The waiting game is the hardest part of the college financial and selection process.  Everybody has to play this game.  But if you cut this game short, you could lose a lot of money and spend more on college than you need.

During the fall, students and parents are consumed with college admission applications.  For many families, they longed for the day when the admissions applications would be over.  Sometimes it took months to finish.  Then when December and January rolled around, the financial applications started.  Maybe yours only took a day.  For a few unlucky contestants, days turned into weeks.

But now for most of you, the admissions applications are done, and the financial applications are history.  So what’s the next step?  Do you jump at that admissions offer from your student’s top choice?  Do you take the school with the lower sticker price?  What if you haven’t heard anything out of the schools yet?  Have they forgot about you?  What do you do now?

This is where the hardest part of the college selection process starts.  It’s nerve-wracking.  It’s frustrating.  It’s going to play with your mind and make you feel like you don’t know what you are doing.  It’s… waiting.  Yes, waiting.  The one thing that Americans are the worst at of any people on earth… waiting.  Just think of it as a character building experience arranged for you by God Almighty.  He always said that patience was a virtue.  Now you get to prove it.

Colleges and universities need time in making these decisions.  They’ve got thousands of applications to sort through.  Some are faster than others.  Some are slower than others.  But don’t fret.  This is just the way the game works.  What’s the old proverb from the military… “hurry up and wait”

You need to wait for all of the financial offers to come in from the schools you or your student applied to.  Then you need to take your time to compare those offers.  Then you need to formulate your appeals back to those colleges (negotiate) if appropriate.  It is very likely you will not actually pick a college until April or sometimes as late as May.

Now in the meantime, you might want to consider putting down the housing deposits for any schools you or your student is exceptionally interested in.  Housing deposits are often non-refundable, so you have to be willing to give those up if you decide on a better offer at a different school.  But at least putting down a housing deposit will give many students comfort in the face of risking the dreaded “temp-housing”.

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Next Webinar is…

Tuesday, December 8th, 2009 at 7pm Central Time

Register Below

College Finances 101 has now come to the web. Attendees have been praising this ground breaking presentation for years; now you can participate in the comfort of your own home or at work.

In 90 minutes, I will cover the most important aspects of minimizing your students’ costs for college. You will learn…

• How parents can often send their children to expensive private colleges for less money than a state school.
• How to fix lost money caused by popular college savings plans.
• How to identify schools that give you more free money.
• The great myths and misconceptions about college funding that can cost you thousands of dollars.
• What assets are penalized 4 times higher than others when applying for help.
• Why waiting one year can cost you as much as $5,000.

“The information Mr. Anderson shared was
incredibly eye opening.” — Tricia Christiansen, Guidance Counselor,
Hampton-Dumont HS, Hampton, Iowa

“What an eye opener! We wish we had
attended this seminar sooner. This seminar has given us ideas and
information but also hope…” — Dave & Maria Sullivan, Rock
Island, Illinois

“He has provided our families with
invaluable information. Scott does an excellent job…” — Linda
Cutler, Guidance Counselor, Rockridge High School, Taylor Ridge,
Illinois

“Listening to all the options available
to pay for college encouraged us that we don’t have to sacrifice a
quality education because of a lack of money.” Pastor Scott & Tonya
Culley, Silvis, Illinois

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In July of this year, I published an article titled The Mythical Ivy Impact.  I discussed the evidence which suggests striving to get into prestigous colleges like Harvard, Stanford, or Yale may not be worth it if you have to take on substantial debt to do so.  Now it’s the fall, and discussions about college selection are flying all over forums on the Internet.  And I am still surprised how quickly the knives come out when you suggest it may be better to take the money and go to a so called “second tier” school, as opposed to mortgaging your future to pay for an Ivy or near-Ivy college.

I invite you to read my full article at the link above.  Also, here are the links to the supporting articles from USA Today and the Brookings Institute:

USA Today: Wanted: CEO, No Ivy Required PDF

Brookings Institute: Who Needs Harvard PDF

In a nutshell, don’t get hung up chasing prestigious named schools.  If you get in and it’s reasonably affordable, great!  But there is no reason to put yourself under a mountain of debt.

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I’ve often said it’s important for students to stay in contact with the decision makers at college.  In the fall, that would be the admissions office.  But there is a balancing act you need to walk when asking for the time of college reps.  You want them to know you are serious about their school, but you do not want to be… well… a pest.

Chapman University’s admission office helps provide a little perspective on this…

Thanks to Mark Montgomery at GreatCollegeAdvice.com for pointing this video out.

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The Maximizing Money for College online webinar appears to have been a big hit last Thursday night.  I know many of you have been very interested in seeing the replay of the webinar, so I’ve set up the recording online for easy access.

For those who haven’t yet seen or participated in Maximizing Money for College, it is a comprehensive overview of the college funding and selection process.

In 80 minutes, I cover the most important aspects of minimizing your students’ costs for college.  You will learn…

• How parents can often send their children to expensive private colleges for less money than a state school.
• How to fix lost money caused by popular college savings plans.
• How to identify schools that give you more free money.
• The great myths and misconceptions about college funding that can cost you thousands of dollars.
• What assets are penalized 4 times higher than others when applying for help.
• Why waiting one year can cost you as much as $5,000.

To view the recoding, click the link below…

Maximizing Money for College Webinar

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Many colleges and universities are going to want letters of recommendation for your admissions application.  These letters typically will come from your teachers and/or guidance counselor.  Two or three will normally do.  Getting a letter of recommendation is not as easy as just popping in on your favorite teacher and asking them to write a letter for you.  That will not get you a good letter, and may not get you a letter at all.  You need to plan ahead, and you need to make this as easy for the letter writer as possible.  Here are 5 tips to help you get those great letters.

1.  Find out your high school’s policy and procedures for obtaining letters of recommendation.  Some high schools will have specific guidelines they follow.  You need to find out if this case immediately.  Contact your high guidance counselor or college admissions counselor to obtain this information.

2.  Start early.  Most students are going to wait to request letters from their teachers when the majority of other students are doing the same.  This is a bad plan.  You want to get your request in as early as possible in your senior year so that your teachers have time to devote to your letter.

3.  Put together a letter or recommendation package.  This package will include the following:

• Student re’sume’ or “brag sheet” — This one page sheet is very similar to a traditional employment re’sume’.  You want to highlight your academic achievements, leadership roles, community service, awards, and other extracurricular activities.  Your letter writer can use this information to refresh their memory and produce a better letter for you.  Remember… help them as much as possible.  This re’sume’ may also be included in your admissions application.
• Letter of recommendation examples.  Providing them examples will likely make it easier for them to put together a good letter in less time.
• A list of the colleges to which you will be applying and the deadlines for applications or letters to be submitted.
• Any recommendation forms that may be required by the individual colleges or the Common Application.
• If the teacher is sending the information directly to the university, then include self-addressed, stamped envelopes to the colleges in question.   Do not expect your teachers to pay for the stamp or to take their time to address envelopes.  Some letters of recommendation will all be grouped by the guidance counseling office.  In that case, no stamp will likely be required from you.
• Your contact information and a short note of thanks to your teacher.

4.  Ask the teachers who know you best.  Be ready to hand them your package when they agree.

5.  Follow up with them in a polite manner.  Give them time to get those letters written, but stopping by their room in a couple weeks to check on the progress is perfectly fine.  As long as you have given them plenty of time to get the letters written, you should have any problems.

Click on the following to see examples of a student re’sume’ and letters of recommendation.

Student Re’sume’

Letter #1

Letter #2

Letter #3

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The fall is a great time to visit colleges.  Classes are back in session.  The culture of the campus is very evident.  There’s a lot of activity, energy, and you really get a chance to see what the college is like.  Now is the time to pack up the car or get your tickets and head to the colleges.

There are a few things you always want to make sure you get done on a campus visit:

Take a campus tour.  Although campus tours are typically heavily orchestrated by the admissions department, there is no better way to get a quick overview and feel for the college.

Sit in on a class.  Or two would be even better.  See if you might be able to get in on a lecture in a field that you might be studying while you’re there.  Pay attention to the lecture size and attendance by the students.  Then try to get in on a discussion class to see what the other side of the class structure is like.  If you’re visiting a relatively smaller campus, they probably won’t have the classes segmented into lecture and discussion; so you can go spend more time elsewhere.

Check out the dorms.  You’ll be living there, so you better know what you’re in for.

Take a drive around town.  Get a feel for the surrounding area.  Are there things to do while you’re not studying?

Imagine what the campus will be like year round.  Will there be lots of snow to deal with?  Are the summers scorchers?

Below is a college visit checklist.  Click on the picture to download a copy of it.  Use the “to-do” list to cover your bases.  Find a student, not on the tour, to ask questions of.  Rate your experience so you have solid information to compare this campus against the other colleges you will visit.  This information will be invaluable when it comes time to decide where you will attend or apply to.

You may not be able to get to all of the schools you want to visit.  That’s ok.  In fact, you may want to visit some close by colleges you might not be seriously considering just so you can get a better feel for college in general.  The more colleges you visit, the better decisions you are likely to make.

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High school seniors should already be deep into the college search process.  If you’re not, it’s time to get on the ball!  Some of you are already moving on to the college admissions applications.  Congratulations!  Way to stay ahead of the game.  But for the majority of us, here are 4 steps for the fall.

Step 1: Don’t get hung up on knowing exactly what you want to study.  It’s great if you know your chosen field, but it is not critical to the admissions application process.  Many schools will allow you to apply as “undecided” or under the general “liberal arts” banner.  Even if you do apply under one major and decide a year or two later to change your major, you are not alone.  Half of college students change their major at least once.

Step 2:  Identify at least six colleges that you feel comfortable applying to for admission.  I cannot stress enough the importance of avoiding the idea that there is only one or two schools that are worthy to apply to.  That is a recipe for disaster.  Try to get in as many campus visits as you can.  The more college campuses you visit, the easier it is to identify what you want in a college.  Applying to multiple colleges will give you real options when it comes time to decide where you will ultimately go for your first year.  Applying to multiple schools is also an important aspect of securing the best opportunities for the monies available from different colleges.  Here again, don’t think that your choice will be set in stone.  One third of all college students transfer to another college at least once.

Step 3:  Complete your admission applications.  I recommend you have your admissions applications done by the end of October.  If the schools require letters of recommendation, make sure you get your letter requests to your teachers, guidance counselors, pastors, etc. as soon as possible.  The later you wait, the more requests they will have to sort through.  And here’s a tip that will be a huge help… Write up a recommendation cheat sheet for those who you make requests.  On this cheat sheet (no more than one page) include your high schools activities, interests, achievements, etc.  This will be a big help to those who are trying to sort through 30 or 40 or more different letter requests.

Step 4:  Do not make a decision of where you will be going to college anytime this fall.  You still don’t know what college is going to cost you.  There is no other purchase that you would make without knowing what the cost is, so don’t start now.  You still have the financial applications to go through.  Most of the financial application won’t be available to you until next January (the FAFSA form).  Some colleges will want a CSS Profile, but even that isn’t available until October or November.  99% of the time, you need to wait until the financial forms are filed and you have the financial award offers back from the schools before you should make any decision of what school to choose.  And that won’t be until next March or April.

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US News and World Report is expected to publish its 2010 list of the “Best Colleges” this week.  In anticipation of the report, the journal Inside Higher Ed published a scathing review of US News’ faulty methodology.

After accessing the original survey responses, Inside Higher Ed found some very telling responses:

As already publicized, Clemson University leaders rated their school far higher than others in an effort to increase their school’s standing.

The University of Wisconsin at Madison gave top rankings to only two schools in the survey, itself and the school that the Provost’s son attends.  Every other college was ranked second to the bottom including Harvard, Yale, the rest of the Ivy League, MIT, Stanford, and UC Berkeley.  Only one school was given a different rating, Arizona State University, which was rated at the lowest possible rank.  The vice-provost at the university who completed the survey responded that he was trying to be as neutral as possible.

The surveys returned from the President of Ohio State and the university Provost were identical.

The Chancellor at UC Berkeley rated all UC schools but two as distinguished, the highest rating available.  Well higher than many nationwide and worldwide premier schools.

The President of the University of Florida gave his college the highest ranking, but did not rank one other Florida college above good.

These are just a few examples of the big problems with the US News college report.  Too much of the report is based simply on biased opinion of those who want to market their university as best they can.  There is nothing objective about it.

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Need Blind and Need Sensitive are admission policies that impact some students when applying to colleges around the country.

Need Blind admissions guarantee equal opportunities for admission into a college or university regardless of the student’s ability to pay for the costs at that college.  There are only a handful of colleges in the country that actually post need blind policies.  These include the likes of Harvard, Yale, Princeton, and Stanford.  These schools have very substantial endowments and do not need to be concerned about revenue from needy students.

Need Sensitive admissions will sometimes take into consideration a student’s ability to pay for the college costs when deciding to admit the student.  In actuality, the vast majority of colleges and universities are need sensitive in one way or the other.

Need sensitivity may be offensive to you.  On the surface, it would make sense that all colleges should be need blind.  After all, we live in an egalitarian society and everyone should at least be given the chance accept or refuse an offer of admission if they have the qualifications to get into that school.  But consider the following example.

Two students are on the wait list at a college.  The admissions representatives are deciding who to give those last few offers of admission to.  Student “A” will require $30,000 in financial aid in order to afford the school.  Student “B” qualifies for only $5,000 in a federal loan.  The students are equally matched in all aspects, except financial need.

Remember, these two students are on the wait list.  That means these decisions are being made late in the admissions cycle and the vast majority of financial aid dollars have already been distributed to other students.  So would it make sense to offer one of the few last remaining spots to student “A”, knowing that the school does not have the money to help the student?  Or does it make more sense to make the offer to student “B” who is far more likely to be able to pay the bill?

Although Need Sensitive admission policies may seem unfair at first glance, they are the only logical and fair policy for  colleges that do not have unlimited resources.

These policies should in no way influence you not to apply for admission or file financial aid applications at any colleges or universities.  Always file the financial aid applications no matter what.  Not filing financial aid applications will not help you.  If you are a student who is on the bubble and gets refused because of financial need, then thank the school.  They just saved you from admission into a school that you could not afford anyway.

The solution to need sensitive admissions policies is not to try and pick and choose to which schools you will file financial aid applications.  The solution is always have a sound, well thought out application strategy.  Always apply to colleges with generous financial track records.  Always file to at least one safety school; 4-6 match schools; and 2-3 stretch schools.

If you follow a sound college application strategy, you will always have plenty of great options to choose from.

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