COA

The College Shopping Sheet and the Needed Transparency of Financial Aid

The College Shopping Sheet and the Needed Transparency of Financial Aid

As admissions into colleges and universities has become ever more challenging, applying for financial aid and understanding the financial aid letter once received, is an equally grueling, though often neglected, piece of the admissions process.

Many families today are making grants and scholarships instrumental in their college searches. For good reason as half of parents, according to a survey conducted by Sallie Mae (the nickname for the SLM Corporation, a publicly traded US Government corporation that originates, collects and services student loans) are not regularly putting aside savings for college.

True Values in Public Education

True Values in Public Education

Consumers Digest in 2011 published its list of Top 100 college values; it included real values.

Number one on the list is Truman State University (TSU) (Kirksville, MO), followed by the University of Minnesota-Morris (UMM) (Morris, MN).  Both have out-of-state costs comparable to Cal State’s in-state costs, yet they offer substantially higher graduation rates, smaller class sizes, and a load of major selections that are not impacted. To this duo of public values add FIT (Fashion Institute of Technology) which is part of the State University of New York (SUNY) system. FIT in Manhattan is one of the top five fashion design schools in the world (it includes Calvin Klein among its alumni), and has a COA under $30,000. This is a serious value.

Borrowing for College

Borrowing for College

“Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry”-Polonius, Hamlet I, iii

To pay for college, most students have to borrow. In 2012, the average student graduated with over $26,000 of debt. That would buy a 2014 Subaru Forester sport utility 2.5i and still leave enough money to tour the Rockies for a month. All told, total college debt amounts to over a trillion dollars, and it is relentlessly rising.

Canadian Universities-Exploring an Alternative Undergraduate Experience

Canadian Universities-Exploring an Alternative Undergraduate Experience

A lot of students and their families are justifiably concerned about the cost and quality of education in the United States. A hundred US colleges now have a cost of attendance (COA) exceeding $50,000; 2 years ago, only 5 did. Worse still, the price tag continues to escalate at around 4% per year, with no end in sight. Add to this state of affairs the revelations contained in the book Academically Adrift: Limited Learning on College Campuses, which asserts, “36 percent of students ‘did not demonstrate any significant improvement in learning’ over four years of college,” and you have every reason in the world to look elsewhere for alternative educational opportunities. The world, however, might very well be on your doorstep in the form of our Canadian neighbors to the north. Canadian universities have a high standard of educational rigor, their COA (depending on province) is lower, and most award degrees in three years, not the six, it seems to be taking at many US schools nowadays.

The Financial Aid Award Appeal Process

The Financial Aid Award Appeal Process

Usually along with your offer of admission comes your financial aid letter. Some schools, like Cal Poly San Luis Obispo, however, send a link to have you log on to their financial aid site to view your financial aid package. Whether paper or digital, the key question is: does the financial package offered allow you to attend without incurring painful debt?

Last year, I had a number of students who were admitted into some of the top liberal arts colleges in the country: Reed, Whitman, Occidental, and Vassar among them; yet, their joy of being accepted was soon forgotten by financial aid packages that did not adequately address Need (as you might remember: Cost of Attendance (COA) – Effective Family Contribution (EFC) -which is calculated from the FAFSA form-= Need).