Advice For Students To Prepare For College
What the student can do:
As you know, there are many things that a parent can do to prepare to send their children to college. But, did you realize that is a lot that students can do at different times throughout their high school year to prepare themselves?
The clubs you associate with and the classes you take are obvious examples of preparing for college. Most families are concerned about how the parent is going to pay the cost of tuition, but there are a lot of things that the student can do to help lower the out of pocket expense on the part of the parents.
Below are a few tips that future students can do to lower the families out of pocket expense.
Take AP Courses
If you are able to, get into as many AP (advanced placement) courses as you can. By taking and passing these courses, your student will earn college credit and not have to pay for them. Even though not every school accepts AP credits, most do.
You can check with your college ahead of time to verify that they accept AP courses. You will also consult with the guidance counselor’s at your high school to see which courses they offer and how to sign up.
Student Income and Assets
When you fill out the FAFSA (Free Application for Federal Student Aid) a big consideration in the calculation is the income of the parents. The money the student earns, on the other hand can have a bigger impact on the final award then the parents income.
According to the Princeton Review’s “Paying for College Without Going Broke” by Kalman A. Chany (Random House, Inc. 2009 Edition)it says:
“Earning more than a certain dollar amount will decrease the students’ aid faster than the earnings can be deposited in the student’s bank account. After $2,761, every dollar a college freshman earns and saves can decrease his aid eligibility by 85 cents in the federal formula. Of course, if his family is not eligible for aid, the student should be out there earning as much as possible; but if his family stands a chance of qualifying for aid, the student’s time would be better spent (at least under the current ridiculous law) by making the most of his educational opportunities.”
What they are saying is that for every dollar the student earns (over $2761); 85 cents are taken off the amount of money he would have received in student aid.
This is a ridiculous rule, but one that you still have to follow.
High School Transcript
High school transcripts are an important part of the admission process. You should begin the first semester of the freshman year and keep careful track of each class that you take. Be careful to list the course name proper.
Don’t call Algebra ‘math’. Don’t call Biology ’science’. Make sure to start early and track the proper class names and sections of each class. For example, if you take American History, list the sub-sections of the class, credits earned and if possible, start and end dates of the sections. It is time consuming, but well worth it.
Make the Most of Your Studies
Most of the aid that you receive from the government is based on that the family’s income and assets are, but the fact remains that if you want to get into college and have a chance to get the education you need, grades play a big role in the process. When the financial aid officer at the college your child applies to looks at the application’s of two identical students, obviously they are going to favor the one with the better grades, so it pays from that standpoint.
Also, don’t forget that their is going to be a lot of study to be done at college and if your student gets in the habit of study now, it is easier to carry over when they go to college.
Keep an eye on the potential schools that your child is considering because there are ones that will say they will give a full scholarship to anyone that has a 3.5 GPA and SAT’s of 1800 or better, so that is a negotiating point to remember.
Take SAT Practice courses
This is the single most important thing you can do to boost your score on the SAT. For every 10 points that a student can raise his or her SAT score, the family saves thousands of dollars because he or she will be more favorable in the eyes of the financial aid officer’s.
There are a few great resources available to help in the practice tests.
A recent study put out by FAIRTEST, published by the New York Times, showed that students who took a practice test had an average of 100 points increase in the test score.
Princeton Review has practice tests and gets an average of about 140 points increase on the test scores. If you do not take any tests, at least get some books on the subject. It will be well worth the time and money that you spend.
Condense your college education
This is not always and ideal situation for a lot of students, but squeezing four years of college into three years will save the family some money. This works well for especially motivated students. The problem lies in the fact that most colleges charge by the credit hour, so the real savings will be realized in the living expenses like food and entertainment.
The student will be able to get out into the work force that much sooner and begin repaying those student loans. The more realistic option is to reduce the length by one semester or so.
Defer Admission
This is really a last resort in attending. Most schools will allow the financial aid and acceptance one full year. This will allow families to get their finances in order. If you recall our discussion about how much the student can earn, this might backfire on the family. But if the school doesn’t offer a favorable package, this may be the only option the student has. Like I said, this is the last resort and should be made only after careful consideration and advice from a qualified professional.
Final Thoughts
If you have not see our free videos on what you can do to get the most money possible for yours or your childs education, please visit the video page at http://www.myschoolplans.com/tips.
