|
|
February 3rd, 2010 by jmkeller
Dear Jean,
We attended a college financial aid night at our daughter’s school and the state representative kept using the term EFC but never truly explained it. What is it and why is it important?
Signed,
Confused in Nesconset, NY
Dear Confused,
The “EFC” is financial aid lingo for Expected Family Contribution and is the single most important number you need to know if you’re serious about college planning. It’s important because it is the MINIMUM amount the colleges are going to expect you to pay for your child’s college education. (You might pay more, but it’s pretty certain you won’t pay less).
Your EFC is determined when you file the FAFSA, the CSS PROFILE and/or a college’s own financial aid form. Every family has TWO family contribution numbers: a FEDERAL EFC, which is determined by the FAFSA; and, an INSTITUTIONAL EFC which is determined by the school itself, usually by using the CSS PROFILE or their own financial aid form.
Sometimes the school’s institutional EFC and the FAFSA’s EFC are the same; sometimes they’re not.
What’s important to understand is that the Federal and Institutional EFCs are merely starting points for the schools. That is why it is so critical to get this number as low as possible.
Your EFC determines how much, if any, need-based financial aid you’re eligible to receive. For example, if your EFC is $10,000 and a school costs $25,000, you are eligible for $15,000 in need based financial aid at that school.
 Since College Financial Aid Officers have a lot of discretion when it comes to manipulating the family contribution numbers, you’ll want to get yours as low as possible. That means you need to plan ahead. There’s not much that can be done to lower your EFC once they’ve already calculated it!
The lower your expected family contribution, the less you’ll ultimately pay.
Both the Federal and Institutional calculations of the Family Contribution work under the following premises:
$ The Expected Family Contribution is an estimate of a family’s financial strength– how they can absorb the cost of paying for college, based on financial resources available. This is key: it looks at financial resources available, NOT how those financial aid resources are being used (i.e. debt, high living expenses, etc.)
$ Income plays the biggest role in the formulas used to calculate the EFC.
$ The Expected Family Contribution is based on ability to pay– not WILLINGNESS to pay.
$ EFC is not an estimate of your “left-over” resources from family finances once other responsibilities are met.
$ The Government and the Schools expect families in similar circumstances to pay similar amounts.
$ Parents AND Students share responsibility for paying for college
$ The EFC is always based on the previous year’s income.
Knowing the premises behind how the EFC is calculated and used allows families to set proper expectations when it comes to financial aid.
Your Get NOTICED, Get IN, Get MONEY Assignment: Learn your EFC — It’s critical to your college plans. Once you know your current situation, you can better plan ahead when it comes to college! You need to make sure that you’re including financial aid considerations in your comprehensive college plan!
Even if your student is already applying to colleges.. it’s not too late.
Don’t be like the countless of families who right now aren’t even thinking about the money part of the process.
Those families won’t start thinking about it until February or March of their student’s senior year when most families file the financial aid paperwork. And then it is way too late! They (and you if you don’t do things differently) will have missed out on CRITICAL opportunities that are available right now to maximize their chances for money to help pay the college bill.
Fail to plan this properly and you WILL leave money on the table.
Hey, if you’re not sure how to go about creating a plan to get the most money possible, then it’s time to take action and invest in a step-by-step financial aid program that will make this easy for you. Be absolutely certain that you’ve left NO STONE UNTURNED when it comes to looking for money to help pay the bill.
January 27th, 2010 by jmkeller
I just wanted to remind parents of students in the class of 2010 that you want to get your 2009 taxes done as quickly as possible this year. This year, I’m noticing a new trend among my clients and the financial aid “hoops” that you have to jump through at the colleges. This year I’m noticing many more colleges (again, private colleges, mostly) are instituting very early deadlines for things such as tax returns — some want them as early as February 15th or Mar. 1st.
 jeankeller.com T he logical assumption as to why the earlier deadlines compared to past years, is that colleges are starting to add additional “hoops” for families to jump through in order to maximize their financial aid coffers. They are getting more requests for financial aid than ever before. By adding early deadlines, they know full well that some families who are requesting aid will miss those deadlines. That gives the college the reason they need to reject an aid request or a reasonable explanation as to why they may not have offered you as much as you were qualfied to receive.
In previous years, many (private) colleges (private ones, mostly) would send out financial aid offers that were “estimates”. In other words, they were reserving the right to make changes, if warranted. “Final Offers” would be confirmed once they received your tax returns, typically due in Mid March thru April. This year I’m hearing from more of my clients that they are being told by financial aid offices that they want the tax returns BEFORE the financial aid offer is made. Now this is not true for every college, but it may be true for some of the colleges to which your student applied.
Bottom line, don’t delay — get your taxes done as soon as you’re able to so that you’re prepared for any and all requests. Be sure to check with the financial aid offices, either online or with a quick phone call, to make sure you know exactly what they want from you and when they want it.
If you don’t, you will leave money on the table.
If you’re the parent of a college-bound sophomore or junior just about to embark on this process, what steps are you taking to make sure you don’t miss something important that could have HUGE implications on your child’s future? When you do it yourself, you’ll only learn what the schools want you to know. Go to www.JeanKeller.com to learn about what you can do to level the playing field and be sure you don’t miss any detail that could make the difference in your student getting NOTICED in the admissions office, getting IN at the colleges right for you and getting the MONEY you need to help pay the bill.
January 25th, 2010 by jmkeller
Today’s Washington Post is reporting that, in spite of the economy and much to the surprise of the deans of admissions at “selective” area colleges, applications are up over last year. According to the article, Bill Hartog, dean of admissions at Washington and Lee believes a big reason is “financial aid, financial aid, financial aid”.
And that’s likely true, BUT, this also underscores the importance of a strategic college plan! Here’s a thought: Applications are up. That translates into: More applicants = more competition.
So, while these schools may have the resources to help you pay the college bill, it won’t do you much good if your student can’t get in.
Another lesson for families of Sophomores and Juniors to think about is the fact that applying to schools that don’t have the money to help you pay the bill is not productive either.
Some families of current seniors are learning this the hard way. I’ve received several calls in the past week alone looking to schedule time with me to see if I can help them “get money” to help pay the college bill. Unfortunately, they’ve made the mistake of thinking about this AFTER receiving the bill. The time to plan was at least a year ago.
Over a year ago, they could have found out what their financial aid picture looked like, learned about and implemented strategies that might have increased how much financial aid they might receive and targeted great schools for their student AND their pocketbook.
If you’re a senior or the parent of one, the only thing left is trying to get as much financial aid as possible from the schools your student has chosen. If they’ve chosen schools without a lot of financial aid available (or schools where they’re not competitive for the financial aid available), then there’s not much that can be done.
If you’re the parent of a college-bound high school sophomore or junior, then NOW is the time to start creating a plan so that you don’t find out this time next year that you’re going to have to pay a lot more than is absolutely necessary for the college education you want for your student.
If you want to learn the first steps to building a strategic college plan that gets you NOTICED in the admissions office, gets you IN at the colleges right for you and gets you the MONEY you need to pay the college bill, catch the replay of my latest workshop about “How To Find the Right Colleges For Your Student and Your Pocketbook” Go to http://www.JeanKeller.com/freeseminar.html and register today
January 15th, 2010 by jmkeller
Not surprising, Maryland’s Governor, Martin O’Malley, announced this week that the four year tuition freeze at Maryland public universities is coming to an end. Apparently he’s thinking it’ll only be a “single digit” increase (like 2 or 3%) but he’ll leave it up to the Board of Regents to decide…
Gee, single digit not only covers a “2 or a 3″ but also includes a “9″…and it won’t just be the tuition that goes up, of course.
Maryland isn’t the only state facing increases. With state budgets in the red in most states, they’ll be increasing the cost of college while cutting programs and services…what are your thoughts about the skyrocketing costs of college?
January 13th, 2010 by jmkeller
I just had to post something quick… I was looking at the article from USA Today that discussed Princeton Review’s Best College Values (you can see the lists below and view the article here) and I was just struck particularly by the list of private colleges that are “Best Values” All of them are HIGHLY selective, with acceptance rates below 30%.
What good is it to most families that Harvard is a “great value” if they are rejecting 93-95% of the students who apply? As for the Public “value” picks, if you’re an out of state student, they may not seem like such a great value. The other thing that families looking at this list should consider is this little nugget revealed in the article that, according to College Board, costs at Public Colleges have risen 46% over the past 10 years.
So many states have budgets that are in complete disarray, including some of the states who are home to some of the Top Value Public Schools. Many public colleges and universities are quietly cutting programs, laying off or furloughing staff, and raising tuition on out of state students. So, it may be a great “value” but what if they raise tuition 12% one year, 8% another, etc. Very quickly a “great value” can become a great burden for some families…
This is why a plan is important when you’re going through the college process… just saying.
TOP 20 ‘VALUE’ PICKS
PUBLIC
1. University of Virginia (Charlottesville)
2. City University of New York – Hunter College (New York, N.Y.)
3. New College of Florida (Sarasota)
4. Florida State University (Tallahassee)
5. University of Colorado-Boulder
6. State University of New York-Binghamton
7. University of Georgia (Athens)
8. Virginia Polytechnic Institute and State University (Blacksburg)
9. Texas A&M University (College Station)
10. University of Oklahoma (Norman)
PRIVATE
1. Swarthmore College (Swarthmore, Pa.)
2. Harvard College (Cambridge, Mass.)
3. Wesleyan College (Macon, Ga.)
4. Princeton University (Princeton, N.J.)
5. Yale University (New Haven, Conn.)
6. Williams College (Williamstown, Mass.)
7. Rice University (Houston, Texas)
8. Massachusetts Institute of Technology (Cambridge, Mass.)
9. Amherst College (Amherst, Mass.)
10. Wellesley College (Wellesley, Mass.)
Source: The Princeton Review
January 11th, 2010 by jmkeller
“Learn the #1 Secret To Getting Your Child IN to College And Getting You MO.NEY to Help Pay the College Bill on Thursday January 14, 2010 at 8 PM”
From: Jeanmarie Keller, Your College Admissions and Financial Aid Expert
Columbia, MD
Date: Thursday, 9:47 AM
Dear Parents of College-Bound High School Freshmen, Sophomores and Juniors,
$ Are you worried about how you’ll pay the college bill when those acceptance letters arrive?
$ Are you thinking that a state college or university is going to be the ONLY affordable option?
$ Would you like your student to have several colleges to choose from — ones you can afford — when it comes time to decide where he or she is going to college?
Join me for a LIVE, content-filled call on January 14th and LEARN the #1 Secret for getting The Most Mo.ney to Help You Pay The College Bill…
In these uncertain economic times, competition for admission and limited financial aid resources is greater than ever before. School financial aid nights simply cannot provide all of the information that you need to get YOUR FAIR SHARE OF MONEY to help pay the college bill! Click here to register:
With the costs of college rising every year and more students than ever applying for both admissions and scholarships — just hoping for the best is not enough!
Following a strategic college plan makes a HUGE difference. My clients know that a plan makes the difference. And getting answers to your questions is the first step in creating YOUR college plan…
CLICK HERE Attend this FREE Seminar on Thursday January 14th or Saturday the 16th, 2010 from the comfort of your own home and start creating your own plan.
You cannot afford to miss this tell-all, secret revealing seminar! Make room on your calendar, cancel what you have to – it will be well worth your time to be on this call. BOTH PARENTS AND STUDENTS will benefit from this seminar! This is your opportunity to ask questions and get answers!
There is no person or agency that manages the process or develops an individualized and comprehensive plan for your family as you prepare for your student’s college plans and potentially exorbitant college costs. It is up to YOU. You will need to do this!
I’m hosting this 90 minute content- filled telephone/web-based seminar to share the key things parents (and students) need to know when it comes to getting in at the right colleges, how to get more money to help you pay the bill, why its so important, and what will happen if you don’t do everything possible to get the money you need.
We’ll be answering your questions LIVE as well as giving away a few prizes to those on the call! Click here to reserve your spot on this call…
There is no charge for this call. It’s my GIFT to you, because I know how important ittelephone.jpg is for you to have as much mon.ey possible to help pay the college bill, especially when you have a family like I do.
This past year my clients were awarded over $6 Million just in scholarship and grant money
- that’s FREE MONEY that doesn’t have to be paid back!
(AND, what’s more impressive is that not one penny of that money came from “private” college scholarships!)
I created this workshop so parents and students can learn simple, PROVEN strategies to get the MOST money possible – no matter how much money you make or have!
What Makes This Different Than Other College Seminars?
* What you need to know NOW to win in TODAY’s college “game” (not the game from 2, 10 or 20 years ago!)
* The three challenges you’ll need to overcome if you want to get IN and get MONEY!
* Why high school “Financial Aid Nights” can be hazardous to your wealth!
* How to double, or even triple, your eligibility for financial aid!
* How to increase your college opportunities in 7 easy steps!
It’s so easy to get this valuable information — CLICK HERE and register for the call I’ll be sure to save you a spot on the next call.
PS: Please be sure to share this with others, won’t you? If you’re already a client of mine, of course you are welcomed to attend, but please, won’t you let others know, too?
December 30th, 2009 by jmkeller
The fact that athletes are overall usually less prepared academically and get a SERIOUS break in the admissions office isn’t surprising at all; but, the extent of the breaks might surprise some… you can read more about it here
Happy New Year!
For more information about how you can create some breaks for yourself, go to www.JeanKeller.com
December 29th, 2009 by jmkeller
 As I watch all the drama from the Tiger Woods scandal unfold, I realized there’s an important lesson for those applying to colleges as well. Bear with me as I explain…
If you push the aside the marital issues and the infidelity, the other big “hook” to Tiger Woods’ story has to do with his public image. Everyone thought he was such a “clean-cut, nice guy” and many corporations wanted him to be their spokesman because of that image. Everyone believed he was what he portrayed himself to be and no one really questioned that public persona.
When this scandal hit and it just continued getting bigger and more sordid, the carefully crafted persona of Tiger Woods came crashing down — and along with it, it appears that his endorsement deals are crashing, too.
So, how is this a lesson for Juniors going through the college admissions process? Well, it serves as a warning to you to be as authentic and genuine as possible in your interactions with the colleges, including your applications. All too often, I see students try to say what they think the colleges want to hear. They aren’t being true to themselves because they think it isn’t something the college will be interested in. Sometimes its not the students doing it, sometimes it’s a well-intentioned parent who is creating a ‘persona’ of their student for the colleges — maybe by over-editing an essay or “tweaking” an activity sheet or resume — thinking it will be more like what the colleges want to see and hear. In reality, the colleges are trying to get to know the real student through the application. When the real student is hidden, there’s a real risk involved.
The problem is that, if the college admissions officers question that “persona” too hard — just like Tiger Woods, you could see that carefully crafted ‘persona’ come crashing down and jeopardize your opportunities to get in at the colleges you really want to attend. College Admissions folks see thousands of applications every year — you shouldn’t underestimate their abilities to detect inconsistencies and outright “BS” on an application.
When I work with students in my coaching programs, we spend a great deal of time creating a “message” that unifies their college applications — it’s used in the essay, the interviews, etc. BUT the key difference between the message I help students create for their applications and the “persona” that I’m warning against is that a great “message” to the schools is authentic and genuine, based on who you are and what you do. It’s not an exaggeration or false impression. It’s a way to stand out from the pack and make the colleges say “We need you on our campus!”
The reality is that colleges really do want to see the real 17-year-old you. They don’t expect you to know everything — after all, if you did, you wouldn’t need college, right? Helping college-bound high school students and their families get through the college process so they get noticed in the admissions offices, get in at the colleges right for them and get more money to help pay the college bill is a great joy for me.
I am always awed by the attitudes and gifts of my clients and really enjoy helping them make sure the colleges are made aware of them, too. There’s nothing more satisfying for me than hearing my students say “Yes! I got in!!” and knowing they’re on their way to their future opportunities and successes in college and beyond.
That being said, I could tell you how my Get Noticed, Get In, Get Money College System coaching programs can help you make huge leaps on that first big road to your future success (a college education), but you might be cynical. And yet, I want to help you because I know, deep in my heart, that if you have big dreams and goals, want to get in to the right colleges that will help you achieve them and want to be certain you and your family don’t spend one dollar more on a college education than is absolutely necessary, then you have got to be in one of my coaching programs. I will help you develop everything — including a college affordability plan, a list of college options (not just schools, real options), an authentic message that you’ll deliver to the colleges every chance you have, crafting essays, and, so important, maintaining the right mindset through it all — essentially everything you need to Get NOTICED in the college admissions office, Get IN at the colleges right for you and Get MONEY to help pay the college bill!
For more information about how I can help you, get noticed, get in and get money with less struggle so you can get it all done and still have fun, go to www.jeankeller.com/individual_programs.html or better yet, why not e-mail me at coach@jeankeller.com and we’ll set up a time to chat about your situation.
November 24th, 2009 by jmkeller
I just wanted to share this article by Amanda Fornecker of the Collegebound Network mostly because it provides some great tips and partly because I, your friendly neighborhood college admissions and financial aid expert, helped with them  Enjoy!
12 Financial Aid Secrets You Need to Land Some Cash for College
by Amanda Fornecker
Pssst! I’ve got a secret. A financial aid one. And I want to share it with you. In fact, I’ve got 12 financial aid secrets that might take the stress off your mind and put some cash in your pocket. Read on for some great financial aid tips from the pros that really make cents.
To Read the rest of the article
November 6th, 2009 by jmkeller
With SAT season approaching for Juniors, one of the areas where you should step-up your efforts is in your preparation for standardized tests!
If you are targeting financial aid, your standardized test score becomes CRITICAL because it is relied on much more in determining financial aid versus admission. Yes, they count in admissions decisions, but the admissions folks will look at “the whole package” to make an admissions decision.
Financial aid, on the other hand, relies on your stats much more. The better the stats, the better the offer tends to be! Your GPA and your SAT or ACT score are the keys to the financial aid vaults.
If you don’t study and/or take a prep course in between test dates in an effort to get the best scores possible, then you are running the risk of NOT getting admitted to colleges on your list. Even if you are admitted, higher SAT or ACT scores can get you MORE money to help you pay the bill!
Standardized test scores are used heavily in the financial aid packaging process. 50 SAT points or 3 ACT points might mean the difference between $3000 in scholarship money and $6,000 in scholarship money.
That is why it’s worth spending money preparing for the tests.
For example, let’s say you invest $400 on a standardized test prep course and increase your scores on the SAT by 100 points (or the ACT by 2 or 3). As a result you get $1000 more in scholarship money freshman year from a school, you are now ahead $600!
BUT wait, there’s more. If that money is renewable for four years, that $400 has actually gotten you $3600 more in financial aid! Are you with me?
If spending $400 now gets you $3600 more in scholarship, does it now make more sense to you why you should invest the time and money?
The choice is yours. Save $400 now and SPEND hundreds or THOUSANDS more later.
OR
Invest some money now and potentially SAVE a BUCKET of money later
Bottom line if a higher score makes you eligible for more money, than it is worth the time and money investment.
Your Assignment:
Seniors: Check with the financial aid offices of the schools to which you’re applying and ask what is the last test date they will accept scores from for financial aid purposes. Some schools may accept SAT scores from the January 2010 exam when it comes to financial aid purposes. It may well be worth your time and effort to take the test again if improved scores get you MORE MONEY to help pay the bill!
Juniors: Start preparing for SAT and/or ACT tests next Spring.
Study 2-3 hours per week!
© 2009 RT Keller Associates, LLC. All rights reserved.
|
|
|
