Tag Archives: college costs

college costs, scholarships

Scholarship Alert!

FastwebNo time to waste! Here’s a scholarship opportunity for 17-18 year olds. $500 will pay for any number of college expenses.

What: This contest asks you to answer one simple question in 250-350 words: “What’s the best way a student can manage their money in current economic times?” Judged by FastWeb’s own Financial Aid Guru, Mark Kantrowitz.

How Much: Two winners, $500 each.

Dates: Contest begins May 25, 2009 and ends June 22—no entries will be accepted after Monday June 22, 2009 at 11:59 p.m. central time.

Winners Announced: June 29 on FastWeb. Winning essays will be featured on the site!

Who’s eligible: If you’re 17 or 18 years old, have a 2.0 GPA and up, and are enrolled full time in a high school or an accredited college/university, you’re eligible. In fact, just to make it fair, we’ll select one winner from the 2.0-2.99 GPA range and the other from the 3.0 – 4.0 range. Regardless of your GPA, there’s no reason NOT to enter!

Who’s footing the bill: This contest is sponsored by FastWeb and Bank of America. How to Enter: Email your essay on the topic: “What’s the best way a student can manage their money in current economic times?” to EssayContest@FastWeb.com.

college guidance, college planning

Do all college students follow the 4-year plan?

 

college students

A recent article in the Boston Globe brought this subject to mind.The author of the article brought to light that the path to college is not always completed in 4 years. Many students end up dropping out, transferring, postponing and even re-evaluating their career paths. The statistics are a bit staggering, but I’d have to say not that surprising. He pointed out that the 4-year college plan is NOT the norm.

There are times when college is NOT the right path for your child after graduation. I’ve had personal experience with this and have watched many kids crash and burn because they weren’t ready. Preparing your teen for college is important, but it’s also important to know when they are ready and to be prepared for the unexpected. That’s the hard part of parenting: recognizing the signs and helping them to make the right decision when the signs are there.

Here are two cases in point: both from personal experience.

Case 1

My brother entered college after graduating from high school because it was the thing to do. He thought he wanted to study geology. But once he entered he struggled. He didn’t possess the best study habits nor did he have the academic focus or the drive at the time to be successful. After a few semesters, he dropped out and went to work full time. During the next few years, he found his passion. He reentered college, graduated, attended seminary, graduated, and pursued his doctorate in theology. It wasn’t that college wasn’t for him. It was just that he wasn’t ready until he found his passion. Once he did, it was clear that he had the academic drive and commitment to graduate.

Case 2

My son graduated from high school and entered the military. It was clear that college was NOT for him and that the military was where he needed to be. After serving for 4 years, he went straight to college. He was not ready. He crashed and burned after just one semester and went to work at a full time job. After another year, he enrolled in a community college, retaking all the courses he had previously failed. He managed to receive a 4.0 and entered a 4 year university, graduating magna cum laude with a degree in Asian History. Once he was ready, his academic path was stellar.

You, better than anyone, know your teen. My daughter was ready and excelled, graduating in 4 years and attending graduate school and graduating in 18 months. While she and my son took different paths, they both graduated. It’s important not to discourage your child if their academic path has detours and they don’t follow the 4-year plan. Because according to statistics, it’s not the norm.

admissions, college costs, college guidance, college planning, extracurricular activities, financial aid, scholarships, social networks, test prep

U.S. News & World Report-Best Colleges

This is not a commercial plug for this publication. It is however, an explanation of why I believe this is a MUST read for any college-bound teen. There are three options available for your use:

  • The print edition for $9.95
  • The online edition for $14.95
  • The combo package (print and online) for $19.95

If you don’t want to fork over the cost for either of these, you can browse their website and find a wealth of information.

It is my recommendation that you invest in at least the print version of this publication. If you’re in the process of choosing a college or even widdling down some choices, this publication will give you the needed information to make the right choice.

What does it provide?

  1. It is packed with articles about how to choose a college, how to prepare, how to get in, and how to pay for the education.
  2. It provides information about the best colleges concerning tuition, aid packages, student body, room and board cost, email addresses and website information.
  3. There is also explanation on how they determine their rankings based on several key measures of quality: academic reputation, retention, faculty resources, student selectivity, financial resources, graduation rate performance, and alumni giving rate.
  4. It is an invaluable tool for determining past financial aid packages and will help you gauge if applying to a top-tiered college will be affordable based on alumni giving.
  5. Schools vie for the prestige of being in this publication. If a school makes the list, you can be assured that the quality of the education you receive is worth every penny you spend.

And…Since this is such an invaluable tool for college-bound teens and their parents, here’s what I’m going to do:

To qualify for a giveaway of the U.S. News and World Report 2009 Best Colleges, simply sign up for my College Tips Email and post this on Twitter:

@suzanneshaffer is giving away a FREE U.S. News and World Report-Best Colleges 2009 http://tinyurl.com/kk6zg4

I will be choosing a random winner on June 15th. Spread the word to all your friends who have teens heading off to college !

admissions, college costs, financial aid

Choices. Choices. Choices.

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The college acceptance letters arrive. You would think it would be easy after that. Your teen has gotten into their 1st choice school and it’s simple; you fire off the acceptance letter to that school and the deposit and it’s a done deal.

But wait. What if some of the other schools offer financial aid packages that are just too good to be true? Like for instance: a full ride, numerous academic scholarships and grants, along with other incentives like reduced housing for the freshman year. Since the college market is highly competitive, it’s possible that you could be faced with an even more difficult dilemma: attend your 1st choice school OR attend a school offering a better financial aid package.

That’s exactly what happened to us. Through a series of events out of our control, the high school neglected to send my daughter’s mid-year transcript to Boston University.  Because we neglected to follow up, we did not know that was the case. When her financial aid package arrived from BU, it was completely defunct of ANY aid, except a small Stafford Loan. All the other colleges offered her multiple academic scholarships based on her mid-term transcript. One phone call ascertained the reason behind it and since the tuition was incredibly high, it knocked out her 1st choice school immediately.

Here are some lessons we learned:

Always follow up on important submissions to colleges–it’s your responsibility to verify they received ALL documentation prior to the financial aid decision

When your acceptances and financial aid packages arrive, compare them carefully. It’s highly possible that an aid package from an expensive private university will outshine the aid package from a state funded public university

Remember that there are many factors to take into consideration when making the final choice: aid package, course offerings, size, location, and don’t exclude your “gut” feeling.

Be sure when you apply that every school in your application pool is one you would like to attend. If you are offered a free ride to a school that was bottom on your list, but you put it there for a reason, you want to be able to seriously consider choosing it.

And…my personal final thought:

Everything happens for a reason. Although my daughter was not able to attend Boston University, another Boston college was in her pool of schools and it turned out was a much better fit for her in the long run.

If you do your homework in advance, the choices, although they might be difficult, will end up being the right ones in the long run and your teen will enjoy a wonderfully exciting and academically challenging college experience.

admissions, college costs, college guidance, college planning, social networks, Uncategorized

An Ivy League School Steps Up

harvard_u_shieldHarvard University has adopted a new financial aid policy. It’s geared toward reaching out to families who are considered middle-low income ($180,00-$60,000). And if you’re in the low end (below $60,000)–hold on to your socks–your child can attend at no cost! That’s right; an Ivy league education FREE OF CHARGE.

According to President Drew Faust:

Our new financial aid policy has dramatically reduced the amount families with incomes below $180,000 are expected to pay, and parents of families with incomes below $60,000 are not expected to contribute at all to college costs. We no longer consider home equity as a resource in our determination of a family contribution, and students are not expected to take out loans, which have been replaced by need-based Harvard scholarship. This new program has reduced the cost to middle income families by one-third to one-half, making the price of a Harvard education for students on financial aid comparable to the cost of in-state tuition and fees at the nation’s leading public universities.

What’s the catch? Your child has to be accepted. But if you have an honor student who has the grades and can meet their admission criteria, my advice to you is to GO FOR IT! With the cost of education rising every year, Harvard has taken the lead by offering this amazing opportunity and making their school affordable to the middle class. They are even claiming that the graduating class of 2008 is graduating with ONLY an $8300 debt. Considering the cost of a Harvard education, that’s a remarkable claim.

What have you got to lose? A $200,000 private university education completely PAID IN FULL. I don’t know about you but I wish it had been available when my kids were applying for financial aid and scholarships. It would have eased the burden and provided a much-needed financial savings.

You can read all about the offer by clicking this link:

Harvard College Financial Aid Office

college costs

In College, the Little Things Can Add Up

It’s a given that the greatest college expense will be tuition, followed by room and board. But it’s the little things that can add up. If you’re budgeting for college and have all your ducks in a row regarding the BIG expenses, you might want to take a pencil and budget in the little things. You’ll be surprised how the nickels and dimes can add up to hundreds.

  • Transportation-Most campuses do not allow freshmen to have cars. If they do, consider doing without. You can most likely find everything you need on or near campus. Consider buying a bus pass or walking. It’s the easiest way to pare down the expenses.
  • Communication-Compare cellphone plans and make sure you’re signed up for a plan that allows you to have unlimited texting and free conversations with your friends and family. Keep track of your minutes and don’t go over.
  • Computer-Many schools college-costsrequire students to have a personal computer. Shop around for one with a wireless connection so you can use the campus ethernet. Buy it when there are sales and bargains and verify that a good warranty is attached.
  • Insurance-If your family has health insurance that covers you, make sure the college doesn’t tack on those extra charges to your tuition bill. It’s not a bad idea to get some sort of content coverage for your dorm room. Things tend to “disappear” on crowded college campuses.
  • Tuition-Stay on track and make sure you finish your education ON TIME. Additional semesters, hours, etc. will increase your tuition and add extra costs when they are unnecessary.
  • Food-If you eat regular meals, the college meal plans are great bargains. If you don’t, and your college will allow you to opt out or pick and choose, you might save money by doing so. My daughter rarely used her plan and we found it was an unnecessary expense.

These are just a few ideas that might help you save some cash during your college years. As a parent, you’ll appreciate the chance to keep some of your hard-earned money in your pocket.

If you’ve got a hint I haven’t touched on please comment here. I’m sure our readers could benefit from any and all suggestions.

college costs

Kindle-A College Textbook Solution

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Business Week posted an article yesterday regarding the soon-to-be released larger version of the Kindle Reader:

Kindle may start getting a warmer reception in colleges come May 6, when Amazon (AMZN) launches what is expected to be a larger version of its Kindle e-book reader that is more suited to academic publishers. Six universities including Case Western, Pace, and Princeton are partnering with Amazon and major publishers to supply students with the new device in the fall, The Wall Street Journal reports.

kindleIn my opinion, this is a win/win proposition for Amazon and for parents of students heading off to college. College textbooks can cost thousands of dollars per semester, depending on the subject and level of advanced courses. If you purchase a Kindle reader for $400, even if the ebook is 25% less than the hard copy version, that’s a huge savings. Not to mention the convenience of eliminating the need to carry all those heavy books around and alleviating back problems caused by a heavy backpack.

College textbooks were always highly overpriced in my estimation. Even if you were able to find a used version, there was no guarantee that it would contain the revision material that was updated on a regular basis. And many times bookstores would not purchase textbooks back if the course was no longer being offered or utilizing that particular textbook.

There are so many “hidden” college costs that can add up. This cost saving can help parents and students on a tight budget and also offer a great alternative to hoards of books that you have no idea what to do with after graduation. If you’re a parent and you have a teen heading off to college in the fall, keep tabs on this developing news.

What do you think about this technological offering? Would you purchase a Kindle for your student?