Wednesday, April 18, 2012

You Received Financial Aid Packages… Now What? Tips to Compare and Review Your Options

With the fall semester quickly approaching, you may be concerned about how you are going to finance your college education.  By now you should have submitted your FAFSA and received a financial aid package offer.  As you review your offer, here’s some helpful information to consider:

1. First, keep in mind how much of your financial need is being met, and which type of aid you are receiving.
2.  Look at the total costs for each school. Include tuitions, fees, room & board, books, food, travel expenses, personal expenses, etc.

3.  Subtract all grants and scholarship packages.  You do not need to repay the money received through grants and scholarship.

4.  Loans do need to be repaid.  Student loans come in a variety of forms, each with their advantages and disadvantages.  There are two types of Stafford loans: subsidized and unsubsidized. 
                Subsidized loans don’t accrue interest until after you graduate from college, thus they are generally viewed as more attractive. 
                Unsubsidized loans accrue interest while you are still in school.  Both loans have a low interest rate and students can chose to take a combination of subsidized and unsubsidized loans.

5.  Multiply by four. You will be attending college for at least four years, so take into account the long term costs.  Even though you may have received multiple scholarships your freshman year, you may not receive them in future years.
If the financial aid package is not what you expected, keep in mind that there are a lot of scholarships available.  There are strict deadlines for scholarship submission dates, so check before you begin to apply.  Create a timeline of due dates so you can plan accordingly.  Colleges also offer scholarships for their students, so make sure also check with each college you are considering. 
Fastweb is a great resource that provides a database of scholarship opportunities and deadlines: www.fastweb.com
Here is a link to a financial aid calculator to help compare your aid packages for each school you are considering. https://bigfuture.collegeboard.org/pay-for-college/financial-aid-awards/compare-aid-calculator
For more information about how to compare financial aid packages, and how Klaar College Consulting can help lead you to college success, call us at 301-834-6888 and visit the many resources available on our website.

Friday, April 6, 2012

Juniors- Use Your Spring Break Effectively

It’s Spring Break!  Now is the time for juniors to begin visiting colleges and narrowing down their list of potential choices.  Visiting colleges while they are still in session will give you a clearer picture and feel for the campus.  Go with an open mind, and thoroughly explore the campus, academic buildings, dining halls, and dormitories.  Try to imagine yourself in each setting.  On average, students spend 15 hours a week in class, so you want to make sure you pick a college campus where you believe that you can live peacefully.

If possible, talk to students who attend each college; put together a list of possible questions in advance, so you feel more comfortable in starting conversations.
Also take photos and notes along the way, to help you remember the pros and cons of each college later, when you’re comparing campuses!
Here are some factors to consider during your break:

Consider your options
There are a wide variety of options available: private universities, public universities, liberal arts colleges, community colleges, etc.
Two-year community colleges are a good route for some.  They provide the opportunity to complete general education requirements that will transfer into a four year university, which can save tens of thousands of dollars on college tuition.  If you plan carefully, it is possible to transfer from a community college to a university and still graduate within four years.
Here is a great article about private vs. public colleges: www.collegeconfidential.com/dean/archives/000294.htm

Create a list of 10-15 colleges that are of possible interest
Here is a great website that can help lead you in the right direction: www.princetonreview.com/college-education.aspx

For more information about how to select the right college, and how Klaar College Consulting can help lead you to college success, call us at 301-834-6888 and visit the many resources available on our website.