One of the Most Difficult Parts of College - Estimating Cost

It's difficult for parents to sit down with a calculator and come up with an accurate budget for a child's college education.  If you don't think so, prepare a budget for your life for the next four years and see how accurate it is afterwards.

Most colleges will give you a good indication of what current costs will translate into a reasonable estimate for a semester, and you can adjust that for cost of living increases for four complete years.

That is a quick answer, but as you probably already know, higher education generally costs more than we expect because of all the flexible expenditures that are involved when a young adult stays away from home.  If you are an accountant, you may have a much better handle on what to expect, but for most of us, it is at best an educated guess.

Estimating 101

Take what you know as far as course of study, room and board, food, clothing, books, and tuition.  Then add any relevant fees such as clubs, fraternities or sororities, and transportation.  Add another 10% for all the contingencies you can't foresee after you have included everything that can be a reasonable expense.

If your student is still in high school, add about 7% to the estimated semester cost for every year it will be before he or she starts to college.  This is a good rule of thumb amount for the increase in cost of living.

Basing your estimate on a semester at a time, begin with your adjusted semester cost for only the first one, and add 5% to the total semester cost for the next one, and on to the next, building up so each one is more than the previous.  Do this for the duration of the four years.

Fine Tuning the Overall Expense

Don't let the total cost frighten you out of your wits.  This should be a fair estimate of the worst case scenario if you didn't attempt to find savings up front.  When you seek financial aid or scholarships, you can trim the numbers down considerably on out of pocket costs.

When looking for cost savings for college, begin with scholarships and grants first.  If you are to pursue this route, you must start your quest relatively early and at least by the beginning of the senior year of high school.  If your child is not ready to commit to a course of study, there will be some avenues you may not be able to pursue, but most grants and scholarships are based on academic achievements more so than the major area of study.

Your child should be impressed with the importance of staying focused to get the best grades possible and improve the opportunities of college funding at the high school level.

College Credit Transfer Articulation - Save Money, Time, and Credits

Students may take college courses at one school and then decide to transfer to another institution. This is a common practice and there's certainly nothing wrong with changing colleges.

What many transfer students do not realize until late in the game is that not every course credit is eligible to transfer to another institution, or more specifically toward a particular degree.

For example, let's assume a student is going to take a couple of courses during the final semester of their senior high school year and a few more courses during the summer. This student's plan is to enter a different school in the fall as an incoming freshman.

Let's also assume this particular student's major is currently aimed toward obtaining a specific degree, such as nursing.

In order for these credits to transfer toward the nursing program at the final destination school, it is imperative that they meet the transfer articulation requirements. Laws vary among states, but the concept is basically the same.

The course titles and numbers offered at a local community college are going to vary from the titles and numbers offered at another school. The transfer articulation information helps a student decide which courses for a specific major will transfer, for example, from the community college to the state university.

After all, what's the point of working hard to obtain college credit hours if they won't apply toward your degree at your designation completion institution? Non-eligible credits are a loss of credit hours, money, and time.

Suppose one of the courses our example student enrolls in at the community college is PSY 200 "General Psychology." The institution where the student plans to pursue their nursing major labels the course PSY 201 "Principles of Psychology." The articulation guide shows the PSY 200 course to be eligible for transfer because both courses are one and the same, although numbered and titled differently.

Transfer articulation guides for many states can be obtained online. You simply provide a bit of information, such as both schools you plan to attend and the desired major. You can then print a list of the course requirements and their corresponding course titles and numbers that will successfully transfer.

This will prevent you from taking random courses that you might find out later do not transfer to your destination school, much less apply toward your sought after degree.

If you cannot find an articulation guide online for your particular state, contact both of the institutions involved and talk with the admissions offices directly regarding the articulation requirements that pertain specifically to your situation.

Tax Credits for College Students

There are many ways to tap into assistance when trying to fund your child's college education. Students can apply for scholarships, student loans, work study programs, and financial aid assistance.

Something to check into if you are seeking funds to help pay for your child's college education are tax credits that apply under certain circumstances.

American Opportunity Credit - A Partially Refundable Tax Credit

* Information for each specific tax year should be obtained from the IRS website. It is not certain how long this credit will be in effect. Currently, it is specific to 2009 and 2010 and may be extended on a year by year basis.

* Taxpayers (families or students) with no tax liability are eligible for the credit.

* Currently, this credit is not available to foreign students in the U.S. on an F-1 visa.

* The student or family can claim the credit for the first four years of post secondary education per eligible student.

* The AO Credit increases the Hope Scholarship Credit to 100% of tuition, fees, and class materials up to $2,000 during the taxable year. An additional 25% of the next $2,000 in expenses may also qualify, with a credit cap of $2,500 max.

* Taxpayers with an adjusted gross income on their return of $80,000 ($160,000 joint) or less are eligible. The credit is reduced for those whose AGI exceeds these amounts. Taxpayers with AGI of more than $90,000 ($180,000 joint) are ineligible.

* Unlike the Lifetime Learning Tax Credit discussed below, the AO Credit is based on the number of qualifying students in the family; the credit is not limited per household or tax return.

Lifetime Learning Tax Credit - Per Household College Assistance

For those with a tax liability, there is the lifetime learning tax credit.

* A family is eligible to claim up to 20% of $10,000 to cover eligible costs for qualified students.

* Eligible students can include the taxpayer, their spouse, and eligible dependents.

* There is no limit on the number of years the Lifetime Learning Tax Credit is available to eligible candidates.

* The credit amount is $2,000 and is per family or tax return, not per student.

* The income limitations for the Lifetime Credit are different than those for the American Opportunity Credit and geared more toward low to moderate income households.

More information and eligibility requirements are available on both of these tax credits by visiting the Internal Revenue Service website.

Preparing for College Expenses - How Much Will A Degree Cost?

Parents with college bound high school children have already given some thought to how much a college education will cost. It's hard to estimate exactly, but some ballpark numbers can be obtained from the colleges being considered.

What Costs Are Involved for College?

* Tuition - semester classes are typically 2-4 credit hours, and fees are usually charged per credit hour. The least expensive credit hour fees are generally at local community colleges. Most all colleges and universities charge more per credit hour to out of state students than in-state residents. Some courses also have associated lab fees.

* Course Materials - this includes textbooks and supplies and the cost varies per course. Most students also have laptop computers to use for completion of their course assignments.

* Housing and Meals - cost again will vary based on whether a student lives on campus or off. Typically, freshman students are required to live on campus throughout their first year unless they reside in town with parents or relatives. Meal plans are offered through campus dining halls. Eating out every day can be expensive, so most students opt for a dining plan or have an apartment with cooking facilities.

* College Sports - if your student plans to participate in sports or cheerleading, there are most likely fees associated for uniforms, travel, equipment, mandatory clinics, and so forth.

In addition to direct school expenses, there is still the need for clothing, transportation, incidentals, and spending money. If your student plans to participate in campus extra-curricular activities such as clubs or Greek life, there will be additional expenses for membership dues.

Don't panic when you get a bottom line cost per semester or year of college. Many universities and colleges allow parents to make payments rather than coming up with one large lump sum of money.

Remember, too, there is the possibility of financial aid, student loans, work study programs, and scholarships for eligible candidates. For information on financial planning for college, help can be obtained by contacting the financial aid or bursar's office where your student is planning to attend school. It is highly advised not to wait until the last minute to start making arrangements for payment of college expenses.

Advanced Placements Classes - High School Opportunities for College Credit

Many high schools already offer advance placement classes for students planning to attend college, and those that don't are coming on board on an ongoing basis. These classes are a tremendous opportunity for students to obtain college course credit while still in high school.

How Do Advanced Placement Classes Work

Details will vary per high school, but basically the high school courses are designed to prepare students for an American College Board Exam on a specific subject. If a student passes the exam, they are eligible to receive equivalent college credit as if the course was actually taken in college.

Excellent attendance is usually required for the prep classes along with successful completion of all course work.

Fees Associated With Advanced Placement Courses

Typically, a fee is charged for the national examination. The test is normally administered by the high school AP (advanced placement) class instructor and the exam is administered at the end of the course.

Fees typically run around $75-$100 per exam. This is nominal when compared to the cost of taking the equivalent course in college when you consider the fee per credit hour along with book expenses, not to mention the time saved by completing college level courses while still in high school.

It is important to understand that not every student will pass these exams. The best advice is to attend all AP class sessions, study the material diligently, and complete all course work and required reading. The purpose of the class is to prepare students for the exam, so attending and paying attention are key factors for success on the advanced placement examinations.

Acceptance of Advanced Placement Course Credits

Since these are considered nationally accepted examinations, most schools will accept these scores for review and award of credit. It is advised to check with each institution individually to make sure the credits will be eligible for award.

Early College Admissions Opportunities - Possibly A Good Fit for Your Student?

There was a time in the recent past when early admissions to college was not something many people were familiar with or even knew existed. Early admissions is more commonplace now and an option to give some students an accelerated boost toward a college degree.

What is Early Admissions to College?

In summary, this is a way for students to enter college early rather than waiting until the traditional time of the fall following high school graduation. Program guidelines vary per individual college or university, but many schools support this program.

Who Qualifies for Early Admissions?

The program is designed for high school students with exceptional ability. Admissions requirements will vary per school, but primarily you can expect participating colleges to require a high GPA, successful completion of the majority of high school credits, and an above average ACT/SAT score.

If a student has completed most high school credits but lacks one or two that might prevent them from bypassing their senior year, there is always the option of summer school to fulfill any straggling credit requirements so the student can begin college as a freshman in the fall of what would have been their senior year.

Is Early Admissions a Good Fit for Your Student?

Many students spend their early high school years relishing the thought of their senior year. It is the end of one life's phase about to launch into another, and there are privileges associated with senior status.

Many high school students want to be there for the last homecoming game, the senior prom, experiencing the wonderful memories with their friends, and they have no interest in spending their high school senior year as a college freshman.

Some others aren't that concerned with missing their senior year and prefer to get the head start in college to land them in the professional world sooner. It's simply a matter of preference of the individual student.

Choosing a College Major - Which Secondary School is Best for Your Son or Daughter

Many things have to be considered when it comes time to choose where your child will pursue their secondary education. While many factors are involved, one specific question must be answered first and foremost. What will be your child's intended field of study?

Choosing a Course of Study

It is not uncommon for high school seniors to be unsure what they want to study in college. Many students even change their majors after having completed some college coursework.

Parents, of course, who are typically footing the college expenses want to avoid major changeovers if possible. Why pay for courses toward a major only to have your student change their mind in mid-stream?

Selective Colleges for Specific Majors

One reason to give this decision a great deal of forethought is that every college does not offer every field of study. Another important factor is that some schools come highly recommended for specific majors. Some colleges tout business programs, others excel in medicine, and still others come highly recommended in the field of law.

If your college bound senior wants to study veterinary or forensic science, you'll discover that not every college offers these programs in their curriculum.

Better Safe than Sorry

Don't sweat it if your child is unsure. No two people are the same, and some students are quite sure what they want to pursue in college early on, while others may want to get their feet wet first and explore the available opportunities once in attendance. Either way is common and acceptable.

Here are some options to consider that might save money and aggravation until your student knows what they want to study.

1. Most freshman students start out taking basic college courses that apply to many majors. A college advisor can recommend the courses to take initially that apply toward the widest range of majors, such as English, Psychology, History, Math, Science, or Arts Electives. This will prevent valuable college funds from being spent on major specific courses that can be taken later.

2. Consider having your student take some courses at a local community college, possibly while still in high school or in the summer following graduation. This puts students in touch with their peers who are also making college decisions and with advisors and professors who can help guide them toward a specific program of interest.

College Costs - Financing Options for a Secondary Education

When children are in their preschool and elementary years, many parents begin saving for college with all the best intentions. Events often happen that aren't anticipated, and sometimes the college fund gets tapped into long before their kids start high school.

Many a parent has found themselves wondering how in the world they are going to finance their child's college education. Some give up not realizing there are options for attending college even when money is tight.
Here are a few things to consider when wondering how to finance your child's college education:

1) Many colleges have a student population containing a large percentage of attendees using financial aid benefits. Financial aid is often used not only toward the cost of tuition but also housing, meals, fees, and books.

2) Work/Study is another option for many students. Positions are available on or off campus on a part-time basis so as not to interfere with a student's college studies. Sometimes these positions even offer college credit in exchange for the work contributed.

3) Some consider a student loan a last resort, but you can find student loans with very low interest rates that are not scheduled for repayment until after the student graduates or ceases to attend college.
The idea is to allow a student to complete their education in order to qualify for a good job position that provides sufficient income to allow repayment of the loan over a period of time. The loan payments are usually very low and spread over an extended duration so as not to overwhelm or financially stress the newly employed graduate.

4) One excellent source of financial information is the financial aid office of the school your senior is planning to attend. The staff is knowledgeable and up to date regarding what is available in the way of loans, aid, scholarships, and work study programs; their experience will save you the time and work of having to research this information on your own.

5) There are many different types of scholarships. Some are affiliated with a specific school and others are not affiliated with any. High value scholarships tend to "reward" hard working students, so applicants are going to be strongly evaluated for their high school GPA and ACT/SAT scores. Not all scholarships are based on GPA and ACT/SAT scores, but generally the higher both of these numbers are, the better.

6) Many students who work co-op or part time during high school land themselves in good positions with companies willing to contribute to the cost of a college education. Some require an agreement to work during breaks from college or after graduation, while others consider the contribution as time already "served."

Consider All Options - The Good and Bad News
The good news is that assistance is available. The bad news is it does take some time and paperwork to apply for aid, scholarships, work study, and loans. Don't automatically assume that because your college fund was tapped out or maybe never even existed that your senior cannot attend college. You are not alone; many parents face this same dilemma.

Many college bound seniors have successfully completed secondary educations without having millionaires for parents. Using the steps above, start the process early in the high school year so you are certain to meet all deadlines and have sufficient time to explore all the opportunities available for your college bound senior.

Senior Year Prep and Planning

Early in the senior year of high school, students become anxious when they hear their peers mention that they've been accepted to a particular college or university. Those who have not considered or given much thought to education after high school begin to wonder if they will or won't go to college, and where they will go if they do.

Hopefully, the majority of students have already thought about this prior to their senior year of high school and their parents have played a role in the decision making process. Time easily slips away, however, and graduation day will arrive very quickly.

Planning Tips for College Bound Seniors
1) It is advised to start taking the SAT and/or ACT early in the high school years in order to pin down the best score. If your child is a college bound senior and has not taken either of these college entrance tests, schedule them ASAP. Allow sufficient time to obtain study materials so your child can properly prepare for the exams.

Colleges are not going to accept a student until all admissions requirements are met. This means if your senior does not have an acceptable SAT/ACT score on file at the school, he/she cannot be admitted. Keep in mind that even after a testing date, scores can take weeks or more to be processed and released to the designated schools.

2) Narrow down college choices to three or four. Inquire regarding admissions requirements, including SAT/ACT score minimums and GPA requirements. Most colleges and universities offer this information online for your convenience.

3) Schedule campus visits to the schools you and your senior are most seriously considering. It is essential that both parents and students are happy with the campus. A student forced to attend a school he/she doesn't like creates animosity and possibly even ends in the student dropping out.

4) On each campus visit, check out the dining options, dormitory living areas, and anything else the administration offers on a tour. Allow time also to explore the surrounding community if the school is in a city different from your hometown.

5) It is important to know what a student is seeking or expecting of a university. Remember that while parental guidance and input is important, you as parents are not the ones attending. Some students are interested in Greek life; others may want to attend a private small campus rather than a large university. Another consideration is finding a college that offers a degree in the desired course of study.

6) An application fee is most always charged by each college applied to, so make choices wisely regarding which schools you are seriously considering.

7) Most college bound seniors begin the application process early in their senior year. Many colleges consider the spring of the senior year a "cut-off" for isolating a school.

Preparing for College - Testing

Many parents don't realize the time to start planning for college is early in the high school years. You may think you have plenty of time to complete the tasks necessary for college entry in the senior year of high school, but the fact is the earlier you start college planning, the better.

One important consideration if your high school student is college bound is preparation for and the taking of the SAT or ACT college entrance exam.

ACT/SAT Scores - Make a Good Score Even Better

Some parents have their children take the ACT/SAT early in high school. Some even start testing their kids in middle school. You may ask what the benefits are of starting to test so early. Here are a few things to consider:

• Many students are very nervous when they go to take the ACT or SAT the first time. Because the tests are relatively inexpensive to take, the experience is worthwhile to help students perform better on future tests.
• High ACT and/or SAT scores are door openers at colleges and universities. Better scores can make a difference in being accepted or rejected at certain schools.
• High ACT/SAT scores qualify some students for scholarships they might not be eligible to apply for if their scores fall below a certain standard. While you may question the validity of paying multiple testing fees, consider also the money it could save you on qualifying for more scholarships.
• Some students perform better on the ACT and others perform better on the SAT. It is not a bad idea to give your student a chance at taking both exams, possibly multiple times.
• Make sure your child has the proper preparatory materials needed to study for the tests well in advance of the scheduled test days. Having the materials and using them are two different matters altogether. Make a schedule of study completion with milestones and dates, and follow up with your student to make sure he/she is progressing as required.
• There are sample tests online and in DVD format. Allow ample time for your student to go through the sample testing so weak areas can be isolated and additional effort applied toward any problem subjects.
• Don't be too hasty to designate colleges to receive your child's SAT/ACT scores. Some colleges evaluate multiple scores differently, and a low score could do more harm than good. Wait until your student has taken the tests at least twice. Then inquire at specific colleges you are targeting regarding their policy on ACT/SAT scores.
• Some colleges will admit students with substandard or below par ACT/SAT scores. This is usually termed conditional acceptance. Don't fret if your child doesn't score as high as you'd like on the SAT/ACT. It does not mean they cannot attend college, nor does it mean they are not college material. Every child is different and should be evaluated as such.

Shifting Gears: From High School to College Life

This is part two of my blog posts this week for pending college freshmen. One of the most rewarding parts of my job is following up with my former high school students after they’ve completed their first year in college, and hearing how they’ve made the shift from high school to college life.

Not all the feedback I get is positive. Often former high school students struggle to make the shift. Here are some of the comments I’ve gotten and how you can avoid the same mistakes.

“It was so hard to make new friends!”
The social transition for college is tough. High school student go from being a big fish in a small pond, to a small fish in a huge pond. Add to that the new environment, the course load, living on their own for the first time – it’s not surprising that freshman find they don’t have the confidence to make new friends in college.

Remember that your fellow classmates are experiencing the same thing! While you may be hesitant to introduce yourself to someone new, just imagine that they’re probably feeling the same way. Get to know your dorm mates, even if it’s just your next-door neighbors. It’s better to introduce yourself during the afternoon in the first week than it is at 2am a month later when you’re trying to sleep and they’re playing music. Per my last blog, seek out study buddies in your classes, and offer to host a study session at the library once a week. Finally, check out the different interest groups that are available on campus. Virtually every hobby, sport, and interest is represented in campus life, so whether you’re into model trains, Jane Austen books, or rugby, chances are you’ll find a few people who like the same thing.

“I gained the Freshman 15!”
The hectic lifestyle of a college freshman, combined with more study time, (often) less exercise, and a self-reliance for food choices often contributes to what’s known as the Freshman 15 – a significant weight gain over the course of 8 short months.

You can combat this with some pretty common sense advice. First, make smart food choices. Just because your meal plan on campus is all-you-can-eat doesn’t mean that you should! Just like your mother told you when growing up, eat your veggies. Although late night cram sessions may be more frequent, avoid late night binge eating and sugary snacks just to stay alert. Stock up your dorm room with good food so you’re not tempted to hit the vending machines or local fast food joints. Ask your parents to send a care package of healthy snacks (I’ve never seen a parent yet that didn’t love to do this!)

“I was so overwhelmed and homesick for the first month!”
Although it’s exciting, transitioning to college is tough – you may be homesick, you may be overwhelmed with studying, you may feel like you just want to crawl back home where everything is familiar and comfortable.

When you find yourself overwhelmed, remind yourself that this feeling generally only lasts the first couple of weeks of college, when everything is new and the longer you stick with college and get to know the environment, the easier it will be. If it helps, call your former high school friends and family more often, to give you a sense of familiarity. Post tons of pictures of your high school friends and family members around your dorm room, so you’re constantly reminded that you’re not alone, even if you’re living alone for the first time.

Finally, if the feeling goes on past the first month, consider talking to a counselor at your college. I guarantee you they’ve seen hundreds of students go through the same thing, and they’re there to help you talk through your feelings and devise a strategy to help you make the transition to college more enjoyable.

New Year Resolutions for College Bound Students

Happy New Year! With a new year comes the ability to start fresh with improved habits that will help you achieve your college dream more easily. If you’re heading to college in the next few years, here are our top 4 “resolutions” to help you on your way.

1. Eat breakfast. That may sound silly, but studies have shown that skipping breakfast dramatically decreases energy and focus for students. Resolve to eat a nutritious bite every morning, even if it’s simply a granola bar or protein shake to keep your brain going.
2. Help someone with their homework. There’s a saying – if you want to really learn something, try teaching it to someone else. Helping a friend or classmate with homework help you absorb the knowledge more thoroughly. Most high schools have a peer-mentoring or study group to get you started, which also lets you add a great extra-curricular activity to your college application!
3. Catch some zzzz. Most high school students are chronically sleep deprived, which interferes with the brain ability to absorb information. If you’re finding yourself nodding off in class, it might not be that the subject is boring; you may be short on sleep! Getting to bed just a half hour earlier each night can help you catch up.
4. Get organized. Particularly important for Juniors and Seniors is the ability to plan out the college application process and work deadlines into an already-packed schedule. Start today by jotting down a calendar of all the important dates that your college admission process will entail and post it someplace where you’ll see it frequently, such as the family fridge or above your desk.