HOW TO DECIDE YOUR COLLEGE MAJOR

For many students, deciding to go to college is easy. Choosing between college majors? Not so easy. The College Board, the organization that creates the annual SAT college admissions exam, details over 600 majors offered in the United States. To make the majors easier to browse, they're organized into 38 categories ranging from the technical to the artistic.

Most colleges and universities require you to choose a major within the first year of attending that school. This is more so because how you choose your major determines the courses you will take over the next couple of years at that college. Some students entering college already have a major in mind. For those who need to find one, here are a few tips on choosing a college major.

Consider income outlook
To some students, their income is the most important factor in determining what career they will pursue. Research what jobs will pay the most by the time you graduate college, then figure out which jobs you would want to pursue based on your research results. If you choose to be a medical doctor, a major within the sciences, such as biology, would be a great start.

Consider your interests
Students sometimes declare a major based on the money outlook of a particular occupation. While this may be important, also consider jobs that are within certain interests you have. If you love writing or reading, majoring in English or literature could lead to a future in professional writing jobs such as journalism, technical writing, or novel writing.

Consider your strengths
For students choosing a major, letting certain subjects you do well in dictate your future may be very helpful. Students good in math sometimes go on to major in math, business, or accounting. You may even have a strength outside of the classroom that can influence your college major and eventual professional career. Those who draw well may pursue a major in art, or even graphic design.

Consider speaking with someone
Colleges and universities always provide counselors and academic advisors to guide you throughout your college years. Their guidance is there to help you choose a major, as well as the classes you would have to take within your major of study.

There are many things you can take into consideration when choosing a college major. Even though there are so many subjects to choose from, following these tips can help you to narrow your choices down to one.

Students don't need to select a major before entering college. In most cases, it isn't necessary to declare one until the end of the sophomore year - especially at a liberal arts college where the first year or two can be filled exclusively with general studies courses.

What happens if a person reaches decision time with an idea of what interests him but with difficulty choosing between two similar majors?

Some students choose to declare a dual major. If the two are very similar in their required courses, this may be the best route. If they are very different - Account and Computer Programming, for example - the extra required courses could cause the student to need an additional year or more to complete his degree.

If one of the majors is more general and the other is specialized, it can be best to declare the general major. This keeps a wider variety of career opportunities open for the student and, since the required courses for both majors may overlap, the more specialized major could be declared later on.

Taking two or three upper level courses required for each of the majors can help a student to decide which one more closely matches her interests.

Once a major is declared, it's not set in stone. Changing majors can be done at the student's discretion simply by notifying the college and possibly filling out a form. Changing majors early, during the freshman or sophomore year, usually doesn't cause any difficulty. If a change is made later, though, it may mean that the student has already taken courses required for a different major.

Choosing between college majors is not always a simple task, but it isn't a decision that any student should rush into. The courses taken and the life experience gained during the first years of college can help to solidify long term goals and make declaring a major easier.

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STUDENT LOANS IN THE UNITED STTES:

Student loans come in several varieties in the United States, but are basically split into federal loans and private student loans, which broadly includes state-affiliated nonprofits and institutional loans provided by schools.


Federal student loans made to students directly: The student makes no payments while enrolled in at least half time status. If a student drops below half time, the account goes into a six-month grace period. If the student re-enrolls in at least half time status, the loans are deferred, but when they drop below half time again they no longer have access to a grace period. Amounts are quite limited as well. There are many deferments and a number of forbearances one can get in the Direct Loan program. For those who are disabled, there is also the possibility of 100% loan discharge if you meet the requirements. Due to changes by the Higher Education Opportunity Act of 2008, it became easier to get one of these discharges after July 1, 2010.


There are loan forgiveness provisions for teachers and health professionals serving low-income areas, as well loan forgiveness after 10 years for public service in general due to a 2007 law.[9] Currently, certain loan forgiveness or discharges are considered income by the Internal Revenue Service due to 26 U.S.C. 108(f).


Federal student loans made to parents: Much higher limit, but payments start immediately

Private student loans made to students or parents: Higher limits and no payments until after graduation, although interest starts to accrue immediately. Private loans may be used for any education related expenses—such as tuition, room and board, books, computers, and past due balances. Students can also use private loans to supplement federal student loans when federal loans, grants, and other forms of financial aid are insufficient to cover the full cost.


KNOWING ABOUT DEBT CONSOLIDATION:

What is Debt Consolidation?

Debt consolidation essentially takes all of your current loans and credit lines and rolls them into one larger, single loan. There are several avenues for accomplishing this, including zero-percent credit cards, debt consolidation loans and home equity loans. All of these options have their respective benefits and disadvantages. Since the right option for you depends on a number of factors, it is recommended you speak with a financial advisor or nonprofit credit counseling agency for advice on which one may be the best option.


Benefits of Debt Consolidation


Regardless of which debt consolidation approach you take, the end goal is the same – to lower your interest rate and streamline your payments. If you are interested in debt consolidation, chances are you have numerous loans and credit cards to pay each month. Rolling all these payments into a single bill allows you to more easily make payments and manage your funds.


Hopefully, a reduced interest rate through consolidation will also reduce the total amount you pay over the long-term to settle your debts. However, it is important to note the length of the debt consolidation loan when weighing the pros and cons. In some cases, the additional duration of these loans results in more interest payments over the long haul.


Disadvantages of Debt Consolidation


Debt consolidation is not for everyone. For example, if your credit score is too low or you don't have enough equity on your home mortgage, then you may not be able to find a consolidation option that lowers your payments. If you are approved, then one negative side effect you may need to worry about is a reduced credit score.


Another risk that few consider when thinking about debt consolidation is asset seizure. Credit card bills are considered unsecured, which means creditors can't secure your house or other assets to offset your unpaid fees. Such is not the case with home equity loans and other options for consolidation.


DEBT NEGOTIATION:

Debt negotiation services are businesses that contact creditors on your behalf to negotiate reduced payment plans. For many, the knowledge and expertise of these companies results in debt savings of hundreds or thousands of dollars. Learn about debt negotiation services and how they can help you get out of debt fast.


Are You a Good Candidate for Debt Negotiation?

The first thing that a debt negotiation service will do is review your financials to determine if you are a good candidate for negotiation. Individuals most likely to receive reduced payment plans from creditors are those who carry more than $10,000 of debt, have been in debt for quite some time and are good candidates for bankruptcy. The reason for these caveats is the fact that filing for bankruptcy typically means that a creditor does not receive any payment from the customer. Rather than receive nothing, they would rather recoup some of their losses by settling for a reduced sum. Even if you don't meet all these criteria, a debt negotiation company may still be able to help.


How Much Can You Save Through Debt Negotiation?


The average customer who employs a debt negotiation service reduces their previous debts by a large percentage. While your specific expectations will vary depending on your situation, the average customer receives a 50 percent decrease in debt balances. In some cases, counselors may negotiate a rate as much as 70 percent lower than the previous balance. Given this fact, the fee paid to your debt negotiation company is often well worth the price.


Do You Need a Debt Negotiation Counselor?


Debt negotiation services are not necessary when it comes to talking with your creditors about a reduced payment plan. In fact, you can call your creditors directly and do the negotiating yourself. However, debt negotiators have vastly more experience on the subject than you do, and will likely be able to negotiate a better deal on your behalf. They also know the many tricks and practices that credit card companies pull in an attempt to get you to settle for a higher amount. Due to these facts, it is often better to just defer the negotiating to the experts.