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  • collegepete 1:53 pm on April 29, 2012 Permalink | Reply
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    How to MAKE College Worth It! 

    I’m no futurist, but  last year I published an article asking what was then a rather difficult and controversial question: Was a college education still worth the investment?   I highly recommend that you check out my surprising answer since this year it seems that my question is the query of the hour.   Just last month I published another article discussing why I thought that a Florida education was becoming a bad investment. I hate to sound self-serving, but I suggest you read that piece as well (if you’re from Florida), since this weekend the Herald published a series of opinions about the value (or lack there of) at our esteemed institutions.

    Seems as if you can”t turn on the TV, check your kindle or open a paper (I’m old school) without hearing about the sad state of higher ed, rampant un(der) employment of college grads and the $ Trillion student debt bubble just beggin’ to burst.  If you’ve been reading my stuff for awhile, you know that  this is all very troubling news — BUT it is NOT NEW NEWS! 

    I have been talking about a higher ed crisis among the largely ‘forgotten’ middle class AND providing real solutions to real families like yours for years.  So what’s most troubling me is not that the pundits have finally come to our party.  I’m happy about that.  What’s making me furious is that among the chatter,  all I hear about are interest rate reductions and loan forgiveness  — which are REACTIVE solutions — and do nothing to help families AFFORD college in the first place, which is what they should be talking about!   In my blog and in my practice, we focus on strategies that make college affordable for regular people, sans excessive debt.  My clients and their children find that they can actually enjoy a return on their educational investment!   

    I hate to rant, but this is also the time of year that I get emergency emails and panicked queries from families who say that ‘I know I should have done this last year, but…’ or ‘I’ve been reading your emails for almost 2 years now and my kid is in 12th grade and headed to Top Choice U and I need money’ … or… ‘I wish I knew about you a year ago…“   I got three like this on Friday.  I really can’t help them now, and I absolutely hate knowing that there were strategies that they could have implemented last Fall that would have helped them say ‘yes’ to their child this Spring.   With NEXT school year just around the corner, I have to ask:  Are you going be better prepared for college when it starts for YOUR student?  

    You definitely can be.

    Are there real concerns about our turning into an over-educated, under-employed and deeply in-debted people?  Yes there are.   But there are also real personal strategies that you can implement to help you avoid that fate.  But you have to take action.   Don’t let the summer go by without learning the difference between what a college education costs and what a college education should cost YOU (hint:  it’s almost never the sticker prices you see on school websites).   Find out now — not after your child has fallen in love with a photo of autumn foliage on a brochure or the school mascot –how  to research and select schools that are the right fit for your student and the right price for your family.  If you don’t know where to start, come to one of my classes or download my free resource guide… or at the very minimum, search my blog for the articles I referenced above.  And, if you have already come to one of my classes, it’s time to get off the fence and give us a call today, while we can do something to make college more affordable… well before the bill is in hand, and you’re in crisis mode and you’re options are limited.

    Best,
    Peter

     
  • collegepete 6:08 pm on July 28, 2011 Permalink | Reply
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    A School For Everyone: The College Tour Recap 

    After a long and very hot week touring Notheast colleges, I am thrilled that this message is coming to you from my cozy, air-conditioned office in Weston.  Jill and I toured 4 colleges in 4 days (Cornell, Ithaca College, Skidmore, and Vassar), and yes, we were pretty tired at the end of it.  But it was worth it.  There is simply no substitute to being there, and after meeting with Admissions and Business officers,  I have a few very important pieces of information to share with you regarding how you should be planning for college.

    • There is a great college for every student, and if you map out your admissions and funding strategy together and before your child begins applying, you will greatly improve the odds that s/he will pick and get accepted to schools that you will be able to afford.  Discounting is not a random exercise and it is no longer an afterthought.   Colleges strategically and intentionally use both need-based Aid and merit-based (or non-need based) aid   — though certainly not in equal measure — to induce students to attend their institution.  Without a doubt, the largest source of free money is in need-based aid (more than $150 billion worth – yes, I said billion).  It is a legitimate source of college funding for forgotten middle class families, and choosing schools that offer substantial need-based grants should be a critical component of your admissions strategy.
    • More so than ever, networking and the ‘Little Things’  can move the needle on admittance and funding offers.  Despite technology (or pehabs because of it), standing out today often requires showing up. Get out there and visit colleges!  Schools want to see you and want to know that you want to go there.  Nothing demonstrates interest like your visit to their campus.
    • Students with specialized interests such as Art or Drama should consider liberal arts schools that offer majors or minors in the specialized field.  We saw amazing theater and art programs at places like Skidmore, Ithaca, and Vassar.  At these schools and many like them, you’ll find great students, great professors, small classrooms, and a diverse student body with a wide mix of interests.  Oh, and they are MUCH more generous with financial assistance than any specialty school.
    • Just because a school has a need-aware admissions policy does not mean that it isn’t generous.  A school like Skidmore does not hide the fact that they are need-aware, but if you get admitted then they guarantee they will meet 100% of demonstrated need.  So for the students who do get in, they are awarded handsomely.  Many other schools follow the same principle.
    • And though I hate to admit it, there can be an admissions advantage to applying early decision.  This was confirmed by the officers I met with and by the numbers. However, don’t let your student apply Early Decision unless you are sure you can pay the bill.   If you apply early decision, you are ‘locked in’ and bound to attend that college – you’ll have zero leverage when seeking a tuition discount.  The student, the parents, and the high school guidance counselor must sign a contract and confirm that the Early Decision rules are understood.

    I’ll be elaborating on these and other conclusions, as well as sharing money-saving tips to help families pay the college bill, during my upcoming LIVE webinar on August 9.

    Topics we’ll cover include:

    • Why now EVERYONE, regardless of income, should apply for financial aid without exception
    • Accessing the precious and disappearing grant and scholarship dollars
    • Why it takes students 5+ years, on average, to graduate from college and how you can buck this trend
    • Dollars and Sense – how to successfully overlap your child’s admissions strategy with your ability to pay
    • How some assets can penalize you 5x, whereas other assets don’t count at all
    • How to get admissions officers to fall in love with your student

    If you are the parent of a 10th, 11th, or 12th grader, and you are stressed about the entire college process, from admissions to financing, then you should tune in to this LIVE webinar.  If you are too busy for the webinar, you can catch me in person on August 25 down in Pinecrest.  Click here to register for either event.

    Best,

    Peter

     
  • collegepete 3:04 pm on July 13, 2011 Permalink | Reply
    Tags: , , , , , , , , , Stafford Loans,   

    The End of Subsidized Loans and Grants? 

    How’s this for irony?  Apparently, the same lawmakers engaged in negotiations to reduce our national debt are seriously considering raising that (the debt load) of our most financially vulnerable population –  students (college debt already exceeds consumer debt and will likely reach $1 trillion this year).  Even more ironic, this comes at a time when more than 50% of new jobs created (or saved) will require at least a college degreee –  and at a time when our economy needs more college graduates than ever to stay competitive.

    While there’s no certainty that these proposals will be part of the final debt ceiling compromise, in a report yesterday by popular website The Daily Beast, Congress and the White House both put forward new plans that would slash student aid programs, including the elimination of student loan subsidies and additional cuts to the Pell Grant.  The proposals, which would make students responsible for paying the interest their loans accrue while they’re still enrolled in college, will save the government about $40 billion over the next 10 years (a relative fraction of the total multi-trillion dollar burden), but can cost our kids as much as $14,000 more than they’re currently paying (that’s a lot more to a middle class college grad).

    My take:  We’re essentially legislating the legal transfer of the federal government’s debt to our middle class kids — which in and of itself seems abhorent, but what’s more concerning to me, is that these changes are being considered for the next federal budget (for 2012), which leaves forgotten middle class parents with high school students or kids already in college precious little time to prepare!

    But  I’m a glass half full guy!

    So, while 2011 was officially the most difficult year for college applicants ever, with nearly every school seeing an uptick in the sheer number of applicants, it was also one of the most generous on record.   The discount rate — the difference between the college sticker prices and what students actually pay,  after accounting for financial aid and other non-need inducements — reached an all-time high of 42.4%!   In fact, 88% of first-year, full-time students received some sort of tuition discount from the institution they were attending.

    Higher education is a business – a big business.   There are more than $150 billion worth of potential inducements available to offset the cost of college.  Now more than ever, you need to re-stock the odds in your favor by arming yourself with the facts, and learning the rules of today’s college business.  If you do so, and act accordingly, you will be in a position to send your child to the college s/he wants at a minimized cost that ensures that no one is burdened with the debilitating downward cycle of student debt.

    On August 9th, I’m holding my first ever live Webinar where I’ll be taking your questions  and discussing exactly how these legislative and business changes will affect your college admissions and funding plans.  During the program, I’ll be going beyond the typical one-size-fits-all, cookie-cutter advice you may have received, and I’ll teach you what’s really happening with college admissions and funding today.

    Keep in mind that once again colleges will see a record number of applicants this fall, all of whom will be vying for the same slots, precious merit scholarships and disappearing post-recession grants.  Where your child goes to school and equally important, what price they will pay for it —  will not just affect four years of their life, but potentially their next 40 years (or more).

    Want to tip the scales in your favor by understanding exactly how to find, get accepted to and get a discount for college, then you should register for this event.   I have a limited number of lines reserved, so advance registration is a must.

    Best,

    Peter

    p.s. The 5th Annual ‘College Pete College Tour’ officially kicks off on Monday, July 18th.  I’ll be meeting with Admissions Directors and Financial Aid officers at colleges around the country… and blogging about what secrets they share.  Check out my Facebook page for my on-site video blogs.  First stop:  Ithaca, NY.

     
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