Making the Most of Your College Fair Visit

The first step of the college search is to navigate rows upon rows of colleges at a large fair.  Here, admissions representatives from across the country gather in one place to promote their schools. Time your time, speak to as many schools as possible and collect brochures.

Preparation Meets Opportunity

If you can receive an advanced list of attending colleges, game planning will be easier. Highlight the schools of interest, then conduct some research. Arrive early and be prepared to 'attack' these schools. The lines will progressively get longer as the night wears on, so speaking to the representatives in the beginning will maximize your time. 'Practice' with a non-target school to learn what admissions representatives are discussing, promoting and asking. This will provide an idea of the 'lingo,' ultimately preparing you for your target colleges.

Ask Questions

As suggested, conduct some research. Hopefully you have written down notes and highlighted areas to further discuss, such as "tell me more about your Co-Op Engineering program" or "what kind of research opportunities are there for freshmen?" Do not ask basic questions that can be found in brochures or online. You may only have a minute to talk because of the crowd, so make it worthwhile. Ask specific questions about programs, opportunities or curriculum and put these answers next to your researched notes. Do not be shy, this is your opportunity to find out if you are a fit for this college.

Demonstrated Interest

Most colleges log the amount of contact you will have with them. This exchange can be a request for information, college fair visit or a campus visits. Thus provide your information to colleges if they ask. Yes, you will receive stacks upon stacks of brochures and your email inbox will be cluttered. In the end, it may be worthwhile because colleges want to ensure they accept students who are generally interested in attending their school and not applying for the sake of applying. Colleges may not divulge this, but scholarships opportunities may be increased if the schools have known of your previous interest. Schools might boost your financial aid package to ensure you will accept their offer of admission. If colleges send an email, make sure to open it and occasionally click on a link, they are monitoring!

Follow Up

Going along with demonstrated interest, make sure to ask the admissions representative for a business card. In the next few days, send them an email thanking them for their time answering your questions, what you thought was interesting about their school and to keep you informed to upcoming campus or local events. Make  it short and sweet, but long and intelligent enough to make an impression.

One last bit of advice. If you cannot attend your local college fair, do not fret. You will most likely be welcome at other school's college fair.

If you would like to know more about visiting a college fair, contact us.

For a list of Chicagoland college fairs, click here.  

Decoding the Financial Aid Award Letter

As the deadline to submit the FAFSA to financial aid offices approaches, we wanted to discuss the financial aid you may receive. Listed below are four types of 'awards' typically found on a financial aid letter.

Scholarships

A scholarship is an award based upon student merit, meaning, students have accomplished something. This may include their high school academics, standardized test score (ACT/SAT) , or unique talent (athletic performance, performing or visual arts). Scholarships are awarded for various lengths, make sure to investigate their stipulations. Regardless the length, scholarships do not need to be repaid to the school.

Grants

These are similar to scholarships as they do not need to be repaid, but they are based upon 'financial need,' and the biggest reason to complete the FAFSA. These awards can be from the institution, federal or state government. There are 2 common federal grants:

• Pell Grant: Up to $5,775 (for 2015-16 school year) to students who demonstrate financial need. 
• Federal Supplemental Educational Opportunity Grant: In addition to the Pell Grant, this award is up to $4,000 for families that demonstrate exceptional financial need. 

Federal Work-Study

This program is designed for students to earn the awarded amount in an on-campus job. There are ample opportunities reserved for federal work-study students. Students cannot earn in excess of the amount offered on the award letter. Most common positions are working in the admissions office, school cafeteria or recreation center.

Loans

Many time, in the financial award letter, colleges will package in loans to help defray the remaining cost of attendance. The three types of main loans are:

• Direct Subsidized Loan: These are student loans awarded based upon financial need. They are given for a 10 year repayment period and accruing interest is paid by the Department of Education until 6 months after a student leaves school. The loan limit is $3,500 to $5,500, depending upon the year in school.
• Direct Unsubsidized Loan: These student loans are not based upon financial need. The borrower is responsible for all interest, which begins accruing immediately. The 10 year repayment period on this loan (including accrued interest) does not begin until a student leaves school. The amount awarded is up to $2000 a school year.  
• Direct PLUS Loan: This loan is for a student's parents or guardians. It is not based upon need and the borrower assumes all interest. The interest rate is slightly higher, but generally it will be lower than a private loan. The maximum amount borrowed is the cost of attendance, minus any financial aid received. 

Remember, when comparing financial aid award letters, do not compare the amount the school is awarding the student. Compare the financial commitment of the family between schools and the amount of loans the family will have to repay.

If you have questions regarding your family's financial aid award letter or how to prepare for the rising cost of college, contact us. 

America's College Promise

President Obama recently proposed two years of free community college tuition to all. This blog post will delve further into this proposal.

America's College Promise

America's College Promise proposes free tuition during the first two years of community college. Students would be eligible to receive up to $3800 a year for tuition and fees by maintaining  a minimum C+ average in high school, attending school at least part-time and making steady progress towards their degree.

At the State of the Union, President Obama stated "world-class education starts with
children, but that adults need training, too.... we also have to make sure that everybody has the opportunity to constantly train themselves for better jobs, better wages, better benefits."

Pros

President Obama wants to "make community college as universal as high school" This plan estimates help to over 9 million students, by granting two years of free college tuition at one of  1100 community colleges across the United States.

America's College Promise would boost college enrollment, especially among lower income students. In addition, with only one-third of all community college students obtaining a two year degree, this proposal incentivizes students to remain in college for at least two years.

This plan also addresses the student debt crisis by potentially eliminating the need for student loans for the first half of their college education. In addition, this proposal ensures community colleges offer credits that fully transfer to local public four-year universities. This, in itself, will ease the student debt crisis by guaranteeing courses that will transfer, allowing for graduation within four years.

Cons

The most obvious argument for dissenters of this proposal is the estimated cost of nearly $70 billion. The federal government would cover 75% of the costs, though not as a direct payment to students. This would be to states who agree to 'evidence-based institutional reform.' Each participating state would cover the remaining tuition costs.

Some critics argue this plan will benefit higher income families, rather than the intended lower income student population. For the neediest students, Pell grants (up to $5730 a year based upon annual income) already assists with tuition, transportation, and other associated costs of attendance. Thus, families who might already afford community college will now receive government assistance.

By proposing the idea of free community college, President Obama reminds us of his North Star 2020 campaign promise, "by 2020...the U.S. should be the best-educated country in the world" and create "a better-educated workforce...which is key to the nation’s ability to compete in the global economy."

Will America's College Promise pass in Congress? An argument can easily be made for either side. Continue to follow developments on our FaceBook page, or contact us for more information.

Common FAFSA Myths

Many colleges require families requesting financial aid to submit their FAFSA within the next few weeks. If you are unsure what FAFSA means, read a previous blog post. Now that you understand this financial aid form, let's discuss a few popular myths associated with the FAFSA.

MYTH #1: I need to file my taxes before submitting the FAFSA. 
•     False. A family can submit their FAFSA by providing a reasonable estimate of their 2014 income taxes. The United States Department of Education works with the Internal Revenue Service to help connect a family's FAFSA information with their tax return once submitted. The earlier the FAFSA is submitted, the sooner the financial aid packages will be sent by schools.

MYTH #2: Families that make too much money should not complete a FAFSA.
•     False. There is no income ceiling to prevent a family from qualifying for federal student aid. There are several factors that go into the financial aid report besides money. Information such as size of family and the number of children concurrently in college. According to Sallie Mae, the typical family earning more than $100,000 received $5,451 in grants and scholarships during the 2012 academic year. Also, the FAFSA is only for federal student aid. Colleges can and will give out their own aid, such as merit scholarships. Most schools will require a completed FAFSA in order to award this scholarship. The FAFSA is simply a starting point.

MYTH #3: Colleges only look at what is stated on the FAFSA, though my situation has changed.
•     False. The Estimated Family Contribution (EFC) is only a government recommendation. Parents are encouraged to contact the financial aid office at each college to appeal their financial aid package. This office can make adjustments if there have been changes to a family's income or assets. Examples of items that may not show up on the FAFSA; loss of a job, using savings to start a new business, medical bills and/or having another child.

MYTH #4: If both parents are divorced and remarried, all of the parents' information must be entered on the FAFSA.
•     False. The information that should be entered on the FAFSA is that of the parent the student has lived with more than 50% of the time within the last 12 months. In addition, if that parent is remarried, that step-parent's financial information MUST be included along with the student's tax information, if they filed an income tax. Unfortunately, the student cannot choose to enter the information of the parent/step-parent that makes the least amount of money to secure a lower EFC.

As you can see, all the myths were false. Do not believe everything you hear from people who have completed the FAFSA in the past. If you need correct answers to other college financial aid myths or perhaps have other college admission questions, Contact Us.

Make sure to visit our Facebook and Twitter pages for tips and advice.

2015-16 Free Application for Federal Student Aid (FAFSA)

January 1st was a very important date. Not only did it signal a new year, but it was the date the 2015-16 FAFSA was released. What is the FAFSA? It is the Free Application for Federal Student Aid. It is an annual form produced by the United States Department of Education used to determine a family's Expected Family Contribution (EFC) for college.

How Does It Work?

The FAFSA is a 103 question form used to determine a family's EFC for college. Financial information is imputed into a formula developed by the United States Department of Education to determine the EFC. The EFC is then forwarded to up to ten designated colleges to individually determine a student's financial aid package.

How Does a Family Complete the FAFSA?

The form can be accessed online beginning January 1st of each year and is submitted electronically. A family can opt to print a copy and send it via mail, but this will delay the process 2-4 weeks. The earlier the FAFSA is submitted, the quicker the information is received by each college. The longer a family waits to submit their FAFSA can lead to a college having less financial resources to award to a family.

What Information is Required?

To complete the FAFSA, families will use their completed 2014 IRS Form 1040 for both the parent(s) and the student. Many of the questions ask about specific 'lines' on the tax form, such as adjusted gross income and balance of cash (savings and checking account). Other questions request information regarding a family's net worth (trust funds, stocks, bonds, certificate of deposits, etc...) and the number of children that will be attending college concurrently.

Important Tips

Complete whichever IRS Form 1040 as soon as possible. A parent can estimate their earnings when entering data on the FAFSA. It is imperative to return when taxes are complete to adjust and provide accurate figures. The quicker taxes are filed, the sooner an actual EFC will be calculated. The student will then be closer to the front of the line to receive maximum financial aid award from each college. Make sure not to rush when you are Entering in data. There are an average of 10 errors estimated per form. Remember, the form is free. One should not pay to access a FAFSA website.

In addition, keep as many assets out of the student's name as possible. This may not be possible if you have a senior in high school. But if you have a junior or younger, make sure to read this crucial information! Student earnings are weighted more heavily than parental assets (nearly 20 cents to the dollar). Why is this? The logic is that a student has saved money for college. Though this might not be the case. Make sure to legally change the location of your high school student's assets by their 2nd semester of junior year or 1st semester of senior year (the FAFSA uses the previous year's tax returns remember, not the year they begin attending college). A FAFSA must be submitted each year a student is looking for financial aid; from the first year in college, until the last year of their doctoral program.

If you have any questions or comments about the FAFSA, send us a question via Facebook or contact us. 

Prepare for College Over Winter Break

After a long semester, your student will have a two week school break. Although there are holidays mixed in, along with the need to prepare for final exams. Here are a few ideas your student can consider over winter break.

Declutter College Material

If you have a high school student, most likely there are large stacks of college brochures accumulating in the house. With ample free time, now would be a great time to review these mass mailings. Examine each brochure. If the school intrigues your child, place it aside. If it is not their preference, begin filling the recycle bin. This small task will allow students to narrow their college choices without being overwhelmed by the bombardment of future mass mailings.

Web Research

Have your child research a few college websites of interest. Are there any unique opportunities offered at this school? Does this school match their list of wants and needs? Can your son or daughter see themselves on this campus? With as little as a half hour of research, a student can determine if a college should be further investigated. Have the student write down questions that need additional clarification from an admissions representative. Email the college directly for this information. After receiving these answers, is this a school that should be visited during the spring semester? Read more on how to properly visit a college campus.

Interest Inventories

Perhaps your student has narrowed their college list. The next question; what might they be interested in studying? Not an easy question to pose to a teenager. In order to conduct a proper college search, pairing a major with a college's academic program can help narrow the field of potential colleges. One way to do this is the take an interest inventory. This survey can be completed either online or from a trained professional. They will learn more about their personality, what skills they possess and how these skills relate to the world of work. This will help generate potential fields of interest to study in college.

Update Resume

Before they forget their accomplishments since August, have your student update their resume. Perhaps your student has yet to create a resume. This is a great time to begin. What should be placed on the resume? A student should place their academic accomplishments, extracurricular activities (sports, clubs and fine art involvement) along with a description, and volunteer or out-of-school involvement. This may seem like an overwhelming task, but once the student begins, it usually does not take long. In addition, you never know when a resume will be needed for a job, internship or scholarship. It is a good life lesson to always have an updated resume on file. Read more on what to add to a resume. 

We want to hear your suggestions for winter break activities for college bound high school students, leave a comment.

If you would like to know more about what your student can do over winter break, contact us.

Estimating College Financial Aid with the Net Price Calculator

In an attempt to create college financial aid transparency, the federal government created the Higher Education Opportunity Act. One of the mandates created in this act was the Net Price Calculator. Since 2011, this online tool has provided families the opportunity to estimate the real cost of attendance at every college or university.

Cost of Attendance

The cost of attendance to attend a college must be listed on a college's website. This includes tuition, room/board, books and expenses. Tuition refers to the amount of a money a student pays in order to attend classes and be considered a full time student (usually 12-18 credit hours). Room/Board refers to residing, on campus in an average size, two person dorm room, while being provided an average of 10-14 meals in the school cafeteria. Books refers to the estimated amount a student will spend for their classroom supplies for a particular school year, usually considered $1200. Expenses, also an estimated amount (usually $2500), refers to a student college fees, spending money, personal costs and transportation.

How it Works

Per the government mandate, the NPC must be located on every college website. It is usually found on the financial aid page and can be completed in less than ten minutes. A little hint, questions referring to 'you' mean the student. Parents may need to locate their W2 forms or tax returns to complete the calculator. Besides the financial questions, there are additional questions for students, asking for their grade point average, standardized test score(s) and other specific academic questions. The calculator is not difficult to complete, but can ask for a plethora of information. A completed calculator will allow the college to gain a snapshot of a family's financial situation and provide a ballpark figure of the real cost of attendance.

Discounts

When a family completes the NPC, there will be four types of discounts used to compute the real cost of attendance. Scholarships are awarded for student merit. These can be because of a student's grade point average and/or ACT/SAT test score. Perhaps a student is being rewarded for other achievements,  such as a fine art (art, theatre, or music) or athletics. Students can also receive a grant. These can be from the federal government based upon their financial need, or from the academic institution themselves. Scholarships and grants do not need to be repaid. A student may also receive a discount for the Federal Work-Study program. Here, students are paid to work on campus in return for a portion of their tuition. Examples of some positions are assisting in the admissions office, school cafeteria, or athletic facilities. Lastly, colleges will offer federal or school based loans to students. Click here to read a previous blog post regarding financial aid.

If you would like to learn more about the Net Price Calculator, the cost of a college education, or anything else, contact us.