In this blog, while I’ll be talking about high school students trying to
attend college, and community-college students trying to attend four-year
colleges and universities, I’ll be talking to
their parents. As a mother of a 17-year-old who’s considering college, by
becoming familiar with the college-application process and aware of its all-important
deadlines, I’ll be able to ensure my son does what he needs to do. When he needs
to do it.
Career
readiness, as it pertains to your child, means preparing them for their career,
and it requires that they answer some important questions. What kind of work do I want to do? Where do I want to go to school? Career readiness also requires
that they attend a (two-year) community college, four-year college, or university.
More Tests
The 2018-2019 college year begins in late August
(of 2018). If your child will be attending a four-year college or university, they’ll
probably be required to take the ACT (American College Test) or SAT (Scholastic
Aptitude Test). These tests determine how strong your child is in math,
reading, and writing (for the ACT) or in English, math, reading, and science (for
the SAT).
It’s a good idea for your child to take the ACT or
SAT more than once because while they’re nervous before taking it the first
time, knowing what to expect, they’re relaxed the second time and often perform
better. In addition, while some schools require students to include all of
their ACT and SAT scores in their college applications, most schools only
require students to include their highest scores.
Prepare
There’s a simple way for your child to perform
better on the ACT or SAT—take practice tests. There are books with practice
tests in them, and there are free online practice tests. Remember: The school
your child wants to attend will receive thousands—perhaps tens of thousands—of
applications from students around the world. Your child will be competing with
these kids. If you want to increase the likelihood your child gets accepted,
make sure they prepare for the test.
One Isn’t
Enough
Imagine your child has had their heart set on
becoming a Volunteer since middle school—what happens if their college
application is rejected! Since the University of Tennessee (UT) is a public
university, if they live in Tennessee, this probably won’t happen. But if your child
wants to attend college out-of-state, or if they want to attend a private
school (e.g., Vanderbilt), they’ll face tougher competition, and you’ll have a
higher bill.
UT accepts 76% of enrollment applications;
Vanderbilt accepts 11%. UT’s in-state tuition is about $12,000 per year, and
its out-of-state tuition is almost $31,000; Vanderbilt’s tuition (in-state and
out-of-state) is almost $45,000 per year. My point? Have your child apply to
more than one school, especially if they want to attend a private school.
How Will
You Pay for It?
Your child has decided where they want to attend college,
and they’ve scheduled the ACT or SAT (or both)—now you have to figure out how
you’re going to pay for college. If you’re like most parents, you and your
spouse can’t foot the entire bill. Fortunately, you don’t have to.
There’s lots
of money available to pay for college: grants, scholarships, and student loans.
Grants place more weight on need, and scholarships
place more weight on academic performance. Some scholarships, though, are
reserved for specific groups. The Tennessee Society of CPA Scholarship, for
example, is only awarded to students who are Tennessee residents majoring in
accounting. Students often assume they need lofty grade-point-averages to
qualify for scholarships. They don’t. So make sure your child researches them.
The financial aid packet is critical, and it
should be completed as early as possible because most schools award aid on a
first-come-first-served basis. The earlier your child applies, the better their
chance of getting money and the better their chance of getting more money. Also, by applying for
financial aid early, if your child has left some important information out or
has made a mistake, they’ll have time to submit the correct information before
deadline.
Clock is
Ticking …
The financial-aid application period began on
October 1st (2017), so if your child will need aid for the 2018-2019
school year, which will begin in August of 2018, have them begin applying now.
What’s great about the process beginning on October
1st is, you can include your 2016 tax return in the application. Since
you probably earned more in 2016 than you did in 2015, and will earn more next
year than you will this year, by using your 2016 return, you’ll have less income
(than you’ll have next year) to report. As a result, your child will have greater
financial need and will probably receive more aid.
On-the-Job
Training
Companies are desperate for talent, and in their scramble
to attract high-achieving students, they’re offering yet another way to help
your child pay for college. Work-versed learning programs like apprenticeships
and internships are more popular than ever, allowing students to earn money
while getting valuable work experience. This experience looks great on a
resume, but more importantly, it gives the student an opportunity to decide if
this is the kind of work they want to do for the rest of their life.
Conclusion
