The true value of a college degree for members – and credit unions

first_imgAsk a recent college graduate if earning their degree was worth it and you may be surprised at the answer you receive. According to a recent Bloomberg article, many college graduates are pessimistic about the return on their investment in a degree. The growing costs of paying for college, coupled with the misconception that graduates should be pulling a hefty salary straight out of school, are leaving consumers skeptical about the value of a college education. Perhaps it’s falling into the trap of today’s instant gratification society that sways some to think like this. Yet time and time again, data show that earning a college degree is very well worth it, and that graduates will see the benefit of a degree over time.Here are the facts:The difference in the average income level of someone at least 25 years old with a bachelor’s degree is on average $30,264 as opposed to the salary of a high school graduate.1The unemployment rate is significantly lower for those with a bachelor’s degree versus a high school diploma (3.8 percent versus 12.2 percent, respectively). The same is true of those living in poverty; 21.8 percent of high school graduates live at or below the poverty line, while only 5.8 percent of those with a bachelor’s degree or higher do. 2Over the past four decades, those with a bachelor’s degree have tended to earn 56 percent more than high school graduates, and those with an associate’s degree have tended to earn 21 percent more than high school graduates. 3A Pew Research study found that on some key measures, the largest and most striking disparities between college graduates and those with less education surface in the Millennial generation. Millennials with at least a Bachelor’s Degree earn $17,500 more than Millennials with a high school education, a wage gap that is significantly larger than years prior, and continuing to grow. (Supporting Chart here.)As strong as they may be, these facts don’t mean every college graduate will reach their maximum earning potential the moment they have their diploma in hand. These numbers reflect an average over time, and entry level positions are just that – an entry into the working world and a chance to use the knowledge gained in college to advance a career.In fact, employed Millennial college graduates are more likely than their peers with a high school diploma or less education to say their job is a stepping stone to a more desired position that furthers their career (86 percent vs. 57 percent). In contrast, Millennials with a high school diploma or less are about three times as likely as college graduates to say their work is “just a job to get by” (42 percent vs. 14 percent).2The Impact on Student LendingThese facts are important for lenders to remember as they help families sort out their options for funding a valuable college education. The cost of tuition can seem staggering to most, as many Americans will experience their higher education venture as the biggest investment they may make – with the exception of their home mortgage. It’s daunting. And coupled with the media’s bleak portrayal of student lending in recent years, many consumers are quite leery of borrowing money for college. Stepping up, this is where credit unions can make a difference, however.When families turn to their financial institution to help them through major life events, they are seeking experts who can answer their questions and put their minds at ease. What sets credit unions apart from other lenders are personalized solutions for their members and education about their financial decisions. That education extends beyond the simple math of a loan. It includes teaching members about credit scores, repayment options, and a true understanding of the loan agreement into which they enter.CU Student Choice, for instance, works with online financial literacy resource iGrad assisting students and their families to make effective personal finance, student loan, and career decisions. This platform – an online portal featuring financial literacy tools for college students and recent graduates – helps before, during, and after the college years, providing resources and information on schools, career paths, budgeting, workplace expectations – and even an interactive job bank to help graduates find employment in cities across the country.Both organizations have worked to design and deploy two unique elements beyond the standard platform. The first is an interactive module that prospective borrowers may complete before a loan application is submitted – which ensures that students and parents understand college and loans costs, as well as career salary expectations. The second module is designed to help borrowers effectively enter their loan-repayment cycles.Educating borrowers about the value of obtaining a college degree is also crucial so they understand the impact of the investment they’re making and clear up any misconceptions about private student loans. Increasing negativity revolving around student lending issues has on many occasions overshadowed the true benefit of the education itself. Again, the credit union can provide members who may be distrustful of traveling down the loan road with a more educated view that results in a better decision – either way. This lending education from a credit union further positions them as a trusted resource for any financial decision. And providing a student with valuable advice and possibly a college loan to boot, sets up the credit union with an active member for all of life’s major decisions following graduation.Building Future RelationshipsBy offering this sound advice and gaining the trust of their members, credit unions have an opportunity to build lasting relationships with a younger demographic. Students leaving home for the first time may also need a checking account or their first credit card. New graduates could be looking for a car loan. For one Student Choice client credit union that has offered the program for five years, a review of their borrowers in repayment showed that:63% had a checking account22% had a credit card16% had an auto loanProviding a private student loan option for families isn’t just about paying for college; it’s also about building a solid foundation for a strong financial future. It’s not only an investment in education for the student’s future career and success but an investment for the credit union – again, positioning the institution as a trusted resource to provide further services through life’s financially-related milestones. Why wouldn’t any credit union want to position itself with this opportunity?1 U.S. Bureau of Labor Statistics2 Pew Research Center3 Federal Reserve Bank of New York 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Michael Weber As the Chief Marketing Officer, Michael not only builds awareness of Student Choice within the credit union industry but also works directly with client credit unions and business partners to … Web: Detailslast_img read more

Arsene Wenger poised to strengthen Arsenal squad in January transfer window

first_imgArsene Wenger is ready to enter the January transfer market to avoid an injury crisis at the Emirates Stadium. Asked if the likely returns of Ramsey and Oxlade-Chamberlain would give him the opportunity to rest Sanchez at Norwich, Wenger said: ” I will have to assess that a bit later. “Spontaneously it might not be the best moment to rest Alexis but I don’t know. He had a little hamstring alarm but we will see how he recovers from that. Joel Campbell had a little calf problem so I will assess all that Friday, latest Saturday.” On the face of it, a trip to newly-promoted Norwich will be seen by many as a good place to collect three points in Arsenal’s quest to maintain a title challenge. But Wenger knows it will not always be as straightforward as that after he saw his side humbled at the Hawthorns by Tony Pulis’ West Brom. “For us, it was a bad result,” he said. “But on the day everything went against us, they had one shot on target and scored two goals. That will not always happen. “On top of that we missed a penalty and scored an own goal, so we had a nightmare. It was an unlucky day, that can happen in a season but after it is how you respond to that and we did that well on Tuesday.” Alex Oxlade-Chamberlain could return at Carrow Road while fellow England international Theo Walcott is back in training and is close to a comeback. But the likes of Jack Wilshere, Danny Welbeck, Tomas Rosicky and Mikel Arteta all in the treatment room alongside Coquelin, with a lack of central midfielders the main issue Wenger is likely to address if he buys in the transfer window. Despite always suggesting there is no good business to be done in the new year, the Arsenal boss admits he could be tempted for the second year in a row having signed defender Gabriel last January. “We are in a position where we want to do something,” he said. “If I find the right quality I will do something. (The injury to) Arteta is short term but Coquelin as I told you is much longer but the scans are positive because he does not need any surgery, but it will be 12 weeks. “Walcott goes through a few tests and steps but the first one was successful. He started running again on Tuesday morning and had no reaction. He has no big hurdle to get across today and hopefully he will be successful.” The injury list means Wenger will continue to play Alexis Sanchez despite his recent exertions for both club and country. The Chile forward played 90 minutes against Dinamo and scored his first goals since mid-October and sustained a minor hamstring problem. The Gunners are still missing a host of first-team players heading into Sunday’s Barclays Premier League clash at Norwich and were hit with the news that midfielder Francis Coquelin faces three months on the sidelines after injuring his knee in the defeat at West Brom last weekend. Wenger’s side kept their Champions League last 16 hopes alive with victory over Dinamo Zagreb on Tuesday night and also welcomed back Aaron Ramsey from a hamstring problem as a late substitute. Press Associationlast_img read more

Government of Guyana, GOA collaborate to aid boxers stranded in Cuba

first_imgBOXING By Rawle ToneyTHE Government of Guyana, through the National Sports Commission (NSC), along with Guyana Olympic Association (GOA), have once again teamed up to aid the four boxers who are left in Cuba, following the closure of the country’s airports in their efforts to contain the COVID-19 virus in Guyana. On Friday, Guyana Boxing Association (GBA) president Steve Ninvalle made a call to NSC and GOA, for their assistance for the four boxers – Keevin Allicock, Colin Lewis, Desmond Amsterdam and Dennis Thomas – who were on a prolonged training stint in Cuba, ahead of their now-cancelled Olympic Qualifiers tournament, which was scheduled for March 26 to April 4 in Buenos Aries, Argentina.While Ninvalle told Chronicle Sport yesterday that the GOA had answered their call immediately and sent an undisclosed sum of money to Santa Clara to help offset unforeseen expenses, Director of Sport Christopher Jones revealed to this publication, that the Government of Guyana will be transporting the boxers to Havana, where they will be housed by the Guyana Consulate on the Spanish-speaking Island.According to Jones, while all airports in Guyana will remain closed, efforts are being made by the Cuban Government to evacuate the scores of Cuban nationals, who were left in the country, as Guyana, like the rest of the world, upped efforts to combat and contain the dreadful Covid-19 virus.Jones pointed out that “we’re told that an empty aircraft should be leaving Cuba anytime to come to Guyana and Government is putting systems in place to ensure that the boxers are given a place so they can come home.”“We’re working closely with the Guyana Consulate in Cuba, and what is going to happen, is that we’re moving the boxers from Santa Clara to Havana, where we will take care of them. They will be taken care of for as long as possible by Government, until we can have them back in Guyana,” Jones pointed out.Meanwhile, Ninvalle showered NSC and GOA with praise, noting that he’s grateful that the same two entities, who made their stay in Cuba possible, are the same two entities who are doing everything possible to not only assist in their unscheduled continued stay in Cuba, but also are helping in every way to get them back home safely.Ninvalle also highlighted that he had only last Tuesday visited the boxers in Cuba, to get a first-hand experience of their lifestyle, and stated that he was impressed with their level of growth.“I was surprised. I mean, I know the guys were focussed, but I was more than impressed. I’m extremely proud of those boxers and I know they would have done Guyana proud in the way they have been carrying themselves, how hard they’ve worked to get where they are; and I know they will do Guyana proud when that time comes,” Ninvalle said.The GBA was left counting its losses in the millions, after the International Olympic Committee (IOC) and the Americas Boxing Confederation (AMBC) cancelled the Americas Olympic Qualifier for boxing because of fear of the spread of coronavirus, following a move from the Government of Argentina to restrict international events in the country with immediate effect.last_img read more

Vegetable prices skyrocket

first_img− farmers blame rainy weatherBy Ramona LuthiPrices of vegetables at city markets have hit the roof and the sole reason according to farmers and vendors onSome of the vegetables that have attracted increased pricesWednesday, is the May/June rainy weather.Visiting the primary market areas in Georgetown, Guyana Times was told that prices for cabbages and tomatoes, which were previously sold between prices of $160 to $200 per pounds, have doubled, putting a strain on the pockets of consumers.“Cabbage raise, tomatoes raise, almost everything raise. We used to sell cabbage and tomato for $160, $180, and $200 a pound, depends if it big or lil. Now we gat sell it for $360, $380, and $400,” a vendor at the Bourda Market highlighted.While the costs of other vegetables have increased, the most significant prices were that of celery and eschalots. Vendors at Stabroek Market told this publication that these two seasonings which once held a cost of $160 per pound have recently been increased to $800 and $700 per pound, respectively.“The greens that gone up the most is celery and eschalot. The other day we deh selling it for $160 a pound but now we ga sell it for $800 a pound for celery and $700 for eschalots,” a farmer identified as Harry voiced.Many farmers and merchants held the rain responsible for the upsurge of vegetable costs, highlighting that large amount of crops have perished in the excessive rainfall, either by too much soil moisture or simply “drowning.” They also pointed out that the increases have been tough on their businesses, resulting in a reduced daily income.“Uncle Sam”, a vendor of Bourda Market said “Rain falling too much and the water making the soil wet wet, the plants aint getting to grow properly cause they cant be in water all the time and other crops like the eschalots and suh, drowning cause the beds getting flood out. When we raise the price, business get hard. It really slow up and we losing yuh know, but is nah we fault.”Meanwhile, when Guyana Times spoke to consumers at the various markets around the city, many complained of the exorbitant prices, describing it as “ridiculous” and “unnecessary.” Other patrons indicated that adequate time was given to the farmers to prepare, since the May/June rain is expected annually.Speaking with this publication, one consumer, Shanice Betterford, expressed her dissatisfaction with the increased prices.“They get enough time. Is only couple months a year the rain does fall like this. They aint know this gon happen? They aint catering for poor people. Geez, things like eschallot and tomato necessary. They raising prices for everything just because of lil rain. Like they nah gon mek it back when sun come out.” A number of customers complained of the prices and as witnessed by this publication, attempted to bargain with vendors for more reasonable prices.However, since their grumbles did not alter the minds of many vendors and farmers, numerous patrons refused to patronise their businesses, opting to support the few merchants who were willing to negotiate.last_img read more