College is the first time when cost of quality education really mount. However, a majority of students and their parents are unprepared for the financial responsibilities they encounter during and after college. In the US, for instance, about half the class of 1998 will have accumulated an average of $13,600 in student loans upon graduation and will be expected to repay them at approximately $163 a month for almost seven years, according to the US-based Student Loan Marketing Association.Since students learn practically nothing about financial management, it is still unrealistic for a student to manage the rising costs of college. Nor are parents expected to bear the full cost of their education. The Microsoft Corporation has instituted the Microsoft Money E-Scholarship Contest, recognising that students need help in shaping a successful financial future.
Microsoft Money 98 recently went online with an electronic scholarship essay contest, the results of which were announced on February 26th. The contestwas designed to give 10 winning students immediate monetary assistance and introduce them to personal finance software tools and Internet resources that can help them take charge of their finances. Each winner will be awarded a $2,500 scholarship and money management tools to set them on the right course.
Said Arlette Cox, product marketing manager, personal finance business unit at Microsoft, ``Unfortunately, students are invariably exposed to the importance of financial responsibility only after finding themselves plunged into the world of bills, student loans and mounting credit-card debt. We believe that if students develop good financial habits at an early age, they will likely continue to be financially responsible and understand the importance of lifelong financial planning.''
More than 2,500 college students across the world entered the contest. In addition to tuition funds, each winner will receive a free copy of Microsoft's personal finance software, Money 98 Financial Suite. Money ManagementSoftware Tools Microsoft offers two versions of its personal finance software -- Money 98 and Money 98 Financial Suite. Money 98 focuses on the essentials of money management -- from bill paying and banking to budgeting and expense tracking to overall financial management.
The Financial Suite includes all the capabilities of Money 98 plus financial planning and investment management tools, interactive worksheets and an integrated financial guide to help users make smart financial decisions. Money 98 Financial Suite features a vast array of tools to assist students with managing debt, tracking short- and long-term goals, researching investment opportunities and planning for the future.
The guide integrates with the Money Insider Web site (http://moneyinsider.msn.com/) to give students access to the latest financial tools and information. Beyond college, Money Insider can help with other lifetime events such as buying a home, planning for retirement or planning an investment portfolio.
To enter theMicrosoft Money E-Scholarship Contest, a student needs to download a free trial version of Money 98 Financial Suite, at http://www.microsoft.com/money/, answer five product-related questions and prepare a 500-word `financial fitness' essay.
The entrants are then expected to submit their applications electronically through the FastWeb site (http://www.fastweb.com/), the largest free Internet scholarship search service with a database of more than 180,000 private scholarships. Contestants are also required to be full-time students, 18 or older and enrolled at an accredited college or university.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
