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Benefit of staying motivated for college while in high school

  • Our Blog

“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,

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

Impact of financial decisions on college funding

  • Our Blog

“Top Financial Decisions That Should NOT Be Made Without Reviewing Effects On College Funding”

It is hard to believe that another year is coming to an end, and the first segment of the school year is simultaneously winding down as well.  As one calendar year ends and a new one begins, it is natural to spend some time both thinking back on the past twelve months, and looking forward to what can be expected.  We do this as well, both personally and in our professional capacity as college funding professionals, and it is especially important for us because there are usually some changes in store that we will need to keep in mind in order to advise the parents of future college students optimally.

These alterations to the college funding world can involve elements of appropriate decisions regarding financial planning – based on new laws or rules about financial aid, for example – as well as maintaining a proper understanding of the dynamic college funding process.  We find that many of these skills are important for parents and students to understand as quickly as possible, so that we can help them to best manage the application process to college and make the financial side of things more manageable – and this is the case regardless of where a high school graduate ends up studying at the next level.

One of the biggest challenges to making that undergraduate degree a reality actually starts long before a young person ever sets foot on campus for his or her freshman year at college or university… yes, gaining admission to a dream school is a huge challenge, without any question, but the hurdle that precedes even starting college studies is the inherent financial challenges of meeting the growing costs of higher education.  The foundation for this task is laid in the years leading up to college, not right beforehand.  For this reason, it is vital that parents make wise, informed, and strategic financial decisions during the high school years.  All of these decisions will come to bear when it is time for the college years to begin, and the better a family plans these things the better they will find their overall financial circumstances on that happy day of university matriculation.

Because college funding advisors operate professionally with these kinds of facts on our minds almost constantly, it can be something that we almost take for granted.  The fact is, however, that most families do not know precisely what financial choices will affect their future college student, or how they can make decisions that will have a positive effect on things later down the road.

As college funding experts with valuable experience observing college students and their families preparing for the college years, we have decided to focus this month’s newsletter on some of the most important financial decisions that can affect your child’s college experience.  Bear in mind that each family has an individual circumstance that is unique to their situation, so the best course of action in planning and managing family financial decision during the high school years is to simply ask questions of the experts.

PART-TIME EMPLOYMENT

Many students are excited to be able to start working part-time during their high school years, or even during the summers to make extra money (often saving money for college, but of course also for other recreational reasons).  This is a two-edged sword when it comes to financial ramifications.  While it will, indeed, increase the income and savings of the student and allow more freedom and flexibility in many cases – not to mention demonstrating a strong work ethic to admissions boards – the simple fact is that making too much money on his or her own can adversely affect the availability of college funding for a student later on.

Now, don’t get us wrong… there is nothing wrong with working part-time as a student, assuming that it is possible for him or her to manage the academic schedule properly and still keep up with class work and activity responsibilities.  However, it behooves any high school student to make doubly certain that he or she is not undermining his or her future college funding opportunities by doing so.

One of the best ways to make sure that work and earnings will not be a problem later is simply to ask a qualified college funding advisor in advance.  These are not the types of decisions that should be made lightly, and there is no question that they can lead to financial ramifications later!

 REAL ESTATE TRANSACTIONS

While sometimes a move and change of homes is unavoidable for work or family reasons, it is important to realize that purchasing a new house during the latter portion of high school could potentially wreak havoc on a student’s future college funding options.  Real estate is, of course, one of the largest financial transactions that most families will ever make, and these purchases are frequently made without much thought about whether or not getting a new home could have an effect on something like the kids’ college!

Well, it absolutely can have an effect – and we are not talking only about monthly budgeting and a mortgage payment.  In fact, it is of extreme importance that any real estate purchases (whether for the family residence, for investment purposes, or for a vacation home, etc.) be made strategically when it comes to their timing and a child’s start of college or university.  This can actually be one of the most important decisions that a family makes with regard to their financial preparation for the college years.

A college funding advisor can assist in providing an overview of the best possible timeline for real estate activity, as well as what sorts of purchases can have an affect college funding.  The details change from time to time, and the circumstances are different for each family, but there is no question that this is an important element that must not be ignored when it comes to optimizing college financial flexibility!

FAMILY CIRCUMSTANCES

It is a delicate subject, to be sure, but families with pending separations or divorce proceedings must also be aware that there are financial implications for these types of changes, as well.  Students entering college will often be considered as having access to financial support from both parents, regardless of whether or not this is actually the case.

Because of this reality, it can be of utmost importance that colleges and universities understand precisely where things stand for a student applicant on the financial front – especially when it comes time for them to make a financial aid offer.

Note that this is NOT always a straightforward nor an easy process – we have seen some that have been almost ridiculously complicated on the side of the institution not grasping vital information.  Therefore, the assistance of a college funding advisor can be most helpful in dealing with college financial aid offices, admissions offices, and other institutional representatives.  Having someone who knows the ins and outs of the process AND understands the general realities of a familial situation can be one of the most valuable supports available for a student and his or her family.

LUXURY PURCHASES

Not every family lives in such favorable financial circumstances that big purchases are “the norm,” but we have seen that a fair number of families may find themselves able to afford something nice as the kids get a little older.  This is an exciting development and it is often the result of many, many years of hard work and sacrifice.  As the children get ready for graduation from high school and the beginning of college, though, we hasten to urge insight and caution before doing so!

The years right before college are generally considered the wrong time to make large purchases, such as new cars or luxury items like boats (and many other similar things).  Your college funding advisor can assist you in determining when the best time could be for making these kinds of larger purchases to enjoy… it would be a shame to procure a dream item and then find that the purchase adversely affected a student’s college funding, and this is all too frequently a problem that families discover after the fact.

It is far better to discuss these moves with a college funding advisor in advance, so as to avoid any potential problems later!

This final newsletter this year has offered some important information to consider regarding each family’s financial background and future plans.  Should any questions arise in these years of preparation for college, please remember that we are ready to with all elements of the college application, admission, and financial preparation processes.  As expert educators ourselves in these specific areas, we tackle these jobs – especially the college funding parts – in a couple of different ways.to your busy schedule.

 

Happy Holidays,

 

 

 

 

To FAFSA or not to FAFSA?

The FAFSA opened up this morning and we’d like to take this time to go over a few basics of financial aid.   First we will talk background, next process and finally some general guidelines.  

The FAFSA started back in 1965 as part of the higher education act.    It is a standardized approach for institutions to structure need-based aid.  From the FAFSA federal loans and grants are offered.  The loans are broken down by parent and student.  Student loans are further divided in to subsidized and unsubsidized.  If you consider taking the loan, note there is a process to apply as well as have the funds sent to the school.   

The FAFSA process starts with the FSA IDs.  A parent and the student need to create FSA IDs.  This involves entering basic information, setting up security questions and verification.  Take your time, if you don’t completely create a FSA ID, you won’t be able to begin the FAFSA.  One of the most frequent questions is why does  parent need an FSA ID for each child?  The parent creates one FSA ID which can be used for different children who also have their own unique FSA ID.   

The FAFSA is available via an app or on the web.  Before you begin gather the necessary information:

  •  Parent Federal Tax Forms & Supporting Documents
  • Student Federal Tax Forms & Supporting Documents
  • Account balances for liquid assets (checking/saving accounts) , investments and basic property information.

Here are things we have found useful.  Always create a save key, that way you don’t have to finish it all at once.  Read each question carefully.  Be sure to your mobile phone number as a way to access your FSA ID so when you forget that password next year, it will be easier.  And most importantly, fill out the FAFSA even if you don’t qualify for need-based aid because there are some schools who may require it for merit aid.  
 

Hello Sunshine!

June is Upon Us…Finally we have the warm weather!

It has been a crazy Spring, by now many of you have cleaned out your closets, organized the pantry (twice) and are hoping to get back to get back to some sembelance of normal. We are feeling the same.  Our goal has always been to help families succeed. Like most of you, we are adjusting our daily routines, attempting a work-life balance and pushing through. Life does continue, preparing for college still has to happen. Summer is a time of relaxation and also of preparation for success!

Here are some well thought-out tips on how to proceed with your summer:

Upcoming Freshmen in College: 

Make sure you are communicating with your chosen college – both with the school itself and the students that are coming into the freshman class with you.  The school typically has an orientation that you can sign up for prior to stepping onto campus, and wow are they fun and student-centered!  Make sure you check out the opportunities at your new school now.  Also, jump on chats with other students to talk about your excitement of attending the school.  Plus, it’s always a great idea to reach out to your new roommate and start to divvy up what each of you will bring to your new home.

Parents, make sure you are connecting with your soon-to-be leaving student. Take them out for a one-on-one walk and offer guidance to them and also just listen.  This is a new era in your relationship with your child, make sure you approach it with everything you’ve got and then let them take the reins and run.

Keep track of when tuition, room and board and meal plan payments are due.

Find out when payments are due for the above-mentioned college expenses.  Talk to your College Funding Advisor about developing a plan to pay for all of these costs in the most efficient way possible.

Upcoming Seniors: 

You’ve made it to Senior Year!  Don’t let senioritis set in.  Begin to hone those skills you’ve developed towards identifying what will be a great major and career.

Schedule any SAT or ACT tests early.  That way you can still get them to schools before the Early Admission deadline if you choose to.  Also make sure your high schools know what schools you are applying to.  Check all deadlines on the college’s websites and any scholarship opportunities they may list as well.

Use your summer to gain skills for your activity list.  Take on a summer job or possibly shadow a career interest you may have.  You can list this on your applications in the fall.

Upcoming Juniors:

Take advantage of virutal college tours.  You may not be able to casually visit campuses but use this time to learn about the schools that interest you.  Look at the clubs, sports and even course catalogs.  You can always schedule a formal tour later if you find you really like the school.

Summer is a good time to study for the SAT and ACT tests. Begin taking practice tests and going over missed answers to really get a good idea on how to approach the material.

Get your financial game plan in place.  Make sure you are not at risk of having unnecessary calculations count against you in the financial aid process.  Talk with our funding advisor for ideas on how to develop a financial plan.

Upcoming Sophomores and Freshmen:

Plan to take challenging high school courses

With summer approaching, you’ll want to look forward to the next year in terms of class schedule.  When helping your student to determine his/her class schedule, make sure s/he enrolls in courses that are challenging but not beyond their ability to excel.

Think about reasons for attending college

High school is an opportunity for learning and growth in addition to preparing for college.  It is during this time that your student may discover interests or will continue to develop talents and skills s/he already may possess.

Enjoy the summer!  We hope you find these tips useful.

Until next month…

marc signature

College Planning 101: the ‘B’ word(Budget)

Cost-Saving Strategies for College

That You Can Begin to Implement NOW

At Midwest College Planning, we never stop thinking about how to save families money on college. If you’ve followed us for any amount of time, you already know that we believe there’s no wrong time to start planning—and no single path to success.

Saving on college costs is about more than just smart financial planning (though that’s a big part of it). It also means helping students and parents develop habits and strategies that ease the financial burden—before, during, and even after college.

Paying for college can feel overwhelming. But there are practical ways to reduce costs—and we’re here to walk you through them.

Strategy 1: Pool Your Resources Early

If your child is receiving financial help from grandparents, relatives, a part-time job, or even birthday checks from Aunt Susan, it all adds up. Make a habit of tracking every dollar from every source—because when everyone knows what’s available, everyone can work from the same game plan.

Here’s what to include in your budget:

  • One-time contributions: Gifts, savings, and other non-recurring funds

  • Monthly income: Earnings from a job or allowance

  • Financial aid relief: Grants, scholarships, and other school-related support

When you create a clear picture of what you have, it’s easier to see what you need—and to avoid surprises later.

Strategy 2: Don’t Fear the Budget

Yes, we said it: budget. Creating and sticking to one is the only reliable way to manage college costs. We’ve seen it make or break a family’s financial peace of mind.

When building a college budget, make sure to cover the following categories:

  • Income: Total all one-time and monthly sources

  • Fixed expenses: Rent, tuition, utilities—same every month

  • Variable expenses: Groceries, books, supplies—change monthly

  • Necessities: Non-negotiables like textbooks, laptop, school fees

  • Wants: Nice-to-have items that make campus life more comfortable

  • Discretionary funds: A set amount for fun—without going overboard

  • Savings: Yes, even in college! Emergencies happen, and saving is key

A realistic budget helps students build healthy money habits that last long after graduation.

Strategy 3: Cut Costs in Everyday Life

You don’t have to sacrifice fun to save money. With a little creativity and planning, students can trim costs in ways that add up fast.

Here are some of our favorite, student-tested ways to save:

  • Rent or buy used textbooks (don’t pay full price!)

  • Set a weekly limit for eating out, and use a meal plan or cook at home

  • Pay bills on time—avoiding late fees is free money

  • Skip cable; stream shows on a laptop

  • Sell items on eBay or Facebook Marketplace for extra cash

  • Take advantage of free campus events—movie nights, club activities, and more

  • Brew your own coffee instead of daily café runs

  • Only borrow what you need in student loans

  • Bike or walk on campus instead of keeping a car

These small decisions can make a big difference—especially over four years.

Strategy 4: Re-think the “Four-Year Experience”

Don’t worry—we’re not suggesting skipping college. In fact, we’re here to help students finish strong. But more and more families are realizing that a degree doesn’t have to take four years—or cost a fortune.

Some students are able to graduate in three years, saving thousands in tuition and living expenses. How?

  • Take Advanced Placement (AP) or dual-enrollment classes in high school

  • Enroll in community college for general education credits

  • Consider summer courses to stay on track or get ahead

  • Start at a lower-cost college and transfer to a four-year school

As long as you confirm that credits will transfer, this strategy can lead to big savings—without sacrificing your child’s educational goals. After all, the diploma only has one school’s name on it!

Paying for college doesn’t have to mean going broke.
With the right planning, the right mindset, and the right guidance, your family can make smart choices that lead to a brighter (and more affordable) future.

Early Strategies for College Funding

 

“Playing the ‘Long Game’ –  Early Strategies That Pay Off In College Funding”

Dear Parents,

One of the things that we hear from a number of parents over and over again – especially as the time comes for their child to graduate from high school and head off to college – is the refrain “I get the feeling that we REALLY should have started this whole thing sooner.”  Unfortunately, in many cases, we tend to have to agree with them.  If experience teaches us anything through working on college funding year after year, it is that the earlier a family gets started on things, the more favorably things seem to end up as the college years begin!

That is not to say that we cannot assist families who have procrastinated a bit (or a lot), but there is no question that things can sometimes get a lot more complicated and challenging in those cases.  We endeavor to help all families who seek our assistance, but it can be a big relief on all sides if families have decided to start early and “play the long game” when it comes to preparing for the money side of their child’s college experience.

It should be pretty clear that college costs are definitely not on the decline in the United States, so with that reality in mind, it is becoming increasingly important for folks to start their college funding process as early as possible.  Undergraduate student loans will be at 5.05% and Parent Plus loans will be at 7.6% as of July 1, 2018.

Over time, we have learned a number of aspects of the college preparation equation that can be started early on – and also have seen how families can benefit from making the decision to stay ahead of the game by starting early.  The “long game” can include elements that extend throughout the high school years, or even before, and other elements that need to be started as early as possible, but within a specific window of time.

In an ongoing quest to help with this effort, this month’s newsletter covers a number of different things that families can consider as part of their planning for a college future for their kids.  Some of them may be things that you can consider now, others will apply directly to the year in which a child applies for college and financial aid, but all of them are important.

One thing you will note is that we make frequent reference to consulting with a College Funding Advisor – and this is because these things require a firm grasp of the process.  There are families who can manage without our help, and some certainly do.  However, we have a track record of dealing successfully with these financial elements and optimizing them for families in a way that most people cannot.  Should you have any specific questions about the tips below, please do not hesitate to call us.  We will be happy to help in any way that we can.

Tip 1: File The FAFSA Early

The old saying that “the early bird gets the worm” bears particular weight when it comes to financial aid. There have been new and positive changes regarding the FAFSA in the past year. For one thing, parents are now able to file on October 1st rather than waiting until January 1st. This new rule will make it infinitely easier for parents applying for next year to get a start on their financial aid process and stay ahead of the game.

It is also important to note that there are schools that distribute aid money on a first-come, first-served basis. They will continue to distribute until those funds are totally exhausted. Additionally, there are currently seven states that currently have a first-come, first-served financial aid policy for state aid. These states are Alaska, Illinois, Kentucky, North Carolina, South Carolina, Vermont, and Washington.

If you are submitting early, this can mean that you need to use some estimates on your application.  Because of this, you simply need to go into the website later to update the estimated information with the more accurate numbers as soon as you have them. The IRS Data Retrieval Tool, however, is also available to insert current data without the need for you to enter and update the information manually.

There are also some schools that will want to use the additional “CSS Profile” form to assess financial aid eligibility. This application requires more information than is necessary for completing the FAFSA. The CSS Profile will also sometimes have a deadline that is different than the FAFSA, depending on the school. Because of this, it is important to check all the details for each school very carefully.

Tip 2: Make Wise Money Decisions

When the FAFSA formulas are applied to your child’s assets, the government can and will assume that a significant portion of your child’s funds are eligible for use for college. The rate at which the assets held by the parents is assessed is maxed out at a much lower rate. Because of this, family funds should be managed in a beneficial way so that they are not placed in the formula and unduly assessed at a much higher rate.

This is something that your college funding advisor can discuss with you, and his or her advice can make a huge difference!  He or she will be able to explain which options are the most beneficial for you and your child, and which will affect your bottom line most favorably.  Learning where funds can be placed and protected will frequently allow a college student to maintain some assets intact while at the same time making him or her eligible for a more substantial financial aid offer.

If your child is very young then you can save in parental savings accounts instead of accounts set up in your child’s name. This will further protect your child’s funds when it comes time for those funds to be assessed in the financial aid formulas.  Discuss these details with your College Funding Advisor for best results.

Tip 3: Explain Yourself – If You Need To

Unexpected things can happen in life – an accident, a death in the family, a divorce, an illness. These are all things that can occur and can cause a disturbance in one’s life and may result in the need to explain extenuating financial or personal circumstances. If you are the main breadwinner in the family and were unexpectedly injured and it required a long recovery period away from work then this is something that could be explained on your FAFSA application. There are many questions on the application on the form but there isn’t a section that is labeled “Extenuating Circumstances.”

For example, if you or your spouse were laid off from work then you could explain this to them in a detailed letter. It is important to provide as much documentation as possible to bolster your claims for consideration. For example, a notice from your company detailing recent layoffs would be the right type of backup information that would be useful to be included.

Tip 4: Spend Some Money – But Not Too Much

Having a lot of money in your savings account is always a good thing!  Well, OK, except for when you are applying for financial aid with the FAFSA. Since the assets will be assessed at the time of filing, sometimes it’s a good idea to whittle some of those assets down so that you have a lower asset base to be assessed when you file. If you have credit card debt, this would a good time to pay it off. Or, you could pay more towards your mortgage. There are a number of options available, and it is good to discuss them with a College Funding Advisor to see which best suits your situation.

Remember that there is a considerable amount that can be sheltered in the formula before it is assessed (approximately $50,000) so this tip is most worthwhile for those who spend a lot and save a lot.

Tip 5: Pay Attention To Your Assets

There are many things that must be reported on your FAFSA. But, not EVERYTHING needs to be reported. For example, bank and brokerage accounts, CDs, mutual funds, college savings plans, stocks and bonds, real estate and other types of investments are included in the reportable assets category.

There are, however, quite a number of non-reportable assets that may provide some much needed flexibility. These non-reportable assets are the equity in your home, annuities, IRAs, 401k plans and other accounts like that and a small business that is owned and operated by your family.

If you have some concerns, you could consider moving some assets over to the non-reportable category. This, of course, can be discussed in detail with your College Planning Advisor who will be able to show you the best ways those assets can be strategically placed in order to maximize your ability to receive aid.

Tip 6: Be Honest!

There are many ways to strategize and plan the best ways to maximize your child’s financial aid benefits. However, being dishonest in any way on the FAFSA form is definitely not the way to do it. Misreporting, misleading or lying about assets or income is a type of fraud and can result in a fine of up to $20,000.

In addition to the fine, any financial aid rewards are forfeited and there is even a possibility of prison time. Needless to say, it is just not worth the risk and it is definitely not the right thing to do. Working with a trusted advisor will result in the best results and will give you peace of mind at the same time.

We have other ways of helping the parents of college-bound students to learn important details regarding the fiscal preparations for college or university studies.  One way we manage this is via our in-person College Funding Workshops.  These workshops, featuring information directly from the finest college funding professionals around, offer a wonderful service to those who are seeking pertinent details regarding the costs of higher education.  These presentations are kept both timely and focused, with current information that is abreast of any recent changes that can affect rising college students and their families.

Our workshops do not require any entrance fee, but to keep groups to a manageable size we do insist on reservations in advance.  If you would like to know more about upcoming College Funding Workshops near you, please contact our workshop crew at 614-934-1515.  These helpful folks can provide all the necessary information about content, workshop locations, scheduling, or any other workshop questions.  They can also assist with reservations, should you wish to make one.

Aside from the workshops, we also provide a written report for parents who prefer to receive their college financial information in written form.  We have titled this report “Nine New Ways To Beat The High Cost of College.” Just like the workshops, it is available to all parents free of any cost or obligation.  To receive a copy of “Nine New Ways To Beat The High Cost of College,” you can call a member of our team at 614-934-1515 and we will send one to you right away.

Until next month,

 

 

 

Startling College Facts for Friday the 13th

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For the past 10 years Sallie Mae and a global research firm (Ipsos) have looked at how America pays for college.  In the 2017 report it was found that students and parents are likely to be sharing the cost of education.  84% of students expect to repaying their student loans and furthermore 21% feel responsible for repaying the loans their parent has taken out.

Another startling fact is that 9 out of 10 families want their child to have a college education but only 4 out of 10 have a plan to pay for it.

Now let’s talk numbers:

  • $1.45 trillion in total U.S. student loan debt
  • 44.2 million Americans with student loan debt
  • Student loan delinquency rate of 11.2% (90+ days delinquent or in default)
  • Average monthly student loan payment (for borrower aged 20 to 30 years): $351
  • Median monthly student loan payment (for borrower aged 20 to 30 years): $203

((Data via federalreserve.gov, WSJ, newyorkfed.org and and clevelandfed.org)

One of the reasons we offer the free workshops and speak at events  is to get the conversations started.  We have found a sort of disbelief when we talk prices of schools and standards to even be considered for acceptance to a preferred school.   Marc will give you an estimate of what your EFC (expected family contribution) that way you have a starting point.  Y’all will discuss the various kinds of aid plus go over the college process. He’ll go over our services, perhaps there will be a fit or if not, you leave will a better idea of the college process.

Please call 614.934.1515 to schedule your free consultation

From the Sallie Mae and Ipsos 2017 Study

For more information:

How_America_Pays_for_College_2017_Infographic

Staying True to your Financial Plan

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By now many of our clients have figured out how to pay for college and in some cases have created a financial plan so that by the time the student graduates, 75% or more of the expenses have been paid.  How about you? Are you sticking with your plan?  Follow thru and accountability are essential for success.  Part of our service is to be that voice of reason to keep you on track.

When was the last time we reviewed your budget?  Time has a way of getting away and it is easy to procrastinate.  We are here to help. We will go over your numbers, check in on your retirement plans and in general catch up. Our goal is to develop a long-term relationship because as you know, clients are like family.  We want to see you succeed.

To schedule a budget review, policy update or in general catch up, email Lisa to schedule an appointment.