Taking the SAT

My most important comment about the SAT is the timing for taking the SAT.  The SAT should be taken before the end of the junior year.  Juniors should start taking the SAT during the second semester while they are deeply engaged in math, lab science, and English literature classes as this is the moment when they will be most acadmically prepared.  Waiting for the summer to pass by and taking the SAT in October of the senior year will cause a decline in their SAT scores unless they have dedicated their summer vacation to serious SAT prep.  Furthermore, it is important to recognize that seniors will have too much to do with college and scholarship applications to give serious energy to maximizing their SAT scores.

On a related note, students can take the SAT as often as they want in an attempt to get a better score.  Colleges do not frown upon repeated attempts but rather see such diligence as a sign of seriousness.  Colleges will simply count the best score.  It does not matter if the best score was the first attempt or the last attempt.  Really.

FAFSA Submission - Next Steps

Parents of seniors should be submitting their on-line financial aid applications (FAFSA) during this month.  Remember: don't wait until you have completed your 2010 tax return, just use your 2009 tax return to estimate your FAFSA answers.  After you have submitted your application there are a few other steps to take.

Next steps:
1.  For California colleges you must submit an official Cal Grant GPA verification form.  The form can be downloaded from the FAFSA website (www.fafsa.ed.gov) and completed and mailed by snail mail.
2.  Check your email for a FAFSA confirmation.  The confirmation has the directions for making any changes to the information you submitted.
3.  Begin contacting the financial aid offices at the colleges to which you applied to determine the financial aid package each college can provide.
4.  Compare the financial aid packages offered by each college to determine the best offer.  Don't forget that you can negotiate for a better financial aid package by talking to the financial aid officer at the college.

What the Heck is EFC?

Now that you have submitted the on-line financial aid application (FAFSA), the US Department of Education has told you what your EFC is.  EFC stands for Expected Family Contribution and it is a very, very important figure for understanding the whole financial aid process.

Based on your FAFSA submitted data, the government has determined that your family can afford the EFC amount each year for college expenses.  In other words, the EFC is the amount that you will be expected to pay each year.   It is important to understand that this is the amount you will be expected to pay regardless of how much the college costs.  No matter which college your son/daughter attends, very expensive or inexpensive, you will have to pay the same amount: your EFC.  The difference between how much the college costs and how much you have to pay is the amount of financial aid you are eligible to receive at each college.

Another important angle to understand is that you will not have to write a check to the college in the amount of your EFC.  You can use your financial aid to pay the tuition and housing expenses.  Your EFC amount can be used to cover the on-going costs such as books, clothes, personal supplies, and transportation that can be paid throughout the year as needed rather than in one lump sum.  You will not feel the pinch as much since you will spread out the cost over the year.

I know this is a complex subject and  I would love to hear your comments and questions.

Tips for Finding Scholarships

The problem with scholarships is, as my colleague always says, "no one is in charge."  Every scholarship has different criteria, a different deadline,  and a different process.  Not only is there no standardization but scholarships can be based on the wackiest  criteria as I discussed in my unclaimed scholarship money post.  Just yesterday I came across a scholarship for a high school student with a demonstrated interest in iris activity!  Yes, the flower.  Now I bet there are a few teens who think the iris is pretty but there aren't likely to be any that can demonstrate an established interest in iris activity (whatever that is).

The best approach to scholarship madness is to focus your efforts on three main scholarship sources. 

1. Your own associations, employers, and organizations have scholarships for the members and for the children of the members.  These are ideal sources for scholarships because a relatively small number of people are competing for the scholarships.
2. The colleges themselves have lots of scholarships both merit based and based on random criteria similar to the iris lovers scholarship.  Make sure you tap into these collegiate scholarships during the college application process.
3. Other local scholarships.  As you search for scholarships concentrate on local ones.  If the scholarship is only for your high school, your town, or your state there won't be nearly as much competition as there is with a national scholarship that might attract thousands of applicants.

The Most Common Mistake Made When Applying for Financial Aid

Now that we have entered the filing period for Financial Aid, many of my students have been asking me nuts and bolts questions about the actual FAFSA application.  I am finding that way too many of my students are accidentally selecting the wrong year for their aid applications.  Completing the entire application for the wrong school year is quite disheartening to a 17 year old, even though I myself can't help laughing about it.

Teens:  make sure you select the option to apply for aid for the next school year, not this school year!  The FAFSA on-line application is very well designed and easy to complete but I recommend that the US Department of Education consider fixing the prompt for selecting the year. :)

A College Education Leads to a Better Life

All my posts about financial aid and scholarships, plus the psychological influence of a new year, make me want to step back and address the most common concern of parents.  A college degree is very expensive and getting more and  more costly each year.  Is it really worth it?

Yes, yes, a million times, yes.  Putting aside the obvious "the more you learn the more you earn" correlation between education level and income, let's just talk about what every parent wants for his/her child: a better life.   Spending another four years (or more) learning actually leads to more brain development.  People who stop learning after high school end up halting their brain development, while those that push on into college develop more advanced brains.  These more advanced brains pay off with a life time of deeper thinking, better common sense, and a clearer understanding of one's relationship to the rest of the world.  People with college educations have more confidence and approach life in a pro-active way, believing they control their own destiny through effort and goal setting.  As a parent, the most important thing I want for my child is the ability to think and solve problems so that he will be able to make it in an increasingly competitive world.  If having a college degree also lands him a higher paying job with better job security- that's just icing on the cake.