College Planning

The College Board: More Than The SAT

Many of us remember taking the SATs, perhaps with a nostalgic mixture of pain and pride. That rite of passage is a hallmark of growing into adulthood, but there's lots to know about the College Board and many parents could benefit by a refresher course as their child approaches their own SAT-taking.

The College Board, headquartered in Manhattan, was first launched in 1900 as the College Entrance Examination Board. Today, it is comprised of more than 5,700 schools, colleges, universities and educational organizations and it is best known for the standardized tests that measure aptitude and ability, which it creates, scores and tracks.

Among the tests that the College Board administers are the the Scholastic Aptitude Test or later the Scholastic Assessment Test (SAT), the Preliminary SAT (PSAT), College Level Examination Program (CLEP) which provides students of any age the opportunity to demonstrate college-level achievement, and Advanced Placement Program (AP), which offers high school students a chance to gain college credit through advanced classes and test scores. The College Board also offers the CSS/Financial Aid PROFILE, a financial aid application service that many private schools use for financial aid screening. 

Perhaps lesser known are the various initiatives the College Board operates to increase achievement in underperforming schools, particularly in New York City public schools, but also in Washington, DC, Jacksonville and Chicago. So these days, it's important to know that this is not your grandfather's SATs.

Photo courtesy of the US Navy via Wikimedia Commons.

Preparing parents for the college selection process

One of the first things any successful student learns is that the best way to ace a test is to prepare for it. The same is true for parents of college-bound students: the best way they can help their child pass the grade from high school to college is to prepare for that transition.

What does that mean, exactly? I often find that the parents I work with underestimate what is involved in getting their child off to a college that will meet his or her needs and fit the family’s finances. In fact, one couple told me, “We tackled our oldest son’s financial aid forms ourselves his freshman year at college. We were certain we knew what we were doing only to find out that we had many concerns, guesses, and unanswered questions. We soon realized that there were probably steps we could have taken and other options available to us that would have helped us financially.”

It’s never wise to overpay for anything and it’s seldom a good idea to make an ill-informed decision. So parents can become a student themselves by becoming informed about the college selection and financial aid process and help their child ace their future.

Photo by casey sterin via Flickr.

A, B or C? Giving Your Prospective Colleges a Grade

Okay, so you’ve signed up for a college tour and you’ve set up your GPS to find the school. What more do you need to do to make the most out of your trip as you begin the college search process?

Well, that is a good start, but there are other ways to make sure your visit is really worthwhile. In a five-minute date, you get 300 seconds to meet, greet and evaluate a potential partner. Fortunately, you have more time to mull over a college visit. But in order to maximize your tour, you should take the time in advance to think through what it is you want to evaluate while you’re on campus. In other words, before you started the car and set foot on the road, you should create a report card to grade the school.

It is very important to develop some sort of rating scale for your report card. By this I mean identifying the aspects of a college you think are important to gauge as well as an actual grading system. Perhaps your child is a finicky eater or a vegetarian or has some other dietary considerations. Then be sure to include the dining hall food on your list and make it a priority to sample a breakfast, lunch or dinner there.

Or, is your child a homebody who needs to feel comfortable in his or her surroundings? Then, the layout of a dorm room or the amenities the dorm offers might be really important criteria. Perhaps your kid is athletic and fit? Then you’ll want to be sure to check the college workout facility, the athletic fields, the roster of club sports or the indoor pool.

Whatever your customized list includes, you’ll then need a rating system. Perhaps a simple thumbs up or down is sufficient, or rank each criteria with a one to 5 scale or some other scale of measurement you’ve come up with. Just be sure to be consistent and use the same criteria and scoring system school to school.

That way, when you’ve arrived home after your last college visit, you have a report card on the schools you’ve visited that will mean something because you’ve developed it with your child’s particular needs in mind.

Photo by arvindgrover via Flickr.

Every Family Needs a Doctor, Dentist, Lawyer, and College Financial Planner

I meet with the parents of future college students all the time and most of them share similar anxieties. As one of my clients confessed, “I feared I had saved too little, too late and college was unaffordable.”

It’s a common concern.  And it’s an understandable one, too.  Afterall, being able to afford a child’s education may mean the difference between sending your child off to college or not.  But there are lots of mistakes that parents can avoid that will help increase their ability to pay for college.  For example, did you know that 90 percent of the forms submitted to apply for financial aid have errors or inconsistencies?  Did you realize that many parents don’t understand which colleges provide the best financial aid packages?  And sadly, many parents put themselves at a disadvantage because they don’t recognize the difference between includable and non-includable assets when submitting their FAFSA or CSS Profile.

When you need medical attention, you visit a doctor.  When you need legal advice, you hire an attorney.  So when you need help navigating the mystifying world of college financing and application process, find a professional with the expertise to help.

That same client later said to me, “As safeguards, every family should have a doctor, dentist, lawyer and someone like you.”

Photo by quinn.anya via Flickr.

Freshmen year brings parental responsibilities

If you are the parent of a college bound freshman, it is important to spend some time thinking about and planning for unexpected costs or for an emergency that might arise. This consideration will take some research and financial planning.

 Before the summer begins to close, the parent should speak with his student about their financial responsibilities. A detailed plan that specifies expected costs should be developed. Some of the expected costs are: living expenses, travel, and entertainment.

The next step is to outline who will pay for what. It would be beneficial to set up a separate account for this spending.

 The issue of insurance coverage should be looked at i.e.: health, car, renters and technology insurance that covers cell phones and computers.  If the student remains on the parents insurance policies, the parent should decide who is responsible for payment. Parents should pay close attention to detail if the child seeks his own plan.

Parents can keep children on their health insurance plan until age 26. Some colleges do offer health insurance plans. If a parent decides to enroll in a college sponsored plan, make certain to compare the parent plan to the college plan.

 Some colleges allow students to bring cars to campus while others do not. If a student is bringing a car to campus, the student will need car insurance. Rates can increase if a child is in an accident or if he receives a speeding ticket.  Parents should research rates as some companies offer “good student discounts” which grant lower rates.

 Credit card companies are notorious for coming to campus and marketing to students. If a parent decides to cosign for the student, he maybe left financially responsible if the student does not make appropriate payments on the card.  If a parent does cosign for a credit card, he should establish clear financial responsibilities and expectations.

 If the student chooses an off campus housing option and the parents cosign the agreement, the parents could be taking on a financial obligation should there be an issue with payment or damage done. Parents should be knowledgably about their financial responsibilities if this situation arises.

 Parents should do their due diligence with regards to what they are continuing to be responsible for while their child is at college. Even though the child is away, there is a great deal of financial responsibility to establish and track. This is a real world learning experience for the new college student and he should earn a degree of independence if financially successful at the end of June.