Ten College Planning Tips For Tough Economic Times

I’ve received a number of questions from readers, clients, and friends about how to navigate the college admissions and financial aid process in tough economic times.  By far the biggest worry on everyone’s mind is finding the resources to pay for college.

 

In some ways we have a perfect storm a-brewing.  As personal savings and college funds shrink, colleges are tightening their belts, and are likely to be stingy with financial aid.

 

So where does that leave the student who will graduate this spring or next?  What strategies does he or she pursue in order to get the best education at the best price?

 

Here are ten tips for weathering this storm.

 

1.  Don’t panic.  Keep a cool head.  Do your homework.  Get help, if you need it.  While the statistics look bleak, you are not a statistic.  Use every resource at your disposal to plan, prepare, and get the best deal for yourself.

2.  Whether the market is up or down, good students always have more options than poor students. Good students with good grades and good test scores should not dampen their ambition or lower their sights.

3.  Remember that if your assets and income have gone down, your federally-calculated financial need will go up.  Come January, you will complete the FAFSA forms, which will calculate your family’s “Estimated Financial Contribution” or EFC.  This is the amount the government calculates that you should be able to pay toward a college education–given your financial picture today.

4.  Pay close attention to financial aid statistics reported by colleges, with special emphasis on the percentage of financial need that college has met in the past.  Even in good financial times, many colleges have been unable to meet all of their student’s financial need with the usual combination of grants, work study jobs, and federal loans.  Most rich, well-endowed colleges and universities can meet 100% of their students’ financial need.  But some colleges have met only 80% or 65% or less of their students’ needs.  These are the colleges that have relied heavily upon the willingness of students and families to take out huge loans on the private markets.  As these loan markets have dried up, these colleges are the most panicked by the economic downturn.  Yet even financially strapped colleges may offer big bargains to some students (see tip #6 below).

5.  Redefine what a “stretch” or “reach” college will be for you.  It’s not simply about getting accepted to college–it’s about being able to pay for it.  The tougher it is for you to gain admission, the less likely you will receive adequate financial aid to attend that same school.

6. Develop a “top 25%” strategy that will help increase the likelihood you will get the aid you need.  While there is a great deal of variation in financial aid policies, most colleges shower their best financial aid packages on those students in the top 25% of their incoming class. Colleges routinely report the average ACT or SAT test scores by identifying the “middle 50 percent” range of scores of admitted students.  So if  Elmer Fudd College reports an middle 50% ACT range of 22 to 26, this means 25% of students scored lower than 22, and another 25% scored 27 or higher.   An applicant to Elmer Fudd College with an ACT of 29 has a much better chance of receiving a solid financial aid package than the applicant with a 22.

7.  Remember that not all debt is bad debt.  Racking up tens of thousands of dollars on a credit card is not the same as taking out a Stafford loan.  The former is a drag on current and future spending, and high interest rates on credit cards lead to wrack and ruin.  But a student loan is an investment in your future.  The relatively low interest rate on these loans will allow you to increase your earning potential tomorrow by making it possible to get a good education today.  The average student loan debt for graduating college senior is about $20,000, which is an acceptable amount for most students.

8.  If you plan to take out a loan to partially finance an education, start shopping for that loan now.  Do not wait until admissions decisions are made. Learn what loans are available (or not) so that you can make a realistic plan for how much you can borrow.  This knowledge will make it easier to compare financial aid packages later when they are finally announced.

9.  Don’t assume that your in-state colleges and universities offer you the best deal. As an example, see my post here about cost comparisons for a Colorado student considering University of Colorado vs. Montana State University or the University of Wyoming.

10.  Students with less-than-stellar academic records in high school should consider getting their start at community colleges.  Most states now have guaranteed transfer agreements between their community colleges and flagship universities.  Go to community college, pay less, do well–and you can still graduate from a top-notch university.  In fact, you have a better chance of getting accepted as a transfer if you do well in those general education courses at the community college.

 

Mark Montgomery

Educational Consultant

 

 

 

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Carnival of College Admission–Fab Four Edition

We’ve come to the Fabulous Fourth Edition of the Carnival of College Admission.  And what better way to celebrate than to bring the original Fab Four to help us sing their classic songs?  So join in the Sing-A-Long as we present the Beatles’ Greatest College Admission Hits.


COLLEGE ADMISSIONS

Got To Get You Into My Life:  Andy Burns, the director of admission of Fort Lewis College, shares his post, A Holistic Review Process, which appears on his blog, Transitioning to College.


The Long and Winding Road:  Admissions consultant Todd Johnson presents How Long Does it Take to Graduate from College? posted at College Admissions Counseling.  The answer:  longer than most parents bargained for!


I’ve Just Seen a Face:  Tom Williams presents Facebook Fiasco – how to turn negative into positive posted at InnoGage. Tom provides an Interesting case study about handling a Facebook disaster. Many colleges are afraid of Facebook. Tom is trying to help dispel that fear and he sees it as an amazing admissions tool.


Do You Want To Know a Secret?:  Gregg Cohen of Campus Bound blogs for the Upromise community, and he shares his thoughts on College Rankings – Can you trust them? posted in Upromise community blog.  His answer?  Not much.  Better to start with a look inside yourself, and a think about what is best for you.


I Should Have Known Better:  Kate Scozzaro, a student blogger for the unbiased online college matching site, myUsearch , discusses all of the things she wishes she would have considered when choosing a college in her post Things I Forgot to Ask When Choosing a College .


With A Little Help From My Friends:  Gina LaGuardia presents How Seriously Should You Consider Student Reviews of Colleges? posted at College – U. Got It? The answer?  Student reviews can be fun and titillating, but you need to be very careful in judging whether to trust them.


I’ll Be On My Way:  Khan presents Benefits of Choosing a Career and Technical School posted at Higher Education Blog.


Here, There, and Everywhere: Larry Ferlazzo presents The Best Sites For Encouraging ELL’s To Attend College | Larry Ferlazzo’s Websites of the Day… posted at Larry Ferlazzo’s Websites of the Day….  This is a very thoughtful post with good recommendations.


Ticket to Ride:  College Degrees presents Foreign Credentials Evaluations: What Diplomas Make the Grade? posted at The Degree People.  This is a helpful post for student from other countries who hope to study in the United States.


BOARDING SCHOOLS

Tell Me What You See: Peter Baron presents Perception vs the Reality of the Boarding School Experience posted at onBoarding Schools.  It’s an interesting little article by a mother who examines some of the reasons families choose to send their students to boarding school–or, choose not to.  As in so many other aspects of life, we often rush to judgment without gathering solid information ourselves.


FINANCIAL AID

Can’t Buy Me Love:  O. Daille Nation-Ashley presents Financial Aid for International Students posted at CEOmum – Parenting is a Full Time Job.  This is a wonderful resource that carefully explains the ways in which applications for financial aid are different for students who are neither citizens nor permanent residents of the United States.


Baby You’re a Rich Man:  The Editors of Financial-Aid-Resource-Center.com presents College Savings Plan posted at Financial Aid Blog.  Still uncertain as to what a 529 is?  Get some clarity!


SCHOLARSHIPS

You Never Give Me Your Money: Chris presents $2000 College Scholarship for Student Bloggers posted at Dorm Room Biz.  All you student bloggers should take note–could be an easy road to 2 Gs.


COLLEGE LIFE

I’m Happy Just to Dance with You:  Ali Hale, the Alpha Student, reminds us that even though it might not feel like it, your teens and twenties are the time of your life when you’ll have the most freedom and energy! Get as much out of your university years as you can, by seizing opportunities while you’re still young.  Read her post Being young – make the most of it.


Glass Onion:  Shae shares a post about why meat eaters should consider eating vegetarian while in college.  Read all Shae’s collegiate culinary advice at The Collegiate Gourmet.  She explores both the philosophy and the practicalities of becoming a vegetarian…or even a “partial vegetarian.” 


Tomorrow Never Knows:  Dawn Papandrea presents Before They Were Stars, They Were Students posted at CollegeSurfing Insider. There’s much to be said about fame and fortune, but it’s not very often that we talk about the hard work required to get to that point. For many success stories in various industries, that hard work begins in the college classroom.


Student blogger Jennifer Himottu at Worcester Polytechnic Institute (WPI) brags about (complains about?) how her college not only sets students up student for financial success after college, but also provides students with a seemingly endless supply of T-shirts.  Check out her blog at from the WPI website.


You Can’t Do That:  MBB presents College Students and The Lure Of Campus Student Credit Cards posted at Money Blue Book.  Credit cards can be helpful, but they can also become an albatross. This is a great post to help you think about using credit responsibly.


It’s All Too Much:  Alvaro Fernandez presents Memory Problems? Perhaps you are Multi-tasking posted at SharpBrains: Your Window into the Brain Fitness Revolution.


OTHER COOL STUFF

Eleanor Rigby:  Cranky presents Crazy Eyes, one of a series of posts about the nutty professors at Cranky’s college. Read the rest of Cranky’s posts at The Cranky Professor.  If I had Crazy Eyes for a prof, I’d likely be weirded out.


Everybody’s Got Something To Hide Except Me and My Monkey:  Cranky also offers us Professor Playboy. The things you don’t know about your professors! , another profile of one of her oddball colleagues at The Cranky Professor.  Your professor may seem conventional enough in his tweed jacket.  But underneath that nerdy exterior is a hunk of burning love, baby!


There’s A Place:  Dave Van de Walle presents uSphere jumps on the Presidential Bandwagon with (selected) Alma Maters of the Presidents posted at U Sphere Blog.


Well, that wraps up the Fab Four edition of the Carnival of College Admission.  Please join us for the next edition, which will appear on November 26th, just in time for Turkey Day.  If you’d like to contribute to the next edition, use our handy-dandy submission form . Or you may want to check out our archives.


And if you’d like to host, please let me know! Ob-La-Di-Bla-Da!


Mark Montgomery

Educational Consultant

GreatCollegeAdvice.com


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The Credit Crunch and Financial Aid: What Will It Mean for College Admissions?

The press is full of startling articles about the impact of the economic downturn on financial aid.  For example, George Washington University is likely to transfer a portion of its financial aid budget for next year to students currently enrolled.  The private university fears that a significant portion of its student may have to leave before finishing their degrees because families’ savings have been decimated by the market plunge.

This fear is justifiable.  During a recent visit to the University of San Diego, I noticed that the front page of the student newspaper, The Vista, included a lengthy feature about USD students who were worried they might have to withdraw because their parents could no longer afford to pay their tuition bills.

Other examples abound.  According to an article on the KOMU website (a Missouri television station affiliated with the University of Missouri), more students are choosing to live at home to economize.  Even with the high cost of gas, students can save money by commuting, rather than living in the dormitories.  At Mizzou, for example, room and board can cost $7500, which is about the cost of an entire year’s tuition.

The Miami Herald also ran a recent story about a student who dreamed of attending Bennington College in Vermont (with a tuition sticker price of a whopping $49,000 per year), but who will likely end up attending a state institution in Florida.

The National Association of Independent Colleges and Universities (NAICU) conducted a survey of member institutions in September 2008, and reported the following findings.

While there was no widespread student loan crisis through September, there were multiple instances of students taking time off of school, switching to part-time status, and turning to alternative forms of financial support than reported in NAICU’s March survey.  There was a considerable amount of behind-the-scenes scrambling by private colleges to keep loan capital flowing to their students.

But what these financial difficulties mean for admissions offices?  Clearly financial aid budgets will be constrained, especially if other colleges like George Washington University move funds to support students already enrolled.  Fewer financial aid dollars will remain to support incoming freshmen.

So what does all this mean for students and parents who are in the midst of the admissions cycle? While it’s impossible to make too many assumptions at this point, here are a few possible effects.


1. Fewer colleges will be able to make a legitimate promise not to consider financial need in the admission process. Many colleges and universities claim that their admissions processes are “need blind” (though very few really are:  financial need always enters the admissions process in one way or another).  This year, admissions offices will be more aware of financial need than in the recent past.

2. Students whose families can pay the full cost of tuition will likely have an advantage in the admissions process, while students who must depend on merit aid and other grants to attend will find their aid packages insufficient to allow them to attend.

3. Full-pay students whose academic profile (high school grades and test scores) place them below the historical institutional averages may find that they have a better chance of admission this year than last.

4. As a result, colleges may see an erosion of their admissions statistics.  For example, at George Washington University, the average SAT has been 640, and the average ACT has been about 28.  This year, in order to make its budget and attract enough paying students, GWU may have to lower its standards a bit to ensure a full incoming freshman class.  One could foresee, for example, GWU’s average GPA falling by one or two tenths, and its average SAT declining by 50 to 70 points, and its average ACT falling by a point or two.

5. State institutions may actually become more competitive, as the number of applications to in-state public universities soars.  Fearing that more students than usual will accept offers of admission—which could result in overcrowding—admissions offices at public universities may accept a smaller percentage of applicants at first, and then use their waiting lists just in case they miscalculate their yield rates.

6. Waiting lists may be longer at private universities.  Admissions and financial aid officers will watch their yield rate carefully from April to May.  If more accepted students decline offers of admission than in the past, we can expect colleges turn to their waiting lists in order to fill their class and make their budget.  And financial aid packages are always much less for students pulled from the waiting list.

7. With fewer grant dollars (or “discounts”) available, more students may find that their financial aid package includes more loans than they might have received in the past.  This is somewhat paradoxical, given that fewer student loans may be available from private institutions (federal loans are still available, but the amounts are capped).

8. Financial aid offices are unlikely to be able to meet as much demonstrated need as in the past.  (Recall that a family’s “demonstrated need” is the difference between the cost of attendance and the “expected family contribution,” or EFC, as calculated by the Federal government on the FAFSA).  For example, GWU has met about 90% of demonstrated need in the recent past.  In the coming year, GWU may meet only 70-80% of need—or less—depending on how much financial aid money it has to move to subsidize students currently enrolled.


Of course, it’s difficult to prognosticate.  But given the buzz in the higher education press and my understanding of the university budgeting and admissions processes, we can certainly deduce that this year will be a wild one for high school seniors and their families.  And it will also be a wild one for admissions and financial aid offices around the country as we all adjust to a new economic landscape.


Mark Montgomery

College Counselor in Colorado





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Falling Stock Markets and College Budgets: Mergers & Bankruptcies on the Horizon?

Forbes posted an article on October 22, foretelling hard times in the country’s higher education industry.  With falling stockmarkets, declining endowments, and some colleges having loaded up with debt in the past decade or so, the article predicts that some colleges may be swallowed up by financially stronger competitors, or will at the very least face some very tough financial difficulties in the next few years.


The evidence is a September 2008 study by the National Association of Independent Colleges and Universities, in which one-third of the 504 member institutions surveyed indicated that the credit crunch had hurt enrollment.  About 20%  of respondents said they had fewer returning students than expected, and roughly the same number said they had a smaller incoming freshman class than expected.


Clearly the credit crunch is hurting individual families, and economic logic would have it that these individual decisions will have an impact on the higher education industry, as demand falls for high-priced tuition at private colleges and universities. I’ll have more thoughts on that story later this week.


As demand falls, some colleges that were not as conservative with their investments and did not leverage their future in favor of immediate gratification may begin to feel the financial pinch.  Moody’s is watching college budgets and investments carefully, and according to an article in the Chronicle of Higher Education, three colleges are on a “watch list” to have their bond ratings downgraded. The colleges in question are Simmons College, Franklin Pierce University, and Suffolk University.


Many other colleges will feel some pain.  But, as I said in an earlier post, most colleges have acted more like the pecunious ant than the spendthrift grasshopper.  The report from Moody’s bears this out, as seen from this quotation from the Chronicle article:

In its report, Moody’s said that the “overwhelming majority” of colleges have dealt with the freeze with “only minor budgetary or liquidity adjustments.” It attributed colleges’ general resilience to their conservative management strategies, their access to lines of credit and quasi-endowment funds, and their holding of fixed-rate debt.

 

So I’m not betting that many colleges will go belly up or that we’ll see a bunch of college mergers.  Maybe a few exceptional cases will make the headlines, but the vast majority will weather the storm.  It won’t necessarily be a leisurely cruise; but most boats won’t sink–even as the hurricane roars overhead.


Mark Montgomery
College Counselor











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Carnival of College Admission | Third Thrilling Edition

The Third Edition of the Carnival of College Admission is our best yet.  We continue to receive more and better submissions with each edition, and I’m happy that we are building a community of bloggers that want to share their content related to the transition between high school and college.  If you missed the first two editions, you can view Number One here and Number Two here.


And now, on with the fun!


Admissions

Andy Burns is the director of admission at Fort Lewis College, a publicly-funded liberal arts college in the funky, hip mountain town of Durango, Colorado.  If you love to ski and hike and raft and kayak and bike–this is someplace you ought to consider.  Andy travels a good bit to meet high school students from all over the country, and in this post he shares some tips on  Writing your personal essay posted at Transitioning to College.  If you’re still trying to figure out how to begin that essay, start with Andy’s advice.


The CollegeBound Network presents some hints on how to use all those college guidebooks clogging the shelves at your local bookstore.  This post, entitled College Guidebook Facts: What They Really Tell You , helps to cut through the good and bad information presented in those hefty tomes.  Some of that information contained in the books is better ignored.  Check out the CollegeBound Network blog at College – U. Got It?.


Elizabeth Kudner, co-founder of myUsearch, an unbiased online service that matches students to colleges, presents College Search Sites: Web Surfers Beware posted on the myUsearch Blog. This post explains how to avoid deceiving college search sites that prey on the curiosity of college-seekers.


Sometimes, Mother Knows Best.  O. Daille Nation-Ashley, a mom who knows, presents Get Cracking With College Applications posted at CEOmum – Parenting is a Full Time Job.  She includes some links to helpful resources.


What’s your stereotype of an admissions officer? Some stodgy, old guy in a tweed jacket and bow tie pouring over your application with a frown on his face?  Adam Epstein destroys this image in his post  All work and no play… , which he describes a prank he and his colleagues played on another staffer in Worcester Polytechnic Institute’s office of admissions.  Check out Adam’s other posts at Adamissions.


Blake Spiers presents a few key words of wisdom regarding the college search and admissions proces in a post entitled “College Comes Quickly!”  You can read the rest of Blake’s posts at My Messy Dorm Room.


Sometimes you just have to talk to students if you want to learn about the admissions process.  In this post, Jeff presents Interview with a Recent College Grad posted at Campus Bound.  In case you’re wondering, the grad in question graduated from Simmons College in Boston.


Todd Johnson is like most college counselors: he doesn’t like to use rankings because they provide too narrow a set of criteria to be able to tell if this or that college is right for you.  However, everyone seems to be getting into the ratings game.  Todd points us to a set of  World wide college rankings posted at College Admissions Counseling.  Everything you wanted to learn about colleges around the world…and more!


Ian at Step Into College has just published a new magazine on college admissions that goes out to high schools, so that students and families can have access to great information.  (Shameless plug–I wrote an article for the magazine.)


And yours truly, Mark Montgomery, respectfully submits advice on When to Visit a College Campus.  My one word of wisdom:  a college is a community, not a set of buildings.  Just as you choose a doctor or lawyer based on their competence and records of success, you want to take the time to get to know the people that make up the community…the community you may call “home” for the next four years.  If you want to read more of my posts, well, you’re already visiting my blog…so go ahead!  Make my day!


Boarding School

Peter Baron, the major domo of boarding schools over at AdmissionsQuest, offers up a post by Tom O’Dell, has been fretting–as we all have–about what the financial downturn will mean for the education sector.  Tom tells us that we shouldn’t count chickens before they come home to roost.  Or rather, don’t hesitate to apply to the school of your dreams, because you just might get a good financial aid package.


Test Prep

Dave Van de Walle reveals the SAT scores of President George W. Bush in his post,  Fresh New Going to College Content – for the test-takers posted at U Sphere Blog.  Dave also reminds us that there are hundreds of schools for which test scores are considered optional in the admissions process.


Happy Schools presents 10 Steps to Improve Your GRE Score posted at Happy Schools Blog. Good GRE Score is required to get into college of your dream. Good study plan and practice will improve GRE Score over time. 10 Steps listed helped me to improve my GRE Score by 40% from the first practice test I took to Actual GRE test Score. There are many GRE Exam strategies available, but from what I have seen with my friends and from my experience, steps listed here will definitely improve your GRE Scores.


College Life

Moving off to college can be stressful. What do I need?  What do I not need? Brett J Callahan helps us out, by warning us not to be whipped into a frenzy about buying sheets to fit those longer dorm beds.  Brent has plenty of other shopping advice at 2East: The College Living Blog


Ali Hale is the Alpha Student.  She gives college student advice on  Organising your lecture notes .  If you have heaps of indistinguishable bits of paper all over your desk (or worse, under your bed) then you need to learn how to organize your lecture notes with a minimum of effort.


AndrewB presents Forget Success – Try to Fail Instead | Personal Hack posted at Personal Hack. Say what? This is a great piece of advice AndrewBI heard originally from Steve Pavlina the Personal Development expert. He was asked how being an authority on personal development impacts his own personal growth? If he ever feels intimidated, as if he can’t fail and always has to be successful to be a good role model.


I used to be heavily into the textbook industry, and constantly lamented the high cost of worthless textbooks.  But, for better or worse, textbooks are here to stay.  College Degrees notes that the cost of books is a big-ticket item in a student’s budget (anywhere from $300-$500 per semester).  However, there are ways to cut the cost, and College Degrees tells you  How to Find Free Textbooks For College posted at the Degree Talk Blog.  If you’re ready to stop shelling out for this exorbitant cost each year, read on!


Tom Tessin advises students that there are 5 Things Every College Student Must Have when they head off to college. Can you guess what they are?  Check out Tom’s blog at FCC Student Blog.



Choosing a Major or Degree Program

College Degrees presents Distance Learning: Does it Make the Grade? posted at Degree Talk Blog. Have you wondered how distance degrees really stack up in real life? Does anyone actually take distance learning seriously? Can anyone really earn a college degree at home and find a worthwhile job?


Dawn Papandrea presents Beat the Economic Crisis: 5 “Safe” Careers posted at CollegeSurfing Insider. The economic crisis is giving college students (and career changers) something new to consider when choosing a field of study: which college majors and their corresponding careers have staying power? Find out about 5 “safe” ones.


Heather Johnson presents 100 Free Self-Assessment Tools to Choose Your College, Major, and Career posted at eLearning Gurus.



Financial Aid

Marwan reminds us that there can be a lot of hidden costs in preparing to go to college for the first time, in this post, entitled Tuition Tales: The Expensive First Month of College gives the parent’s perspective on all these extra purchases.  Check out more stories at Tuition Tales.


Graduate School

Khan, who writes for the Higher Education and Career Blog, presents a very comprehensive view of The Law School Admissions Game .  As with undergraduate admission, there is a fair amount of strategy involved in how you fill out the application. You won’t want to miss this one.


Other Cool Stuff

John presents Einstein’s 5 Maxims for Creative Excellence posted at Ace Online Schools.


Need a brain break?  Alvaro Fernandez presents Brainy Haikus for brain training posted at SharpBrains.


Spanish Learner presents Using Connecting Words In Spanish posted at Learn Spanish Blog.  This is quite relevant for me, as my family is spending the year learning Spanish in Baja California.  They blog here.  I go down occasionally, but I hold down the fort, work, and put together Blog Carnivals!


Joseph presents Learn English Articles » Blog Archive » Some Tips for Navigating Nouns in English posted at Learning English.



And that’s a wrap, folks!  Which posts did you like best?  Leave a comment and let us know!


Thanks to all our participants, as well as our readers.  If you’d like to include a post in our next edition, scheduled for November 12th, just fill out our handy-dandy submission form.  If you want to check out all the past editions of the Carnival, you can visit the Index Page.



Scholarships May (or May Not) Decline as Colorado Colleges and Universities Feel Financial Pain

The Denver Post reports today that endowments at Colorado colleges and universities have shrunk significantly, which may mean fewer scholarship dollars for students.


Endowments pay for important aspects of college, from prestigious professor positions to millions in private scholarships and science labs.


However, there are two things worried parents should recognize before hitting the panic button.  First, most scholarships are not based on real money.  They are actually merely discounts off the price of tuition.  This is especially true at private colleges.


Second, most in-state students headed for our public universities would not be eligible for much in the way of merit scholarships, anyway.  The amount of money available from those endowed, private scholarships is small, in comparison to the tuition discounts offered. And most state universities have already discounted tuition as much as they can.  The tuition price may go up somewhat in response the market free-fall, or if inflation begins to rise, or if tax revenues fall–meaning less state support of our universities.


So while the pools of money that may fund private scholarships have shrunk, the discounts will remain more or less in effect, unless budgets become permanently squeezed.  I would worry much more about potential tuition increases at public universities over the next four years than about whether the scholarship funds have shrunk.


My advice to parents is not to suddenly abandon all hope of getting a good scholarship at a private college or university.  We may have to adjust the strategy of where to apply in light of financial realities. But private colleges will still have every incentive to discount their tuition for very attractive students.  And with deep discounts, the cost of attending a private college can be competitive with the cost of a public university.


Here’s the tally of how much the endowments of Colorado colleges and universities have shrunk in recent weeks.


University of Colorado:           12%, or $63 million
Colorado State University:       8%, or $19 million
University of Denver:              7.5%, or $22 million
Colorado College:                  no comment–but probably somewhere in the ballpark


While these figures are significant, the losses are not nearly as huge as the ones I’m staring at in my own 401K and 403B plans. Colleges and universities are relatively conservative with their investments.  While we all sometimes compare universities to businesses, the fact is that universities are not in the business of making profits–they have every incentive to save for the stormy days that we are now experiencing.


The storm still rages, but I expect our institutions of higher education in this state will weather it better than most.


Mark Montgomery

Educational Consultant




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Baylor University Changes SAT Policy Under Pressure from Peers

Sometimes peer pressure is a good thing.


I read an article the other day in Inside Higher Ed that Baylor University had implemented a policy to pay admitted students to retake the SAT scores, in a bid to build an appearance of greater selectivity and (so Baylor officials said) to give away more scholarship money.


On Thursday, Baylor made an about-face, primarily because they faced blistering criticism from the press and admissions professionals around the country.


Sometimes institutions make mistakes, are called out, and then correct their behavior.  Baylor made the right decision to renounce its misguided policy.


Mark Montgomery

College Counselor



Carnival of College Admissions, 2nd Edition

Welcome to the second edition of the Carnival of College Admission.  The Carnival is a biweekly round-up of interesting blog posts related to the transition from high school to college.


I’ve had many folks contact me asking what a blog carnival is, and why they should consider submitting posts to each edition.  My friend, Peter Baron over at AdmissionsQuest, called me up last week to ask me to describe what we’re doing.  He recorded our video conversation, and I’d like to kick off our Second Edition by sharing it with you.


College Admission Carnival / A conversation with the Carnival’s founder, Mark Montgomery from Peter Baron on Vimeo.



So, now, on with the October 8, 2008 edition of Carnival of College Admission.  Enjoy the ride!


Admission

Andrew Burns, the Director of Admission at Fort Lewis College in Durango, Colorado, presents insight on how to get the most of attending a college fair.  He provides great advice to the high school senior about how to get good information, and at the same time make a good impression on admissions officers.  


Adam Epstein, an admissions counselor at Worcester Polytechnic Institute (WPI), presents a post entitled, “So What’s In A High School Visit?” in which he explains why admissions folks visit high schools, and what students can expect from an encounter with people like him. Check out Adam’s blog at Adamissions.


Brad J. Ward, an admissions officer at Butler University and a technology guru in the higher education field, shares a hilarious post from his blog Squared Peg about the importance of responding to emails from admissions officers.  Why?  Because they like it!


Todd Johnson presents Legacy admissions. The best way to gain admissions to selective colleges? posted at College Admissions Counseling Blog.  Todd is another prolific blogger, and he provides all sorts of useful information to families of college-bound students.


Yours truly, Mark Montgomery, is happy to direct you toward his post that gives an insider’s view on admission to schools of art and design.  I was able to make a video of a portfolio review of a young woman hoping to be admitted to the Art Institute of Boston.  If you want to check out my blog, well, you’re already here.



Boarding School
Peter Baron at AdmissionsQuest, a resource for boarding school admission in the US, shares a post from a new guest blogger on his site: a parent. Her first post a welcome to her boarding school admission journal.  Thanks again to Peter for putting together the short video introducing the Carnival!

Sean Costello at VideoJug posted his organization’s video channel related to school admission in the UK. 



Test Prep

Mark Truman presents Someone Finally Stops Inviting the SAT and ACT to the College Party posted at Omniac Attack!.  In this amusing post, Mark highlights the report from the National Association for College Admissions Counseling (NACAC) that encourages colleges and universities to reconsider their use of the SAT and ACT tests as important criteria in the admissions decision.  Perhaps more and more colleges will be going test optional here soon.


Todd Johnson shares another post in which he explains how many colleges “superscore” the ACT and SAT tests.  Students who worry excessively about the fact that a college  may see both low and high scores on the same test can rest assured that colleges have every incentive to give you the benefit of the doubt. Find Todd’s blog at College Admissions Partners.



College Life

Shae presents, “Hey Roommate–Stop Stealing My Food!”  Shae has a lot of fun stuff to share about how important food can be in college life.  And I remember those days when I had to label the food in the communal fridge to keep the crew team from swiping my comestibles.  Check out Shae’s blog at The Collegiate Gourmet.


Ali Hale, who blogs as Alpha Student, presents a post entitled “Feeling Shy?” in which she provides tips for getting to know people on campus. As Ali says, “If you’re feeling shy and a bit nervous of approaching new people at college – don’t worry, you’re not alone.”


Linda P. Taylor has submitted Part 2 of her series on the limits of political speech on campuses.  She examines the new regulation at the University of Illinois that bans faculty from wearing political buttons or participating in political rallies on campus.  Linda blogs at AskLindaPTaylor.com, and of course, you can also find Part 1 of her series there!


Barbara Nixon is an educator and technology fan.  She offers 10 Tips for Success on Assignments. Check out Barbara’s blog, Making Connections.


My friend Andrew Burns is really getting into the spirit of the Carnival.  He submitted another interesting post describing Fort Lewis College’s community book program, which this year featured Greg Mortenson and his book Three Cups of Tea.  More an more colleges are adopting these community book programs, especially for first year students, to help ease the transition to college.  Check out the rest of Andy’s blog posts.


Many of us in the college admissions field recognize that more students with autism and Aspberger’s are applying to college–and getting accepted.  Michelle McFarland-McDaniels presents resources and information on Preparing Students with Autism for a Successful College Experience.  Michelle blogs at Autism Assistance.



Financial Aid

Julie Stewart over at Virtual College Fairs, presents a post that explains how to determine your EFC, or Expected Family Contribution.  This all-important number is an indicator of a family’s financial need.  Check out Julie’s blog, too.


Everyone has seen their portfolios shrink in recent weeks.  Students and their families are among the most nervous about the credit crunch.  John presents Student Loan Crunch Getting Tighter posted at Free College.


Wenchypoo, in a post entitled “The College Conundrum,” explores the “return on investment” that we make in pursuing a college degree. As she points out, financially some degrees just don’t make economic sense. Wenchypoo also submitted a similar post on the same subject, entitled, “The NEW Lessons in Higher Education.” You might want to take a look at her other blog posts: Wenchypoo is a prolific blogger!


The Editors of Financial-Aid-Resource-Center.com present Grants for College, which explains that federal grant programs are designed to assist students with the greatest financial need.  Read this post for a summary of available grants.



Scholarships

Jeremy Zongker presents Free College Education Exists. This post highlights the few colleges that actually offer a complete college education at no cost. Have a look at the entire blog at Destroy Debt.


Michelle McFarland-McDaniels presents another post this week, providing resources on information on sscholarships for college students who have autism.  If autism is a particular interest, make sure to check out Michelle’s blog at Autism Assistance Resources and Information Blog.



Other Cool Stuff

Malia Russell presents Christina is Graduating This Month (May 2008) posted at Homemaking 911.  Malia gives the story of her daughter, who has achieved a lot…through both dedication and heart.


Karin Chenoweth presents We Need Better Teaching posted at Britannica Blog.


Raymond presents Where Is The Safest Place To Save Or Invest Your Money? posted at Money Blue Book Finance Blog.



This wraps up the second edition of the Carnival of College Admission. Please participate on our next edition, which will open on October 22nd right here at Great College Advice. Submit your blog article to the next edition using our handy submission form. Past posts and future hosts can be found on our blog carnival index page.


See you in two weeks!


Mark Montgomery

Great College Advice



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How Americans Pay for College

Sallie Mae and Gallup released a new annual survey on how families in the US pay for college. It yields a great deal of information.  One of the problems in analyzing this data, however, is the huge variety of colleges student attend, the financial circumstances of those families, and the enormous varance in the price of tuition at colleges.
Inside Higher Ed has a very concise summary of the report in its article today. You can read the entire report here.

Claremont-McKenna and Lafayette: Changes in Financial Aid

Two more colleges have readjusted their financial aid policies in the wake of Harvard’s decision to woo the middle classes by offering richer aid packages (which I wrote about here). The changes were reported in Inside Higher Ed:

Two more colleges have joined the growing number pledging to eliminate loans for low-income students. Claremont McKenna College announced Monday that it would eliminate loans from the aid packages of all current and new students, effective this coming fall. Lafayette College on Monday announced that it would eliminate loans in the packages of students from families with incomes of up to $50,000 and limit to $2,500 a year the loans in aid packages of families with incomes of between $50,000 and $100,000. Lafayette also announced plans to increase the size of its faculty by 35 positions (or about 20 percent) over five years, without increasing the size of the student body.

Families concerned about paying for college should take note of these changes at many of the nation’s most selective and well-endowed colleges. They are becoming more affordable.
However, also keep in mind that these financial aid changes will also lead to higher application numbers and increasing selectivity at these colleges. Harvard’s applications were up 19% this year over last, and you can expect that all the colleges with revamped aid policies will experience similar increases next year.
Mark Montgomery
College Counselor
Montgomery Educational Consulting