I bet you'll be surprised about how studentloans REALLY work. Here's what I mean.
On Monday, NY Attorney General Andrew Cuomo announced a settlement with the College Board over its former loan practices.
That's right, that's the same College Board that tortures high schoolers with the SAT, the CSS/Profile financial aid form and other familiar items. Apparently the Board was making money from sources otherthan test registration fees, like lending to students.
Attorney General Cuomo had a problem with the way in which the College Board was conducting this business.
Mario's Number One Son found that the College Board gave discounts to certain colleges, breaks related to prices paid by the financialaid offices for software and other services.
How did these colleges earn this special pricing from the College Board? By placing College Board loansin their list of recommended, or "preferred" lenders.
In other words, the College Board was alleged to have"bribed" (my word, not Cuomo's) these colleges into advertising the student loans offered by the College Board.
"Loans are hard enough to come by these days; thelast thing we need are deceitful arrangements likethis one that stand squarely in the way of students and parents getting the facts," said Cuomo.
And I bet you thought the company that issues the SAT was a non-profit or educational institution, right?
Nope, they're in business like everyone else involved in higher education. They're out to make a buck.
Not that there is anything wrong with that, of course. College Pete and I make a nice living advising parents of college-bound kids how to slash their college expenses. Everyone is entitled to make a few dollars (no matter who is President)!
The real issue is the deceptive manner in which the College Board, and the colleges themselves, allegedly made their money (they admitted no wrongdoing, not surprisingly).
When you go to apply to college, understand the main point made by this blog - that college is a BUSINESS.
This knowledge should effect almost everything you do regarding your student's college education, including where you apply for admission, how you apply for financial aid, how you apply for other scholarships and how you negotiate a financial aid award letter, among others.
If you don't understand this, you're setting yourself up to over-pay needlessly for your student's college education. You could be forcing your son or daughterto attend a "cheaper," less-desireable college than if you paid attention to the business of college.
This is exactly what we talk about in our free community workshops, "How to Pay for College Without GoingBroke or Raiding (what's left of) Your Retirement Savings."
Tonight's is sold out but we have a few more in Miami,Weston, Boca Raton and Parkland in the next 7 days.After that, it's too late - we shut down for the year.
The workshop is for parents of college-bound students. If you have a college-bound Senior, you're on life support if you haven't done anything to prepare for college costs. If you have a Junior, know that this is the most critical year for college funding purposes. If you have a Sophomore, everything he or she does now leads up to Junior year, the most important year of high school.
If you have a friend who's struggling with howto pay for college, send them a link to this post and tell them about our workshops in Miami, Boca,Weston or Parkland, too! They'll like this email better than a lump of coal in their stocking, promise!
Registration info is at:
http://www.CollegePlanningAdvice.com/events
Tuesday, December 9, 2008
Wednesday, October 15, 2008
The Surprising Reason High Income Earners Receive Thousands in College Financial Aid!
You will not believe this email, but bear with me.
"College Pete" and I constantly talk about howeven millionaires should apply for college financial aid, even if they think they won't qualify.
Before I get to the story I read today, let me give you a little background on college admissions. Background that you'll never hear anywhere else.
Are you familiar with US News and World Report? This magazine is at the top of the heap when it comes to ranking colleges and universities.
Many admissions heads obsess over their rankings, particularly the colleges in the fourth, third andeven second tiers, trying to figure out how to move up in rankings. Better rankings equals more applicants, more enrolled and the ability tocharge higher tuition and fees.
Like it or not, that's the way it is.
Many ambitious, upwardly-mobile colleges will do all sorts of things to improve their standing with US News. Some offer "bribes" to good students by way of merit scholarships to pry them away from Ivy League or other highly competive schools. This funding is doled out withoutregard to the family's financial picture. And it's heaped upon students with grades and scores that are not"Ivy-caliber", too!
Now check out what Baylor University did. Apparently,the SAT's of last year's incoming freshman classwas worse than that of the previous year. This would look bad in US News.
So Baylor did something creative to counter their impending drop in the rankings. They bribed their accepted, incomingfreshmen to re-take the SAT!
Yes, you read that right! Baylor offered a $300 book credit to any freshman who sat for the SAT again. And, if the student increased his or her score by 50 points, therewas another grand in it for them. About 177 qualified for even more scholarship funding.
Of course, Baylor denies that they created their SAT contest because of the US News rankings.
My point is the college financial aid game works in ways that non-insiders can't possibly understand. Even parents who make "deep" six figure, or higher, incomes can save thousands off college costs, if they know the rules ofthe game.
So take away two points from this post - do your research about what schools over this kind of aid (and what their standards are) and do NOT blow off applying for financial aid if you think you earn too much money, because you never know!
Best,
- Andy
P.S. Want more info on "How to Pay for College WithoutGoing Broke or Raiding What's Left of Your RetirementPortfolio?" We've got three more college funding workshops this month and they're than 77% booked up.
I ran last night's at Nova Southeastern and I counted only three available seats. Thank god we had 6 no-show families!"College Pete" is running one at the Posnack JCC in Davie, 6:15 and there are still 8 available slots. Then I'm doing workshops on Thursday night, 8:00 pm at the Weston Y and Saturday, 10:15 am at The Sagemont School, Upper Campus.
P.P.S. You can check availability and locations at:
http://www.CollegePlanningAdvice.com/events
or call 954.659.1234 ext. 201.
Andrew Lockwood, J.D.
College Planning Specialists of Florida, Inc.1825 Main SteetWeston, FL 33326
http://www.collegeplanningadvice.com/
954.659.1234
Co-author, "Never Pay Retail for College,"
Co-host, "The College Planning Power Hour"WFTL Sports, 1400 AM, ESPN Radio
"College Pete" and I constantly talk about howeven millionaires should apply for college financial aid, even if they think they won't qualify.
Before I get to the story I read today, let me give you a little background on college admissions. Background that you'll never hear anywhere else.
Are you familiar with US News and World Report? This magazine is at the top of the heap when it comes to ranking colleges and universities.
Many admissions heads obsess over their rankings, particularly the colleges in the fourth, third andeven second tiers, trying to figure out how to move up in rankings. Better rankings equals more applicants, more enrolled and the ability tocharge higher tuition and fees.
Like it or not, that's the way it is.
Many ambitious, upwardly-mobile colleges will do all sorts of things to improve their standing with US News. Some offer "bribes" to good students by way of merit scholarships to pry them away from Ivy League or other highly competive schools. This funding is doled out withoutregard to the family's financial picture. And it's heaped upon students with grades and scores that are not"Ivy-caliber", too!
Now check out what Baylor University did. Apparently,the SAT's of last year's incoming freshman classwas worse than that of the previous year. This would look bad in US News.
So Baylor did something creative to counter their impending drop in the rankings. They bribed their accepted, incomingfreshmen to re-take the SAT!
Yes, you read that right! Baylor offered a $300 book credit to any freshman who sat for the SAT again. And, if the student increased his or her score by 50 points, therewas another grand in it for them. About 177 qualified for even more scholarship funding.
Of course, Baylor denies that they created their SAT contest because of the US News rankings.
My point is the college financial aid game works in ways that non-insiders can't possibly understand. Even parents who make "deep" six figure, or higher, incomes can save thousands off college costs, if they know the rules ofthe game.
So take away two points from this post - do your research about what schools over this kind of aid (and what their standards are) and do NOT blow off applying for financial aid if you think you earn too much money, because you never know!
Best,
- Andy
P.S. Want more info on "How to Pay for College WithoutGoing Broke or Raiding What's Left of Your RetirementPortfolio?" We've got three more college funding workshops this month and they're than 77% booked up.
I ran last night's at Nova Southeastern and I counted only three available seats. Thank god we had 6 no-show families!"College Pete" is running one at the Posnack JCC in Davie, 6:15 and there are still 8 available slots. Then I'm doing workshops on Thursday night, 8:00 pm at the Weston Y and Saturday, 10:15 am at The Sagemont School, Upper Campus.
P.P.S. You can check availability and locations at:
http://www.CollegePlanningAdvice.com/events
or call 954.659.1234 ext. 201.
Andrew Lockwood, J.D.
College Planning Specialists of Florida, Inc.1825 Main SteetWeston, FL 33326
http://www.collegeplanningadvice.com/
954.659.1234
Co-author, "Never Pay Retail for College,"
Co-host, "The College Planning Power Hour"WFTL Sports, 1400 AM, ESPN Radio
Thursday, October 9, 2008
10 College Funding Mistakes to Avoid
Top 10 College Funding Mistakes Made By Parents of College-Bound Teens
By Andrew Lockwood, J.D., CollegePlanningAdvice.com
If you have a child applying to college, this is an exciting and stressful time for both of you. One of the most worrisome issues facing parents today is how to pay for a four year college or university. Fortunately, there is more than $137 Billion available from the Federal Government, the states, colleges and universities, private foundations and other organizations. Your challenge is to figure out how to access these funds.
Many families fail to take advantage of the numerous financial aid and other college cost cutting opportunities available. For the uninformed, ill-prepared family, the unfortunate results can range from being forced to take out high fee, high rate college loans, tapping equity built up in their homes or dipping into retirement savings. But with diligent research, you can significantly minimize or flat-out eliminate these undesirable outcomes.
To help navigate the overly complicated regulations of the Department of Education, I offer
“College Pete and Andy’s 10 College Funding Mistakes to Avoid.”
Mistake #1: Most middle and upper-middle class parents assume they won't be eligible for financial aid because they own a home and make more than $100,000, $150,000 or more per year.
Mistake #2: Focusing time and energy on a private scholarship search instead of spending time trying to qualify for “need-based” financial aid.
Mistake #3 - Assuming only minority students, athletes, and academically gifted students receive financial aid.
Mistake #4 – Applying to a college without regard to how their child’s high school record compares to the statistics of the existing student body of that college.
Mistake #5 – Blindly assuming that all colleges and universities have similar amounts of resources and will award the same scholarships, grants and other aid across the board.
Mistake #6 - Not understanding the difference between "included assets" and "exempt assets" for purposes of filling out financial aid forms.
Mistake #7 - Believing that it doesn't matter where they keep their money; it's all counted in the same way.
Mistake #8 – Believing their CPA or tax preparer is qualified to fill out financial aid forms.
Mistake #9 - Waiting until January, or worse, after January, of their child's senior year of high school to start working on your college financial aid planning.
Mistake #10 – Relying on their child’s college advisor, guidance counselor or BRACE Advisor for help with the financial aid process instead of consulting a specialist.
Andrew Lockwood is the co-founder of Weston-based College Planning Specialists of Florida. He and his partner, Peter “College Pete” Ratzan, co-authored the recently-released college funding book, Never Pay Retail for College. Lockwood and Ratzan conduct free college funding workshops, ”How to Pay for College Without Going Broke or Raiding Your Retirement Portfolio” throughout South Florida. For dates, times, locations and seating availability, visit www.CollegePlanningAdvice.com or call 954.659.1234 ext. 299.
By Andrew Lockwood, J.D., CollegePlanningAdvice.com
If you have a child applying to college, this is an exciting and stressful time for both of you. One of the most worrisome issues facing parents today is how to pay for a four year college or university. Fortunately, there is more than $137 Billion available from the Federal Government, the states, colleges and universities, private foundations and other organizations. Your challenge is to figure out how to access these funds.
Many families fail to take advantage of the numerous financial aid and other college cost cutting opportunities available. For the uninformed, ill-prepared family, the unfortunate results can range from being forced to take out high fee, high rate college loans, tapping equity built up in their homes or dipping into retirement savings. But with diligent research, you can significantly minimize or flat-out eliminate these undesirable outcomes.
To help navigate the overly complicated regulations of the Department of Education, I offer
“College Pete and Andy’s 10 College Funding Mistakes to Avoid.”
Mistake #1: Most middle and upper-middle class parents assume they won't be eligible for financial aid because they own a home and make more than $100,000, $150,000 or more per year.
Mistake #2: Focusing time and energy on a private scholarship search instead of spending time trying to qualify for “need-based” financial aid.
Mistake #3 - Assuming only minority students, athletes, and academically gifted students receive financial aid.
Mistake #4 – Applying to a college without regard to how their child’s high school record compares to the statistics of the existing student body of that college.
Mistake #5 – Blindly assuming that all colleges and universities have similar amounts of resources and will award the same scholarships, grants and other aid across the board.
Mistake #6 - Not understanding the difference between "included assets" and "exempt assets" for purposes of filling out financial aid forms.
Mistake #7 - Believing that it doesn't matter where they keep their money; it's all counted in the same way.
Mistake #8 – Believing their CPA or tax preparer is qualified to fill out financial aid forms.
Mistake #9 - Waiting until January, or worse, after January, of their child's senior year of high school to start working on your college financial aid planning.
Mistake #10 – Relying on their child’s college advisor, guidance counselor or BRACE Advisor for help with the financial aid process instead of consulting a specialist.
Andrew Lockwood is the co-founder of Weston-based College Planning Specialists of Florida. He and his partner, Peter “College Pete” Ratzan, co-authored the recently-released college funding book, Never Pay Retail for College. Lockwood and Ratzan conduct free college funding workshops, ”How to Pay for College Without Going Broke or Raiding Your Retirement Portfolio” throughout South Florida. For dates, times, locations and seating availability, visit www.CollegePlanningAdvice.com or call 954.659.1234 ext. 299.
Monday, September 22, 2008
What to do after you've submitted your financial aid application
"College Pete" here -
I had a student call me the other day, wondering how we might be able to assist her in finding a student loan to pay for her current tuition bill. This student attends a local private university, and fortunately for her she’s in her last year in college. Her EFC is under $2,000, and her FAFSA was filed way back in March.
The school had asked for Verification of her financial aid application. All this means is that the Financial Aid Office wants to actually see your tax returns for the Base Income Year (the year prior to high school graduation), as well as confirm your family information. She delayed in providing this info to the school by at least several weeks, and now, with her first tuition payment due within 30 days, the school’s financial aid office is saying that they are still processing her application and will notify her “soon” of her final award. Meanwhile, if she doesn’t pay her bill on time she will face a late penalty.
A few lessons from this situation:
1. If your EFC is below $4,000 you should fully expect that the school will ask for Verification. According to Sallie Mae, 30% of all FAFSA applications are randomly verified, but the rate for submissions with EFCs below $4,000 is dramatically higher. If you wish to receive any federal financial aid (i.e. grants, free money and even federal loans), verification must first be completed. Ignore the financial aid office’s requests at your own peril. This student should be eligible for a Pell Grant of as much as $4,000 per year or more. That’s money left on the table because she delayed in providing the verification forms to the school. And Pell Grant money is First In, First Out, so any delay endangers her likelihood for an award.
2. Financial aid goes to the student/family who continues to follow up on the application. Once the application is submitted, the family must contact the financial aid office to make sure they have everything they need. Financial Aid Officers deal with a ton of paperwork; you don’t want your file buried at the bottom of the pile.
3. Private student lenders continue to ditch the market, making it harder to find a student loan from a bank. Loans are still available from companies like Chase and Wells Fargo, but even these banks require more stringent credit ratings to get the best rates (5%), along with a co-sign.
By ignoring the Verification request from the financial aid office, this student has taken the process down to the wire, and as a result she may forfeit her Pell Grant. Her eventual financial aid package will likely include a loan, but it may not be processed in time to avoid the late penalty.
So make sure you submit your financial aid application early (FAFSA for 2009-10 opens on January 2) to qualify for maximum aid, be prepared for Verification because it might happen, and be sure to Bird-Dog your application once it has been submitted.
- Peter "College Pete" Ratzan
www.CollegePlanningAdvice.com
I had a student call me the other day, wondering how we might be able to assist her in finding a student loan to pay for her current tuition bill. This student attends a local private university, and fortunately for her she’s in her last year in college. Her EFC is under $2,000, and her FAFSA was filed way back in March.
The school had asked for Verification of her financial aid application. All this means is that the Financial Aid Office wants to actually see your tax returns for the Base Income Year (the year prior to high school graduation), as well as confirm your family information. She delayed in providing this info to the school by at least several weeks, and now, with her first tuition payment due within 30 days, the school’s financial aid office is saying that they are still processing her application and will notify her “soon” of her final award. Meanwhile, if she doesn’t pay her bill on time she will face a late penalty.
A few lessons from this situation:
1. If your EFC is below $4,000 you should fully expect that the school will ask for Verification. According to Sallie Mae, 30% of all FAFSA applications are randomly verified, but the rate for submissions with EFCs below $4,000 is dramatically higher. If you wish to receive any federal financial aid (i.e. grants, free money and even federal loans), verification must first be completed. Ignore the financial aid office’s requests at your own peril. This student should be eligible for a Pell Grant of as much as $4,000 per year or more. That’s money left on the table because she delayed in providing the verification forms to the school. And Pell Grant money is First In, First Out, so any delay endangers her likelihood for an award.
2. Financial aid goes to the student/family who continues to follow up on the application. Once the application is submitted, the family must contact the financial aid office to make sure they have everything they need. Financial Aid Officers deal with a ton of paperwork; you don’t want your file buried at the bottom of the pile.
3. Private student lenders continue to ditch the market, making it harder to find a student loan from a bank. Loans are still available from companies like Chase and Wells Fargo, but even these banks require more stringent credit ratings to get the best rates (5%), along with a co-sign.
By ignoring the Verification request from the financial aid office, this student has taken the process down to the wire, and as a result she may forfeit her Pell Grant. Her eventual financial aid package will likely include a loan, but it may not be processed in time to avoid the late penalty.
So make sure you submit your financial aid application early (FAFSA for 2009-10 opens on January 2) to qualify for maximum aid, be prepared for Verification because it might happen, and be sure to Bird-Dog your application once it has been submitted.
- Peter "College Pete" Ratzan
www.CollegePlanningAdvice.com
Monday, June 2, 2008
When the so-called "experts" like Kiplingers steer you wrong
I'm extremely irritated so I'll be quick with this post.
I see why so many parents never even bother
to apply for financial aid! 53% of all eligible families never even
bother to apply, according to the College Board.
Why? They're being told
that they make too much money by the so-called
experts - this is why I call 'em "schmexperts"!
Check out this clip. Some well-intentioned "friend"
of mine sent me a video from Kiplingers about
college financial aid.
This woman, Janet Bodnar, does a decent job
explaining why you may want to save in your
name, not your child's, but then she lets loose a
colossal, "gi-normous" 100% false statement:
If you make a lot of money, like more than a
hundred grand, you probably won't qualify for
aid!
Sweet mother of all things holy! How ridiculous is
she?
This video appeared in an article on MSN.com.
The article talks about how Harvard and Yale
are giving away money for parents making up
to 180K and 200K, respectively!!!
Hello?
This is what College Pete and I are talking about
when we tell you, don't listen to the
"schmexperts," listen to US. Our advice is
frequently 180 degrees opposite to your
typical trusted advisors, CPAs, guidance
counselors, BRACE Advisors, and now,
Kiplingers!
Our advice: EVERYONE should apply for
financial aid! Case in point - you can go to
Harvard (a $50,000 per year school,) for
$18,000!
OK, I'm done with my rant.
Later.
- Andy
P.S. If you want to watch this video, here's
the link to Weston's article:
http://articles.moneycentral.msn.com/CollegeAndFamily/CutCollegeCosts/GraduateFromHarvardDebtFree.aspx
(You may have to cut/paste all of the code intoyour browser - sometimes these links don't work.)
P.P.S. I don't want you to think that I have anything against Liz Pulliam Weston. I happen to think she's a solid journalist and find her columns to be on point, without exception.
I see why so many parents never even bother
to apply for financial aid! 53% of all eligible families never even
bother to apply, according to the College Board.
Why? They're being told
that they make too much money by the so-called
experts - this is why I call 'em "schmexperts"!
Check out this clip. Some well-intentioned "friend"
of mine sent me a video from Kiplingers about
college financial aid.
This woman, Janet Bodnar, does a decent job
explaining why you may want to save in your
name, not your child's, but then she lets loose a
colossal, "gi-normous" 100% false statement:
If you make a lot of money, like more than a
hundred grand, you probably won't qualify for
aid!
Sweet mother of all things holy! How ridiculous is
she?
This video appeared in an article on MSN.com.
The article talks about how Harvard and Yale
are giving away money for parents making up
to 180K and 200K, respectively!!!
Hello?
This is what College Pete and I are talking about
when we tell you, don't listen to the
"schmexperts," listen to US. Our advice is
frequently 180 degrees opposite to your
typical trusted advisors, CPAs, guidance
counselors, BRACE Advisors, and now,
Kiplingers!
Our advice: EVERYONE should apply for
financial aid! Case in point - you can go to
Harvard (a $50,000 per year school,) for
$18,000!
OK, I'm done with my rant.
Later.
- Andy
P.S. If you want to watch this video, here's
the link to Weston's article:
http://articles.moneycentral.msn.com/CollegeAndFamily/CutCollegeCosts/GraduateFromHarvardDebtFree.aspx
(You may have to cut/paste all of the code intoyour browser - sometimes these links don't work.)
P.P.S. I don't want you to think that I have anything against Liz Pulliam Weston. I happen to think she's a solid journalist and find her columns to be on point, without exception.
Monday, April 14, 2008
College Pete on AP exam tips
May is approaching, and that can mean only one thing.
Horse racing? NBA Playoffs? Mother’s Day? The answer is "yes" to each of those, but this piece will discuss something equally, if not more thrilling - AP Exams!
I’m not much of a horse guy although I do try and catch the Derby and Preakness each year. As for the NBA, the Heat’s playoff hopes departed long ago, around the same time Santa did, and besides the games begin way too late in the evening. As for Mother’s Day, it’s one of the most important calendar events, especially for Hallmark. Seriously, treat your Mom well (and your wife!), especially on Mother’s Day.
Why do I bring up all these distractions when our focus is on AP exams? Because it’s symbolic of the mentality that many students apply to the AP season and AP courses in general. An AP course is an opportunity for a student to not only boost his or her weighted GPA with a strong grade, but it’s also a way to earn college credit if (big IF) by scoring a 3, 4 or 5 on the AP exam in May.
Some students work hard all year long in an AP course and make all kinds of excuses to avoid taking the AP exam. Bad move! Admissions committees don’t like to see that. Other students don’t properly prepare for the exam because they’re distracted by other events like those mentioned above, not to mention Prom, end of school, spring football, cheerleader tryouts, senioritis, etc. If you’re a solid performer day-to-day in your AP class, you should be expected to earn a good grade on the exam. But this does not happen automatically. Instead it requires preparation.
Many AP teachers offer prep classes on weekends about one month prior to the exam date. Don’t miss these classes! If your teacher doesn’t do this, ask him to reconsider.
Andy and I always harp on families of college-bound kids to research how generous they are with their financial aid. You can save money through AP credits, too!
When selecting colleges and universities, be sure to research how they treat AP credits. Many schools will award actual credits toward graduation depending on your score, whereas others will allow the student to place out of entry-level courses. If it’s the former, then you can lower your total cost of attendance with a strong AP score. Some schools will only accept scores of 4 or 5, whereas others will accept a 3. This information is readily available on each school’s website.
Students should take advantage of the AP Program and its benefits. It pains me to see a student with excellent grades but no AP courses on his transcript. College admissions offices will view this student as an underachiever, one who does not rise to the challenge. On the flip side, some students overburden themselves with too many AP courses than they can handle, resulting in poor performance. Sometimes the school guidance offices encourage students to load up on APs, since AP enrollment looks good for the school. Earning a ‘C’ in an AP course is NOT like earning an ‘B’ in a regular course, even if the impact on your GPA is the same. If you cannot earn a ‘B’ or ‘A’ in an AP course, then you should not enroll in that class.
Final word: for those students taking AP exams in May, good luck! And just remember, no matter how well you do, your mother will still love you, so treat her well come Mother’s Day.
-Pete
P.S. We've got three workshops on "The Dirty Little Secrets About College Financial Aid" this week - Wednesday the 16th, Thursday the 17th and Saturday the 19th. The workshops are 100% free and teach you how to lower your out of pocket cost of college by thousands, if not tens of thousands of dollars per year! They are free but limited by room size, so register today online: http://www.CollegePlanningAdvice.com!
- Peter "College Pete" Ratzan
Horse racing? NBA Playoffs? Mother’s Day? The answer is "yes" to each of those, but this piece will discuss something equally, if not more thrilling - AP Exams!
I’m not much of a horse guy although I do try and catch the Derby and Preakness each year. As for the NBA, the Heat’s playoff hopes departed long ago, around the same time Santa did, and besides the games begin way too late in the evening. As for Mother’s Day, it’s one of the most important calendar events, especially for Hallmark. Seriously, treat your Mom well (and your wife!), especially on Mother’s Day.
Why do I bring up all these distractions when our focus is on AP exams? Because it’s symbolic of the mentality that many students apply to the AP season and AP courses in general. An AP course is an opportunity for a student to not only boost his or her weighted GPA with a strong grade, but it’s also a way to earn college credit if (big IF) by scoring a 3, 4 or 5 on the AP exam in May.
Some students work hard all year long in an AP course and make all kinds of excuses to avoid taking the AP exam. Bad move! Admissions committees don’t like to see that. Other students don’t properly prepare for the exam because they’re distracted by other events like those mentioned above, not to mention Prom, end of school, spring football, cheerleader tryouts, senioritis, etc. If you’re a solid performer day-to-day in your AP class, you should be expected to earn a good grade on the exam. But this does not happen automatically. Instead it requires preparation.
Many AP teachers offer prep classes on weekends about one month prior to the exam date. Don’t miss these classes! If your teacher doesn’t do this, ask him to reconsider.
Andy and I always harp on families of college-bound kids to research how generous they are with their financial aid. You can save money through AP credits, too!
When selecting colleges and universities, be sure to research how they treat AP credits. Many schools will award actual credits toward graduation depending on your score, whereas others will allow the student to place out of entry-level courses. If it’s the former, then you can lower your total cost of attendance with a strong AP score. Some schools will only accept scores of 4 or 5, whereas others will accept a 3. This information is readily available on each school’s website.
Students should take advantage of the AP Program and its benefits. It pains me to see a student with excellent grades but no AP courses on his transcript. College admissions offices will view this student as an underachiever, one who does not rise to the challenge. On the flip side, some students overburden themselves with too many AP courses than they can handle, resulting in poor performance. Sometimes the school guidance offices encourage students to load up on APs, since AP enrollment looks good for the school. Earning a ‘C’ in an AP course is NOT like earning an ‘B’ in a regular course, even if the impact on your GPA is the same. If you cannot earn a ‘B’ or ‘A’ in an AP course, then you should not enroll in that class.
Final word: for those students taking AP exams in May, good luck! And just remember, no matter how well you do, your mother will still love you, so treat her well come Mother’s Day.
-Pete
P.S. We've got three workshops on "The Dirty Little Secrets About College Financial Aid" this week - Wednesday the 16th, Thursday the 17th and Saturday the 19th. The workshops are 100% free and teach you how to lower your out of pocket cost of college by thousands, if not tens of thousands of dollars per year! They are free but limited by room size, so register today online: http://www.CollegePlanningAdvice.com!
- Peter "College Pete" Ratzan
Friday, April 11, 2008
It's money time for incoming college frosh
In financial aid, spring is "show me the money" season. College financial aid offices mail their award letters this time every year. If you're the parent of a college-bound student, try to fast forward two or three years to think about when you'll be in these shoes.
For incoming freshmen, the award letters can be the deciding factor in terms of where they end up in college. then, deposits are due by May 1. (For returning upperclassmen, this is the time to see how this year's award stacks up against last years, but I'm going to focus on incoming freshmen in this blog. )
So now is the time to analyze the offers. Be careful, particularly when it comes to "renewability." In other words, if you're awarded a grant or scholarship for your first year of college, understand what it takes (the minimum GPA) to receive that scholarship your sophomore, junior and senior years.
If you're offered loans, pay careful attention to the terms of each loan. Although reading these disclosures are not exactly riveting, it's important to understand exactly how the loan works - the rate, when can it adjust, how much it can adjust, is there any forgiveness or deferral option, etc.
Avoid unpleasant surprises by preparing years ahead of time. The best time to start your college planning is sophomore year of high school! Yes, sophomore year. This way, you'll be happy when you open your letters come spring of your senior year!
We offer free workshops that teach you "How to Pay for College Without Going Broke." Check out our dates/times/locations on our website:
www.CollegePlanningAdvice.com
For incoming freshmen, the award letters can be the deciding factor in terms of where they end up in college. then, deposits are due by May 1. (For returning upperclassmen, this is the time to see how this year's award stacks up against last years, but I'm going to focus on incoming freshmen in this blog. )
So now is the time to analyze the offers. Be careful, particularly when it comes to "renewability." In other words, if you're awarded a grant or scholarship for your first year of college, understand what it takes (the minimum GPA) to receive that scholarship your sophomore, junior and senior years.
If you're offered loans, pay careful attention to the terms of each loan. Although reading these disclosures are not exactly riveting, it's important to understand exactly how the loan works - the rate, when can it adjust, how much it can adjust, is there any forgiveness or deferral option, etc.
Avoid unpleasant surprises by preparing years ahead of time. The best time to start your college planning is sophomore year of high school! Yes, sophomore year. This way, you'll be happy when you open your letters come spring of your senior year!
We offer free workshops that teach you "How to Pay for College Without Going Broke." Check out our dates/times/locations on our website:
www.CollegePlanningAdvice.com
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