence, officials said.
Ms. Lee’s family filed an appeal with the Maryland Court of Special Appeals after prosecutors dropped the charges.
On Nov. 4, the court said in an order that the appeal could be heard in court in February.
Marc Howard, the director of the Prisons and Justice Initiative, said in a statement that Mr. Syed’s “commitment to the program and to his education was clear from the moment he stepped into the classroom.”
He added that Mr. Syed “is one of the most resilient and inspiring people I’ve ever met, and he has so much to offer our team and the other students in P.J.I. programs.”
In a Georgetown University article about the hiring, Mr. Syed said that he was in disbelief when he first saw a flier for the program.
“It became this domino effect to see us be accepted,” he said. “It made it become something real in the eyes of others, that there are opportunities. There can be a sense of hope: a sense of hope that things can get better, a sense of hope that I can work hard and still achieve something, a sense of hope that I can still do something that my family will be proud of.”
His attachment to the school was evident on Sept. 19, when he walked out of prison for the first time since he was a teenager.
Amid a throng of reporters and his supporters, Mr. Syed walked down the courthouse steps in Baltimore, smiling. He gave a wave.
And in his hand, he carried a binder with a Georgetown sticker. His graded papers and tests were inside.
“Supporting Palestinian liberation does not mean opposition to Jewish people or the Jewish religion,” the group said in a statement to the Berkeley law community. Members of the group did not respond to messages seeking an interview.
After learning about the bylaw, Mr. Chemerinsky met with the university’s Hillel rabbi and spoke with several Jewish students, but, aside from concerns within the law school, the reaction was relatively muted, he said.
That changed, he said, after Kenneth L. Marcus, the civil rights chief of the U.S. Education Department during the Trump administration, wrote about the bylaw in September in The Jewish Journal under the explosive headline “Berkeley Develops Jewish Free Zones.”
Mr. Marcus wrote that the bylaw was “frightening and unexpected, like a bang on the door in the night,” and said that free speech does not protect discriminatory conduct.
The article went viral.
Mr. Chemerinsky said he learned about Mr. Marcus’s article, which he described as “inflammatory and distorted,” while he was in Los Angeles for a conference. Mr. Chemerinsky said he typed out a response to the article, which was appended to it, and then didn’t think much of it. That afternoon, he was deluged by emails. At an alumni event that night, the law school’s perceived hostility to Jews was “all anyone wanted to talk about.”
In an interview, Mr. Marcus, a Berkeley law school alumnus, said that he was contacted by law students there who were concerned about the bylaw. He said he spent weeks trying to support them and wrote his article after Berkeley did not “rectify the problem.”
Not allowing Zionist speakers, he said, was a proxy for prohibiting Jews. The provisions, he said, are “aimed at the Jewish community and those who support the Jewish community,” even while acknowledging that the policy could allow Jewish speakers and bar those who are not Jewish.
“People with learning differences are human,” wrote Deanna White, a neurodiversity advocate and parent learning coach in response to a question we posed on LinkedIn. “Unique individuals and wonderful humans that are better defined by their strengths. So stop focusing on the weakness.”
We invited our social media followers across Facebook, LinkedIn, and Twitter to weigh in on the most effective way schools can better support students with learning differences.
Responses ranged from shifting educators’ mindset—like highlighting student strengths—to more far-reaching changes that would require schoolwide or district support.
Focus on students’ strengths
There are many ways of encouraging students to play to their strengths, as educators Winston Sakurai and Phyllis Fagell demonstrated in an August 2022 article by Education Week Assistant Editor Denisa Superville.
They detailed how they shared their own learning struggles as a way to connect with their students. Their personal successes show students, who may be struggling academically or socially, that anything is possible.
Here’s what other educators had to say.
1. Help them understand their learning strengths and challenges and growing them as strong self-advocates.
2. Devoting time and money to developing teachers’ abilities to differentiate.
– Amy S.
By having high expectations and giving them exposure to high-quality materials and experiences, even ones that seem “above them.” They will shock us with their insights every time.
– Angela P. 😒😒🥴
Meet students where they are
In a 2015 primer on the topic, EdWeek Assistant Editor Sarah D. Sparks wrote about how “differentiated instruction”—the process of identifying students’ individual learning strengths, needs, and interests and adapting lessons to match them—became a popular approach to helping diverse students learn together. Respondents largely agreed.
Time to work with every student. If you can meet with a child for a bit of time to help with exactly what she or he needs, it might ignite both learning and understanding.
In a 2017 Opinion essay, former teacher Marc Vicenti wrote about “the daily wear and tear on educators when trying to juggle a full teaching load and meaningful relationships with lively young people who all have different needs and experiences.”
“We can either choose to be less effective in our practice or exhaust ourselves—neither of which is beneficial to students or our own well-being,” he wrote.
Smaller class sizes are one way of mitigating the risk of burnout while working to meet each student’s needs.
Small classes, small schools, local control. I am the principal in a pretty small school in a small community and I know every child, and every family and we can build programs to meet our students’ needs. A country run or state run school system can’t do that.
Standardized tests have long been criticized for narrowing instruction and for holding all students to the same standard when “students enter school at varying levels and learn and grow at different rates.”
The backlash against standardized testing renewed interest in alternative ways to evaluate students’ learning progress, like “performance assessments—the idea of measuring what students can do, not merely what they know”.
Sometimes it’s best to go to the source to discern how to best tackle an issue. Giving these students a voice can not only empower them in their learning, but also help educators understand how to have the biggest impact.
Ask them how they learn and what helps. Give them a voice!
Yes! Listening to what students need and giving them a voice is something we need to do for all students, but especially those who need more help in the classroom.
