Posted by Karen Plescia, M.S. on Wed, Sep 16, 2009
It's fall. Even though the leaves haven't yet begun to turn colors, it feels like fall. The air in New England has taken a turn toward crisp, fall sports teams have played their first competitive matches, football is on TV, the apples are ripe, and students are settled back into their academic year routines.
For high school seniors, that means that they are well into the fall college application rhythm (or they should be by now). Ideally, at least one round of campus visits are behind them, they've narrowed their lists to a realistic number of colleges to which they will apply, essays are being polished, and their teachers are contemplating what to write in recommendations.
For juniors, the beginning of the school year means the anticipation. As they watch their senior friends stress about "getting it all done" and "getting in," they wait on pins and needles for their spring guidance counselor meetings to officially kick off their own descent into the frenzied process that has come to define applying to college. My job as an educational consultant is to help students - and their families - keep in check at least some of the anxiety, stress and craziness.
And so to that end, I offer juniors - and late-blooming seniors - my top 10 list of things NOT to do when applying to college.
10. Avoid talking to your parents about how you and they will fund your college education
9. Skip campus visits all together or "wait to see where you get in" before visiting colleges
8. Get senioritis and take an easy course load
7. Wait until the last minute to ask teachers to write recommendations for you
6. Post pictures of you drunk or other embarrassing content on social networking web sites
5. Let your parents do the research and create the list of colleges to which you will apply
4. Apply to colleges based on where your friends, boyfriend, girlfriend, etc. are applying
3. Don't explain a discrepancy in your academic record when a good explanation exists (for example, an illness or a death in the family)
2. Try to "hide" something (for example, suspension or other disciplinary actions)
1. Have someone else write your essay(s)
Stay tuned for my follow-up, in which I will feature a top 10 list for parents of those applying to college...
Posted by Nina Flood, M.B.A. on Mon, May 18, 2009
The Answer Is: $60/hour. What is the question?
What is the hourly rate of classroom instruction based on the $52k price tag of attendance at Massachusetts Institute of Technology?
Though not likely to be heard on the real TV show "Jeopardy", it is the kind of unforgettable lesson that Daniel Barkowitz, MIT's Director of Financial Aid, (and professor of a seminar on personal finance) teaches. Daniel has always had a unique ability to take complex financial aid and financing concepts and make them into something more widely accessible. Because of the economic downturn and resulting higher stress put on college students and their families, I recently met with Daniel to get his perspective on what is needed now.
He offered up with two "Stress Less" solutions (not stressless, but stress reducing) that we are considering here at The Goldberg Center:
1. One of the problems needing a solution is the lack of timely, accurate information available to families. Because most financial aid offices are completely swamped with calls and emails from January through May, (for first years) and May through August, (for the continuing students), many families turn to each other. In person or online, they often inadvertently receive or share misinformation. We are contemplating an online forum that would enable a family to pose a question, get the real regulatory language answer, and then allow its discussion. Most importantly, this forum would be monitored by professionals within the industry to assure that only accurate information remained posted.
2. Another problem is the lack of holistic planning that goes into a family's game plan. There seems to be two schools of thought: either you make financing as painful as possible by paying more than you can afford in an effort to minimize financing costs or remain in denial by deferring payments with expensive financing vehicles. The neglect of a middle ground, however, leads to both shattered dreams and finances. There is a need for a tool that enables a family to see the long and short term benefits of, say, putting half of the balance in a payment plan and assuming a loan for the remainder. The tool we envision would also provide the total and immediate costs of the options for a minimum of four years of the employed strategy.
Which of these two solutions do you feel would be more valuable and merit higher priority for us? Let us know in your comments to this post - thanks in advance!
Posted by Adam R. Goldberg, M.Ed. on Thu, Apr 30, 2009
Today is the day... May 1 marks the beginning of a new chapter for
those accepted to college. They've researched, visited, applied, received notifications, and finally made a decision.
But, reality sets in. Now they actually have to come up with the money!? Or do they?
The bottom line is that the vast majority of those 'consumers' don't know how to buy. They are so swept up by the dream that the financial aid award letter catches them off-guard. They are disappointed, perhaps devastated to learn that there will be a sizable gap between what they hoped to pay and what they will have to pay.
So what do most do? They make rash decisions and either jump into inappropriate, incompatible financial products or they actually consider changing the college plan itself. Others just accept the fate bestowed upon them and end up struggling more than they need to... for many years out. Ouch!!
Now what should you do? Our self-declared "financial aid geek," and Goldberg Center Education Financing Director, Nina Flood, described a myriad of strategies in a corporate presentation just the other day. College aid for students comes in many forms and she urges clients to carefully and objectively examine and evaluate loan programs. The problem is that colleges themselves are highly discouraged from steering families to particular lenders due to the student loan scandal and then there are the sharks out there who claim to advise objectively, yet hawk their own wares to make commissions.
If you want completely unbiased, unattached advice, hop on over to our May Day! Paying for College Promotion and sign up to chat with Nina. She's seen it all and will be virtually giving away her life lessons from over 25 years as a financial aid officer (Brandeis & BU) and education lending expert. And tell a friend or two if you think they could benefit as well.
Posted by Nina Flood, M.B.A. on Wed, Apr 08, 2009
I always considered myself an "above average" student, (at least), and hoped my kids would be the same, (again, at least), but recent work alongside my colleague Karen Plescia, M.S. has changed all that. I now realize the limitations of grading myself, my kids, or anyone for that matter. There are a lot of other options around average other than above or below it. I now think there are as many dimensions of excellence as there are individuals who seek it.
My background is financial aid/education financing, so my experience with college counseling sessions has focused on cost basis (state vs. private, etc.). Even though this angle did come up in our recent work together, many other ideas for all kinds of students with different strengths and challenges dominated our discussions. Where my background kept me thinking in linear terms, Karen touted with enthusiasm an array of individual-specific options. She described, among other things, design programs for artists, professional internships for students that needed some time to grow up, and schools that had supportive counseling programs for emotional issues. Prior, I had no knowledge of the plethora of opportunities that enable any interested student to achieve excellence on his or her own terms.
So, what about my thoughts on being an above average student? Well, they are gone... There is no average student. While some parents came into our consulting sessions concerned about grades or emotional issues, used to identifying his/her child as "below average," I don't think any of them left with the same resignation. The vehicle of empowering educational planning was really was an eye opener for most. No one was given hope - each parent already had that; they were given a plan.
I would encourage all parents to think in new terms about their children. They may be A, C, or Barely D students, but that does not mean they are above or below average. So when you are considering colleges for below-average, average, or even above-average students, try for a change to look beyond the notion of average.
Posted by Nina Flood, M.B.A. on Sun, Mar 29, 2009
It is almost April and you are likely feeling this mixture of intense emotions. Your child has earned admission to college but wait, it costs WHAT? After the initial celebratory dance, you are confronted with the grim reality of the net cost of this achievement. Despite your responsible actions, (you saved, you applied for financial aid), this year is not going to be easy for any college payer. Before full panic sets in and you do anything, take a deep breath. There are things you
can do, even at this stage, to enable the realization of academic dreams without losing your integrity, your temper, or your even your mind.
Don't lose your integrity! Are you wondering what I meant by not losing your integrity? Well this one reality really sticks in my craw, (and that is not my first choice of a euphemism). While there are financial aid planners out there that operate by the highest code of ethics, (like me), there are far more that make the whole lot of us seem suspect. This contrasting group of financial advisory professionals recommend things like hiding income and shifting assets to non interest bearing accounts, (which by no coincidence, pay a nice commission). These energy and time-consuming paper acrobatics rarely result in increased grant eligibility and by the way, lying on the FAFSA is a federal offense.
Don't lose your temper! If you did apply for financial aid, don't pick up the phone to rant about how impossible this situation is for your family and how the school will be the loser if your child can't afford to attend, (which of course is true). Financial aid offices are working under the deposit deadline with federal rules about money. The financial aid office cannot consider anything other than financial drivers like changes in asset values, losses of assets, loss of job, increases in non discretionary expenses like dependent or elder care, or dramatic changes in family status, (divorce or death). Consumer debt resulting from poor budgeting is not a basis for professional judgment to increase eligibility.
Don't lose your mind! Speaking of that word, budgeting, this is the time to do it, regardless of whether or not you applied for financial aid. How much of your monthly income are you utilizing for living expenses? The remainder, and there needs to be a remainder!, is what can be utilized for current college costs or repayment on supplemental loans for education. Keep in mind that any loan debt service is going to be increasing each year of college, for each of your children, and that interest only payments are not a long term strategy. If that made you feel like you might lose your mind, email nina@edconsult.org!
Posted by Adam R. Goldberg, M.Ed. on Fri, Mar 20, 2009
Nina Flood is a self-proclaimed "financial aid geek." I guess you'd assume that would hold true for someone who has lived a life dedicated to championing education financing for over 25 years.
I can honestly report that I've caught the bug myself. It's tough not to when you spend enough time with Nina. We often kick back and find ourselves marveling over financial aid follies... the fact that seven of ten people still refer to the FAFSA as FASFA... the idea that so many families who would qualify for aid never apply... and especially the notion that financial aid administrators are restricted as to how they can productively direct families.
"Wait a second," we recently thought... "Why not make it easier for these financial aid administrators?! Let's create a new community where these professionals can gather to share frustrations, keep up with education tax benefit changes, get the latest skinny on who's doing what, and FINALLY, direct families to the most current education loan rates and fees when they can't advise them directly?!"
This thought ultimately led to our creation and now launch of the FAAS Buzz, an informative and, in some ways, cathartic web community comprised only of financial aid administrators (FAAS)... a refreshing extension of their more formal associations within the NASFAA fold.
If you are a financial aid professional and are interested in connecting to the FAAS Buzz, please email nina@edconsult.org.
Posted by Nina Flood, M.B.A. on Thu, Mar 12, 2009
If you have had the challenges of finding, placing, and paying for educating and/or treating one of your children for his/her special needs, you know that this process is not something you wanted or chose. As such, you DO want to tell the financial aid office(s) at the college(s) of any of your other children.
Financial aid calculations strive to equitably allocate federal, state and institutional aid based on income and assets, but you can appeal based on certain non-discretionary expenses. Track and report all associated medical and dental expenses in excess of 4% of your income, (report on schedule A of the 1040); your tax professional can advise as to which expenses may here qualify.
Additionally, document and provide the costs at residential, day or other education/treatment institutions. The Profile, (the College Board's form for many private institutions) does ask about private secondary tuition, but a college may choose whether or not to take that into consideration. I have not known of a school not taking special needs' costs into consideration to reduce available income for the calculations.
If the Profile is not required by your child's school, write an appeal letter with documentation, (assessment, diagnosis, and costs), and send to your child's financial aid counselor. DO NOT go directly to the Financial Aid Director, as this usually slows the process.
If you have any questions, feel welcome to contact me directly. We have built out a virtual financial aid consulting center, where I have just gone live fielding questions on-line for free.
Posted by Leslie S. Goldberg, M.Ed., CEP on Mon, Mar 09, 2009
Families have been seeking our guidance for their troubled teens over the course of three decades and for those looking into such help there is no better time than the present because of all the options available. In addition, the current economy has caused some of the less viable programs to close and others to open with the exiled seasoned professionals.
Why would we suggest a therapeutic wilderness program for some tweens, teens, and young adults rather than simply advising families to go directly to a longer term therapeutic school?
It is almost miraculous what happens when a struggling teen is taken out of his or her comfort zone, away from all distractions, especially the electronic ones. When we see kids during our frequent visits and revisits to therapeutic wilderness programs, we can actually tell simply by looking at their faces and posture how long they have been in the field. The clear eyes, the rosy cheeks, the confident walk are signs that several weeks have passed.
The benefit of rolling admissions (continuous flow, as it is called in the therapeutic wilderness programs) is that those who have been there longer can actually rise to a leadership position, helping the newer ones adapt and thereby enhancing their own level of confidence. The group wilderness therapy, along with intense individual sessions, enhances the power of the wilderness program. In addition the "hard skills" such as "busting a fire" (rolling a stick between your hands into some brush and a rock until a spark catches the brush) take inordinate amounts of patience, a tool which teens lack today in our world of instant gratification. In full disclosure, I must admit that I have never yet been able to bust a fire...
These are NOT boot camps! The careful training of the field staff, the incredibly gifted credentialed therapists, the joy that emerges from being active, eating healthy (no, there is no food deprivation), and having plenty of fluids (yes, there is careful monitoring to prevent dehydration) is amazing to watch.
Thorough psychoeducational or neuropsychological testing can additionally be arranged, typically after a few weeks to ensure validity, and the testing, the weekly family therapy sessions by phone, the letters flowing back and forth from kids to parents, all lead to a great jump-start to either the next school or program or back home. If the family follows the advice of the professionals, the graduates of therapeutic wilderness programs are much more successful than those who opt out of such an option.
Obviously therapeutic wilderness programs are not for everyone. There may be certain medical issues, psychiatric diagnoses, or aggressive behaviors that rule out such an option but most profiles would fit a certain wilderness program, depending on the match of therapist, composition of group, and programmatic approach. No two wilderness programs are alike.
Afraid you can't afford a therapeutic wilderness program? They are impacted by this economy as well and this, once again, could open up an opportunity that normally might not exist at other times.
Posted by Nina Flood, M.B.A. on Wed, Mar 04, 2009
Which student loan option is best for you? As the old expression goes, "I could tell you, but then I'd have to kill you."
Seem a bit overly dramatic? Well that is what financial aid officers are being encouraged to say, (well not verbatim, but that is the gist.)
The only people that know the least expensive ways to finance an education cannot tell you. While for years, financial aid professionals were evaluating and presenting the options for a family financing a student's education, those days are over. The "student loan scandal" ousted a handful of financial aid directors for driving volume to student loan providers in exchange for kickbacks. As a consequence now all are regulated and cannot give any recommendation regarding how you should finance their college's costs.
You might be able to get a list of student loan options out of your financial aid office or do your own research, (being careful to only have the most current information as lending terms and players are changing practically daily), but trying to do your own comparison will likely create more questions than it will answer. Nearly every private education loan now has tiered pricing based on its credit criteria, so you will not know the student loan interest rate or fee structure that applies to you, until you apply.
While all the basic criteria for student loan evaluation still apply, borrowing for college has additional criteria that should be examined. Things like deferment options (of principal payments or all payments) during enrollment, cosigner release, (turning a parent loan into a student loan), loan forgiveness, annual and cumulative borrowing limits, even a student's and school's residence all must be examined and weighed in your decision.
If you need help evaluating your private student loan options, send me an email! I am completely unaffiliated and guarantee I am not getting kickbacks, nor will I have to follow through on that old expression if I offer my educated opinion.
Posted by Adam R. Goldberg, M.Ed. on Sun, Mar 01, 2009
Two years ago, a well known CEO sat in my office crying like a baby. His son struggled with learning, emotional, and behavioral issues. Earlier that morning I had read in The Wall Street Journal about a large corporate acquisition he was supposedly orchestrating across the country.
I knew better. The rest of the world didn't realize that he was taking hours, days, and even weeks away from his highly visible work in order to explore critical education options for his son... "family first!" he insisted.
I figured he couldn't be alone. If you multiply that case by the millions, not just at the top of the corporate food chain, but across every department, at every level, you're looking at a HUGE issue with employee motivation and productivity. I had to act.
After conducting a year of market research, formulating the business plan, lining up three rounds of venture funding, and building a cutting-edge content management platform, I recently launched a spin-off education venture called EnCompass Education.
In our first season of operations, we have already begun working with companies in the life sciences, travel & leisure, and financial sectors, among others.
So far, so good. We are genuinely helping leading companies increase employee retention. Now one might ask, "Why is employee retention an issue while everyone is laying off in this economy?" We've actually found that in times like these, the only employees that can afford to move are the good ones... the ones you NEED to keep and therefore the ones you need to keep happy as an "employer of choice."
So what's on everyone's minds right now in the workplace? Without question, the impact of the education crisis on personal finance. We are specifically providing a ‘bailout' of our own kind by helping corporate employees:
- Optimize college funding while credit markets are in a funk
- Secure special education services against a backdrop of mind-boggling budget cuts
- Maximize tuition reimbursement for continuing education when most of the $ is usually wasted
- Prioritize key education resources during the early years of public and private education
If we can continue to provide a unique solution for addressing key employee turnover through EnCompass Education, we will have done our part to change the face of educational consulting in a period of unprecedented uncertainty.
If you feel that EnCompass might be a great addition to your company's employee rewards or work/life programming and that that you could individually benefit from your company's investment, please contact me directly.