Student Loan and Financial Aid Information Financial Aid and Scholarship News Inside Higher Ed - News on Student Loans and Financial AidStudent Loan, Student Loan Comments (0)
The National Association of Student Financial Aid Administrators recently completed a salary survey of financial aid officers from around the country. The survey consists of responses from 3,179 personnel employed at roughly 1,075 colleges and universities.
Over the last 10 years, financial aid directors received a 7% increase in salary as compared with a 29.2% increase in the urban Consumer Price Index. The median salary for directors in 2007 was $62,800. A breakdown between public and private institutions showed that four year public colleges and universities paid financial aid directors an average salary of $74,110 while private universities averaged almost $13,000 less at $61,000.
Financial aid counselors made much less than directors with a median salary of $35,000 in 2007. Public colleges and universities paid the counselors on average $4,000 more than those at private institutions.
Some other information included in the survey included demographics and professional experience for those employed in financial aid offices. Approximately 73% of aid professionals have a bachelor’s degree or higher and roughly 12 years of professional experience. The career is overwhelmingly female with 80% of financial aid officers being women.
For more information on financial aid salary survey, visit the NASFAA website.
Student Loan Watcher @ July 3, 2008
Student Loan, student loans Comments (0)
This video gives a little history of the GI Bill and really drives home the importance of giving our soldiers an opportunity to come home and get a college education without being burdened with student loans and debt.
Student Loan Watcher @ July 2, 2008
Student Loan, Student Loan Comments (0)
As college becomes increasingly expensive, recent high school graduates are going to need to really think hard about the importance of a college education. Here are some numbers to consider:
8 of the top 10 fastest growing jobs through 2014 don’t require a bachelor’s degree
The average student loan debt at graduation is $21,000
Federal interest rates are on the way to 3.4% by 2012
Here is a quick list that shows some salaries for skilled vs. non-skilled employment:
Sales representatives
High turnover and new products equal demand: $42,000-$114,000
Translators
The need is expected to grow 26% by 2014: $43,000-$100,000
Insurance adjusters
These jobs aren’t easily outsourced or replaced by technology: $34,000-$75,000
Transportation workers
Rail and trucking companies can’t meet the demand: $28,000-$53,000
Personal trainers
A growth business, due to the spread of health clubs: $23,000-$55,000
Auto technicians
Today’s computerized engines require specialized training: $27,000-$40,000
Legal secretaries
Experts predict 47,000 new openings by 2014: $35,900-$60,000
Forensic accountant
Combines accounting, auditing and investigative skills: $30,000-$150,000
Logistics manager
Plan, implement and control flow of goods or services: $35,000-$118,000
Corporate librarian
More companies need specialists to manage information: $37,000-$93,000
Emerging media specialist
Managers in Web content and online marketing need communication skills and tech savvy: $26,500-$100,000
Physical therapist
Aging baby boomers will drive the increasing need: $34,600-$74,000
Information security
Workers plan, implement and support network security: $47,000-$122,000
A sample of weekly salaries by profession:
Petroleum engineer: $1,891
Veterinarian: $1,160
Computer programmer: $1,130
Registered nurse: $901
Firefighter: $898
Occupational therapist: $882
Clergy: $774
Social worker: $706
Corrections officer: $610
Dietitian: $555
Taxi driver: $461
Bartender: $342
Telemarketer: $303
Dishwasher: $245
Child-care worker: $228
Most importantly, here are the average hourly wage reports for high-school vs. college degree:
High school graduates:
Men: $15.65
Women: $12.34
College graduates:
Men: $28.06
Women: $21.30
So decide for yourself. Is it worth it?
Student Loan Watcher @ June 27, 2008
Student Loan, student loans Comments (0)
Next week marks a drop in the interest rate of Stafford Loans from 6.8% to 6.0%. This is just the beginning of an overall cut in interest rates which will be cut in half over the next three years reaching a low of 3.4% by the year 2011. The cut is expected to benefit almost 7 million students who take advantage of the need-based Federal Student Loan Program.
The cuts are part of the College Cost Reduction and Access Act which was recently signed into law and will provide help in the form of lower interest rates, increased Pell Grants, and increased loan limits. This is a good sign for those of you headed to college this year. Make the most of the financial aid packages offered to you by filling out your FAFSA today.
Student Loan Watcher @ June 25, 2008