College funding is probably the most misunderstood aspect of financial planning overall. Poor planning results in excessive loans that need to be repaid. Many families contribute their hard earned dollars unnecessarily when the college their choice would have been willing to pay for the education out of their endowment fund. These lost dollars could have been used for future retirement plans or vacations, a second home or a first home for the student.
Sources of Financial Aids
Financial aid is money obtained through sources other than your family’s and your own financial resources to help pay for your education beyond high school. There are many kinds of financial aid. Grants, loans, work-study, awards, scholarship, gifts, veteran benefits, and employer-based tuition reimbursement programs are all forms of financial aid. The sources could come from federal and state, individual college, private non-profit organization, and commercial lenders.
When considering financial aid, keep in mind two categories: Need-Based and Merit Based (Talent Based). The need-based financing is determined by the household income and in contrast, the merit-based scholarships are independent of your household financing capabilities.
Watch Out the Deadline!
Establishing early communication with your financial aid administrator is advised for several reasons. You can ask questions, express preferences, and learn about any innovative tuition and aid programs the school may offer. During your campus visit, you may want to ask questions to the financial aid officer to find out more information on how their school gives rewards. By doing so, you also make yourself known to the school. Most importantly, be aware of application deadlines, for state and college-based programs can fall very early in the year.
Can't Afford Expensive School??
Do not make the mistake of limiting yourself to less expensive schools based only on what you think your family can afford. The difference between what your family can contribute towards your higher education and the cost of attendance at a particular school will determine your financial need and, therefore greatly the financial aid package offered to you. Plan to diligently pursue every avenue of financial aid you discover, and dig hard for those resources.
Tuesday, April 14, 2009
Monday, April 13, 2009
Secret Source Of Income For Colleges
Colleges earn millions of dollars each year, not through tuition and fees, but through investments. This source of income is independent of their student population. The monies used to make these investments come from gifts given by Alumni and Corporations called “endowment”. The colleges are not taxed on the substantial income they earn from those tax-deductible gifts and they often have discretion on how these endowment funds are used.
Colleges control 95% of all monies available for financial aid, or $42 to $60 BILLION per year. Colleges use these monies to “buy” the students they want to recruit based on their needs. Surprisingly, PRIVATE colleges can cost less than PUBLIC schools, if you know how to approach them.
Preferential packing is a more polite term for buying freshman. The students who are most attractive to a college get the best financial aid package, or they receive more grants and free money verses less loans and work-study. In a survey by National Association of College Admission Counselors (http://www.nacacnet.org), 54 % of the colleges that responded say that use preferential packing.
Colleges control 95% of all monies available for financial aid, or $42 to $60 BILLION per year. Colleges use these monies to “buy” the students they want to recruit based on their needs. Surprisingly, PRIVATE colleges can cost less than PUBLIC schools, if you know how to approach them.
Preferential packing is a more polite term for buying freshman. The students who are most attractive to a college get the best financial aid package, or they receive more grants and free money verses less loans and work-study. In a survey by National Association of College Admission Counselors (http://www.nacacnet.org), 54 % of the colleges that responded say that use preferential packing.
Inside Story Of The College Admission Process
Unknown to parents and students, college accept more students than they can admit. After the school notifies the accepted students, the college uses financial aid package to try to entice the applicants the college wants most.
Scoring System
Colleges use a scoring system to rate their applicants for admission and for financial aid. If your total score is above a certain level, you are automatically accepted. If your score is too low, you are declined admission. Most students are in the middle so their applications go to the admission committee for a decision. The higher you are on the college’s priority list, the more money they will be to pay you to attend.
The Factor Of Student Body
Colleges like the diversity of their student body. The diversity can take many forms such as racial, ethic, geographic , economic and even gender. For example, a college may have a gender-balance policy that states that neither sex can be more than 58% of the student body. This standard must be met each year. Therefore, in order to meet the requirement of the policy, colleges “recruit” or “bid” for the student from higher income/net worth families.
So it is possible that a student with lower academics qualifications can receive more gift-aid than other applicants who have higher academic ratings.
Flag Factor That Opens Many A College’s Door To An Applicant, But Who Receive It?
A “flag” is a positive mark added to a student’s admission application to indicate that he/she is of special interest to the college.
Children of alumni get flags; these are known as legacies. The size of their advantage usually is measured by the parent’s generosity to the school. Students with special talents get flags. Under-represented minorities receive flags.
Once the application is flagged, it is removed from the common pool of applications for consideration on a separate basis. Hence, it becomes important to distinguish yourselves from your peer applicants.
Scoring System
Colleges use a scoring system to rate their applicants for admission and for financial aid. If your total score is above a certain level, you are automatically accepted. If your score is too low, you are declined admission. Most students are in the middle so their applications go to the admission committee for a decision. The higher you are on the college’s priority list, the more money they will be to pay you to attend.
The Factor Of Student Body
Colleges like the diversity of their student body. The diversity can take many forms such as racial, ethic, geographic , economic and even gender. For example, a college may have a gender-balance policy that states that neither sex can be more than 58% of the student body. This standard must be met each year. Therefore, in order to meet the requirement of the policy, colleges “recruit” or “bid” for the student from higher income/net worth families.
So it is possible that a student with lower academics qualifications can receive more gift-aid than other applicants who have higher academic ratings.
Flag Factor That Opens Many A College’s Door To An Applicant, But Who Receive It?
A “flag” is a positive mark added to a student’s admission application to indicate that he/she is of special interest to the college.
Children of alumni get flags; these are known as legacies. The size of their advantage usually is measured by the parent’s generosity to the school. Students with special talents get flags. Under-represented minorities receive flags.
Once the application is flagged, it is removed from the common pool of applications for consideration on a separate basis. Hence, it becomes important to distinguish yourselves from your peer applicants.
Students And Parents Must Know!!!--Your College Profile
Imagine you are the admissions officer of a college. During the fall you receive thousands of applications from potential students all over the country and world. How do you sort them out? Which students will be the best fir? Which students will excel? Who in that stack of applications will go on to be successful? The admissions officer has to decide which students will be accepted or denied and it’s not an easy job at all!
Your job is to make the decision of the admission officers easy by setting yourself apart from all your peers. Your college profile is the term we use to signify your work-in-progress of creating your marketability to colleges. It is your opportunity in the middle school and high school years to make your profile so unique that you will be sought after by colleges.
Your college profile will later become your resume of achievement by which the college will judge you. The higher up you are, the more financial aid your college of choice will be to offer.
Your job is to make the decision of the admission officers easy by setting yourself apart from all your peers. Your college profile is the term we use to signify your work-in-progress of creating your marketability to colleges. It is your opportunity in the middle school and high school years to make your profile so unique that you will be sought after by colleges.
Your college profile will later become your resume of achievement by which the college will judge you. The higher up you are, the more financial aid your college of choice will be to offer.
Choosing Extra-curricular Activities That Reflect Leadership
Extracurricular And Academics Activities, Two Major Components Affecting Your College Profile
Colleges are looking for students that are participating in the events around them. The more interesting person you become by participating in activities, the more the colleges you select will realize that they have a gem and will want to have you on campus. When they see that you contribute to your community, they believe that you will contribute to their school-now and in the future.
There are countless extracurricular activities (ECAs). Your school is for many the first place to look for activities. Consider joining a debate club or drama program. Sports are a great avenue to build team skills. Cheerleading is an excellent extracurricular activity. Try to get involved in your student council. Learn to play an instrument. Excel at what you do!
Each community or religious organizations offer many chances to volunteer. One can become a youth leader by joining Martial Arts programs or young professional group in your community.
Colleges like to see individuals who have experience in the job market. An employment record shows dedication and commitment. It also indicates that you have some “real world” experience and know what the value of the dollars is. These commitments develop work ethics that universities love to see
Colleges are looking for students that are participating in the events around them. The more interesting person you become by participating in activities, the more the colleges you select will realize that they have a gem and will want to have you on campus. When they see that you contribute to your community, they believe that you will contribute to their school-now and in the future.
There are countless extracurricular activities (ECAs). Your school is for many the first place to look for activities. Consider joining a debate club or drama program. Sports are a great avenue to build team skills. Cheerleading is an excellent extracurricular activity. Try to get involved in your student council. Learn to play an instrument. Excel at what you do!
Each community or religious organizations offer many chances to volunteer. One can become a youth leader by joining Martial Arts programs or young professional group in your community.
Colleges like to see individuals who have experience in the job market. An employment record shows dedication and commitment. It also indicates that you have some “real world” experience and know what the value of the dollars is. These commitments develop work ethics that universities love to see
Academics: Three Especially Important Areas
Colleges and universities have a responsibility to themselves and to you to determine whether there is a reasonable probability that you could be academically successful if you were a student at their institution. Therefore, colleges and universities need your academic information for your application for admission. Three areas are especially important:
1. The courses that you took in high school
2. The grades that you received in those course (GPA)
3. Your SAT and/or ACT, which indicate your ability to do college level work
This next statement may surprise you: At most colleges, your test performance is not the most important consideration in the admission decision. Rather, it is your GPA. College admissions people know from their experiences that your GPA is a much better predictor than SAT/ACT scores of how you will do academically in college.
Other requirements also include recommendations from people who know you, a personal essay, and an interview with someone on the staff of the institution. Community service and special talents count too.
The SAT is the scholastic aptitude test that was developed by the college entrance examination board. The SAT is a multiple choice test that consists of three sections: Critical Reading, Mathematics and Writing. The SAT is a three hour forty-five minute test and is scored on a scale of 200-800 per section. It is administered throughout the year. The SAT should be taken at the end of the student’s junior year and/or early in the senior year that will maximize the possible score and be considered for admission to competitive colleges. Students may take the SAT more than once. The highest score of any given section will be the score taken and submitted to your college.
There are college entrance tests known as the SATII. These subject-tests focus on particular knowledge and mastery of a given area. The five main areas are Languages, English, Mathematics, History and Social Studies, and Science. Often colleges use these for course placement and may give you credits for demonstrating your expertise.
The ACT is the American College Test, developed by the American College Testing Program. The ACT is a multiple-choice test that consists of four sections: English, Mathematics, Reading and Science and an optional writing section.
Whereas the SAT exam assesses basic thinking and reasoning abilities, the ACT content relates more closely to major areas of curricular instruction. It is not an aptitude test.
The Act is a four-part, two hour and fifty-five minute test with the highest score being 36. The ACT should be taken at the end of the student’s junior year and /or early in the senior year in order to meet the deadlines of many college scholarship programs. Like SATI, this test can be taken more than once and the highest score counts.
Free Resources For Preparation Of SAT/ACT
“Preparing for the ACT Assessment” and “Bulletin for the SAT Program” are two publications for students who are preparing for college-entrance test. These are available free of charge in high school guidance and counseling office. You can also purchase books or take classes; some of these cost money and can be very expensive.
Eagleview Foundation, partnering with Circle Of Neighbors, provides affordable tools to the students to be as successful as possible with their entrance exams. In the test gear provided by the program, students are recommended to take their practice tests. Then with the study guide, students can target the weak areas and work on that part. Specialists from Eagleview Foundation of College Admission & Funding do not recommend students to prepare the entrance exam at the last moment. This is best done over a longer period of time.
Community and Junior Colleges generally do not require these exams as part of the application process, but they encourage their applicants to take them, because scores are very helpful in course placement and in the advertising process.
Nonetheless, you want your college profile to radiate leadership and confidence through the proof of grade/test scores and the extra-curricular activities you are involved. Remember, the colleges you apply to want to see that you can stick with a project and provide leadership.
1. The courses that you took in high school
2. The grades that you received in those course (GPA)
3. Your SAT and/or ACT, which indicate your ability to do college level work
This next statement may surprise you: At most colleges, your test performance is not the most important consideration in the admission decision. Rather, it is your GPA. College admissions people know from their experiences that your GPA is a much better predictor than SAT/ACT scores of how you will do academically in college.
Other requirements also include recommendations from people who know you, a personal essay, and an interview with someone on the staff of the institution. Community service and special talents count too.
The SAT is the scholastic aptitude test that was developed by the college entrance examination board. The SAT is a multiple choice test that consists of three sections: Critical Reading, Mathematics and Writing. The SAT is a three hour forty-five minute test and is scored on a scale of 200-800 per section. It is administered throughout the year. The SAT should be taken at the end of the student’s junior year and/or early in the senior year that will maximize the possible score and be considered for admission to competitive colleges. Students may take the SAT more than once. The highest score of any given section will be the score taken and submitted to your college.
There are college entrance tests known as the SATII. These subject-tests focus on particular knowledge and mastery of a given area. The five main areas are Languages, English, Mathematics, History and Social Studies, and Science. Often colleges use these for course placement and may give you credits for demonstrating your expertise.
The ACT is the American College Test, developed by the American College Testing Program. The ACT is a multiple-choice test that consists of four sections: English, Mathematics, Reading and Science and an optional writing section.
Whereas the SAT exam assesses basic thinking and reasoning abilities, the ACT content relates more closely to major areas of curricular instruction. It is not an aptitude test.
The Act is a four-part, two hour and fifty-five minute test with the highest score being 36. The ACT should be taken at the end of the student’s junior year and /or early in the senior year in order to meet the deadlines of many college scholarship programs. Like SATI, this test can be taken more than once and the highest score counts.
Free Resources For Preparation Of SAT/ACT
“Preparing for the ACT Assessment” and “Bulletin for the SAT Program” are two publications for students who are preparing for college-entrance test. These are available free of charge in high school guidance and counseling office. You can also purchase books or take classes; some of these cost money and can be very expensive.
Eagleview Foundation, partnering with Circle Of Neighbors, provides affordable tools to the students to be as successful as possible with their entrance exams. In the test gear provided by the program, students are recommended to take their practice tests. Then with the study guide, students can target the weak areas and work on that part. Specialists from Eagleview Foundation of College Admission & Funding do not recommend students to prepare the entrance exam at the last moment. This is best done over a longer period of time.
Community and Junior Colleges generally do not require these exams as part of the application process, but they encourage their applicants to take them, because scores are very helpful in course placement and in the advertising process.
Nonetheless, you want your college profile to radiate leadership and confidence through the proof of grade/test scores and the extra-curricular activities you are involved. Remember, the colleges you apply to want to see that you can stick with a project and provide leadership.
Top 10 Jobs That Relate To Your Career Planning
Choosing a career path is one of the most important decisions that students face today. Lack of planning forces many students into a five or six year college degree. A wise and well-planned decision can lead to rewarding occupational experiences, opportunity for personal growth and the security of adequate income. It will also allow the family to maximize their educational investment in the student.
Unfortunately, many individuals are not satisfied with their occupation. It may take courage to ask yourself what is that you really, really want to do.
According to U.S. Bureau of Labor Statistics of 2006 to 2016, the projected percentages of growth of top 10 fields are:
53.4%--network systems and data communication analyst
50.6%--personal and home care aides
48.7%--home health aides
44.6%--computer software engineers
41%--veterinary
41%--personal financial advisers
39.8%--theatrical makeup artists
35.4%--medical assistants
35%--veterinarians
34.3%--substance abuse/behavioral disorder counselors
Other books to consider for further research into your career/major interest(s) are:
1. College Career, by J.S. Mitchell: The College Board
2. 100 Best Careers for the Year 2000, by S. Field: Prentice Hall
3. Need A Lift? Published and produced by the American Legion
4. The Encyclopedia of Career and Vocational Guidance, W. E. Hopke, Ferguson Pub.
5. Professional Careers Sourcebook, K. M. Savage: Gale Research
6. Occupational Outlook Handbook, U. S. Department of Labor: U. S. Govt. Printing Office
For members with Eagleview Foundation and Circle Of Neighbors, please go to the member login area and select “Career Exploration” to find out your interest and the job outlook in order to help you select your major.
Unfortunately, many individuals are not satisfied with their occupation. It may take courage to ask yourself what is that you really, really want to do.
According to U.S. Bureau of Labor Statistics of 2006 to 2016, the projected percentages of growth of top 10 fields are:
53.4%--network systems and data communication analyst
50.6%--personal and home care aides
48.7%--home health aides
44.6%--computer software engineers
41%--veterinary
41%--personal financial advisers
39.8%--theatrical makeup artists
35.4%--medical assistants
35%--veterinarians
34.3%--substance abuse/behavioral disorder counselors
Other books to consider for further research into your career/major interest(s) are:
1. College Career, by J.S. Mitchell: The College Board
2. 100 Best Careers for the Year 2000, by S. Field: Prentice Hall
3. Need A Lift? Published and produced by the American Legion
4. The Encyclopedia of Career and Vocational Guidance, W. E. Hopke, Ferguson Pub.
5. Professional Careers Sourcebook, K. M. Savage: Gale Research
6. Occupational Outlook Handbook, U. S. Department of Labor: U. S. Govt. Printing Office
For members with Eagleview Foundation and Circle Of Neighbors, please go to the member login area and select “Career Exploration” to find out your interest and the job outlook in order to help you select your major.
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