Recession sending many students back to school

There are many reasons people decide to go back to school such as being pushed out of a job, needing upgraded skills or to land a new job. With the recession looming, it’s no surprise that colleges and universities across the country are reporting record spikes in enrollment.


Most experts are blaming the current economic crisis as the direct cause of the enrollment spike. Betty Krump, executive director of the American Technical Education Association, based in Wahpeton, N.D. recently reported that they are seeing a 16-17 percent rise since the beginning of last fall.

So, what does this mean for students needing more education? There are many factors to consider before returning to school. If the unemployment rate continues to rise, jobs after graduation will become even harder to come by. It is imperative that students have mapped out a specific course of study. Some skill sets are “recession proof” and others may not have a high demand in the work force.


Prospective students should also research the future job growth for the position they are seeking. The Bureau of Labor Statistics publishes the Occupational Outlook Handbook that can be viewed online and is a great resource for researching job potential in your particular field.

Paying for college may be the most important factor to consider. Recent changes in Congress have changed the the process in which students obtain financial aid and banks are weary of lending in the current financial market. Also, private college tuition is projected to rise in the 2009-2010 school year. So what are some options for students needing college tuition? For those wanting to bypass the federal Government, grants and scholarships are money that does not have to be repaid. There are many organizations and charities out there that offer such rewards but often go unclaimed because student don’t know they are available.

Resources

Bankruptcy Laws Make Debt Settlement The Only Avenue For Many Debt Ridden Consumers

Debt settlement companies have been around for about 10 years, but have become very popular during hard economic times. New bankruptcy laws have made it considerably harder for the consumer to qualify and many are turning to debt settlement as an alternative.


Debt settlement companies allow the consumer to make payments to a separate savings account until it reaches an amount the company will accept. According to The Association of Loan Companies (TASC) the average consumer debt is settled at about 50 percent less than the original loan balance.

Opponents, including some members of congress claim that settlement companies charge exuberant fees for their services. Although, it is true that there are many unethical firms out there, there are many legitimate companies that treat the consumer fairly as well. Legitimate companies will usually not charge an upfront fee. It is imperative that the consumer learn to recognize scams and to steer clear of companies wanting excessive upfront fees.

Consumers who have smaller amounts of debt or cannot file bankruptcy due to new laws may turn to debt settlement as a viable option. It is very important to make sure a prospective settlement firm is a member of (TASC). TASC is the regulatory body of the debt settlement industry and any company that is not a member should be avoided at all cost. A large number of states require debt negotiators to be lawyers. If a company has not yet implemented the attorney based model they should not be utilized.