A small liberal arts college in Oneonta, N.Y. is offering students an option to get a degree in three years instead of four, saving more than $40,000.

Students at Hartwick College will complete the standard 120 credits, taking 18 credits in the fall, 4 in a January term and 18 in the spring, and still will have their summers free for internships or jobs, according to a New York Times story.

Ah, Europe! They really know how to cater to the greater good of society. They'll even give you a free education just because it's a nice thing to do.

Gresham College, sponsored by the City of London, has been going for more than 410 years, based on the work of the Antwerp Bourse. Gresham retains eight professors on three-year tenures in classic disciplines like divinity, math, medicine, law, and music. Christopher Wren, the guy who designed the greatest of London's church spires, once taught astronomy here.

Funded by tax money, the College regularly engages academics from around the world, too, who plan their presentations for months. It even posts its past events online through transcripts, video, PowerPoint files, and audio recordings. These teachers are true white-glove, ivory-tower Ph.Ds--and yes, they're often as woolly-haired and boring as a university professor you pay back 15 years of student loans to hear drone on in person.

Because society as a whole benefits when everyone's smarter, the entire purpose is to share knowledge. That's done through free hour-long lectures, about a dozen each month except in July and August, when the load is lighter. Topics are as varied as the ones paying college students get: subjects include revelations of Lewis Carroll's little-known contributions as an Oxford mathematician, a comparison of the British and American Constitutions, a dissection of the soundtrack of Hitchcock's Psycho, and the physics behind locating other solar systems.

If you're looking for work in higher education, Boston may be the place to go.

The Boston metropolitan area ranked first in the nation and among the country's largest metro areas for having the highest industry concentration of employment in private colleges and universities, according to the federal Bureau of Labor Statistics report on 2006 data.

It had a location quotient of 3.63, meaning the Boston-Cambridge-Quincy area was three and a half times as great as that of the United States as a whole for having higher education jobs.

No other major metro area came close to that concentration. Second was Philadelphia-Camden-Wilmington, with about 2.5 times the nation for higher ed jobs. The national location quotient is always 1.0. Three other areas that beat that mark for higher ed employment, at 1.5, or one and a half times the national national concentration, were Chicago, Washington and New York.

Boston keeps many people employed and adding to its economy. The Boston metro area has more than 80 private colleges and universities employing 68,600 people and with more than 360,000 students. Workers there also make more money than other private industries in the area, according to the full Bureau of Labor Statistics report.

Job growth in the nation from 1990 to 2006 was 24.1%, while growth in colleges and university employment was 42.4%. In Massachusetts, employment gains in higher education were almost double the overall percentage growth in the private sector, 19.5% for higher ed compared with 9.9% in the private sector.

With 11.1 million people out of work, it makes sense that some would either return to college or find a technical school to learn new job skills.

CampusExplorer.com, a Web site that helps people search for schools, is seeing some of that market as more people look to retool their careers. In December, the national unemployment rate reached 7.2%. A month later, CampusExplorer.com saw its traffic increase 54% from the previous month to 376,000 visitors.

Jerry Slavonia, the company's CEO, said in an interview that while he doesn't necessarily tie the two together, he admits that the recession is helping his company prosper.

"A lot of people are going to have to start from scratch" in this economy, said Slavonia, 41, from his office in Santa Monica.

"If you're in a dead-end career, you just can't go out and get a new job," and going to school will help retool for a career change, he said.

The media's depiction of the current economic crisis has largely focused on either troubled homeowners or failing investment companies. Over the past couple of months, however, another big loser has emerged: educational institutions.

For example, five Wisconsin school districts recently announced that they were on the brink of losing $200 million. The money, which was part of the districts' retirement and healthcare funds, had been invested in what appeared to be solid, conservative bonds. Unfortunately, these investments, while rated "AA" and "AAA," were actually based in CDOs, or synthetic collateralized debt obligations. Thus, through the magic of financial wizardry, the school districts were actually investing in Fannie Mae, Lehman Brothers, Freddie Mac, and Washington Mutual. As these titans have fallen, the districts have watched their money evaporate.

This is a particularly egregious case, and the districts are now suing their investment adviser. However, it points to a larger problem: from the Madoff scandal to inflation to the recession, the economic hardships that have struck across the country have not spared educators. In some cases, this has had a positive effect: Yeshiva University, which lost $110 million in the Madoff scandal, has used its misery as a springboard for a series of discussions about the importance of ethics, money, and greed in determining the aspirations of its students. For many Yeshiva students, the Madoff scandal may well be a defining event in both their religious and secular education.

All-you--can-eat dining halls at colleges and universities are doing it, and consumers might as well too: Don't use trays when choosing your food.

By going trayless, diners take less food and therefore waste less, saving money and the environment, according to research by the National Association of College and University Food Services. Not having to clean trays also results in saving water and energy.

Schools saw a 25% to 30% drop in food waste per person when food trays were removed, the group called Aramark Higher Education found in a study last summer.

It's not news that the annual tuition increase at American colleges and universities always outpaces the rate of inflation. And more bad news comes via Zac Bissonette's blog about a recent report that those hefty hikes threaten to make college unaffordable for most Americans. Unfortunately, that's not a shocker to you, right? I blogged last month that more students should consider community college and trade school. Here's another alternative: college abroad. And not just a semester -- think the entire four years.

Don't laugh. For an article I wrote last year, I interviewed a 22-year-old college grad who just passed the New York Bar Exam and is now a practicing attorney. That's because he chose to get his law degree at Oxford, where his undergrad program included law school and took just three years to finish. He also saved a substantial amount of money. Because Oxford costs $20,000 a year, he paid $60,000 total for college and his law degree. If he had gotten it here, he would have paid $100,000 for four years of undergrad -- and then a ton more for three years of law school.

And that's the norm. Tuition for international students at top universities in the U.K. and Canada are 25 percent to 50 percent less than at U.S. private universities. Students also save time too, shaving at least a year off of undergrad. Travel and living expenses add to the amount, of course, but the total cost is about the same as an out-of-state resident attending state school. The Institute of International Education says a student at Scotland's Unversity of St. Andrews (Prince William's alma mater) pays the same per year -- $13,000 -- as a non-state resident at the University of Virginia. With the dollar climbing against other currencies, it's not as much of a hit to the wallet as compared to a year ago. College is even more affordable in Australia ($11,000) and New Zealand ($9,500). Nearly all U.S. federal loans can be used to pay for school overseas. A good resource for all the information is CollegeAbroad.com.

With just a few days to go before the election, Senator Barack Obama spent part of his day on Saturday discussing issues important to young voters with MTV: one of the topics was, not surprisingly, student loans. Here's what he had to say in response to a question from a viewer:

"I went to college having to take out student loans, went to law school having to take out student loans. Michelle took out student loans. When we got married, I think together our total loan payments every month was more than our mortgage when we bought a house, and that lasted for about 10 years. And I meet students - I think the average student is taking out $25,000 to $30,000. That's a huge burden, especially in a time when wages and income are not going up. So here is what we want to do: increase the Pell Grant program, eliminate banks as middlemen from the direct loan program - they're taking out billions of dollars in profits - take that money, apply that to increasing the number of loans that are out there and reducing the rates, and then what I want to do is provide a $4,000 tuition credit for every student, every year, in exchange for national service. If they participate in Peace Corps, working in their community in some fashion, obviously joining the military. We are going to make sure that they can afford their college tuition. And in certain areas, like teaching, where we really need teachers, especially in math and science, and nursing, where we really need nurses, we will potentially provide them with even more than that in order to get the high-quality teachers and nurses that we really need."

Community colleges have always been an underrated source of education, with most top students frowning upon them. But the times they are a-changin'. With the credit markets experiencing unprecedented problems -- and parents' portfolios down big -- many students are finding themselves in their junior and senior years of college without funding.


That's bad. it's especially bad because once you finish your sophomore year, it becomes difficult to downsize: community colleges generally don't offer bachelor's degree programs and the timing is also bad for transferring to a less expensive or less prestigious four-year college: you've spent tens of thousands on your education but your diploma will come from whatever school you attend last.

Don't miss the rest of our series on Underrated In America!

Bottom line: unless you're rolling in cash or receive a huge amount of scholarship money, beginning your college career at a community college is a prudent step to take into consideration. The costs are a tiny fraction of a four-year school, you'll be able to save money by working and living at home, and it's much better to make do now rather than run out of money 3 years into an education at a four-year college.

And remember, the main difference between the diploma of someone who went to Harvard for four years and someone who did the first two years at a community college before transferring is: nothing.

Some notable community college graduates: George Lucas, Ross Perot, Supreme Court Justice Arthur Goldberg, astronaut Eileen Collins, Peter Jennings, Tom Hanks and Morgan Freeman.

Many college-bound high school students have their eye on attending expensive private colleges, and with their beautiful campuses, air conditioned dorms and strong brand names, it's easy to understand why. But recent action in the stock market and credit markets threatens those plans. The portfolios that were going to pay for college are down more than 40% so far this year, and tightness in the credit markets is making loans harder to come by.

The USA Today reports that many families are responding by taking a harder look at public colleges. New York's most selective public institution, Binghamton University, has seen its applications rise by 50%.

If you're the parent of a high school junior or senior, and your last name isn't Gates of Buffett, you should absolutely be steering your child to a more affordable college. Here's why: If junior heads off to a state university and does well, he can always transfer to a first-tier college after sophomore year. The diploma will come from the university where he graduates. But if he heads off to a $40,000 per year college and you run out of money before his senior year -- and credit markets remain tight so you can't get more loans -- he could be forced to transfer to a less prestigious school, graduating with that diploma. The huge expenditures of the first few years will have been for nothing. With student loans drying up, many students are finding themselves in exactly this situation.

Also, with the job outlook looking bleak for future graduates, it's also a good time to be conservative about college financing. In a weak job market, a few hundred dollars per month in student loan payments can add to the stress of entering the labor market for the first time. Even if you can get tens of thousands in loans to attend a private college, it's still probably a bad idea.

AOL Money & Finance writer and editor Zac Bissonnette is a sophomore at the University of Massachusetts Amherst, and an expert on getting a great education without going broke. Got a college question? Leave a comment and he'll get back to you!

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What are the best colleges? See this year's rankings.

Two-thirds of students have to borrow to attend colleges, according to FinAid. They leave campus on graduation day 2004 with an average $19,237 in debt, but some owe far more. About one-quarter borrow at least about $25,000, and one in 10 borrow more than $35,000.

Fannie Mae and Freddie Mac were recently taken down for (among other things) taking advantage of the all the market had to offer for returns while meanwhile cashing in on a government backup for its loans. But their cousin Sallie Mae and lots of other private student loan lenders are still playing that game.

While some rates, even on existing student loans, have come down, many have not. My husband consolidated his law school loan shortly after graduating. He's stuck paying 9% for the rest of the loan.

Don't miss the rest of our series on Makeovers Needed!

AOL Money & Finance writer and editor Zac Bissonnette is a sophomore at the University of Massachusetts Amherst, and an expert on getting a great education without going broke. Got a college question? Leave a comment and he'll get back to you!

The Wall Street Journal recently took a look (subscription required) at the aggressive marketing of prepaid debit cards on college campuses.

What is a prepaid debit card? It's just like a regular debit card, except that it isn't hooked up to a checking account. You have to transfer money to it from a bank account, and there are hefty fees for activating the card, withdrawing money from ATMs and, get this, not using the card regularly. Fraud protection tends to be limited and, unlike a credit card, you can't establish a credit history to help qualify for better rates on student loans or a mortgage.

All of this raises an interesting question: why would anyone get a prepaid debit card? I can't even imagine.

The only advantage would seem to be that you can't rack up credit card debt or overdraft fees, but it's also possible to avoid those two things by not spending money you don't have. Either way, the insane fees far outweigh any benefit and the reason these are being pushed is that so many colleges have kicked credit card companies off campus.

Maybe it's time to give prepaid debit cards the boot too.

AOL Money & Finance writer and editor Zac Bissonnette is a sophomore at the University of Massachusetts Amherst, and an expert on getting a great education without going broke. Got a college question? Leave a comment and he'll get back to you!

JPMorgan Chase is dedicated to helping you pay for your child's college education, while making its shareholders billions in profits in the process. Sadly, one of the techniques that Chase suggests for financing education can be hazardous to your wealth. From the website:

A Chase Home Equity Loan or Chase Premier^SM Home Equity Line of Credit can provide a simple, flexible solution to the challenge of financing a higher education. With great rates and an easy online application, you'll receive a response to your college financing request in minutes.

I know: you want to help your kid pay for the education of his dreams, and you'd sell your blood to the Red Cross if you could. But the reality is that, if taking out a home equity loan is the best option you have for college financing, it is one that you can't afford. Your home is your nest egg and if you don't have any assets to tap outside of that and retirement funds, you simply cannot afford to help your kids pay for college. If you are financially secure enough to use your home equity that way, you also have other funds you can use.

It's great to help your kids pay for college but remember: they have lifetimes of work ahead of them, and you absolutely must put your own retirement needs ahead of your kids.

AOL Money & Finance writer and editor Zac Bissonnette is a sophomore at the University of Massachusetts Amherst, and an expert on getting a great education without going broke.

US News & World Report's annual America's Best Colleges publication is extremely influential in the college decision process for many families -- and not entirely wrongly. It furnishes readers with rankings, information on up and coming colleges, and a detailed guide to loans and financial aid.

The directory provides information about financial aid for every major college in America. Villanova University, for example, determined that 45% of its undergrads "had financial need" with an average aid package of $23,433 per year.

But what exactly is financial aid? On page 130 of the 2009 edition, America's Best Colleges defines it as "grants, loans, and jobs."

Now hold on there just a minute. On what planet is pay for a job financial aid? I thought that fell under the broader heading of "work" -- an exchange of a service for money, no? Is selling kidneys financial aid too? I also can't figure out how a loan -- money to be paid back with interest -- qualifies as financial aid. Does that include private loans? It doesn't say.

US News & World Report lumps grants, loans, and work study together, making the figures essentially useless for students looking to see how much they will actually have to pay, whether that's tomorrow or over the next 20 years. But what's most troubling is that the metric is a reflection of the way too many families think about college: no regard for the the impact money to be paid back later will have on their children's lives.

To read more from Zac's 'College on a Dime' series, click here. Be sure to leave a comment if you have a question or topic you'd like him to cover in a future post.

AOL Money & Finance writer and editor Zac Bissonnette is a sophomore at the University of Massachusetts Amherst, and an expert on getting a great education without going broke. Got a college question? Leave a comment and he'll get back to you!

Last month I wrote about my strategy of buying old, theoretically outdated, editions of textbooks for my classes, betting that they would be good enough to get me on the Dean's List at the cost of 1 penny per book.

But most students will head to the college bookstore to shell out hundreds of dollars for books that may only be used tangentially in their classes. However I've been told that some professors, fancying themselves socially responsible, have made the books for their classes available at off-campus independent bookstores rather than the college store, forcing students to travel to get their supplies and, in all probability, pay more than they would have to because independent shops lack the scale and purchasing power of the largest university in the state.

I'm not unsympathetic to the professor's case -- I try to shop locally too -- but here's the thing: if they want to support local businesses, they should do so with their own money, not finance their agendas with the wallets of students who are facing ever-increasing tuition and fees. It's very easy to be generous with other people's money: maybe those tenured professors should just buy the books for the students themselves, and donate some money to the struggling independents. I'd have a lot more respect for that.