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Sun Jun 27, 2010
Campus Visits for Rising High School Seniors
According to the College Board, here are things you shouldn't miss while visiting a college.
Have an interview with an admissions officer.
Get business cards and names of people you meet for future contacts.
Pick up financial aid forms.
Participate in a group information session at the admissions office.
Sit in on a class of a subject that interests you.
Talk to a professor in your chosen major or in a subject that interests you.
Talk to coaches of sports in which you might participate.
Talk to a student or counselor in the career center.
Spend the night in a dorm.
Read the student newspaper.
Try to find other student publications—department newsletters, alternative newspapers, literary reviews.
Scan bulletin boards to see what day-to-day student life is like.
Eat in the cafeteria.
Ask students why they chose the college.
Wander around the campus by yourself.
Read for a little while in the library and see what it's like.
Search for your favorite book in the library.
Ask students what they hate about the college.
Ask students what they love about the college.
Browse in the college bookstore.
Walk or drive around the community surrounding the campus.
Ask students what they do on weekends.
Listen to the college's radio station.
Try to see a dorm that you didn't see on the tour.
Imagine yourself attending this college for four years.
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Mon May 31, 2010
Looking to Senior Year of High School
Here is what you should be thinking about:
September:
ƒÝ Register to take your achievement tests (SAT's and/or ACT's).
ƒÝ Work with your guidance counselor on career interests and appropriate scholastic
programs.
ƒÝ Obtain on-line, applications for each school (6 to 8) that you're applying to.
ƒÝ Develop a matrix to keep track of forms and deadlines. Will you apply Early Decision or
Early Action?
ƒÝ Continue to search and apply for private scholarships as appropriate.
October/November:
ƒÝ Obtain on-line, financial aid information from each school, including forms, procedures and
deadlines.
ƒÝ Continue to search for private scholarships.
ƒÝ Request letters of recommendation and transcripts.
ƒÝ Work on completing your applications
December:
ƒÝ Finalize applications prior to Winter Break.
ƒÝ Obtain on-line, a worksheet for the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
and CSS PROFILE. Verify the deadlines for each college your applying to.
ƒÝ Begin collecting family tax information.
January/February:
ƒÝ Finalize the family tax information.
ƒÝ Submit the FAFSA and CSS PROFILE application on-line and/or other required needs
analysis forms as soon as possible after January 1. Many schools recommend filing no
later than February 1.
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Sat May 01, 2010
Tuition Hike at VCU
The following link is to a Richmond Times Dispatch article detailing VCU's approved 24% tuition hike. In dollars it means that in-state students will be paying $1,700 more next year.
Tuition Hike at VCU
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Sun Feb 28, 2010
High School Juniors
Here’s What You Should Be Doing This Spring
Take the SAT’s
Don’t take your results test for granted. There are numerous SAT prep opportunities and materials available as well as tutoring resources to help boost your scores and make you shine when it comes to application time.
Explore Colleges
Start visiting colleges of different sizes and locations to get the feel for what is the right fit for you. Develop a list of 15 to 20 colleges you can email your high school resume to. There are a number of search programs that you can use to help construct your college list.
Plan Ahead for the Summer
Plan your college visits for the summer. Review your resume and decide on areas you could enrich through volunteering or an interesting job perhaps.
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Sat Jan 30, 2010
Establishing Need-Based Eligibility
“Need" is established when the total cost of attendance (tuition/fees + room/board) for one year's education at a particular school exceeds the EFC, whether determined by Federal or Institutional Methodology. Let’s look at an example of two students planning on attending the fictional State University. State U. costs $10,000 a year and Jimmy Jones’ EFC is $3,000. The difference ($7,000) is his established need. However, Sara Garcia’s EFC is $11,000. The difference is $-1,000. No need is established, and Sara’s family must turn to non-need based sources of aid for assistance.
So, need is the relationship between the cost of one year's education at a specific school and what the government determines to be the family's fair share of that cost.
“Need” will vary based on the cost of the college or university in question and the Methodology used to determine the EFC. Again, the major difference is that the FAFSA does not ask for home equity information while the CSS Profile and some institutional forms do. In some cases more detailed financial information on business enterprises is required as well. As a result there could be about 12% of the equity value tacked on to the Federal
Remember, the EFC is calculated on the "base year" or tax year prior to the student’s enrollment. The critical issue is that anything the family does financially during the base year can positively or negatively impact their ability to qualify for financial aid. The sophomore year in high school is the latest time to effectively plan for college financing, and the fall of the junior year is the last chance to maneuver financially. However, there may still be positive actions the family can take before submitting the FAFSA or CSS Profile.
In determining the family's EFC, the Department of Education takes into account the parents' and student's (or independent student's and spouse's) financial situation--income as established by the previous year's tax information and current assets value reported as of the day the FAFSA is filed. Reportable assets do not include the value of retirement accounts (any amount added to retirement accounts during the reportable tax year will be assessed), life insurance or annuities, nor equity in the home. Remember, if required, the CSS Profile and some institutional forms will ask for this information. Other variables that are considered in the formula are the age of the older parent, the number of family members, and how many family members are enrolled in college.
It is also important to know that domicile is the key to determining which parent's financial information is required in the case of a divorce. Who claims the student for tax purposes is not the issue for financial aid eligibility. The "custodial parent" is the parent the student lived with the most during the past 12 months. Court orders for child support and college assistance have to be reported. Those schools which use the CSS Profile or their own institutional form may ask for information on the finances of the "other" parent when determining financial aid eligibility.
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Fri Dec 18, 2009
High School Senior Winter Activities
According to the College Board, the following are focus items for high school seniors during the winter months:
Most regular applications are due between January 1 and February 15. Keep copies of everything you send to colleges.
Have your high school send your transcript to colleges.
Contact colleges to make sure they've received all application materials.
You and your family should save this year's pay stubs to estimate income on aid forms that you'll file early next year.
Submit your FAFSA as soon after January 1 as possible. Men 18 or older must register for the selective service to receive federal financial aid.
Many priority financial aid deadlines fall in February. To get the most attractive award package, apply by the priority date. Keep copies of everything you send.
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Thu Oct 22, 2009
What is Student Financial Aid?
Student financial aid is money given by the Federal and State governments and the colleges to help students pay for the cost of a college education.
There are two basic types of financial aid:
1) Self-Help aid which consists of interest subsidized loans and work study; and,
2) Gift Aid, which consists of grants and scholarships.
The amount and type of financial aid is based on two factors:
1) The merit of the student ( scholastic, athletic, musical, etc.); and,
2) The financial need of the student. By far, this is the most important factor in determining financial aid. Most of the financial aid given by the Federal and State governments is based on the financial need of the student. Also, most of the financial aid given by colleges is need-based.
NOTE: The Ivy league colleges and other highly selective private colleges base almost all of their grants and scholarships on the financial need of the student and not the student's merit.
So how is the financial need of a student calculated?
NEEDS ANALYSIS is the process of determining the financial need of the student. It is calculated using the following formula:
COST OF ATTENDANCE (COA)
- EXPECTED FAMILY CONTRIBUTION (EFC)
= FINANCIAL NEED
- RESOURCES OF THE STUDENT
= ADJUSTED FINANCIAL NEED
EXAMPLE: If the 'cost of attendance' at a particular college was $12,000 and the 'expected family contribution' was calculated to be $4, 000, the 'Financial need" of the student would be $8, 000. In this case the student would be eligible to receive $8,000 in financial aid. Whether he receives a financial aid award for the entire $8,000 is up to the discretion of the individual college. Nonetheless the financial aid eligibility of the student is directly related to the financial need. If the student, had other resources to help pay for the college cost, the financial need would be reduced on a dollar-for-dollar basis for these resources. In this example assume the student had received a $1,000 private scholarship from the local Chamber of Commerce. Since private scholarships (scholarships which are not given by the college), are considered a resource, the $1,000 scholarship would reduce the financial need down to'$7,000. This means the student would now be eligible for only $7,000 in financial aid from the college.
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Wed Sep 23, 2009
You're a High School Junior - What Do You Now?
It is important to maintain and improve your grades during your junior year. Grades can make the difference in whether you receive scholarships and grants. Work to improve your vocabulary, reading and math skills-achievement test scores are also very important for both admission and financial aid. Start a personal file to document your achievements, awards, community service, sports, club and school activities.
September:
ƒÝ Register to take your PSAT.
ƒÝ Use the career center to explore educational and career opportunities available to you.
ƒÝ Get more involved in extracurricular activities
October/November:
ƒÝ Take your PSAT in October.
ƒÝ Discuss your family's financial resources. Obtain an estimate of your EXPECTED FAMILY
CONTRIBUTION (EFC) and determine adjustments to increase financial aid eligibility.
ƒÝ Start a list of college characteristics that are important to you.
December:
ƒÝ Register for January SAT.
ƒÝ Attend local meetings about financial aid or college admissions. Take final steps to
increase financial aid eligibility.
January:
ƒÝ BASE YEAR FOR FINANCIAL AID BEGINS.
ƒÝ Determine colleges and universities to explore based on admission requirements,
educational programs and cost vs. your family's financial aid eligibility and ability to pay.
ƒÝ Take your SAT.
February/March:
ƒÝ Register for May achievement tests in February.
ƒÝ Spring break is a good time for college visits.
ƒÝ E-mail colleges for information about admissions and financial aid. Include brief
information about yourself.
April/May:
ƒÝ Attend college fairs.
ƒÝ Check admission requirements against your own course of studies.
ƒÝ Take achievement tests in May.
June/July/August:
ƒÝ Make a list of people who might write a letter of recommendation (teachers, counselors,
employers).
ƒÝ Visit colleges going or coming from vacation spots.
ƒÝ Narrow your college list to 6-8 based on scholastic, financial aid and personal criteria.
ƒÝ Start working on your personal essay and other writing requirements for the colleges you
plan to apply to.
ƒÝ Register with the NCAA if you¡¦re an athlete
ƒÝ It¡¦s not too early to start looking for private scholarships.
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Sun Aug 02, 2009
What To Do This Fall
Junior Year
It is important to maintain and improve your grades during your junior year. Grades can make the difference in whether you receive scholarships and grants. Work to improve your vocabulary, reading and math skills-achievement test scores are also very important for both admission and financial aid. Start a personal file to document your achievements, awards, community service, sports, club and school activities.
September:
ƒÝ Register to take your PSAT.
ƒÝ Use the career center to explore educational and career opportunities available to you.
ƒÝ Get more involved in extracurricular activities
October/November:
ƒÝ Take your PSAT in October.
ƒÝ Discuss your family's financial resources. Obtain an estimate of your EXPECTED FAMILY CONTRIBUTION (EFC) and determine adjustments to increase financial aid eligibility.
ƒÝ Start a list of college characteristics that are important to you.
December:
ƒÝ Register for January SAT.
ƒÝ Attend local meetings about financial aid or college admissions. Take final steps to increase financial aid eligibility.
Senior Year
September:
ƒÝ Register to take your achievement tests (SAT's and/or ACT's).
ƒÝ Work with your guidance counselor on career interests and appropriate scholastic programs.
ƒÝ Obtain on-line, applications for each school (6 to 8) that you're applying to.
ƒÝ Develop a matrix to keep track of forms and deadlines. Will you apply Early Decision or Early Action?
ƒÝ Continue to search and apply for private scholarships as appropriate.
October/November:
ƒÝ Obtain on-line, financial aid information from each school, including forms, procedures and deadlines.
ƒÝ Continue to search for private scholarships.
ƒÝ Request letters of recommendation and transcripts.
ƒÝ Work on completing your applications
December:
ƒÝ Finalize applications prior to Winter Break.
ƒÝ Obtain on-line, a worksheet for the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) and CSS PROFILE. Verify the deadlines for each college your applying to.
ƒÝ Begin collecting family tax information.
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Fri Jun 12, 2009
Loan Tips
The fact of the matter is that most students will have to finance some or all of their education. The College Board provides the following tips when considering student loans:
Ten Essential Borrowing Tips
And the Number One Borrowing Tip Is...
Look at your child's award letter and figure out which need-based loans your family has been given and for what amounts.
After you look at your family's full financial picture—education cost, awarded aid, and family share—settle on the amount you or your child actually need to borrow.
Never borrow more than you need. Remember, you are not required to borrow the full amount of loan aid your child has been offered or to borrow the maximum loan amount.
Don't forget about student employment as an alternative for borrowing. Although working at a job can seem like an extra burden for your child, so is struggling with high loan repayments after college.
Apply for your loans right away. You want to make sure that the loan is approved and the money paid to the college before your family has to make your child's first student account payment.
Follow the loan application instructions carefully. Any mistakes you or your child make will delay receipt of the funds.
For a Stafford Loan, be prepared for the amount that is paid to the college to be less than the amount for which your child signed. An origination fee, guaranty fee, or both, may be subtracted from the loan before the check is sent to your child's college.
If you will be taking out parent loans, start to keep track of your "loan tab"—the amount your monthly repayment will be—once you know the amount that you are borrowing.
If you feel your family needs to borrow more than the amount that's been offered in your child's award letter, talk with a financial aid counselor before taking on an additional loan.
If you or your child does take on an additional, unsubsidized loan, consider making interest payments while your child is in school. They won't be much and will save you money—you'll end up having to pay back significantly less than if you delay (and capitalize) the interest payments.
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