College of Your Dreams Beckons
By Christine M. Hall Understanding financial award packages Finding the College Fit How do you obtain college financing? A recent article in the New York Times detailed the dilemma of a young lady who was unable to attend the college of her dreams. While the cost of attending many colleges has definitely become staggering, it should NOT be to the detriment of attending a college that will provide a sound academic education, as well as an enriching social environment. • Your Social Security Number. FAFSA offers assistance on its site through their help system at www.fafsa.ed.gov/help.htm. The following site may also be useful: www.fafsaonline.com. While most parents and students are aware of the need to complete a FAFSA form in order to receive financial aid, many often overlook the additional CSS/Profile (https://profileonline.collegeboard.com/prf/index.jsp) that is required by most private, and some public universities. Unlike the FAFSA, the CSS/Profile is a way to provide non-federal funds to students by way of grants and scholarships. You will need the same information to complete the CSS/Profile as you do for the FAFSA. The filing date for the CSS/Profile is usually two weeks before the priority FAFSA deadline for each individual school. However, it is best to check with each institution you are applying to in order to be safe. In North Carolina, the following schools require the CSS/Profile: Finding the perfect college fit does not, however, always guarantee you will be awarded merit-aid. Every college has its own method and means for awarding aid, and it is not just based on academics. Elite colleges provide the least amount of non-need based financial aid, as their student profile if full of the best and brightest students. However, they do provide great opportunities for lower income students with outstanding academics. Other colleges, however, may be looking for more diversity - they may give more money to students of other cultures. Smaller or private schools may be looking to recruit from other parts of the nation. And some schools may be looking for students to build their less popular majors.
The waiting game on the wait list
The end of the 2010 college admission’s season has finally come to a close. May 1 marked the deadline for students to either accept or reject their college offers. For a select group of students, however, the wait has just begun. These are the students that have chosen to remain on a college’s waitlist.
In the past, the college waitlist was seen as a positive; it signaled that there was still a ray of hope and the student had not been rejected yet. Students that were waitlisted were told that they had the necessary credentials that the college was looking for, but they just didn’t quite have room at this time to offer them a placement. Those words “at this time” became that new light at the end of the tunnel.
Historically, colleges rarely went very deep into their waitlist, if at all. Each school has their own criteria for how they select students to come off the waitlist. While some schools ranked their applicants and systematically elevated students as spaces occurred, most schools admit that all the applicants have the same chance of obtaining a spot. Some schools request that you send any new information that might strengthen your case, while others request that you do nothing at all but wait.
Students that choose to remain on a waitlist are faced with several decisions. First, they need to understand that they will have to put down a deposit on their second choice school in order to insure that they have a placement for the fall. Although a student has until May 1 to notify a school of their acceptance, notifications regarding waitlists can continue well into the summer and even right up until the start of the fall term.
Assuming a student is offered a placement from the waitlist, they must then be prepared to forfeit that deposit they placed at their second choice school. Other financial factors, such as not being eligible for financial aid or being unable to secure housing may also come into play. Some schools require immediate acceptance from the waitlist, leaving little time to discuss finances.
The last few graduating classes have found themselves in an acceptance pool that has each been marked by unique circumstances. The class of 2008 was the largest applicant pool to have ever applied to college – they were the last of the baby boomer’s children. The class of 2009 was marred by the recession and saw colleges overextending acceptances in fear that the economy would decrease the number of students enrolling. The class of 2010 has been marked as the class that has received the most placements on waitlists.
Once accepted in a positive light, the waitlist in many schools has increased exponentially and has lost some of its positive status. In some cases, schools have placed the same number of students on the waitlist as they have to those that they have extended acceptances.
An uncertain economy has created a situation where colleges are no longer able to estimate the number of students that will enroll in their school. This then forces the college to place more students on their waitlist in fear that they may not meet their numbers. In essence, it’s no longer that they would have really loved to take you, but instead it’s that they are afraid of not filling their next class.
Despite the poor economy, colleges have found themselves slammed with applications. In a situation where it is difficult to discern what occurred first, students are applying to a greater number of schools in order to insure that they are accepted to at least one college of their choice. While the ease of online applications has made this possible for students, this action in and of itself is also responsible for the glut of applications being poured into the college admissions office.
As students ponder the decision as to whether or not to remain on the waitlist, it’s important that they understand the big picture. With a waitlist the size of the acceptance list, the odds of getting in are even greater than they were during the application process. The waitlist no longer consists of applicants that are not qualified.
This pool of candidates can now be hand-picked over by the college. They can now seek out that unique candidate that will help round out their applicant pool profile. The student is now at the mercy of an unknown entity hoping their qualifications are what the school is short on - a criterion that can be anything from gender, nationality, geographic location or even a rare talent.
With many more students landing on the college waitlist this year, students and their families need to take a careful look at how they play the waiting game. In an economy that is already strained, looking at the overall costs is important. Insuring that they can afford to jump ship at the last minute is essential. Make sure you can afford all the last minute changes, including loss of deposits, change in travel plans and even the additional costs of personal items, which may include clothing or computer equipment.
It comes down to this. Essentially, the ability to be flexible is a must, as planning time will be eaten away with each day a student is on the fence as to where they will attend.
The college selection notification process is usually completed by April 1st. At this time, students are now faced with yet another decision: Which college do I choose? Like many families in these tough economic times, the first impulse it to choose the school that has awarded the most financial and merit aid. While this seems like an obvious decision, it’s important to take some time and carefully review each school’s award package, as not all aid is as good as it looks.
When reviewing a financial aid award, understand that each package is different for each school. Although you may have qualified for federal student aid, each school may award that money differently. Each financial package can contain a combination of various forms of aid, including Federal Pell Grants, college-work study, Stafford loans, grants, and scholarships. You have the option of accepting all or part of the award. Within each of these categories though, certain qualifications and restrictions apply.
The Pell-Grant is a federal grant that is awarded strictly on need. Schools provide this money based solely on the FAFSA. This money does not have to be repaid, however, it is only guaranteed in that particular award year. Renewal of this grant is not an option. It must be reapplied for yearly and the parent’s income must justify its need.
College-work study can be school-based or federal based. For those students that qualify on need, the college-work study is provided through federal money while non-federal college-work study is provided by the college for students that don’t demonstrate need. In either case, students are offered a job on campus and guaranteed to earn up to that monetary amount per semester. When reviewing an offer of work study, look to see how many hours a week will be required. Students are usually paid minimum wage and the weeks are based on the number of weeks in the semester. A student with a heavy course load or involved in athletics may find it difficult to work the number of hours required to earn all the awarded money per semester.
Stafford loans are federal awards and have annual caps based on credit classification. They can be subsidized or unsubsidized. The difference between the two is on the repayment terms. Subsidized loans have the interest paid for by the government while the student is still in school. Interest will be assumed by the student six months after they graduate. Unsubsidized loans begin accruing interest immediately and are the responsibility of the student, however, the student does have the option of deferring that payment until six months after they graduate. Regardless of the subsidy, it is important to remember that these loans must be paid back. Take time to analyze how much loan you are taking out and what your future career earning potential may be.
Grants are monies that do not have to be paid back. They can be awarded at the national, state or college level. These grants were awarded based on criteria specific to each grant. Most are based on merit. Some grants are renewable from year to year. Other grants require certain GPA’s or majors. Certain grants are awarded based on need and merit. Make sure you understand what the grant is, why you are receiving it, and whether or not it will be available each year.
Scholarships are awarded first on merit, but also on need. They can come from any number of sources. Each scholarship will have its own criteria for renewal. Many scholarships are awarded over the course of four years providing certain criteria are met, but don’t assume this to be true for all scholarships. Almost all scholarships require maintaining a certain GPA as well as course load. Some scholarships are only available to students with financial need. A few scholarships, such as a teaching fellow, require you to commit to working in a particular field after you complete your degree. If you are unsure of the award criteria, don’t hesitate to call the school’s financial aid office to discuss it.
After reviewing each school’s financial award, determine what the remaining out of pocket costs are. Remember that you are also responsible for your expected family contribution. Schools may suggest that you take out a family plus or private loan to pay these expenses if you don’t happen to have that money put away. Be careful about doing this, as these loans must also be repaid and are not subject to the governance of a federal loan.
If your circumstances have changed since the completion of the FAFSA, you may be able eligible for additional aid. Call the school, as this will be a school-based decision.
Once you have compared awards from each school, you can now make an educated decision on which school to attend. Assuming you did your homework and are willing to attend all the schools that you applied to, you can now weigh the costs of the education against which school to choose. When looking at costs, remember to factor in the potential costs of graduate school, should you be planning that route. Although the reputation of one school may be greater than the other, be sure that the cost of attendance doesn’t outweigh your overall earning potential. Finally, once you have made your decision, be sure to let every school know of your decision. Remember, all decisions are due by May 1, 2010.
When beginning the college search process, it is often difficult to look beyond your back door if you happen to live in an area where the schools are amongst the best college values in the nation. However, before you choose a college based on its location or perceived ranking, it is crucial to a student’s academic success to do your homework and analyze what you want in a college education in order to find the right fit. A thorough search will make sure to take into account the size of the school, its’ setting, the availability of majors and minors and the profile of the school itself.
Step 1: Size
Your physical environment plays a key role in your academic success. Think about what environment would be the most conducive to your learning. If you attended a small school with a graduating class of 30, will you be happy in a school of 30,000? Do you perform well in lecture classes where you are known as a number, or do you prefer an intimate setting where your professor knows your name? Do you want to be taught only by professors, or are you comfortable in a class that may be taught by a Teaching Assistant?
Size is also a key component to your social life. Are you comfortable in large masses of people you don’t know, or do you need that daily connection with familiar faces? Are you looking for a school that offers an innumerable amount of activities or do you prefer being part of a close knit group with possibly less options? Do you want to be a big fish in a little pond or are you looking for an adventure and want to blend in with the crowd and meet new people?
Step 2: Setting
With thousands of schools to choose from, the choice of setting can range from remote to urban. The setting of the school does not indicate the size or caliber of a school. When thinking about the setting, give careful thought to a few questions. Will you need a car to get around? Are your finances such that you can afford to fly back and forth to school? Do you want to be surrounded by a city with possible internship opportunities and nightlife, or are you looking for a setting that is free from outside distractions and focuses solely on the college experience?
Other considerations regarding setting refer to the campus life itself. Are you interested in a school that has constant activities every day, such as sports, arts, debates, etc? Or do you prefer a campus that is quieter, where the weekends are spent studying and enjoying the campus surroundings, or even entails going home? Think about how you currently like to spend your time outside of class and on the weekend and look for a school that will provide you that type of setting.
Step 3: Majors and Minors
Choosing a school based upon its academic offerings is crucial. Choosing a major is not necessary before entering college, however, your areas of interest should have some bearing on what schools you put on your list. It’s important to find a school that offers several things that you may be interested in, that includes areas to minor in. Be careful when choosing a specialty school, such as an engineering, polytechnic or art school, if you are not absolutely sure of your major. Make sure that if you do choose such a school, that they offer several other options that you are interested in, should you change your mind.
Also, look to see what type of degrees the school offers. A four-year college usually only offers a degree at the Associates or Bachelor’s level, while universities offer the opportunity to obtain graduate work or advanced degrees. Do your homework and explore the possible fields that may interest you and then search out a school that offers several majors in those areas. Don’t forget to look to see what the school’s acceptance rate to graduate school is, as this will give you some idea of how well the liberal arts program prepares their students.
Part 4: School profile
Every college publishes their school’s academic profile for a reason - it provides an indication of not only what caliber of student they are looking for, but also of what type of student will succeed in that institution. When looking at a school’s profile, make sure you look at everything the school deems important. Look to see where your accomplishments fall. A good “fit” is where your scores and accomplishments are comfortably within the average range of the majority of their criteria.
If your profile fits that of your selected school, determine the level of academic rigor you will be comfortable with. It’s important to understand exactly how rigorous a school is, particularly when a student is used to being top in their class or never having to study. It’s often a shock for students to attend a highly selective school and find that not only are they no longer top in the class, but they may no longer even be considered competitive. Conversely, applying to a school that is well below your ability may prove to be just as difficult, as you may find yourself bored and unchallenged.
The college search is not one that should be undertaken lightly. It requires time and research, as well as some personal reflection. Finding that fit is critical to your future success and unfortunately, cannot be based on one or two criteria. The one factor that can’t be overlooked, however, is that the school must be a place where you feel comfortable academically, socially, and emotionally.
While the cost of attendance should always be considered in a student’s search for a college, this does not mean you must eliminate out of state, private and even elite schools from your search. In fact, if done correctly, a student’s college list will consist of several types of schools from all of the aforementioned categories.
Understanding your strengths, and weaknesses, as a student is the key to locating a college that is a fit academically and socially. Students need to understand that in applying to college, they need to discover the school where they “fit” the profile, and ultimately they will find a school that wants them. In searching for merit money, once you know you are a fit, you must then look to see if you are academically above the average and that your extra-curricular activities are unique or carried out in great depth. In some cases, this may also mean that your ethnicity is not the norm and the school is looking to increase the diversity of your particular nationality. The more unique and appealing you are to a school, the more money they can offer you. Accomplishing this task then opens up the door to being able to pay for the college of your choice.
It is important to remember that while every school provides different types of merit and financial aid - all schools require at least the completion of the FAFSA, and in many cases, the completion of the CSS Profile form. The FAFSA filing deadline for college-bound and current college students is quickly approaching. The FAFSA (Free Application for Federal Student Aid) is the federal form used to determine what type and how much financial aid a student is eligible for. This form is required by all colleges, public and private, in determining financial aid awards.
While the FAFSA has a federal filing date of June 30, 2010, each state and school has a different deadline. In the state of North Carolina, that date is different with every school and students must check with the financial aid administrator for the date of the school they are interested in. In most cases, the state filing date is much earlier than the federal filing date. In general, the earlier you apply, the better your chances are, if you qualify, as money does run out on a first come first serve basis.
In order to complete the FAFSA, parents and students should go to: www.fafsa.ed.gov. Instructions for completing the form are available at this site. In order to complete the form, you will need the following:
• Your driver’s license
• Your 2009 W-2 Forms and other records of money earned
• Your (and your spouse´s, if you are married) 2009 Federal Income Tax Return.
• Your Parents´ 2009 Federal Income Tax Return (if you are a dependent student)
• Your 2009 untaxed income records
• Your current bank statements
• Your current business and investment mortgage information, business and farm records, stock, bond and other investment records
• Your alien registration or permanent resident card (if you are not a U.S. citizen)
• Duke, Wake Forest, Davidson, and UNC Chapel Hill.
The bottom line is that no student should ever be “disappointed” with the college that they are choosing to attend before they even start school. There are hundreds of great colleges out there that are eager to offer students money to attend their school. If you are willing to do your homework, attending the college of your choice can be affordable and attainable.
Christine M. Hall, Ed.D. is the Founder of CMH College Consulting which advises and assists families with all aspect of the college preparation and application process. Contact: chall@cmhcollegeconsulting.com or 919.535.8833 or www.cmhcollegeconsulting.com
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