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Planning for your Child’s Financial Success

“Key Ways To Avoid

College Debt And Protect Your

Student’s Future Financial Health”

 

We often talk of securing your student’s future financial health.  There is no question that student debt is increasing to staggering amounts for an enormous amount of college students. Often the case whether these students graduate or not, remember, because the debt does not disappear if a student drops out of college.   This can have a sobering effect on young people who are just getting started in life. We focus on this because we have seen how proper planning with regard to the financial aspect of college preparation can save both college students and their parents from incurring unnecessary debt, even at “expensive private schools.”  A debt-free start to a career post-college is one of the most important advantages that we can offer to a young person.

College debt is now being viewed by far too many people as a “normal part” of the educational process.  Far too many families think nothing of racking up tens of thousands of dollars (or even more than that!) in pursuit of a college degree.  We could not disagree more!  There are ways to avoid college debt.

Because of the importance of this task, we have decided to devote this month’s newsletter to some of the many opportunities and strategies that we employ wherever and whenever possible to specifically help students and their families avoid student debt while they complete their years of higher education.  Of course, the individual situations can be extremely different for each family, depending on a vast variety of considerations, so when it comes to avoiding college debt there is really no better partner than a college funding advisor… your resident expert on all details related to the management college costs.

Old Fashioned Savings

There is something to be said for all of those students who take the initiative to work during the summer vacation – or even during the school year in some cases – in order to save up money for their future college education.  Perhaps surprisingly, aside from obviously applauding their excellent work ethic and forethought regarding college preparation, the other thing that is to be said is: BE CAREFUL!

Yes, even with something as seemingly benign as saving money for college, students need to be aware and recognize that they really need to obtain good advice and keep a close eye on their savings.  This is because there are actually strict federal limitations on the amount of money that a student can earn and put away toward college before it begins to adversely affect their eligibility for college financial aid!

There are many, many good things that can come from being willing to work and save for college.  The lessons that can be learned from that experience can play a huge role in their future successes later on in life.  But we urge you to confer with a qualified college funding advisor so that you know how much of their hard-earned savings can go toward college, so as to avoid disappointment later.

«Good» Financial Aid

Student financial aid sometimes can get a bad reputation in some circles when people only focus on the student loan side of things.  Well, as we mentioned above, student loans for college are something that we very purposefully aim to avoid! However, it is important to understand that there are many different elements to student financial aid and they are NOT all detrimental to the future money management of a young college student.

Without sugar-coating things, student loans are, quite simply, loans… which means that these funds need to be paid back after college graduation (with interest, as well).  The fact that student loans are so prevalent in America does not in any way mean that they are a good idea!    In July federal student loan rates will increase to 5.05% for undergraduate loans and 7.6% for the parent plus loans.

On the other hand, student aid in the form of grants are what we like to call «free money» because they DO NOT need to be repaid after graduation.  Grants may be given to a student for a variety of reasons ranging from financial need, to the encouragement of higher education among certain groups, to students who are service veterans, etc.  The amount of money can vary, sometimes substantially, but regardless, they do not need to be repaid!

Scholarships are another – perhaps better-known – form of «free money» that are offered to a student directly because of his or her high performance and/or promise in academics, athletics, the arts, or other areas.  Like grants, they also can vary in size from relatively small sums (which still look great on a resumé, by the way) to the so-called «full-ride» scholarships which cover all – or nearly all – costs!

While grants and scholarships are great, and it is gratifying to receive one or more of them, the simple fact is that most students will find that it is NOT possible to fully fund their college education based on these sources of « gift aid ».  Because of this, it is extremely important to look at all of the college funding options available in order to avoid racking up student debt during the college years.

Work-Study Programs

Some students are scared away from «Work-Study» programs either because they are afraid that they will have no life away from class and an on-campus job, or because they have heard some (usually unsubstantiated) rumors about students being forced to work at terrible jobs at their college or university.

In actuality, there can be some truly inspiring and exciting options available to students who are willing to look for them.  Work-Study is a program that offers students financial aid based on their willingness to work on campus in some capacity.  Students who start the process early enough can find work options in departments that are of great interest to them, which can lead to experience in their area of study, not to mention valuable working interactions with faculty members and professors.

Even those who come later to the process and accept more menial positions will often find that the hours are flexible (or sensibly planned) and that a part-time job can be a great opportunity to have a regular, temporary escape from the stressors of college… and one that helps to keep them out of student debt, to boot !

Family Financial Foresight

One of the most important ways for students and their families to avoid student debt is by implementing a solid and well-thought-out financial plan – preferably as early as possible – with the insight of a college funding advisor.

A college funding professional can help with all aspects oft he college application and funding process, including the optimized planning of financial decisions – because remember, these decisions, many of which will not seem to have anything to do with college at all – will directly affect aid determinations in the future.

Determining a timeline for college applications and admissions can also help with the overall (and ever-increasing) cost of the admissions process, and a similar timeline covering major financial decisions and management can literally save families thousands of dollars within a very short period of time.

Because of this, we always recommend seeking insights from someone who knows all of the details surrounding the college process best, and someone who specializes directly in these areas.  We have seen it pay dividends and assist in the fulfillment of college dreams time and time again, so there is no question in our minds that it is an important step to take.  We certainly urge the families of future college students to begin early with this all-important process, regardless of current circumstances !

Until next month,

Hidden Costs of College Revealed

                                                                                 

“The Hidden Costs of College

That Many People Rarely Seem to Talk About!”

One of the biggest surprises that seems to blindside a lot of parents (and their college-bound kids) is a breakdown of the overall costs of college these days.  It is no secret that tuition costs are rising, and with the increase in cost of living the total bill can be something that puts a large lump into a lot of parents’ throats, no matter how much money their family takes home in salary each year.

However, completing that college or university degree is an important goal, so it is vital to have a keen grasp on the overall costs so that proper and sufficient preparation can be made in advance.  Let there be no doubt about it, paying for college these days represents a significant financial challenge, and it is important to understand all of the potential costs in advance, so no huge surprises crop up later.

In an effort to help families prepare, we are focusing this month’s newsletter on some groups of education costs that tend to really add up during the college years, although we find that some families either grossly underestimate (or even sometimes completely overlook) them in looking ahead to their child’s years pursuing higher education.

We recognize these things because we see them regularly as college funding experts – and if our experience can assist with your family’s personal college funding circumstances, please do not hesitate to contact us at any time.  We have managed this type of monumental event in other families’ lives, and we can proffer the most suitable information for your family’s college preparations, as well.

Group 1: Living Expenses

Yes, of course, most people are quite well aware that there are living expenses at most colleges and universities (while places like the military service academies are a rare exception, for example).  However, what can be surprising is just how quickly these costs can add up – especially when a college student changes living circumstances between semesters or academic years, as an example.

It simply does not take very long at all for costs like off-campus rent, restaurant or take-out food costs, mobile phone bills, and others to add up and put a serious strain on the semester budget.  Remember that schools will give an estimated cost for living expenses, but these estimations can vary wildly in their accuracy and their expectations, which may or may not represent those of your family and/or your student.  Your list of expenses may not match up with the school’s anticipated list of expenses, and it is infrequent that the differences work out to the advantage of the parents, in our experience!

Of course, the school has direct control over the costs for a dorm or apartment on campus, and the on campus cafeteria food plans are also not going to come as a surprise to those in charge at the college or university, since they are part of the organization making the price lists.  But wow, once you start factoring in off-campus or unrelated expenses?  Well, that is one time when things can certainly start to add up to real money in a hurry.

For this reason, any changes in living arrangements during the undergraduate years should be gone over extremely carefully, and not made in haste if it is at all avoidable.  Budgets are generally set in advance for an academic year, so making a change between terms or semesters can also create some unintended – but very real – challenges with the cash flow.  Regardless, remember that a chat with your college funding advisor can be extremely helpful when it comes to reviewing and planning for the full spectrum of living expenses at your child’s college or university of choice – and any changes that may come around during the college years, as well.

Group 2: Direct Academic Costs

We hope this does not come as a surprise, but no… tuition costs are not the ONLY academic fees involved in higher education!  Yes, it is the largest one in most cases, but there are a number of additional potential costs that can wreak havoc with the finances if they are not reviewed in advance and taken into full consideration.

Students who are interested in studying the sciences, or taking a series of pre-medical coursework, especially classes with extensive laboratory components, will find that “Lab Fees” are added to the regular tuition costs.  Even students who are only taking a required science class as a graduation requirement will often find Lab Fees or other course fees tacked on to their tuition bill.  Schools have to calculate in extra costs for lab materials and lab instructors for these types of courses, and they pass those costs directly on to the consumer… meaning, the student!

Students who find themselves having challenges in a certain area may also wish to avail themselves of outside tutoring, which is usually at an additional cost to tuition, as well.  Some schools will have peer tutoring available, which is great in principle, but the quality of the academic help can vary substantially depending on who is available.

Group 3: Extracurricular Costs

Many universities and colleges offer a wide variety of outside educational activities for their students, which can be absolutely wonderful opportunities for learning, growth, development, and even future careers and job options.  Many of these optional activities also can tend to significantly drive up the overall costs for a student while in college, as well.

A few of these options can be exchange programs with other universities, foreign language immersion programs (in a foreign country, with program and travel and living costs!), special training options at industry or government programs, etc.  Clubs and other organizations will also add to the costs for a semester or academic year, sometimes quite substantially, so these things need to be discussed in advance whenever possible.

With this type of expenditure in mind, it is important to look ahead and see what offerings might be of interest to your child during his or her studies – both in the classroom and outside of the study hall – especially considering his or her interests, and try to plan for these types of costs in the academic budget.

Group 4: Unnecessary Costs!

Yes, it is true… the very presence of this group in our newsletter DOES mean that there are costs that many people pay for higher education that are completely and utterly unnecessary.  Often, these costs are due to poor planning or incomplete preparation, and the assistance of a college funding professional can make all of the difference in that regard.  Here are a few examples of frequent costs that people take upon themselves that could be avoided in many, many of the cases we see.

Paying for extra terms, semesters, or even years of tuition, for example, is almost always something that can be avoided with proper planning and focused student performance.  However, the average time that students spend in their undergraduate studies seems to be extending well beyond four years pretty regularly, which means that the schools are able to sock away more and more tuition from students who could have (and very often should have) graduated long ago.  As long as they can keep filling the classes, of course, the schools will usually be happy to keep taking tuition money!

Unbudgeted recreational costs can add up in a hurry, and we have seen cases where undisciplined students have blown substantial college funds on their “social life” and literally run out of money before the end of a term or semester.  Preparation is key, and it is important to include (and follow!) a budget with money for recreation planned into the overall cost.

Even costs like food can come back to unnecessarily bite students (and their parents) later, if a student does not have a well-organized food plan at the college level – there is a huge difference between a pre-paid, on-campus plan with the cafeterias, and unmanaged spending on take-out Thai food and pizzas, so there must be an understanding and a realistic plan in place to avoid running up a food bill that decimates the financial plan for the whole academic year.

Understanding all of the expected costs helps families prepare in ways that can avoid the unnecessary hits to the wallet that many others will experience.  We are well-versed in these issues and will be pleased to assist you should you so desire – just let us know if we can help out in any way!

Until next month,

Finding the Fit

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Roses are red, violets are blue, Midwest College Planning is here to help you find the fit! 

Welcome to February, this month we are focusing on love. We love the process of finding the school that fits the student academically, socially, and financially. We cherish that ‘aha’ moment when the hard work pays off for the family.

Finding the fit academically requires research. By talking with the student about his/her goals we draft an initial list of schools. The student is asked to research, develop pros and cons and then we meet. This process is repeated and refined until the student has approximately 7 to 12 schools that fit with the academic goals.  We also focus on building a student’s resume to make sure he/she ticks the boxes for an admissions officer. 

Finding the fit socially is more intuitive. During the refining of the academic research, the student broadens the requirements to extracurricular. Topics like internships, weekend fun and food are discussed. This is where students with a wildcard like sports, theatre and leadership may focus their time connecting with coaches and professors. 

Finding the fit financially is hard. For most families this falls on the parents. We start by asking parents to complete a budget sheet. Then we ask the sometimes tough question: how will you pay for college.  College is expensive. As we are working with the family we need to understand the family dynamics.

Finding a school that fits academically, socially and financially takes time and commitment. We here to help you every step of the journey.  

Feel free to call and schedule a free consultation 614.230.1208

Considering Distance & Environment in College Search

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“Location–Location–Location

The Pros (and Cons) of Distance and

Environment at YOUR Child’s College”

One of the things that we see over and over again is that each rising college student is a distinct individual with specific needs and strengths – a school that might be perfectly suited for one student could turn out to be an extremely poor choice for another student, even if all other variables (like GPA, standardized test scores, etc.) are equal.  Because of this, it behooves families to make wise decisions when it comes to selecting a college or university, basing their choice not on external influences – such as this year’s ranking in a news magazine – but on the school’s actual overall “fit” with the individual student him/herself.

Of course, all students should seek out the best possible institutions to apply to for their educational future, but there are far more things that determine “best” than simply magazine rankings, which may be based on statistics that have no real bearing on the education at all.  One of the things that we pride ourselves on is the ability to see beyond the superficial rankings to find the real best programs, institutions, and “fit” for each high school graduate with whom we are privileged to work.

One of the major considerations when looking at a list of potential colleges and universities – and one that some families simply do NOT pay enough attention to – is the geographical location of the school with relation to home.  This can be a huge factor in not only the overall cost of a year’s education, but also in the individual ability of a student to perform as a freshman beginning his or her higher education.

Because of the importance of this consideration, we are keying this month’s article on some of the ways that distance from home – both near and far – can play an enormous role in college funding and adjusting to the first year after high school.  There are no hard and fast rules for this decision, it is something that each student must be able to decide intelligently with his or her family.  We hope that these guidelines can offer a bit of insight in that regard.

Consideration 1: Travel Expenses

Depending on where a student decides to attend school, just getting to campus can cost a significant amount of money.  A kid from the Pacific Northwest who decides to attend college in Florida, for example, will be looking at a costly airfare to and from the Sunshine State… and that assumes one round trip ticket, usually each semester, with no trips home during the academic year.  This may not be a problem in some cases, but depending on cash flow and emergency situations, just one trip home can definitely be a budget-breaker.

However, even a school that is closer to home can have hidden costs, especially if a student wants to drive (or take the bus, etc.) “just a couple of hours” home on several weekends per semester.  Gas prices can take a significant toll on a semester budget, especially if friends are going to be frequently visited – this is often a temptation when college is relatively close to home, so communication and boundaries are a must.

Another hidden cost that seems to crop up with some regularity is the additional tuition and fees for international programs or study abroad, which many institutions have set up with partner schools in Europe, Asia, South America, and elsewhere.  These are exciting and highly rewarding opportunities, to be sure, but the travel costs alone can be daunting if a strict budgetary guideline has already been set without considering such additional expenses.  Because of this, any college students who wish to take advantage of foreign study (or even partner university programs in the United States) should plan these out well in advance so that the financial elements can be included beforehand.

As long as plans are made in advance – preferably with some wiggle room worked in, and we can assist with that if need be – then there is usually no need to fear travel costs.  But our experience advises parents to remember them, and plan for them, or else they can very quickly become quite a bear!

Consideration 2: Living Expenses

Living far from home can definitely add to the overall cost of living for students who are starting at college. Yes, most schools will require freshman students to live on campus, and the set costs of room and board can appear to freeze costs at a (hopefully) manageable level.  Without a set budget, however, and the willingness and self-discipline to follow it, things can very quickly spiral out of control.  Students who are far from home will sometimes find it difficult to socialize without including food in the equation, which in and of itself is fine.  However, the fact remains that eating out is expensive and it can shoot a large hole in a semester budget.

Truth be told, however, there remains some question in our minds about whether college students who live at (or near) home and take advantage of their parents’ refrigerator are actually saving them a whole lot of money, but it is almost always less expensive than nightly splurging on pizza or other take-out foods.  The cost of living for students who live at home and attend a college nearby is almost always significantly less expensive overall than for students who are at a college even a few towns away, let alone studying in another part of the country.  However, college students who live at home during their higher education may sometimes feel that they are not having the “full college experience” so there are considerations to look at on both sides of the equation.

Remember also that costs of living can vary substantially depending on where a student’s college is located.  A university in the heart of New York City, for example (or any other large, expensive metropolis) will almost certainly have a much higher cost of living than a college located in a more rural location, even if tuition is the same at both institutions.  Of course, this does not automatically make the more expensive school a worse decision – there are far more elements that are included in making that sort of a determination – but geographical cost of living is definitely something that must be taken into serious consideration early in the college preparation process, in order to allow for optimized college financial planning.

Consideration 3: Homesickness

It is not always easy to tell in advance whether or not a new college freshman will experience a lot of homesickness during their first semester (or academic year) away.  In some cases, students have no interest at all in straying too far from the nest, and in other cases students cannot wait to spread their wings and head off into the great wild yonder!  (Of course, it is not uncommon to see that some of the students who were very anxious to get away can also experience homesickness, too.)

Students who stay at home to attend college are generally pretty immune from the homesickness bug, of course, but we have noted that even students who are staying on-campus at a college across town – or in another part of the same state – can find themselves missing a home cooked meal, or the faces of their friends and family from time to time.  A closer location makes remedying these bouts of homesickness with a quick weekend visit much more manageable, both with regard to time and expense.

On the other hand, it cannot be overlooked that college students today have access to communication options that previous generations could never have imagined.  A student who is studying thousands of miles from home – or even in another country – can Skype with family members and friends in an instant and overcome some of the challenges of homesickness at minimal cost.

The most important thing when looking at the potential costs of dealing with homesickness during college is communication and a realistic view of what will manage the challenge, should it arise.  If this is done in a sensible and honest manner, then most cases of homesickness can be dealt with without having any long-term deleterious effects on a student’s college career – or the semester budget.

Consideration 4: College Environment

It is absolutely vital that a potential college or university should fit with the lifestyle and interests of a student – because no matter HOW well a school is ranked or viewed socially, if it does not fit the needs, lifestyle, and interests of the student, there is almost zero chance that the school can provide the best education possible for that young person.

There are wonderful schools in enormous cities that can offer great opportunities to students, but if a young person is best suited to a bucolic, small college atmosphere then that BNU (“Big Name University”) might not be the best environment for his or her higher education.  This can also be the case when it comes to specific fields of study.  Some very prestigious universities might only offer a middle-of-the-road education in a certain major, whereas a smaller school could be at the very top of the field, but only truly recognized by insiders and decision makers in that arena.

These are hugely important considerations, and the physical environment, academic offerings, and even the weather can all play a part in the overall success (or failure, for that matter) of college students.  We encourage parents and students alike to discuss their preferences, their goals, and their aspirations with us to help make the best decisions possible!

 

Until next month,

 

 

 

Benefit of staying motivated for college while in high school

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“Top Tips For Remaining‘College-Motivated’

During TheHigh School Years”

Even highly gifted and talented students can sometimes be tempted to “drift” a bit during the school year – in fact, intelligent kids are sometimes even more at risk because they may lack academic stimulation and challenges in some cases.  For this reason, it is important for parents and students to have an eye on the best ways to remain focused on the goals at hand, even if/when others may tend to fall by the wayside, either temporarily or (unfortunately) permanently.  There will almost always be ebbs and flows during a school year for a variety of reasons, but the students who are able to keep themselves on target with the most consistency during their high school experience are usually those who end up in the best situations when they graduate and move on to the next level.

Fortunately there are a number of excellent strategies that can help students to remain focused on their college goals throughout the year, and discovering which ones are the most effective for the college bound youngster(s) in your family can pay great dividends over the course of the high school experience.

For this month’s newsletter, we are dedicating these pages to some of the top tips for keeping a student’s eye on the college ball during their preparatory years.  If you have any specific questions about them, or would like some more personalized suggestions, please do feel free to give us a call.  As college funding professionals – and as the college application experts – we are uniquely prepared to provide details, planning, and important information that can positively affect your family’s college preparation efforts.

Tip 1) Focus On Specifics

The “specifics” are going to be different for every person depending on who they are, and where they are in school. Everyone has a set of both strengths and weaknesses. For example, one student may have difficulty staying on top of notes or materials from a certain class. One way to combat that would be to use specific actions to stay motivated on certain tasks and goals. In this case, it could be to put all the notes and materials in one place immediately after class. This would fix the problem of lost notes and materials.

Another example could be related to homework. Procrastination is virtually universal. However, if specifics are attached to certain goals then this can help to keep the student focused and motivated. One specific goal could be to finish homework prior to doing any other social activity. This takes discipline, but it is specific and can help to build motivation and confidence if followed through regularly.

Tip 2) Stay Positive

So much of life has to do with attitude. If teachers and classmates are getting a student down, there is almost always something that can be done to improve a situation.  Charles R. Swindoll once said that “Life is 10% what happens to you and 90% how you react to it.” This is true in high school and throughout life. There may be classes with less-than-stellar teachers. Maybe an illness presents itself while in school. How one reacts to these challenges can determine the ultimate trajectory of one’s success.

High school, like life in general, is not always easy.  However, keeping a positive attitude or looking for the positives within a negative situation can help one to not get mired in all of the negativity that can sap focus and motivation.

Tip 3) Prioritize, Prioritize, Prioritize!

It is usually pretty easy to see when there are several tasks that lie ahead, but the inclination for most people is to do the easiest thing first. However, if one prioritizes, the easiest task might (or might not) be the one that needs to be done last – or in the middle – or even not at all.

It’s important to look at the long-term goal and break down tasks and priorities accordingly. Classes that are easier may not need immediate attention, for example.  By the same token, more challenging classes may need to be prioritized first in order to stay on course and achieve the level of academic success desired. Take time for the classes that need the attention and focus efforts accordingly.

Tip 4) Swallow Pride – Ask For Help When Needed

It is not always easy to admit that one needs help. It is crucial, however, to ask for help promptly before things unravel and one gets too far behind. If there are certain areas that need attention, there is nothing wrong with requesting extra assistance or support. It is a sign of maturity and strength to know when one’s limit has been reached.

Getting even a little bit of additional support may just be what’s needed in order to stay on track and motivated.

Tip 5) Set Goals

Setting goals can be incredibly rewarding and they are a great tool to use to become and stay motivated. Here’s a well-known – but often quite effective – acronym to help high school students to set goals: Goals should be SMART.  This means S – Specific, M – Measurable, A – Attainable, R – Relevant, T – Timely.

Goals should be specific. Starting off the school year with a question about what one would like to accomplish and writing down those desires is one way to get to the specifics of one’s goal(s). Goals should also be measurable. This means that they should be created and tracked in a way that allows one to see that progress is being made. Goals should be something attainable. Big, impressive goals are great, but they should always be framed within the realm of the capabilities of the student.  Goals should be relevant to the desired outcome. Setting a goal to watch 50 classic science-fiction movies may be fascinating and fun, but it will not do much to help a failing grade in math. Goals should be set that put (and help to keep) one on a trajectory towards ultimate academic success. Finally, goals should be timely. It is a good idea to have some calendars in hand when setting goals. Create timelines and expectations for when benchmarks are to be met.  Keeping these cues in mind can help with effective goal setting each semester, and throughout the high school years.

Tip 6) Take Time to Reassess

Life happens. No matter how much one strategizes and plans, things can always get in the way to throw a kink in things. That is why it is a really good idea to regularly look at goals and see which things are working, which things are not, and determine overall whether things are moving in the right direction. If not, it may be time to make an evaluation of precisely where things stand, and whether they need to be tweaked a bit in order to stay on the right path.

Remember, assessment and reassessment are not only for before and after the process – they are also tools for constant correction throughout the high school years, and one of the things that leads to ultimate success!

 

The Admissions Wish List

What Admissions REALLY Are Looking For In Their Incoming Freshman Classes

The first term of the school year is in full swing, and students (along with their parents, in many cases) are likely looking forward to the holidays for a bit of a break. However, we college funding advisors are remaining diligently focused on preparing students and their families for all aspects of their college futures, from academics to college finances, and we are pleased to keep you updated on our findings. This is truly what we do best, after all is said and done.

One important area of focus – and something that is misunderstood by a significant number of college bound students as well as their parents – is an accurate understanding of the things that are MOST important when it comes to gaining admission to a desired college or university. Now, obviously, there can be some differences depending on which schools and institutions are being talked about, but there are also several key aspects that are almost universally important, no matter which schools are being considered.

The sooner a student is able to obtain a general understanding of these key factors, the sooner he or she will be able to implement them as a part of his or her high school education, meaning that it can pay dividends as soon as the time comes to start applying to colleges and universities for their impending step upward into higher education.

Some of these points are fairly reasonable and make good, common sense. Others might be less well-known, but they are still extremely important. Still others are simply ignored by far too many students these days, and absolutely warrant a timely reminder so that your student is not missing out on something vital for his or her college application process!

Remember, we keep our finger on the pulse of these kinds of things specifically because we are serious about being the experts in our field – we have gleaned much valuable experience in watching college students and their parents maneuver through the college application process each and every year. Upon completing your perusal of this newsletter, please do let us know if you have questions or specific worries about your family’s unique situation. We will be pleased to assist you in providing reliable information for your family’s college preparation activities at all levels for the higher education of your child.

The Obvious: Strong GPA and Class Ranking

It should go without saying that grades count. They don’t count for everything, but they count. If your child has a high GPA, this will only help to separate your child from the rest of the applicants. Overall GPA is important, but some schools will also take note of how your child did in his/her individual classes. Some high schools offer class ranking. If this is the case for your child’s high school, the college will want to take a look at this so see how s/he ranked among his/her peers.

Advanced Placement (AP) and/or Honors Classes

Taking difficult classes such as Advanced Placement or Honors classes can give a very good impression to admissions officers. However, it is actually doing well in these classes that shows the college that your child is serious about his/her academics. This demonstrates discipline and dedication, which are attributes that will help a child excel in college. International Baccalaureate or IB programs are also highly regarded, if available.

Engaging in Extracurricular Activities

It is not sufficient to merely have good grades in one’s classes. Colleges are looking for students who have passion, interest and drive. Taking extra curricular activities demonstrates that the students have interests that extend outside the classroom. The types of activities chosen will show what the students find compelling and interesting. Developing talents and skills outside of the regular school day is something that helps to develop a well-rounded student. Remember, though, that the better schools want to see a real level of commitment and achievement in these activities – not just something that has been done to “fill in a box.”

Volunteerism

Taking time outside of high school life to volunteer one’s time is a special thing. If your child has done projects outside of school for any charities or did any sort of volunteer work at all, these things should be noted on the application. These are traits to demonstrate a strong character and these are the types of student’s college admissions officers would like to admit into college. Some students have been able to work these activities into the school year, while others make them a part of their vacation time. Either way, it should be something that resonates with your child, so that it can be presented with honest enthusiasm.

Gathering Work Experience

Does your child have a part-time job during high school? Does s/he work during the summers? These qualities show independence, in some cases, as well as leadership and commitment. List any employment work that is applicable for your child. If your child had any leadership responsibilities such as managing a project, be sure to include those, as well. Any special recognitions or if there were promotions during your child’s tenure at the job, do not forget to include those. Remember, however, to discuss these activities with your College Funding Advisor, as these jobs can sometimes affect eligibility for student aid!

Standardized Testing (SAT/ACT)

There was a time that schools weighed the SAT and ACT quite heavily, and many still do, but not every school gives them the same weight these days. Regardless, however, it is advisable for your child to work hard and prepare to do as well as possible on these tests. They are still a valuable benchmark for colleges to use, and admissions officers can review these tests and compare with other test results (such as AP tests). Your College Funding Advisors can help you research the specific schools to which your child would like to apply, and determine whether they regard the SAT/ACT highly, and which tests might be required for admission.

Strong Recommendation Letters

While a good recommendation letter can go a long way, a meaningful recommendation letter can go even further. For this reason, your child should try to secure recommendation letters from people s/he knows quite well. Most colleges will ask for at least two so it would be useful to probably have three letters on hand, just in case – and some letters might be particularly helpful at certain institutions.

These recommendations need to speak to the overall character of your child, beyond a simple listing of accomplishments. The writer could be a teacher in a particular class, an extra-curricular teacher or instructor, an ecclesiastical authority, a coach, a mentor, and so forth. These letters should obviously cast your child in the best light and will be able to tell a story about your child which grades and activities – on their own – cannot.

Tailor The Admissions Essay

While it is true that a well-written essay may take some time to craft, it is well worth the effort. This is another chance that admissions officers will get to see a side of your child that grades, activities and recommendation letters can’t show, and an opportunity our child to connect with the reader on the admissions committee. Every child is unique and this is the chance for your child to show what is unique about him or her… so the essay should be reviewed for both content and for grammar well before it is ever sent out. It should also be tailored a bit to appropriately match the application to each different school on his/her list.

Demonstrate Passion And Drive

We can readily report that too many kids are pushed into a plethora of activities without ever having a chance to develop a skill or talent in a particular area. Colleges are most interested in seeing drive, interest, and passion for the activities in which an applicant is engaged. They certainly do not prefer seeing a student listing a page full of different activities with no demonstrated meaning, and without time invested to grow in those disciplines.

How can an applicant show the meaning in their activities? There are many ways. For example, if your child took band and excelled at playing the trumpet, make sure that fact (along with any special awards or engagements) is prominently displayed on the application. Or, did your child have a passion for building and was always staying late in shop class? Maybe you have a budding engineer on your hands. Be sure to let admissions officers see that your child has a solid and well-developed interest in areas that truly matter to your future college student.

Growth Potential?

The very best colleges and universities often go far beyond SAT scores and essays (which should be a given at the top levels). They want to determine whether your child is the type of person who learns and grows, and truly enjoys the process of learning and growing. They want to see how your child stretches him/herself. They want to know how your child sees him/herself as a human. They also want to see how your child wants to contribute to the world – as a potential alumnus or alumna of their institution. Show them!Until next month,

Financial Realities of College-how much do you share?

     

 “The Financial Realities Of College:

How Much Should YOUR Child Know Before Starting?”

As summer is in full swing it may become more and more challenging for families to think about preparing for college.  We mentioned last month, planning for college is about having conversations.  Be sure to include the reality of college expense.   Unfortunately, for a variety of reasons, these financial details are often ignored… and both parents and students can be guilty in this regard.  This can definitely have a detrimental  effect on their levels of financial, academic, and personal stress during the college experience.

We understand fully that preparing for college or university studies can be stressful, in many ways.  Perhaps because of this reality, there can be a tendency for people to want to ignore some of the more challenging topics related to the transition to the next level of education.  However, ignoring these topics does not make them disappear.  By the same token, if only the parents (or, more rarely, only the students) are involved in these preparations, then it is not a team effort and there can be miscommunications and problems further down the road.  Our experience has been that it is absolutely vital for parents and students to have a mutual understanding of how things are proceeding for college preparation.

For this month’s newsletter, then, we want to explain a few of the most important elements that new college students (and high school students) should understand when it comes to starting their experience in higher education.  Yes, there will be a lot of students in their peer group – far too many, in our experience – who have no idea about these things.  However, rest assured that this lack of knowledge will more than likely become something that will come back to haunt them in the end.

As college funding professionals – and people who deal with these things on a daily basis – we want to help you and your family to experience a smooth transition into and through college or university studies.  We have a special skill set and will be happy to assist in any way possible with your family’s plans in this regard.

 Be Clear From the Beginning
Culturally, we tend to have many “taboo” subjects in the US. Depending on the individual, they may range from religion to sex to money. The subject of money, in particular when it comes to higher education, can get families into deep water if not dealt with from the very beginning with honesty and clarity.
How to pay for college should be a family discussion. This is a subject that should take center stage when getting ready to choose a school. It will have a lot to do with the choices your child will be able to make about where to go. It can also have a big impact on the family for the future.
If your child has his or her heart set on a ‘dream’ school then it is important to have the discussion and have the plans in place to cover the costs of such a school. This can all be done strategically and carefully, as well, with a thorough college funding expert. No parent wants to be saddled with massive amounts of debt when looking to cover costs at a prestigious school, nor do children want to feel that they have become a burden that the family has to bear in order for them to attend school.
Communication and (early!) preparation are really the keys, here. Will the parents be covering the entire costs of college? Will it be a combination of loans for the child plus what the family is able to contribute, or can this be avoided with proper planning?  (Note: it often can.) Having clear goals from the beginning and discussing those goals openly as a family will only bode well for the future college student. Tackling those goals with an expert will make it possible to move forward with those plans smoothly and successfully.

Focusing on the “Why” of College
Unfortunately, we see that students may not fully grasp the concept of ‘why.’ In fact, many visit colleges and make decisions on whether to attend or not based on a ‘vibe’ they get at the school, or where all of their friends are planning to go. It is important to make the most informed decision possible when going to college. This starts with the ‘why’ of going to college and then extends all the way through to the ‘where’ of going to college!
Some of the things that should be discussed and explored before beginning a college search include finding out what your child’s academic motivations are. Once these are laid out, it can be easier to look at options at that point. Clarifying interests and academic goals and motivations will make choosing the right college easier and it will mostly likely be a much better return on the investment. Not every child is clear on his or her ambitions in the teen years, however. This does not mean that all is lost. If they are not sure exactly where their academic focus is you are still able to make informed decisions. If they are able to narrow their interests down to a few different areas then you can search for colleges that have strong programs in the areas where their interests lie.  All of these discussions, when completed early on, can go a long way toward making the transition to college more manageable.

How (Or How Much) To Contribute
Many parents feel guilty if they determine that their ability to completely pay for their child’s education is not possible. It is easy to find parents who have gone into massive debt in order to make their child’s dreams of a college education possible even when it puts their own financial stability in jeopardy. This is one instance where having a solid college planning expert will help to ensure that these types of dire situations can be avoided.
Parents taking stock of what is realistic and what their child’s goals are will be very important in the part of the planning process. Do the parents want their child to attend a specific school?  Even more importantly, is that school a good fit for the student?  If so, is it currently possible to send them there, considering academic and financial realities?  What other options are available?  Once these questions are asked then the parents can move forward and see what will be required in terms of their contribution.
It is also important for parents to understand that where their child goes to college is not a reflection of their parenting skills or who they are as people. Keeping their child financially secure is a major requirement for parents and placing them in a school that they cannot afford and/or will place an undue burden on their child by way of student loans is not a great way for a child to be starting out in life. Planning ahead and making prudent choices based upon real financial circumstances and careful planning with an advisor will ensure the best choice possible is made that will benefit all parties over the long run.

Managing Parental Contribution/Retirement
There is no question that paying for a child’s college education can be a big sacrifice for parents. Parents who have an average annual income of $100,000, for example, can find that college expenses for just one child run $100,000 (and that is being moderate)… which can mean that they should expect to work an extra 10+ years in order to recoup those costs. That could mean delaying retirement in most cases – or, as mentioned above, saddling kids with significant student debt.
Because of these realities, this is another area where careful and early planning can make all the difference. The right adjustments and placing money in the proper strategic places may help to prevent some of the drastic measures to which many people succumb. These are definitely things that can and should be discussed with the college planning advisor – and the earlier that happens, the better! 

Probably the most important element of this part of college preparation can be boiled down to “communication!”  When people do not know exactly what is expected of them (financially, or in any other facet of life) then they are much more likely to make significant mistakes.  This is even more apparent when it comes to young people who are just starting out on their own – at college, or anywhere else… the more things can be clarified and communicated, the more likely they are to be able to manage these expectations successfully.

Until next month,

We’re Moving!

Midwest College Planning is excited to move to our own offices! We are trading our shared space for a sweet suite of our own. We started out in 2009 in a shared office space and while it has been fun, we are looking forward to a larger space, bigger offices and dare we say windows. We are located in a small business park backing up to a metro park. Here’s our top 10 list of things to look forward to:

  1. Trees, we are tucked away in a lovely area
  2. No more elevators–we were on the second floor but due to security we couldn’t walk up stairs.
  3. Birds, you might hear if you catch us sitting outside enjoying the fresh air.
  4. Control of the thermostat, some say that thermostat control tops remote control anytime.
  5. Windows, we can see the outside world and open for fresh air.
  6. Less traffic, no longer surrounded by multi-floor office buildings   
  7. Peace and Quiet, the serene space will be quite nice
  8. New City–we are moving to Westerville, OH
  9. Easier commute, less congested area of town
  10. Skylights!

We have been fully vaccinated for a few months, if you are as well, we would love to see you at our new location.  
Please give us a little time since we need to buy chairs, desks, tables, and everything else….we have never moved so it’s an adventure.  

Our new address:  5022-A Pine Creek Dr
                                 Westerville, OH 43081

Our new phone number:  614.230.1208

Use High School to Prepare for College

It can be a tough job for both parents and college-bound high school students when it comes to preparing optimally for future academic endeavors. As college funding professionals with detailed knowledge into the admissions process, we recognize that all elements of the subject can be stressful and challenging from beginning to end!  However, the challenges related to college preparation can be effectively managed with some planning and insights in advance – and there is not doubt that it increases if college details are ignored throughout the high school years.  This is why we are here to help!

We find that one of the best things that parents and high school students can do to make their eventual transition into the college years as smooth as possible is to manage their high school experience in a specific way.  Students who try to view the high school years as an actual “college-prep” period will find that there are a lot of helpful parts to their high school experience, if they are willing to take advantage of them.  By the same token, parents will also find that the high school years are their own absolute best opportunity to prepare for college financial and asset management.  Working together, the high school experience can be more than just a chance for the student to get a diploma – it can be a perfect opportunity for the entire family to be optimally prepared for the college years.

The good news is that it generally does not require a lot of extra effort to turn the normal high school experience into a terrific college preparation period.  It does require some planning, and students cannot necessarily run on auto-pilot as much… and parents need to be actively engaged in the process to make the financial end work properly.  But the challenge is definitely doable, and we are the experts in helping families to make this kind of an invaluable high school experience a reality.

For this month’s newsletter, we are dedicating these pages to help you understand why these preparations are important, and how to make them happen.  Remember, if you have any questions about these important college preparation subjects, we urge you to give us a call.  College funding and application professionals are experienced and knowledgeable in these areas and can offer tailor-made explanations, planning, and information when it comes to these important college preparation efforts.

  1. Investigate Early College Credit Options

One great way for students to get a head start on their college experience is to look for opportunities to earn college credits while still attending high school.  There can be a variety of options, and they are all worth looking into.  Some schools will offer Advanced Placement (AP) courses than can actually count for future credit at many colleges and universities.  Of course, these courses presuppose that the student has demonstrated some strong aptitude in the subject matter, and are not available to every single student who expresses interest – but if the chance is there, and the student has the interest and the academic chops to handle it, then it can be a terrific alternative to the rank and file coursework.

Another possibility for some students, depending on locality and arrangements, is the completion of individual college courses during high school.  This is sometimes on a special agreement with a local community college or public university, but it can be a great way for students to get their feet wet early on, and even get a jump on completing some of their core curriculum classes at the next level before they have ever officially matriculated as a college freshman!

These options can make sense academically, putting the student ahead of the curve and building confidence early on… but it can also make a lot of sense financially.  You see, courses that a student completes before setting foot on campus are courses that will not show up on the college tuition bill later, and on that front every little bit helps!  If a student can shave off as much as a term or semester from the eventual course of their undergraduate degree, then the amount of tuition saved can be pretty darned significant.

     2. Seek Out Academic and Extracurricular Experiences

            High school is a great time in a young person’s life, but there are many instances where students will feel pressure (whether external or internal) to follow the proverbial “path of least resistance.”  Advance Placement courses are not the only way for students to excel, and can sometimes be the wrong choice for a student due to academic interest, motivation, or other considerations.

            It is vital for students to seek out opportunities to truly discover what their interests are, what experiences inspire them the most, and to begin to develop an understanding of what they want out of life.  Of course, those answers will often not come completely during the high school years, while there will be other students who may have known since they were five years old that they wanted to become a pilot, or an architect, or a doctor. 

            The point of high school is not to pigeonhole a student into a specific academic track prematurely, but rather to offer a chance for learning and growth, as well as an opportunity to demonstrate abilities, talents, and interests.  This can only really happen if the high school experience is treated appropriately, and not viewed as sheer drudgery to be endured only until graduation springs a student onward to the thrills of university life. 

Yes, we all know that high school can be rough at times, and we all have memories of certain classes that were… well, yes, probably sheer drudgery… but we are convinced that it is important to seek out whatever intriguing and inspiring options can be found in the high school experience.  Some semesters this may be more challenging than others, due to different teachers or social pressures or family challenges, whatever the case my be, but it is well worth the effort to seek out the best things that a high school has to offer.  This includes academic offerings, clubs, sports, theater, community involvement – really, anything that interests and inspires your child to a higher level.

     3. Communicate With Counselors Regularly

            There can certainly be a benefit derived from keeping the lines of communication open with high school and college counselors.  While the individual value can depend a lot on the counselor himself or herself, there are basic college preparatory courses and requirements with which most counselors are quite well-versed.  It is important for college-bound kids to be familiar with these tidbits, even if some guidance counselors do not have a lot to offer beyond that (which is sadly sometimes the case).  Maintaining a respectful and cordial relationship with these counselors can only help later when it comes time for letters of recommendation or paperwork for college application, regardless of how much or how little a specific counselor has to offer.

            With this in mind, as College Funding and Admissions Professionals, we also view ourselves as counselors in this arena, and we know that we bring the most up-to-date and actionable information for both college-bound students and their parents.  We have access to the information about the schools that interest your child, no matter where in the country they might be located.  We are the most reliable experts in managing the college funding challenges.  We really are here to help with all aspects of the college preparation experience.

            As you know, higher education financial planning and college application services stand at the very foundation of our work as college funding professionals.  This leads us to an ultimate goal of assisting parents in seeking the very best strategies for the management of their financial circumstances, as well as the proper utilization of assets to create the best situation possible with regard to the college options for the academic future.  This entire process works best, very simply put, if the parents are well-prepared ahead of time, with a clear set of guidelines to help along the way to preparation for their student’s future college and university years… as well as the attending college and university expenses!

 

 

 

Creating that perfect match between student & school

        

We know that the parents of a college-bound student can sometimes worry a little bit about the college selection process, and as time goes on it can also become a little bit (or more than a little bit!) stressful for high school students, themselves.  How can one be sure that he or she is applying to the “right” schools, let alone choosing one once the acceptances have rolled in?!  Is it really all about the rankings in some news magazine, or how can a family feel comfortable with the choices made about college or university education?

One thing that we want to mention right from the get-go, however, is that “national rankings” are utterly arbitrary and should play a very tiny role in the decision-making process (if any at all, actually).  The simple fact is that a “number one” ranked school in some magazine could actually be the worst possible location for a student to end up, even if he or she is fully academically qualified for admission there!  On the other hand, it could also work out great, which is why it is vitally important to match up students with the schools that will work best for them.

This is not to disparage the colleges and universities that are traditional academic powerhouses, of course.  Everyone knows about the Ivy League schools, for instance, and the Stanfords, Cal Techs, University of Chicagos are not hurting for applicants because they are world-class institutions.  They have a lot to offer the right students.  Other schools (also excellent in their own rights) may be better, or worse fits, depending on the individual.  As professionals in this field, we are happy to provide some tips on how to decide what constitutes a good fit.

 

How Does Your Child Learn Best?

Learning style is really important when determining what kind of college or university a student should attend. It is important from the outset to understand that everyone learns differently. Some people may prefer to learn by reading. Others like to learn aurally. Some students thrive in a large classroom setting, while the thought of a packed auditorium class could make others cringe. It is a very personal thing.

One learning style is not necessarily better than another. They are simply different, and generally people learn in various ways.  Granted, the more flexible your child can be in adapting to learning environments, the easier the transition will be at the next level.  However, understanding how teaching is conducted within the universities and colleges you and your child are researching is an important piece of information when determining whether or not that school will be a good match over the long term.

It is a good idea to have your child determine his or her learning style early on, so that the retention of information while in high school, and later in college, will be at an optimal level. You may discover that your child learns well with a mixture of styles, while some students may have one style dominating the others.

Having this vital information will help your child when choosing a college or university and also when tailoring his or her class schedule. Certain departments or teachers may teach in a particular way that may be just right for the way your child learns.

Location, Location, Location!

In the real estate business, they often say that “location is everything.” Well, the fact of the matter is that it means a lot when choosing a college, as well. The location of the college can be just as important as which college it is. For example, if your child was born and raised in southern Florida but has his sights on a college in Michigan, he may be in for a big surprise once the weather turns in December and January.  That is not to say that it cannot be overcome.  Students are, of course, often quite adaptable, but if this shock in temperature and culture may be too much for your son to handle then it’s best to look for a college in a different location.

The type of campus is also something very important to consider. For instance, would your child prefer a rural, urban or suburban campus. They all have their advantages and disadvantages, and it really depends on what your child is looking for and in which environment would s/he be the most comfortable.

Rural campuses are located in a country setting. They are peaceful and have a lot of experiences to offer being surrounded by natural beauty. Most rural campuses are self-contained and this means that most students live on campus. This can create a sense of belonging and community for your child if that is important to him or her. Many rural campuses have ready access to the outdoors and this may be of particular importance if your child has an interest in agriculture or the environmental sciences.

Urban campuses are also very appealing for the right kind of student. They are located in cities and have all the social and cultural advantages that cities have to offer. This can mean ready access to cultural sites, museums, and of course businesses. Urban campuses can often tend to be spread throughout a city and may not be completely self-contained like rural campuses. Students often live either in dorms or in apartments near campus. Students also usually need to use public transportation.

Suburban campuses are usually located in smaller cities or larger towns that are close to bigger cities. The nice thing about suburban campuses is that they offer a mixture of both urban and rural features. They have more access to the outdoors than would be found in an urban setting. They are often self-contained so students can have a real sense of that campus community. And, depending on how large the city or town is, it may have a good public transportation system.  The real question is… which type of institution is going to be the best fit for your child’s interests?

What to Study?

What your child wants to study has a lot to do with where they will want to go to school. A liberal arts college is a great choice, but if they don’t have a strong program in the area in which your child has an interest – or if your child is interested in a very specific type of program that is only offered in a few locations – then a liberal arts school may not be the right fit.

If your child has an interest in engineering then choosing a school with a stellar fine arts program but less than stellar engineering program wouldn’t make sense. Finding out where a student’s interests lie can take a little time, and there is no guarantee that a young person will know what he or she wants to study before matriculating, so sometimes it is important to view this decision a bit more flexibly.

Taking some steps to find out what stimulates and excites them will make it easier to find a school and program that is a great fit.  A few of the general questions to be answered might be along these lines:

  • What does your child love to do?
  • What is your child especially good at?
  • Which areas or fields are they interested in?

Some tips could be that your child shadows a person who has a job that he or she is interested in.  Or, a young person can sometimes complete an internship at a several places to get a closer idea regarding a field that may be of interest. Narrowing interests will make it a lot easier when choosing a college.

In the end, however, it’s not a deal breaker. If your child is not sure before attending college, things can still turn out just fine. Finding an excellent liberal arts college or university with good overall programs will serve them well as they decide along their college journey.  Remember also that for many professional programs (law, medicine, etc.), the specialized training takes place in the years after undergraduate training – the main point for kids interested in these fields is to be performing at a high academic level so that he or she can gain admission, if that turns out to be the direction for a future career!

Until next month,

~Marc Ziegler