The Bottom Lion

Watch Out for Falling Prices!

Can you keep a secret?? OK. I am not supposed to tell you this…but… it is in your best financial interest to leave Bryan as quickly as possible!  There, I said it.  But you didn’t hear it from me.

Actually, I am a little surprised that you didn’t already know.  It stands to reason that the longer you stay in college the more money you pay in tuition and school expenses. Four or five years in college begin to really add up, especially since tuition and expenses typically go up every year.

If only there were easy ways to get finished with college faster, right?  I mean, it’s one thing to know you can save money by spending less time in college, but it’s another thing entirely to actually do it.

Well, have I got good news for you!  Bryan offers a few ways to slash the price of Bryan courses and shrink the time it takes to earn your degree.  Watch out for these falling prices:

Dual Enrollment

If you are a high school kid you can get a jump on college by enrolling in one or more of Bryan’s dual enrollment courses online or on-site at your school. The credit fulfills your high school requirement and gets you one course closer to a degree at a fraction of the cost.  It’s like hitting three birds with one stone.  An entire course costs only $450.  That’s an amazing deal.

New Winter Courses

This is the first year Bryan is offering courses between fall and spring semesters.  Sign up by December 12^th and you could knock out a class in four weeks for almost 70 percent less than usual.  Let’s see if Wal-Mart can beat that Christmas deal.

Summer Classes

As always, Bryan offers numerous classes over the summer.  This highly underutilized option was only $930 per course last summer.  By comparison it costs $2610 for the same course in the fall or spring.

Take Up to 19 Credits

The stats I have been sharing are based on students taking an average of 15 credits each fall and spring.  But, if you are especially astute, you might be able to handle another 4 credits and cut the per course average down by $550.

It’s Like Home Depot

Combining these options together could shorten your time at Bryan by more than a year.  You save money and get yourself out into the job market faster. Stealing another marketing slogan, More saving. More doing.  That’s the power of YOU taking extra courses.

Take the Umm Out of Summer

Some of you barely began the Spring semester before dreaming and planning for summer. Others keep thinking of summer as off in the future until all of a sudden it sneaks up on you and smacks you in the face. It’s like that scene in Monty Python and the Holy Grail where the two castle guards see Sir Lancelot running toward them in the distance. His approach raises no alarm because they know he’s coming but he seems so far away. But the next thing you know one soldier is fatally wounded and the other is hopelessly confused.

So to those of you who are “dead” or dazed, this is your wake up call. Sir Lancelot…I mean, summer is here and it’s time to take the guess work out. The choices you make concerning the break can have significant implications. Here are just a few worthy endeavors that done on their own or in combination can make summer, in one way or another, quite profitable.

Take time to recharge

I mention this one first because when we typically talk about getting the most out of something we assume that involves a lot of activity. I don’t think that is necessarily the case. You have theoretically worked hard for two semesters and a little planned down time can be critical to your future success. Planned implies purposeful and thought out, quite the opposite of “umm…”

Recharging may be getting rest or relaxation, connecting with friends and family, pleasure reading, personal hobbies or sports and exercise. These are all valuable activities and may prepare you mentally, emotionally and physically for the next academic year.

Enroll in summer courses

Did you know that summer is a great time to get caught up or get ahead on completing your degree at a fraction of the cost? You can take online classes with Bryan for approximately 70% less per credit than the regular fall/spring charge. If you go back home there is potential for you to enroll in even less expensive summer courses at a community college that may transfer back into your program at Bryan. Just remember to chat with your advisor before taking any courses to ensure they fit into your major.

Taking summer courses may hasten your graduation, saving you money on extra semesters, and it would enable you to enter the job market sooner. Plus, Bryan has some great summer courses available including Environmental Science, Christian Theology and Human Trafficking. Depending on your circumstances, you may also qualify for financial aid so be sure to see the aid office.

Go on an adventure

There is no time like summer to plan an exciting vacation or service trip. Although there is usually cost involved, the benefits may be well worth it if you plan it correctly and ensure it will not negatively impact your ability to pay for school in the Fall. There are so many places to go and things to see, as well as opportunities for service, that may not be as feasible at other times in your life. It can be as simple as a road trip or project in the States or as elaborate as an international excursion.

Look at your trip as an opportunity to learn and grow. Experience the basics of trip planning and budgeting, discover first-hand new places and things, make a difference in the lives of others or explore informative and insightful events, museums, art galleries and exhibits.

Earn extra cash/resume build

There is very little that sets a job seeker apart like real-world experience. Employers know that theoretical knowledge does not always translate into practical skills in the work place. A summer job can not only help build up savings for college but it can provide you with invaluable tools that will make you a hot commodity in the marketplace. Being wise about summer job selection as it relates to your future career and treating the position very seriously can be an excellent resume builder.

And, as already mentioned, the earnings from seasonal employment can help pay the tuition bill or give you spending cash during the semester if you are careful not to let it “burn a hole” in your proverbial pocket.

No more lion around

Summer holds a lot of opportunity and potential. The options are numerous and failing to make a plan can be costly in more ways than one. Like Sir Lancelot, summer is here whether you like it or not. This can be the summer of unbelievably good things or simply the summer of umm…believable regret. Make the most of summer. That’s the bottom lion.

Is Bryan Really Worth the Cost??

With the rising cost of receiving a college degree, skyrocketing student loan debt and a weak job market it is no wonder that there are articles written every day asking about the value of higher education. Even President Obama has called for colleges to find ways to rein in exorbitant tuition increases. It is certainly true that college is not cheap. Harvard stickered at just under $40,000 this year! Undoubtedly, even at half the cost, more than a few students have to weigh the value of starting or continuing their education at Bryan, attending a public university or dropping/delaying school attendance altogether. It can be a complex and difficult decision.

The Positives of a Bryan Education

Sometimes the hype surrounding the latest media topic can obscure the facts and lead to an uninformed or misinformed decision. There are a lot of aspects that can go into making choices about college. Ultimately you have to consider the options and make up your own mind, but I would like to share just a few areas that may give you some additional confidence about being or becoming a student at Bryan.

Increased Earning & Less Debt

·         A college graduate earns $412 more per week ($21,424 per year) than students who did not attend or finish college

·         A Bryan graduate, on average, who works from ages 25 to 67 can earn an extra $899,808 that amounts to a 7.6% annual return on an average $61,000 tuition investment

·         The average student at Bryan is burdened with $11,950 ($15,700 vs. $27,650) less student loan debt after school than the average student at other private non-profit colleges nationwide

Preparation for Life after College

·         A college graduate has significantly more marketability in a world where the average working American will switch jobs 11 times over the course of their career 

·         A liberal arts education from Bryan is designed to give graduates a broad knowledge base and the critical thinking skills necessary to succeed in an ever-changing marketplace

Statistically Higher Job Opportunities

·         The unemployment rate of those with a college degree is half that of those without a college education

·         Employers and ministries who have experienced the skill and adaptability of a Bryan graduate are significantly more likely to seek out Bryan grads to fill other open positions

Competitive Graduation Rates

·         Students who enter college for the first time as freshmen at Bryan are 3 times more likely to graduate from Bryan within 4 years than freshmen entering the University of Tennessee at Chattanooga (UTC ) are to graduate from UTC within the same timeframe

·         Bryan graduates a higher percentage of students than any other college or university in the area, including UTC, Tennessee Wesleyan and Lee University

Low Cost & Generous Institutional Aid

·         The cost of one year of a private, Christian higher education at Bryan is within $3,700 of the net price of attending UTC

·         Bryan tuition rose from 2010-11 to 2011-12 at less than half the rate of UTC and a year at Bryan costs 16% less than the average Christian college

·         96% of Bryan students receive gift aid from the college versus only 26% of their UTC counterparts

Ability to Live Out a Vibrant Christian Faith

·         Bryan’s efforts in and out of the classroom, from teaching a biblical worldview to an emphasis on spiritual formation, focus on making servants of Christ who will be able to make a difference in the world

·         Many secular schools are downright hostile to the Christian faith, including some who ban Christian student groups that attempt to hold to their values

·         Bryan provides an environment during the pivotal college years where faith can be analyzed and strengthened and students are equipped to face and shape the broader culture with confidence

The Eye of the Beholder

As you can see, there is a ton of value packed into an intimate, Christ-centered, academically rigorous private college education at Bryan. However, worth is often found in the eye of the beholder. You might be drawn or called to some other school or some other endeavor. If so, don’t ignore it. But if you are comparing apples to apples Bryan makes a lot of sense and cents. That’s the bottom lion.  

Secret Stafford Loan Decoder Ring

For both students and caring financial aid counselors the use of student loans to help fund a college education can sometimes be described as a vaguely understood, yet necessary evil.  Counselors don’t prefer to offer them and students most certainly don’t like to take them.  It’s not the borrowing that’s so bad but the pesky repayments with interest that are so painful. 

Relatively Speaking

In reality, there is no such thing as a “good deal” in the loan business no matter what someone tells you…borrowing is borrowing.  So please, don’t take this as an endorsement of student loans.  But at least historically federally guaranteed loans from the Stafford loan program have been relatively better than any other unsecured loan on the market when it comes to rates, terms and benefits.  A Stafford loan has been about as good as it gets in the unfortunate world of educational debt.

The Secret Decoder

Now, some of you are scratching your head as you try to decode what I just said.  In explaining why the Stafford Loan has been better than other types of loans I will seek to decipher the “insider” lingo with my secret decoder ring.

CODE WORD: Guaranteed.  This means the loan is available to you without passing any type of income or credit test.  This is important because most traditional age students would fail to obtain virtually any kind of loan because they have no income and (at best) no credit history to speak of.  The federal government guarantees that if you are an enrolled student who meets some basic educationally based criteria that you will have access to at least some amounts of student loans for school.

CODE WORD: Unsecured. Translation, these loan funds are given without any form of collateral.  They are unsecured.  Still confused? Collateral is something pledged by the borrower to ensure that the lender is compensated in some way should you fail to pay the loan back.  Examples of collateral would be an automobile for a car loan or a house for a mortgage.  If someone fails to pay back one of these types of loans the lender can rightfully take the property as their own. Most loans require collateral.  Collateral also usually indicates that the interest rate will be more favorable for the borrower.  The benefit of a Stafford Loan is that a student can obtain a school loan with no collateral and still receive a relatively low interest rate.

CODE WORD: Rates.  This includes what a lender is charging you up front to make a loan to you (fees) and the continuing cost of the loan (interest charges added to the payments).  The interest rates and fees associated with most loans take into account your income and credit history.  Not only do lenders determine whether to extend a typical loan to you based on credit/income, the loan rates and fees will also be different based on what your approved credit/income is and are usually variable (change monthly or quarterly). The better your score, the better the rate and fees will be. Federal student loans have historically had advantageous rates. These loans have a fixed rate and fees that do not change for the duration of the loan and they are same for every borrower.

CODE WORD: Terms.  Loan terms specifically refer to the timeframe you are given to repay and the monthly payment amount. On a typical loan, the terms are strict and firm. They are set or locked at the beginning of the loan and may not be altered.  On the other hand, Stafford loans have more flexible repayment terms that take borrower circumstances into consideration.  You can extend payment timeframes out longer and/or reduce payment amounts by qualifying for a different repayment schedule based on income or total student loan debt.

CODE WORD: Benefits. Benefits are special perks built into a loan to make it easier or less expensive to repay. Federal student loan benefits have historically included fee reductions, payment deferment (suspend payments while in school), interest subsidies (government pays the interest on certain Stafford Loans), grace periods after graduation, forbearance (suspend payments during financial hardship) and interest rate reductions for specific actions of the borrower. Because the benefits are numerous, understanding and taking advantage of the right ones can be confusing. A typical loan, however, comes with little to no benefits.

Expert Decoding Advice

The bottom lion?  Avoid loans if you can.  Even the best rates, terms and benefits can’t beat debt free.  But for the majority of students who need to use them, be sure to borrow wisely and take the opportunity to review these concepts and repayment options with a financial aid counselor who has your best interest in mind. Graduating students are especially encouraged to participate in face-to-face or online loan “exit” counseling or “decoding” sessions to make sure you are prepared to face your financial future after school. 

To learn more about the Stafford Loan and its rates, terms and benefits the Bryan website has a wealth of information.