Yale to Offer New Online Master of Medical Science Degree

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Your classroom at Yale may be the one you are in right now.

There’s big news in the Ivy League-online world: Yale University is creating a new online master of medical science degree for physician assistants, reports a recent Wall Street Journal article.

Yale’s program for aspiring PAs has been around for decades, but each class only has room for about 40 students a year, with more than 1000 applicants vying for those spots. With the introduction of the web-based course, there’s potential to accept up to 360 students (across the on-campus and web versions of the degree program). Next January, for the first online class, there will only be 12 students, but that number is expected to grow over the course of the next five years.

The price of the on-campus and online programs will be the same. Currently the 28-month course costs $83,162. The majority of the course work for online students will be done via live, interactive online classes; students will also visit various clinical field sites, participate in clinical rotations (students will be placed at medical facilities near them), and meet on-campus at Yale three times.

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3 Ways to Make Your Own Student Loan Luck

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Luck can’t pay off student loans, but YOU can!

“Diligence is the mother of good luck.”  – Benjamin Franklin

If you’re one of the 37 million Americans with student loans, you know it’s going to take a lot more than a few four-leaf clovers to make your debt disappear. You wouldn’t rely on winning the lottery in order to pay your loans, would you?  Unfortunately, neglecting to understand the various loan repayment options can be just as foolish, because you may be missing out on opportunities to reduce or even eliminate your debt burden. Essentially, leaving your loans to chance could mean leaving money on the table.

Rather than wait around for good fortune to find you, take a proactive approach by seeing if one of these three options apply to you:

1.  Spend money to save money
. All education loans, whether federal or private, allow for penalty-free prepayment, which means that you can pay more than the monthly minimum or make extra payments without incurring a fee. Prepaying may sound painful, but the benefits can be huge. The more you do it, the sooner you’re done with your loans – and the less interest you spend over the life of the loan.

Let’s say you have a $100,000 student loan balance at a 6.8% interest rate and 10-year term. If you increased your monthly payment by just $100, you’d save about $5,600 in total interest and pay off your loans about a year early. Or perhaps you pay down an extra $2,000 per year using your annual bonus, saving yourself about $7,400 in interest and paying off your loans about 1.5 years early. Every borrower’s situation is different, but you can do the math on your own loans with a calculator like this.

One thing to note – prepaying is most effective when the extra cash is applied directly to your principal, rather than being earmarked for future payments.  It’s best to check with your loan servicer to see what their policy is before increasing or adding extra payments.

How to get lucky: Commit to increasing your monthly student loan payment each time you get a raise and/or putting a percentage of every bonus toward your loan balance.

2.  Recalibrate your rate
. One of the fastest ways to slash your student loan burden is to lower the interest rate on your loans, which can only be accomplished through the act of refinancing. In addition to reducing the amount of interest you pay on your loan over time, refinancing can allow you to make lower monthly payments or shorten your payment term (so that you can be done with your loans sooner).

Student loan refinancing is still a relatively new option, so many borrowers who could be eligible to refinance aren’t even aware the opportunity exists. Which is unfortunate, because the savings can be significant.  For example, the average SoFi borrower saves $9,400 when they refinance with us.*  In addition, some private lenders offer additional benefits to borrowers when they refinance, such as complimentary career coaching and entrepreneurial support.

How to get lucky: When shopping around for a refinance lender, be sure to compare interest rates as well as other potential benefits.

3.  Ask for forgiveness. What borrower hasn’t fantasized about winning the lottery and paying off their loans in one fell swoop?  Unfortunately, you’re more likely to get hit by an asteroid than win a seven figure jackpot. So what’s the next best thing? How about making your student loan balance magically disappear.

It sounds too good to be true, but this is the basic idea behind student loan forgiveness. Surprisingly, there are quite a few ways to get your loan slate wiped clean, but the most well-known one (and the one that applies to the most people) is the government’s Public Service Loan Forgiveness (PSLF) Program. Under the program, borrowers who work full-time for a qualifying public service organization may be eligible to have federal loans forgiven after 10 years of on-time monthly payments.

Before you skim over this section and assume that PSLF won’t apply to you, consider this: The CFPB estimates that about one in four working Americans has a job that meets the definition of “public service”, and yet they believe a “substantial sum” is left on the table by borrowers who don’t take advantage. This may be because the definition is broader than what most people would expect – for example, soldiers, doctors at non-profit hospitals and public defenders are all examples of professions that may qualify a borrower for PSLF.

How to get lucky: Find out if you qualify for PSLF or other forgiveness programs by contacting your student loan servicer.  

*SoFi average borrower savings assumes 10-year student loan refinancing with a weighted average rate of 7.67% and a loan balance of $86,000, compared to SoFi’s median 10-year rates of 5.875% (with AutoPay).

This post is by Anna Wolf and originally appeared on the SoFi Blog. SoFi connects alumni borrowers and investors to refinance private and federal student loans.

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Three Topics to Discuss in Waitlist Letters

If you are on a waitlist, Linda Abraham has something to tell you:

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4 Ways to Show How You’ll Contribute in the Future

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Will your past allow the adcom a peak into your future?

Schools want to see that the applicants will actively participate in and contribute to their student bodies and alumni communities, not to mention the greater community and society. Yet grandiose, declarative statements and promises to be a superlative do-gooder are unpersuasive.

So how is an applicant to show what he or she will do in the future? Point to the past. Most admission committees are firm believers that past behavior reveals abilities and interests and is a good predictor of the future.

Here are four tips to help you relay the message that you plan on achieving greatness by contributing to your school/community/world-at-large, by highlighting your impressive past.

1. Share the story of past achievements and quantify if possible the impact you had. – By showing how you’ve already contributed, you demonstrate that you have the initiative, people skills, and organizational talent to make an impact in the future.

2. Discuss skills you’ve developed that will aid to future contributions. – You can show the adcoms that you’re prepared to give back by proving that you’ve got the skills and the tools needed. Use evidence to support your skill development by talking about how you’ve worked to build your skill set, i.e. by taking a course or through work experience, etc. Analyze your success and failures (when asked for the latter) to reveal that you are a thinking, growing, dynamic individual. And when asked about failures or setbacks, discuss what you learned from the tough times. Demonstrate a growth mindset.

3. Show how your skills are transferable. – To contribute to your classmates or school, you’ll need to show how your unique talents or experiences can be shared with your classmates, professors, or work colleagues. Talk about how your skills, understanding, and ethics can impact those around you.

4. Mention how your target school will help. – Now the adcom readers know that you’ve got skills and that you’re ready to share them. Next, you need to reinforce the idea that their school is THE PLACE to accelerate your upward trajectory.

A good essay on your contributions will cover each of the above topics – what you’ve done in the past, how you’ve developed your skills, how you plan on sharing that knowledge, and how your target school will help you effect change. Remember, the past reveals much about the future, so share the story of what you’ve done and how you’ve reached this point and you’ll be well on your way to proving that you’ve got what it takes to contribute in the future.

The Quick Guide to Admissions Resumes: Get your free copy!

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3 Tips for Parents of Grad School Applicants

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Make sure your child’s in the driver’s seat

I’ve been working in graduate admissions for almost 20 years so I have witnessed this trend firsthand: Parents are playing a much larger role in the application process these days than they used to.

This isn’t necessarily a bad thing – parents can provide a lot of much-needed support (financial, practical, emotional) for their kids during the admissions process; but I cringe when I see parents overstepping their bounds, attempting to control their children’s actions and outcomes.

How much involvement is TOO MUCH involvement for parents of applicants? Check out these 3 tips:

• Make Sure Your Child’s in the Driver’s Seat. – When you take the lead in the admissions process, you’re essentially telling your child: “I don’t think you have what it takes to manage this process yourself.” And what you’re telling the school is: “My kid isn’t competent or ambitious enough to apply to school himself.” You can help your child apply, surely, but make sure that’s what you’re doing – helping them, and not the other way around.

• Your Child’s Voice Should be the Sole Voice of this Operation. – All communication with the school should be between your child – not you, the parent – and the school. Likewise, the voice your child uses to write her application essays should be her voice – and not yours. And it should go without saying that this advice relates to interviews as well. Help, guide, coach, and edit, but please never speak for your child.

• Help Your Child Deal with Disappointment. – Be it a rejection or a poor score, a parent needs to understand the role they play here. First, your child is the one experiencing this distress, not you. By showing your disappointment, you will only make your child feel worse, not to mention potentially preventing your child from continuing to move forward. Instead, allow your child time to express disappointment, provide the appropriate amount of comfort (you know your child best), and then encourage your child to persevere.  Suggest that your applicant explore alternatives and examine the factors he or she can change to improve the outcome in the future. Play the role of the motivational coach; don’t play the blame game.

Not sure you can effectively guide your child through the grad school admissions process (in a balanced, non-pushy way of course)? Browse our catalog of services to access professional guidance today!

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Linda AbrahamBy Linda Abraham, president and founder of Accepted.com and co-author of the definitive book on MBA admissions, MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools.

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