Tuition Up Across the Country

Endowments Full, Student Pockets Not

The New York Times reported today that a roundtable formed by Senator Charles Grassley and Representative Peter Welch found that tuition has risen at 2x the rate of per capita income. In 2008, it will cost just under $50,000 to attend the average private college. If the cost of milk increased at the same rate as tuition, the price of a gallon would be $15.

The University of Vermont has reduced per student expenses by $886 a year since 2002. I don't know the exact figures but I'm positive Rutgers per student expenses have definitely increased since 2002. That financial burden eventually gets put back on the student.

There are a few solutions (some easier than others) to this problem:

1) Get more state funding - If the state of NJ allocates more money to Rutgers to cover costs, then the students would not have to cover the budget gaps. Of course, New Jersey is in financial turmoil and increasing funding to anything might cost you an arm and a leg. But universities return their investments in the form of an educated, employable workforce.

2) Increase the university's endowment - The RU endowment currently stands at $654 million. That boils down to around $13,000 per student. But only $7.4 million of that endowment was awarded as tuition assistance in 2007. Most schools around the country have endowments that are much much larger than Rutgers. For example, Harvard and Yale have roughly $60 billion in their endowments.

3) Cut expenses - 8.2% of the RU budget is for "Operation and Maintenance of Plant." I don't know what the fancy name is supposed to mean, but I'm pretty sure that means regular maintenance. Sure, most buildings are old and thus need routine maintenance. But I'm sure instituting some energy saving policies (fluorescent bulbs, turn off lights when not in the room) will add up over the course over a year. For a university as large as Rutgers, that could add up to a couple million a year.

Overall, there is not a cure all for the Rutgers tuition increases and the increases at colleges around the country. I realize that there is not a money tree on Livingston Campus that funds this school, but using the money Rutgers does get more efficiently will only benefit all parties.

Listen Up Sports Fans

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How does this make you money you ask?

When your account balance reaches a minimum of $20, you can cash out $10 and Centsports will send you a check in the mail. Some payouts have reached over $400 after starting out with 10 cents. You could even make more money on your bets by watching an ad by a sponsor after placing your bet. This earns you a bonus of at least 25%.

Sound too good to be true? Try it out for yourself here.

Oh and if you lose your initial ten cents (good thing it's house money), then they will give you another ten cents.

**For any of those who care, Centsports is legal in the United States because the house is giving you money to bet with.

Jumping Out of a Plane

Skydiving is one of the best things I've ever done. Enjoy!

Congrats Rafael Nadal!

I know this blog is supposed to be about college but that hasn't started yet so I'm going to talk tennis. Today, August 18, will mark the first time in over 4 years that Roger Federer will not be atop the professional tennis rankings. He is being overtaken by Rafael Nadal; the Spaniard who has reigned at #2 for over 3 of those 4 years.

Nadal has always been the King of Clay but with his win in the Wimbledon Final this year (the best match I have ever seen!) and his success on the U.S. Open Series he has secured the number 1 spot from Federer.

In honor of Rafa, here are a few pictures of him practicing I took at the 2008 Wimbledon Championships.

Congrats to Rafa for winning the gold medal in men's singles at the 2008 Olympics.

Skydiving Tomorrow!

After tomorrow, August 18, I will be able to cross off the first thing on my 2008 list of goals. That basically means I'll be jumping out of an airplane; by choice.

I'll have lots of pictures and hopefully a video of me falling to the ground from 14,000 feet at 130 mph to post later.

Tuition Bill #1

My first tuition bill for Rutgers is for my first class at Rutgers (that would make sense I guess) during the current Summer Session. The class is Basic Statistical Methods and I highly suggest you avoid it at all costs...seriously.

Stats is a four credit course that doesn't come cheap. This term bill hits the scales at $1,200.

Tuition Bill #1 Overview

Fortunately for me, I do not have to pay any out of pocket costs to attend Stats. That is due to the generosity of others who thought it would be a good idea to give me money.

First Year Scholarship Summary

Lucky for me, I managed to make out pretty well for myself in the amount of money I received from scholarships this year. It's not nearly enough to cover Rutgers tuition for an entire year but it does make a nice dent into the total.

Summary:

Insurance Council of New Jersey: $500
Trenton Golden Waves Club : $2,000
McGalliard Elementary School PTA: $500
Historical Society of Hamilton: $200
Hamilton Township Advanced Studies: $1,000
Hamilton West (for Perfect Attendance): $100
Hamilton West PTA: $300
Total $4,600

Hopefully, I can get even more scholarships in the next few years and will be able to focus on my classes and not worrying about how to pay for them. And thanks to all those who gave me a scholarship!