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Sat Jul 02, 2011
Is College Worth the Investment?
Too often families consider college a short-term expense, forgetting that its long-term results make it a first-rate investment. In Wall Street terms, Forbes magazine estimates that a college degree yields about 13% or 14% a year after inflation, trouncing bonds and beating most stocks too. Consider also the intellectual and personal rewards college-educated individuals reap.
Let’s examine a hypothetical situation. Suppose that Cindy decides to attend college while Bobby opts to go to work after high school and invest what money he would have spent on his college tuition. Bobby has a fairly large head start on Cindy, but statistics show that Cindy will usually come out dollars ahead in the long run. Even after the cost of her education and the loss of potential earnings from her employment-free college years are factored into the equation, she will be better off financially.
This dramatic disparity is due to college graduates enjoying a major earnings advantage over those holding only a high school diploma. According to University of Chicago economist Kevin Murphy, in 1980 a college grad earned 43% more an hour than those with only a high school education. By 2003, the figure was up to 62%.
The College Board reported in the 2006 Update to Education Pays , this income gap, or “college premium,” usually begins quite small, barely
registering among 23 year olds. Yet the Census Bureau tells us that for all adults the spread in average annual earnings between those with only a high school diploma and those with a bachelor’s degree was $25,241.
Not surprisingly, even when college graduates end up flipping burgers or
fixing fenders at Al’s Body Shop, chances are good they’re earning better salaries than their non-college educated peers. A research team from Harvard and MIT found that men holding college degrees make about 8% more in “high school wage” jobs while women holding college degrees make an incredible 40% more.
One final statistic: college graduates are more likely to be employed. Among 25-29 year olds, they face an unemployment rate of only 3%, as compared to 9% for their non-college-educated peers.
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Sun Jun 05, 2011
Maximizing Financial Aid
If the college the student really wants to go to has provided the best aid package, and it appears that full need has been met, by all means send in the acceptance letter. But if it’s not the best deal, or if there is reason to believe that additional aid is justified, then its time to talk to the Financial Aid Administrator.
The first step in negotiating is to write a tactful letter to the FAA explaining that while the student certainly appreciates the award, there are reasons why additional assistance is warranted. If there is a better award letter from another college, use it. Attach a copy. Have some substance to the argument—changes in employment status, medical emergencies, drought and pestilence perhaps. In most cases, evidence or supporting documentation will be requested, so be honest.
Also remember whom the student is addressing. FAAs don’t make 6 figure incomes. They’re not going to be very sympathetic to arguments of cash flow problems from a family that has $150,000 in annual income.
About three days after the letter is mailed, contact the FAA by phone. Be polite and to the point. Request additional assistance based on the content of the letter.
Negotiate from a position of fact and have realistic expectations. The FAA
will be willing to do everything possible to help out.
It’s very important to note that some schools attempt to create a sense of urgency in replying to their letters. Most schools have a May 1st deadline. Request an extension if the college in question wants an earlier reply. It is important to see what all the schools are offering before the student decides which to attend.
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Sun Apr 03, 2011
To File or Not to File a FAFSA
Students should apply for need-based financial aid even if they feel their family won't qualify because their income is too high. Why?
It's not just based on income. There are several factors used to determine financial aid eligibility: household size, number of children going to college, and age of the older parent. Any one of these factors could increase a family's eligibility for aid.
You may qualify for more need-based assistance than you think. Some institutions are offering significantly more grant aid to students from families with higher incomes, even those above $100,000. Ask the college about its policies and the possibility of a family like yours receiving aid.
If you want access to federal student loans, you need to file the FAFSA. Any student can take out a low-interest federal student loan, regardless of the family's income level. But you must file the FAFSA to be eligible to borrow. Even if you're not sure you will borrow, filing the FAFSA gives you that option, and it's free to submit.
A family's financial situation may change from one school year to the next. Filing your aid applications establishes initial aid eligibility and provides a baseline for comparison in case family circumstances change.
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Sun Mar 06, 2011
What to Do if You're Wait-Listed
Colleges may put you on a waiting list if you meet the admissions requirements, but they've already accepted the maximum number of applicants. You'll be offered a place only if space becomes available.
If you get a waiting-list notice, decide whether you really want to attend the school before you agree to remain on the list. If you're eventually accepted, you often get only a few days to decide. Also investigate the conditions attached to being wait-listed; you may lose priority housing or financial aid options.
Take Control
It's not just a passive waiting game. There are things you can do to boost your chances of being accepted.
Get a better sense of your chances of admission.
Colleges sometimes rank waiting lists. The higher you rank on the list the better your chances of being accepted. Contact the admissions office to find out if it ranks wait-listed students or if it has a priority list. Most admissions officers are willing to tell you your status.
Write a letter to the admissions office.
Being wait-listed means the school has already determined you have the academic credentials; so nonacademic factors are more likely to sway admissions officials. Offer achievements that you may not have mentioned in your application and send new supplemental information. For example, maybe a terrific recommendation just came in. Emphasize your strong desire to attend the college and make a case for why you're a good fit. You can indicate that if accepted you'll enroll, but such a promise should be made only if you're absolutely certain. You can also enlist the help of an alumnus and your high school counselor.
Study hard.
This is no time to slack off. If you're wait-listed, you may be reevaluated based on your third- and fourth-quarter grades.
Stay involved.
Show admissions officers you're committed to sports, clubs, and other activities.
Request another (or a first) interview.
An interview can give you a personal contact—someone who can check on the status of your application.
Realize that you've already achieved something.
You were wait-listed, not turned away. Many students were not as successful.
Reconsider the colleges that accepted you.
If you'll be just as happy at one of your second choices, send in that deposit and plan to attend there. You'll be surprised how much better you feel after the decision has been made.
Colleges don't decide who will be admitted off the waiting list until the May 1 decision deadline has passed. Prepare to attend another school by filling out the paperwork and sending in a deposit. If you're accepted off the waiting list, you will forfeit your deposit at the first school and be required to submit a deposit to the second.
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Sat Jan 29, 2011
Patience is a Virtue
As you begin to receive letters of acceptance and offers of financial assistance, resist the urge to jump on the first good offer. Wait until all the letters are in form every college and university you’ve applied to. Then do a complete analysis of the financial aid being offered in the context of your educational goals and your personal needs and wants. There may be trade-offs, but what’s critical is to make an objective decision and not one based on emotion.
It’s also very clear that a visit to the campus of the school you choose ahead of time is very important to insure you’re making the right decision. If you haven’t, visit before you sign up.
Take the time. It will save you money and frustration in the long run.
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Sat Jan 01, 2011
Study Abroad Progrrams
Abbey Road Programs offers summer programs for high school students in Spain, France, Italy, Greece, England and the Czech Republic. You'll have an opportunity to benefit from real cultural and language immersion, participate in international exchange and community service, study a foreign language, prepare for college, and much more.
Interested? Check out these locations and programs:
Aix-en-Provence, France
A city of artists and students, Aix-en-Provence is one of France's most elegant, sophisticated and vibrant communities. Aix, also known as "Little Paris," is famous for its summer arts festival, thriving café scene and its many restaurants, boutiques, museums and galleries. The Aix-en-Provence program is perfect for intermediate and advanced students looking to improve their French with the option of taking advanced courses at the local Université de Provence.
Nice, France
Nice is the capital of the French Riviera, famous for its elegant beaches, charming Old Town with its pastel houses, Belle Époque hotels and narrow streets, and the bustling Promenade des Anglais overlooking the azure Baie des Anges. The Nice program is designed for high school students who are interested in French language, art, culture, literature and cuisine. You will experience the French way of life, while living in an apartment residence, shopping for groceries in local markets, preparing traditional French meals and having time to simply enjoy southern France.
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Sat Nov 06, 2010
The biggest mistake families make is approaching the application and financial aid process separately.
The biggest mistake families make is approaching the application and financial aid process separately.
You can’t separate the two processes. They affect each other. Merit assistance, based on the qualities the student, is almost always a part of the application process. So the college application is not only critical because it determines acceptance, it also determines merit assistance.
On the need-based side, looking at schools without knowing your EFC (Expected Family Contribution) provides no financial basis on which to screen your list of desired institutions.
These circumstances demand that planning is done ahead of the application process and the financial aid filing. An analysis of the family’s finances with regard to the EFC calculation should be accomplished prior to January of the junior year of high school. The base year for need-based eligibility is in part based on prior year’s taxes.
This allows for better planning, looking at the cost of institutions vs the family’s fair share and any potential adjustments to the family’s finances which might improve the outcome of the EFC Calculation.
The shopping aspect of the college process is still the most important, but must include both financial and application considerations.
Lastly, families need to be careful of taking advice from private financial aid consultants without first checking out their credentials. Financial aid, tax and investment strategies are not compatible. One must understand more than just the EFC calculation to properly advise a family on their finances. Your financial aid consultant should have a background in the financial sector as well.
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Thu Sep 16, 2010
High School Senior? Here's what you should be doing for College
Here's some tips from the College Board:
Narrow your list of colleges to between 5 and 10 and review it with your counselor. Get an application and financial aid info from each. Visit as many as possible.
Make a master calendar and note:
Test dates, fees, and deadlines
College application due dates
Required financial aid applications and their deadlines
Recommendations, transcripts, and other necessary materials
Your high school's deadlines for application requests, such as your transcript
Ask for recommendations. Give each person your resume, a stamped, addressed envelope, and any required forms.
Write application essays and ask teachers, parents, and friends to read first drafts.
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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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