Money Saving Tips for College Students

Consider the following tips to help you save money throughout your college years.

Campus Activities:  Campus activities like movie nights or math club usually mean free food.  Take advantage of these opportunities to be involved.  You may just make a new friend or two as well.

Buying Smart:  Consider buying store brand items instead of name brand and think about buying in bulk at stores like BJ’s, Costco, and Sam’s Club.  Also, look for some second hand stores and don’t feel awkward shopping there, you are not alone!  You may be shocked by what they have and how much things cost.  For example – one of our students last year found a Coach purse for $40!

Get a Job:  You may have been given the opportunity for work-study but even if you weren’t, you can still look for a part-time job on campus or close to campus.  Working while in college is highly recommended.  Not only is it a great resume builder and networking opportunity, but you can meet friends and make some money so you won’t be hassling mom or dad.  Some on-campus and work-study jobs may even let you do your homework or get studying done when you have down time.

Bank Accounts: There are a lot of different accounts out there and many banks have student checking accounts where there aren’t any fees or charges to keep a minimum balance.  We suggest that you find a bank that has a local branch for both you and your parents.  Your parents and you should each have a debit card and access to on-line management.  Setting up joint accounts with your parent(s) as the primary account holder will help them easily deposit money as necessary.  Link your checking and savings accounts to help with overdraft protection and to help you save money. Have your paychecks and all other funds directly-deposited into your savings, then transfer spending money to your checking account and try to spend only what you have in checking. This will help you save money now to fund future large purchases such as books, a computer, or maybe even a trip for Spring Break.

Credit Cards:  Be aware of credit card hooks such as free prizes, a percent off today’s purchase for opening an account, no interest for a certain number of months, etc.  A free T-shirt may sound great now, but not so much when compared to the amount of potential credit card debt you may incur and a mark on your credit report.  You can also look into Credit Unions or AAA, but if you do decide to have a credit card, we suggest having only one if possible.  Be sure to minimize your credit card debt even after graduation; don’t forget about your student loans you will have to pay off.  Also, typically if you are under 21, you will need to show that you are able to make payments (meaning you have some sort of income) or you will need a cosigner in order to open a credit card account.  If you are under age 21 and have a card with a cosigner but want an increase in the credit limit, your cosigner must agree in writing to the increase.

Being money conscious from the start can seriously help you throughout college and you’ll be very thankful once you graduate.

Any additional tips to share?  Leave your comments!

About Smart Track™ Toolkit: The toolkit is a web based service that assists families with everything from admissions and test prep, to student athletics and financial aid. Our intuitive software and on-demand workshops are key components to making sure students find their top choice colleges, and families can afford to send them there.

About the author: Laura Guarino is the Student Services Coordinator with College Planning Strategies, LLC. Laura has a degree in Human Development from Boston College and is currently pursuing a Master’s degree in School Guidance Counseling.  She is also enrolled in a certificate program in College Admissions Counseling.  Laura is at the forefront of the college admissions process for the families of CPS and The Smart Track™ Toolkit.

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Best Ways to Handle ACT Anxiety

By Vivian Kerr – Grockit instructor

Let’s face it: studying for the ACT can be stressful! Besides worrying about good ACT scores, you have to carve out time for filling out college applications, writing personal statements, researching college scholarships, and making sure you’ve got all your college requirements in place. No wonder so many ACT students find themselves lying awake at night, worrying that bad ACT scores will prevent them from getting accepted into their dream college! Here are ten ways to refocus your ACT prep and get better ACT scores on Test Day!

1. Focus on your progress. Look back at where you were just a week ago in your ACT test prep, and see how far you’ve come! No one can train to run a marathon is 2 weeks! Noticing and remarking upon your steady progress studying for the ACT will lift your spirits and encourage you to keep going!

2. Set a routine. We are creatures of habit. You need to make sure you have a set schedule for studying and non-studying. Try to keep this balanced routine the same in the weeks leading up to the ACT test day. Go to bed at the same time and wake up at the same time every day.

3. Remove electronic devices from the bedroom before sleep. Any kind of artificial light or sound can interfere with sleep and make your anxiety level shoot up. Move your cell phone, laptop, and any other gadgets to the next room pre-bedtime and don’t use them on you bed if you can help it!

4. Use ear plugs to fall asleep. When you have them in, you can listen to your heartbeat. It's like being back in the womb!

5. Remove any artificial light. If you have traffic lights or street lamps shining in through your windows cover them up with a large blanket. Try to make your bedroom pitch-black. You might even need to get a sleeping mask.

6. Take stretch breaks. Lie on the floor breathing in and out. Slowly stretch your neck from side to side. As you breathe in and out notice your spine relaxing into the floor and all the tension leaving your body.

7. Get a professional massage. A little pricier-- but a nice splurge the day before an exam!

8.  Don’t leave your studying to the last minute! A surefire way to feel stress is to procrastinate. Give yourself a reasonable amount of time, at least 2-3 months, to adequately prepare for the ACT.

9.  Making studying social. Work in ACT study groups with friends. Compare strengths and weaknesses, and do drills together from the same book. Explain the correct answers to each other. This will help relieve stress and you’ll find yourself studying in longer chunks!

10. Write some mantras! A mantra is an empowering message that you repeat to focus your energy on positive thoughts. Choose 3 and write them on pieces of paper. Put them above your desk, inside your locker, in a notebook, or anywhere else where you’ll see them throughout your day. Some good examples might be: “I am making excellent progress on the ACT!” “I am going to do well on the ACT!” or “I am learning the ACT concepts quickly and easily!”

A Beginner’s Guide to Financial Aid Part II

In the last blog entry, we covered some of the basics of the college financial aid system and how it is used to determine how much money you could receive. In case you have forgotten, the key formula is “COA – EFC = NEED”. COA in this case stands for “Cost Of Attendance” and is pretty straightforward (just add up the cost of everything for one year of college). What I would like to focus on in this entry is the EFC, which stands for “Expected Family Contribution”.

The first thing to do is clearly define what your EFC is. Most colleges and universities will define your EFC as “the minimum amount your family can afford to pay for one student for one year of college”. It is important to identify key components of this definition. “Minimum” implies that your EFC is a starting point and you may actually have to pay more than your EFC (depending on the college your student chooses.) Also notice the “one year of college” part. This is because you should file for financial aid every single year, which means that your EFC will likely be different every single year. The reason financial aid is filed for every year is because situations change. Jobs are gained or lost, benefits will start or stop. Even the number of students in your family attending college at the same time could change, and all of these things impact your EFC.

Now in terms of actually calculating your EFC, college and universities will use one or two methodologies (read: formulas.) The first is the Federal Methodology (FM). This is derived with a formula the Federal Government came up with and is calculated when you submit the FAFSA. Every college in the country that awards federal financial aid requires the submission of a FAFSA, which means that all of these colleges will see your FM EFC. Some colleges will go a step further and they will use their own formula to calculate your EFC. This is known as using an Institutional Methodology (IM). This can get complicated because different institutions can use different IM formulas. However the basic IM formula was created by CollegeBoard and is calculated when you submit your CSS/Profile.

Now that you know there are two different EFCs, it’s probably best to figure out what’s included in these formulas. Simply put, the FM and IM formulas use the following: parent income, parent assets, student income, and student assets. There is a handful of other information that could be used (ages of parents, ages of younger siblings, certain monthly expenses) but income/assets of parents/students are the big players.

Keep in mind that since we’re dealing with two different formulas, income/assets could be assessed differently. One example is your primary residence. Any equity in the primary home is considered an asset in the IM formula, but primary home equity is not part of the FM formula. If you happen to have more than one property though, equity in the additional properties is considered an asset in both the FM and IM formulas.

Things get more complicated when you delve into the nitty-gritty of each formula. If you’re concerned about your EFC and how you’re going to be able to afford to send your students to college, it is usually best to consult with a professional college advisor. Much like a CPA helps you with your taxes; College Advisors (the ones worth their salt) are well versed in EFC formulas and the many different avenues for paying college bills.

Once you finish your applications and the college gets your EFC, its time to create your financial aid award. In the next series entry we’ll discuss Awards and Appeals, something you may need to utilize depending on your EFC, your award, and any extenuating circumstances you think may be affecting your ability to pay for college.

About the author: Justin Munio is a Business Development Manager and Financial Aid Consultant with College Planning Strategies, LLC. With a degree in mathematics from SUNY Geneseo and 4 years working in the CPS Financial Aid Department, Justin is at the forefront of the financial aid process for the families of CPS and the Toolkit.

                       

About Smart Track™ Toolkit: The toolkit is a web based service that assists families with everything from admissions and test prep, to student athletics and financial aid. Our intuitive software and on-demand workshops are key components to making sure students find their top choice colleges, and families can afford to send them there.

Why Take AP Courses?

By Jordan Schonig – Grockit instructor

For most high school students, the decision to take AP courses can be quite daunting. Enrolling in AP courses requires measuring the benefits against the possible drawbacks. The first question students almost always ask is whether the advantages of AP courses exceed the increased difficulty and workload that comes with such courses. Before you make your decision, you should know of all the advantages AP courses can offer.

1.       College Admissions

It’s a common misconception that SAT scores and GPA is all that matters when admissions boards examine your high school education. In fact, the kinds of courses you take are almost as important. Admissions officers want to make sure that their applicants will thrive at their institutions, and one of the best ways to predict undergraduate performance is to look at your performance in AP courses.

2.       Prepare for College Courses

AP courses are designed to emulate college courses, so taking APs will help ease the transition from high school to college education. The critical thinking, problem solving, and writing skills required of you in APs—not to mention the added responsibility of preparing for the AP exams—will prepare you for your first year of college more than regular or even honors high school courses. 

3.       Earn College Credit

Perhaps the most versatile benefit of APs is the college credit you will earn. Scoring well on your AP exams will often help you earn credits for general education courses (those courses required by all students regardless of major) in college. This can have tremendous advantages for an incoming freshman. Because the AP credits will help you finish general education requirements sooner, you will have more time to explore elective classes that you want to take. Having the freedom to take a variety of classes means you’ll be able to try out different academic disciplines, thereby helping you narrow down your choice of major.

4.       Save Money

The most tangible benefit of APs is the money you could potentially save. If you score well on enough AP exams, you could earn enough college credit to graduate early by a semester or two. So while you shouldn’t just graduate early just because you can, you can see how cost-effective AP courses really are. After all, AP exams cost very little in comparison to a semester’s tuition.

Remember, getting the most out of your AP course requires you to score well on the exam, so come exam season, we recommend you invest in study materials, including test prep books, test prep websites like Grockit.com, and course material.

Ways to Get Involved on Campus

Many college bound students don’t realize how important it is to get involved on their university’s campus.  Some view college as one big party where as others appear to be on the opposite end of the spectrum, viewing college as solely an academic experience.  Often times, extracurricular involvement is overlooked by students who gravitate to each extreme end of the spectra.  However, here at College Resource Center, LLC  we feel it is best for college students to find some sort of equilibrium between their academic life and social life in conjunction with their involvement in extracurricular activities.  Thus, we encourage our clients to get involved on their university’s campus because it’s a great way to meet people, make new friends, develop interpersonal skills, acquire different responsibilities and build your resume.  Since there are many opportunities for students to get involved on campus, the following are just a few we recommend.

1. Join a student organization.  Colleges and universities boast about the numerous student organizations and clubs they offer.  Whether you are interested in politics, journalism, different cultures, skiing etc. there is undoubtedly a group just for you.  By joining a student organization, students can meet people, make new friends and gain invaluable leadership and interpersonal skills.  Often times, new students are given the opportunity to run for different positions within the organization.  With these new positions comes the delegation of responsibilities and the opportunity to take on a leadership role.

2. Create a club.  If you have a particular interest that is not represented at your college or university then take it upon yourself to create a club!  This is a great way to bring one of your own passions to campus and to share it with the student community.

3. Join a varsity or intramural sports team.  Did you play a sport in high school?  If so, why not join a team in college?  Most colleges and universities offer both varsity and intramural sports.  If you’re not looking to participate in varsity athletics because of the time commitment or intensity then gather a group of friends and create an intramural team.  Intramural teams are a great way to stay in shape and have fun.  It also allows for flexible schedules with games occurring once or twice a week at night. 

4. Get a job on campus.  Getting a job on campus is a great way to become involved at your university while simultaneously making some extra cash!  A majority of on-campus jobs are allocated to work-study students first, but don’t let that stop you.  Find a job that suits your individual interests or skill set and apply.  Many campus supervisors even allow you to do homework while working.  What a great way to make money and get your school work done at the same time!

5. Participate in service learning.  If your college or university offers service learning, take advantage of it!  This program integrates community service with academics.  Students can earn extra credit by participating in a service learning program where they take their skills from the classroom and apply them in real life situations.  This gives students the opportunity to learn outside of the classroom and to give back to their community.

Remember, it is never too late to get involved on your university’s campus!  Join a club, get a job or do some volunteer work!  These extracurriculars serve as resume builders and can make your college experience unforgettable.

About Smart Track™ Toolkit: The toolkit is a web based service that assists families with everything from admissions and test prep, to student athletics and financial aid. Our intuitive software and on-demand workshops are key components to making sure students find their top choice colleges, and families can afford to send them there.

About the author: Alecia Coleman is currently a senior at Bentley University.  She is majoring in Accountancy and minoring in Law.  She was recently a recipient of the MSCPA Women’s in Accounting Scholarship and intends to get her Master’s in Accountancy at Bentley University, as well.

Connect with us

http://www.facebook.com/smarttracktoolkit

http://twitter.com/uchoosecollege

How Parents Can Get Involved in College Admissions

We understand that going away to college is as much an act of independence as it is a smart choice for your future, but your parents’ involvement in the application process can actually make your life a lot easier. Applying to college is stressful for everyone. You want to make sure you do everything possible to get into the best college possible. Your parents want the same thing, but they might not know how to help. Here are a few tips for your parents to get involved without becoming overbearing.

Plan College Visits

While you’re studying for the SATs, have your parents schedule some college visits. At this point, you should know which schools you plan on applying to, or you can choose to visit schools after you’ve received acceptance letters.

Research Financial Aid

Even if your parents are not going to help pay for college, they have the necessary experience to better guide you through financial options and money management. Have your parents research loan options and explain the benefits and drawbacks of each plan.

Encourage Test Prep

Parents should encourage their kids to begin thinking seriously about the SATs or ACTs. Test prep books, classes (like Princeton Review or Kaplan), and online services (like Grockit.com) can be expensive but worthy investments, so parents should be able to help their kids finance them.

Remember Deadlines

While remember application deadlines should be the responsibility of the applicants, parents can help by marking these important deadlines in their calendar. While it’s important not to nag their kids, parents can and should offer gentle reminders as the deadlines approach. 

Don’t Make All the Decisions

Perhaps the most important thing a parent can do is not become too involved in the college application process, especially when it comes to choosing schools. While it is perfectly fine to offer suggestions and help research the school, your kids should ultimately make the final decisions regarding school selection.

Tips to Keep in Mind When Studying for Finals

At the College Resource Center, LLC we understand how stressful finals week can be.  With the hectic semester coming to a close, many college students find themselves cramming a semester’s worth of material into the night before their exam, writing last minute essays and completing lingering assignments.  Course work and outside commitments begin to accumulate during this time and often it seems nearly impossible to finish every tasks at hand.  This inevitably triggers stress and anxiety amongst college students.  The following are a few tips we share with our clients as finals week approaches.

1. Start Early.  Don’t wait until the night before to start studying for your final exams.  If you manage your time appropriately, you will be able to cover the necessary materials assigned to you for each class.  It is helpful if you study and keep up with your class work as the semester elapses.  Therefore, you will only need to review the materials at the semester’s close as oppose to cramming it all in.  We recommend students make a schedule, prioritizing what classes they need to study for the most as well as outlining the topics for each of those classes that will be covered on the exam.  This will ensure students divide their time fittingly between classes that are more demanding and classes that come easier to the student.  It also ensures students spend their time reviewing only the topics that will be included on the exam.

2. Go to the library or book a study room.  Find a quiet place to study, whether it be at the library or in a study room.  This will keep distractions to a minimum and allow students to direct their full attention to studying.  Often times studying in one’s dorm room can be disadvantageous because distractions such as roommates, televisions, etc. are present.  Also, studying at the library or in a study room gives students the opportunity to have more workspace.  Therefore, students can spread all the necessary materials right out in front of them.

3. Form a study group.  Often times it is more helpful than not to form a study group with fellow classmates.  In this way, students can motivate one another to get started and to continue studying until the exam.  Forming a study group gives students the opportunity to see a classmate’s perspective and insight on a subject.  This keeps students on their toes and allows them to grasp a better understanding of the material.  Study groups also promote the sharing of study materials so students can divide and conquer definitions, concepts and outlines, therefore helping one another prepare efficiently and effectively for the final exam. 

4. Go to your professor’s office hours.  It is imperative students go to their professor’s office hours and ask questions that will clarify topics which are unclear to the student.  Many times after answering questions, professors will also offer feedback to students on their overall performance throughout the semester and will tell them what mark they must earn on the final to achieve a certain cumulative grade.  Visiting your professor during office hours demonstrates your commitment to his or her class and shows just how much you are trying.  This extra involvement could mean the difference between a 4.0 and a 3.7, as professors take these added efforts into account.

5. Utilize the study materials you are given.  Make sure to study the materials provided to you by your professor such as study guides, PowerPoints, class notes and previous tests.  It is very helpful to review previous tests and quizzes as many times professors will revisit this material on the final.

6. Take breaks.  There can be such a thing as too much studying.  It is important you take 10 to 15 minute breaks to clear your mind.  Check your Facebook or twitter page, take a quick walk or chat with a roommate during this time.  If you are experiencing significant stress, opt to take a longer break and go to the gym.  Do some cardio to alleviate this tension and “get the juices flowing”.  Then resume studying.

Remember, all college students are in the same boat.  Everyone is experiencing the stress and anxiety associated with finals week, though some more than others.  Just take a deep breath and follow some of the tips above to prepare yourself for final exams and to alleviate some stress.

About Smart Track™ Toolkit: The toolkit is a web based service that assists families with everything from admissions and test prep, to student athletics and financial aid. Our intuitive software and on-demand workshops are key components to making sure students find their top choice colleges, and families can afford to send them there.

About the author: Alecia Coleman is currently a senior at Bentley University.  She is majoring in Accountancy and minoring in Law.  She was recently a recipient of the MSCPA Women’s in Accounting Scholarship and intends to get her Master’s in Accountancy at Bentley University, as well.

Connect with us

http://www.facebook.com/smarttracktoolkit

http://twitter.com/uchoosecollege