Weekly Wisdom

Synopsis:
Financial Aid and chart, Applying with financial aid affecting admissions decisions, articles on college costs, legacy admissions, finish application prep before summer ends, memorize this for 10th & 11th grade parents, and Colgate University.

Introduction:
This week we will take a quick look at some financial aid issues, look at some interesting articles, and provide an answer to a financial aid-related question. 10th and 11th grade parents should look at their section for a very interesting article about memorization in schools. Our featured college this week will be Colgate University.

Weekly Wisdom for Sophomore, Junior & Senior Parents

This week’s wisdom regards financial aid. The maze of financial aid for college is a complicated one. What we are offering up first is a basic look at what’s available out there in some sort of digestible form. If any of this confuses you, don’t worry – you’re not alone. Still, investigating this field can yield some beneficial results!

Financial aid is available in three forms — grants, loans, and work — from four different kinds of sources — federal, state, college, and outside.

The federal government offers (1) grants in the form of Pell Grants, up to a maximum of $4,050 based on need and cost, and Supplemental Educational Opportunity Grants, up to a maximum of $4,000 based on need, (2) loans in the form of Perkins Loans, with deferred interest at 5%, Stafford Loans, with deferred interest up to 8.25%, Direct Loans, similar to Stafford, and PLUS Loans, to pay for any gap between cost and aid, and (3) work-study in the form of Federal Work-Study. Some of these programs are campus-based; be sure to ask your college what programs they participate in.

States vary in the financial aid they offer. Check with your state offices to see what’s available from your state.

Colleges also vary in the financial aid they offer. If you apply for financial aid from a college that accepts you, they will inform you of their offer of aid.

Finally, outside scholarships are available from many sources. Check with employers, unions, and civic groups, and do a little research to see what’s out there from many sources. There are a number of Internet search engines dedicated to this task, for example FastWeb.com.

There are also some tax breaks available. Lower income taxpayers may claim the Hope Tax Credit of up to $1,500 per year for each eligible family member enrolled at least half-time in the first two years of undergraduate study. They may also claim the Lifetime Learning Tax Credit up to $2,000 per year per family for students taking courses at eligible schools.

Higher income taxpayers may be able to deduct qualified tuition and related expenses up to $3,000 (not including room and board or personal expenses) paid during the tax year to a qualified college.

Click here to take a look at a basic college cost chart.

Upcoming Deadlines

• August 20th – last day to register for the Sept. 25th ACT test
• Sept. 3rd – late registration deadline for the Sept. 25th ACT
• Sept. 7th – last day to register for the October 9th SAT & SAT II
• Sept. 15th – late registration for the October 9th SAT & SAT II
• Sept 25th – ACT Assessment Test
• October 1st – last day to register for Nov 6th SAT & SAT II
• October 9th – SAT & SAT II !

Articles in the News

Finances first:

This first article details kids and their spending habits in college.

http://www.boston.com/news/education/higher/articles/2004/08/02/tough_calls_on_college_kids_finances/

Our second article is a commentary on how, despite most people’s misgivings, “legacy” admissions might be a good thing for universities. Please do not take our inclusion of this article to be an endorsement. We just thought it interesting. Check it out here:

http://www.latimes.com/news/opinion/commentary/la-oe-kushner11aug11,1,4839757,print.story?coll=la-news-comment-opinions

Ask The Experts

asktheexperts@thepreptalk.com

This week’s question is, naturally, financial-aid based.

Q: Will applying for financial aid hurt my chances of being admitted?

A: It depends on the college. A rich school like Harvard has a “need blind” admissions policy: they admit students without regard to need. Many schools, however, can’t afford that and have a “need aware” policy in which financial need is considered to some extent when making admissions decisions. What this means is, quite simply, each school uses different methods, and knowing your school’s is key to knowing what to do. At a “need aware” school, be aware that it could hurt your chances if you apply for financial aid.

Application & Essay Tips

It’s crunch time starting now! Students should be advised that school begins in three weeks. Those who have completed or at least started their essay will be infinitely better off. Once school starts, things start to get hectic. We would advise parents and students to have brag sheets and first draft essays completely done by the time school starts. Applying is an arduous and stressful process and those who get through it with flying colors are the ones who were prepared early.

Featured College

Colgate University

Colgate University is a liberal arts school with an athletic twist. Located in Hamilton, NY, Colgate is home to about 3,000 students, most of whom are rich and white. Still, the lack of diversity is known and acknowledged. Colgate is ranked very high in all indexes. Students at Colgate take a serious general core requirement load, including (ready for this?) four gymnastics courses and a swim test. A gorgeous, very hilly campus is beloved by students, but the winters can be harsh, and the main hill on campus also happens to house the freshman dorms, so students have nicknamed it “cardiac hill.” All in all, Colgate has what many students wants – small class sizes, personal attention, highly respected academic reputation, and a real athletic pride. The intramural and intercollegiate athletic programs are arguably better than any liberal arts school out there, which is just what’s missing for a lot of people from other small schools. If the cold is bearable, Colgate is definitely worth a glance.

10th&11th Grade Tips

For 10th and 11th grade parents, this week we highlight an article in which the writer talks about the importance of memorization in today’s educational environment and argues that “progressive” educators who lambaste memorization as not conducive to learning are mistaken. We think the article is well argued, and worth a look.

You can see it here.

http://www.city-journal.org/html/14_3_defense_memorization.html