Rethinking the Approach
Recently I spoke with an employee group as part of an educational enrichment program attended by parents of high school and college-age students. We talk about the classic nuts and bolts, managing deadlines, scheduling campus visits, the application processes, and how to pay for college. All are part of the responsibilities parents must oversee as they navigate selecting their students (families) right education pathway after high school.
As the meeting started to break up, a few parents voiced their frustration, some even saying they might have a better chance throwing a lucky penny into a fountain than getting their kids into school and being able to afford it. I looked at the session organizer and asked if we could extend the lunch and learn for those who wanted to continue.
For the next twenty minutes, we discussed the importance of planning, with a twist – it's time to understand and recognize the wild vortexes families can get drawn into, willingly and unknowingly - why – because we allow ourselves. Parents must rethink their approach to education, work, and careers after high school by first accepting that the system has created some significant pitfalls.
Read about the six vortexes parents of college-bound students should avoid
Calming the Waters
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TOP OF MIND
Waitlist, Deferred
It’s an agonizing process hoping to come off the waitlist- listen to my colleague Shelley Honeycutt from Pivotal College Years as she talks about what to do during the waiting game. Give a listen
The Harsh Reality of Selectivity
As another season of students makes their college selection, many have experienced the harsh reality some schools are just too hard to penetrate. And it's not because of them. Read how the supply and demand of the higher education system have changed the administration of the Admissions Office.
What’s with this FAFSA
The US Department of Education’s Student Aid Division manages the Free Application for Student Aid (FAFSA) for the higher education community. Yes, the feds use the results of the FAFSA to calculate eligibility for their programs, but the application has multiple end users. Colleges and universities, state higher-education agencies, and even those who provide private scholarships use the results of the FAFSA to award their money. So we associate the FAFSA, soon known as the Student Aid Index (SAI), with the federal programs, but we need to understand its greater use.
Uncovering Your Purchase Price
Yes, I’m beginning to sound like a broken record. Would you invest or let a family member fall in love with a large financial purchase without knowing the impact on the family’s immediate and long-term finances? I’m talking about something that ranges from $120K to $240K and takes five years to complete on average. We do not purchase homes or new/used cars that way, so why is the post-secondary education process different? Every family looking at any post-high school education pathway needs to start with understanding how to pay and what will be expected financially Use the US Department of Education’s Student Aid Estimator to get your pre-approval number and then go shopping.
PARTNERS CORNER
This month Megan Scipione, Financial Coach from www.inkberryfinancial.com., mother of a college student and high school junior, shares her insights on the hidden costs of college.
What do spray tans, study abroad, and unsubsidized loans have in common? These are just some hidden costs of attending college and living the college lifestyle. Despite having saved for 18+ years to send our daughter to college, my husband and I were surprised by the cost of it! Not by the cost of attendance - we had that in writing - but by all the other expenses we didn’t anticipate. Here are some expenses to be aware of as you help your teen finalize their college choice.
Start-up expenses for dorm life and off-campus living
Many students strive for Instagram-worthy dorm rooms, leading them to develop a list of 95 must-have items to make their space “their own’. Then, after being on campus for less than three months, they’ll need to decide on their sophomore-year housing, which may lead to a request to live off-campus. This will trigger a whole new round of spending - housing deposits, furnishings, kitchen gadgets, renter’s insurance, and more. It depends on the school, but off-campus housing is more expensive than dorm living.
Living Their Best College Life
I could write a book about this specific category titled: The Myth of the Poor College Student. In college, I was broke, living on just the money I earned through work-study and summer jobs. Today’s college kids have disposable income (or a credit card) for things like spray tans, Ubers to the on-campus football stadium, Greek-life formals, off-campus dining, and more. And students who want to have an international experience during their junior year may quickly learn that their peers plan on jet-setting through Europe most weekends. My daughter - who attends a state university - said advice from older classmates was to budget an additional $10,000 - $20,000 for weekend travel expenses abroad! And, if your student lives off campus and can’t find someone to sub-let their space, rent will be paid while they’re gone. If your student dreams of a junior semester abroad, it makes sense to run the numbers ahead and plan accordingly.
Read more of Megan's article at here
Partners Corner features trusted colleagues and organizations who help parents of high school and college-aged students. They support and collaborate with Get College Going while I stay in my lane.
Busy March
Between high school fall tournaments, NCAA women’s and men’s brackets, and getting the yard ready for planting, it is no wonder we’re asking where the day went. For high school students, many decisions to ponder:
- 12th-grade seniors bound for college compare offers to enroll and the net cost to finance. Consider the five criteria for saying Yes
- Pausing the 13th year of education- part-time college, trades or apprenticeship, financial stability; what’s the plan?
- 11th-grade students should have their college list filtered with campus visits lined up for Spring Break and introductions with college administrators
- Enrolling and not being happy might mean transferring is on the table. A shorter process, slightly more emotional than the first time, and needs to begin asap.
- Finally, the chatter in the halls of the Supreme Court appears to mean that repayment of Federal Education Loans is about to begin again, and loan forgiveness may derail.
Are you seeking a speaker for your next group, organization, employee benefits, or enrichment program? Topics and conversations for parents and guardians of high school and college-age students and recent college graduates.
Pivotal College Years
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