Scholarship Strategy–It is just a sales job

Scholarships…just what you wanted to hear about. I am sure your parents are highly encouraging you to fill out all the forms you can find. However, there is a method that will help raise your odds of winning. As you consider forms, be sure you can make a case to the selection committee why you should get the money.

Are you academically talented? So are the top 10% of every high school senior class eligible for the award. What makes your academic talent “better than the rest”? Did you take several AP/IB classes? Did you get perfect scores on any of the AP/IB exams? Did you teach yourself AP Chemistry because it wasn’t offered at your high school and you still passed the exam?

Are you athletically gifted? If so, why have the talent scouts missed you? Was your high school too small or your team having a bad year? Can you walk on and try out for the team? Can you apply for a state award or scholarship in your sport? Are you an athlete and a scholar?

Are you musically, artistically, or theatrically talented? Have you prepared a portfolio or audition pieces? Have you achieved awards beyond county or district? Remember inspiration is only a small part of a talent; the majority is just plain hard work.

Is your family financially strapped? This doesn’t mean you aren’t getting the new plasma TV you wanted for your room or the $3000 laptop. This does mean that your parents are barely getting by, a parent has been laid off or in danger of being laid off, or you have unusually high medical or dental expenses.

Are you anticipating a certain major? Teachers give to future teachers and the banks give for well-written financial essays. Most students walk in with an idea, “business”, but not sure where they will end up with the idea—financial institution or teacher. Don’t let your narrow vision limit your opportunities; instead see how you can make your vision fit the requirements.

How do you “match up” with the organization? Service groups like similar service, veterans like an understanding of their sacrifice, and Burger King likes kids that work while attending high school. One of our students several years ago researched the person for whom the scholarship was named and highlighted all the similarities between the student and scholarship honoree. He even learned the honoree at one point drove a bus so the student explained his dad used to drive a bus. Obviously our student won the award.

Highlighting one of these achievement areas is good, two or more areas highlighted in your application will put you at the top of the pile of scholarship applicants. And any evidence of research and extra effort puts you in the top three. One student wrote an outstanding essay for a veterans group. Though the essay was late and he wasn’t eligible for the award, the group was so impressed with the essay they gave him a special monetary award anyway.

Just as you use strategy in sports, a strategy exists in scholarship applications. Your strategy is to convince the scholarship committee you ARE the best choice for the award; that you will use their money to further your education and contribute to a better community. Scholarship applications are just a sales job, selling you to the selection committee.

Frugal College Choices, not Cheap Choices

The leaves have fallen and the weather is colder; the excitement of holidays, family, and friends fills the air but this year the excitement is overshadowed by the grim economic news. In the local paper I even read an article containing hints to live frugally.

Frugal living isn’t cheap living. Frugal means to get the most out of your money, considering both price and quality. Cheap means to buy the cheapest no matter the quality. Ultimately, you need to decide the job that must be accomplished and the most cost effective way to achieve that goal.

Frugal also applies to college, not only choosing living accommodations wisely, using discount textbooks when possible, and comparative shopping for technology, but also picking the college itself. Overall cost is just a starting point. What you really want to consider is how much you will have to pay per year and how much debt both you and your student will have as a result of this decision.

What you really have to pay per year is the amount remaining on the bill after all the free money has been deducted. Free money is offered for merit (grades and test scores), talent (sports and arts), and need (grants). We have tried to help you determine if you may be eligible for free money.

What is left can be paid out of pocket or through loans. The following list of Virginia schools may help determine which schools leave the family covering the bulk of the cost through loans.

School                                                                                   Average Debt                                                    % with Debt

University of Mary Washington                                 $12,665                                                 60

College of William and Mary                                        $15,602                                                 32

Hampden-Sydney College                                           $16,472                                                 64

James Madison University                                           $16,546                                                 48

Washington and Lee University                                 $16,784                                                 31

University of Virginia                                                      $16,847                                                 33

Virginia Union University                                              $17,415                                                 98

University of Richmond                                                 $19,214                                                 41

Virginia Military Institute                                              $19,981                                                 50

Virginia Tech                                                                      $20,209                                                 53

Virginia Commonwealth University                          $20,468                                                 64

Randolph-Macon College                                             $22,725                                                 66

Virginia State University                                                                $28,250                                                 90

 

Do remember this data reflects tuition rates from 7 years ago and forward, these statistics were for college seniors graduating in 2007. Your loan amount will be different. Additionally, the cost of college has become so large, the Stafford Loan program has increased its loan limits as well. Loan limits for first year students are $5500, second year students are $6500, third year students and beyond $7500 per year if you qualify. If a four year degree is completed in four years with maximum Stafford loans, the student debt total would be $27,000.

As you choose your schools and fill out your applications, try to remember to be frugal in your choices. A Varina High School graduate came up with her own debt reduction strategy: loans for freshman and sophomore; year raise grades to earn scholarships to cover junior and senior year.  And save the summer earnings.

November’s Most Costly Mistake

About this time of year, I see one very common yet costly mistake being repeated by most families. You are tired of applications and the application fees, so you start to pare down the list of colleges and universities to which your student will apply. This makes sense, except the first school to be dropped is always the safe school.

 

For effective college planning, the safe school should be one of the first applications completed. What constitutes a safe school, a reach school, or a match school? Safe schools are those colleges or universities to which you will be accepted without any problems and may even qualify for merit money.

 

Reach schools are those colleges and universities that you really want to attend, but your test scores and GPA put you in the lower 25% of incoming freshmen. Match schools are those colleges and universities where your test scores and GPA put you in the mid-50% of incoming freshmen. 

 

This year, more than ever, a safe school is a MUST for effective college planning.

 

Because of the downturn in the economy, most states are having to slash budgets to keep their bond ratings and meet other criteria. Without exception, most states are cutting education budgets, especially to public colleges and universities. This budget cut combined with the downturn in donations and decrease in investment income is causing institutions to raise tuition and fees mid-year AND again in September.

 

“Gov. Timothy M. Kaine of Virginia is asking three leading public universities to cut 7.5 percent from their state-appropriated budgets in order to deal with a projected $641-million revenue shortfall, according to The Daily Progress, a newspaper in Charlottesville, Va. The governor, a Democrat, has asked nearly all state agencies to cut their budgets by 5 percent, but bigger cutbacks will be expected at the College of William & Mary, the University of Virginia, and Virginia Tech. For UVa, the cuts would amount to more than $11.5-million. The governor has requested plans for the cuts by September 10. —JJ Hermes” http://chronicle.com/news/article/2967/virginia-governor-seeks-major-budget-cuts-at-3-leading-universities

 

And the cuts in the state budget still continue. Although Virginia is one of the few states least impacted by the recession, our Governor continues to ask for additional budget cuts to meet the balanced budget requirements. You can be certain that public education is not immune to additional cuts if needed.

 

And for those states devasted by the economic downturn, the cuts will be even deeper.

 

The decrease in value of 529 plans and uncertain job situations are causing more families to not consider pricey private schools, increasing the number of applications to public colleges and universities.

 

All of these pressures are going to create a much more competitive environment for public college and university applications. I think we will see the incoming freshmen classes in 2009 have higher GPA and SAT/ACT scores than ever before.

 

Because of these concerns, please don’t drop your safe schools from the list. If you need to drop a school, drop a match or a reach school. Your safe school may be where you end up going due to increased competition for places at the state schools and your own family finances.

Is Your Student Ready for College….Almost Half Are Not

Christina Jeronimo of California was an “A” student in high school English, but due to testing scores, when she arrived at her community college she was placed in remedial English. The course was valuable academically, but frustrating and time-consuming. She had hoped to transfer to a four year university after two years of community college, but now in her third year at the community college she isn’t sure of her time frame for transferring.

 

Unfortunately, Christina is not in some small minority. In fact, a recent report “Diploma to Nowhere” (see link below) states: “Forty-three percent of all students at public two-year institutions have enrolled in a remedial course. Twenty-nine percent of all students at public four-year institutions have enrolled in remedial class.”

 

Remedial college students are not only the kids that “messed around” in high school. In 2008, four out of five, or eighty percent of remedial students had a high school GPA of 3.0 or better. Over half of these students describe themselves as hard workers that completed nearly all their high school assignments. The assessment made by students: “fifty-nine percent of remedial students report that their high schools classes were easy,” (Diploma to Nowhere) is concerning. High school shouldn’t be impossible, but it shouldn’t be easy.

 

High school courses should be challenging. They need to increase the student’s academic muscle. Just as lifting light weights over time does not increase muscle strength, a light-weight high school curriculum does not increase academic ability. And this lack is showing in our nation’s colleges’ high need for remedial curriculum.

 

Remedial classes, while necessary to bring skills to college level, can be time-consuming, expensive and frustrating. College remediation isn’t limited to urban or poor high schools; it affects our middle class high school students with good but not great academic skills.

 

The high school diploma no longer guarantees college readiness. The “Diploma to Nowhere” study finds “the high school graduates who require college remediation are often the ones who did everything that was expected of them. They went to good schools and took classes to keep a high GPA. Both their parents and teachers told them they would do well in college. But at the Dream University or Community College, the student fails their math or reading placement test and is required to take the remedial course prolonging the college education time-frame.

 

High schools are not preparing students for college or university. Not only is the academic base being not aligned with college curriculum, the study and analysis skill set is also being neglected. “Only fourteen percent of remedial students said that their high school prepared them extremely well for college.” (Diploma to Nowhere)

 

The financial cost can run into the thousands of dollars per student. The average remedial student takes at least two remedial courses at about $1800 to $2200 per student. This also sets the students back at least a semester, sometimes a full year, in on-time graduation. The worst part is, not only does the student have to pay the college for remediation; the taxpayers already paid the high school to teach the same course work. It’s like paying the roofing company a second time to fix the same leak in your roof.

 

Students not only spend extra money and lose academic momentum; they also face feelings of frustration. The “Diploma to Nowhere” study states students “feel frustrated that they weren’t prepared for university-level work. According to our poll of remedial students, almost all of the students believed they were ready for college, and after learning that they needed remediation, they expressed anger, surprise, and embarrassment.” (Diploma to Nowhere) Remedial reading students struggle the most: if a student cannot read well and understand the content they cannot perform well in college.

 

Lest you believe this cannot happen in Virginia: Eric Paris, who earned a 3.8 high school GPA tells an AP reporter that his freshman year at Virginia Tech is much harder than he expected. Not only are the academics much more challenging, but he must manage his own time. “It’s all on my own.” In class, “it’s up to me if I want to sit on Facebook or pay attention.” He wishes he had taken more challenging high school classes but thought a high GPA was more important.” (Justin Pope, AP Copyright 2008)

 

Our high schools need to improve graduation standards and instruction. Students should be remediated in high school, not college. High school curriculum should also teach time management and effective study skills. High school programs should be aligned with college material. And parents should encourage students to take the most rigorous classes available in their high school. Studies show that students taking Advanced Placement classes and passing the tests were significantly less likely to need remediation.

 

A few schools systems are recognizing the problem and have begun to require exams, improve standards, and strengthen accountability. But, to date, it has not been enough to fix the problem. Our country needs its own strong pool of college-educated graduates to provide a strong economy. Students need the algebra, literature, and science to succeed in any career, not just college. To echo the study: “Our country cannot afford a high school diploma that shows little and does nothing.” (Diploma to Nowhere)

 

Note to parents: a high GPA in standard or advanced classes will not necessarily prepare your student for college level work. In Virginia, the high school level advanced Chemistry class for which your student passed the SOL, does not prepare your student to take anything but the lowest level Chemistry class in college, and sometimes not even that. A high GPA does look good on the application, it does allow them a better class rank, but a high GPA without challenging curriculum will not prepare your student to do well in college.

 

http://www.edin08.com/uploadedFiles/Issues/Issues_Pages/DiplomaToNowhere.pdf

 

Which College Is Right?

One of the most heart-rending cries I hear from high school seniors this time of year is “how do I find the right college or university for me?” closely followed by “what is the right major for me?” In both cases the students are so afraid of making a mistake they cannot make a decision, they are essentially frozen by fear and indecision.

This fear I find is dealt with in two ways: the student avoids the decision entirely driving both their parents and guidance counselors crazy, or they obsess over the decision spending way too much time researching and asking every one they see “what college should I attend? Or what should I major in?”

When I have a student that has reached this point (usually starting the end of October), I tell them “There is no right college or university for you; you are so talented many colleges and universities are right for you.” All through kindergarten and into the senior year, our students are taught only one right answer exists and the wrong answer is punished by a poor test grade which can become a poor class grade affecting the student’s college opportunities. Removing the “one answer is right” mentality frees the student from the fear of making a mistake.

Choosing a career direction (notice direction, not job) should be the first step. I have my students ask their parents what the parents think the student should pursue. Parents have had 17 to 18 years of observations and are usually more accurate than personality, skill, and interest profiles (though these are invaluable for student’s whose parents are still in the “stupid” stage).  Does the student like math or history; does the student like to be indoors or outdoors? What activities did the student pursue and why? Once these things are brought to light, a career direction can be chosen. Maybe that direction is science, or teaching, or agriculture. Don’t stress over the particular job yet.

Once your student starts in a particular college or department, they will soon learn if a certain specialty is “right” for them. For many students, career opportunities exist that they hadn’t heard of until they attended college. Remember how much your student changed between freshman and senior year? They will change at least that much throughout college.  Let your student know she is allowed to change her mind.

Now, find colleges and universities that offer this direction. Make a list of those colleges and universities that excel in the desired area: teaching, business, or engineering for example. You can find these lists using most any search engine. Don’t just rely on hearsay or college hype, many under-promoted gems can be found at professional organization websites as well as program rankings.

Then determine how far your student wants to be from home.  I figure if the college is more than a one day drive, the college may as well be a 4 or 5 day drive because you will fly and that only takes a day. Don’t let distance scare you. This fear may eliminate a great school. With cell phones and email (and all the other instant communication) mom and dad are closer than you think.

Don’t forget to factor in weather and surroundings. A student from Virginia may freeze up north.  A student from western Kansas may find the trees in the east suffocating. Determine what other things are important: skiing and snowboarding require mountains and snow, marine biology needs to be near the ocean, and geology is more fun with rock formations.

Price needs to be considered. Though student loans are available to all and parent loans are offered to make up the shortfall, don’t mortgage your student’s future and your retirement for a particular college. I ask my students to determine how much they can expect to earn when they graduate and then develop a budget.  Seeing the difference a huge student loan payment can make in a family budget helps determine if the college or university is “worth it.”

Your student should have a list of 8 or more colleges and universities. Rank them from “I would love to attend here” to “I will go only because it is better than staying home”. Start filling out the applications from the top. Your only concern now is getting the applications done and paying for college.

DON’T PANIC

You can’t help but hear from the radio, TV, and internet that the Dow is down to 2004 levels and credit is frozen. You check your investments and realize you have lost a small fortune. Some of you have your credit lines decreased or eliminated. You wonder if you will have a job.

The best advice is DON’T PANIC. Take time to list all your assets. Include the small bank accounts, the unused credit lines, the retirement accounts, the 529s, the house, and the car. Then list all your debts. Include both secured and unsecured debt. Now, make yourself a promise to

1.       Pay off your debt as quickly as possible (see ideas at the end of the article) and

2.        Don’t take on any more debt except for a home or an education.

You want to pay for college, which is probably why you are reading this blog anyway. You tried to save for college and either your expenses outstripped your income or the stock market ate your returns. Here are some less expensive ways to get that college education.

 Look at in-state public schools. Your state tax dollar subsidizes these schools so your cost is much smaller. You can get a world class education at State U or State Tech for less than half the cost of an old-name Ivy. So when you make that 6-figure income, you can do something besides pay off student loans.

Consider two years at a community college. Some of these schools offer a guaranteed admissions program for students that keep their grades up. You pay community college prices for the first two years and transfer to State U or State Tech. You pay only two years at the higher price and graduate with “State U” or “State Tech” on the diploma. You prove you are very smart by finding a less expensive way to get a great education.

Government student loans are still available. Earlier this year the government added quite a bit of money to the student loan system. Credit is not frozen for this group of borrowers. HOWEVER, if you are considering a private student loan, you will be entering the frozen credit arena. I cannot predict if you will or will not be able to find the money.

Beware the marketers… Colleges and universities spend thousands on marketing strategies designed to convince the public that a student must attend a certain school to get a job. This marketing is so entrenched in our society that even the most level-headed student and parent can be “taken”. I recently read an article by a respected columnist (Sunday, Wall Street Journal) rationalizing why his son should attend a pricey, small, liberal arts college rather than a state school. The dad’s reasoning was he, the dad, felt he had missed something in college by working and attending a state school. He wanted his son to have this “something”. The “something” was never defined. Don’t let pretty packaging be the determining factor for education. Don’t let this mysterious “something” increase your costs. This is a purchased product, like a car or a house. Be sure to get the best deal for your money

Bottom line, our economy is in a bear market due to the fact that too many people borrowed money they couldn’t pay back. As a result, our confidence has plummeted. That lack of confidence has lead to no loans. Rather than bemoaning the fact, remember the economy goes through cycles, both up and down. Right now, take this opportunity to position yourself to take advantage of the next upturn. And don’t panic.

Ideas to Eliminate Debt (somewhat painlessly)

To pay off your debt, eliminate non-necessities from your budget. Try packing lunch instead of buying lunch. Pack the night before so you don’t create more Morning Madness which leads to buying lunch for the sake of sanity. You will save money AND you will eat healthier. Try buying coffee instead of fancy sugar and cream with some coffee. Try generic brands at the grocery store. My children really like the Kroger store brands and some of the WalMart store brands. Cook dinner at home—hamburger helper and a salad are cheaper and quicker than going out to eat. Soups and stews can be put in a slow cooker in the morning and ready to eat when you get home—and the internet has free recipes for both.

Take your savings and pay off your high interest rate credit cards first. Start with the smallest balance, adding your additional savings to the minimum payment. When that card is paid off, cut it up or freeze it in water in your freezer. Take the money not paying that empty card and apply it to the next biggest balance.

Parents, Your College Students Still Need YOU, not just your money.

Parents, now that your student is at college you probably think you are only incidental to their success. You provide the money, they do their thing. Wrong, you are crucial to their success, only your role has changed from teacher to mentor.

 

A recent study done by Laura Walker indicates your student is still transitioning to adulthood. They are trying their beliefs and independence based on the things you have taught them and the new ideas they are being exposed to at university or college.

 

Unconsciously, they still look to you for guidance and direction. You will find they request and value your input (but probably won’t tell you).

 

One big caution: do not force this communication. Allow your student to call you or email you to start the conversation. Do not comment on how many calls your student makes or how many emails they send. This will stop the communication.

 

Back to the study: “parents influence their child’s likelihood of involvement with drugs, alcohol and risky sexual activity even after their child leaves for college.” That same involvement you had in high school still is needed during college, just in a different form. In high school you determined the rules. Now you move over and let the student drive. Remember, tell your student “you are on your own but I am here if you need me.”

 

“Specifically, students who said their fathers were in the loop had a lower likelihood of doing drugs or engaging in risky sexual behaviors. When mothers were in the know, students were less likely to drink alcohol.” Mom and dad you both have a job, please follow through.

 

“The protective effect of mothers’ awareness was more pronounced when the students also felt close to their mom. Under those circumstances, the researchers found that students were less likely to be involved in any of the three risk behavior categories studied: drugs, alcohol and risky sexual activity.” But mom, don’t be overbearing and controlling. Let the child open up to you. And don’t condemn mistakes, just gently help them learn from their misadventures.

 

I have found the one of the most effective ways to foster this communication is to send a weekly email detailing what the family and friends have been up to. Your sister… Your brother… The kid at church… The local high school… what a great football game… Tell the student you love them and ask how their week was. Don’t do the twenty questions, Spanish Inquisition email. One open ended question works well.

 

It is amazing what the student will email back.

 

“The study’s findings show that the relationships between parents and children continue to be important during the transition to adulthood. The study involved 200 undergraduate students ages 18 to 25 from two mid-Atlantic colleges, a Midwestern university and a West Coast university.”

 

 The title of the paper is “The Role of Perceived Parental Knowledge on Emerging Adults’ Risk Behaviors.” by Laura Walker and Larry Nelson. Another article “Looking on the Bright Side: The Role of Identity Status and Gender on

Positive Orientations during Emerging Adulthood.” supports this theory.

 

Article found at Joe Hadfield, YNews Vol. 33 No. 24

February 29, 2008

Making the Grade

Recently Professor Steven D. Aird lost his job at Norfolk State University in Norfolk Virginia ostensibly for not meeting the university’s requirements for tenure. Though he had met the required research and teaching components, the administration was unhappy with his 90% fail rate in freshmen level classes, especially Chemistry and Biology.

At first glance, one might think that this Professor was just enjoying his position of power and failing students for the fun of it. But as more information comes to light, we find that most of his students don’t meet the attendance requirements set by the university: 80%. Professor Aird is available for after class help recognizing that many students need that additional hand up.

The deeper discussion is that students attending Norfolk State are not prepared for university. Norfolk State is an historically black college with many students that come from disadvantage backgrounds and do need additional help in meeting minimum academic standards. Norfolk State has a mission to help these students rise above their circumstances. But lowering the bar to pass students that don’t have the required competency will not help these students rise, they will stand still while the bar comes down to them.

As you work with doctors, lawyers, dentists, bankers, mechanics, and technicians, would you like to know that these folks met the bar or waited for the bar to come to them? To ensure quality work and a vibrant work force, minimum competencies are required. The most common way to verify these competencies is to test for them or require a certificate that indicates these competencies were met. If the certificate is given based on social necessity, what sort of guarantee does the customer have? We return to the wild west where anyone could hang out a shingle indicating they were a doctor, dentist, or lawyer and the customer took his chances.

What does this have to do with your children attending college? Sit them down and explain they will be required to meet a higher bar. The professors will help, but the student must approach the professor, it won’t be like high school where the teacher approaches the student. And the student won’t get progress reports indicating where their grade stands; students are responsible to track their own grades.

Classes will be harder; your child is learning new things. Attendance may not be mandatory (meaning the teacher may not require attendance as part of the grade, only the tests, quizzes, etc.). This is NOT a license to skip class. Your student still needs to learn the material to pass the tests.

Take some time this summer and lay out your expectations to your student. A college education is a significant investment and you want a good return on this investment.

More Financial Aid For Students – Is It Really?

The first week of May 2008, bill HR 5715 was signed into law. Politicians on both sides of the aisle hailed it as financial relief for the families of college students. With the increase in gas and food prices and the mortgage meltdown, congress was concerned that its future work force (and future tax base) would be unable to afford to return to college in the fall.

Rather than increasing grant amounts and enlarging the number of students eligible for Pell grants, the government in its wisdom only increased the amount of money a student can borrow. Not only does our congress mortgage our country’s future government, it is now encouraging each of its citizens to start their lifetime earning potential in debt, deep debt.

If a student were to borrow the maximum amount of Stafford loan money available before the increases passed by Congress, they would be in debt to the tune of $220 a month for 10 years, and only IF the $19,000 was all they borrowed for 4 years of college. Currently, the University of Virginia cost of attendance for ONE year is over $19,000.

For a student to complete an undergraduate degree in four years at the state’s premiere university (and most students do not finish in four years, the average is five years due to scheduling problems and major changes) at a very conservative 6% per year increase, will cost over $80,000. And that conservative increase is not useful this year: Virginia Tech announced a tuition and fees increase of over 10%. They didn’t announce their housing and meal plan increases, but you can be sure they will be on the bill.

And don’t even try to estimate the cost of a private college education. Bridgewater College is currently charging $32,990 for one year’s tuition, fees, room and board which gives you a whopping $144,319 over four years with the conservative 6% per year increase. Now you can add the transportation, books or “pizza and laundry” budget for each year. And Bridgewater is not one of the most expensive private colleges either.

Families are facing financial strain from many directions: gasoline, food, credit, and now college. The much vaunted relief offered by congress last week only serves to place our students in more debt, creating a future mortgaged from all directions.

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