UB Buzz

What the Economic Crisis Means to B-school Students

Looking at the latest economic headlines, business students--particularly those pursuing investment positions--rightly have cause for concern.
While some may be reconsidering their career choices, Lynne Sarikas, director of the MBA career center at Northeastern University’s College of Business Administration, says there are aspects of the investment industry where there are still jobs.
"Corporate finance now becomes a much more attractive option," Sarikas says. "Particularly large companies have extensive corporate finance functions and a huge need for MBA talent. Most of these organizations are global in nature so the opportunities span the globe."

Sarikas says that while competition for investment jobs will become more fierce, business students might pursue other opportunities that still put their knowledge to the test.
“Large company treasury functions make investment decisions and manage portfolios of investments," she notes. "Mergers and acquisitions staff do a significant amount of financial analysis and modeling; consulting firms often have significant practices around merger integration, merger target identification, business turnarounds, etc. that require a strong financial skill set." 


Your Password Is What?

The ABC Family show Greek focuses on a nerdy college freshman, Rusty, who is rushing a fraternity. The dramedy/soap opera depicts all the behaviors with which a higher education institution would not want to be associated—promiscuity, underage drinking, and destruction of private property, among others.
A recent episode shows an adult behaving badly—poor network security.
In an attempt to get more information on a fraternity brother, the pledges lure a student records staff member away from her computer so Rusty can access it. Not only is her password still "password" but she had it written on a sticky note in her drawer. "Come on," Rusty says, "No one does that any more."
If a behavior is being made fun of on TV, it's probably still happening widely.
Employee education is the first line of defense when it comes to protecting private information. For tips on making sure your staff is handling their network security properly review Training Your Staff to Protect SIS Data from the September 2007 issue of UB.
Strategies for preventing identity theft will be presented in "Stop, Thief!" in the October 2008 issue.

Debate Cancellation Would Cost U Mississippi $5.5 Million

If the first presidential debate gets canceled the biggest loser may not be one of the candidates. In a surprise move yesterday that has people on both sides of the aisle scratching their heads, Republican presidential nominee John McCain said it is more important that he goes back to Washington to handle the financial crisis than to appear in the first of three scheduled presidential debates with Democratic challenger Sen. Barack Obama.
While we hesitate to cast aspersions on McCain's motive for this move, canceling the debate will have severe consequences for the University of Mississippi, which was to host the debate Friday evening.
Officlals at the university told ABC News that a cancellation would be "devestating."
According to Andrew Mullins, special assistant to Chancellor Robert Khayat, the university has already sent about $5.5 million preparing for the event.
Mullins said that plans are still going forward to hold the debate as scheduled until they hear otherwise from the Commission on Presidential Debates. He wasn't sure that the university could accommodate a rescheduled debate, should that be the ultimate decision.

College Choice a Family Affair

When a student chooses to attend the alma mater of a parent or other family member, institutional leaders are certainly as proud of the decision as the family is. So imagine the excitement at Hope College (Mich.), a 3,200-student liberal arts institution, when officials did the math on their freshman class:

• Four freshmen are FIFTH-generation students. That is, at least a parent, grandparent, great-grandparent, and great-great grandparent went to Hope. Each fifth-generation student in the class of 2012 traces an unbroken line of Hope College-attending ancestors dating back to the 19th century. For one of those students, both parents and both grandparents attended.
• Ten additional freshmen trace their Hope pedigree back four generations.
• Another 32 freshmen are third-generation Hope students.
• There are 77 freshmen who are second-generation Hope.
• In all, a record 123 of the freshman class of 848 can say that Hope runs in the family.

Of the many enrollment stat e-mails that hit the in-boxes of University Business staff at this time of year, the one received about Hope wins on the WOW! factor hands-down -- in this editor's opinion, at least.

Honoring Those Who Rode for Equality

In 1961, 14 Tennessee State University students became Freedom Riders, putting their lives on the line by riding on buses in the heart of the Jim Crow South as a protest against racial segregation in interstate transportation. They ended up being thrown in jail and expelled from school.
Now, 47 years later, TSU has made amends with the former students by awarding them honorary degrees and welcoming them into the alma mater at a ceremony yesterday, The Tennessean reported. The 10 living Freedom Riders and family members representing the deceased were present.
According to The Tennessean, the board of regents originally refused to give approval for the honorary doctorates last spring, but then reversed its initial decision a few weeks later after receiving widespread public criticism.

Suggestions for Revamping Federal Student Aid

After two years of work Rethinking Student Aid, an independent team convened by the College Board, released their report of suggestions to make the federal student aid system easier to navigate and more efficient when it comes to distributing funds.

"What we needed was to step back from the day-to-day of federal student aid and really think about the purpose," said Michael McPherson, president of the Spencer Foundation, kicking off the press conference announcing the report. Pointing out more college graduates will be better for the American economy and society, McPherson said a better aid system can help reach that goal, but it is important to address the amounts of money available as well as the delivery system.

Highlights of the plan are:

1. Eliminate the FASFA and obtain all financial information from the IRS.
2. Base the Pell Grant on family size and link increases to the consumer price index (rather than "the whims of congress," pointed out co-director Sandy Baum), and to link eligibility to the federal poverty level.
3. Improve the federal loan process by eliminating the distinction between subsidized and unsubsidized loans and revising repayment plans to be more inline with post graduation pay.
4. Create federally funded savings accounts for children of low income families to be used only to pay for higher education.

Baum said they calculated costs for a few variations of the savings account (which can be seen in the report). "For under $3 billion per year we can provide accounts for eligible children starting at 12 years old at 10 percent of the amount of the Pell Grant," she said.
The presenters said the accounts would help address the gap between low income families who don't have discretionary funds to put into a college savings account, and affluent families who can afford 529 plans. Knowing money is available could be a powerful incentive for people to attend college. The accounts could also aid the effort to get students to start thinking about attending college at a younger age.
There was concern tuition will increase because of extra aid being available, but Baum said the programs were not tuition sensitive.
"These are bold ideas," said Donald Saleh, Vice President Enrollment at Syracuse University (N.Y.) and a presenter on the call. "We will have to be patient in bringing higher education along....We're comfortable with existing programs, but most people will probably admit they don't meet current needs."
The presenters said, in order to gain broad support, it was important to create an aid program that all Americans could feel might benefit them.
"In the short run, we have to change the conversation," said McPherson. "We need partners to do it."

Tired Teachers

Next time you think that philosophy teacher sitting behind his desk is deep in thought...perhaps contemplating the nature of our existence...check again. He may be asleep.
A new study from Ball State University says that nearly a fourth of teachers surveyed are sleep deprived, and at a greater risk of missing work or making errors.
Researchers think long work days, which often stretch well into the night, are behind the faculty fatigue.

Other highlights:

• About 43 percent slept an average of 6 hours or less each night, which is less than the 7 to 9 hours recommended for healthy functioning.
• About 64 percent said they felt drowsy during the school day.
• Half of respondents experienced daytime sleepiness at least three times per week and either missed work or made errors at the workplace at least one day in the previous three months due to a lack of sleep.
• Only a third of school personnel admitted to getting a good night's sleep most of the time.
• Female respondents are more prone to suffer sleep disturbances, drowsiness and sleep problems.

Researcher Denise Amschler says the study underscores the importance of stress and workload reduction programs and support for the new federally mandated wellness policies for schools.

Cuomo Settles With Lenders, Gets Praise From NASFAA

New York Attorney General Andrew Cuomo announced yesterday that eight student lending firms have agreed to adopt broad new reforms of their direct marketing of student loans to protect students and their families. The lenders include Nelnet, Campus Door, GMAC Bank, NextStudent, Xanthus Financial Services, EduCap, Graduate Loan Associates, and MRU Holdings (dba My Rich Uncle). Seven of these firms have entered into settlements with Cuomo’s office, agreeing to follow a code of conduct and to donate more than $1.4 million to a national fund to educate students and families about the financial aid process. My Rich Uncle has agreed to voluntarily adopt the code.
Cuomo charged that some of the companies used phony mail solicitations designed to look like the federal government, pushed higher interest private loans on students, and employed unfair bait and switch techniques.
Dr. Philip Day, president and CEO of NASFAA (National Association of Student Financial Aid Administrators) praised Cuomo's efforts in a statement this morning.
"Every year students and families are misled by direct to consumer marketing and borrow more expensive private or alternative education loans before exhausting federal financial aid options including federal student loans, which are usually less expensive and have additional protections for borrowers,” Day said. “We appreciate the work of New York Attorney General Cuomo to curb these deceptive marketing practices and protect students and families trying to pay for higher education.
"For years NASFAA members in financial aid offices across the country have worked to inform students and families about the dangers of misleading direct-to-consumer marketing of private loans. Because increases in the cost of college have outpaced increases in financial aid, more families must rely on private loans to finance higher education. However, private education loans should only be used as a last resort. We urge all families to visit the financial aid office on campus before borrowing private loans to finance higher education. Financial aid administrators will ensure their students receive all the federal, state, and institutional financial aid they are eligible for to eliminate or reduce the need for more expensive private student loans."

Recognizing Constitution Day

In 2004 a law was passed under the terms of federal legislation requiring all schools and colleges/universities that receive federal funding to recognize “Constitution Day" on September 17th, the day the Constitution was signed back in 1787.

Here's what a few colleges and universities are doing this year to get students involved in the day:

Reliving the signing. At Nova Southeastern University in Fort Lauderdale, Fla., students can sign a mock version of the United States Constitution, with their signatures being written alongside those of Benjamin Franklin and George Washington.  

 

Making it relevant to today's concerns. Western New England College in Springfield, Mass., will host a panel featuring two professors from the college to discuss the topic of national security and the Constitution during a time of war. The discussion will focus on the Supreme Court case Boumediene vs. Bush, which was decided June 12, 2008 regarding the Guantanamo Bay detention camp.  

 

Ramping up for the election. In Raleigh, N.C., Meredith College will host a debate and discussion called “Campaign Cash and the Constitution.” Faculty members from Campbell Law School with discuss the rights and responsibilities involved in running for president of the United States. And Wartburg College in Waverly, Iowa, will hold a panel hosted by two students who attended the Republican National Convention. Students will make a 20 minute PowerPoint presentation and facilitate a Q&A session from the audience at the conclusion of the presentation.

 

Linking it to legal careers. The local Senior Judge in Reading, Penn., will lecture to Albright College in the context of a legal career as a lawyer and jurist. He will link his experiences and decisions with Constitutional themes for the students, showing that the U.S. Constitution is a “living document.”

 

Highlighting its importance. Five professors from Saint Leo University in Saint Leo, FL will speak to an audience about the importance of the Constitution and Electoral College. Each professor is covering a different topic.  

Pets Allowed

As students are heading back to school and leaving their pets behind at home, The Boston Globe reports the Massachusetts Institute of Technology will let a few feline family members come along.
MIT allows cats in four of its 11 undergraduate dorms, a policy that originated as an experiment at the school several years ago and was instituted by officials as a compromise while cracking down on students harboring creatures such as frogs, rats, weasels, snakes, rabbits, turtles, and even litters of kittens. Talk about an "animal house."
Fed up with pet odors and resulting damage, a pilot program launched in 2000 gave the OK for up to two dozen cats to live on campus if students promised to abide by the quota and a "cat clause" enforced by a student "pet chair" in each of the four dorms.
Cats were chosen over dogs because they don't need to be walked and can better fend for themselves while their owners are in class. However, the cats must be registered with the pet chair. A photograph, written consent of suitemates/roommates, and health records showing proof of vaccinations and spaying or neutering are required.
Although a student's perception of pet responsibility can vary, cat ownership at college seems to come with benefits: relieving stress and serving as a social magnet. But then it's just nice to have someone who's happy to see you.