The Big O Store

Sometimes it’s hard to imagine life before the internet. Believe it or not, the internet has just celebrated its 35th birthday. I suspect no one would have imagined the impact such an invention would have on our daily lives. And its potential increases with every day.

The internet provides us with up-to-date news, entertainment, forums, and a multitude of other topics where anything you can think of is literally at our fingertips. Newly popular is the concept of acquiring your education online. While more and more colleges and universities are offering some classes online, online degrees are becoming increasingly accepted and habitual. Anyone who wants to improve their skills, make a change in career, or simply further their understanding of their profession can obtain an online degree. It is especially convenient for people who work full time.

People who work full time may not be able to take a year sabbatical from work or leave work all together to go back to school on a full time basis. At the same time, going back to school on a part time basis may not be convenient for their nine to five routine or it may interfere with their schedule. So why would someone who already has a job want to get an online degree?

We know the job market is very competitive and constantly changing, therefore, our skills continually need sharpening and updating. This is not because what we know no longer applies but rather because what we know needs to be applied to new situations and duties. By improving your abilities, it shows an eagerness on your part to improve your position. Not only will another degree help advance your career within the company but if a promotion should come about, your name may be mentioned as a possible candidate.

If you are unhappy with your current job situation and plan on making a switch, what better way to do so than by getting a degree online. Not only it is convenient because you earn it on your own time but it is a simple way to get the qualifications needed for the new job. Also, try not to get caught up in the excitement of applying for a new job and all the possibilities it may bring. It’s important to remember that applying for a job does not actually guarantee you the job! So before you decide to give your boss your two weeks’ notice, hang on to your job.

Still need another reason why getting an online degree is a great idea for a full time worker? Every June, a new batch of fresh-faced college graduates hit the market running. They are eager, enthusiastic about work, and willing to start at the bottom if necessary if that is what it takes. So in order to keep your place and not get bumped because someone younger is willing to work for less, you need to stay competitive.

No matter what your situation is, whether you want to hone your skills and add new ones, or you’re looking to start a new career path, getting your degree online has never been more convenient. The internet has provided us with a wonderful opportunity; it is up to us to take advantage of it.

Tags: acredited, Admission, classroom, General Education Development Certificate, GPA, Grade Point Average, higher education, Higher Education At Net Speed, Internet, online college degrees, ten hottest careers, University

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Whether you are a senior in high school or a parent whose teen is about to graduate, there is no doubt that you are in the middle of the process of trying to choose a college that is best. Is the process overwhelming you and your family? Are you finding it hard to find a school that fits all of the things you and your family are hoping for? There are countless issues to consider when searching for colleges, not the least of which is money. I’m confident that you are well aware that college is going to be expensive no matter how you look at it, but have you taken the time to consider what college scholarships might mean for you?

For many people, choosing the college they would like best is hindered simply by the expense of going there. Life is expensive and sometimes parents and teens cannot come up with enough to make it happen. College scholarships can be the answer for many families and they do not even know it.

If you or your teen is in the midst of searching for colleges that might fit well, make search that inquiring about college scholarships that are offered is a top priority in your search. Most schools offer at least a few college scholarships each new year. Sometimes these scholarships are based on a student’s high school grades. But – fear not – not all college scholarships are based on grades! You will be surprised at how many different kinds of college scholarships are given for a variety of reasons.

So, your first step to finding financial relief from the huge expense of college is to research, research, research. Take your time and be thorough. Call counselors at each prospective school and see what college scholarships may not be advertised in their information. Visit a local library or do an internet search and you will be shocked at the amount of information that is available about college scholarships. College scholarships can be given through the college or your choice of through a variety of other institutions and organizations, so do not be too discouraged if your top choice does not have a lot to offer. Look for ways to earn college scholarships from every source you can think of. There are often local businesses that will partner with students in a work-and-study kind of deal. Some employeers will even offer college scholarships to the children of their employees, so be sure to check that out.

In your search for the perfect college some schools may end up too expensive to consider. But, if you take the time to really research college scholarships, you may be surprised at what kind of school you can afford to attend. Your top choice might be just a couple of college scholarships away!

Tags: college scholarships, Finding College Scholarships

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The third biggest financial goal for a family is saving for a college education. Buying a house and retirement are the first two goals. With the cost of higher education on the rise, parents are beginning to try and set aside money for education as soon as a child is born. There are two popular federal and state sponsored plans that make saving for college easy: the Coverdell and the 529 plan.

The Coverdell Education Savings Account

The Coverdell is a federally sponsored plan that helps you to set aside money for higher education expenses. These expenses include tuition, fees, books and supplies, and even room and board.

The annual contributions are not tax deductible, making the withdrawals tax-free as long as they are used to pay for eligible education costs. There are limits to the amount of annual contributions that can be made each year.

The Coverdell is established as a custodial account, set up by the parent or another adult to pay for the education expenses of a designated beneficiary. The child must be under the age of 18 to establish an account. All balances must be spent within 30 days of the child’s 30th birthday.

Any financial institution that handles IRAs can assist you in setting up a Coverdell, including banks, investment companies and brokerages. The Coverdell is like an IRA in that it is an account. You can put your account funds into any investment you want – stocks, bonds, mutual funds and certificates of deposit are just a few options.

You can establish as many Coverdell accounts as you want to for a child. For example, you could have one account at your local bank and one at a brokerage. Some plans have many fees associated with them. Make sure that the management fees for the multiple accounts don’t cancel out your overall return.

If your child decides not to go to college, he or she will lose a great deal of money. When he turns 30, he must withdraw the balance of the account within 30 days. Any money withdrawn that isn’t used for educationally eligible expenses is taxed and charged a 10 % IRS penalty.

If your child decides not to go to college, that doesn’t mean that his or her child won’t. The child can roll the full balance into another Coverdell plan for another family member, including siblings, nieces and nephews and sons and daughters.

529 College Savings Plans

These state sponsored 529 plans are named after the federal tax code section that provides for their use. All 50 states and the District of Columbia offer 529 plans. The contributions to the plan are not tax deductible, but your withdrawals are tax-free when you use the money for a qualified educational expense.

529 plans fall under two categories: prepaid tuition and savings/investment plans.

The prepaid tuition plan allows you to purchase units of tuition for any state college or university under today’s price. You are buying a semester of attendance for a child. What you buy today will be good for any future date, no matter how tuition rates rise. With private and out-of-state colleges, the child’s prepaid tuition does not include the rise in tuition costs. For example, if you buy two years of college tuition for an out-of-state tuition, you may only receive a single semester in ten years.

Either the beneficiary or the contributor must reside in the state that the 529 is formed in.

With savings plans, an account is opened and investments are chosen within the account. If you start the plan when a child is young, you can choose some aggressive investments for long term growth. As the child ages, you can move your investments into more conservative options.

The withdrawals are tax-free if they are used to pay for college expenses. These expenses can include tuition, books and room and board. An easy way to think about a 529 savings plan is as a 401(k) dedicated to educational expenses. As with a 401(k), there are many different investment choices. Many states programs are open to nonresidents, so look around for the best plans.

If your child decides not to go to college you have three options. You can hang on to the savings plan in case your child decides to attend college at a later date. The account can be transferred to another family member for college expenses. You could also cash out the account and just take the loss. Most states will charge a penalty of 10% of the earnings for any withdrawal not used for education. On top of this, a federal penalty of 10% will be charged also. There is no penalty for withdrawals due to death or disabled status.

The tax-free advantages of a college savings plan makes 529 plans beneficial, but they aren’t right for everyone. If you have a 529 prepaid tuition plan, applying for financial aid is affected by reducing your financial aid on a dollar per dollar basis. Low income families, who are often eligible for large amounts of financial aid, are advised not to participate in 529 plans.

Coverdell plans will also decrease the amount of financial aid available, but only by about 5 to 6% of the account’s value. College savings plans are great for families that will not qualify for financial aid or only qualify for loans. Many times a family doesn’t have enough money to pay for college, but has too much money to get help.

Tags: college eduation plans, Education Plans

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