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College Planning Tips for Senior Parents: Quality College Education at the Best Price

This presentation provides helpful resources and suggestions to reduce college costs while evaluating educational quality. It also offers tips for maximizing the benefits of a college education.

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College Planning Tips for Senior Parents: Quality College Education at the Best Price

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  1. College Planning Tips for Senior Parents: Quality College Education at the Best Price Riverside Brookfield High School Tuesday, September 24, 2019

  2. Goals of Presentation • What needs to be done and when it needs to be done • Helpful resources for exploring cost • Suggestions for reducing cost • Evaluating educational quality • Tips for getting the most out of a college education

  3. Timeline • September • List of colleges and what is required to apply • October • Work on application • FAFSA – Available October 1 • CSS Profile - Available October 1 – Northwestern University • November • First round of deadlines (UIUC, UIC – 11/1, ISU – 11/15) • December • Many schools have a scholarship deadline of 12/1. • January • Second round of deadlines (UIUC – 1/5, UIC – 1/15)

  4. Timeline • February – Applications for RB local scholarships available on RB website • March – Deadline for RB local scholarship applications • April – Compare financial aid awards and visit colleges. • May 1st – Reply to colleges with response by this date. • Summer of 2020 – Still colleges accepting applications, Summer school class?

  5. Deadlines • When is the application due? Get materials in by any early deadlines. • Application • Personal Essay(s) if necessary • Teacher Recommendation(s) if necessary • ACT Scores – actstudent.org. Report all scores. • SAT Scores – College Board • Transcript • FAFSA earlier better than later. • Deadline for a decision is May 1st.

  6. Cost • Net Cost vs. Published Cost • Net Cost is the key. • Net Cost determined by income and merit • Good to have public schools on the list • Net Price Averages* (Tuition, Fees, Room, Board): 4-year In-state Public: $14,880 (Published = $21,370) 4-year Private: $27,290 (Published = $48,510) (*According to College Board in October 2018)

  7. Cost • Out-of-state public colleges can be cheaper than in-state public colleges. Published Total Costs 2018-2019 on College Navigator *Approximate **Some GPA and ACT/SAT minimums

  8. Cost - Midwest Student Exchange Program • Collection of private and public colleges offering discounts to IL residents • Public colleges offer tuition at no more than 150% of the in-state rate • Private colleges offer at least a 10% discount • Example of UW - Milwaukee

  9. Cost • Public colleges vs private ones • Published prices usually are higher, but private colleges can be more generous with financial aid. • Income and merit are main determinants of aid. • Example: University of Chicago tuition, room, board, fees, expenses Published Price: $68,942 Family with income of $85,000 cost is about $8,842 Family with income of $120,000 cost is about $16,742 • Example: Monmouth College (Monmouth, IL) Published tuition, room, and board: $46,550 Income of $85,000, 28 ACT & 3.75 GPA, cost is $15,240 Income of $85,000, 22 ACT & 3.3 GPA, cost is $16,650

  10. Cost • Cast a wide net. Apply to about five to seven schools. • One or two in-state public schools • Four or five private schools • Which schools have more generous financial aid? (collegenavigator.gov) • Net Price Calculators

  11. Cost – Net Price

  12. Cost – Net Price

  13. Cost – Net Price

  14. Cost – College Navigator – Hope (MI) Published TRFB: $61,531

  15. Cost – Net Price Calculator

  16. Cost - Award Letters • Consumer Finance Protection Bureau Example

  17. Award Letter

  18. Cost – Tax Benefits • American Opportunity Tax Credit • Lifetime Learning Tax Credit • Tuition and Fees Tax Deduction • Student Loan Interest Deduction

  19. Evaluating Educational Quality • Rankings? *According to Daily Beast’s 2012“Most Rigorous Colleges” List

  20. Evaluating Educational Quality • Selectivity ≠ Quality • Dale and Krueger (2011) - Comparison of Lifetime Earnings Between Similar Students Attending Highly Selective Schools and Those Attending Less Selective Ones • Student’s personal qualities have most significant impact on lifetime earning potential. • Pascarella and Terenzini (2005) - Student’s work ethic may play a larger role than a particular college’s quality. • Gladwell (2008) - Last fifty Americans to win the Nobel Prize in Chemistry or Medicine? Over half earned their bachelors’ degrees at large state schools or smaller, lesser-known schools.

  21. Evaluating Educational Quality Nobel Prize Winners in Last Thirty Years • Chemistry: • UCLA, (2) Michigan, Nebraska, UC-Riverside, BYU, Georgia Institute of Technology, City College of NY (2) • Augsburg, Lawrence, Berea, Ohio Wesleyan, Dayton, Rollins, • Harvard (4), Chicago, Brandeis, Berea, Dartmouth, Rice, M.I.T., Grinnell, Stanford, Columbia • Medicine: • UC-San Diego, UC-Santa Barbara, UC-Berkeley, Minnesota, Texas, Washington (2), North Carolina, Illinois, Hunter (NY), Brooklyn, McGill (Montreal) • Antioch, Gettysburg, Union (KY), Holy Cross (MA), Washington and Lee, Oberlin, Case Western, DePauw, Hamilton • Brown, Harvard, Johns Hopkins, Yale, Columbia (2), Cornell, Dartmouth, CalTech, M.I.T., Amherst

  22. Evaluating Educational Quality • Quality is difficult to define, but here are some other data to explore. • CollegeResults.org • Graduation Rate (collegenavigator.gov, collegeresults.org) • U of I – 84%, ISU – 71%, NCC – 68%, DePaul 68%, NIU – 55%

  23. Most Common Apps for RB • Triton • UIUC • UIC • ISU • NIU • DePaul • Loyola • Iowa • COD • Marquette • Purdue • SIUC • UW-Madison • WIU • IU-Bloomington • Bradley • Elmhurst • Northwestern • Dominican • Minnesota

  24. Fit • Certain programs that are necessary? • Majors? • Co-ops? • Location? • Philosophy of Education? • Religious Orientation? • Size? • Setting?

  25. Alternative Credit – AP, CLEP, Online • AP Credit • Marquette • CLEP (College Level Examination Program) • DePaul • Community College (summers, online) • Triton, COD • MOOCs (Massive Open Online Courses) • https://www.coursera.org/specializations/learn-spanish • https://www.udacity.com

  26. Helpful Resources • College Board • College Navigator • College Solution (collegesolution.com) • College Results (collegeresults.org) • RB Student Services • Midwest Student Exchange Program (MSEP) • FinAid.org • Edvisors.com

  27. Triton Trustee Honors

  28. Tips for College* • Consider working. • Visit multiple classes during the first two weeks of classes. • Visit all your professors during office hours at least once. • Learn how to write well. • Write papers in three sittings. • Don’t succumb to the “Two Cultures” by focusing on either humanities or science. Become proficient in both. • Study abroad – the more foreign, the better • Get to know at least one professor well. • Make your bed. • Learn outside the classroom. *Adapted from The Thinking Student’s Guide to College by Andrew Roberts

  29. Thanks and Questions

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