College Financial Aid Advisors

One huge component of college financial aid packages is federal financial aid, but most states also have financial aid programs available as well. These are designed to motivate students to attend college in their home state and to provide the opportunity for students with financial need to afford a higher education. The Education Commission of the States (ECS) recently surveyed actions from the 2013 and 2014 legislative sessions and published their findings in a report entitled, “Trends in State Financial Aid.” Their research found that states provided about $11.2 billion in college financial aid during the 2012-13 academic year. Major trends identified in the study include changes to various need-based and merit-based programs, linking financial aid programs to workforce demands to spur employment in certain industries, and state programs that are more focused on encouraging a transfer student pathway. Other key points from this report include: • At least four states have enacted programs which play a larger role in college student loan repayment assistance or forgiveness programs. Connecticut, New Mexico, Indiana and Mississippi passed legislation which links loan repayment assistance or forgiveness to an agreement to work in specific high-need fields such as teaching and medicine, and meet certain service requirements. • States are becoming increasingly aware of the increased costs of a college education, with five appointing commissions to research affordability issues. • At least 10 states created or made changes to their existing need-based programs including Maryland’s First Scholarship Program, South Dakota’s first needs-based aid program, the District of Columbia’s Promise Establishment Act of 2014, Tennessee’s Promise Scholarship Act of 2014, and expansion of the definition of “need” to include more middle-class students in both New Mexico and California. • Several states passed initiatives that use financial aid programs to meet workforce demands through grants and scholarships, Michigan, for example, established a grant program for minority students enrolled in medical programs who accept a work assignment within the state, while South Dakota started a program to grant scholarships to students who agree to teach there for five years. West Virginia has a similar scholarship program for nursing students willing to remain in their state. Although some of these programs do not take effect for some time, and they are also subject to change, it is always a good idea to be aware of the financial aid picture in your state, particularly if you are thinking of entering any of the targeted professions. As with any form of college financial aid, the first step is the completion of the Free Application for Federal Student Aid (FAFSA), since most states also base their financial aid decisions on this information. To find out about the college financial aid programs available in your state, talk to a professional College Financial Aid Advisor who can help make sure you understand all of the options and opportunities that are available to you. Contact College Financial Aid Advisors (CFAA) or visit my About.com website, Paying for College, for more information.

Who are the “millennials” and why is everyone paying so much attention to them? According to the U.S. Chamber of Commerce Foundation, the tag of millennial is being applied to those born between 1980 and 1999. Now aged between 16 and 35, their numbers are plentiful and they are having a dramatic impact on the economy. The generation set to take over from the aging baby boomers is facing plenty of money problems, too. On the one end are the younger millennials who are trying to figure out how they are going to pay for a college education. On the other end of this generational spectrum are the millennials who have already graduated. They are now trying to pay off the student loans they accumulated during their college years. Some are finding this very difficult to do, and it is impacting their ability to move out on their own, marry, buy homes, and start families. Even those that are able to land lucrative positions are finding that their past economic choices are affecting their ability now to plan for their own children’s education or even their far-off retirement. Numbering about 80 million, millennials are forging new paths that their parents and older “Generation X” siblings may not have experienced. Perhaps if some of the older millennials were to provide advice for their younger cohorts, they might say the following: • Education is Essential: Not only are millennials more likely to graduate from high school, they are also more likely to move on and graduate from college. That’s a good thing, too, because that college education will make a huge difference in their ability to earn money. Study after study reinforces the financial benefits of a college education. The difference in earning potential over 40 years by level of education can be in the millions of dollars. • Student Loan Debt Can be Difficult: The average student graduates from college with about $25,000 in student loan debt. Many find that it is difficult to make several hundred dollars in payments every month, while still leaving money in their budget for regular living expenses. The older millennials might advise the younger ones to be sure that they only borrow what is absolutely needed, and that they learn about all of their student loan repayment options. • Get Creative About College Financing: Perhaps the best advice might be to start early and think often about paying for college. Younger millennials can learn from the mistakes of their elder new agers and plan out the college financial process more effectively. A smarter combination of savings, scholarships, financial aid and work-study jobs might be just the ticket for these youngsters to graduate without the same financial burdens. One great way to make sure you are making the best financial decisions about college is to talk to a professional College Financial Aid Advisor who can help you solve the financial aid puzzle. Contact College Financial Aid Advisors (CFAA) or visit my About.com website, Paying for College.

College graduation has come and gone. All the caps and gowns have been put away, and it’s time to start thinking about repaying those student loans which helped you achieve your dream of a college diploma. Here are a few tips for the college class of 2014: 1. Make a List of Loans: First you need to find out just how much you owe. Visit My Federal Student Aid to view information about all of the federal student loans you received and to find contact information for your loan servicer. Private student loans are not included in My Federal Student Aid so you will need to put together a separate list of private student loans you took out as well. 2. Calculate Your Total Monthly Payments: List out exactly how much money you will be expected to pay each month. Use the Repayment Estimator to calculate your federal student loan payments under each repayment plan. 3. Consider Loan Consolidation: This means bringing all of your federal student loans together under one Direct Consolidation Loan, where you will only make payments to one lender each month. You might also be able to consolidate your private student loans. There are positives and negatives to this approach. You may lose some benefits, and could end up repaying more money in the long run. 4. Look at Payment Plans: To make your payments more affordable, repayment plans can give you more time to repay your federal student loans. They can also be based on your income. 5. Deferment and Forbearance: You may be able to temporarily postpone payments on federal student loans in order to avoid default. During a deferment, the federal government may pay the interest on your Federal Perkins Loan, Direct Subsidized Loan, and/or Subsidized Federal Stafford Loan. Forbearance could allow you to stop making payments or reduce your monthly payment for up to 12 months due to financial hardship, medical residency, illness, certain teaching programs, or military service. 6. Loan Disputes: If there is a discrepancy, you will need to identify the problem and contact your loan servicer. 7. Forgiveness, Cancellation, and Discharge: There are certain situations where it is possible to have your federal student loan forgiven, canceled, or discharged. 8. Keep in Contact: If you are having difficulty making payments, contact your loan servicer immediately and ask about what type of help is available for people in your situation. 9. Stay on Track: Student loan payments can get out of hand easily, especially if you have never been responsible for paying your own bills. Make sure you make timely payments. 10. Avoid Default: Failure to repay your student loans can result in financial and emotional hardship. After default, you could have less payment options. For further information on steps you can take to repay your student loans, contact a professional College Financial Aid Advisor. Contact College Financial Aid Advisors (CFAA) or visit my About.com website, Paying for College.

College application deadlines are rapidly approaching. Whether you use the Common App or go directly to the schools, there is usually an essay requirement. Most students anticipate this activity with dread, but some see it as a great opportunity to stand out from the crowd. Think about what you want to write, gather input from others, take a deep breath and begin. Here are a few tips to help you ace the essay portion of the college application process: 1. Show Your Uniqueness: Admissions counselors are reading hundreds, or perhaps thousands, of essays. Make yours the essay that causes them to think, “Interesting point.” There are hundreds of students who are having very similar high school experiences to yours. Try to personalize yours just a little, inject a bit of humor, or show its impact on you. Which do you think would be more interesting to read – “How I learned to pluck a chicken and save the world” or “My mission trip to Honduras”? 2. Avoid Generalities: Try not to blather on about all the wonderful teachers, counselors and relatives who have impacted your life. Instead focus on one specific incident and show how that had an impact on you. Something like “One exhausting fishing trip that taught me the true meaning of perseverance” is likely to raise an eyebrow or two. 3. Make New Points About Yourself: If there is room elsewhere on the essay for extracurricular activities, don’t waste time in your essay reinforcing the same information. Use this opportunity to take a different approach, even for a negative situation – maybe something like “How losing by 25 points taught me the importance of teamwork.” 4. You’re Not Trying to Get Sympathy: You’re trying to get admitted to college. Sure you’ve had a tough life, but so have a lot of other kids. How have your experiences impacted you in a way that will benefit you and the college you attend? Any life story can be turned around, as demonstrated by the homeless girl who got accepted to Harvard. 5. It’s About You: Don’t try to tell the admissions officers that attending their highly-ranked college will be good for you; they already know that. Tell them how taking their science classes will enable you to study something of interest, or how their semester abroad program is going to make a difference in your life. Study the school, find a reason why you really want to attend, and then tell them about it. Other areas of the application are really short essay questions in disguise. Don’t get lazy and use one word answers when you have an opportunity to expound. Always proofread your work and ask somebody else to check it for you, too. For help finding a way to pay for the college you’ve worked so hard to apply to, contact a professional College Financial Aid Advisor. Contact College Financial Aid Advisors (CFAA) or visit my About.com website, Paying for College.

As a high school senior, you may be getting ready to start applying to various colleges. Some admission deadlines are coming up quickly, so you need to be prepared. There are several ways to apply to college, so it is important to check the website for colleges you are interested in, or ask the admissions office, to find out which format they use. College application options include: • Direct to the College: Some colleges want you to apply directly to them, and have their own admission requirements. Carefully study their website to make sure you do not omit anything. Students in certain disciplines may be required to prepare portfolios or videos of their work. Don’t wait until the last minute to pull all of this together or to request any letters of recommendation from teachers, coaches, advisors, employers, and community organizations. • The Common Application: The Common Application is a non-profit membership organization that serves students, member institutions, and secondary schools by providing applications that students can submit to any of the 549 schools that currently use their services. There were some glitches last year with the online application process, which caused many problems for students. The organization has also been in flux this year as the CEO has been replaced, and they have recently announced that they are eliminating the requirement that colleges which subscribe to their service conduct holistic admissions processes. This process required colleges to review candidates in ways that went beyond numbers, most typically with essays. But this change doesn’t mean that you should place any less emphasis on your essays. For the colleges that do use them, you need to write essays in a way that will make your application stand out. Even if your colleges do not require essays, it is important to pay attention to your writing skills on all areas of the Common App. Make sure you write about your activities in a way that best shows off your capabilities. Also check to see if your college has any supplemental requirements that you need to provide. • The Universal College Application: This is a relatively new for-profit organization which sprang up in competition to the Common App, partly in response to some of their ongoing technological issues. Students applying as incoming freshman, as well as transfers for the fall of 2015, can now use the Universal College Application. It consists of five main data entry pages, which students must complete to submit their applications online. This application option currently serves over forty colleges including such top institutions as Brandeis University, University of Chicago, Colgate University, Cornell University, Duke University, Emerson College, Harvard College, Johns Hopkins University, Princeton University, Rice University, Tulane University, and Vanderbilt University. Next Step: College Financial Aid A big part of the college application process is securing the maximum amount of college financial aid available. For more information on how you can afford college, contact College Financial Aid Advisors (CFAA) or visit my About.com website, Paying for College.

It’s that time of year again when high school students are trying to decide whether they should take the ACT or SAT, both, or neither, as part of their college application process. Although similar in nature, the two standardized tests do measure different capabilities. Most colleges will accept either test, and some are even test-optional, so what path is best for you? According to the National Center for Fair and Open Testing, the number of students taking the ACT has increased dramatically, and now equals or exceeds those taking the SAT, although some students may be taking both. Here is a brief description of each test to help you decide what your next step should be: • SAT: Test length is 3 hours, 45 minutes. There are ten sections – three which measure critical reading skills, three math areas, three writing, and one experimental section, which is currently unscored. The total score can range between 600 and 2400 depending on how many scores are included from the three subject areas. The SAT has a stronger emphasis on reasoning ability and vocabulary, which is good if English is your strong point. Upcoming SAT exams are scheduled for November 8 with a regular registration deadline of October 9 and a late registration deadline of October 28. The next tests are scheduled for December 6 and January 24. The College Board is redesigning some areas of the SAT, beginning with the tests scheduled for the spring of 2016. • ACT: Test length is 3 hours, 25 minutes, including the writing test. There are four Sections – English, math, reading, and science, plus the optional writing test. Although the writing test is optional, many schools do require it, so it is best to check with the schools on your application list. Each section is scored individually, and then averaged for a total composite test score between 1 and 36. It is said that the ACT focuses more on exacting knowledge because it has a science section, while the SAT doesn’t, tests more advanced math concepts, and its questions also tend to be a bit more straightforward. The next ACT exam is scheduled for December 13, with a registration deadline of November 7. The next test after that is set for February 7. Overall, the ACT measures achievement, while the SAT is more likely to measure aptitude. You can discuss preferences with the admissions office at your selected colleges. It may also help to assess your strong areas with your guidance counselor, or to take some practice tests, to decide which is best for you. Financial Aid Matters Once you have determined whether your school requires a test, or achieved a test score that is sufficient for admission, the next step is to secure the financial aid you need to help pay for the college you want to attend. For more information about maximizing financial aid, contact College Financial Aid Advisors (CFAA) or visit my About.com website, Paying for College.

Perhaps you are a parent who has already taken steps to get your high school student into a great college, or you might be one of those who are wondering what all the other parents mean when they toss out abbreviations like FAFSA, SAR and EFC. If you’re not sure about what to do next, here are some monthly suggestions that might make the process a little easier: • September: Your child will probably need to write a few essays in the next few months, so encourage him or her to start now. If your child is applying to colleges that use the Common Application, there are essay prompts. These essays must be between 250 and 650 words. There is also an Additional Information area to share any relevant information that is not captured elsewhere in the application. If the selected school does not use the Common Application, look online for their application and essay requirements. There may also be some scholarships which require essays, so don’t throw out any ideas. • October: On October 1 the Free Application for Federal Student Aid, or FAFSA goes LIVE.  Usually it is best to do this as soon as possible to make sure your child gets the maximum amount of aid available. If your child has not taken that SAT or ACT yet, or is not satisfied with their scores,  they can sign up to take the SAT or the ACT in August, September and October.  • November: If your child is set on a specific school, you can suggest trying for early decision or early action, both of which have November deadlines (check with your child’s desired school for the specific date). Early decision is binding and requires your child to attend that college, depending on a suitable financial aid package. Early action is a little more flexible and allows your child to apply to more than one school. • December: If your child didn’t take advantage of any early decision or early action opportunities, then December is action time, as most regular application deadlines are January 1. This is also the time to get going on the search for college scholarships. There will be a little time while you wait for decisions from the schools, but keep looking for scholarships and start thinking about the financial end of paying for college. A professional college financial aid advisor can guide you along each step of the way. For more information about maximizing financial aid, contact College Financial Aid Advisors (CFAA).