Student loans stir up a media frenzy all the time.
Love ‘em or hate ‘em, they still enable your son or daughter to get a degree that can increase his or her earnings way, way into the future. So, how do student loans work in the easiest language possible? (Key words, right there!)
Here’s what you need to know, from interest rates to federal loan and private loan options. Let’s dig in and answer the big question: “How do student loans work?”
What’s a Student Loan?
Simply put, you borrow money and pay it back — that’s a student loan.
You can access student loans from various sources, including the federal government, private sources (like your hometown bank) and other organizations. Your kiddo must pay back the money he borrows — with interest. He must pay student loans back whether he graduates or not.
One more thing before I dive in. Many families get hung up on taking out loans. I get it. However, if a particular school is the right fit for your child and can deliver the results he or she wants or needs, consider taking out loans.
So, how do you know what type of student loan is best? Great question.
Types of Student Loans
For simplicity’s sake, let’s focus specifically on federal and private loans.
Federal Student Loans
Guess who your lender is when you borrow federal student loans? Yep, it’s the federal government — or to be specific, the U.S. Department of Education. You’ll find three types of federal loans created specifically for college-bound students:
Direct Unsubsidized and Subsidized loans
Direct PLUS loans: This includes Grad PLUS loans for graduate and professional students and Parent PLUS loans for parents of undergraduate students.
Federal student loans are more flexible than private student loans for several reasons:
No credit checks involved — with the exception of the Direct PLUS loan, which does require a credit check.
Income-driven repayment plans are an option in some cases, which means repayment is based on how much your student makes once he or she graduates from college.
Repayment plans can change as needed.
Federal student loan interest rates are lower compared to private loans.
Private Student Loans
Where can you get a private loan?
A local bank, credit union or national bank are three primary options.
These loans can fill in the need gap after your student has exhausted these options, in order: Scholarships, grants, parent/student savings and federal student loans. Here are some fast facts about private student loans:
You’ll hear about two types of interest rates: fixed and variable interest rates. Fixed interest rates are just like they sound — they don’t change, so your monthly payments stay the same. Variable interest rates go up and down.
You or your student can make interest-only or fixed payments while you’re in school.
Private loans often require a co-signer. This person is commonly you, the parent, or another relative. Students can qualify for a private loan without a co-signer, though that’s difficult to achieve. No matter who applies for the loan, you will need a good credit score and will need to show proof of income.
Finally, remember that co-signers are just as responsible for paying back loans. Have a conversation with your son or daughter about risk and how you’ll each repay the loan before you agree to take on a private loan. In Canada, especially in British Columbia, students facing multiple private loans may find that debt consolidation offers a way to simplify payments and potentially reduce interest costs.
What Are Interest Rates?
You pay interest to a lender in order to be able to borrow money. Interest is a percentage ofunpaid principal amount. Direct loans are daily interest loans, which means that interest accrues (accumulates) every single day.
The higher the interest rate, the more you’ll end up paying on a loan if you take the full loan term to pay it off. Subsidized and unsubsidized loans treat interest rates differently:
Subsidized loans: The government pays the interest while your student is in school at least half-time, for the first six months after he or she leaves school and during deferment. Deferment is when your child postpones loan payments.
Unsubsidized loans: The government does not pay the interest while your son or daughter is in school.
Federal loan interest rates
Private loan interest rates
Interest rates are fixed and rates are also usually lower than those for private loans. Here are the current rates:
Direct Subsidized loans and Direct Unsubsidized loans for undergraduates: 4.53%
Direct Unsubsidized loans for graduate or professional students: 6.08%
Direct PLUS loans for parents and graduate or professional students: 7.08%
Can be variable or fixed; interest rates can be higher or lower than federal student loan rates.
Shop around to find the right private student loan lender. You can also check with your child’s chosen school’s financial aid office to see whether it has a preferred lender list. Have a conversation with someone in the financial aid office of the community college, liberal arts college or university your child plans to attend!
Next, compare interest rates, payment terms and fees to find the most cost-effective loan that suits your student’s needs. Next, complete a full application once you decide on the right loan for you.
Key tip: Only apply for how much you need to borrow.
What’s the Max Amount You Can You Borrow?
Your son or daughter can’t borrow an unlimited amount of student loans. He or she can only borrow from $5,500 to $12,500 per year for federal subsidized and unsubsidized student loans as an undergraduate. This amount also depends on his or her year in school and whether you can claim your child as a dependent.
Private student loan limits vary by lender. Generally, the amount your student borrows can’t exceed the school’s total cost of attendance.
Pay Off Student Loans
One key to knowing the answer to the question, “How do student loans work?” is knowing how interest rates play into the picture. It’s never too early to start talking about how to handle student loans. High school is a great time to start!
Lots of fancy repayment options may present themselves once your child graduates — refinancing, consolidating, etc. Consider the Debt Avalanche Method of repaying student loans.
What’s the Debt Avalanche Method? Great question. Here’s a quick overview:
First, make sure your child doesn’t consolidate the loans. Keep them separate. Your child’s interest rates will likely be a mix of low to high rates for federal and private loans.
Next, your child should always make the minimum monthly payment on each loan.
The Debt Avalanche Method means your child pays off student loan debt with the highest interest rate.
Once that higher rate loan is paid off, pay off the loan with the next highest interest rate.
Your child is finally done when the last payment is made on the lowest interest rate loan.
The Debt Snowball Method is also a great option for quick wins. Your child would pay the minimum balance on all loans, just like in the Debt Avalanche Method. Then, he or she would pay the smallest balance first. Next, tackle the next highest balance until the loans disappear. It’s a great way to get some instant gratification!
Get the Right Student Loans for Your Child’s Needs
Think you have a basic idea of how student loans work? I hope so!
Above all else, make sure you max out federal student loan borrowing before taking out private student loans. Federal loans have protections that private loans don’t, including income-driven repayment plans and loan forgiveness programs.
You can study. You’ll know what a good ACT score is and what to expect ahead of time.
Or you can show up on test day, cross your fingers and wonder, “Gosh, how long is the ACT, anyway?”
The best way to be sure you’re ready for the ACT is to prep ahead of time. You might think it’s impossible to study for the ACT. It’s true that you won’t exactly know what to expect, but studying can help you conquer this all-important exam.
Here’s how to study for the ACT in 5 steps.
What is the ACT?
Lots of schools require the ACT for admission. This means you’re probably thinking about applying to a liberal arts college, large state university, community college or another type of college.
What does ACT stand for, anyway? The ACT originally stood for American College Test, but now it’s just called by its three letters — A–C–T. The ACT evaluates your skills in five core areas: English, math, reading, science and writing. The writing test is an optional part of the exam. Here’s a quick overview of each ACT component.
English
Mathematics
Reading
Science
Writing
45 minutes
60 minutes
35 minutes
35 minutes
40 minutes
75 questions
60 questions
40 questions
40 questions
Optional
Tests usage, mechanics and rhetorical skills
Tests pre-algebra, algebra, coordinate geometry, plane geometry and trigonometry
Various passage topics include social studies, natural science, literary narrative or prose fiction and humanities
Tests data analysis, experimental results and conflict viewpoints
Evaluates your position on an issue after you read and write an answer to a question
How to Study for the ACT
First, figure out how much extra time you have to study before you make a plan to commit to studying over a particular amount of time.
Second of all, figure out how much time you have before you need to take the test. Do you have six months? Two weeks? Two days? It’s obvious that the earlier you start, the more comfortable you’ll feel with each section of the test. A study plan can help you spend the right amount of time on each topic.
Here’s how to piece together the right study schedule for you.
Step 1: Get a study book.
A study book is an invaluable asset. You could pop by the school library or hit Amazon for a study book that you’ll get to keep (remember, you might take the test again!). The first thing you may be struck by is that these books weigh about 10,000 pounds each (kidding, kidding — but they’re gigantic)! Books from reputable companies such as Kaplan or McGraw-Hill offer excellent supplemental materials to prep for ACT test day. Be sure to look for content that contains lots of practice tests.
Step 2: Take a practice test so you know what you need to study.
Speaking of practice tests, what do you know about yourself and your needs? A diagnostic test is the only way you’ll know exactly what you need to work on. You might think you know which tests will stymie you, but you might be surprised. Maybe you predicted that the English test would trip you up, but you might have trouble finishing the mathematics test. (As you can guess, time pressure is a huge factor on the ACT. How well you handle it can affect your score.)
Practice tests can help you see where you are relative to your target score. Take an official ACT practice test to gauge your overall progress and pinpoint your weaknesses.
Here’s how:
Make sure you time each test exactly right.
Give yourself the break that’s built into the test (grab a PB&J during the break if you need one).
Eliminate distractions. For heaven’s sake, turn off your phone and Netflix.
Try to simulate actual test conditions as much as possible — that means taking all the tests in order. Going through all the sections in a row forces you to get a feel for your actual ACT experience.
Do you know your starting point scores from a previous test or practice test? That’s excellent — it means you’ll be able to shape up a perfect study plan.
Step 3: Hammer together a study plan. Then study.
Desk! Books! Lights! Do a light review, read a paragraph or two, and then… what?
Studying for the ACT is only effective if you do it. Diligently. Plan out how much you’ll devote to slaying the ACT every day, night or afternoon. For example, your plan might look something like this:
6-7:30 p.m. Mondays and Tuesdays: Study for the English test (and during study halls)
6-7 p.m. Thursdays and Fridays: Study for the mathematics test
4-6 p.m. Sundays: Study for the science and reading tests; reserve extra time for taking practice tests, too.
Make this schedule happen over a period of a few months for best results.
Let’s say you’ve already taken the ACT and want to increase your test results by a couple of points. You may have to do some in-depth content work to address gaps in your knowledge.
Time yourself and take notes on where you need to bolster your knowledge. If you notice you’re not doing well on the trig section of the math test, switch to your school math books to brush up.
Stick with it. Everyone has different study habits and time restrictions, so be sure to take breaks from your schedule if necessary. Remember that you’re not going to do yourself any favors if you’re not serious about studying.
Step 4: Look into other study options if necessary.
Studying by yourself can be a real drag if that isn’t really your learning style. Think about yourself and how you learn best in school. You might be the type of person who likes flying solo when you study for a math test or you might enjoy discussing an upcoming science test with a group of friends (as long as you can get something done when you’re studying with your buddies).
Here are a few other options if flying solo isn’t really working for you:
Study with a friend or group of friends.
Take a class at your school or local community college.
Don’t forget to consider the logistics of how you’ll plan to study and whether that’s conducive to getting things done. For example, you might have a stellar college-aged tutor who can help you with your math, but she may only be available on Tuesday nights, when you have jazz band practice. Or maybe you’re in 16 extracurricular activities at your high school and you don’t have time to study — until, oh, about 12 a.m. — after you’re done with your homework.
Step 5: Test yourself — make it fun!
We know we’ve already mentioned this, but it doesn’t hurt to say it again. Test, test, test… and test again. There’s something to recognizing the rhythm of the test and understanding how fast you need to move between questions. Half the battle is understanding the test and its structure.
Studying for the ACT isn’t exactly like taking a Caribbean cruise. In fact, you might even argue that there’s nothing fun about it. But you can make it fun. Challenge yourself. See how fast you can get through a reading test or science test. Try to beat your score every time you take a practice exam.
Decide When You’ll Take the ACT
Most admissions counselors (what does an admissions counselor do, anyway?) recommend taking the ACT during your junior year. But you may decide to take it as a senior because you’re just not quite ready to take it as a junior — you may want more trigonometry under your belt! Just allow yourself enough time to be able to take it again if necessary.
Some states allow you to take the test for free. Check with your school counselor learn more about taking the ACT for free.
The ACT (and SAT, for that matter) can be taken as often as you like — but know that it can be very difficult to raise your score unless you put in some serious studying effort.
The ACT is always offered during the following months:
February
April
June
July (Note: The ACT is not offered in New York state in July.)
September
October
December
Don’t forget to sign up for the ACT by the registration deadline. The registration deadline is usually a month or two preceding the test date. For example, the April 4, 2020 test registration deadline is February 28 and your scores will first be available April 14. Learn more about upcoming tests.
Missed the registration deadline? No worries. You can still sign up — you’ll just have to pay an extra fee.
Visit ACT for more information about test dates and learn how to register for a test. Buckle down, study and finally, good luck!
Why is college so expensive? We’re getting a wry chuckle out of that one. Every admission counselor hears it in every admission office at least 100 times per day.
No question about it, college tuition was cheaper in ye olden days. From the late 1980s to 2018, the cost of an undergraduate degree has risen by 213% at public schools and 129% at private schools, adjusted for inflation, according to Business Insider.
Here are four reasons the cost of college has climbed — there are more, but we tapped into just a few. We’ll also show you how to deal with these costs head-on.
1: State funding continues to slide.
State legislatures pull money away from higher education every year. In fact, they’ve spent less and less per student on higher education for the past three decades. Overall state funding for public two- and four-year colleges at the end of 2017 was nearly $9 billion below 2008, after adjusting for inflation, according to the Center on Budget and Policy Priorities.
Now, state funding doesn’t have anything to do with liberal arts colleges and other private colleges and universities. Private colleges don’t receive funds from state legislatures. They’re reliant on tuition and private contributions. This means tuition rates are generally higher.
2: College employees are expensive.
College students are taught and mentored by a lot of people who have college degrees themselves. This can include faculty members, administration and student life personnel (the people who run the residence halls). That means colleges and universities pay these individuals a larger salary compared to unskilled workers. This isn’t to say that colleges don’t pay unskilled workers — they may do that, too. The point is — it all costs money.
Plus, there are a lot of positions unique to higher education. We checked out a few job listings on higheredjobs.com:
Senior coordinator, Male Success Initiative
Engagement coordinator
Retention specialist
Printmaking instructional support manager
Director of civic engagement
Huh. Interesting.
3. Student services are growing.
Student services spending reflects a growing demand for excellent career counseling, academic advising and campus mental health services. In fact, student services are among the fastest-growing spending categories at private institutions and selective public institutions.
Do you ever wonder what would happen if colleges were forced to reign it in? Colleges and universities charge a lot because they can — because there’s no regulated fee structure.
This gets into some political territory, which we’re not willing to go into, but the truth is that colleges aren’t incentivized to keep their prices down. In fact, some families believe that the higher-priced a school is, the more prestige it carries.
Colleges, in a mad dash to seem more appealing than those that are cheaper and “less desirable,” jack up their prices. (This is kind of a simplistic way of looking at it, but that’s the shorthand version of what happens.)
How to combat the cost of college
There’s not much you can do about the cost of college. Luckily, some colleges are starting to do something about it. Check out Central College’s tuition reset. (Tuition resets move colleges to a more transparent pricing model. This means the published price is closer to the actual price a student pays.)
Otherwise, there are other schools that are naturally cheaper — check out a community college if you’re looking for one of the cheapest options.
Making college affordable is like piecing together a giant puzzle. You take a look at the amount of financial aid you can get so you can parse together how you’ll be able to pay for it. You can use a combo of the following financial aid options.
Scholarships and grants
The almighty scholarship — it’s what legions of students and parents have chased for dozens of years. And for good reason, because scholarships and grants are both gift aid (read: free money!) that doesn’t have to be paid back. So, what are the specific differences between scholarships and grants?
Scholarships are usually merit-based, which means they’re based on grades, athletic ability, musical talent, etc.
Grants are usually need-based, which means they’re awarded based on your family’s financial situation. The needier you are, the more likely you’ll qualify for grants.
Tap into the school you’re attending for scholarships. Ask your school counselor, your friends’ parents, your dad’s work, your clubs and organizations. Look online. Scholarships are everywhere. You just need to find them.
Work-study
Work-study is both a federal- and state-funded program to help students with financial need get part-time jobs. Around 3,400 colleges and universities offer work-study programs, according to the U.S. Department of Education.
Work-study doesn’t cover all your college costs, though. Remember that puzzle we were talking about? You can combine your personal savings, scholarships, grants and loans to jigsaw all the pieces together.
Here’s how to qualify and get most out of a work-study job:
Your financial aid award may say that you qualify for work-study but you still have to actively seek out a job. Visit your college’s human resources office to find out what job opportunities are available. You can often find jobs just about anywhere on campus — the cafeteria, admission office, the library, financial aid office, campus athletic facilities and more.
You’ll only be able to make as much as your financial aid award stipulates — usually at minimum wage. Be a savvy consumer and ask the financial aid office at your college if you can earn more. It might be possible.
Loans
There are different types of loans you can tap into, and a few of the most popular are federal student loans.
The U.S. Department of Education’s federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program. The U.S. Department of Education is your lender under this program. There are four popular types of federal loans available:
You can also tap into private loans when everything else won’t cover the costs. Read the fine print on every single loan you apply for. Make sure you know your loan, whether you’re getting a federal or private student loan.
Here are some questions to know the answer to:
How much are you planning to borrow?
Is your interest rate fixed or variable, and how will that change your full loan amount?
What are the upfront fees you’ll need to pay?
What is your first repayment date? Do you have a grace period?
How long is your loan term?
Are there words you don’t understand in the documentation? If there are, ask a financial aid representative at the school you’re attending. That’s why they’re around!
Tap your savings
How much have you, your parents and/or grandparents saved for your college expenses? Now’s the time to ask. If you’re a parent reading this, now’s the time to pull up the 529 plan online, count savings bonds — whatever you’ve done to save. And if you haven’t saved anything, don’t get scared off. We’ve covered lots of ways to make college happen.
Colleges aren’t going to ask you to pay for an entire four years up front. Consider making regular payments for college using a 10-month payment plan or another type of payment plan. This can break up all the expenses.
College is expensive — piece your options together
Now, when other people lament, “Why is college so expensive?” you’ll have a few answers. There may not be too much you can do to control the cost of college — at least, until all colleges start doing tuition resets.
The best tool in your arsenal: Knowing how you can make all the pieces fit together so you can make college happen.
Don’t be afraid to ask lots of questions. Make friends with your admission counselor and the financial aid rep at the college you’re attending. They may have avenues for you to pursue that you might not have even considered. Trust us — those rock stars are good people to know.
Are you a college student who’s ready to be able to answer the question, “What is an internship?” with a personalized answer?
You want to be able to say, “So, this one summer, I dissected mice in a lab,” or “I spent all summer editing for a website…” or “I engineered farm equipment last semester…” or whatever your interests may be!
Did you know that grit is often more important to success than IQ? In other words, no matter how many tries it takes you to be able to answer the question, “What is an internship?” with firsthand experience, keep persevering. It’ll help you later on.
What is an internship?
An internship is work experience offered by an employer to give you exposure to a particular industry related to your field of study. Internships can be as short (a week!) or long (12 months or more!).
What an internship can do for you
You probably don’t have gobs of experience in your chosen field and this is the only way to get it. (Unless, of course, you have another connection — maybe your mom’s an accountant with her own practice and you’re majoring in accounting.)
Here are five ways an internship can do a lot for you.
1. You’ll understand the roles in a particular job or your chosen field.
Internships are a way to see and experience the different roles that people play so you know exactly what it’s like to work in that industry.
You also understand how teamwork happens. You’ll be able to ask a lot of questions, too! You might learn about:
How people work together on projects
The roles people play in a work setting
The way a job day-to-day activities function
Characteristics it takes for people to be successful in a particular career
2. You can put a lot of skills into practice.
You’re not officially “on the job,” so you have a lot of freedom to try new things when you’re an intern. Internships are a time to maybe make a tiny mistake or two. Your supervisor knows you won’t be perfect. Still, your supervisor probably expect you to learn something from it and get better on other tasks before the end of your internship. Once you’ve landed a real job, you’ll have learned a lot about what to do (and what not to do) and can take that knowledge with you.
3. That confidence thing!
Whether you give a presentation or need to get over your fear of speaking up during meetings, an internship will build your confidence. Be confident, but remember that successfully completing an internship doesn’t make you king of the world. Nobody likes an arrogant colleague or fellow student.
You’ll also feel more confident communicating with different individuals. You might even feel a rush of confidence if you’re ever given the opportunity to interact with a CEO or other VIP.
6. You’ll get exposure to different industries.
The company you intern for might offer exposure to a few different fields, like sales and marketing. You might be able to find out if you can get a feel for both. This is a great option if you’re totally not sure which career path you want to take. It can also help you stick a few more skills on your resume.
5. It can help you get a job.
This one is a no-brainer. Obviously, the point of an internship is to get experience so you can prove to a hiring manager that you have what it takes to do the job someday.
You’ll develop all sorts of working relationships when you have an internship. These people will write your letters of recommendation someday. That’s why you need to be as professional as possible with everyone you work with during an internship.
There are lots of ways to get an internship, and one of the easiest is to have a connection with someone ahead of time. For example, maybe your uncle’s a financial advisor and he lets you work in his firm for the summer. Or maybe you get an internship through someone who graduated from the college you attend. Alumni are great connections. They usually always want to help young people from their alma mater.
So let’s dive in. Here are the steps you can take to get an internship.
Step 1: Visit your college’s career center.
Your career center is the best place to visit to start looking for the perfect internship for you. Sure, you can take advantage of its online job listings, but actually have a conversation with the people in the career center. They’re experts! They may have job openings that major job boards don’t because of their abundance of area connections. Remember, in their spare time, they usually meet with employers during campus job fairs and make connections for their students.
A career center advisor will sit down and meet with you when you arrive at the career center.
Step 2: Clarify your interests and identify some of the skills you hope gain from an internship.
When you sit down with an advisor at the career center, here’s one of the first questions they may ask you: “What are your interests?” The second may be, “What do you want to learn?”
Take some time to think about what you really want out of an internship because it will help the career center staff direct you to the right potential internship.
Your college’s career center can direct you to a few jobs, offer some connections and help you get your resume in order. Note: Career center personnel won’t do all of this for you. You have to get that resume pasted together — career center staff can help you tweak it.
Categorize any relevant work experiences on a Google doc. Include the dates you completed this work and give editing permission to career center staff. Ask the individual to do suggested edits so you can see what he or she has done to help you. You may not agree with everything, so that’s why suggested edits are a smart idea. When you’re putting together your resume:
Format it effectively
Identify accomplishments
Write in a way that appeals to the industry
Include all experience, especially relevant skills you have
Make your search successful by using all the resources available to you: online postings, company websites, online classified ads and more. Check out Internships.com. Talk with everyone in your network. You may think you’ve tapped out your network, but think about other people you may not have considered:
Older students who have completed the internship you’re after
Professors
Family and family friends and their business associates
Those alumni we mentioned? Yeah, it’s time to network with them!
Neighbors
Teachers from high school
Professionals you know at businesses you or your parents already frequent (financial advisor, photography studio, utility company, vet clinic — whatever!)
Kind of like writing a scholarship thank you letter, write a thank-you note when you meet with these people or whenever else it’s appropriate.
Step 4: Don’t wait to apply!
Pay close attention to application deadlines, and if you see a position you’re interested in, apply right away. It’s really easy to say, “I’ll keep it on my radar and go after my top choice instead.” What happens if your top choice gets picked up by someone else and this second choice gets snapped up, too?
Kind of like applying for admission to college (what is rolling admission, anyway?!), you want to make sure you apply way before the deadline.
Step 5: Create your own internship.
Don’t be afraid to reach out directly to an organization you admire and ask about internship opportunities that may be available. This is especially true with smaller organizations and nonprofits. They may not even have internships on their radar, but you may spark their interest! You may not find the highest-paying internship this way but you never know.
Get the best internship for you
Did you know that the best internship might do exactly the opposite of helping you find out what you want to do with your life? It might show you what you don’t want to do forever! Yeah! That’s considered a total win.
In other words, all of this can help you avoid a career path that’s not a fit. Wouldn’t you rather know that now, rather than later? It’s true that you can change career paths, but why not nip it in the bud with an internship?
So, do two things:
Think about what you want.
Head to your college’s career center and have a great discussion.
Both will help you get an internship so you can identify your career path or help you decide what you don’t want to do with your life. It’s not a guarantee because you still have to put in some hard work. But these are two great steps in the right direction.
You can still use a step-by-step guide on how to choose a college — who doesn’t love a guide with handy tips? Here’s what to do in seven steps.
What’s the best way to choose a college?
The college search invites hundreds of questions, doesn’t it? You can’t figure out how to get your kid to make a decision.
And your student may be thinking, “How can I get Mom and Dad to relax about this?”
It’s a process, isn’t it? Trust the process. Unless it’s April and your kiddo still hasn’t taken the ACT, you’ll be just fine.
The all-important question about how to choose a college starts with one simple step: Make a list.
Step 1: Develop your short list.
The short list! Or maybe it’s a long list. Help your child develop a list of schools that he thinks might meet his requirements. This list may be derived from hours of research. You might also come up with the list based on what you think you know about a college. Kids create their short list based on all kinds of reasons, from a great ski and snowboard club to the fact that his best friend goes there.
Step 2: Rank your priorities.
It’s easy for your kiddo to throw up his or her hands and say you have no idea what you’re looking for. But deep down, you really do know one or two things you want in your ideal school. (Parents, your kids really do — even if he or she says, “I don’t know” a dozen times a month.) Maybe you only know for sure that you want a stellar cafeteria — that’s a great start! Here are a few factors you might want to use to position your short list:
Size: Have you always wanted to go to a large state university or do you prefer the smaller feel of a private liberal arts college or community college?
Distance from home: Do you prefer to go to school in your hometown or on the opposite coast?
Cost: Of course this is a factor! What scholarships and need-based financial aid can you get from the schools on your short list? Note: It’s often better to visit a school to get an idea of how much it’ll cost you. You can’t always tell how much a school will cost from a quick internet search!
Majors: Can you find the majors you want? It’s okay if you don’t know for sure what you want to major in. At the very least, are there some that you might consider?
Athletic opportunities: Are you an athlete who wants to continue your athletic career in college? If so, the right coach, team, athletic trainers and other factors will be important.
Step 3: Visit schools based on your rankings.
Scheduling a college visit and visiting schools is next on the agenda. And this part can be so much fun!
Call Admission Offices
You can sign up for a college admission visit by calling the admission office. Most colleges have a campus visit coordinator who will answer the phone and schedule your visit.
You can also visit the college’s website to set up your visit. Just know that if you set it up online, you may not be able to get really specific requests. Let’s say you want to meet with an on-campus dietician. It may not be an option on the online visit form. However, the campus visit coordinator may be more than happy to make that meeting happen.
Visit Campuses
This is your opportunity to ask every question that comes to mind. Ask any question you can think of — don’t be shy. Remember, students, admission counselors, financial aid officers, professors and others really want you to ask questions. They really do!
Build Those Relationships!
Get to know your admission counselor. Building a relationship with the admission counselor at each school could result in a lot of advantages for you. What if an admission counselor knows you’re going through some financial struggles? Or knows you have a disability? He or she may be more apt to point out some scholarship avenues.
Building relationships in this day and age gives some high schoolers the heebie-jeebies. Shelve the shyness and remember that admission counselors are usually super-cool people.
Step 4: Complete applications and count acceptance letters.
Note: You can complete applications before you visit campus, but you can also wait and do your applications after your visit.
Know your application deadlines. Some schools require rolling admission but you may also have schools that ask you to apply early decision, early action or more. Ask about admission deadlines during your college visits.
Read the directions on each application. Then follow them.
Include all information requested information. And be honest here. If you don’t have a 4.0 grade point average, don’t put it on the application. The school will find out eventually even if it asks for self-reported information.
Spend a lot of time on your college essay. This is something you’re going to want to get help on. Ask your English teacher, your next-door neighbor who happens to be an accomplished freelance writer, a college and career coach — you know who to ask. Don’t go it alone. And craft it oh, so carefully.
Be choosy about who writes your recommendations. Don’t ask your football coach to write your letters of recommendation. No school will take you seriously — even if your football coach is a literary genius. Choose a teacher or other influential individual who knows your strengths and can write a stellar letter.
Request official copies of your high school transcripts. Ask your school counselor to send in your official transcripts. Check in a week later just to be sure it’s out the door.
Check with your admission counselor to be sure he or she has received everything. Your admission counselor at each school should be able to confirm whether those transcripts and letters of recommendation have arrived. (Have we raved about those rock star admission counselors enough yet?)
Finally, the fun (and sometimes not so fun) part of the application process happens. You get acceptance letters (hurray!) and might even hear back about admission denials. Here’s the thing about rejection letters: It doesn’t mean you’ll never be able to attend that particular school in your life. You may just need to attend a different school for a semester or a year and apply as a transfer. It might not mean good-bye forever. You could also ask your admission counselor if you can craft an appeal.
Still in the dark? You can get help on the FAFSA application at college financial aid offices. (While you’re at it, you can ask, “What is financial aid?” to people trained to guide you.)
Granted, not every financial aid officer is free to help you right now, so ask your child’s school counselor about other resources available to help with the FAFSA if you don’t feel comfortable filling it out on your own.
Step 6: Compare financial aid awards.
After you file the FAFSA, you’ll get your financial aid awards. Once the financial aid awards come rolling in, it’s time to compare the awards you’ve received from all schools. Note: They’ll all come in at different times. Here are a few things to ask yourself about each award.
What is the Cost of Attendance?
Most financial aid awards will include the cost of attendance for one year on the financial aid award. Most schools publish it directly on the financial aid award letter. However, some don’t. You might need to look back at your visit materials or look online to find that published cost.
How Much am I Getting in Grants and Scholarships vs. Loans?
Figure out how much of what a school gives you is free money. Scholarships and loans = free money that you don’t need to pay back. You’ll have to pay loans back — with interest. Some schools may not distinguish the types of aid and you’ll have to figure it out.
What’s the Net Cost?
The net cost is different than the cost of attendance. The net cost tells you how much it will actually cost you to attend a particular institution. It’s the total cost minus any gift aid. You may need to calculate the net cost on your own. It might not be broken down for you on your award letter.
Did I Get Work-Study?
Work-study is a federal program that gives your school money so you can work while you’re on campus. Schools all receive different amounts and may award work-study amounts differently.
Don’t be surprised if you get $1,000 in work-study at one school and $2,000 at another.
Didn’t get work-study at a particular school? Ask the school’s financial aid office if it can put it on. It just might happen.
How Much is Left?
There may be a gap in the total cost minus what you’ve received in financial aid — and that’s common. It also might not be printed right on the financial aid award. You may have to calculate it.
Do you have savings to cover the remaining gap? Will you need to take out loans? This is the part where you figure out how much you and your student can contribute.
Step 6: Do the heart/gut test.
You may know exactly which school you’re planning to attend after all your financial aid awards. Sometimes, it’s less clear.
It’s time to apply the heart and gut test. This is a test where you figure out which school draws you in. You might not be able to put your finger on why — it just does.
Trust that inner voice. So many students have said, “I chose College X because it just felt right.” It happens more than you think. What feels right at gut-level for you? If you still can’t decide, do another visit. Maybe it’ll take an overnighter to help you make your decision.
Step 7: Make your decision.
It’s officially time! Hurray! Congratulations — you’ve decided which school you’re going to attend. The next step is to tell the college you’d like to attend the great news.
And please, oh, please, tell the other colleges that you applied to that you’re not going to those schools. Don’t assume they’ll stop contacting you. An admission counselor must keep bugging you until he or she knows you’re no longer interested.
Send your admission counselors at each school an email. Don’t be surprised if they ask which school you’re attending and why. They often need to know for their own research purposes — they’re not just being nosy.
Finally, the last step is to send scholarshipthank yous. Sincerely thank anyone who has given you a scholarship. Here’s more about how to write a scholarship thank you letter if you’ve got writer’s block.
Choose the Best Fit College
Listen to that inner voice — it knows a lot. And if you’re a student, listen to your parents! They’ve got some life experience that can help drive your decision, even if they didn’t go to college themselves.
Take a deep breath, tackle each step one-by-one, and pretty soon, it’ll be May and you’ll be graduating from high school.
Oh, and enjoy the ride. You’re about to go on the best adventure.
