Connect with us

General

9 ways college is different for millennials than it was for previous generations – Finance – Pulselive.co.ke

Published

on

Loading...


  • Millennials’ lives are a lot different than their parents’ lives were at the same age.
  • Exhibit A: College — higher education has evolved over time, creating a different environment for millennials compared to previous generations.
  • Most significantly, college today is more expensive for millennials — but it has also experienced an increase in technological advancements and opportunities, diversity, and stress and competition.

Millennials face a lot of differences compared to their parents — they carry bigger financial burdens; deal with a different dating pool; always have to be “on” at work, but have more flexible working options; and have access to social media.

They also have a different college experience than baby boomers and Gen X did. Most notoriously so, the cost of college tuition has significantly increased since the 1980s, but there are a few other contrasts as well, both good and bad — think technological advancements, increased diversity, and more stress and competition.

In fact, more millennials are attending college than any previous generation. According to the Pew Research Center, the number of college-educated young adults with a bachelor’s degree is at its highest point yet — 40% of millennial workers aged 25 to 29 had a bachelor’s degree in 2016, compared to 32% of Gen Xers in 2000 and 26% of baby boomers in 1985.

But they’re attending college in a different environment. From the price of college textbooks to online learning opportunities, here’s how college differs for millennials.

More students are going to college.


play

More students are going to college.

(Facebook/Albany College of Pharmacy & Health Sciences)

“The demand for higher education has risen dramatically since 1985,” Richard Vedder, author and distinguished professor of economics emeritus at Ohio University, previously told Business Insider.

NBC News previously reported that undergraduate enrollment in the US had duplicated from 1970 to 2009. And, according to the Department of Education, US colleges expected a total of 20.4 million students in fall 2017, about 5.1 million more than in fall 2000.

“The rewards for college have expanded and grown from 1985 to a little after 2000 and sort of leveled off in the past decade,” Vedder said.

College is more competitive.


College is more competitive.play

College is more competitive.

(Leon Neal/Getty Images)

With more students applying to colleges, it’s harder to get in. In 1988, the acceptance rate for Columbia University was 65%; as of 2014, it’s 7%, according to US News & World Report. Likewise, the University of Michigan’s acceptance rate dropped from 52% to 33% in the same time period.

But Jacoba Urist of The Atlantic says that there is truth and untruth to the myth of college admissions getting harder each year. “As it turns out, getting into college actually isn’t any harder than it was a decade ago,” she wrote. “It’s just that the odds of admission to your particular college may have decreased.”

Whatever the case, the facts show that acceptance rates are on the decline.

College is more expensive.


College is more expensive.play

College is more expensive.

(Mills College)

College tuition has more than doubled since the 1980s. From the late 1980s to the 2017-18 school year, the cost of an undergraduate degree rose by 213% at public schools, adjusting for inflation.

Back then, the average annual tuition for public college was just $1,490, or $3,190 in today’s dollars, compared with today’s price tag of $9,970, according to Student Loan Hero.

Private college tuitions witnessed a cost increase in the period of 129% when adjusted for inflation. In the late 1980s, it cost $7,050, or $15,160 in today’s dollars, for a private undergraduate degree. Today, the average cost is $34,740.

College textbooks are also pricier.


College textbooks are also pricier.play

College textbooks are also pricier.

(Adam Berry / Getty Images)

Along with tuition, the price of college textbooks has increased, reports The Huffington Post, citing the Government Accountability Office. Compared to 30 years ago, they’re 812% costlier. A single textbook can cost up to $300, and the average college student is expected to spend more than $1,200 on textbooks annually.

As a result, electronic textbooks are on the rise — and they could save students as much as $1.42 billion collectively a year, according to Huffington Post. That’s not an option parents had back in the day.

College today is more technologically advanced.


College today is more technologically advanced.play

Loading...

College today is more technologically advanced.

(Thomas Lohnes/Getty Images)

College millennials have greater technology benefits than their parents did before the advent of the Internet. Mobile devices and laptops dominate classrooms, but they can also distract students from lessons.

Students can now receive lectures via PowerPoint if they miss a class, and many universities offer access to recorded faculty lectures, according to NBC News.

Instead of typewriters or desktops, students now have laptops — which they can bring to class to take notes instead of handwriting lectures. They can also rate their professors online and use social media to stay in touch with classmates.

More students are learning online.


More students are learning online.play

More students are learning online.

(Boston College/Facebook)

With such technological advancements, more and more students are enrolling in online courses — options that weren’t quite available for their parents.

Online course enrollment increased between the fall 2015 and 2016 school years more than it had in the past three years, reported US News & World Report, citing the Babson Survey Research Group. Public colleges and universities, specifically, saw a 7% increase in growth.

Business Insider previously reported on a survey that revealed 69% of millennials thought they learned better from technology than from people — only 50% of respondents older than 45 felt the same.

The student population is more diverse.


The student population is more diverse.play

The student population is more diverse.

(Dia Dipasupil/Shutterstock)

Student populations at colleges has evolved demographically since 1970. According to the 2018 State of the Student research project conducted by education technology company Chegg, which sampled more than 1,000 college students in the US, current minority enrollment is 42% — a sharp contrast from 15% in 1970.

Currently, females make up more than half of the student population; in 1970, they made up less than half. Students are also older — 40% of college students are older than 25 years old, compared to 28% in years prior.

College students aren’t as religious as they used to be.


College students aren't as religious as they used to be.play

College students aren’t as religious as they used to be.

(Jonathan Daniel/Getty Images)

The number of freshmen who don’t identify with a religion increased from around 16% to 25% from 2005 to 2014, according to The Huffington Post, citing UCLA’s Cooperative Institutional Research program, which surveyed more than 150,000 full-time freshmen students across more than 200 colleges and universities.

Students at Catholic colleges who don’t identify with a religion increased by more than 4% in the same time span. The percentage of students not identifying with a religion at other religious colleges also increased.

College students are more stressed today.


College students are more stressed today.play

College students are more stressed today.

(Strelka/Flickr)

From 2005 to 2015, the proportion of freshmen saying they “occasionally or frequently feel overwhelmed” increased by 10%, according to the Huffington Post. Denise Hayes, president of the Association for University and College Counseling Center Directors in 2011, told the publication that this could be linked to financial pressures and stress to succeed.

Perhaps this is because millennials are balancing more in addition to their school work. According to a study by the Center for Education and the Workforce at Georgetown University, 70% to 80% of students have a job while attending school — 40% of them work more than 30 hours a week, exceeding the 15 hours a week cap they should maintain without hurting their academics.



Loading...

General

Sordid tale of the bank ‘that would bribe God’

Published

on

Loading...

Bank of Credit and Commerce International. August 1991. [File, Standard]

“This bank would bribe God.” These words of a former employee of the disgraced Bank of Credit and Commerce International (BCCI) sum up one of the most rotten global financial institutions.
BCCI pitched itself as a top bank for the Third World, but its spectacular collapse would reveal a web of transnational corruption and a playground for dictators, drug lords and terrorists.
It was one of the largest banks cutting across 69 countries and its aftermath would cause despair to innocent depositors, including Kenyans.
BCCI, which had $20 billion (Sh2.1 trillion in today’s exchange rate) assets globally, was revealed to have lost more than its entire capital.
The bank was founded in 1972 by the crafty Pakistani banker Agha Hasan Abedi.
He was loved in his homeland for his charitable acts but would go on to break every rule known to God and man.
In 1991, the Bank of England (BoE) froze its assets, citing large-scale fraud running for several years. This would see the bank cease operations in multiple countries. The Luxembourg-based BCCI was 77 per cent owned by the Gulf Emirate of Abu Dhabi.  
BoE investigations had unearthed laundering of drugs money, terrorism financing and the bank boasted of having high-profile customers such as Panama’s former strongman Manual Noriega as customers.
The Standard, quoting “highly placed” sources reported that Abu Dhabi ruler Sheikh Zayed Sultan would act as guarantor to protect the savings of Kenyan depositors.
The bank had five branches countrywide and panic had gripped depositors on the state of their money.
Central Bank of Kenya (CBK) would then move to appoint a manager to oversee the operations of the BCCI operations in Kenya.
It sent statements assuring depositors that their money was safe.
The Standard reported that the Sheikh would be approaching the Kenyan and other regional subsidiaries of the bank to urge them to maintain operations and assure them of his personal support.
It was said that contact between CBK and Abu Dhabi was “likely.”
This came as the British Ambassador to the UAE Graham Burton implored the gulf state to help compensate Britons, and the Indian government also took similar steps.
The collapse of BCCI was, however, not expect to badly hit the Kenyan banking system. This was during the sleazy 1990s when Kenya’s banking system was badly tested. It was the era of high graft and “political banks,” where the institutions fraudulently lent to firms belonging or connected to politicians, who were sometimes also shareholders.
And even though the impact was expected to be minimal, it was projected that a significant number of depositors would transfer funds from Asian and Arab banks to other local institutions.
“Confidence in Arab banking has taken a serious knock,” the “highly placed” source told The Standard.
BCCI didn’t go down without a fight. It accused the British government of a conspiracy to bring down the Pakistani-run bank.  The Sheikh was said to be furious and would later engage in a protracted legal battle with the British.
“It looks to us like a Western plot to eliminate a successful Muslim-run Third World Bank. We know that it often acted unethically. But that is no excuse for putting it out of business, especially as the Sultan of Abu Dhabi had agreed to a restructuring plan,” said a spokesperson for British Asians.
A CBK statement signed by then-Deputy Governor Wanjohi Murithi said it was keenly monitoring affairs of the mother bank and would go to lengths to protect Kenyan depositors.
“In this respect, the CBK has sought and obtained the assurance of the branch’s management that the interests of depositors are not put at risk by the difficulties facing the parent company and that the bank will meet any withdrawal instructions by depositors in the normal course of business,” said Mr Murithi.
CBK added that it had maintained surveillance of the local branch and was satisfied with its solvency and liquidity.
This was meant to stop Kenyans from making panic withdrawals.
For instance, armed policemen would be deployed at the bank’s Nairobi branch on Koinange Street after the bank had announced it would shut its Kenyan operations.
In Britain, thousands of businesses owned by British Asians were on the verge of financial ruin following the closure of BCCI.
Their firms held almost half of the 120,000 bank accounts registered with BCCI in Britain. 
The African Development Bank was also not spared from this mess, with the bulk of its funds deposited and BCCI and stood to lose every coin.
Criminal culture
In Britain, local authorities from Scotland to the Channel Islands are said to have lost over £100 million (Sh15.2 billion in today’s exchange rate).
The biggest puzzle remained how BCCI was allowed by BoE and other monetary regulation authorities globally to reach such levels of fraudulence.
This was despite the bank being under tight watch owing to the conviction of some of its executives on narcotics laundering charges in the US.
Coast politician, the late Shariff Nassir, would claim that five primary schools in Mombasa lost nearly Sh1 million and appealed to then Education Minister George Saitoti to help recover the savings. Then BoE Governor Robin Leigh-Pemberton condemned it as so deeply immersed in fraud that rescue or recovery – at least in Britain – was out of the question.
“The culture of the bank is criminal,” he said. The bank was revealed to have targeted the Third World and had created several “institutional devices” to promote its operations in developing countries.
These included the Third World Foundation for Social and Economic Studies, a British-registered charity.
“It allowed it to cultivate high-level contacts among international statesmen,” reported The Observer, a British newspaper.
BCCI also arranged an annual Third World lecture and a Third World prize endowment fund of about $10 million (Sh1 billion in today’s exchange rate).
Winners of the annual prize had included Nelson Mandela (1985), sir Bob Geldof (1986) and Archbishop Desmond Tutu (1989).
[email protected]    

Loading...

Monitor water pumps remotely via your phone

Tracking and monitoring motor vehicles is not new to Kenyans. Competition to install affordable tracking devices is fierce but essential for fleet managers who receive reports online and track vehicles from the comfort of their desk.

Loading...
Continue Reading

General

Agricultural Development Corporation Chief Accountant Gerald Karuga on the Spot Over Fraud –

Published

on

Loading...

Gerald Karuga, the acting chief accountant at the Agricultural Development Corporation (ADC), is on the spot over fraud in land dealings.

ADC was established in 1965 through an Act of Parliament Cap 346 to facilitate the land transfer programme from European settlers to locals after Kenya gained independence.

Karuga is under fire for allegedly aiding a former powerful permanent secretary in the KANU era Benjamin Kipkulei to deprive ADC beneficiaries of their land in Naivasha.

Kahawa Tungu understands that the aggrieved parties continue to protest the injustice and are now asking the Ethics and Anti-corruption Commission (EACC) and the Directorate of Criminal Investigations (DCI) to probe Karuga.

A source who spoke to Weekly Citizen publication revealed that Managing Director Mohammed Dulle is also involved in the mess at ADC.

Read: Ministry of Agriculture Apologizes After Sending Out Tweets Portraying the President in bad light

Dulle is accused of sidelining a section of staffers in the parastatal.

The sources at ADC intimated that Karuga has been placed strategically at ADC to safeguard interests of many people who acquired the corporations’ land as “donations” from former President Daniel Arap Moi.

Despite working at ADC for many years Karuga has never been transferred, a trend that has raised eyebrows.

“Karuga has worked here for more than 30 years and unlike other senior officers in other parastatals who are transferred after promotion or moved to different ministries, for him, he has stuck here for all these years and we highly suspect that he is aiding people who were dished out with big chunks of land belonging to the corporation in different parts of the country,” said the source.

In the case of Karuga safeguarding Kipkulei’s interests, workers at the parastatals and the victims who claim to have lost their land in Naivasha revealed that during the Moi regime some senior officials used dubious means to register people as beneficiaries of land without their knowledge and later on colluded with rogue land officials at the Ministry of Lands to acquire title deeds in their names instead of those of the benefactors.

Read Also: Galana Kulalu Irrigation Scheme To Undergo Viability Test Before Being Privatised

Loading...

“We have information that Karuga has benefitted much from Kipkulei through helping him and this can be proved by the fact that since the matter of the Naivasha land began, he has been seen changing and buying high-end vehicles that many people of his rank in government can’t afford to buy or maintain,” the source added.

“He is even building a big apartment for rent in Ruiru town.”

The wealthy officer is valued at over Sh1.5 billion in prime properties and real estate.

Last month, more than 100 squatters caused scenes in Naivasha after raiding a private firm owned by Kipkulei.

The squatters, who claimed to have lived on the land for more than 40 years, were protesting take over of the land by a private developer who had allegedly bought the land from the former PS.

They pulled down a three-kilometre fence that the private developed had erected.

The squatters claimed that the former PS had not informed them that he had sold the land and that the developer was spraying harmful chemicals on the grass affecting their livestock and homes built on a section of the land.

Read Also: DP Ruto Wants NCPB And Other Agricultural Bodies Merged For Efficiency

Naivasha Deputy County Commissioner Kisilu Mutua later issued a statement warning the squatters against encroaching on Kipkuleir’s land.

“They are illegally invading private land. We shall not allow the rule of the jungle to take root,” warned Mutua.

Meanwhile, a parliamentary committee recently demanded to know identities of 10 faceless people who grabbed 30,350 acres of land belonging to the parastatal, exposing the rot at the corporation.

ADC Chairman Nick Salat, who doubles up as the KANU party Secretary-General, denied knowledge of the individuals and has asked DCI to probe the matter.

Email your news TIPS to [email protected] or WhatsApp +254708677607. You can also find us on Telegram through www.t.me/kahawatungu

Loading...
Continue Reading

General

William Ruto eyes Raila Odinga Nyanza backyard

Published

on

Loading...

Deputy President William Ruto will next month take his ‘hustler nation’ campaigns to his main rival, ODM leader Raila Odinga’s Nyanza backyard, in an escalation of the 2022 General Election competition.

Acrimonious fall-out

Development agenda

Won’t bear fruit

Loading...
Continue Reading
Advertisement
Loading...
Advertisement
Loading...

Trending

Kenyan Tribune