Deciphering Financial Aid Award Letters

After coming back from a fantastic training with uAspire on award letter review, now is the perfect time to share some of what I learned or was reminded of. As I receive copies of my students' award letters, I continue to be astonished by how complex and confusing these letters can be, especially for those not familiar with the financial aid jargon. It is disappointing that some schools continue to take advantage of the students and families by presenting their packages in very deceiving formats leading families to believe some colleges are more affordable than they actually are. An important part of the work I do with my families is helping them decipher these letters and make an informed college decision.

Award letters arrive sometime after the student has been accepted and completed the financial aid information such as the FAFSA and/or CSS Profile. Each school has their own timeline for when they send out financial aid information and it can arrive any time up until the May 1 decision day. Although we still refer to it as a 'letter' it is now usually an email or web page the student can access within their college portal.

First off, it is crucial that you understand which types of expenses you will incur and what the different types of aid are. Total cost of attendance should be broken down into several categories such as tuition & fees, room & board, and books & transportation. The tuition & fees and room & board are Direct Costs which are paid directly to the college. The other expenses are Indirect and can vary significantly depending on which classes the student takes, what activities they participate in, where they purchase their materials, and how and when the student will be traveling between home and college. The Indirect Costs are more controllable by the student.

Financial aid can be broken down into two distinctive categories – Gift Aid which consists of grants & scholarships and Self-Help which consists of loans, family contribution, and work study. Unfortunately, colleges often bundle the Self-Help into their financial aid package which leads families to believe they will be paying less. However, the loans and work study are entirely on the student and family to take care of. It is important to know that a Direct Parent Loan also known as Federal Parent Plus Loan is something which is not guaranteed and often has borrowing terms less favorable to other loans such as the federal student loans, yet colleges almost always include it as part of their package. Work study is also not guaranteed and students have to find a qualified job on campus and work to earn that money.

So when reviewing your financial aid packages, be sure to calculate your true total cost of attendance by adding all direct and indirect expenses and subtracting grants and scholarships from that total. Do not include loans, work study, parent contribution or anything else listed on the award letter which will require payment from you. This final number will be the amount you will need to fund yourself whether it is via federal loans, private loans, work study, or finding additional scholarships. If you feel that the financial aid office made an error in calculating your aid, your financial situation has changed or another school has made a more competitive offer, you can always consider appealing.

Be sure to weigh your college and finance options carefully before making a final decision. If the letters are not clear to you, do not hesitate to call the financial aid office and ask for clarification. In the end, you may need to ask yourself some difficult questions such as if a certain school is worth that high final price tag or if you would prefer to save that extra money for attending grad school later. Make use of some of the free online calculators to get a better idea of what your monthly loan payments would be. Remember to look into the terms of each loan such as if it is subsidized or not, when the repayment begins, if repayment plans are income based, what the interest rates and loan fees are, and if payment can be deferred. Whatever you decide, ensure you are making a financially safe decision.

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For a breakdown of some of the financial aid terms, check out my previous post here: https://www.acmcollegeconsulting.com/blog/2018/10/22/all-about-the-fafsa

If you still have not filed the FAFSA, do it NOW: https://studentaid.ed.gov/sa/fafsa

If your school has requested additional financial aid forms or verification, be sure to complete them as soon as possible to ensure you receive the highest amount of aid possible. Remember, some aid is given on a first come, first serve basis.

New Years Resolutions for College Going Teens

Most 15 and 16 year olds are thinking about their next game, their latest high school crush, surviving AP classes, or getting their driver’s license, not about their college plans for 2 -3 years down the road. It seems a bit unfair that they should have to think about such important things at a young age, but that is what the process has become and it is in their best interest to start early. Here are four resolutions for high school students considering college.

Sophomores

Spend time researching college and career options

By now, many students have had a broad discussion of college plans with their parents and/or high school counselor. What they probably haven't done is actually sit down and do some self reflecting and research. What are their potential career and course of study interests? What type of college do they envision for themselves? What are the requirements for admission to those colleges? They should make it a goal to spend time doing research now while they still have time to adjust their high school path, visit schools, prep for tests, and set up job shadowing and classes to help them with their admission and final decision. That small amount of time they spend over the next year has the potential to make a BIG difference.

Juniors

Establish college application timeline and goals NOW

Students in their next to last year of high school should establish their timeline for college applications now! Although they may not have their 'list' narrowed down to the final few schools, it is not too early to establish personal deadlines for getting their applications done. The key is to set those deadlines early - take the potential college deadlines and move them back by 6-8 weeks! There can be a lot of unexpected delays, added requirements and other bumps along the college application road, and it is better to be done early than to risk an incomplete application. Students who stay organized and work ahead often forget to take into consideration the fact that there are pieces to the applications which are not in their hands. Recommendation letters, high school transcripts, and test scores are just a few examples of requirements which may not be sent directly by the student. Students need to give their counselors and recommenders plenty of time to complete their pieces.

Seniors

Continue to put forth best effort in school and remember college decisions are NOT everything

By now many students at this stage in their high school careers have completed their applications, especially those for out-of-state colleges. Most of those even have their offers of admission already. The first of two resolutions for students at this time are to continue to put forth their best effort in school. There are plenty of other students willing to take their spot at their potential future college and there is little room for slacking and decline in grades. Colleges do pay attention to this and indeed have the power to revoke their admission offer if they feel the student is not meeting their academic standards.

The second resolution and unarguably the most important, is for students to remember that admissions decisions are not everything. Unfortunately colleges are unable to truly get to know each student before making an acceptance decision. Although a student may not have gotten into their dream school, their future is still very bright and they have plenty of opportunity to shape it the way they want it to be. Every college has something great to offer, students just have to take advantage of it. I do believe some colleges are better fits than others and strive to help students find the best matches, but ‘the perfect college’ does not exist. College is only the beginning of the journey. It can be a spectacular part of it, but it is not everything and it is certainly not the end.

For more new years advice for teens and their parents, check out the January issue of UnMazed Magazine.

The Decision Season Panic

As admissions decisions continue to roll in, some students are celebrating while others are unfortunately beginning to panic. What has become clear so far this year is that most if not all 'upper level' schools are increasingly difficult to get into and the number of early applications has once again jumped. The unpredictability of it all has become more evident than ever. Highly qualified students are shocked to find out they did not get into their colleges and are beginning to worry that they will not get in to any that they want. While it is perfectly normal and reasonable for the students to be concerned about not getting into their favorite schools, there is a lot which can be done to get these students into a more stable situation during this confusing college application season.

1. Make a BALANCED List They LOVE - an idea that is by no means revolutionary, but still not entirely understood. Students continue to make very top heavy college lists. Even worse, they are putting back up schools on their list which they would not be happy with. It is worth the time and effort to do the research early on and establish a list which is balanced and which does not include schools the student merely added to have a safety. They need to understand that nothing is a guarantee and a safety school should still be one they would be happy to attend. As with any of the schools on their list, it would be even better if the student has had the opportunity to visit their safety schools and know what they are like before including them on their list. The last thing anyone wants is to end up only getting in to the 'mystery' school they added in a moment of panic. If students make a balanced list they love, they will be able to get through application season with less anxiety over the possibility of not getting in anywhere or only getting into a school they are not even interested in attending.
   

2. Understand the Options – students need to have a clear understanding of the application options and what they can do with the decisions they receive. This plan should be established before application season, not after the decisions are already coming in. Students should be aware of the true meaning of applying ED and EA and have a plan set in place for the possible denial from those schools. (Check out my previous post for tips on what to do with the decisions for how to handle deferrals and waitlists.)
   

3. Stop the Comparison – as mentioned, the unpredictability of college admissions is more evident than ever. The stories of highly qualified students getting turned down while their counterparts get accepted are countless. Students with nearly identical credentials are getting very different responses. Although easier said than done, students, their parents and counselors need to stop the comparison and big name game. One's college acceptance is not a determination of their future success or in many instances, an accurate assessment of the work they have done thus far. There are so many factors which have to do with enrollment quotas, diversity, distribution of financial aid, and massive increases in the various application pools that make the admissions system much more complicated and difficult to predict or even understand. Being a top student is no longer an automatic in and there are so many great schools which may not be well known, but nevertheless provide top notch education. Students need to understand that they can forge their own paths to success at any college they choose, and not getting into a top school does not make them any less of a person.

While not getting into a top choice school may be a shock and of course a disappointment to any student, we can all play a part in reducing the stress, anxiety and panic surrounding college applications and decisions. We have to assume the admissions counselors are making the best decisions they can with the time, demands and resources they have. We can not begin to try to understand the reasoning behind each decision they make and need to prepare our students for any response they may receive.

Counseling Resources on Campus

Recently, colleges have become more aware of the increase in mental and physical health issues among their students and have drastically improved the services and resources available to them. With nearly one third of all students having a diagnosable mental health issue at some point during their freshman year, these resources are invaluable. However, despite the plethora of resources available to them, at least 40% of the students experiencing mental health issues are not getting the help the need. The main problem is not the lack of resources, but rather the student not taking the initiative to seek them out.

One thing students should do early is inform themselves on the campus resources available to them while on tour and considering which schools to add to their list. Once accepted, students should make it a point to get even more familiar with the mental and academic counseling options their college provides - many offer both right on campus. In fact, many schools actually have trained mental health professionals and psychologists on staff and they usually have walk-in hours as well as appointments. From support groups to tutoring or private counseling sessions, many forms of help are available.

Students need to understand they can get counseling for nearly any issue ranging from sinking grades, eating disorders, test anxiety, and sleeplessness to roommate problems, depression, and alcohol and drugs. No issue is too small and it is better to seek help before the problem develops further and continues to disrupt life. The common rule of thumb is if it has been a disturbance for more than two weeks, seek help. Students should never hesitate to give either the academic or mental health counseling offices a call and set up an appointment or just walk in to discuss their options.

In cases of emergency or after-hours, students can call campus emergency numbers, local community agencies, 911, or the National Suicide Prevention Lifeline and even text the Crisis Text Line for help. They should make a list of these important resources to have on hand.

Whether it is an academic advisor, career counselor, tutor, or roommate, students should also find someone they are comfortable speaking with and not be ashamed of discussing their issues. While these people may not be the proper ones to help, it is always better to talk to someone about problems than to keep them to yourself. At the very least, this person can advise them to seek help where appropriate or get them help when they are concerned.

If students have mental health issues before entering college, it is particularly important that they establish a plan and know where to go when they will need help. It may even be worth considering establishing a relationship with a mental health professional on campus or locally before the stress of freshman year begins.

Whether or not students think they will need some sort of counseling, they should learn about their options and understand that there is no shame in seeking help. Adapting to college life and adulthood is challenging and at one point or another, we could all use some help.

As parents and educators, teaching students to self advocate and take advantage of the resources available to them is an important part of preparing them for college and beyond. We need to make sure our students are comfortable with asking for help when needed and that they know where to go for that help.

For more information visit:

https://www.nami.org/Learn-More/Fact-Sheet-Library

http://www.mentalhealthamerica.net/life-campus

https://suicidepreventionlifeline.org

https://www.crisistextline.org

Admissions Decisions

As the admissions decisions are rolling in, students could be faced with several different responses. It is important that you weigh your options and make a decision you are happy with. While you may be disappointed with some of the responses you receive, remember that there is a college for you! This is why you created a 'list you love' to start with.

DEFERRED

If you applied early to colleges, you may soon be very familiar with the word deferral. Getting deferred is not necessarily a bad thing. It just means that the college would like to reconsider you along with the next pool of candidates. Chances are, the pool of candidates in regular decision is not quite as strong as those in early action or early decision and as the numbers of early applications continue to increase, more students will be deferred. Unfortunately, statistics on the percentage of students deferred and then eventually accepted are hard to come by, but in general, colleges defer around half of their early applications to the regular decision pool. For example, last year Yale deferred 55%, Middleburg deferred just 17%, and Harvard deferred over 70% of the early applicants.

What should you do? Some colleges will give you specific requests for more information such as grade reports or additional letters of recommendation. Others will straight tell you not to send anything else. Whatever they ask, make sure you follow. If they do not make any requests, you should do everything you can to improve your chances. Keep your grades up and write a letter to admissions reaffirming your interest. Basically do as you would if you were waitlisted (read below).

Keep in mind that if you are deferred, you are no longer required to attend that college if eventually accepted. You should continue to apply to other colleges of interest. If you no longer wish to be considered, inform the college of your decision and free up that space for another student. Remember, being deferred is basically a second chance for consideration, but you should still keep other options open.

WAITLISTED

Almost 40% of colleges use a wait list and they put an average of 10% of all students applying on to that list to fill spots of students who do not accept their offers of admission. Unfortunately, these lists often give students a sense of false hope as the chances of actually being taken off of the waitlist are very slim. In 2016, an overall average of 23% of students on waitlists eventually got accepted and an even lower 14% were accepted from the lists of highly selective schools. So as can be expected, the more selective the school, the lower the chance that you will be taken off of the list.

If you are one of the the small group of students waitlisted, there are several things you can and should do. First, decide if you are truly still interested in the school and even want to be on the waitlist. Consider your chances of actually being taken off of that list. You can also contact admissions and find out where you stand on the list. Are there different pools? If so, are you in the priority? Do you really want to wait it out? Colleges may not inform you of the final decision until after the May 1 National Decision Day when they have a good idea of who has accepted their offers of admission. If you do decide to wait it out, make sure you have your backup school lined up and are ready to submit the deposit before the deadline if you are not pulled from the waitlist in time. Second, do everything you can to improve your chances of being taken off. Write a letter to admissions reaffirming your interest in the school and your hopes of attending. Continue to remain in contact with your local admissions representative and keep them updated with your grades and test scores, particularly things which show progress/improvement since you applied.

ACCEPTED

Congratulations! You officially have until May 1 to make your deposit and enroll in your chosen college. It is important to pay attention to applications and deadlines to enroll in extras such as orientation programs, spring accepted student events, and different housing options. Some of those go on a first come, first serve basis, so do not wait until May 1 if you are sure of where you want to go! It should go without saying, but as always, continue to keep up your grades and send in any final reports requested.

ACCEPTED TO BRANCH/PARTNER CAMPUS, INTERNATIONAL PROGRAM or SUMMER SEMESTER

Some students may open their acceptance letters to find unexpected responses. There are several types of non-traditional acceptances various colleges currently offer. Some examples include acceptance to one of NYU's international campuses for the first year, Notre Dame's Gateway program at Holy Cross College, or a summer semester before you join the rest of the freshman class on campus. While you may be disappointed or confused by these offers, they are definitely worth consideration. They are indeed still acceptances and offer great experiences to bond with a smaller group of students before merging with the rest of your class on the main campus.

DENIED

While it certainly isn’t a decision you were hoping for or in some instances expected, chances are you are going to get a few of these. Allow yourself a moment to be upset and then MOVE ON! Consider your other options and decide which remaining colleges are the best fits. The whole purpose of applying to a balanced list of colleges was to give yourself several different options for when decisions like this come in. You should have many other great options on your list and if you do not, it is not too late to apply to more. Many schools have application deadlines which span into the Spring. Also, if you are denied from an ED I or EA pool, you could consider applying ED II to another school. Various top colleges have ED II deadlines early to mid January, so there is still time to get those applications in.

Whatever those admissions letters may reveal, you ALWAYS have options. Take the time to make a decision which is in YOUR best interest. There is a school for everyone, you just have to look for it.

What Comes Next?

After applications are submitted and the giant feeling of relief has subsided, most students begin to wonder what to do next. Each school has their own timeline for when they will inform applicants of their admissions decision. In general, schools which have rolling admissions take 2-3 weeks, schools with Nov. 1 EA will inform you between mid December and end of January, and schools with RD in January will inform you by end of February or March. So what do you do while you wait?

Most schools give applicants an account on their website for you to be able to login and check the status of your application. Make sure you have logged in and checked that the colleges have received all of your application requirements. While doing this, keep in mind that it may take some time for the websites to be updated as colleges are inundated with materials around their deadlines. If about a week after the deadline you still see that your application is missing something, follow up with the admissions office to find out what to do. Although some colleges will send you a friendly reminder that something is missing, you do not want to rely on that.

If you do indeed find out that something is missing, do not overreact. Remember, with so many documents and emails being sent back and forth during such a short time span, it is very easy for something to get lost in the shuffle. If what is missing can be taken care of by you, do it right away. If it is something a counselor, teacher, or testing agency should have taken care of, politely follow up with them yourself. Whatever it may be, respectfully ask them to resend the materials as soon as they can. Confirm with the admissions office that you have taken care of it and verify if they have received the missing materials. While doing all of this, it is important that you advocate for yourself and be patient. Admissions would much rather hear from the students themselves than from a parent or counselor. You want to show them you are ready for college right?

It should go without saying, but keep working hard and maintaining or improving your grades. Colleges ask for mid and final reports from your counselor for a reason! If you are given admission to a college and your grades sink, they have the right to revoke their offer. On the other hand, if you end up getting deferred or waitlisted, you want to be able to show progress to improve your chances of acceptance. No matter what your situation is, continuing to work hard and get good grades can only help.

Now try to relax and wait for your admissions decisions to roll in! Remember, there is a school for everyone and it will work out. Stay tuned for my next article on what to do if you are waitlisted or deferred and how to weigh your options.

Good Reads:

https://hscw-counselorscorner.blogspot.com/

https://www.huffingtonpost.com/jeannie-borin/heres-what-to-do-while-waiting-for-admission-decisions_b_6126620.html

Article on the FAFSA and CSS Profile

Locals can pick up the newest edition of the free Neapolitan Family magazine at various locations in Naples. On page 44 you will find my article all about the FAFSA and CSS Profile. You can also read it online now. Get those financial aid applications in ASAP!

All About the FAFSA

The FAFSA (Free Application for Federal Student Aid) is the standard form used by all schools to determine the amount of federal aid a student will receive. The application opens on October 1 each year and closes the following June 30. The FAFSA calculates the EFC (Expected Family Contribution), what the government considers a reasonable amount the family should be able to contribute to the student's educational costs whether or not a parent wants to contribute to their child's education.

It is important to know that the earlier you file, the more funding you may receive as some grants are given on a first come, first serve basis. Also, each state and college has their own deadline for when you need to file, and these often fall around the time the college applications are due. While the FAFSA is primarily used to determine federal funding, some schools also use it to determine the distribution of their own institutional aid. Therefore, it is often recommended that all students fill out the FAFSA and do it early, whether or not they think they will be eligible for federal aid.

The FAFSA needs to be filed prior to each year the student plans on attending college. It is completed using prior-prior tax year data for the student and parent(s). So if you are filling it out for the 2019-2020 school year, you will use 2017 tax information. If you have not filed your taxes, you can estimate your income and update the application as needed. Before you begin, it is helpful to gather the materials you will need to complete the application:

• An FSA ID to sign electronically (you can apply for this special username and password online via fsaid.ed.gov or other U.S. Department of Education websites and the student and one parent, the custodial, for each dependent will need separate IDs)

• Your Social Security Number

• Your Federal Income Tax Returns, W-2s, and other records of income earned (Note: You may be able to use the FAFSA's IRS Data Retrieval Tool which transfers the data directly from your completed tax returns to your application)

• Bank statements and records of investments (if applicable)

• Records of untaxed income such as child support or interest income

• List of schools you are applying to

Ensure that the information you have entered is accurate and complete to prevent any delays in the processing of your application. Make sure you have added any schools to which you are considering applying to the FAFSA application so that they receive the information. If any financials need adjusted or schools need added, you can go back in and update the application later. If your family's financial situation has changed for the current year and the tax information you must use for the application does not properly reflect it, it is important that you contact each of the colleges and inform them of your current situation.

Tips for the Common Application

As college application season is fully underway, it is time for some tips for jump-starting your applications and filling out the Common Application:

• Once you have created your Common App account, search for and add your colleges to your list via the search tab.

•  Create a timeline with all relevant application deadlines for each school to keep you on task. Include personal deadlines for completing the essays and other materials you will be submitting.

• Make an essay chart which includes all essay requirements for each school along with the wordcount limits. Begin drafting your essays as soon as possible to give yourself time for several rounds of editing. Set an early deadline for essays to keep yourself on time for all applications.

• Make a designated application folder and gather all documents and information needed  for the Common Application. Take a look at the quick guide below to get an idea of what information you will need to complete the app. By gathering materials needed such as your transcript, counselor and teacher contact info, resume, and testing information before you begin, you will save yourself time and stress while you are in the middle of it. If you do not have a resume, now is a great time to put one together for future use.

• Formally ask your recommenders in person to write their letters before inputting their contact information and sending the request via Common App. For more tips about that, check out my previous post here:  http://acmcollegeconsulting.com/the-recommendation-letter-2/
  Before you submit your application, please follow up with your teachers and counselors to ensure they will be able to complete and submit a recommendation prior to the school’s stated application deadline. You will not be able to make changes to the teacher/counselor list after you submit your application, you will only have the option of re-sending the notification to your teacher or counselor.

• When entering your activities, list them in order of importance. You can use the arrows to rearrange them. You have the space to include 10 activities with a description of up to 150 characters not including the 50 character title/role section. You may need to be creative to fit a decent description into such limited space. You can use easily understandable abbreviations and incomplete sentences, but do not use acronyms. Use active verbs and try to include details which demonstrate your affect on the organization such as factual results. Whatever you do, be consistent with the formatting you are using for listing each activity. Just because there are 10 spaces for activities, do not feel the need to fill them. However, if you do happen to have more than 10 substantial activities, you can use the additional information section to include others. Do not do this unless the activities are truly meaningful. Your application readers will know the difference between something significant and fluff.

• Invite your counselor, consultant or a mentor to serve as an Advisor for your Common App. You can add them under the Recommenders and FERPA section for your colleges by using their email address. This will allow them to login and view an outline of your application.  It is great to have someone else look over everything you entered and make suggestions for optimizing your activity descriptions, etc. Note that the Advisor will not be able to edit or submit anything on your behalf and colleges will not be able to see them.

• Make a copy of materials submitted and take screenshots of submission verifications in case data is lost or somehow received late. Believe it or not, these screenshots have played an important role in discussions of timely submission of applications with colleges.

More Tips from the Common App

How to Choose Your High School Courses

When deciding between the courses offered by your high school, you will likely have many questions about what is best. Making better decisions earlier along the high school pathway can lead to a more balanced, stronger transcript for applying to college. Here are 4 guidelines to keep in mind when choosing high school courses. While there may not always be a clear path, particularly during the earlier years, following these guidelines will certainly help.

Challenge Yourself- You should take courses in which you know you will be both challenged and successful. Curriculum choice should never be based solely on getting the highest GPA. By choosing higher level courses, you are effectively preparing yourself for the rigor of college and demonstrating that you are ready. Application readers take into consideration what level of classes were available to students and will certainly take notice if it seems that a student was being 'lazy' and/or not challenging themselves.

Balance Your Schedule – You should balance your curriculum strength from year to year and refrain from taking all advanced courses one year and none the next. Students who overload on challenging classes risk overextending themselves and thus not getting the grades they would have otherwise been able to obtain. It is also important for you to remember that senior year counts although courses will not be completed before application time. Colleges want to see that you are consistently challenging yourself and almost all colleges will look at mid year and final grades for seniors.

Meet College Requirements - While you most likely have not made your college choices before senior year, there are basic core requirements which almost every school has for freshman applicants. You should keep these in mind early on so that you are able to fulfill the requirements by graduation.

Follow your Interests – If you are particularly interested in a certain subject, college major or career, you should take some stronger courses in subjects related to those. Not only does this allow you to pursue your own interests or passions, it also strengthens your case for admission to certain college majors and/or programs. For example, if a student wants to go into engineering, they should focus on taking stronger science and math courses. It is important to keep in mind that you should not neglect to take your core subjects in pursuit of those electives which interest you more, but you can certainly replace the less important classes with them.

Whether it is an IB program, AP courses, AICE, Dual Enrollment or something else offered by your high school, you should thoroughly consider your options and choose a path which will allow you to be both successful and challenged. Remember that if your high school does not offer courses which challenge you enough or interest you, there are always other options to consider such as local community college courses, online courses or self studying for AP exams. If you have additional questions, do not hesitate to schedule a time to sit down with your high school guidance counselor to go over your options or give a college admissions office a call.

Some examples of college admissions requirements and tips for course selection:

University of Florida - Plan

Advice from Yale - Selecting High School Courses