Three Square Meals: The College Meal Plan

Food, glorious food…It’s a critical part of life, and so by default it’s a critical part of college life. Going off to school means no more meals cooked at home, or a kitchen that’s fully stocked. So what are your kids going to do about eating while pursuing that degree? The meal plan is one option. A meal plan is a service offered by colleges that provides students with a certain number of meals per week, or semester. These meals are served at the school cafeteria or dining hall and often consist of an all-you-care-to-eat type buffet with various food stations. But the question is: is it worth it? Meal plans aren’t cheap, so if your children are going to sign up for one, let’s make sure they get the most bang for their buck (or your buck, if you’re footing the bill).

Planning to Eat
The pre-paid meal plan usually comes in a variety of sizes to fit a variety of needs that are likely delineated by the number of meals per week. For example, if your son or daughter got a plan that offered 21 meals per week that’s 3 meals a day. But with classes and social activities, it’s likely they won’t eat 3 meals a day. That’s why it’s important for students to gauge their eating habits and choose wisely. The fact is, meals that kids don’t use aren’t going to get rolled over or get credited to their account.

Many schools utilize a student’s ID card to deliver the meal plan and track meal allowances. In some cases, meal plans offer additional monies on the ID card, which can be used to purchase food at other vendors. In order to determine the kind of plan that’s right for your child, we suggest your encourage them to eat at a dining hall when they visit the campus as a high school senior. If that’s not possible, have them contact other students at the school who have experience with the meal plan. Also, recommend that they get menus from the dining facility, and if they have any special dietary requirements see what the school is willing to do to meet these needs.

Of course, the choice to purchase a meal plan is sometimes out of the student’s hands. A lot of schools have begun making the purchase of a meal plan mandatory for students who live in campus dormitories. This is to ensure the students are getting well fed and not relying on preparing food in their rooms. Regardless of whether it’s mandatory, students will still have to determine the amount of meals they want to receive. Remind your kids that they won’t have a kitchen if they live in a traditional style dorm, so a meal plan is often the easiest and most inexpensive way to go. Those living in apartment-style dorms or off-campus housing may have kitchens, but they should still strongly consider buying a meal plan. After all, students spend much of their time on campus and the ability to get a healthy lunch at school is an economical and convenient option.

Watch the Diet
According to a study by a Cornell University, college freshmen gain an average of 4.2 pounds during their first 12 weeks on campus. “Significant weight gain during the first semester of college is a real phenomenon, with breakfast and lunch at all-you-can-eat dining facilities accounting for 20 percent of the weight gain,” says David A. Levitsky, professor of nutritional sciences and of psychology at Cornell. In other words, we recommend that you talk with your son or daughter about tracking calories; eating well-rounded meals (lots of vegetables!); and exercising, regularly.

Going Elsewhere
There is little doubt that even if your child gets a meal plan he or she is going to eat out at restaurants or order late night Chinese food. When choosing a meal plan, factor in these late night food runs to ensure your kids are not letting too many pre-paid meals go to waste. Don’t forget to consider how often they’ll be up and into the dining hall for breakfast. With a 21-meal plan, they’ll be paying for a lot of breakfasts they may never eat. In the end, meal plans are an ideal way to guarantee your kids have access to plenty of healthy meals, and that means they won’t have to subsist on peanut butter and jelly sandwiches for the entire semester.

Living the Dream: Determining Your Long-Term Career Goals

So what do your kids want to do with their future? It’s not an easy question, but it’s one that faces all of us early in our lives. Though many students just look forward to completing school, graduates have an uphill battle waiting for them after they’re handed that diploma. The good news is this is a battle they can choose. But it should be a wise choice, since choice of career will have a tremendous affect on happiness. According to a study by the Conference Board, 25% of employees are just “showing up to collect a paycheck,” and two out of every three workers do not identify with or feel motivated to drive their employer’s business goals and objectives. The best way to ensure that your kids don’t wind up in a similar situation is to help them make a powerful career choice.

Take this Job and Grow it
Of course, the kind of job your children may seek is related to their interests. Some students just know what they want to do, but what about those who are just plum unsure about their long term career goals? Sit down with your kids and talk about the possibilities. The first place to start is to seek out those careers that have the most growth; after all, job security is a treasured commodity in this economy. The United States Department of Labor reports that there are 149 million people in the workforce, and one-third of the workforce changes jobs every year. In fact, the average American will have had 9 jobs by the time he or she is 34 years old. The Department has also reported on what will prove to be the fastest growing occupations between 2006 and 2016: network systems and data communications analysts; personal and home care aides; computer software engineers, careers in the amusement, gambling, and recreation industries; and customer service.

Money Makes the World Go Around
Having a college education is the most reliable step a person can take towards earning a high salary. The U.S. Census Bureau found that workers 18 and older with a master’s, professional or doctoral degree earned an average of $82,320 in 2006 and those with a bachelor’s degree earned an average of $56,788. By way of comparison, workers with a high school diploma earned an average of $31,071. So what jobs are the highest paying? The census found the highest median salaries went to chief executives ($145,600); physicians and surgeons ($145,600); airline pilots, copilots, and flight engineers ($141,090); and dentists ($136,960).

Though money can be a factor in the decision, remind your kids that it’s more important to find a job that they love. Do they want to work in a corporate environment, or be their own boss? Do they want to pursue a more difficult career choice like acting or politics, but have another career that will help pay the bills during their pursuit? And what impact will their choice of career have on the college or university they choose?

No Time Better than the Present
The University of North Dakota found that up to 80 percent of entering college students indicate that they are not certain of their choice of major, even if they have initially “decided” on one. In addition, over 50 percent of entering freshmen change their majors at least once before graduation, and some change many times. Changing major mid-stream can affect when a student graduates, so coming up with a long-term career goal early is beneficial on many levels. Although choosing a major and a career are different, the choice of a major should flow from your child’s career objective. Majors can prepare students for a variety of occupations, but knowing where they are headed career-wise will help determine their focus and any minors they may pursue. Some colleges and universities expect students to declare a major before they reach a certain number of units, and some states now require that high school students choose an area of study to help reduce the dropout rate.

On the Horizon
Jobtrak.com revealed that more than 80 percent of its survey respondents said that it would take them 10 years or less to reach their career goals. In other words, the process is a marathon, not a sprint. It is highly unlikely that students will be offered their dream job right after graduation. Experience in their chosen industry will be essential to moving ahead. But knowing the kind of occupation they want will help them prepare by choosing certain classes, activities, student groups, internships, etc. And the earlier your child begins that preparation, the better. We recommend you help your child explore the numerous career resources online, and find out more about a specific occupation by talking to people who work in a particular field of interest.

College Concern: Helping Your Kids Manage Stress and Understand Depression

The college years have more to offer than learning and new experiences, they will also test how well students handle pressure. The busy and deadline-oriented nature of college puts students in an environment where stress is easily generated. Plus, the new relationships they develop and the expectations for success often shift those stressful feelings into ones of depression. Stress and depression are two debilitating afflictions that can do serious mental and physical harm to students. Teaching your kids how to combat this scourge will help ensure they have a healthy, active and successful college experience.

When Stress Strikes!
With school, socializing, work and various other activities, it’s no wonder that some students have difficulty managing their lives. The result is a feeling of being overwhelmed and always playing catch up, which leads to increased heart rate, inability to focus, anxiousness that keeps students from performing the tasks at hand, temperamental outbursts, restless sleep, and more. And the result of those symptoms will only add to stress, as the demands on students continue and they find themselves weighed down by their to-do list.

Talk with your kids about stress. When they feel it’s taking its toll, remind them to ask themselves if these are feelings they want to have. If not, it’s time to take action. Have them consider that being peaceful is the best antidote for stress and tell them to visualize what that would look like. Perhaps it involves engaging in a hobby like cooking, playing a sport, or just meditating. Exercise is another great way to reduce stress. According to a study published in the University of Texas newspaper, one 30-minute exercise session boosts mood and elevates the sense of well-being. Couple this with eating right and reducing caffeine, sugar and alcohol and your child will be waging a pre-emptive strike on stress.

Dealing with Depression
According to the National Institute on Mental Health, the symptoms of depression include sadness; anxiety or empty feelings; decreased energy; loss of interest in usual activities; sleep disturbances; weight gain or loss; feelings of worthlessness; thoughts of suicide; difficulty concentrating or making decisions; excessive crying; and chronic aches and pains not explained by a physical condition. They claim that if five or more of these symptoms persist for two weeks or longer, it’s important that students seek professional assistance.

Depression can derive from a variety of sources, but it usually comes down to a loss of control and uncertainty about the future. Being homesick, relationship issues and alcohol abuse are just a few of the triggers for college students. A new study conducted by National Association of Mental Illness (NAMI) and Abbott Laboratories found that one in three students reported having experienced prolonged periods of depression, while one in four students reported having suicidal thoughts or feelings. In a press statement, Ken Duckworth, M.D., assistant professor at Harvard Medical School and medical director for NAMI said, “The impact of untreated mental illness on a college student’s life can be devastating. Undiagnosed mental illness can cause people to withdraw socially, drop out of school, engage in substance abuse, or exhibit other unsettling behaviors.”

If you believe that your son or daughter is suffering from the symptoms of depression, it’s time to get involved. Support them in seeking the help they need to overcome these overwhelming feelings of sadness and despair. There is little doubt that college may be one of the first stressful and pressure-filled times of your child’s life. Keeping healthy is critical to getting through these anxious days. As for depression, the earlier they catch themselves spiraling into a depressive state the easier it is to address it, and get through it. Make sure the communication channels are open with your children, release any pressure you may put on them, and be vigilant for signs of increased anxiety.

Newly Indebted: Your Teen’s Use of Credit Cards in College

Money may make the world go around, but credit cards help make it spin a little faster. And the story is no different in college, where credit card companies compete to win over new customers (your kids!) with fancy giveaways, high limits and low introductory interest rates. The temptation to sign up for one of these cards is difficult to ignore; after all, your kids may have an emergency that requires some quick access to funds. However, owning a credit card in college is a major decision. The possibility of graduating with student loan debt and credit card debt is not an ideal scenario. So what do you need to know to help your children avoid ruining their credit before they graduate? Let’s take a look at the world of college credit cards.

The Cold Hard Facts
A 2001 study by student loan provider Nellie Mae found that 83 percent of undergraduates have at least one card and their average balance was $2,327. It also reported that students double their average credit card debt—and triple the number of credit cards in their wallets—from the time they arrive on campus until graduation. This is a good indicator that students are carrying balances month-to-month, and likely paying little more than the minimum required payment.

What to Know Before You Apply
Nowadays, colleges have opened up their campuses to credit card companies who offer school-branded credit cards. Though school spirit might lead some to apply, there are things kids need to know before they sign on the dotted line. We recommend you have a discussion with your child about the dangers of credit cards. You may want to add your child to your credit card as a way of monitoring usage, or perhaps you can ease them into their own card over the course of their time at college. If you do decide that you want your child to have their own card, give them some tips on how to handle this new responsibility.

Before they apply, have them check the card’s Annual Percentage Rate, or the rate of interest they’ll be charged. If the company is offering a low introductory APR, find out how long it will last and what it will rise to once the introductory period is over. Often, companies will give you an APR to entice sign ups, but six months later the APR skyrockets to over 20% and the balances the holder has been carrying suddenly get a lot more expensive to pay down.

Tell your kids to find out if there’s an annual fee attached to the card. Some companies may offer to waive the fee for a year, but if card holders plan on keeping the card for longer they’ll want to know what they’re getting into. Also, both you and your kids should know about the card’s limit. According to a study by the Smith College Women & Financial Independence (WFI), half of the students surveyed reported charging their cards to the limit some or most of the time. If your kids keep their limits low, it’ll help control their potential for debt. Also, make sure they ask about late charges and the consequences of making a late payment. Companies will not only charge a late fee, often $30 or higher, they may increase the APR.

Using a Credit Card
“Students are not just paying for late-night pizza with their credit cards, they are paying for college,” said Mahnaz Mahdavi, Smith College professor of economics, director of WFI and lead author of their credit card study. WFI reports that in addition to tuition, textbooks and school supplies, students used their credit cards to pay for personal items (58%); dining out (50%); entertainment (48%); groceries (47%); and travel (33%). A study by TERI/IHEP found that many students are using their credit cards to pay for education-related expenses such as tuition and fees (12%) and books and supplies (57%). Talk with your kids about using their card responsibly and, if possible, paying it off at the end of each month. Though carrying a balance is not recommended, if they do need to spread out their payments, make sure they make more than just the minimum payment. Minimum payments are often going to pay for interest only and will do little to bring down the balance and paying more than the minimum will also contribute to increasing credit scores so that future borrowing is at lower rates. Also, advise them to never take cash advances. These types of credit card transactions often have a very high interest rate.

In Debt = Indebted
The statistics show that most college students will get a credit card during their time at school, so it’s important they understand the kinds of risks that come with credit. Talk to your kids about budgeting –that way, when they graduate, they’re not left with a mountain of debt, along with their diploma. You may also want to review their credit report with them once or twice a year to catch any problems before they can do damage to their overall credit worthiness.

Graduation: Preparing for Your Child’s Big Day

Leaving on a Jet Plane: Tips on Sending Your Kids to Study Abroad

Study abroad programs may have been around for decades, but they’ve become increasingly more popular in recent years. In fact, according to the Open Doors report from the Institute of International Education (IIE), 223,534 students studied abroad last year, and the number of American students receiving academic credit for their study abroad has increased 150% in the past decade. If your son or daughter is considering going overseas to participate in a study abroad program, or have been approached about it, we’ve put some information together to help you understand this exciting opportunity.

Why Should They Go?
“Students should get a passport along with their student ID, and they should use it to study abroad at least once during their academic careers,” says Allan E. Goodman, President and CEO of the Institute of International Education. The benefits of studying abroad have been found to be wide-ranging and long lasting. According to a survey by the Institute for the International Education of Students (IES), nine out of 10 respondents reported increased self-confidence as a result of their study abroad experience. Students also said it enhanced interest in academic study and served as a catalyst for increased maturity, as well as helped with understanding cultural values and biases. In addition, 63 percent said their study abroad experience improved career opportunities. If these aren’t good enough reasons, students can also get academic credit. 40 U.S. campuses, primarily large research institutions, awarded academic credit for study abroad last year to more than 1,000 of their students.

Where to Go and What to Do
The Open Doors study found 58% of all U.S. students who study abroad do so in Europe, although an increasing number of students are looking at non-traditional locations, like Africa, Asia and the Middle East. In fact, there have been huge increases in the number of Americans studying in China and India. Study abroad in China increased by 90% and the number of students going to India increased by 65%. Where your kids go will depend on the program they’re involved in. When you sit down to discuss the prospects of a study abroad program advise them to consider what they’re studying and what areas of the world would be most beneficial to their career. They should think about language and culture as it relates to their long-term career goals. Incidentally, the top three major fields of study of Americans studying abroad are the social sciences, business and management, and humanities.

How Long?
Study Abroad programs come in all shapes and sizes. The IIE reports that semester study attracts 37% of students, 52% choose short-term programs (including summer, January term and any program of less than 8 weeks) and 5.5% spend a full academic or calendar year abroad. Once again, the kind of study your children focus on will have an impact on the duration of their stay. If they’re taking on a scientific or sociological research project staying for longer than 8 weeks may be necessary, but if they’re simply looking to get the study abroad experience and will be taking a variety of short courses, a semester or 8 week session would be satisfactory.

Some Basic Tips
The IES has set out some general advice on how students can go about their study abroad program. They recommend selecting a well-established program sponsor with significant experience and a good reputation. They also suggest prospective travelers research the program, paying special attention to its history in certain locations, the quality and safety of student housing, how much interaction students have with the local culture, and what the screening process is for staff and host families. You should encourage your kids to talk to students who have been in the program to find out their thoughts and experiences. IES also suggests students find programs that have an extensive preparation process, including supplying them with prep materials and holding an orientation. The program should thoroughly brief students on the country they’l be visiting, with a focus on medical issues and insurance, safety, and other concerns. In addition to checking out a particular program, tell your kids to talk with friends who may have studied abroad, and locate the U.S. consulate in the host city. Consulates provide a variety of services for Americans abroad and are located in every country with which the U.S. has diplomatic relations. Registering at the local U.S. consulate lets them know that an American student is in the country and will make it much easier for them to provide services.

Studying abroad is a truly unique and exciting way for your child to round out his or her college education. Help your kids explore their options…And expand their campus to anywhere in the world.

Free Money: Your Kids and College Scholarships

Fun with Government Loans and Credits

The Basics of Student Aid

A Mountain of Debt: The Truth About Student Loans

The rising cost of tuition, housing, food and books has made student loans more prevalent in today’s society. In fact, according to Nellie Mae’s 2002 National Student Loan Survey, over 70% of students say that student loans were very or extremely important in allowing them access to education after high school. That same survey found the average undergraduate debt is $18,900. Students attending graduate school increase their debt even further to a whopping $31,700. And lawyers and medical students suffer from the most debt at $91,700. So it’s no surprise that the National Association for College Admission Counseling (NACAC) and the Project on Student Debt found that 63% of parents of current college students say students today graduate with too much debt. So what happens when your son or daughter graduates and you’re both faced with all that debt? How do you keep yourself or your children from defaulting on loans?

Pay the Piper
If your children are taking out student loans to supplement the amount you’re able to provide, they may want to consider paying some of it off while they’re still attending college. It may sound difficult, but even if they can make small payments, they’ll help bring down the total amount of debt they’ll be facing come graduation day. If they have difficulty finding a high-paying job after graduation, they could pursue a deferment of their student loans. This allows students to push off repayment for a few years, but keep in mind that interest will likely continue to accrue. The other alternative is to lower payments by extending the term of the loan, which may also result in additional interest. Like credit cards, you’ll want to recommend that your children pay more than the minimum payment whenever possible. This helps bring down the total cost of interest on the loan by shortening the term. Of course, all of this depends on your financial situation and to what extent you are contributing to the cost of their schooling.

Consolidation Nation
It is likely that students will have to take out multiple loans to pay for college and that results in a several different student loan bills after graduation. Keeping track of all of the loans can prove difficult, so you might want to talk to your kids about consolidation. Consolidating loans is not only a convenient way for repayment, it may also help lower payments. Depending on when your kids took out their student loans their interest rate may be higher than the current rate. By consolidating at a lower rate they can bring down the interest on the loans, which would then affect the size of the monthly or quarterly payment. Of course, this is a strategy you can consider as well if you decide to go with loans, like the federal PLUS loan program. Also, if you own a home, you may have the option of using equity in your home to help your child pay for college. There are advantages and disadvantages to both federal loans and home equity loans. Talk with financial professional for more information.

Forgiving Your Debt
There are a few ways the federal government helps minimize or eliminate student loan debt. The first method is to have the student in debt work in impoverished areas. This is an option often available for graduates in occupations like law and medicine. If their interested, have your kids check with the school’s career office for more information on these special programs. Another way to have debt forgiven is to perform volunteer work through organizations like AmeriCorps. Students can also have their debt significantly paid down by joining the military. For example, the U.S. Navy will pay for up to $65,000 of qualified loans acquired for a post-secondary education.

Budgeting Yourself
Once your kids are out of school and inundated with student loans budgeting becomes a major commitment. Now that they have their share of college debt they’ll want to consider any way they can save money, including lifestyle changes like sharing an apartment or biking to work. They should also avoid accumulating additional debt through the use of credit cards. Another crucial tip is to never miss a payment, since it can result in late fees and damage their credit rating. Talk with them about being responsible for their debt situation and contact the loan company if they fall on difficult times. And always remind them that although the thought of accruing debt can seem overwhelming, student loans give them the opportunity to attend college and secure their dream job…Hopefully, that makes

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