Planning Ahead Can Save Thousands On College Expenses (Part I)

38 minutes. The average length of time a high school guidance counselor is able to spend with a student discussing college-specific items. 476:1 The national average ratio of high school students to guidance counselors. $1 trillion in student debt that has eclipsed credit card debt for the 1^st time in history.. College costs that rise 6-8% on average per year. A larger and more competitive applicant pool.  These issues and averages are just the “tip” of the college planning iceberg influencing whether today’s “modern” family will be able to actually afford a 4-year college. 

Much of this information has been penned already by many other authors, so I do not want to rehash something that has already been “beaten” senseless into the American public but rather highlight a few pointers that might help folks to mitigate some of their anxieties and fears. Our firm, the College Resource Center, has worked with thousands of families over the years on creating viable plans for how best to pay for college without going broke and while each family’s situation is different, there is a common link amongst them- they are all very concerned with how best to approach what can be an overwhelming process. 

Have a plan. If you don’t, your plan will arrive in the mail when you receive your 1^st tuition bill.  Determine what your EFC (Expected Family Contribution) will be. This is one of THE most important figures to know and basically lets a college know how much per year you can afford to pay to have your son or daughter attend that fine institution.

To get started, you can use our EFC calculator at Free Trial to register for a free trial and learn not only what your personal EFC is, but how much it potentially could be lowered by. (Your free trial will also give you access to an eCalendar to help you keep track of important dates and deadlines in the college admissions process)

Use the promo code: “Impact” to receive 20% off when you purchase any of our 5 components and feel free to contact me with any questions you might have: jay.robie@smarttracktoolkit.com or 800 863-9440 ext. 277. Good luck!

COMING NEXT: More on EFC calculators, admissions deadlines, and more.

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: Jay Robie is the VP of Business Development in the Corporate and Education channels with the College Resource Center, LLC.  Jay has previous work experience as an Admissions Counselor at St. Lawrence University and Boston College as well as the Director of the Corporate Internship Program at Notre Dame High School.  Jay also has consulted for Road to College as an Admissions Planner.

Researching & Choosing a College

What is the ideal college for ME? Which colleges and/or universities offer the courses of study, campus size, geographical location, extra-curricular activities, quality of faculty and political atmosphere that you want or need in a school? Ideally, your final college choice should meet, or even exceed, your desired criteria.

Be careful not to select a college for the wrong reasons-- where your friends are going, where your boyfriend or girlfriend is going, where Mom or Dad went, which has the better sports teams, or where you think you and your family can afford. Choosing the wrong school can result in lost time and money in the long run.

It is likely you are going to spend at least four years at a college. Therefore, it is important to find a school that is an excellent match for your interests and needs. Don’t settle for less. But don’t start the college search process with any prejudices about any type of school. Keep your college options open.

 Seven Steps to Finding the Perfect School

1.      Compile an initial list of colleges that interest you based on specific criteria (majors offered, size, location, extra-curricular activities, etc.). Your original list of schools should include twelve to thirty potential schools that meet most (or all) of your general selection criteria.  Ask your guidance counselor if your school uses a college search software program to help with this process.  Otherwise, College Board has a good college search function that's free.

2.      Find schools where you fall in the top 20% of the admitting class. These students routinely receive more free college scholarships and grants and need less student loans and work study money. If financial aid is important to you and your family, doing this will increase your chances of receiving free college scholarships and grants.  

3.      Narrow your list of possible colleges to about fifteen by doing further research into the original list of institutions you selected. At this point you will be able to eliminate institutions from your original list based on more specific criteria.

4.      Finally, cut your list to a minimum of six. You will now be able to do more extensive research and go visit their campuses. Compile a list of your top schools in order of preference. Your final six or more colleges (we recommend having 8-12) are the ones to which you will actually apply for admission. We recommend to have at least (2 - 4) "Safety schools," colleges you're very likely to gain admissions to, (3 - 5) "Target schools," colleges that you're pretty sure you will get in to based on standardized test requirements and GPA, and (2 - 4) "Reach schools," those colleges that may lie just outside of your academic achievement statistics, but not out of the realm of reality. 

5. Apply to your finalists.
1. Research the requirements.
2. Mark deadlines on your calendar.
3. Ask for recommendations.
4. Work on your admissions essays.
5. Fill out your applications.
6. Apply for financial aid.
7. Send all documentation in accurately and on time.

6.      Analyze award packages. There is an art to comparing award packages. You must first determine if each offer is really the best you can get from that college. If not, there are often ways to successfully request more money and improve your package. 

7.      Decide and go for it! Now that you have a firm handle on the financial packages, put it into perspective with all the information that you collected from the schools, and decide which school would be the best overall choice for you. Sign on the dotted line. Obtain financing, including filling out applications for any loans you may need.

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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