Recent Updates Toggle Comment Threads | Keyboard Shortcuts

  • collegepete 10:12 pm on May 6, 2013 Permalink | Reply
    Tags: , Cypress Bay High School, , , FL, Weston   

    The Unfortunate Link Between Friday Food Fights & FAFSAs at The Bay! 

    I have a few comments about the recent melee (i.e. near riot) that took place last Friday at Weston’s Cypress Bay High School (CBHS), among the largest in the nation with over 4,300 students. 

    If you hadn’t heard, there was a food fight in the school cafeteria during lunchtime that erupted into a chaotic frenzy and spilled out into the courtyard.  Thousands of students gathered to witness the commotion and fracas, as one student, a 17 year old, was arrested for allegedly striking a school official and he now faces felony charges.  For the rest of the school community, the incident remains an embarrassment coming at the end of a school year that unfortunately saw a fair share of unwanted media attention.

    Let me first say that Cypress Bay is a top high school, producing outstanding college-bound students every year.  It is far from a “troubled” school, as it was referred to in Saturday’s Miami Herald headline.  They may have faced their share of challenges this year (sex scandals and food fights will attract headlines), but to label it “troubled” is a bit unfair, no?  For what it’s worth, Cypress Bay has earned an ‘A’ grade for 8 of the last 9 years and the last 3 in a row.  That’s far from “troubled”.   I had the privilege of working with several 12th graders who are bound for great schools like University of Chicago, UPenn (Wharton),  Cal Tech, NYU, University of Florida, Elon University, The Pratt Institute, and University of Richmond, among many others.  And those are just the dozen or so kids I personally worked with — about 98% of the 1,000 12th graders are college-bound.

    The problem with CBHS, and the reason this incident got so out of hand, is that the school is simply too large.  The administration and faculty don’t have the manpower to control a student body of over 4,000 when they get rambunctious and prank-happy on a Friday in May.  Frankly, I give credit to the school, its students, Principal Neely and his staff for maintaining order during the other 179 days of the school year.  Friday’s episode could have happened anywhere, but the images that circulated among social media in recent days revealed a chaotic sea of teenage outburst.  This could have been an Ultra Music Festival without the beating bass.

    What does this have to do with college planning?  Despite it’s terrific record, the US Department of Education notes that only 60% of CBHS seniors completed a FAFSA this year (as of April 26).  This means that, notwithstanding the noble efforts of the college counseling office, the message is not getting through to the minions that every applicant should complete a FAFSA in order to qualify for aid and some scholarships, including Florida’s Bright Futures.  The conclusion is that the BRACE office, like the rest of the adminstration at CBHS, is simply overwhelmed.  Friday’s episode is just a symtom of a much bigger problem.

    If you feel that your family deserves personalized attention — in terms of funding college, finding a discount, or gaining admission, then you need to check out one of my upcoming workshops.  I’m holding two next week – one in Broward and another in Miami-Dade.   I’ll cover:
     

    • The biggest mistake parents make with FL Prepaid and other 529 plans
    • The crucial questions parents should ask of every school on a student’s college list
    • How a ‘pricey’ private college can cost less than a state school, even considering Bright Futures and FL Prepaid
    • Why it’s taking, on average, 5+ years to graduate from college today and how to buck this trend
    • How to compile a list of schools that maximize chances at both admissions and financial aid
    • How to decipher the complex financial aid formula and identify rules that can cost you (or save you) thousands of dollars
    • More!

    This event is will not cost a single scoop of mashed potatoes.  I do promise, however, that you will leave with valuable portions of information that can save the typical middle class family thousands of dollars off the cost of college.  With the school year nearing it’s end, it’s time to get a plan together on how you will pay for college for your children — before the laziness of summer kicks in. The best way to start is to attend my workshop. 

    Click here to register and to get more info.  I look forward to seeing you there.

    Best,

    Pete

     

  • collegepete 12:02 pm on May 3, 2013 Permalink | Reply
    Tags: , College Acceptances, , , ,   

    College Acceptance Results – Class of 2017 

    OK, you’re probably as anxious to skip ahead to the ‘good stuff’ (the acceptances) as I am to share them with you.  Not gonna lie – it was a record-breaking year for our students in what was a very tough admissions and funding season for many.  They and their families deserve our congratulations!  But before I get to the stats, I wanted to take a minute to clarify something.  

    I know that in my articles, on my blog and in my classes I hammer the concept of ‘early planning’ to yield the best  results (see below), but it has been brought to my attention that the concept of early planning for college can mean very different things to different people.  Some families, for example, hear me say early college plan, and they purchase ‘FL pre-paid’, and then pray that their kids will get accepted to and want to attend a Florida public university and  qualify for a ’Bright Futures’ scholarship.  To be clear, this is not what I mean when I discuss planning.  It works for some, but… to me, this is hope – not a strategy — and quite frankly, given the current college landscape, false-hope at that. Not only will a FL pre-paid program only cover a fraction of the total cost of attendance (about $4000 towards a $20,000 nut per year), but Bright Futures’ future as a need-blind ‘merit’ entitlement is not so bright.  (I’ve written extensively about both so I won’t belabor either point here – you can  read more about my opinion about the Future of Bright Futures).  

    What I do mean when I discuss proper and strategic planning is this:

    1. Never assume that you have to pay full sticker price at any college.   So, don’t reflexively rule out colleges based on the price on their brochure.  Dig deeper to determine which colleges have the ability and willingness to offer your student a discount, which colleges graduate their students in 4 not 6 years, and develop a plan that integrates your student’s academic prospects and career aspirations, his/her ability to demonstrate value and a school’s ability and willingness to reward said value.   Remember, your neighbor is not a college expert and does not have a true view into what needs or leverage you may or may not have.

    2. Look at your need-based aid opportunities and take the related steps to maximize those opportunities (allocate your assets properly and choose schools with money to give).

    3. Look at your merit-based opportunities and take steps to position your student to target and gain acceptance to those schools that will financially incent your student to attend. Don’t overlook the value of test prep (SAT and ACT).  Consider, for example, that some schools, like Tulane, value scores so much that they’re willing to pay you for them – literally.  There are others out there with similar sensibilities… and still other schools who won’t consider test scores at all — unless they’re above the school’s average — then they may give you a huge admissions advantage – even for marginal classroom performance.  You need to understand these nuances while developing your strategy because they can be significant difference-makers.
     
    4. Look at your family situation and understand how the tax code and the Dept of Education financial aid regulations may intersect and/or be at cross purposes.  For example, small business owners will find loopholes in the Fin Aid regs that might be considered tax landmines (and vice versa), same-sex parents are recognized in finaid regulations (new) but may be treated differently by the tax code, same for separated and divorced households. There are quite literally thousands of pages of federal regulations that govern financial aid — and as is the case in any regulated program — these regs are confusing and rife with opportunity AND challenge.  No two families are alike and it behooves you to seek an expert opinion on yours.

    As for the ‘early or advanced’ planning I speak of…ideally you’d start when your children are born… but as conditions change, you would revisit your plan to make sure it still makes sense.  The ‘fixadent and forget it’ method of old is not sound when it comes to a college plan.  I’ve counseled far too many families in recent years who woke up to a depleted 529 plan just when they needed it most.  Regardless, you should begin the heavy lifting on your college funding plan at the same time your child begins the heavy lifting on their academic pursuits – prior to 11th grade…  and certainly prior to 12th grade when the applications are due.    But  I work with families in all stages of the process…and what you see below reflects their efforts regardless of when they found me.  I do not get kids into college, nor do I ‘package them’ to get them a discount.  They earn their own admission into college —  and their parents take the proper steps with them to make sure their efforts are affordable… I just ‘coach em up’ and provide them with the right information, training and guidance to make informed choices and to facilitate the process.  

    So, without further ado – here is a list of the acceptances for the College Pete Class of 2017! Congrats to all!

    Please note that some of these acceptances reflect more than one acceptance per student — a student, for example, who got into NYU might have also been accepted at UF and USC.  Also, I am still compiling the financial data — early returns are that the scholarship and grant offers exceeded $1.5 million (exclusive of Bright Futures and other FL state merit incentives), with approximately $30,000 average per offer.  I will make those numbers available and share my notes from the funding trenches next week.  

    (Two schools worth mentioning, on opposite sides of the spectrum: Cal Tech was a true gem this year, with admissions and generous aid packages that were fair and attractive to students from both Miami-Dade and Broward.  This is a terrific option for aspiring engineers.  University of Virginia, on the other hand, was quite a disappointment.  Despite a reputation of generosity for a state university, they didn’t deliver when it mattered most, by stiffing a top Miami-Dade student despite his exemplary academic and athletic record and his mother’s demonstrated need.  Instead it looks like Wash U will be getting a great kid, and they delivered with a very fair aid package!) 

    Finally,  I am holding two, free college planning workshops this month — the last two of the school year.  If you have a child in or entering high school, and you’re ready to learn more about giving your child a better chance at gaining acceptance to a dream school that you will be able to afford, you should come to one of them.  Click here to learn more and to reserve your seat.

    College Pete Congratulates the Class of 2017!  Well done you!

    American University
    Boston College
    Boston University
    Brandeis
    Brown University
    Cal Tech
    Case Western Reserve
    Catholic University of America
    Colorado State 
    Columbia
    Cornell
    Duke University
    Eastman School of Music at Univ. of Rochester
    Emerson College
    Emory University
    FAU
    FIU
    FL Institute of Technology
    FSU
    GA Tech
    George Washington Univ.
    Georgetown
    Harvard University
    Harvey Mudd College
    High Point University
    Indiana University
    Ithaca College
    Johns Hopkins University
    Loyola – Maryland
    Loyola – New Orleans
    Marist College
    Maryland Institute College of Art
    NC State
    New College
    NYU
    Pratt Institute
    Rhode Island School of Design
    Rollins College
    Seton Hall
    Stetson
    SUNY Stonybrook
    Syracuse University
    Temple University
    Tufts
    Tulane
    UCF
    UCLA
    UF
    UM
    UNC – Chapel Hill
    University of Pennsylvania – Wharton School of Business 
    Union College
    University of Chicago
    University of Michigan
    University of Richmond
    University of Southern California
    University of Tampa
    University of Virginia
    University of Wisconsin
    Vanderbilt University
    Washington University in St. Louis
    Wellesley College
    West Texas A&M
    Williams College
     

    Click here to see admissions for College Pete’s Class of 2016.

     

  • collegepete 6:03 pm on April 23, 2013 Permalink | Reply  

    May 1 DECISION DAY – First Look At Lessons from the 2013 ‘Trenches’ 

    Dear Reader,

    Right now, countless 12th graders and their families are huddled together pouring through college acceptances, comparing final financial aid offers, and weighing prestige, price, and life after college (hopefully one free of debilitating student loan debt).  All this in anticipation of  next week’s DECISION DAY….May 1… the day college deposits are due.   I hope they’re happy with their choices and excited about embarking on this new chapter.  Unfortunately, I know that’s not the case for far too many.  

    Just yesterday, I read a story in which the author described his decision:  ’ I’m choosing between one very expensive option and another obsenely expensive one.’   And those of you who have been readers for some years now (by the way, why are you still reading and not taking action?) will recall this email that Jill received a couple years back.  It was from a distraught father (neither a subscriber, nor a client) from somewhere in the Northeast.  He had just been denied additional aid from his daughter’s dream school, a very selective school that she had clearly worked her butt off in high school to get into, and he had to tell her that he couldn’t afford to pay for it.   “I have a daughter freaking out at home… The price of a college education now is comical and… the struggling middle class get screwed.  This financial formula that FASCA (sic) figures… is a joke. They decide that going into huge debt seems to be the American way.  This country is going into the crapper.”  There was more, but you get the gist.  Jill was so worried about him that she reached out to his wife (remember, strangers to us from a different state) as an objective ear to rant to; because by the time he found us, there was little else we could do to help.  

    Naturally, I was disturbed for all of the usual reasons, but I’m actually more upset by the way similar stories continue to get reported…without offering any real insights into how the process works, and more importantly how to make the process work so that your decision day is a happy one.  The prevailing narrative — that all ‘typical’ college-bound students will wind up with a choice between an education that is merely ‘very’ expensive’ or one that is’obscenely so’… and that their parents will wrestle with  similarly onerous trade-offs, like paying for college or retiring someday, or leveraging their life instead of  disappointing their progeny–  is FALSE!     Or at least it doesn’t HAVE to be true.  I can point to hundreds of  ’typical’  South Florida families who learned the actual way college works today,  who planned deliberately and realistically, and have had decidedly ‘atypical’ results.  From this year’s class alone:

    - Goin’ to Cornell with close to a $40,000 tuition discount
    - Will call Ann Arbor (Michigan) home this Fall with $31,000 in grants/scholarships
    - Heading to Emory with more than $30,000
    - Wash U $33k; Richmond – $39k, University of Chicago – $44k;
    - Tulane, UM, High Point, Marist, American, GWU, Georgetown, Duke, BU, Case Western, Notre Dame, Cal Tech (BIG this year), Vanderbilt…  All gave five-figure somethings.   I am still compiling my results and will be publishing them (the college funding faves and the schools that made the dislist with disappointments) after the May 1 deadline.

    But for now, you should understand that close to 2/3 of first-time, full-time undergraduates will recieve some type of grant (that’s free money) in the form of ‘discounts’ in 2013.  And  what’s really interesting is this… of those ‘discounts’, about 70 percent will be awarded to students who demonstrated financial need, which means that 30 percent of that money will be given away to students who were able to  demonstrate value (not need) to the institution. 

    So while it might be ‘sexy’ to write stories about crazy, unchecked tuition prices, student loan rip-offs and scholarship scams; it’s diverting attention (and therefore, effort) from the actual way college works today, and more importantly, how regular families can make it work for them.  Let’s not forget that every year thousands of families leave millions on the table (in 2010, 22,000 Florida families who would have gotten something, left $24 million in the school’s coffers).  I contrast it to many of the families with whom I’ve had the honor to work with… They knew well in advance what to do and what to expect… and as such, have both their pocket books and their peace-of-mind intact today!  

    Given all the noise, I certainly wouldn’t blame you if you’re confused and hesitant… and are even beginning to ask yourself what was previously an unaskable question: whether college is worth it?  And so, though I realize this is already long,  I wanted to leave anyone who is ‘on the clock’ and still on the fence, with some practical, real-world ideas about what you can do today to make your future decision day a happy one. 

    - My first advice is to change the question.  It’s not whether college is worth the cost,  it’s what can I do today to  Make College Worth The Cost!  The right college at the right price is most definitely worth the investment. Even when national unemployment was at its worst, it was only 4.5% (full employment) for college graduates 25 and over!  And in the aggregate, college graduates still out-earn non-graduates by about $1.2 million over the course of a lifetime. 

    - College is within your reach, but you have to have the foresight to consider Affordability BEFORE the admissions process begins in earnest — your funding plan should be in place well before your child enters 12th grade and should be integrated with your child’s admissions strategy to include one or several of the following components:

    • the state and federal financial aid system,  
    • need-based institutional endowments (yes, this is for six-figureincome families, too),
    • merit-based tuition inducements — and not just for top students, special skills athletes, etc — there are GREAT schools that may not make this year’s US News best dressed list, but offer 4 year graduation rates and a great education with dollars to give to students that ‘complete their class’ – find them!;
    • the tax code (there are ways to pay for college with pre-tax dollars that can save high income families several thousands of dollars

    - Don’t let your children treat College like it’s 13th grade!  Too many students enter college without a plan, without a vision for their academic or professional future, like a rudderless ship tossed around without direction.  The investment is more worthwhile if students bring a sense of commitment to the campus. The 4 year vacation (or 5+ years) with football and basketball season tickets is the wrong formula for a positive college ROI.  That’s why this is a ‘family’ process – it’s not just about the student, and not just about the money.

    To find and get into the right college at the right price, you have to plan early and you have to have a family-centric and integrated admissions strategy that considers: how much financial need you’ll be able to demonstrate; which colleges are likely to meet that need; where your student might have leverage (value); and how to demonstrate that value to the ‘recruiters’ of those schools!   I know that it’s not easy to sort through all of the noise, but it is worthwhile!  And there are some great resources, people and tools out there to help you.  The best  time to start is right now (the earlier the better).  And the best way to start is to determine where your student might want to go and compare that list with schools they are likely to get into at the head of the class… and then, determine how much those colleges ‘cost’ versus how much you’re actually going to have to pay to go there!  Those are two very different numbers, and I discuss both at my free workshops.  The next and last two on the calendar are May 14 in Pembroke Pines and May 15 in Pinecrest (South Miami).  Click here to get more info and to register.

    Dedicated to Keeping Your Mind Peaceful and Your Pocketbook in Your Pocket,

    Peter

    P.S. Please feel free to forward this post to everyone with college-bound students… they’ll be grateful, I promise.  

     

    • Pat 6:48 pm on April 23, 2013 Permalink | Reply

      Hi Pete, we will be deciding within the next week which of 3 colleges our son will attend. I do agree with some of what you say but not all. Yes, there are schools that will give more money than others , depending on your students academic record, etc but they may be “no name schools”. We in the US ( & I count myself among them) are too “name conscious” , maybe rightly so as the “name” college degree may open more doors than the no-name. We are becomning too elitist & thats why many of us are paying “too” much for college. We will be turning down a very generous merit aid offer in favor of a lower need-based offer because of which school is a better fit ( for lots of reasons) for our student. It kills me to look that gift horse in the mouth but we’ll bite the bullet & do it. Shame on us.

    • Peter Ratzan 12:14 pm on April 24, 2013 Permalink | Reply

      I can understand and appreciate the desire for “name consciousness”, however there are plenty of great colleges out there that may not be as well known in your particular part of the country, but they can still be terrific colleges that do a fantastic job in positioning students for graduate school or the working world. Unfortunately, many students and families restrict their search to the well-known schools who either play Division I football or basketball (thank you, media exposure), or Ivy League schools or the schools in the big cities. Believe me, I’m a big sports fan, and I love the city, but students need to consider the right fit. The point is for applicants (and their parents) to keep an open mind, and to start researching and investigating the options 11th, or even 10th grade. Thanks for reading!

    • Pat 8:59 am on April 25, 2013 Permalink | Reply

      Hi Pete, I’m not talking so much sports vs big cities, I’m speaking to the name recognition that can get you in the door in the working world. All things being equal, if our child was accepted at Amherst & Muhlenberg & the bottom line cost was the same, we would have advised him to go to Amherst. I think employers value certain “name” colleges & if that can help my child get a foot up in employment. I’d counsel him to do it. I agree that of the 4000 US colleges, only about 100-200 are typically even on the radar of most folks – I’m sure they do a good, maybe even great job, but the name does count. On another note, just read an article about US teens heading to Canada ( McGill- see, theres the “name”) due to the much lower cost of a Canadian college education – which begs the question – WHY is an American college education SO darn expensive????

    • Angeles 10:53 pm on April 29, 2013 Permalink | Reply

      Hi there! This article couldn’t be written much better! Looking through this post reminds me of my previous roommate! He continually kept preaching about this. I’ll forward
      this post to him. Pretty sure he’ll have a great read. Many thanks for sharing!

  • collegepete 2:59 pm on April 9, 2013 Permalink | Reply  

    While Florida’s Tuition Debate Rages, Tax Scholarships Offer Relief 

    I wanted to write about Florida’s college tuition rates and the Bright Futures Scholarship program, which are both in the news again.

    At issue: whether students spend more on tuition or their cell phones, and whether we can handle another tuition increase and a simultaneous decrease in Bright Futures, the lottery-funded merit awards.  Regardless of the debate’s outcome: the hardest hit will be the  forgotten middle class. Again. 

    But then I thought, why focus on the negative today – we can do that next week.

    Instead I thought I’d spread a bit of good news to my hardest hit college-bound readers.

    So, here goes.  Did you know, for example, that the fiscal cliff deal extended the above-the-line deduction for most tuition expenses?  The break, which had expired at the start of 2012, is back and good through 2013… and best of all it benefits middle class taxpayers (those with a modified AGI of $160,000 or less for joint filers.)

    Also good – the same legislation extended the American Opportunity Tax Credit through tax year 2017.  Formerly known as the Hope Credit, this benefits most tuition-paying students and parents.  It’s a dollar-for-dollar tax credit on your first $2,000 in college expenses, then 25% of your next $2,000… plus up to 40% of it, or $1,000, is refundable, meaning you get it whether you owe taxes or not.

    Finally, if your modified AGI is less than $65,00 per year (single filer) or $130,000 if filing jointly, and you have student loans, you might be able to deduct up to $2,500 a year on the interest.

    One critical note/disclaimer:  there may be restrictions on these deductions.  Please check with a trusted tax adviser if you are unsure as to which ones you might be eligible for.  Which also brings me to my next point:

    Paying for college is a very costly (and complex) endeavor.  Paying less than the sticker price — and sustaining your lifestyle without sacrificing your retirement, your cash flow or leveraging your children’s future(s) with onerous debt –  is achievable, but it requires a multi-faceted strategy.  One that incorporates need and merit-based tuition deductions, and leverages both the Financial Aid regulations AND yes, the tax code.   Unfortunately, many of the loopholes available to middle class families in the Title IV Department of Education financial aid regulations can conflict with the IRS tax code.  It is critical that your college funding strategy consider the cost-benefits of each.  That’s why I like to start working with families well before their first child applies to college (in other words, 10th grade at the latest), so that certain taxable activity can be completed well before any financial aid disclosure requirements.

     

  • collegepete 3:13 pm on April 8, 2013 Permalink | Reply  

    Is College Admissions More Competitive Today? 

    I’m beginning to feel like I say this every year, but this has been one strange admissions season. 

    If you’re the parent of a 12th grader, you probably know what I’m talking about. 

    Students in at the top-tier Ivy, but out at the popular,state school… High-need students doing well at some need-meeting schools, less so at others… and quite a few other head-scratchers.  Yesterday I sat with an admissions counselor from a competitive, local high school, and we marveled with perplexity at how some of the top students have been treated by their first choice schools.

    Yet despite the difficult news for some students, everyone we know has a great college to attend this Fall.

    And then I spoke to my cousin who lives in a toney NY suburb.   She lamented to me that in her town it’s harder than it’s ever been for any student to gain admission into ANY college because the competition there is so fierce.

    Is she right?  Is it truly more difficult to get into college today?  And more importantly, what can you do about it if you are the parent of an 11th, 10th, or 9th grader?

    My opinion:  she’s half-right.  Sure, every few years there’s a new breed of hot and up-and-coming schools; and for the more competitive and hot “brand name schools of today (Michigan, Duke, Tufts, Wash U, Northwestern, Vanderbilt, the Ivies etc.),  I expect that when admission results are announced in another month or so,  that we’ll once again see record-breaking application rates and historically-low admit rates (creating higher yields).   And these same institutions will beat their chests and jockey for position at the top of the US News Rankings.

    But there are fantastic colleges out there — perhaps less ‘hot’ right now, or less ranking-obsessed and with smaller marketing machines — that literally change lives (for the better).  And with all due respect, the quest for higher education is not about finding the highest ranked college — it’s about identifying the best fit college for your child and your family! One that can satisfy their aspirations and your budget.

     So if you want to maximize your chances of admission into college and receiving money, your list should include colleges that your neighbor might not know about.*  If everyone is applying to the same popular schools, then the laws of economics dictate that it will be harder to get into those schools, and the aid dollars, both merit and need-based, will become even harder to secure.  Many of these so-called lesser known schools (among your neighbors) are VERY well-known to future employers and graduate programs, offer top quality educations, AND often can do so at a steep discount.

    *UPDATE! If you are a regular reader, you may remember the story about Lisa (not her real name), the mom who freaked out when her neighbor told her that she was wasting her time with the FAFSA because all she would get was loans.  Last week Lisa’s son was admitted to Brown University with a grant in excess of $50,000.  Her total out of pocket cost will be under $4,000 for a top Ivy League school.

     

  • collegepete 1:28 pm on March 21, 2013 Permalink | Reply  

    ‘Spring’ in Grand Rapids: First Stop on the College Pete College Tour 

    I’m spending a few days in Michigan, meeting and sharing best practices with a college planning company that is on the cutting edge in terms of providing both admissions and financial solutions to families.

    I took a break this afternoon and got a head start on my Annual Summer College Tour!  First up for 2013: Calvin College, a local gem, located in suburban Grand Rapids.  Calvin is a mid-sized (4,000) Christian, liberal arts school, with diverse opportunities for students including engineering, business, and pre-professional programs.  Campus life is a bit conservative – while the dorms are co-ed, the male and female floors are separate, and there are strict limits on when members of the opposite sex can enter dorm rooms.  A Division III school, Calvin have beautiful athletic facilities with emphasis on soccer, basketball and volleyball…but no football.  We are in Michigan, so hockey rules.  The school has a great regional reputation, with graduates well-positioned throughout the state of Michigan with great job opportunities.  Check out my video post here.

     

    • Omar Azan 8:11 pm on April 2, 2013 Permalink | Reply

      Great video Peter and it is a great school.

  • collegepete 2:03 pm on March 18, 2013 Permalink | Reply  

    Don’t Count Out Creighton – Generosity Bracketology Picks The Real Winner! 

    March is far and away my favorite month on the college calendar.  It’s not because kids receive acceptance letters and the accompanying financial aid awards (though that is very cool!).  March is synonymous with basketball, in particular college basketball, and even more specifically, the NCAA Division I Men’s Basketball Tournament, aka March Madness, which is perhaps the most perfect thing in sports.

    I love that smaller colleges get to compete with the big boys (and girls).  I love watching the student body storm the court at schools like Montana, punching a ticket to ‘the Dance’. I love the TV images of the teams dressed in warm ups and awaiting their fate, only to celebrate like little boys who just won a 5th grade pizza party.  I love seeing an Ivy League school on the bracket each year, hopeful that they can knock off a high seed in the first round.   I love the bands, the cheerleaders, the mascots, students with face paint, girls (and boys) with teary eyes after emotional losses, and old men sporting colorful, polyester golf shirts with the school logo on their chests.  And this year especially, I love the chances of my hometown team, the University of Miami, making a glorious and historical run.

    Most of all I love match ups, and I know I won’t be all alone in America when my focus strays from work on Thursday and Friday afternoon as I peek at the first round scores (hello, Mr. President!).

    This tournament is always so hard to predict even if you have expert basketball knowledge, and that’s why I’m proud to release my 6th Annual University Generosity Bracketology, where the winner is the school with the best ‘tuition discounting’ policies and graduation rates.  This year I gave greater emphasis to graduation rates than in years past.  It takes, on average, about 5.5 years to graduate from college today, and the trend is particularly problematic at the state universities nationwide.  The more time your kids spend in college, the more it’s going to cost you as parents.  That’s why it’s important to research graduation rates when selecting colleges.  A great tool for that is the College Results website.

    If your college basketball knowledge is somewhat limited, and choosing a winning team (or the right college, for that matter) based on its mascot or its weather seems trivial, here’s an alternative approach.  It may not be a formula for bracket success at the office, but it’s certainly a solid strategy when researching colleges with your child…and it’s a creative way to discern between two teams you have absolutely no clue about.  As a side benefit, you may actually sound intelligent (from a non-basketball standpoint) when explaining your reasoning to your colleagues at the office.

    Being a geek used to be uncool, but Bill Gates and Bob Costas changed that.  Hey, if Inside Higher Ed can put together an Academic bracket, then I can put together a Generosity bracket.

    A common theme in this year’s bracket is that the traditionally Catholic schools who are represented boast relatively high 4-year graduation rates and generosity levels.  My championship game has Notre Dame edging Georgetown, two Catholic schools representing the soon-to-be defunct Big East. Combine that with strong possible showings from other Catholic schools like Creighton, St. Louis, and #1 ranked Gonzaga, and this year is shaping up as the Year of the Catholics.  Newly elected Pope Francis would be proud.

     

  • collegepete 3:32 pm on March 12, 2013 Permalink | Reply  

    Higher Ed’s ‘New Normal: Adapt or Else 

     The measure of intelligence is the ability to change.”
    ― Albert Einstein
    “Those who cannot change their minds cannot change anything.”
    ― George Bernard Shaw
    “It is not the strongest of the species that survives, nor the most intelligent, but rather the one most adaptable to change.”
    ― Leon C. Megginson

    As many of my readers know, I’m both a former high school history teacher and mid-level executive at a Fortune 500 telecom company.   It may seem an odd pairing to some, but my former career choices have served me well, as business and education continue to converge at a faster pace than anyone might have predicted.  

    And as a student of both (MA/MBA, International Rel. and Business), I am certain that when this era’s history is written, the ability and WILLINGNESS to adapt quickly to ‘New Normals’ (i.e., changing conditions like technology, demographic shifts, globalization) will be the characteristics that distinguish the successful  from the less so.  This is especially so as it relates to Higher Education.  

    So for starters, just in case you haven’t been getting my memo(s), I wanted to recap with you some of the ‘new normal’  conditions  we are facing with our higher education system:

     

    •     College Debt has just about reached $1 trillion, up from less than $400 billion in 2004, and both the number of borrowers and the amount borrowed increased by a staggering 7% between 2004 and 2012.

     

    •     We’ve set a new record in this ‘new normal’: one-in-five households now owe student loan debt!  Yet median household incomes have fallen by nearly 7% since 2001.

     

    •      Tuition has risen 68% at public universities in the past decade, while state and local educational appropriations fell by nearly one third of their pre-recession high in 2001

    I know that taken in total, this confluence of bad trends can make it seem as though this ‘New Normal’ sucks – and more appropriately, that an affordable college education without debilitating debt, homelessness or preserving retirement is simply unattainable — especially for the myriad professional, responsible, forgotten ‘middle class’ Americans who seem to have been disproportionately affected by these challenges.  But that’s just not the case!

    Over the years, I’ve issued many a ‘wake-up’ call, detailing both the challenges AND more importantly, the OPPORTUNITIES that lie within the NEW NORMAL.  Yes, it’s true:   paying for college ‘aint what it used to be.’  It is different now.  Notice I said “different”,  not worse.  Today, colleges set and then DISCOUNT their prices – so much so that nearly 2/3 of students will pay LESS than sticker… often considerably less (as in the average discount is upwards of 40%). If you properly set your expectations for today and arm yourself accordingly, then the process and the price of college will wind up being pretty similar to what an upwardly mobile, middle class American family has always paid for their children’s education.  

    (Note that I’m such a geek that I actually did a  study to prove this – and you can click here to read more about my analysis of pricing at Amherst College from 1957 — 2011)

    The difference is in your capacity to adapt.  And since your need to pay for college is likely to happen sooner than you think, a leisurely approach to change will not work.  The edge goes to those parents who see the changes more as an opportunity and challenge than a threat.

    But it’s obvious to me that most parents still are reluctant to take action.  Why? I think it’s because we live in a trust-damaged, shell shocked, post-recession world where anything different is daunting.  It breeds Fear, Mistrust, Misinformation. And More Fear.  And what do most people do when they feel like this?  They either do nothing at all, or they do the same thing they’ve always done.  The result -  most  families are not even close to maximizing their college choices or their eligibility for discounts.   That means that thousands of deserving teens will be forced to attend lesser colleges, never apply to schools their parents mistakenly think are unaffordable, graduate with a sick amount of crippling debt or not finish because they simply run out of money and options.  That’s a crying shame, and it’s flat out wrong — most of my clients get accepted to and get a discount from one of their child’s top choices.  Why?  Because they are armed with the facts and take appropriate action to tip the odds in their favor.

    I get more and more excited the closer we get to Decision Day (May 1 – deposits are due).  There is no bigger thrill for an 18 year-old than getting that ‘Thick Envelope’ acceptance letter, and no greater relief to her parents when it is accompanied by a great financial aid or merit scholarship offer.  For others, the thrill lies in knowing that a sensible college funding plan was put in place well before the applications were even submitted.

    Is college grossly overpriced on paper – absolutely!  Is it unfair that salaries have been stagnant for what seems like forever, or that so many of our investments are upside-down and the market is so volatile that one month can wipe out 10 years of college savings and your retirement? Yes it is!  But you have a choice.  You can rant after the fact or you can embrace the new reality and adapt.  There are tools and strategies (legal ones), and real world game changers at your disposal to level the playing field and make college as affordable and accessible to middle America today as it was to middle America in 1957.

    If you’re local to South Florida and you have a high school student, I invite you to attend an upcoming class I’ll be hosting in Pinecrest (Miami) on paying for college in this economy.   One attendee told me coming to my class was ‘the best financial decision she ever made.’  Her daughter just graduated debt-free from Boston University.  Find out how she did it. Click here to learn more about tomorrow night’s class and to reserve your seat.

     

  • collegepete 3:45 pm on March 4, 2013 Permalink | Reply
    Tags: Fianancial Aid Appeal, ,   

    How To Ask For A Tuition Break 

    Barring Sequestration complications (more on this at http://collegepete.com/2012/09/22/experts-warn-families-of-extraordinary-complications-in-this-years-financial-aid-process/), 12th grade parents who have filed their taxes will soon be receiving their ‘final’ financial aid award letters. Unfortunately, many families will find themselves unhappy with the initial contents of these letters. Here’s the good part. In many cases, the award can be improved – it’s an offer; it can be accepted, rejected or countered. Many parents who attend my workshops are surprised when I explain this. Anyhow, the first step in deciding what to do with your offer is to determine if it’s a ‘fair’ award.

    Last Spring, I posted a piece on my blog where I share some tips on how to determine if a financial aid award is fair, and what you can do to ‘appeal’ to the school for more money if it is not. Last year, we were successful in more than 75% of the appeals we filed. If you or someone you know is unhappy with what their child’s dream school has offered in the way of financial aid and scholarships, please read/share this article with them — http://collegepete.com/2011/03/29/tips-for-appealing-your-financial-aid-award/.

    And if you are the parent of a 9th, 10th or 11th grader, I suggest you read through these tips as well… both as a cautionary tale and a wake-up call. For you, there’s still time to educate yourself on your family’s academic and financial options. And with proper information and advance (as in now) action, college sticker prices can become irrelevant; and therefore, price need not limit your student’s educational options. The key, of course, is to have an integrated funding and admissions strategy in place BEFORE your child falls in love with a particular school. With a good college plan, even families that have little saved and/or have healthy six-figure incomes can cut the price of college dramatically. Consider this: private colleges are ‘discounting’ tuition by an average of 42%; and for public universities the average discount is about 15%. This is according to the College Board.

    If you make it a priority to learn about this now, you’ll lessen the likelihood that you or more tragically, your child, will be disappointed later. I’m holding only a few more public workshops this school year. You can check to see where I’ll be speaking next on my website… http://www.collegeplanningadvice.com.

    Best Wishes,

    Peter

    p.s. Please forward this to your friends, neighbors and relatives with college-bound students. They’ll thank you for it.

     

  • collegepete 4:47 pm on February 27, 2013 Permalink | Reply
    Tags: , , , , ,   

    Buying and Selling in Today’s Bilion Dollar College Market 

    As the ‘thick envelopes’ begin to pour in, Decision Day looms large for our 2013 seniors.   Between now and May 1st (when deposits are due),  multiple offers will be weighed, appealed, and then weighed again.  The good news – at least from the early returns I’ve seen –when the dust settles, the vast majority of our students will have been admitted to and received considerable financial inducement to attend one of their top choices.  But this doesn’t happen by accident.  

    College is business. Big business. There is a college market with millions of truly precious buyers and sellers and literally billions at stake.  At its most basic level, it works like this:  just before 11th grade, when the heavy academic lifting begins for your student in earnest, you are the buyer.  The colleges are selling – hence the mounds of  literature with bucolic landscapes and shiny, eager faces of every race and ethnicity arriving daily in your mailbox.  Sales pieces.   This blissfull period lasts until about June of 11th grade, when the tables turn abruptly, and for a brief, but very stressful few months, you (or more specifically, your child) becomes the seller.  His sales piece:  the college application.   Yours: the FAFSA and/or CSS Profile.  

    And then — around now, mid-February — the tables turn once again.   An offer is made in the form of an acceptance letter.  If your student has chosen the right institutions, demonstrated sufficient interest, value and/or need to them, her letter should contain additional inducements (in the form of tuition discounts – scholarships, grants, etc.) to entice you.  You, as the buyer once again, have the opportunity to review this offer and, contrary to what many believe, you can do one of three things with it.  Accept. Reject. Or Appeal (which is more commonly known outside of academia as negotiate, and the nuances of which I will be discussing in next week’s article and at my NSU workshop on the 27th).  

    That’s the simple explanation of how this market works. Sometimes you’re the buyer with all the leverage… and sometimes you’re selling.  Knowing when, how and at what price to buy and sell can make all the difference.  Because in reality,  shopping for college — which includes not just where you get in, but what price you’ll pay–is still a very ‘personal’ process, managed by real people on both ends who are moved by emotion and subtleties that are not reflected in scores, GPA class rank, or even family finances.  What separates two seemingly identical students on paper (and the subsequent offers each is given) are often intangibles like the student’s demonstrated interest in a school, expressed career aspirations, potential contributions on campus, their ability to move the needle on the school’s competitiveness, etc.   

    If your goal is to ‘buy’ a great educational fit for your child at the lowest price point available, and theirs is to accept a great student for their class, sold at the highest price point possible, you have to time this market right.   When, you ask?  How about when your child is in utero?   Ok, I kid (it’s Friday).  In truth, I like to start working with families when the oldest child is in the second semester of 10th grade.   This allows us enough time to develop an admissions strategy that aligns the student’s academic needs, abilities and interests, career aspirations and co-curricular experiences… with a family’s financial objectives and needs.  
     
    This year, nearly every competitive college saw an uptick in applicants.  In a crowded field, the importance of niche positioning cannot be underestimated.    What I mean is that instead of defensively submitting more applications to ‘cover your bases’, even if  technology makes it enticing to do so,  it’s far more efficient for your student to build a targeted list of 8-10 schools that you know in advance will consider your demonstrated financial need, find value in your student (be it academically, socially or even geographically), and meet your student’s academic and social desires… and then focus your family’s energies on demonstrating those things to those schools.   (And the time to do this is before your student falls in love with one of the shiny faces on the brochures in your mailbox).

    Parting thoughts:

    • Go for depth over breadth in selecting schools to target
    • Look beyond the obvious to identify great schools where you’ll be able to leverage your student’s strengths (note: did you know that geographic diversity, academic pursuit and even gender can be a source of value at the right schools?)
    • Have an integrated admissions strategy that is driven by both the scholarly and the financial by the time your student is in 11th grade.  

    If your child is in high school and you’re not sure where to start, I suggest you come to one of my free classes.  I’m teaching one at Nova Southeastern University on Feb 27th.  I’ll be discussing the whole process, and I’ll be handing out a list of 60-odd schools that claim to meet 100% of demonstrated need.  I’ll also give a few honorable mentions to schools whose generosity has surpassed my expectations this year.

    To be clear, there is no charge to attend the workshop next week.  However, if you don’t go, it could cost you and your family thousands in lost financial assistance.  The time to take action is NOW, and not when your child is in 12th grade and it could be too late.  Click here to register.

    Best,
    Peter

    P.S. Please feel free to forward this post to a friend, neighbor or family member with college-bound high school students.  They’ll thank you for it.

     

     

← Older posts

c
compose new post
j
next post/next comment
k
previous post/previous comment
r
reply
e
edit
o
show/hide comments
t
go to top
l
go to login
h
show/hide help
shift + esc
cancel
Follow

Get every new post delivered to your Inbox.

Join 33 other followers