Entry-level jobs often require more experience and skills than they used to. Many companies ask for advanced degrees, multiple years of experience, and specialized skills, even for positions that are typically considered entry-level. This has made it harder for job seekers to find entry-level work because they don't have the necessary qualifications. Employers are focusing more on hiring people with the specific skills they need right away, rather than hiring and training people within their own companies.
The new FAFSA is causing problems, resulting in a significant decline in college financial aid applications. As a result, 2.6 million fewer FAFSAs have been submitted this year, causing delays and preventing many students from applying for aid. This situation has led to concerns about reduced college enrollment and the availability of grants for students.
President Biden announced a revised plan to forgive student loans, which will benefit tens of millions of Americans. This plan is narrower than his original effort, but it targets specific borrowers with financial hardship or those who have been in repayment for a long time. The revised plan aims to forgive up to $20,000 of unpaid interest for borrowers and could erase or reduce balances for many. Biden hopes this effort will survive legal challenges and help address the burden of student debt in the country.
Ivy Day, when Ivy League schools announce admissions decisions, is approaching. However, some students are becoming more skeptical about these elite institutions due to confusing application processes, recent scandals, and rising costs. Despite this, the allure of Ivy League degrees remains strong, with studies showing increased earning potential and access to elite graduate schools and prestigious firms. However, concerns remain about the perpetuation of privilege due to the higher admission rates of students from high-income families.
Women carry the majority of the country's student debt, with factors such as caretaking responsibilities and gender pay gaps contributing to the burden. Experts recommend exploring options like income-driven repayment plans, loan deferments, and hybrid financial planning to manage debt. However, prioritizing retirement savings and children's education should be balanced with personal financial needs.
Soaring college tuition costs are leading to a surprising shift: parents are increasingly employed by universities to gain access to discounted or free tuition for their children. In some cases, parents can qualify after a few years of employment.
This trend is important because it highlights the rising cost of higher education and the creative ways parents are seeking to finance their children's education.
