College preparedness for parents

[shortbun]

Is there a good site that gives a parent step by step things they should be doing to get their finances ready for college application and loans? My son will be a senior and attends an online school so I don't have the benefit of a school system meetings and seminars. Thanks in advance.

 

[ceecee]

My friend said all Jrs should have a Sr parent help them, I said sign me up! She said be sure to have your checkbook out and ready!
My DD will be a Sr and the only info we have gotten was about Sr. pictures. I had to look up the ACT test dates and she took that in April. Now I hear kids take it 2 or 3 times?!? I am just as lost.

 

[TheRustyScupper]

1) First, try websites, such as How to Apply for Loans
2) Then, do searches for the college you are considering.
3) Next, do a Google for loans/grants/scholarships.
. . . there are TONS of moneys available
. . . there are TONS of sources for the funds
. . . some are in amounts as little as $100 per year, some are full-rides
. . . but, small or large, every penny helps

NOTE: Also ask your employer and professional associations.
Example: My company gives up to $5,000 per year in grants for
each employee dependent. Some employees' kids have gotten
other moneys from engineering and or secretary associations to
which their parents belong. Even our country club gives awards.
These are four year FULL RIDE scholarships to Ohio State Univ
or Miami University (caddy's choice) for two caddies every year!
The club also gives several $1,000-$2,000 scholarships to caddies.

 

[powellrj]

I am on #3. DD is a senior this year and I have 2 in college. The reason kids take the ACTs more than once is to improve their scores. My DSs only took SATs once because they scored well enough the first time to not worry about getting in their schools of choice. DD will be taking them again because she didn't score as well as she should have done.

We have found that our HSs aren't really helpful and we are pretty much on our own. See if you can find some other parents that can give information on schools you are interested in attending.

I had to laugh when you mentioned senior pictures because our school doesn't do senior pictures, but both of DSs HSs did, so senior pictures will be different this year! They had to go through the school and it was like pulling teeth to get them to get them taken, while DDs school doesn't do them through the school and she wants several hours, locations and outfit changes! There is a thread on the community board that has lots of great advise for senior parents!

 

[TLuvsD]

Get a copy of "Paying for College without Going Broke". It is published annually (about $15). Your public library may have a copy.

Understand how scholarships work at the college(s) under consideration. Some schools use outside scholarships to reduce school grants, some use them to reduce the portion the family needs to pay.

You might look at www.collegeconfidential.com But I'd read the book for financial info. It has really made a difference for us.

 

[spima3]

It would be really nice if the schools sent home some kind of paperwork in Junior year, for those seniors seeking college after graduation. Geez, they send home paperwork for every other darn thing.

DD18 only managed one SAT, but good enough for the state school. It was an absolute nightmare for me, as she is very laid back and was last minute for everything. She is our first through this.

Even now, with the acceptance sent in, and a financial aid package, I still don't fully understand the next step. We have an orientation this coming Tues, so I hope all my concerns will be addressed there.

 

[spima3]

Understand how scholarships work at the college(s) under consideration. Some schools use outside scholarships to reduce school grants, some use them to reduce the portion the family needs to pay.

How do you determine this. DD18 received some grants, but we just received paperwork for a $2000 scholarship, which would be wonderful, not so much if they take away the state grant and use the scholarship instead.

 

[clarabelle]

supima I would call the financial aid office at the college your child is interested in attending and ask.

I understand this varies from school to school -but many don't allow you to "stack" financial awards.

I would also go to college confidential and read the threads there.

 

[allison443]

How do you determine this. DD18 received some grants, but we just received paperwork for a $2000 scholarship, which would be wonderful, not so much if they take away the state grant and use the scholarship instead.

The college's financial aid office can tell you this. Maybe you can schedule an appt to speak with them at the orientation you are going to.

 

[spima3]

supima I would call the financial aid office at the college your child is interested in attending and ask.

I understand this varies from school to school -but many don't allow you to "stack" financial awards.

I would also go to college confidential and read the threads there.

Well, we are attending the orientation on Tuesday, so I'm sure I'll find out then. But thanks for replying.

 

[shortbun]

Wow, am I ahead of myself? I'm hip to the ACT thing. DS takes his second test in September. We haven't decided which college yet but we do have a rather long 'short list.' I can't imagine finding out about financial aid at orientation. By the time we're at orientation, I want to have my finances planned for year 1. Our high schools have parent info nights. I didn't know that was unusual.

 

[musicmama]

+1 for CollegeConfidential. There are lots of information threads and a parent forum where you can learn about financial aid, ACT and SAT testing and get information about the colleges from actual students.

Definitely take advantage of college nights at your high school and any other "area" high schools. Take a look at your child's long or short list and figure on visiting the schools that they are most interested - most colleges have visitation days and their schedules are usually published in advance.

Good luck!

 

[powellrj]

Actually college nights aren't all the common around here. I attended when my oldest graduated back in 02, but they don't have any at our DDs school now.

I doubt they go over any type of money issues at orientation. They never have at any we have attended. Actually, I have found most of them to be a waste of time because the information they give out isn't what we have found to be true once the kids actually get to school and start attending class.

 

[Aliceacc]

My school does a college night pretty soon after school starts in September. ALL our kids are expected to be there, and generally are.

OP, I PM'd you an article on prepping for college.

Also, take a look at your local public school calendar. I imagine they do have a college night. Call, explain the circumsances, and ask whether you can join in.

 

[ceecee]

I am on #3. DD is a senior this year and I have 2 in college. The reason kids take the ACTs more than once is to improve their scores. My DSs only took SATs once because they scored well enough the first time to not worry about getting in their schools of choice. DD will be taking them again because she didn't score as well as she should have done.

My DD scored pretty good on her ACT,if she takes it again and gets a lower score which one do they use? We didn't report to any colleges (mistake since you could report to 4 free and now we have to pay to get them sent). I called the guidance counseler and he said it was a pretty good score but since I have to pay to send it, she may as well take it again, but to skip the writing portion (the college she is interested doesn't need it???) he said they average the two scores...anyone know?
We have to use the photogragher the school chooses for at least the composite photo, or they won't be in the yearbook or the school composite!

 

[ohiotinkfan]

It depends on the college to determine how they count ACT scores.
For many scholarships (from the college itself) they will use only one composite score to determine if your child qualifies for a scholarship. For admission, many colleges will use multiple ACT scores or sub scores to determine admission to the college. To determine sub scores you just add up the highest scores on each test in each category and then divide that number by the areas tested (I think 5 for ACT without writing).

 

[martikus]

Find out the deadline dates for scholarships and grant financial aid for the colleges may attend and do NOT miss those deadlines. Many of the scholarship deadlines would be in fall of high school senior year. Most schools don't have enough $ to give scholarships past deadline date.

Fill out the FAFSA (Free Application for Federal Student Aid) at www.fafsa.gov as soon after January 1st as you can as many school's have a priority deadline. Even if you have to submit the FAFSA with estimated tax data and then go back and make a correction. You don't want to miss the college's FAFSA priority deadline date.

The FAFSA will use 2013 tax data and the Adjusted Gross Income is a large factor. 2013 would not be the year to cash in all your pension, etc and increase your AGI.

All students who file a FAFSA can get federal loans. $5,500 freshman year, $6,500 sophomore year & $7,500 junior/senior year. The amounts do not keep up with costs of college, but that is what they can have.

Other loans - Parent PLUS Loan - fixed interest rate of 7.9%. 4.204% loan fee taken out. Credit based. If credit is denied, student can have additional $4000/year student loan. That is the only exception to the $5,500 limit.

Private loans - loan in student name, but student probably needs a credit worth co-signer. Fixed or variable interest rates. Some have fees.

Scholarships - you must search during senior year, including local community (think lion's club, garden club, etc). If you ask the summer before college you are probably too late and it is time to start looking for the sophomore year.

Good luck!

 

[WDW_Diane]

Is there a good site that gives a parent step by step things they should be doing to get their finances ready for college application and loans? My son will be a senior and attends an online school so I don't have the benefit of a school system meetings and seminars. Thanks in advance.

Check your local high school website to see if they have scholarship info. As a taxpayer you can attend meetings they have or glean information about scholarships from the counselors whether your child goes there or not. Our high school had a great website that led us to many scholarships to apply for, and my daughter won a few of them. Yay! I hope your son has had a well rounded life and activities, that will make a lot of difference, I think.

Many colleges also have helpful websites about scholarships.
Good luck!

 

[TLuvsD]

The schools use the highest ACT or SAT scores. Some schools will superscore the SAT.

Have your student take both tests. Our D did extremely well on the SAT, but her ACT scores were even higher...and she took it once, cold. I would have them take with the writing component, just in case a they add a college that wants the writing portion. And many schools consider the SAT subject tests as well (the more selective schools will require them). It's easiest to take the subject tests as you finish the course...US History after the AP US History, Biology, Math II, etc.

www.CollegeConfidential.com has a TON of information.

 

[disneefamily]

Disnee Dad Says........................................ You will need to fill out a FAFSA form. Try to look for a site where you can pretend to fill one out, and it gives you the answers you need. Don't know if it exists, but somewhere....

Basically, and these numbers are guesses from 5 years ago, the student is expected to spend 20% of his/her assets per year for college.

The parents was much lower, like 5% if you only had one kid going at a time.

Hint. Liz spent the first year in a dorm. So we provided over 50% of her college expenses (100%), the second year she moved out, so she was independent, but still paid for more than half of her expenses. So no aid. The third year, we were out of the picture for whatever reason. I guess because she lived on her own for a year. So the third year she got financial aid! Oh wait, she finished her B.A. in three years. But she moved to her Masters's she got aid because we didn't count anymore.

So if you have nice assets you are stuck the first year. Move her into her own place and makes sure she pays 51% of her college expenses. By the second year, she should be off your books and get aid.

If you don't have a lot of assets, she will probably get lots of grants and financial aid.