Michelle Singletary
Thursday, July 13, 2006; 4:31 PM
Over the last two years my husband and I have been paying for college textbooks for a niece -- and I'm telling you, I get a sharp pain in my heart every semester when she calls to tell us her total bill.
Of course I'm not alone in this sticker shock. Seems the cost of textbooks have increased at twice the rate of inflation. In the 2003-2004 academic year, students and their families spent more than $6 billion on new and used textbooks.
I wrote about this issue in my column today. Already my e-mail inbox is filling up with comments and suggestions about this issue.
Bob Roane from Maryland wrote: "I wanted to share with you something I learned from my daughter, who just finished her first year at U-Va. Not only do the books carry a high price tag ... but in several of her classes this past year, the professor pointed out to the students that the textbook wasn't really necessary and that tests etc. would be based solely on lecture materials. Unfortunately ... she had already purchased and written her name in the book!!! She was able to sell books back to the bookstore, but at a greatly reduced price because they were now considered to be 'used.' So, another piece of advice would be to wait until after the first class to buy the book. Also, there is a Web site, www.ratemyprofessor.com, that provides student feedback on specific college courses and it often points out whether the text is a necessity."
Good advice, but keep in mind -- as I point out in my column -- that if you wait, the bookstore might run out of used copies.
Ann, a recent graduate of the University of Maryland-College Park, wrote: "Textbook prices are definitely a big deal for students. I want to say that contrary to what the publishers claim, most professors not only don't care about the bundled packs, but they often
don't even know about them! Usually, when we would ask professors if we need the workbook or CD in the bundled package, the reply was, 'What are you talking about?'"
Ann and others who wrote to me complained that some professors don't get their book requests in on time, forcing the bookstore to rush-order them, meaning the store can't predict what used books it has to buy back.
Finally, here's a note I got from a tenure-track professor that I think you will find fascinating. She asked to remain anonymous "because what I have to say may not endear me to some of my colleagues and I don't have tenure yet!"
She wrote: "My first year, I had to give a list of books I was assigning just a month after I was offered the job. I tried to find the cost of the textbooks and it was difficult -- the publisher didn't make it easy. I was only able to find the cost of one textbook and the rest I just had to hope weren't too expensive.
"Now that I have time to develop my syllabi, I work hard at trying to find out the prices. ... A lot of times, I literally have to pick up the phone and call the publisher (which means waiting on hold etc.). It can take 15 minutes or sometimes much longer for each textbook."
Here what this professor does to help save her students money (you will understand a lot of this if you read my column from today's paper):
This is what the professor had to say about bundles:
"Bundles are one way the textbook publishers really try to make money -- it's quite sneaky, actually. I was at a convention and was checking out the textbooks. For the text that I am required to use, the publisher was offering what looked to be a really cool atlas that could be bundled with the text. I asked how much it would cost the students, and they said, 'It's free, we don't charge at all for it!' I was very excited about getting a deal for my students, and in fact took some extra copies of the atlas home to share with the other professors in my department. ... But then it hit me. The bundle would have a different ISBN, and that would mean the bookstore would not stock used copies! What a sneaky way for the textbook publisher to stop students from buying used copies! (Plus, I took some time to look at the atlas more thoroughly, and it was actually based on data from 1998.) ... I would personally welcome a law that required textbook publishers to make it easier for professors to know the prices of books, it would save me a lot of hassle!"
OK, get busy e-mailing your legislators!
New Post Column Coming
You may know that several long-time Washington Post columnists have retired -- Al Crenshaw and Don Oldenburg, to name just a couple.
At least you still have me -- and for a long time. I've got three small rug rats to send to college.
But there's another columnist coming soon. Martha Hamilton, a longtime Post reporter and editor, will be starting a column in September on financial planning for retirement. It'll be designed to help individuals who are increasingly expected to provide for their own retirement through savings plans.
Hamilton is now looking for folks who are about to turn 30 and who would be willing to talk to her on the record about their finances. She wants to know what you've done, if anything, to start saving for retirement. You have to be willing to have your full names used in the newspaper and to speak in detail about your finances. In return for putting all your business out there, experts in financial planning would assess what you have done and what you need to do.
Anyone who is interested in participating can call Hamilton at 202-334 6166 or e-mail her at hamiltonm@washpost.com.
So You want to Be on TV?
In the last several weeks I've been searching for residents of the Washington metro area willing to share their personal stories on my television show "Singletary Says," which airs on TV One.
Well, I'm still looking for guests. Here are just some of the guests or families I'm looking for:
If you fit any of these profiles or you want to be on "Singletary Says" and you live in the Washington metro area, click here.
Job Hunting
It's almost halfway through summer and you just graduated from college, but you still don't have a job. If that's you (or your kid), I feel for you.
Perhaps it might help to check out a recent online discussion by Career Track columnist Mary Ellen Slayter. On Monday she had some good answers to questions on how to handle a job interview (and the many frustrations that go with it). Following is an excerpt from that chat:
Jamison, Pa.: Ok, I have three plaguing questions: On average, how many resumes does a recent college grad submit? How long does it normally take for an employer to contact you? Lastly, how many times and how often should you follow up a resume?
Mary Ellen Slayter: How many resumes: This can vary really widely, depending on your field and how you're targeting your search. I've known people to land a job with the first resume they sent out (out of blind luck or through careful networking), and I've known people to send out hundreds of resumes with no bites. People who focus on quality over quantity tend to have more success for their efforts, in my experience.
How long for contact: Also depends. Could be the next day (not likely), could be weeks or months, especially for entry-level jobs.
Follow-up: one to two e-mails or phone calls, spaced a week apart, are fine.
Washington: I'm starting to get stressed about finding a new job (after finishing a year-long fellowship). I had what I thought was a really good interview and was told I'd get a call soon about a second interview. I then didn't hear another word from the office. I called once to check in and was told that they were too busy and would call back later. They did not. I have since left two voicemail messages, but still no response. Is it reasonable, once you've had an interview, to expect a response about the job, one way or another? Should I keep calling, or give it up? The original interview was a month ago now.
Mary Ellen Slayter: It is reasonable to expect a callback after an interview. Unfortunately, that doesn't mean everyone does it. I'd give it another round of calls and e-mails, and if you still get no response, I'd assume the answer is no and move on.
Riding the Market Wave
If you are among the ranks of those playing the stock market, you might want to be aware that reports are saying that the roller coaster might be calming down.
In "A Wild Ride," Brooke A. Masters reports that the five weeks from mid-May to mid-June were downright awful. Disconcerted by a series of hawkish speeches by the new Federal Reserve Board chairman, Ben S. Bernanke, and interest rate increases in more than 60 countries, investors fled stocks in droves. But then things settled down again, and many of the indexes began to recover.
Masters further points out that the stock market has also been rising for nearly four years without a 10 percent correction, a stretch that is nearly unmatched since World War II.
So in this time of ups and downs, what should an investor to do?
Diversify. Actually, that's the key to successful investing all the time.
Summer Savings
I'm thinking about taking time off once more this summer. But can you still find savings this summer. The Post's Travel Section "Flight Crew" answered some questions about ways to travel to get the most out of a vacation. Here's a relevant question and answer from a recent chat:
Arlington, Va.: There has been a lot of talk on these chats about the difficulty of using frequent flier miles. Do you know if I will face the same hassle with redeeming American Express points for travel?
The Flight Crew: Odds might be somewhat better than if your points are on just one airline and its partners, since American Express has lots of airline partners. But first off, having more partners doesn't help if the place you want to go isn't served by a lot of airlines. And even if the destination is served by many airlines, if none of them have frequent flyer tickets available for where you want to go at a given time, it really doesn't help to have lots of airlines refusing you. Secondly, you have to know which plan you have. Under one plan, you can buy a regular ticket using your express card, but then use points to pay, or to help pay, your American Express bill. In that case, ticket availability is huge, but then again, you have to use a lot of points.
You are welcome to e-mail comments and questions to mailto:singletarym@washpost.com.. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested.