Tuition

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Reducing The Costs Of College

Dobler College ConsultingIt seems like every time I go out to meet a new student and his or her parents, the thing we spend the most time talking about is college costs.

And it’s completely understandable. With costs rising at astronomical levels over the last couple decades, there are very few people out there who aren’t worried about how they will pay for college.

Consider that in 1993, when I graduated from Naugatuck High School, the average cost for tuition, room, board and fees was $24,504 for a private college and $9,513 for a public school. In 2012 those numbers increased to $39,518 and $17,860, respectively.

Let me do the math for you. That’s a 61% increase for privates and an 87% increase for publics.

And that’s just in 20 years. If you go back to 1972, the cost of a private school education has gone up 137% while it’s only gone up 124% for public schools. How’s that for sarcasm?

Once you pick yourself up off the floor, you can look up these numbers yourself on the College Board website.

The funny thing is that even though these figures are out there for everyone to see, I still see so many college applicants falling in love with schools that will be completely out of their reach financially. I hear things like, “we’ll figure it out” and “well, maybe I’ll get more money” when the reality is that they won’t figure it out and they won’t get more money.

What they will get is disappointment. Frustration. Anger. Resentment.

If you don’t want to get what they’re getting, pay close attention to just how generous or stingy colleges are with their money. Understand your EFC and what it means in the context of what a college may offer for you financial aid. And, most of all, make informed decisions.

I’ve written a few posts about these very ideas and if you haven’t read them yet, now would be a good time:

What You Need To Know About The Costs Of College

Why Some Financial Aid Offers Will Underwhelm

Why You Should Know Your EFC

You can trust Dobler College Consulting to help you navigate the college admissions journey. Give me a call now at 203.525.4096 or drop me an email to schedule a FREE 60-minute consultation to discuss your needs for college admissions counseling.

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Eric May 28, 2013 , , , , , , , , , , No Comments
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Why Some Financial Aid Offers Will Underwhelm

Dobler College Consulting

Last week I talked about three things you need to know about the costs of college: your EFC, how admissible your son or daughter is and merit awards. If you missed the post, here it is:

What You Need To Know About The Costs Of College

Today I want to take that conversation a step further and give you an example of why it is so important for a student to know just how desirable he or she is.

When the conversation rolls around to how much aid a college is going to award, sometimes the more desirable a student is plays a significant role. According to NACAC’s 2012 State of College Admission report only 32% of publics and 18% of privates were able to meet 100% of each student’s demonstrated need.  The remaining colleges have to decide how to allocate their money and not everyone gets the same amount. If they did, every college would meet 100% of everyone’s need.

And we all know that doesn’t happen.

So what dos end up happening is that colleges have to choose which students get the most aid. To put it simply, the more desirable the student, the more aid they will be awarded. So what makes an applicant more desirable? It depends on the college and while you can’t know everything they are looking for in a given year, there are at least two things any applicant can easily figure out.

GPA and test scores.

Knowing what kind of grades and test scores you will need for admission is something you should seek out about every school you are interested in. You can find this information rather easily on the College Board’s Big Future website. As I talked about in a post I wrote in September called, College List Tip: What Are Your Chances, you will find a range of test scores, GPA’s and even class ranks. This is valuable information for any applicant to look at and understand. These figures are provided by the colleges themselves. They are real numbers and they will show you just who the college thinks is desirable and, therefore, who will receive the more generous aid awards.  Applicants should read them and understand them as they search for colleges.

There’s a big difference between a college A where SAT scores for Math and Critical Reading of 500 fall in the top 25th percentile and college B where those same scores fall in the lowest 25th percentile.

If an applicant has fallen in love with college B and is expecting a lot of aid, they are very likely going to be disappointed.

Have something to say? Use the comment box below or email me at eric@doblercollegeconsulting.com. If you think this makes a lot of sense, consider sharing it with someone you know.

 

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Eric Feb 11, 2013 , , , , , , , , , No Comments
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What You Need To Know About The Costs Of College

College Costs

As you’re building your college list, there’s no limit to the things you will consider. Is your major a program at which the school is particularly strong? Is it a cool college town? Big time football on Saturdays? Is the campus safe? Is it clean?

Depending on your VIPS, what you are considering is specific to you.

But there is one aspect that you all think about.

And that’s cost.

Let’s be honest here, there’s nothing to like about college costs. They have risen at astronomical levels over the last few decades to the point where students are graduating, on average, with over $26,000 in debt.

And that’s an average.

Back in the late fall, I wrote a post about the difference between a college’s sticker price and the real price that families pay. I then followed it up with a post about understanding your EFC. If you haven’t read them already and don’t know what EFC is, take a minute and check them out and then come on back.

There’s a lot of things to cover in the college search, but if you don’t understand the costs of college and how to reduce them, you could be in for a big time let down next year when your financial aid award shows up. So, outside of figuring out your EFC, here are a few things you can do to help yourself:

1. Don’t pay attention to sticker price:

Look for net price and, specifically, the net price for families in your income bracket. If your family’s income is over $100,000 you don’t want to be looking at net price for families whose income is only $50,000.

2. Figure out just how admissible you are:

Based on grades and test scores, look at who the college admits. Then take a good, hard look at yours. Are they similar? Sort of? Not close? The easier it is for a college to admit you, the better (read BIGGER) your award will be.

3. Check out merit awards:

Some colleges publish the amounts and qualifications of their merit awards (free money) on online and the information is easy to find and understand. Your GPA and SAT score combination earn you X amount of dollars. Others, not so much. Look it up and if you can’t find what you’re looking for, call the admissions office.

I already spend a lot of time on cost issues with the families I work with and, moving forward, I will be dedicating more of my blog to these same issues as well. I hope you’ll come along for the ride.

Have something to say? Use the comment box below or email me at eric@doblercollegeconsulting.com. If you think this makes a lot of sense, consider sharing it with someone you know.

 

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Eric Feb 03, 2013 , , , , , , , , , , No Comments
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A Conversation About College Part II

Last week, I wrote Part I of a series called, “A Conversation About College” which covered some of the more pressing questions that were asked at a workshop I recently conducted at Sacred Heart Church in Southbury, Connecticut. Today, I am sharing Part II with you:Q: We’re not sure what the best type of school is for our son. He might want to be a history teacher, but he’s not sure.As far as figuring out what type of school is the best one, that’s something that comes with time, conversation and research. There are many factors that go into defining what type of school your son will do well at. For example, he should be thinking about attributes such as location, size of the student body, cost, private or public and reputation. Once these bigger ticket items have been identified, he can start doing some visits and online research to see what appeals to him and what doesn’t.  When I work with clients individually, I walk them through developing a college list and this exploration I just mentioned is the first step.

Q: What type of extra-curricular activities are admissions counselors looking for?We talked about this at length the other night, so this may sound repetitive, but the best activities for your son to be involved in are activities that mean something to him and which help complement his brand – here’s a blog I wrote about branding back in the fall that may help shed some light on the concept. Ultimately, you want to encourage him to think about quality over quantity.Q: How important is the essay and the essay topic?

This is a great question because while the essay can be very important, the topic isn’t necessarily what makes it important. What matters in an essay is how you tell your story. An essay really can be about any topic, big or small, but it’s how the student connects to the essay and what they are able to reveal about themselves that matters. A student who can show some depth, who can demonstrate a level of reflection and who can get me to see that what he is writing about truly matters to him is a student who has done a great job with their essay. The best way for a student to accomplish this is to really invest some time in their essay and make peace with the fact that they will write and rewrite several times before their essay is done. In fact, what their final essay looks like may not look anything like the original concept when they started.

Q: We are just starting the college search and our son is a sophomore – where do we start?

For freshmen and sophomores, the focus should be on helping them figure out what is important to them, what their strengths, skills and abilities are and introducing the idea of what college is about. If you go to my website, you will see that I offer a package called the “Early Exploration Package for Freshmen and Sophomores.” Basically, I help students at this stage work through a self-assessment while exploring some long range goals that tie into the college process.

Q: How do we go about figuring out our financial aid & scholarship options?

Again, this is time sensitive for the most part since you cannot apply for financial aid using the FAFSA until January 1st of the student’s senior year in high school. If he or she decides they are applying to any private schools, they may be required to also fill out the CSS Profile. The Profile, however, can be filed prior to January 1st.  While you can’t do anything about filing just yet, what you can do is spend some time figuring out how much all of this is going to cost. There is some detail to this, but essentially you want to know what you will be expected to pay for school so that you have some time to plan. If you go on the College Board website, you can use their EFC Calculator to do just this. EFC stands for “Expected Family Contribution” and is a term you will get to know quite well as senior year approaches. Your EFC is what a college will expect you to pay and it is how they calculate what they will offer you in the form of aid, grants and loans. The higher your EFC, the more you will be expected to contribute and the less aid you will expect to receive. As of this past October, each college and university has been mandated to publish a net price calculator on their website. So, as your student identifies schools where he or she would like to apply, you can use their net price calculator to get a feel for how things might look financially. Here is a blog that I wrote about the EFC calculators.

Q: How to choose a career/major?

This is a great question and one that troubles many students as they work through this process. To be honest, I do some assessments with students to help flesh out their values, interests, personality style and skills – or what I like to call their VIPS. Once you have a good idea of what is important to a student, what they are interested in and what they are likely to do well at, it is a lot easier to present options for majors and to point them in the direction of some useful career exploration. If it turns out that their interests are all over the place, then you want to be looking at schools that offer a wide variety of majors and where a student can start off as an undeclared major and then take some time in first semester to continue their career exploration.

I wouldn’t worry about this issue too much as of right now, especially if your son or daughter is only a sophomore or junior. Over 50% of students end up changing their majors during their freshman year anyway.

Happy Mother’s Day to all the awesome moms out there! I hope you’re having a great day!

If you have any thoughts you would like to share on “A Conversation About College,” please use the comment box below – I would love to hear from you! You can also email me directly at eric@doblercollegeconsulting.com.

Eric Dobler is the president and founder of Dobler College Consulting. Follow him on Twitter.

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Eric May 13, 2012 , , , , , , , , , No Comments