11.28.2006

Funding Education

College is expensive.

Remember the following:

Fafsa

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Research Scholarships

Look into private loans and ask about consolidation

However, private loan rates will vary. Be mindful of the fact that these people are also salesmen. As nice as they seem when they are trying to get you to sign a promissory note, ask questions until you are comfortable with the terms. It's going to be your butt when the loans become due. Don't put yourself in a situation where you find out that you can't defer payments or that missing a credit card payment can put you into default until it's too late. Get things in writing. If the advisor tells you that he/she promises you something, ask him or her to put it in writing so that you can read it over and have it for your records.

Questions to ask or at least somewhere to start:

1. What is the interest rate associated with this loan?
2. When is it dispersed? Can I have it dispersed in a lump sum? Is it dispersed several times a year? Like once a semester?
3. When will I have to make payments?
4. Can I make payments early? Will that be applied to the principal amount of my loan or something else?
5. Is there a grace period after I graduate that I don't have to make payments? If so, will interest accrue during that time?
6. What happens if I cannot find a job after college? Can I make a request to delay payments for a period of time? (temporary cessation of payments known as forebearance).

You can shop around with different lenders. Don't feel like you need to commit to the first lender you speak with. Again, these people are salemen. Many of these individuals make a commission for every person they sign up. There may be pressure to sign up for something. You don't have to. It is in your best interest to get a loan with a provider who has answered your questions thoroughly and makes an effort to make the process as pain free as possible.

11.14.2006

Choosing a school

My friend RR has a list of grad schools she wants to apply to. At least I hope she does. She asked me to help her narrow down that list. She asked me to tell her where to apply. Not knowing where you want to apply or knowing that you want to apply to twenty schools is an immensely frustrating situation. The feeling is that you may be missing out on some grand opportunity if you don't apply to ABC--an opportunity that could change your life OR that it's too much work to apply to all of the schools. College is a big decision. It is one of the bigger life decisions that you (and maybe your parents) will have to make. It's a good idea to sit down and think.


Factors to Consider From the Beginning

1. You will be spending four years there. You have to appreciate this fact, not just read it. Here's why: (If you haven't read the other posts about doing research about the school under interviews, please do because those things apply here too.) For example, if you find out that greek life is a huge part of the social life at Frathouse U. and this information came from a reliable source (i.e. a reputable guidebook, friends, siblings, your own eyes!), don't ignore this fact. In this particular "greek life" scenario, your life at Frathouse U. will be affected by the greek life on campus--whether you like it or not. It's a huge mistake to think that you are going to a particular school to study (or to be with your boyfriend) and that you can ignore the frats and sororities, that they will not affect your goal-oriented self. I've heard this from students I've interviewed. I went to a school where parties were lame and keggers were few. We liked to say, "the social life is what you make of it..." When I told a student this, she said, "Oh it doesn't matter. I will be here to study. I don't care if there isn't a social life." That's what she thinks now. For most of you, four years of college means that you will be spending at least six semesters on or near a campus (that's figuring 2 semesters abroad). You will be studying there, taking classes there, socializing there, eating there, blagh! You'll be there ALL the time. As much as college is an educational experience, it's also a social one. You will meet people that you like, love, and hate--maybe all at once. Most importantly, you are creating a social network that can help you after you graduate. Remember, you are going to college to get a job at some point in the future. Though sitting around and eating chips and watching Pretty Woman doesn't seem like networking for the future, it really is. Networking is the building of good relationships with people. Add some suits, cocktails, and business cards and you've got a professional networking event. Anyhow, it's important to remember that you will be part of the college community. Perhaps the better thing to say is that you want to be part of the college community. Back to the greeks, not that it isn't possible for you to become really into sorority life one day but you have to keep in mind the fact that you actually may never grow to like it. If you don't see yourself as being open-minded to such a large part of school culture or if you know that your learning style requires you to stay home on weekends, then Frat U. may not be the ideal place. You have a choice to be somewhere and hate everyone and everything there because you are uncomfortable in that environment or you can be somewhere that is pleasant for you. Also, think of college as a growing experience. College is often the place to figure out some personal boundaries and values. I know students don't like it when I ask during the interview who they would like to be in in four years but really it's an important question to ask yourself. Personally, I was not very confident in high school. It was important to me that wherever I went to college, it would have to be a place where I could work on building my confidence. That sounds so after-school special. I wanted to become more extroverted and I didn't want to go to a place where everyone was really extroverted already. I wanted to be somewhere with a community and a fair mix of introverted and extroverted people. I wanted the opportunity where I could join student government or try something like theatre without being a major. I imagine if I had been really confident in high school and fairly extroverted, I might have considered a large university without the fear of getting "lost in the crowd." My point is that you want to consider who you are and who you think you want to be because college and its environment can facilitate that. A story about this situation but you may skip and go to #2 if you're in a hurry: A friend's sister chose to go to a school in a rural part of the state. She grew up in a large city and went to a high school that had a lot of support for its students. She went to the school thinking she wanted to be with her boyfriend. She didn't check out the school. She figured she would have her boyfriend. They broke up second semester and she had made no friends. She found that the school was really cliquish and while there wasn't much greek life on campus, drinking and partying were a big part of campus life because there was nothing off campus except a lot of snow. Going to college, she was really shy and not really comfortable with confronting others with conflicts. Going to a huge school where she felt completely out of place and awkward, she has a hard time feeling like others want her to be part of the group. Just a point...

#2
College costs money--Figure out how much or at least around how much...
College can be immensely expensive. Don't just look at the tuition listed in the catalog. While it's nice to know how much school will cost you on paper, there's more to know. Before introspection, look at more stats about the college or ask the financial aid officer. You should find out:
External Questions
-What % of students get financial aid?
-Of that financial aid, are those loans? Grants? Scholarships?
-For each type of aid, are there specific qualifications? Grades? Talent?
-If the financial aid is conditional on grades or sports--what happens if my grades fall below a certain point or if you decide to not play the sport anymore?
-For loans, are there special programs that the school offers that have lower interest rates?
-Are there recommended loan providers/unrecommended providers?
-How much is tuition itself?
-Are there additional fees? (sometimes "hidden" are student activity fees for gym, government, medical, computer lab, etc.) How much are they?
-Is there college provided health insurance? If so, what does it cover? If not, is there some sort of basic coverage on campus? How much?
-How much is room and board?
-Is work-study part of a loan package? Can students work first year? How many hours a week? For whom? If student opts out of work-study, can other funds be put in place in the package?
-How many credits are required to graduate? Do I pay for each credit or do you pay for semester? How does that all work?
-If I want to go abroad, who gets the tuition payments? Are they pro-rated if my abroad program costs less than tuition here?
-What is the average tuition increase every year?

Introspective Questions

The first step of introspection is to fill out FAFSA. When you fill out FAFSA, you will get a number back from the government that will tell you your expected family contribution. With this number you can speak with a financial aid officer who may be able to project your tuition for you and the package the college can offer to your college.

-Am I ( or my parents) willing to possibly be in significant debt after college for an education? How much can I afford? Do I have siblings that are also going to college? How much do I want to spend? State schools are a great, less-expensive alternative to schools that charge upwards of $30,000 a year for four years. If you are seriously considering going to grad school, college debt and grad school debt together can be more than $150,000.
-Is there a part-time program? These may be less expensive but less convenient and less common.
-Is the school "worth the money"? This is going to sound snotty but an Ivy League degree may arguably be "more valuable" than a degree from Random State University. I am in no way saying that your education will be inferior at Random State. In fact, you may get a superior education for a host of other reasons. However, the Ivy League name will definitely get you in more doors simply because of the ideas people have about people who go to Ivy League schools. So if the industry that you are interested in joining one day really cares about where you went, maybe it would be worth $45,000 a year to enroll at a particular school. Something to think about.

#3 Location! Location! Location! Where is this place? Do you want to be in a city? A suburb? A rural landscape? How to think about this? Where will you be comfortable? Where do you want to learn to be comfortable? Where do you want to be when you graduate? When you are in college you will want to do externships, internships, socialize, and maybe take a part-time job. If your life's dream is to work at a magazine, it will be physically easier to secure an internship at Conde Naste Publications if you are in New York City. If you want to be a vet specializing in animal husbandry one day, enrolling at a rural college in Vermont might serve your better. It's not impossible to work somewhere 100 miles away from where you go to college but it's can be easier to apply and interview if you're close by. Also, do you want to be close to home? Far from home?


Look, in the end, you can only apply to a finite number of colleges. If you apply to too few, you may be selling yourself short. If you apply to too many, you may be wearing yourself thin and not putting as much effort into each application as you could be. (More on that later) Your guidance counselor is right--apply to a few safety schools, a few reach/maybe schools, and maybe one or two dream schools. It can get expensive to apply to lots of schools. Fees can range from $30 to $60 per school. (Consider schools that are willing to forgo the fee if you donate a small amount to charity). Having read this, make a list of the things that are important to you and match them up to schools. It's possible! You need to take a few hours to do it but it needs to get done!

I think that those three things are important to remember. Of course, there are many other little things below the major headings but I hope that it helps to narrow down the list.

11.13.2006

Vocational Colleges

Vocational Colleges

While I think that these places can be a mistake for people who just aren't ready for college (our culture has transformed going to college into a matter of when and does not ask students to consider whether they are ready for college or even right for college, that's my two-cents), I think that they can be fine places for people who are looking for a different career, are settled to a career and need a degree for a promotion, or people who don't think they want to go get a liberal arts degree and have a very set goal in mind like being a dental assistant. Before signing up for a semester with a vocational college though, bear in mind that while some of these places are great resources to get an education, I've heard that others will sign you up for the benefit of collecting the loan funds that you will have to pay to enroll. So do your research when it comes to enrolling at a vocational college. So-called admissions counselors are more salespeople and may try to pressure you by giving you statistics about how all their students find jobs within 6 months or something like that. Like the previous entry on statistics--they can be manipulated. Try to do research online or speak to current students.

11.11.2006

A Word about selecting colleges

In the process of procrastinating, I decided I would read the paper. I came across this article in the NYT about college statistics. I posted the entire article below because the Times will archive their articles and make them unavailable for free after a while. If you insist on seeing the actual article at their site, be my guest and click on college statistics.

This is a really great article. I think that this article really reinforces how important it is to get to a know a school before applying or going. For me, it was difficult because I just couldn't afford to visit all of the schools but I made a huge effort to contact current students and alums. Like I've said in my other posts, even though current students and alums may paint you a rosy picture because that's what they're set up with you to do--if it's glum, there's only so much paint they can pour on it. In other words, you'll at least get a feeling that something's up and that can help you to narrow your decision.

My personal experience with that is an alum interview I had with someone from B college. I am not going to say the name. It's a small place in a rural town and I was concerned about diversity. The alum office made sure to set me up with someone who was now working in New York City, a minority, and clearly a success. Even though she was personally very nice and very smart, it became clear that her experience at B college was unpleasant BECAUSE of her background. She didn't say outright, "Oh I had a terribly lonely experience because of my background" but listening to her talk about who she hung out with--or rather, who she didn't hang out with--made it apparent to me that if I got into B college, I would probably not be happy there.

Anyhow... ON TO THE ARTICLE!

Ratio, Schmatio

By SAMANTHA STAINBURN
Published: November 5, 2006

ISABELLE CARBONELL, a college senior from Bethesda, Md., has thrived over the last four years as part of a small learning community. Most of her classes have had fewer than 35 students. For freshman and sophomore years, her dormitory was in the same building as the cafeteria and many of her classrooms and professors’ offices. “You see the same people over and over, and that lets you create networks,” she says. “You get to know your professors informally. You see them in the hallway, they say, ‘How’s that project going along?’ and you bounce ideas off them.” Prospective undergraduates are deluged with statistics — from average class size to the number of Nobel Prize winners on staff — with which to take the measure of a college. Is Ms. Carbonell’s story an argument for choosing your college by the numbers?

Not exactly. She attends the University of Michigan at Ann Arbor, which has some 25,000 undergraduates, 4,100 full-time faculty members and 540 buildings. If she had been looking for an intimate experience, the numbers would have led her elsewhere.

That’s just one of the problems with statistics: they rarely tell the whole story. (Ms. Carbonell’s story is that she signed up for Michigan’s Residential College, a program in which students live and attend classes in the same building. She now lives off campus but continues to take classes in the R.C. building.)

Another problem with numbers: “Often statistics don’t measure what’s important,” says Lloyd Thacker, executive director of the Education Conservancy, a nonprofit group working to improve the college admissions process. For example, the selectivity of a college, measured by how many applicants it denies, provides little information about the educational experience there.

Also, statistics can be fudged. Regard any number you read in a glossy brochure or on a university Web site with skepticism, says Arthur Levine, president of the Woodrow Wilson National Fellowship Foundation. “It’s not information,” he says. “It’s marketing.”

This fall Margaret Spellings , the secretary of education, announced a plan to push colleges to clarify and expand the data they report about themselves, including collecting information about student learning.

Until that comes to pass, though, the college- bound will just have to make do. Here are six common statistics that students in search of a quality college should parse carefully.



1. CLASS SIZE AVERAGE: DON’T BOTHER

You want most of your classes to have about 25 students, says Marty O’Connell, a spokeswoman for Colleges That Change Lives, a nonprofit organization that promotes the ideas espoused in Loren Pope’s books of the same name. “These are settings where students can be asked to be critical, creative thinkers and to collaborate with their peers and teachers,” she says. “Faculty members cannot get to know students if you have 300 in a room.”

But don’t depend on a college’s averageclass- size statistic to predict the density of your classroom. As an average, it distorts reality by including, say, the tiny Tagalog seminars you’ll never take with the popular politics courses you will.

The same can be said of student/faculty ratio: a campus can have a 13-to-1 ratio and you can still end up in a class of 50.

That’s because not all professors teach undergraduates — and some don’t teach at all. Rebecca Goldin is director of research at Statistical Assessment Service, a media watchdog group affiliated with George Mason University. She notes that it’s a common practice in large science departments for professors to use grant money they raise for research to pay back a percentage of their salary to the university, with the intention of getting out of teaching one or more of their courses. The university then turns around and hires an adjunct to fill in at a lower salary and counts both individuals as faculty members.

Instead of looking at the student/faculty ratio, ask how often you can expect to have small classes: every semester or just during your last two years? “It should be all the time, on a regular basis,” says Ms. O’Connell.



2. PRIZES AND PH.D.’S: THEY DON’T TEACH

The statistics typically used to indicate quality of instruction are the number of Ph.D.’s on staff, the number of Nobel Prize winners, the number of National Academy of Science members, and faculty salaries. Ignore them all, says Marty Nemko, an independent career and college counselor in Oakland, Calif., and the author of “The All-in-One College Guide.”

“People who self-select into Ph.D. programs are academic research types, not teachers,” he says. “Their knowledge is so deep and so profound they often don’t have the ability to communicate well with undergraduates who need the basics. In addition, they get their status not through the quality of their teaching but the quality of their research.”

He adds: “A person with a Nobel Prize-winner mind is in the loftiest stratospheres of their arcane pursuit and, in general, is not that gifted a teacher. And measuring teaching quality by salaries is ridiculous. Teachers are paid more when they’re bringing in more research dollars and when the college is in an area with a high cost of living."

What’s a better quantitative measure of teaching quality? The percentage of fulltime faculty members at a college, says Ms. O’Connell. Full-timers should be in the majority, she says, because being around tends to increase their participation in the life of the campus and their students’ development.

3. RETENTION RATE: THE HAPPINESS FACTOR

Look at a college’s retention rate — the percentage of students who come back for their sophomore year — to gauge student satisfaction, suggests Ann Wallace , director of counseling and guidance services at Rye Neck High School in Mamaroneck, N.Y. “I don’t like anything below 80 percent,” she says. “Students should have questions if it’s low. Was it financial aid that didn’t get followed up with the second year? Or was it dissatisfaction or location? There can be reasons to explain it, but it’s generally not a good thing.”

4. AVERAGE SAT SCORES: WHO’S LEFT OUT?

To determine whether you’ll fit in with the students, scan average SAT scores, says Dr. Nemko. First, decide whether you want to be among your intellectual peers, hang out with people smarter than you, or be a big fish in a less-selective pond. “Once you’ve made that determination,” he says, “as much maligned as the SAT is, it’s quite a valid indicator of intellectual firepower and drive.”

One caution: Colleges have been known to exclude the lowest scores when computing averages, and calling those students “special admits.” “Everybody lies about their college boards,” says Dr. Levine, former president of Teachers College at Columbia. “They keep combing through, and they get rid of some of their most troubled populations.”

This statistical sleight of hand can easily increase an average SAT score. In its online “Facts at a Glance,” the College of New Jersey, for example, reports an SAT math and reading average of 1300 for “regular admits”; for all entering freshmen it was actually 1255.

The problem, Dr. Nemko says, is you don’t know which college is tweaking and by how much. “The way you get around it is asking the point-blank question: ‘When you include all students who are in the freshman class, what is the average SAT score?’ ”

5. DIVERSITY: THE TRUE PICTURE

Diversity statistics can also help students figure out whether a college is a good match for them. Chris Farmer , college counselor at the Young Women’s Leadership School in East Harlem , says: “Sometimes a college will say ‘35 percent of our students are students of color,’ and the kids at my school will say, ‘Wow, I can see myself there.’ But in their minds they’re thinking that 35 percent of students are African- American or Latino when most of them are Asian.” So ask for a breakdown.

He suggests translating percentages into numbers, especially for smaller, less diverse colleges. “Say you have a college with 500 freshmen,” he says. “If they have 3 percent African-American kids, that means about 15 in the freshman class are black. Because many more African-American women go to college than men, you might want to look at that. Maybe only one or two of them are men.”

6. GRADUATION RATES: MEASURING RESULTS

Mr. Farmer cautions that statistics for students who get jobs within a year of graduation tend to be inflated because “the students who report back to the college are the ones who are really satisfied with their job situation.” A better, though more limited, indication of a college’s ability to prepare students, he argues, is a high percentage of students who are accepted at graduate schools. But be on the lookout for spin.

“The college might say ‘80 percent of our students who applied to medical school got accepted,’ ” he says. “The real answer might be that, in junior year, there were 15 pre-med majors who are no longer pre-med majors because their G.P.A. was too low. So although their intention was to go to medical school, the college counseled them to not apply.”

Simply graduating from college is an achievement — only 55 percent of students at four-year institutions do — so you should seek out colleges where advancement is the norm. But graduation rates measure only the percentage of freshmen who earn their degrees from the colleges they began in; they don’t count the large number of students who transfer in and out.

Colleges promote their six-year graduation rates rather than the lower four-year rates, though that might be in small print. “If a college is graduating 75 percent of students in four or five years, it’s probably pretty solid,” says Mr. Farmer. “If they’re graduating 90 percent, it’s outstanding. When a college is graduating 50 percent of the students who start, that doesn’t mean don’t go there. It just means figure out why the students are leaving.”

Not all reasons are bad. Small liberal arts colleges may lose students who decide to pursue a field in which it doesn’t offer courses. Lower graduation rates in a rigorous program might indicate that its standards are high, Professor Goldin notes. “If you want a challenge, it may not be the wrong decision to go there,” she says. “But go into it with your eyes open.”




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