All posts by Suzanne Shaffer

college guidance, dorm life, parenting

Top 5 financial mistakes college freshmen make

Freshmen-BlundersWhen your student becomes a freshman in college they are bound to face a rather steep learning curve on several fronts. For one thing they will have to get used to being responsible for themselves, including how (and when) to eat, get enough sleep, and juggle their daily schedule, from attending classes to doing homework to squeezing in some socialization. But they will also have to learn to manage their own finances, and this can be extremely difficult for students that have never had to set a budget, balance accounts, and pay bills, especially if you, as parents, have offered no friendly advice or training on the subject. But rather than learning things the hard way and potentially getting into debt or screwing up their credit along the way, it’s in your best interest to help them become aware of some common issues that average freshmen face in the area of finance so that they can circumvent them completely. Here are just a few financial mistakes they will certainly want to avoid.

  1. Blowing dough on friends. Whether you are providing them with a monthly stipend for living expenses, they have some loan money left over after tuition and books, or they have a wage-earning job for the first time in their life, they may end up with a little more money in their pocket than they are used to, and the urge to impress their new friends by springing for pizza, treating them to coffee, or buying them tickets to rock concerts could leave your student high and dry with no money for essentials. This is a classic rookie mistake that plenty of freshmen make once or twice. But after living on Raman noodles for weeks, they aren’t likely to make this classic blunder again.
  2. Neglecting bookkeeping. Most students have never had to track their spending, so why would they add such a burden when they’ve already got the stresses of college to contend with? Because they don’t end up getting into trouble with overdraft fees, credit card fines, or angry phone calls from their parents informing them that you will no longer fund them unless they can get spending habits in order.
  3. Failing to budget. Any time you have limited funds (or really, any time at all) it’s important to create a budget so that you always know just how much money you have available and where it’s destined to go. Without this knowledge you could find that you don’t have enough in the bank when it comes time to pay for tuition. Or your bank card may be denied when you try to pay for dinner. Neither sounds very appealing.
  4. Applying for credit cards. Although there are laws in place to protect students from credit card offers that are made to take advantage of their inexperience, only your student can truly ensure that they don’t wind up owing their first-born child to Visa or MasterCard. As soon as they take out loans and start building credit the offers for plastic will come rolling in. Tell them to resist the urge to say yes to every offer that lands on their desk. If they need to use a credit card to actually build their credit, select one that has a low limit (to curtail overspending) and also a low interest rate (one that won’t get bumped up in 12 months). Or consider a card that requires they pay the balance, like American Express.
  5. Ignoring cheaper alternatives. Even though you might be  insuring items you bring to college, it’s probably a good idea not to bring anything too valuable. This includes a car. As a student living on campus they should have no problem getting around with nothing more than a bike or their own two feet. And even if they work off campus they can take the bus for a lot less than it costs to own and operate a vehicle.

Before your student spends beaucoup bucks on things they don’t need, consider that there are cheaper alternatives that could save them from overspending. Teach them the difference between “want” and “need” before they head out on their own.

 

 

college guidance, college planning, in the news, parenting

Parents should encourage AP classes

The College Board released a press release and accompanying report related to the Class of 2012 Advanced Placement® results. While participation and performance increased compared to the Class of 2011, many High School students with potential for success in college-level AP® Courses still lack access. Parents of college-bound teens should encourage their students to take advantage of AP classes offered in high school. Following is a short excerpt from the press release, along with a link to view the complete report.

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UnknownNEW YORK — Ensuring that all academically prepared high school students have access to rigorous college-level course work that will enable them to persist in and graduate from college is critical for the United States to remain competitive in a global economy — particularly in crucial STEM-related disciplines. Educators are increasingly adopting the rigorous standards found within the Advanced Placement Program® (AP®) to help the nation’s high school students develop the critical thinking, reasoning and communication skills that are essential for college success.

Data released today by the College Board as part of The 9th Annual AP Report to the Nation revealed that more high school graduates are participating — and succeeding — in college-level AP courses and exams than ever before. Succeeding in AP is defined as achieving a score of 3 or higher on the five-point AP Exam scale, which is the score needed for credit, advanced placement or both at the majority of colleges and universities.

“By exposing students to college-level work while still in high school, Advanced Placement dramatically improves college completion rates,” said David Coleman, President of the College Board. “Today we applaud those educators who have worked tirelessly to bring the power of AP to more communities and more students than ever before. But we must not forget the hundreds of thousands of students with the potential to succeed in Advanced Placement who don’t even have access to its coursework.  If we hope to achieve our long-term college completion goals, we must ensure that every student has access to a rigorous education.”

Current research on AP course work confirms AP’s comparability to introductory college courses in content, skills and learning outcomes. Research consistently shows that students earning placement into advanced course work based on AP Exam scores perform as well as — or better than — students who have completed the introductory course at a college or university. In fact, students who succeed on an AP Exam during high school typically experience greater overall academic success in college, and are more likely than their non-AP peers to graduate from college and to graduate on time, experiencing lower college costs than the majority of American college students.

The 9th Annual AP Report to the Nation is available at apreport.collegeboard.org.

You can also download the condensed version of the report located within the press release:

National Release _ APRN_FINAL

 

career colleges, college guidance, college planning

Career oriented college–is it a good fit for your student?

images-2Every parent wants their child to do well at college and to enjoy their time studying at a higher education level. With the job market getting ever tighter, however, it’s also important to consider the longer term – what will a child do after graduation?

Towards the end of high school a student may have already identified what sort of career they might like to pursue, and this is a big help in choosing a career oriented college course. Even if a child hasn’t made any definite decision, they may feel a strong affinity for a particular field – arts, business or medicine perhaps? It’s very rare that a child has no clue at all about their preferred subjects, but if this should be the case there are a few things to consider to help them decide which career oriented college is right for them.

Play to their strengths

Just as a coach will select players for a team based on their ability to fulfill the requirements of playing in a particular position – quarterback or goaltender for example – so a child’s school record can provide a useful indication of how strong they are in particular academic disciplines or how adept they are at practical skills, or both. Career oriented colleges offer programs to train students for careers in everything from computer repairs to health care, so checking high school grades against college course contents is a good way to judge whether a particular program is a good match with a child’s previous achievements.

Finding the right course

It’s best to encourage prospective college students to take courses in areas that appeal to them rather than just choosing one their friends are taking. Get them to think about which subjects truly motivate them and suggest they consider classes in which they’re going to be confident, but which at the same time will challenge them. When selecting courses with them, scan the testimonials from current and former students – many colleges publish a selection of these on their website. If students have been impressed by the level of personal interaction with tutors, and by the techniques, resources and materials they have access to, these are good signs that the college is meeting their needs. The initial interview is an important opportunity to ask any questions, for example about course contents, tutoring or proficiency testing procedures.

Career oriented programs 

There are a variety of colleges offering technical, business and medical programs. For instance, medical assistant schools in Miami offer diplomas to students that qualify them for a wide variety of careers, including Phlebotomist Technician, EKG Technician and Medical Assistant; and what’s more medical assistant schools in Miami also prepare students to work in a variety of settings, including medical offices, health clinics, hospitals, laboratories and medical houses.

So contrary to what might be expected when a specific field or discipline is chosen, the benefits of a career-oriented program give your student the opportunity to choose from a wide variety of jobs and workplaces.

college guidance, college planning, financial aid, scholarships

Thinking about student loans?

images-1As college bound teens are thinking about college social life, and perhaps their preferred courses and the subjects that motivate them, parents are often thinking about how to afford the combined costs of tutoring, accommodation, food and study materials. Student loans are usually part of the funding equation and it pays to do some investigating in advance of the time when the money is needed to be able to take advantage of the best interest rates available. Here are a few things to be mindful of when checking out the possibilities for financial aid.

Free money

In some cases students may have access to ‘free money’ – grants and scholarships that are non-repayable – and these should always be investigated first. In fact, there are many thousands of scholarships and grants available through universities and colleges, state and federal governments and other organizations, both public and private. Usually, private organizations and schools award scholarships, while governments provide grants, although some schools also provide grants. An Internet search will normally yield a number of possible sources, and reveal whether a prospective student is eligible for financial assistance.

Choosing the best loan

Once any grants or scholarships and any other types of financial aid have been taken into account, parents and prospective students are in a position to work out the requirements for a student loan. Here again, it is worth looking around for the best deals. For example, some lenders offer competitive rates for courses specific to a career, such as business administration, the health profession or law. The best institutions will lend up to 100 percent of college costs, offer both fixed and variable rates, have zero origination fees and require no in-school payments. In some cases, for example with certain law school loans, the lender will provide a reduction in the debt when automatic repayments are made from a bank account, and may also offer a reduction on successful graduation – read more information about law school loans by clicking here. 

Tips and advice

Parents and prospective students will benefit from working out a strategy to enable them to handle student loans wisely. Establishing and maintaining good credit for young people is an important starting point as this will often be used to make decisions about loans and other types of finance throughout their lives. To reduce student loan costs, one option is to prepay loans. For example, if a loan covers all the student’s costs – living expenses as well as tuition fees – and the student gets part-time work while at college, the additional money could be used to make loan repayments early. When making repayments, students should be encouraged to pay promptly and on time, as penalties for late payment will be reflected in their credit rate.

As well as taking advantage of any rewards offered by the lender, students or parents may be eligible for tax deductions if they have paid eligible student loan interest. A tax advisor will be able to offer guidance and the IRS website is a good source of tax information.

college guidance, college planning, dorm life, organization, parenting

Tips for making the transition to college easier

Savoring the last few months of high school education, your student may get the ping of fear in the back of their mind to find the right college. Researching and applying to colleges has most likely left your student with stress, excitement and anticipation of the future.

Whether your student searched for colleges with online classes or universities that offer top-notch academic programs, the applications have been submitted and the wait contines? While you and your student are waiting for offers of admission from the colleges, here are some tips for making the transition to college easier:

You’re not there yet

Many seniors take the attitude that once their applications are submitted they can coast through the remaining months of senior year. That is not the case. Many colleges require a spring or final transcript and have been known to reject offers for admission based on that transcript. Encourage your student to buckle down and do their best these next few months. Colleges are looking for students that take their education seriously. The last thing they want to see are grades that have dropped since they received your student’s application.

View of a messy roomWhat you need to take to the dorm

Once your student gets into a university, it’s easy to forget half the stuff they need when moving day comes. For the bedroom and main areas, grab two sets of sheets and pillows, a trash can, desk and area lamps, a laundry bag or basket, storage boxes, a mini fridge and a coffee maker. Life isn’t complete without electronics. Remember the laptop, iPod and dock, headphones, alarm clock, TV, DVD player, cell phone and charger, camera and a microwave.

Cleaning is now up to your student, so bring along a vacuum or old-fashioned carpet sweeper. In the bathroom, they will want soap, shampoo, toothbrush and paste, towels, a comb and a razor. For their desk, grab some Post-It notes, a compact stapler, printer paper, note cards, pens and pencils.

Finding a roommate

Finally, the college may allow students to choose their own roommate. If they don’t have a friend lined up, they can find a roommate through roomsurf.com. They will be matched with potential rooming partners based on the results of a survey. They can communicate with potential roomies beforehand to make sure they’re a match. If assigned a roommate, make contact with them online by searching social media like Facebook, Twitter and Google. Contact beforehand allows your student the opportunity to plan and not bring duplicate items for the dorm room.

While entering college is exciting, it can seem overwhelming. With these tips, you’ll have a much easier time getting started and moving forward. Soon, they will be settled in and on their way!

 

parenting, study abroad

5 Reasons to allow your college-bound kid to study abroad

images-2Whenever it’s time for a child to go to college, it can already be hard on the parents. After all, it’s been 17 years (give or take a few months) of them living at home and relying on their mom and dad for their daily needs. So, when it’s time for your son or daughter to graduate from high school and they bring up the fact that they’ve been thinking about not only going away for school but studying abroad, it’s understandable why you might be hesitant to go along with the program.

However, there are actually benefits that come with a student making this kind of commitment and so if your child does present you with this option, we have provided you with five reasons why you definitely should consider letting your student study abroad:

  1. It’s a great way to see the world. As adults, we know how easy the demands of everyday life can keep us from doing some of the things that are on our own wish lists. College is the perfect time for a young person to get out and see the world by experiencing different kinds of cultures including food, music and architecture. It will create lasting memories for the rest of their lives.
  2. It’s an easier way to learn another language. Without question, it is professionally beneficial to be bilingual and one of the easiest ways to learn a second language is not by sitting in a classroom but being in a city where it is spoken fluently.
  3. It can actually enhance your degree. When a student goes overseas to study for a semester or two, there’s a pretty good chance that they will be able to take courses there that are not afforded to them in the States. This means that they may be able to earn a few more credits. Also, it helps to make their academic resume that much more attractive when it comes time to seek out internships and a full-time job.
  4. It gives broadens their employment eligibility. There are several studies that indicate that only about 5 percent of Americans ever go to another country to study on a college level. That said, with the job market in the States still as unstable as it is, studying abroad expands your child’s ability to be able to land a job following graduation. Being in another country is a way for them to not only make new friends and meet new professors, but to also make international connections; ones that they may be able to use for years to come.
  5. It matures them. Say that your child is enrolled at Ohio University, they are living on campus and it’s a couple of hours away from your house. Just by spending time in a different environment, they are going to grow up and mature in many ways. But when they are in another country, thousands of miles away, it forces them to have to mature at an exponential rate because they have to learn how to be independent in so many ways. Studying abroad teaches them how to manage time, money and other resources in a way that nothing else can. A child who studies abroad doesn’t just take classes in another country. They learn about a whole new way of life and that better prepares them for “the adult world” once they return home.
I completely recommend study abroad programs. If your student is interested, allow them to pursue this path while in college.
college guidance, college planning, parenting

5 Things to teach your kids before they leave for college

images-1While educators are largely responsible for seeing to the academic needs of your children (although you will likely have to help a bit), your role as a parent is to prepare your children in other ways so that they can learn to care for themselves, live independently, make good decisions, and become functioning members of society when they leave home and strike out on their own. You’ll teach them all kinds of life skills during their time in your care, such as how to groom and dress themselves, the rules of appropriate social behavior, and the value of hard work. But there are certain lessons you’ll want to impart to your kids before they depart for the vaunted halls of learning. Here are five things to teach your kids before they leave for college:

  1. Proper nutrition. You’ve no doubt been cooking for your kids their whole lives, which means they could leave home with little idea of how to feed themselves. Unless you teach them, they won’t know how to plan a healthy diet, shop for groceries, or prepare nutritious and balanced meals. But these are skills that you can teach your teens throughout their time in high school simply by making them help you with every aspect. Although they will have limited resources on campus with dorm rooms short on kitchen amenities, a thorough knowledge of diet and nutrition will at least help them to make healthy choices in the cafeteria.
  2. Organization. There are a couple of reasons why organization is an important skill for college students to master. First of all, they’re going to live in dorm rooms that are roughly the size of a shoe box, and most likely they’ll be sharing them with other students. The ability to organize one’s space will make this situation far more livable. But knowing how to organize one’s time is even more important to the harried student who has to juggle classes, studying, activities, internships, and perhaps even a part-time job. If you don’t help your kids develop these organizational skills they may sink when you throw them into the turbulent waters of campus life.
  3. Cleanliness. Sure your kids know how to pick up their clothes and put them in the hamper, but can they wash them? Chores like dusting, vacuuming, and doing the laundry may seem pretty basic, but that’s only because you’ve been doing them so long that they’ve become second nature. Your best bet to prepare your kids to see to their own cleanliness is to start assigning them chores when they’re young so that they form lifelong habits that will travel with them to college and beyond.
  4. Financial concerns. It’s surprising how many parents fail to impart even rote information about personal finances. Perhaps they assume that it’s covered in school. Unfortunately, this leaves many students facing a pile of debt or even damaged credit by the time they graduate. So talk to your kids about the dangers of credit cards and teach them basics like budgeting, balancing a checkbook, and preparing for taxes.
  5. How to reach goals. By showing your kids how to achieve successes through visualizing their goals, creating a step-by-step plan of action, using affirmations, building confidence, and adjusting course as necessary, you can help them to reach their potential. Whether your kids are eventually bound for Harvard Law or MBA online programs, they’re going to have to take certain steps if they want to reach their professional goals.

Parenting is much more about teaching lessons and setting examples than just funding their educations. Take the time to prepare them for college.

 

college guidance, college planning, parenting

5 Things parents should know about students and depression

UnknownHeading off to college is a fun and exciting event in the lives of most young people, marking the beginning of adulthood and their first foray into a world without parents to feed, cloth, and care for them (although you will no doubt be contributing for some time to come). Certainly there are stresses, anxieties, and fears that go along with leaving the nest, but most high-school grads are more than ready to get out from under the yoke of parental supervision and start figuring out who they are and what they want to do with their lives. In short, the good outweighs the bad.

But for some students, the dream of freedom can become a nightmare. Whether they’ve had previous bouts of depression or they experience the condition for the first time while they’re far away from home, they may fall into deep sadness, dejection, or even despair during their time on campus, for one reason or another. And if you fear that your college student is suffering from depression, there are a few things you need to know.

  1. Anyone can get depressed. It is a common misconception that depression only affects people who have a chemical balance, or those who have a history of the condition in their family tree. But under the right circumstances anyone can suffer from mild, moderate, or even severe depression. It could have to do with a lack of sleep and a poor diet (not just the cause of the freshman fifteen). Or your teen may find the workload, stress, and/or homesickness overwhelming. Perhaps there are social issues at play. The point is that you shouldn’t discount the possibility of depression out of hand simply because there is no medical history to support it.
  2. There are warning signs. Many parents are not informed enough to identify depression, but you know when something is off with your child. Luckily, there are common signs and symptoms you can look for if you think your student might be depressed. For example, fatigue on its own might not tip you off since most students are short on sleep, but if your otherwise sunny student suddenly seems pessimistic, irritable, disinterested, sad, or anxious, you might start to wonder if depression is to blame. And if your child begins to express feelings of helplessness, hopelessness, or worthlessness, or worse, has thoughts of suicide, the situation is reaching a critical stage and you need to intervene.
  3. Depression can be deadly. Depression is a disorder that causes people to lose interest in the things that once made them happy, and as a result, they may not want to go on living. You might think that this happens only in extreme cases, but when depression goes untreated it can quickly spiral into thoughts of suicide, especially in teens and young adults whose emotions are linked to hormonal changes (and whose limited experience hasn’t taught them that things will get better). It is therefore imperative that you take warning signs seriously.
  4. Stay close. If your college student is suffering from depression you need to make yourself available to help. This could mean calling every day to check in, arranging for both independent and family counseling, or even moving your child back home to deal with the condition. What you cannot do is let your child slip away when there’s so much you can do to help.
  5. Campus services are available. While some students may be unable to cope with both college and the onset of depression, others may be able to deal with or perhaps even overcome their disorder with help so that they can continue their education uninterrupted. And whether your student is at the University of Arizona or an Ivy League institution like Yale, you’ll find that there are services available on campus designed to help students suffering from depression that can ensure their safety and ease their burden so that they make it to graduation.

The worst thing a parent can do is ignore the problem. Stay attentive and listen, and above all, find help when needed.

college costs, college guidance, financial aid, parenting

How much financial support should you provide for your college student?

 

 

imagesIt is estimated that by the time a single child reaches the age of 18, his parents will have spent approximately $300,000, according to the U.S. Department of Agriculture (which releases annual reports on family spending). And that doesn’t include the cost of college. Of course, this report factors in housing, childcare, food, transportation, healthcare, and a number of other elements. But it comes out to about $13,000-14,000+ per year in expenses for a child in a median-income household (earning roughly $60,000-100,000 annually in taxable income). Unfortunately, your costs don’t end when your kids head off to college. In fact, they could increase significantly. You’ll still have to pay for your own home, car, food, and more, but you’ll also be on the hook for additional living expenses for your kids since they are no longer at home, not to mention tuition, books, fees, and other costs associated with college – unless of course you decide not to pay.

In truth, you have no onus to pay for your kids’ college education. However, most parents feel that it is their duty to ensure that their children attend college so they can start a career and realize their full potential on a professional level rather than toiling away at the dead-end jobs that high-school grads are often relegated to. In short, many parents want to set their kids up for the best chances in life, and that often includes the advanced education and expanded job prospects that college can provide. But you might not have the money to pay for it all, especially if you have a limited income and a large family, and the truth is that you don’t have to. The only question is how much you should pay.

This figure can be difficult to determine. The government has some guidelines in place, which is why you’re required to submit financial information via the FAFSA(based on previous year’s tax returns) when your kids apply for federal financial aid. They expect parents to take responsibility for at least a portion of the expenses associated with sending their kids to college. However, you can always provide more or less, depending on the needs of your children and your own financial situation. A good rule of thumb, in general, is to offer what you can afford while still keeping your own budget in order. There are a couple of good reasons to do this.

For one thing, it’s important to teach your kids to live within their means, and you can set a good example by doing so yourself. This could mean that your kids end up attending a less expensive institution or living at home so that they can save on living expenses and put that money towards higher tuition costs at their school of choice. Or they might be forced to work a part-time job to pay a portion of their own expenses so that they can attend their dream school. Either way, you avoid financial ruin and your kids learn some very adult lessons. Whether you are able to send them overseas to attend Oxford or they stay home and attend colleges like the University of Cincinnati, the most important thing is that you be honest about what you are willing and able to offer in terms of financial support so that your kids can make an informed decision about their future.