College Planning

Where tuition dollars are spent

This is the time of year that many parents are lamenting the rising costs of college education, especially as many will be receiving their tuition bills next month. Each year college tuition rises between 3 to 6%, double or triple inflation. Graduation from college can have a significant effect on future earnings. A study by the U.S. Census Bureau states that someone with an undergraduate degree has the potential to earn an average of $600,000 to $1 million more than someone with a high school degree.

Faculty salaries are a particular area of interest relative to where your tuition dollars are spent. Faculty salaries have risen 1% above inflation most years. Yet there are some inequities among the new hires and those who have been invested for a significant time at an institution.  It is in the best interest of the college to retain their senior professors yet often times they are compensated only slightly higher than those new to the field. A tough economy makes it harder on the administration that tries to reward those who are committed and valuable to the school.

The colleges pass on their expenses to the students in the form of billable costs.  Billable costs are fixed. There are also indirect costs that are not seen on a bill but will be paid for by students. These costs include books, supplies, living expenses and travel. Smart spending and planning will help students control indirect costs.

Colleges have 5 basic components that relate to the full cost of attending college.

Tuition and fees is the price of the education. If the student lives and eats on campus he will be billed for room and board. There are variations depending on the type of housing that is selected and what meal plan is chosen.

Books and supply expenses cover the materials required for courses. The national average at a 4-year public college in 2010-2011 is $1,137.  In 2010-2011, personal expenses like laundry and cell phone service is averaging  $1,989 for a resident student at a public 4-year college. 

Transportation is another cost to consider. Some students will commute while others will reside on campus and make the occasional trip home.  Students should develop a travel budget based on the mode of transportation and how often they plan to travel.

PayScale, the world's largest database of employee salary data, has recently started ranking colleges on the student's ROI (return on investment), this is a projection of 30-year income of particular schools. The top private university is the California Institute of Technology with a ROI of 1.7 million dollars and Shaw University having the lowest ROI of  $15,000. The top business college is Babson College with a ROI of 1.2 million dollars and Amherst College is listed as the top liberal arts institution with a ROI of 1.1 million dollars.

A college's budget is complex and often times the student can feel the effects of a tough economic year. Attending and graduating from college is a worthwhile and smart investment.

 

Psychological problems among college students and services available

College is a big step in the life of a young adult.  For many, it comes with excitement and concern. College can be intimidating for those who experience anxiety and or have a learning disability. 

Last year, on campus counseling centers reported an increase in students with severe psychological problems.  A report conducted by the Association for University and College Counseling Center Directors, stated that anxiety was the number one complaint among students. Depression had been the most reported previous complaint. Victor Barr, survey coordinator and Director of the counseling center at the University of Tennessee at Knoxville reported that he is unsure why the change yet it has been a change that was “inching up for several years.”

The survey was done in the fall of 2010 with 424 Directors responding. The respondents note that there has been an increase from the previous academic year in the number of clients with severe psychological problems at their institutions.

Some experts in the field state that students feel overwhelming pressure to be successful in college and that they must make the most of the investment. This could lead to the high level of anxiety felt by students.

Seventy seven percent of Directors reported an increase in students with severe problems. In order to deal with these issues some schools have hired case managers to monitor more complex issues. Approximately seventy five percent of directors stated that they need more psychiatric services to assist those with complex mental health issues.

Students who have learning disabilities will find that most colleges provide some level of services as mandated by the Americans with Disabilities Act.  There are colleges that offer specific comprehensive programs like Curry College, Boston University and Marist College. These schools are well known for their programs. Students should learn about campus resources by meeting with their academic advisor who can provide more guidance and a thoughtful plan.

Lastly, college can be an intimidating new world to any student. If a student experiences mental health issues or a learning disability, there are many services, strategies and campus personnel available to help. With the right plan in place, students will surpass their toughest challenges and work to be successful. Students must be advocates for themselves to reach their goals.

 

 

Being prepared is key when applying early

In this week’s blog, I will discuss ways that can help students decide if applying early is the right thing for them, how to prepare for the process and lastly I will outline the timeline that the student will follow when applying under the early action or the early decision admission plans.

 Families and students first need to decide if applying early is the right for the student. There is good reason to apply under early decision if the student is certain that he will attend upon acceptance as the process is binding.  The student should rate the college as his first choice if he plans to apply early decision.

 Many colleges offer early action admission programs that aren’t binding. These plans allow students to apply early to other colleges and to apply under regular admission as well. If a student identifies a school as a top choice and the school offers early action he should apply.

 If a family is in need of comparing financial aid packages from different schools or a student needs to demonstrate academic work during the senior year, he should not consider applying under early admission plans.

The timeline for early application begins during the junior year.  Students should research and develop a rated list of colleges. Rating a list of preferred colleges will be helpful to the student so that the applications can be prioritized. When rating a school, students should consider the application processes offered, the family budget, the likelihood of acceptance based on requirements and how well the school meets and exceeds their expectations. Guidance counselors can help with this. Students will need to research the admission processes at each school and the specific requirements needed for application. If needed, students can call college admission offices and discuss any questions that arise.

Between January and May of the junior year, the student should register for and take college admission tests such as the SAT and the ACT. College bound students and their families should take advantage of the spring break and visit those colleges that are of interest.

 From May to June students should take the SAT subject tests. These tests work to highlight knowledge in specific subject matter. These subject tests can have a positive influence on the application especially if a student is applying under a certain academic major.  Students should continue to work hard academically.

 The summer is a great time to spend getting organized while revisiting colleges.  The college essay can be worked on, interviews on college campuses can be arranged if offered and a list of back up schools should be generated. The need for back up schools is important. A student does not want to be left without viable options. These schools may not have been the top choices but they are institutions that the student is interested in and could see himself at.

Students can also use the summer to gain more extracurricular experience that can be noted on applications. Students can also seek private scholarship applications, work on their high school resume which highlights accomplishments and if required complete writing samples or portfolios. If the student is an athlete he can use this time to contact the athletic coach at the colleges of interest.

 During the start of the senior year, students should be filing their college applications with respect to early deadlines. They should also be getting their recommendations completed. If a student needs to retake the SAT, October is the last test date that scores can be used from for early action or early decision admission programs. Students will need to register for and file the CSS Financial aid profile as well as any other financial aid forms by November 15^th.

 The month of November is the time when students will file the early action or early decision applications according to the college deadlines and requirements. Students should make certain that they have their completed recommendations. Students should use this time to complete regular decision applications as well. It is smart to do this in case the student isn’t accepted under the early admission programs.

Lastly, students should be notified of admission decisions by December 15^th. It is important for seniors to continue their hard work as colleges have the right to rescind admission offers should they see a decrease in academics.  Seniors should remain focused and open-minded as the applications are made and as they learn of the admission decisions. Students will choose a school that is a good match offering growth and opportunity. College is about the academic, social and human experience and will be what a student makes of it.

 

Is it best to be early?

If a student finds a college that he thinks is the perfect fit for him, he may want to consider applying early. There are more than 400 colleges that offer plans for early admission. Students who apply through early action or early decision will complete their application in early November. Students are notified by December 15th of the decision.  The early decision admission plan is a binding admission plan while the early action plan is not.

 Many students like the early timeframe for application, they are anxious about the process and their needs can be met early on.  A high percentage of students are projected to apply early this fall, approximately 50%.  Some college bound students can’t wait and their friends are also making early applications.

 There are some importance differences to understand between the two options before a student makes his early application. The early decision admission process is binding. If a student applies and is accepted via early decision, he must agree to attend. A student should only apply to one college under this plan and he should withdraw all other applications upon acceptance.  When applying through early decision, students must have their financial aid and CSS Profile Form filed by November 15th.

Early Action plans are not binding. Students who are accepted through early action can commit right away or wait until Spring. Students can apply to multiple schools under the early action plans.

 Single Choice early action is a new admission plan offered by a small number of selective colleges. Students can only apply to one school via this plan and it is not binding.  A student can apply to other schools under the regular admission when making a single choice early action application.

 Colleges can determine which students really want to attend their school by the early commitment timeframe. Research shows that a student has a good chance of acceptance when applying through early decision. Consider Cornell University’s class of 2014, the acceptance rate through regular decision was 8.2% and under early decision it was 19.2%. Brown University reported filling 28% of their class through early acceptances while Penn reported filling 50%.

 Lastly, many students apply early for different reasons, 80% of them should not apply early because they are doing it for the wrong reasons.  Students should use the 1^st half of their senior year to show the colleges their academic progress through AP or Honor’s courses. Some may want to take an SAT prep course to prepare for the November SAT.  Early applications should not solely be done to get the process over with.

 In next week’s blog, I will discuss the timeline needed to make an application through early action and early decision.