Don't miss your deadlines!
NOVEMBER 2,2009
To use horse racing vernacular, you are heading into the 4th and final turn of the college application process. Use this guide to make sure you are on top of the college planning process this month.
Finalize your college essay.
Last month, I mentioned that October is essay month. If you are still working on it, try and get it finished as soon as possible. You can visit our tips page if you are having any trouble or make a free appointment with a college planning counselor to have someone review your essay. (View our locations & hours.)
Submit your college applications.
During the month of November and through early December, you should complete and submit your college applications. The application process is pretty straight forward, so you should have little trouble completing your applications. A large number of colleges use the Common Application. If the colleges you are applying to accept the Common Application, the process will be much easier for you since you only have to complete one application. If you are not sure what colleges use the Common Application, check the Common Application web site at www.commonapp.org. Note: The University of Rhode Island (URI) has just switched to the exclusive use of the Common Application.
Deadlines, deadlines, deadlines.
We can’t stress the importance of deadlines enough. There are college application deadlines, guidance office deadlines, financial aid deadlines – the list goes on and on. Make sure you are aware of all application deadlines. You can use our college application tracker to stay on top of your deadlines.
Early Action and Early Decision deadlines are usually very early in November. If the colleges you are applying to offer merit scholarships, the application deadline date is probably much earlier than the regular admission deadline. As an example, URI and Rhode Island College (RIC) have application deadlines of December 1 in order to be considered for the URI Centennial Scholarship and the RIC Presidential Scholarship.
Your Guidance Office may also have their own requirements regarding the sending of transcripts and other documents. Some guidance counselors require as much as a 10 day notice to make sure that your documents are received by a college by their specified deadline. So, in order to get you transcript sent to URI by the December 1, you might have to notify your guidance department by the middle of November.
Also, remember to check in with the teachers that you asked to write letters of recommendation for you. If they have not yet completed them, remind them that you have a deadline approaching and you would really appreciate their taking the time to help you out. If they have already completed the letter, then you should take some time and send them a written thank you note. They will really appreciate your thoughtfulness.
As always, if you need some individual attention with the process, give us a call at the College Planning Center. After all, we’re the help you’ve been looking for!
HS Seniors, it's application time!
SEPTEMBER 24,2009
As you begin your last year of high school, there never seems to be enough time to work on your senior project and complete your college applications. Here are a few suggestions to help you get started with your college applications and stay on track. Your goal is to have all your college applications completed before you go on Christmas vacation.
Step 1: Decide where to apply
By now, you should have a good idea of the colleges you are applying to. If not, then focus on that now. Start by thinking about what your ideal college community would be like. Would it be large or small, in the city, suburbs or small town? Would it be close to home or far away? It is quite normal to not know what you want to major in so do not let that prevent you from researching colleges. Consider the things that you might be interested in studying and add those to your college searches. (View a list of Factors to Consider here when searching for colleges.) You can complete college searches at www.collegeboard.com, www.petersons.com or www.waytogori.org. These web sites allow you to complete searches based on all the factors that I mentioned above as well as other factors that might be important to you.
Step 2: Ask for letters of recommendation
If you have not already done so, ask two teachers to write a letter of recommendation for you. If you have a brag sheet or admission resume complete, give a copy of it to the teachers you ask to write a letter of recommendation. The brag sheet will help them personalize your letter.
Step 3: Prepare your college essay
Once you know the schools that you want to apply to, check their online admission application to see if they have a theme for your college essay. October is essay month. Your goal is to have a completed essay by the end of October. Your essay should tell the reader something about you that they cannot get from your college application. Never ask yourself or someone else what you should write about. Ask yourself, “What I should tell them about me?”
Do not have a long introductory paragraph. Get to your point in the first three or four sentences. Your essay should be no longer than a page to a page and a half single-spaced to two or two and a half pages double-spaced. Do not just describe an event; that makes for a pretty boring essay. It does not tell the reader anything about you. Pick a topic or subject that you are passionate about and that passion will come out in your essay. Read more tips on writing your college essay here.
Step 4: Complete your college applications
In November, you should concentrate on completing your applications on-line. You should have little difficulty with the applications. The information is pretty straight forward. You will need to contact your guidance office to request your high school transcript be sent to the colleges you are applying to. Your guidance office usually has guidelines for the college application process. Check with them early so you know their requirements. Dates are very important in college admissions and financial aid. Make sure you comply with application deadline dates. Those dates mean that your application must be in the admission office by a certain date, not just in the mail. So spend some extra time making sure your application gets there on time.
Keep track of your college applications by downloading this handy chart. Excel l PDF
College Freshman, pack your bags!
AUGUST 5,2009
posted 8/5/2009
Pack your bags.
Where has the summer gone? Before you know it, you will pack the car and head off to college. But what should you bring? You can download our College Supplies Checklist for a list of suggested items to pack. You may not need to bring everything listed, but it will give some things to think about. If you haven’t already done so, try to contact your roommate and discuss the possibility of sharing large items for your room like a mini refrigerator, microwave and toaster oven.
NOTE: More than likely, you will need to purchase new bedding. Dorm beds are not standard singles; they are more like super singles (often referred to as “extra long twins”). Linen stores carry everything you will need.
Move in day.
Move-in day is exciting and hectic. Many colleges have freshman move in on Labor Day weekend. Typically, freshman move in before upper classmen return to campus. This may sound foolish, but make sure you know which residence hall you are in. When you arrive on campus you will be directed to your dorm and it is a little embarrassing if you don’t remember where you will be living. Don’t worry - they will have a list in case you do forget.
Many colleges have student volunteers to help you unload and carry stuff to your room. Unload the car and pile your stuff somewhere in front of the dorm and move your car to a designated parking area. There will be lots of other students wanting to unload so making space for them to park is essential. You should plan on moving the essential items in first and then evaluate the remaining items and prioritize them. Remember, space is limited. Freshmen usually occupy the upper floors of the residence hall, so take your time, especially if it is a hot day. Move the heavy stuff first while you have the most energy.
It is a smart idea to have a small cooler of cold drinks to quench your thirst on a hot day. More than likely, your mom will want to make up your bed and make decorating suggestions. As excited as your parents are for you, they are sometimes very emotional as well. This is the first time that you are leaving home on a somewhat permanent basis. They realize that you are not their little girl or boy any more. Let mom or dad help you unpack and maybe put some stuff in drawers or in closets, but if they suggest you move furniture around I suggest this approach; “Mom, Dad, I know you want to help but I think I would rather discuss re-arranging the room with my roommate(s).” At some point you will be itching for your parents to leave so you can settle in. Try to be patient. You will be on your own soon enough. Remember, this is an emotional time for them.
Campus jobs.
If you have College Work-Study as part of your financial aid award, make sure that you understand the procedures for getting a campus job. Usually, campus jobs are posted somewhere on campus (often near the financial aid office). If that is the case, it is your responsibility to look at the postings and contact the employer for the job that you are interested in. The job postings should be up by the weekend that you move in. Campus jobs are not guaranteed. By the first two weeks of school most of the jobs will be filled so do not wait. Find a job as soon as possible.
Go to the job posting area the weekend you move in and get a jump on the job search. On your first day of class (during your first break in classes), contact the employer regarding the job. Make sure to have your class schedule available so you can be sure you do not have classes on the days they want you to work. You are required to complete payroll paperwork in order to work. This is important: make sure you bring your driver’s license and you original Social Security Card or you passport to campus. You will need these documents in order to complete work papers. I suggest that you find out if there is a bank on campus. If so, open a checking account so you can deposit your work-study checks and draw some cash via an ATM.
Most important, enjoy the experience!
Financing Options for College
JUNE/JULY 2009
posted 6/18/2009
Now that you have submitted your tuition deposit to the college/university of your choice, you really should be thinking about financing options if you are going to need to borrow to go to school. A general rule of thumb is to always explore your federal student loan options, namely the fixed rate Federal Perkins and Stafford Loans, before considering other financing sources. The Free Application for Federal Student Aid (FAFSA) is the document that qualifies you for the Perkins and Stafford Loans. So, if you have not already done so, file the FAFSA as soon as possible.
The Federal Perkins Loan is rarely available but if this loan was listed in your award letter, you should consider this option first since it has a low fixed rate of 5% with no payments while you are in school. Next, you will want to explore your eligibility for the Federal Stafford Loan. The Federal Stafford Loan is the most widely used financing option for college. Although the amount that students can borrow is limited (see annual limits here), Federal Stafford Loans have benefits that most private loans do not. Stafford Loans have a 10 year repayment period and in most cases, you are not required to make payments until 6 months after graduation or leaving school. You must submit an application, often referred to as a Master Promissory Note (MPN), in order to secure your Stafford loan. Contact your financial aid office or the College Planning Center for additional information about applying for your loan.
Beyond federal loans, students are unlikely to be able to borrow a loan in their own name without a credit-worthy co-signer. There are a number of private lenders that offer loans to students with a co-signer. If you consider these loans, pay close attention to the loan terms. Most private loans have a variable interest rate that can change monthly over the life of the loan which means your monthly payments can change. However, some agencies still offer fixed rate loans. Check with your state loan agency, local credit union or bank to get an idea of what they offer. Make sure to ask about their interest rates, fees (which can run anywhere from 4% to 10%), and repayment term (may be anywhere from 15 – 20 years). Depending on the loan, payments may start immediately after the loan is fully disbursed to your school or after graduation or leaving school. Pay close attention to the loan details before applying.
The Federal Parent Loan for Undergraduate Students (PLUS) is a federal loan in the parent’s name. The PLUS loan allows you to borrow up to the cost of education at the school minus financial aid. The interest rate will either be 8.5% or 7.9% fixed, depending on the college you attend. Some colleges and universities opt to have you borrow directly from the US Department of Education. Direct PLUS loans have the lower interest rate of 7.9%. Your financial aid award letter will indicate whether your college is a Direct Lender. You will see the letters DL or the word Direct by the loan name. You can opt to make no payments on the loan until after graduation, but you are responsible for the interest on the loan while the student is enrolled. You can either pay the interest on a monthly basis or it will be added to your principal.
Another popular option used for financing a college education is a home equity loan. You should only consider a home equity loan if your equity does not play a role in your retirement plans. If you consider a fixed rate home equity loan, consider whether you are going to borrow for all 4 years or for one year at a time. If you borrow by year, you may end up with a higher interest rate in subsequent years. However, you need to be cautious when borrowing the total 4 year cost, as the additional money you get from the loan could affect your financial aid eligibility in future years.
Need some help sorting out your options? Give the College Planning Center a call at 401-736-3170 (Warwick) or 401-396-5481 (Bristol). View our locations and hours here.
"Shock and Awe" among families
April 2009
posted 4/2/2009
SENIORS
I consider April the “Shock and Awe” month. All too often, after reviewing financial aid award letters, families find themselves in shock and awe over how little they received in financial aid. When they calculate what they will be required to pay for that dream college education, they start to fret and even lose sleep.
I know this is of little comfort, but if you are one of these “Shock and Awe” families, you are not alone. Every person or family that we see at the College Planning Center, close to 7,000 before year end, has the very same concern. For maybe the first time, the age ole question of “can you put a price on your education” is beginning to get the “maybe” answer instead of the “no” answer. Is that $200,000 plus education really worth it when you have a more affordable option?
In the past, studies have indicated that a person with college degree earns almost a million dollars more in their lifetime than a person with a high school diploma. A recent article in the U.S. News & World Report magazine questioned those numbers. The article indicates that the earnings differential is significantly less than $1,000,000 - somewhere in the $500,000 range. After factoring in the cost of education, the earnings differential is even less. There is little information available that shows that a student’s earning potential changes with their choice of college.
So where am I going with all of this? You must look beyond the cost of one year and consider the total cost for 4 plus years of education before you decide where your child should enroll. You must consider carefully how much debt you can incur. If you are a parent with more than one child, you may have eight or even 12 years of education expenses to consider. You should also consider how much debt your student can incur, and whether their prospective career path will put them on track to be able to handle higher loan payments. (You can calculate your monthly student loan payments using our calculator.)
While considering all of this, remember you absolutely did the correct thing in not eliminating colleges based on cost alone. Many times, financial aid awards from high cost colleges can level the playing field and make their costs almost as affordable as state colleges or universities. So think carefully about where you enroll. What is the best college fit for your family both academically and financially? After all, student success is not really about what college or university they go to, but what that student chooses to do with that education.
As always, the College Planning Center staff is here to help you sort through your financial aid award letters and explain your payment options. If you would like some help, give us a call at 401-736-3170 to schedule an appointment or click here.
JUNIORS
You should have begun the college planning process already. Start thinking about what aspects of college life will make you most comfortable: size, location, city, suburban, small town, selectivity, athletics, etc, etc. If you know of a college or two that you are interested in, try to plan a visit during your April school vacation. This is a perfect time to visit, the weather is usually better, and the college is in session.
Make sure you notify the admission office that you are planning a visit before you go. If you are a potential athlete, ask the admission office if they can arrange an appointment with the appropriate coach. Be prepared with some questions for the coach, such as: How do I try-out for the team? What position(s) are you in most need of? Also have some questions available for the admission office. They may invite you to stop by and speak with an admission representative at the conclusion of your campus tour.
If you are confused with the college search process, or would just like some information on how to get started, give us a call at 401-736-3170 and we will help make the process less stressful for you.
Understanding Award Letters
March 2009
posted 3/6/2009
Welcome back for the March Director’s Blog! This month’s blog is split into two sections to help you wherever you may be in the college planning process.
SENIORS
File the FAFSA if you haven’t already.
Well, the final college financial aid priority application deadline of March 1 has passed. If you still have not filed your Free Application for Federal Student Aid (FAFSA), I suggest that you complete it as soon as possible. Priority dates are used by colleges and the Rhode Island Higher Education Assistance Authority to qualify you for aid from the college and for a Rhode Island State Grant. If you file after their specified priority date, they cannot guarantee that they will have any money left to offer you. However, it does not necessarily mean that you will not receive any school money or State Grant funds; it simply means that you may not receive the funds. You should still apply to be considered for institutional and federal sources of financial aid, such as the Pell grant and Stafford loan, even if you missed the priority deadline.
Compare your financial aid award letters.
March is award letter month. This is the month that most colleges send financial aid award letters to financial aid applicants that have been accepted by the admission office. Your award letter will consist of any combination of grants and/or scholarships, student loans and student employment. Your financial aid package may or may not meet all of your financial aid eligibility. As a result, you will notice that the award letters you receive may be quite different.
If you received an acceptance letter from a college and by the beginning of April, you have not received an award letter from that school, I suggest that you call the financial aid office. Ask if they are sending award letters out late. Verify that they have received your application and that you will be receiving an award letter.
Remember, you have until May 1 to submit your deposit to the college. Prior to making your enrollment decision, make sure that you have received all of your financial aid award letters and you fully understand them. If you would like some help understanding and comparing your award letters, give us a call at 736-3170 (view our locations and hours), and we will be happy to help you free of charge.
JUNIORS
Now is the time for you to begin the college search process. You do not have to decide on a major yet. As a matter of fact, it is quite normal to be undecided. However, you should begin to think about the other factors that would make you comfortable at a college such as: size, location (geographical and type: city, suburban, small town or rural), athletics and extracurricular activities (learn more about factors to consider during your college search). Think about things that you might be interested in studying, not necessarily what you want to major in. Once you have made some decisions on the factors that I mentioned above, you are ready to start conducting your college searches. Click here for a list of college search tools.
Applying for Financial Aid
February 2009
posted 3/6/2009
Welcome to the new College Planning Center website! I hope that you will find the site more user-friendly and much easier to navigate.
As you may know, a very important date for financial aid applications is quickly approaching. March 1 is the priority financial aid application date that is used by many colleges to award financial aid and by the State of Rhode Island to award state grants. When you file your financial aid application, the Free Application for Federal Student Aid (FAFSA) prior to the college’s deadline date, you are considered a priority applicant. If you miss the deadline date, the college cannot guarantee that they will have any of their aid available for you. However, even if you missed the school’s priority deadline, you should still complete the FAFSA to qualify for federal aid, including Federal Stafford Loans.
If you filed your FAFSA with estimated financial information, you will need to make corrections once you have completed your 2008 Federal Income Tax Return. You should be able to make the necessary corrections with little difficulty. Simply go the FAFSA website at www.fafsa.ed.gov and in column 3, click on “make corrections” to your already processed FAFSA. From there, simply follow the site’s instructions. Please note you must have the student’s PIN (Personal Identification Number), the one you used when completing the original FAFSA, to log onto the correction page.
Once you log in, you will see all the original data that you entered on the left side of the screen and an area where you can make corrections on the right side of the screen. Simply scroll down to the fields that you want to correct and enter the updated information. When finished making corrections, scroll to the bottom of the page and click “next” and follow the directions until you have submitted the corrections and have a confirmation page on the screen.
Colleges usually begin sending award letters in March, so be on the lookout.
If you feel that the correction process is a little overwhelming for you, just give us a call at 736-3170 and we will be happy to schedule a corrections appointment for you.
Next month’s topic: Understanding Award Letters