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.

5 Things you can do to help your kids succeed in college

photogirl2Every parent wants their kids to succeed, but most flounder when it comes to figuring out their role in contributing to those accomplishments. It’s not so hard when kids are little; teaching them to tie their shoes, share their toys, and look both ways when crossing the street is fairly easy. But as your kids get older they may become more resistant to your efforts and advice, even when you’re trying to help them reach their goals. This is a natural phenomenon. As children enter adolescence they begin to develop a strong urge to assert their independence. This is an important part of forming a separate identity and figuring out who they are and what they stand for. Without going through this phase they cannot hope to become mature, confident, and competent adults. So to some degree you need to let them make their own decisions, even though it’s your job to keep them safe, rein them in, and give them a reality check once in a while. And of course, there are still many ways that you can help them to succeed when they get to college, even if they don’t necessarily want your advice.

  1. Planning. When it comes to planning for college your kids may need help studying for SATs and PSATs. You might not be able to quiz them yourself but you can certainly hire a specialized tutor to ensure that they get the best possible score (increasing their chances for both admission and scholarships). And although they may have their hearts set on a particular university, you must urge them to find other suitable schools and apply to several so that they have plenty of options. You can even arrange for campus tours to help them make this life-altering decision.
  2. Financial aid. You might not have the money to cover the entire college tab, but thanks to student loans, scholarships, grants, and other resources you probably won’t have to. That said, most lenders will expect parents to cover a portion of the bill, based on income tax returns. And you probably want to contribute to the ongoing education of your children anyway to increase their odds of earning a degree and finding gainful employment (rather than living in your basement for the rest of their lives). A nice bonus of helping your kids financially while they’re in college is that it can ease their stress level so that they can devote more energy to their studies.
  3. Emotional support. While most kids are raring to go when it comes to leaving home, many find the stresses of their new situation to be somewhat overwhelming. So whether they’re trying to cope with homesickness, anxiety, or social issues, you can help to keep them on track by making yourself available for calling, texting, Skyping, and other forms of communication, listening to their problems and consoling or advising them as needed.
  4. Professional connections. If you happen to know people in the industries your kids are studying for careers in, you can use your connections to get them internships or perhaps even part-time work during their college years. This can help them to determine if they’re on the right track even as they gain valuable experience (along with school credit or a paycheck).
  5. Room and board. If you don’t have the money to give your kids the campus living experience, you can at least offer them room and board for free while they’re in school instead of making them get a job to pay rent somewhere else. This will give them the freedom to focus on school without having to worry so much about money or spend their time working to pay the bills when they should be attending to their studies. Whether your student is starting at a community college, attending a nearby university, or studying from home with a program from http://www.onlinenursingdegrees.maryville.edu, their opportunities for success in college could increase dramatically if they live at home.

Taking the above advice and putting it to practice will go a long way in ensuring they will succeed in college.

Students and Technology

Technology is not only a critical part of learning, it’s an essential tool for communication and student-teacher engagement. I’m sharing the infographic below with you as it examines which technologies are most important to students and how technology impacts academic experience and achievement. (click on the infographic to view it in it’s entirety)

tech

This information was provided by BachelorsDegreeOnline.com

FAFSA time means NOW!

 

February means FAFSA. Parents of teens all across the country are filing out their Free Application for Federal Student Aid. As Jerry Maquire said…SHOW ME THE MONEY. Here’s something every parent needs to know–the money does run out. If you snooze your lose.

financial-aid-FAFSA

Here are 4 articles you should read NOW about filing out the FAFSA:

Got your FAFSA done yet? Here’s why you need to hurry. (from Dr. Strange College blog)

10 Good Reasons to file the FAFSA (from my blog)

6 Ways to Get help on the PROFILE and FAFSA (from The College Solutions blog)

Tools to help you complete the FAFSA (from Education Quest)

If you haven’t done it, time is running out. Don’t wait until your taxes are filed (use last year’s figures if necessary–you can always update the figures once you file). The FREE money goes quickly and you want your piece of the pie.

Website Heads Up: Frugal Dad

frugal dad

When I come upon a website that I think is a valuable resource for parents I like to spread the word. I came across this site: FrugalDad and found it loaded with parent resources. According to the “About” page:

What we at FrugalDad have noticed is that our readers were largely worried about two things in the aftermath of the financial meltdown: their retirements and their kids’ educations. A lot of very smart people are out there offering retirement, investment and personal financial advice. We didn’t want to become just another voice in the crowd, so FrugalDad.com has decided to focus its subject matter more narrowly on issues of higher education and how to pay for it. Although there are other sites that offer advice on the same types of topics, FrugalDad.com brings its own unique voice to the conversation – a voice that has been featured and profiled in the national media ever since it appeared on the scene.

FrugalDad is a blog, news, and research site that aims to inform the public on financing for higher education. The site offers a prolifera of news that can and will affect how families will save and pay for college as well as tips on how to finance an education in a way that makes sense for most people. This site is special because it was created by a father who had trouble financing a university education for his children. Along with life lessons and insights, this blog brings you news and tips that will be beneficial to parents and families with children who are planning to go to college.

Spend a few minutes browsing the site, checking out the blog posts and using their “find a cheap college” search tool.

3 Truths of Raising your SAT Score

….and In Defense of Distracted Students.

Over my 10 years as a teacher, I’ve taught nearly every age group. Above all, I have the most sympathy for the challenges of my teenage students. Teenagers’ reputations of being impulsive, difficult, and outright defiant are well-deserved. If you are trying to push your teen toward an improved SAT score and better college opportunities it can be frustrating.

That’s why I developed SAT Habit, a personalized SAT Prep service, designed for families without the time for or access to high-end professional tutoring. Here are the top challenges I think all parents need to think about when considering test prep:

1. Raising SAT Scores requires students to understand where they are starting from and the benefits of a higher score

Before students can raise their SAT scores they have to make an honest commitment to do the work involved. The distractions of teenage life are irresistible without the student making a commitment.

The best way to motivate students to prep is show them where they would currently score and the benefits of raising that score. While this doesn’t work for everyone, it’s a necessary first step. SAT Habit shows students where they currently stand in less than 30 minutes per section (compared to traditional practice tests, which are over three and a half hours in total).

With a baseline score, families can understand the impact of raising that score and decide to re-focus student time from other activities.

2. It’s too easy for students to do SAT “practice” or attend a class without ever improving their      scores.

sathabitThere’s a school of thought that the best way to improve on the SAT is to simply do lots of problems until you get them all right. This approach works for some, but most have to do thousands of problems before they see dramatic improvement: that’s hours a day that students and families don’t have.

They key to improving faster is mindful reflection. Students have to be able to explain to themselves why got they a question wrong. This is basically the entirety of what I do with students as a professional tutor. I find their weak areas and push them to reflect on why they are getting questions wrong. Then we work together on knowledge gaps and improvement strategies.

SAT Habit pin-points weak areas faster than I can as a human and is the only prep service that forces students to reflect on why they get questions wrong and follows it up with strategies to get each question correct.

3. It’s impossible to stick with it if you can’t see results

While making the initial commitment to test prep is tough for most students, sticking with it can be even harder. Traditional test prep either forces students to take multi-hour, full-length practice tests or relies on a tutor’s assurances that students are getting better.

Technology allows students instant feedback on nearly every aspect of a their lives. That’s why we built SAT Habit’s algorithms to show students in real time how their scores are changing based on their practice results. A study conducted at MIT found that the average student raises his or her score by 100 points on SAT Habit in just seven study sessions.

________________________

blog pic
This guest post is from Tom Rose, Co-founder of SAT Habit 
and a professional test prep tutor since 2007.

College Abacus: A tool for students and parents

In last week’s state of the Union, President Obama announced the creation of the College Scorecard. This is another step in the attempt to give parents and students an accurate picture of the cost and the value of college degrees.

1e342df6726f7f3d837e203664b752a0

Another tool, College Abacus was the first website to enable students to compare their net prices across 3000+ other schools in one place, College Abacus is available now in both Spanish and English.

college abacusWith the support of their new grant from the Gates Foundation’s College Knowledge Challenge, College Abacus will go two steps beyond the College Scorecard. At their official launch in September 2013, College Abacus will provide college-bound students with an easy way to generate individualized net-price results and the results page will include the full sweep of required items from the scorecard. The ShoppingSheet function, now in development, will allow students to manually enter data from their college aid award letters, thereby enabling them to compare financial aid packages with ease and to view their awards within the context of their net price calculator results. By 2015, they expect to collect sufficient data to begin issuing accuracy scores for net price calculators – a step yet to be taken or even encouraged by the Department of Education. Though net price calculator results are not intended to be exact, we at College Abacus believe that schools should offer students results that are within striking distance of their final financial aid award.

Mark these sites and use them to help you determine which college is the best value both during college and after graduation.

7 Things to LOVE about the college prep process

imagesValentine’s Day always reminds us about love. But I doubt many parents, or students would associate love with the college prep process. Frustration, stress, angst would most likely come to mind.

I’m an eternal optimist and I can find at least 7 things to love about the college prep process. Hopefully reading these will ease your stress and help you see that there is much to love, even though you feel you are in the midst of a nightmare.

  1. Time with your student-The college process requires you to spend quality time with your teenager.
  2. Reaching another milestone-Applying to college signifies another milestone in your child’s life moving toward adulthood.
  3. College visits-Being trapped in a car for hours and days with your teenager is a godsend for most parents.
  4. Finding scholarship money-It goes without saying that scholarship monies help you feel the love.
  5. Celebrating life’s accomplishments-With every application students are required to list their accomplishments. This is a time for you to celebrate and be proud.
  6. Reading the recommendation letters-Feeling the love from the adults who have been involved with your student academically and personally should make every parent proud.
  7. Receiving acceptance letters-Feeling the love that colleges have for your student can be a proud moment in a parent’s life.

You would probably have a similar list of what NOT to love, but for today let’s “feel the love” and concentrate on the positive aspects of the college admissions process.

 

How to make better guesses on the SAT

veritas prep video1

Understanding when and how to guess on the SAT is a fundamental strategy in SAT preparation. Savvy students know the system is designed to discourage guessing – a student receives one point for a correct answer, -1/4 of a point for an incorrect answer, and 0 points for a question that is left blank. Despite the scoring system, there are cases in which guessing may lead to a higher SAT score but misleading information has perpetuated guessing strategies that can sometimes hurt rather than help SAT test takers.

In an effort to help students better prepare for the SAT exam, Veritas Prep, the largest global provider of test prep and admissions consulting services, released this video highlighting tips and strategies for determining when you should guess during the SAT.

Here are a few key tips from the video:

DON’T guess if you can only eliminate one potential answer

Most SAT test prep courses will teach you that in cases where you can eliminate at least one answer, you should guess by randomly choosing from the four remaining answers because you have a 25 percent chance of guessing correctly. This is a popular strategy because it is often easy to eliminate one answer choice. But tactic assumes that you’ll be able to truly guess at random and without bias.

“Truly random” is where the problem lies with this logic. A completely random guess is impossible since we are all subject to our own biases. Even your computer can’t select choices at complete random (yes, this goes for your iTunes playlist as well – the algorithm used was created by the bias mind of a human programmer!).

When guessing, human nature will make you more inclined to choose one answer over another, and this is where you might fall victim to SAT traps. These seemingly correct answers appear throughout the test and may sway your “random” selection.

DO guess if you can eliminate two potential answers

As mentioned above, eliminating one answer on an SAT question can be easy – eliminating a second possible answer is where the thinking comes in, and when your score goes up. That is why SAT prep experts at Veritas Prep recommend guessing only when you can eliminate two answer choices.

If you are able to confidently rule out two of the given options, you have about a 33 percent chance of guessing correctly. However, it is important to note that it is still impossible to guess randomly and without bias, which hurts the probability of guessing correctly. So, while guessing is recommended in these cases, it’s important to eliminate as much bias as possible when making your answer choice.

The exception to the rule: The student-produced response math section

The one exception to this guessing strategy is in the student-produced response math section. This is the only section on the SAT exam that does not penalize students for providing incorrect answers so it’s to your advantage to always select an answer to the questions in this section, even if you’re unsure of the answer.

If you are completely stumped on a question, see if you can pull a number from the given information in the question. You just may get the answer right, and if you’re wrong, it won’t hurt your overall score.

For more SAT test prep tips and strategies, watch the full video from Veritas Prep here: http://youtu.be/Pl-T3UYdt6Q. Veritas Prep provides students with a variety of tools and resources for SAT preparation. To learn more, visit www.VeritasPrep.com.

Is your student unprepared for college?

As parents, we want our students to excel in everything that they do; this desire for excellence culminates for most parents at high school graduation. Your student studies, works hard, completes all the graduation requirements and you anticipate that they are prepared for college. But is your student really unprepared for college?

Should we be assuming that high school prepares them for college? Does education need to change in this country to better prepare students for the rigorous course work and academics in a college setting? Are schools simply “teaching the test” to students and not encouraging them to learn?

Here’s an infographic created by CollegeAtHome.com showing that a large percentage of our students in this country are NOT prepared for college. Ask tough questions, get some answers, and be proactive BEFORE your student heads off to college. The time to ask is now–before they become overwhelmed and drop out.

Unprepared

Helping parents navigate the college maze