College Admissions and Facebook

82 percent of college admissions officers reported that their school uses Facebook to recruit students.  That news comes from a survey of admissions officers by Kaplan Test Prep.  So what should you do? Delete your profile?  Maybe, especially if it’s really ridiculous.  Here’s the test question for that:  Do you show your profile to your parents?  If not, why not (and don’t say it’s because you are protecting your friends’ privacy – there’s nothing private about Facebook?) 

By all means, clean things up if you need to.  But do more than that – actually use your Facebook profile to your advantage.  Blog using good writing skills.  Follow the feeds of the schools you apply to.  Join interesting groups.  Post reasonable pictures.  In other words, present yourself well.  Sure, let your true self shine through, be unique.  But don’t continue to think that Facebook is private or that no one ever looks at your profile – they do.

First impressions matter.  Your Facebook page will be part of your first impression. 

Sewanee and Randolph-Macon Make News

It’s rare that we hear some good news on tuition, but the last couple of weeks have had two noteworthy items.  First, The University of the South announced a decrease in tuition for next year by 10%, or about $4,600.  It will be interesting to watch what the peer institutions do.  Second, Randolph-Macon announced a four year degree guarantee.  If you follow the (relatively basic) requirements but don’t get a degree in four years, the school will waive tuition until you are finished.

These schools are directly addressing financial concerns that families have.  Let’s hope that this is just the beginning of a new type of competition to reduce college costs.

Free Online FAFSA Tutorial Video

We are happy to announce that Fox College Funding has posted a series of video tutorials called My FAFSA Assistant – and it is available to you absolutely free.  The videos walk you through the entire FAFSA filing process, and include answers to common questions as well as lesser known tips.  You’ll be learning from Deborah Fox, one of the nation’s leading experts in college planning.  We are proud to be an affiliate of Fox College Funding.

Every family should file a FAFSA.  There is no reason to be put off by the form – the answers are here!  Unless you earn more than $350,000 per year and are not interested in 6.8% education loans, and will have only one child in college, you may qualify for need-based aid.  The only way to know for sure is to complete the FAFSA.  Visit www.MyFAFSAAssistant.org to register for the tutorial.

Whose FAFSA Is It Anyway?

One of the first things you have to consider before starting the FAFSA financial aid form is “who is going to be in charge?” Here’s what you need to keep in mind.

The FAFSA is for the student, and is under the student’s name and social security number. However, much of the information–in fact, most of the important financial information–pertains to the parents (questions about income and assets.) This type of information is generally not something the kids have ready access to, so parents will need to supply it. Finally, parents have more familiarity with financial forms, and the FAFSA is an important form with a high follow-up verification rate. You don’t want to make a mistake.

One of the most important aspects of the college process is how you can involve you teenagers in the jobs that need to be done. But the FAFSA might not be one that falls into that category for your family. So give that question some thought before you get started and the FAFSA will go more smoothly.

If you decide that you want to retain control, here are some tips.

a. Apply for PINs for you and for your teenager. You each will need a PIN as your official signature on the FAFSA.

b. Use your email address anytime an email address is asked for. This is how communication is handled and you want to be sure you see what is being communicated.

c. You (Mom or Dad) sit down and start the FAFSA, getting through the initial screens of Student’s name, SSN and birthday, and you use your email address and you select the password.

d. Print out a blank copy of either the FAFSA On the Web Worksheet or the Printable FAFSA (both on the FAFSA website) and show your teenager what it looks like. If you want him or her to supply information about his or her own income and assets, that can be a good way to get them involved (but be sure to double check.) If you want to share your own financial information, that’s fine too, that’s your call as Mom or Dad. But you don’t have to if you don’t want to.

e. The EFC will come in the form of a Student Aid Report (SAR) in a week or two, by email. The SAR lists all of the financial information used to calculate the EFC so if you didn’t want to share your financial information, you probably won’t want to share the copy of the SAR. However, you can share what the EFC is so your teenager knows where they stand in the financial aid game.

The FAFSA can be confusing to complete, but you want to get the basics right before you start. There is no right or wrong answer here, but how you handle it will reflect your values, so give it some thought up front.

Delta Sigma Theta Chesterfield Alumnae Chapter Scholarships

American Fire Sprinkler Association, Virginia Chapter

The Virginia Chapter of AFSA is pleased to offer this scholarship to a current High School senior planning to attend
college, career training or other approved educational institution in the fall. This scholarship opportunity is extended
to seniors related to a member of the fire sprinkler industry.

AIAA – Futures In Aerospace Scholarship

Eligibility:

An applicant must be either a dependent of a member of the Hampton Roads Section of the AIAA (irrespective of domicile), or a resident of the counties or cities comprising the AIAA Hampton Roads Section listed below:

• Eligible Counties: Accomack, Amelia, Brunswick, Charles City, Chesterfield, Cumberland, Dinwiddie, Gloucester, Goochland, Greensville, Hanover, Henrico, Isle of Wight, James City, King and Queen, King William, Lancaster, Lunenburg, Mathews, Mecklenburg, Middlesex, New Kent, Northampton, Northumberland, Nottoway, Powhatan, Prince Edward, Prince George, Southampton, Surry, Sussex and York;
• Eligible Cities: Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Richmond, Suffolk, Virginia Beach and Williamsburg

Prince George Master Gardener Association Scholarship

The Prince George Master Gardener Association is pleased to offer at least one (1) scholarship to enable students to study in a plant science related field, including but not limited to horticulture, botany, agronomy, forestry, landscape architecture/design, and turf management. These scholarships can be awarded to high school seniors or to students entering a college/university for the first time as a full time student.

New Scholarships Going Up

It’s scholarship season! We’re posting new scholarship information as it comes in, so be sure to check back frequently.  A search on Monday might give different results than a search on Friday.

Two quick tips:

1. Use the Evernote button to save pages that you like.  It’s free and easy (and Evernote is a great program.)

2. Remember that if you find a scholarship with a 2010 deadline, don’t despair.  Chances are that the new 2011 deadline has not been updated yet.  Check the link for additional information, or drop us a note and we’ll check it out for you.

Community Foundation – Virginia Randolph Scholarship

The purpose of the Fund is to honor Virginia Estelle Randolph’s 57-year teaching career in Henrico County by supporting the provision of scholarships or tuition assistance for qualifying high school graduates from Henrico County.  Scholarship awards are based primarily on financial need, academic achievement and a commitment to community service.

An eligible student must be:

• a graduating high school senior from a public high school in Henrico County
• demonstrate financial need, a commitment to academic achievement, and a commitment to serving his or her community
• a candidate for high school graduation at the end of the current academic year, and plan to enroll in an accredited 2- or 4-year community college, college or university, vocational or technical institution the following academic year

Community Foundation – R.C. and Betsy Williamson Scholarship

The purpose of the scholarship fund is to support post-secondary educational scholarships for qualifying graduates of public high schools in the Central Virginia area.  Scholarships are awarded to students who demonstrate Christian values, academic achievement, commitment to their community and financial need.

An eligible student must be:

• a graduating high school senior attending a state-accredited public high school in the Central Virginia Area
• demonstrate a commitment to academics and have a cumulative grade point average of 3.0 or higher
• demonstrate strong participation in school and community activities, financial need and active in their Christian community
• be a candidate for high school graduation at the end of the current academic year, and plan to enroll in an accredited two or four-year college, community college, university or trade school in the continental United States the following academic year

Community Foundation – Mark Smith Neale II Cross of Life Memorial Scholarship

The scholarship fund was established in 1997 by his family and friends, to honor a young man who strived to balance his “cross of life”—work, play, worship and love.

The purpose of the scholarship fund is to support post-secondary educational scholarships for qualifying graduates of West Point High School, West Point, Virginia. The recipient of the scholarship will be the student who has displayed leadership, discipline, a love of the arts, team spirit and a strong commitment to worship.

An eligible student must:

• be a senior attending West Point High School

• demonstrate outstanding commitment to academics, athletics, and a balance of the “cross of life”

• be a candidate for high school graduation at the end of the current academic year, and plan to enroll in an accredited four-year college or university in the continental United States the following academic year

Community Foundation – Maria Laqeuer & Jerry Hamm Scholarship

The Maria Laqueur Scholarship Fund was established in 2008 to support post-secondary educational opportunities for qualifying graduates of Lancaster High School in Lancaster County, Virginia.

An eligible student must be:

• a senior attending Lancaster High School in Lancaster County, Virginia

• demonstrate academic achievement, financial need, and a commitment to community service

• be a candidate for high school graduation at the end of the current academic year, and plan to enroll in an accredited 2- or 4-year community college, college or university in the United States the following academic year

Community Foundation – Donald W. Colbert Scholarship

The purpose of the fund is to award educational scholarships to graduating high school seniors from Richmond City Public Schools who plan to attend a four-year college or university, community college or vocational school. Preference will be given to students who have an interest in pursuing a career in retail, or whose parents are currently employed in the retail industry.

Eligible students must:

• be a high school graduate of a public high school in Richmond City

• demonstrate scholastic commitment, academic promise, commitment to serving his or her community, and financial need

• be a candidate for high school graduation at the end of the current academic year, and plan to enroll in an accredited four-year college or university, community college or vocational school the following academic year

Divorced Parents and College Costs

A new study by researchers from the University of Wisconsin and Rice University looks at the relative contributions of divorced and married parents to their children’s college costs and comes up with some surprising findings.   One of the more interesting ones:

• Middle income divorced parents contribute significantly more than married parents.

Yes, you read that correctly.  The authors find that in lower incomes, the situation is reversed, with lower income married parents contributing more than those divorced.  But once you move above an  income of  $40,000, it flip-flops.  (The income figures come from 1995.)

Two possible theories are put forward (and other common ideas dismissed.)  First is that non-custodial parents often have something of a “financial role” in their child’s life, and that role continues into the college years.  The custodial parent, on the other hand, may feel the need to “keep up with the ex” once college starts, and they do this by writing a check for college costs.  The students benefit from this parental “competition.”

The second theory, though, is more relevant to college funding planning.  Settlement and support agreements often require ex-spouses to confront future college costs in some fashion.  Because of that, children of divorce may get something that children of married parents do not–a specific plan that addresses paying for college.  The children benefit from their parents’ planning.

Divorce is stressful enough.  A college funding plan that is customized for your family’s needs can reduce that stress and save you money for all the other important things in life.

Looking for Scholarships

This is high season for private scholarships!  Please search the CFG ScholarBank and make note of any you wish to apply for.  Two things to keep in mind:  First, you will see deadlines listed, some of which might be 2012.  Don’t be discouraged, that generally means that the scholarship will be offered with a similar deadline in 2013.  The best way to check is to follow the link for additional information.  If you still are not sure, drop us a note.

Second, we’ve added a neat feature to help you keep track of scholarships of interest.  It’s called the Evernote Site Memory Button, and you will see it on each scholarship listing.  Click it and you will get to save that page to your free Evernote account.  Try it, we think you’ll appreciate the simplicity.  Evernote is a great, free tool for organizing your college-oriented projects and information!

Remember, private scholarships can play a role in your college funding plan.  You are already ahead of the game by using the CFG ScholarBank.  Brainstorm and think outside of the box–you’ll be surprised what you find!

Common Application Tip

Going online is central to applying to colleges, from reading school websites to completing the Common Application to filling out the FAFSA.  Technology is great, but that doesn’t mean it always works perfectly.  Here’s a tip that might save you some stress.

When you think you have your application essay all ready to go in the Common App, try doing a Print Preview.  Believe it or not, different browsers render the preview differently; so can different printer selections; and so can random printer settings that might be affected by a virus or a kid brother.

When you get the Print Preview on the screen, read it!  Look especially at the right margin, are any letters cut off on the longer lines?  Then look at the bottom:  does it finish the way you expect or is your last paragraph truncated?

In this Edit-Paste-Submit world, a little old fashioned proof-reading can go a long way.  But the trick is to proof it in Print Preview mode, not just on the screen in your browser.

The Government is Here to Help?

Most people know that there are some tax benefits for higher education expenses, and they are correct.  In fact, the Economic Recovery Advisory Board found 18 “education provisions” for higher education!  What’s more, they have different eligibility requirements, income limitations and phase-outs, and apply to different years of school.  They have different definitions of income and qualified expenses.  Oh and they also overlap–you have to be sure you don’t use the same expenses for more than one provision.

Sound complicated?  It is.  The best example of this is that one of the biggest and best publicized provisions, the American Opportunity Tax Credit, was only claimed on 38% of eligible tax returns, according to a report released last week by the U.S. Treasury.  That says it all.

Make sure your college funding plan includes all the tax breaks you are entitled to.

PSAT Confusion

It’s PSAT week and a reminder how confusing the PSAT can be for parents, not for students!  Here’s what you need to keep in mind.

The PSAT serves two purposes:  (1) It is a practice test for the SAT when taken by sophomores or juniors.  (2) It is part of qualifying for National Merit Scholarships but only when taken by juniors.

What that means is that if your student is a sophomore, go ahead and take the PSAT and view it as good practice.  Don’t worry about the score.  Some counties won’t pay for the sophomore PSAT but will for the junior PSAT.  If your student is a junior, take the PSAT to participate in the National Merit Program.

There is a practice test available online, but the PSAT as a sophomore is good practice in standardized test taking, with no stress attached.

Don’t always accept the headline

When you come across a nice one-line summary of a complex situation, say “College grads break even at age 33”, you need to ask, “I wonder what assumptions are behind that?”  A study released by the  College Board, “Education Pays 2010”, includes that positive piece of news.  So let’s take a deeper look.

One of the basic findings in the study is that when you compare the incomes of college graduates with high school graduates, you find that college graduates earn more.   They earn enough, in fact, that they make up the cost of college and the cost of missing four years of working by the age of 33.  After that it’s all “profit.”  That’s the quick summary, but you know more than to take things at face value, right?  Look at some of the assumptions:

One:  The cost is for a four year public school, not a private school.  Further, they use a national average of $6,600 per year and the larger public schools in Virginia are closer to $9,000 – $11,000.

Two:  Costs include tuition and fees, but exclude housing, food, textbooks, and having a life.  How realistic is that?

Three:  No income taxes are deducted and people who make more pay more taxes.

Four:  That you can borrow 100% of the tuition and fees at the 6.8% Stafford Loan rate.  The maximum loan amount for a freshman is $5,500.  How are you supposed to make up the difference?

Five:  That all subgroups of the overall population are the same, men vs. women, etc.  They aren’t, so your mileage may vary.

Six:  That a college degree is what separates the earnings of grads vs. non-grads, not talent, ability or some other combination of factors.

Elementary school taught us how to read the study.  High school taught us how to comprehend the study.  Hopefully college taught us how to question the study.

But there is one solid takeaway:  Keep your college costs as low as possible.

The College Jobs Gap

The Wall Street Journal reports today that as bleak as the job picture is in America right now, those faring best are college graduates:

The unemployment rate for workers 25-and-older with a bachelor’s degree or higher was 4.6% in August, for example, compared with 10.3% for those with just a high-school diploma. That’s a 5.7-percentage-point gap, compared with a gap of only 2.6 percentage points in December 2007 when the recession began.

Clearly the current economic malaise has increased the relative value of a college degree.  But let’s look at some other numbers.  A recent survey found that the number of people that thought college was a good investment dropped from 79% to 64% over the last year, a reflection on the rising costs.  Also, a diploma no longer guarantees a wage that rises faster than inflation, as the WSJ story mentions.  Quite a contradiction:  if you want to increase your chances of getting a job, go to college; but, the job you get might not give you the earnings you need to offset the huge cost.

Maybe there’s something else going on here.  Maybe there are more variables than simple summary statistics can measure.  Are the students that make the most of their college years doing better than those that slide through?  Are responsible, hard-working kids doing better in the employment world than those with entitlement syndrome?  The numbers won’t say, but parents probably know the answers.

What can you do, other than worry?  (1) Make sure your college costs are as low as possible, following a good college funding plan can help with that.  (2) Realize that behind all these statistics are real students and what is “right” for your son’s best friend might not be right for your son.  By being proactive, you can resist the pressure of getting caught up in what everyone else is doing.  Investigate the options, keep an open mind, and continue to communicate with your teenager.  (3) Don’t get too locked-in to numbers like those reported above, they’ll be different in a year.  What you should get locked-in to though are the principles and values that you are teaching your kids as you take on the college process.

Colleges, Classes and Jobs

What is the thought process behind why you are choosing the schools on your college list?  Many parents and teenagers would say “because I’ll get a good education there” or “because I’ll get a good job after graduation.”  Those sound like good reasons.  Let’s put them to the test.

Where will you get a good education?  The American Council of Trustees and Alumni has a website to help answer that  www.whatwilltheylearn.com The group examined seven core subject areas to see what schools had stronger core curricula, and what schools offered wider choices that may or may not actually teach the core subject matter.  In Virginia, for example, Christopher Newport University receives a B, University of Richmond gets a C, UVA gets a D.   Do you really want to pay $30,000 for your teenagers to fulfill his history requirement with “Gynecology in the Ancient World” (which is what he could do at Emory University?)

Okay, so maybe they take some fluff classes, who doesn’t?  It’s all about the job anyway and the degree from that “name” school will be worth gold, right?  The Wall Street Journal ran a story this week on the colleges that corporate recruiters love.  The top 3:  Penn State, Texas A&M, Illinois Urbana-Champaign.

Before you just assume you know where you can get an education and preparation for a job, take a deeper look at these.

The Importance of The List

Many high school sophomores and juniors and their parents are spending time working on the list of possible colleges to attend.  Input is being sought from guidance counselors and guide books.  It seems that another new ranking of “the best” colleges comes out weekly.  The mail is filled with glossy viewbooks.  Factor in the silent network of friends’ opinions and  Facebook comments and before you know it a list starts to form.

The list matters, maybe more than you know.  Schools that are left off the early editions are hard to add later.  The focus is on winnowing, not expanding.  Perhaps that’s a practical necessity, but that also means you need to start with a good foundation.  Don’t worry about being selective initially; in fact, be inclusive.  Make it a point to add schools that you have to research to find, ones that don’t come immediately to mind.

This is especially true for parents.  Our impressions of schools might be based on more years of life than our teens but that does not mean they are more accurate if we are relying on ideas we’ve held for years.  Colleges change, often dramatically, and if we think we know exactly what a school is like because that’s how it was when we were teenagers we are sorely mistaken.

This is a two-part challenge. To students, keep your mind open.  Don’t get locked in to big name schools, or to one rating system, or to one counselor’s suggestions.   To parents, don’t rely on stale opinions.  Do your own, new research.  Make a point to find at least five schools that surprise you as possible places for your son or daughter.  They are out there, you just need to look.

Our College Match helps your family do just that.

When does your teenager become an adult?

A recent spate of articles on “Letting Go” and “Helicopter Parenting” surrounding the difficult event of parents dropping teenagers off at college included one about parents who choose to stay around after the drop-off for a couple days.  Why would they do that?  “Just in case Junior needs something.”  Maybe that’s not the real reason.

Colleges are seeing this more and more and some are scheduling specific times to say goodbye.  Some have workshops on transitions.  Some suggest parents rediscover their romantic lives.  Expensive therapy!

This brings up the question, when does your child become an adult?  Is it 4pm on drop-off day? Is it his 18th birthday; her 21st?  Obviously there is no one answer, but the reality is that when you leave them at school, as far as everyone else is concerned, they are adults.  The challenges that start from that moment are huge:  coed dorms, roommates, parties, homework, varied schedules, group activities, a new town to drive around in.  How your teenager handles these has nothing to do with the definition of when they become an adult and everything to do with where they are on the maturity spectrum.

Our job as parents is to start early, giving our teens pieces of freedom while they are in high school, seeing what their choices are, and talking about them.  The more we do that, the better they can handle what college life throws at them.  So parents, talk to each other about how you are doing.  How much freedom does your son or daughter have to make choices, including ones you don’t agree with?  After drop-off time, you won’t even know the choices they make.  Start preparing them for that now, at home, where you can help.

Start Here – Using the CFG ScholarBank

One thing we discovered when looking at scholarships available to Richmond-area students was that there was no “one” source of regional scholarships. So we decided to take a crack at it. And thus, the CFG ScholarBank was born. We are continually tracking down scholarships available to Central Virginia college-bound students and gathering them all into our searchable collection.
Ready to start searching for the perfect scholarship? Go to the CFG ScholarBank and type in a search term that applies to you. You can search by region, grade level , or any keyword that might narrow down your search.  Say, for example, that you are a female high school senior in Richmond that wants to major in accounting. You could type in any, or all, of the following keywords in the search box: female, accounting, Richmond, senior. The more keywords you use, the more you narrow down your search results. Don’t want to limit yourself that much? Type in one keyword and the list of scholarships will be that much longer.

At over 300 500 scholarships for $1,000,000+ $1,500,000 and counting, the CFG ScholarBank is a great resource for students looking for a little help in defraying college costs. Why pass up free money if you can get it? Plus, just think of the serious brownie points you’ll score with your parents.

To stay ahead with the latest news,  subscribe to our monthly newsletter.

If you have any questions, send them to us.

Now you see it, Now you don’t

How has the recent government stimulus affected your college plans?  There was the American Opportunity Tax Credit.  And the broadening of 529 plans to cover computers and internet service.  Stimulus = Good, right?  Not really.

Now that the “stimulus” has run its course, the real effects are coming.  The U.S. News and World Report notes that federally funded work-study jobs will drop by 162,000 to 768,000 for the 2010-2011 academic year.  Why?  No more “stimulus”.

Students hoping to earn a little extra cash on campus this fall will have a tougher time as the number of federally funded work-study college jobs nationwide will drop by 162,000 to 768,000 for the 2010-2011 academic year.  Why?  No more “stimulus.”

Or this:  Thirty-nine states used “stimulus” money to keep public colleges and universities afloat.  Families are likely to see large tuition increases as “stimulus” funds run out.  Virginia is in the middle of this where “stimulus” funds reduced a possible 15% budget cut to 4%.  State tax revenues are unlikely to increase nearly enough to offset this lost transfer payment.

Perhaps it was less of a stimulus and more of trying to buy some time.  The time is running out.  In this changing landscape, don’t rely on the government to come up with answers for your family.  We can help you with your plan.

Teenagers and Human Capital

Interesting piece in the Wall Street Journal about personal risk management, and how you need to evaluate not only the risk in your investment capital but also in your human capital – your measure of your future earnings based on where you are in life.  As a student, your human capital far exceeds your investment capital – your portfolio.  The author, a college professor, has some concluding advice for students:  “…too many students (and some parents) view education as a consumption good.  They immerse…without any regard for how this might influence the future dividends of their human capital.  It’s time to wake up and measure the internal rates of return from your undergraduate major…Do not let your kids leave college without a hedge for the human capital.”  It’s worth some thought.

The Shocking True Cost of Student Loans

What does your student loan cost you? The conventional answer is to look at the monthly payment times the number of months and get the total. If you graduate with $20,000 in Stafford Loans, paying them back at $230/month for ten years, you’ll pay right around $27,600 total. But there is a huge flaw with this logic.

What will you NOT be doing with that $230 per month while you are young and working? Answer: saving and investing it. Compare two graduates, Susie Stafford with the loan payments shown above, and Nellie No-loan graduating debt free. With plenty of time to retirement, they can each have aggressively invested portfolios. Each invests similarly.  How do they fare when they are 65?

Susie Stafford will have $600,000 less in her retirement account than Nellie No-loan will, given the same return assumptions (available upon request.) In reality, it may be worse than that because Susie will have to be exposed to more risk in her portfolio as she ages than Nellie will.

When you think about the true cost of borrowing money for college, remember to include the opportunity cost of the money you will NOT have to invest for your retirement.

Tough Job Prospects – Plus a Surprise

The stories abound about the dim job prospects facing college graduates.   Here are a few quotes:

“Everybody, including college graduates, needs to learn to adjust their expectations in line with reality. We are in the middle of a global financial crisis, which means individuals have to make sacrifices. As for college graduates who are looking for first jobs, they should settle for whatever they can find for now and switch to a better one when the economy recovers.”

“Take some graduates with a bachelor’s degree for example. They don’t have the physical strength of migrant laborers or the practical skills mastered by vocational high school graduates. If they only want to land a good job, they might stay out of the labor market and continue to live indefinitely on allowances from their parents.”

Sound about right?  Here’s the surprise…those articles are from China.  It seems we’ve exported not only KFC but also College Graduate Unemployment Angst.  It’s a worldwide problem.  Students should not incur a large amount of student debt with the hopes of paying it off with high paying jobs.

Tuition Increase Numbers Are In

Virginia public colleges have reported their planned tuition for 2010-2011.  Below are the planned increases in tuition and mandatory fees.  Does your college funding plan deal with how to pay for these?