10 Items You Should Research Before Ever Committing To A College
High school juniors will begin to look at colleges soon and some of the key factors that these students will look at in their college search is 1) the looks and size of the campus, 2) the quality of campus life, 3) the honors and study-abroad programs, 4) fraternities and sororities, and 5) the sports programs. However, before the student makes a commitment to any college, here are ten other areas to consider:
1. The number of course requirements
Course requirements vary widely from school to school. You don’t want to find yourself mired in courses that don’t interest you, while you’re unable to take electives in the areas that do interest you.
2. The flexibility of course requirements
Schools that require specific courses can put you in a bind if you’d rather take more advanced courses, or if you need to take more remedial courses, to fulfill that requirement. Be sure to check that the school allows a choice of course levels to satisfy the various requirements. Also, keep in mind that many top professors avoid teaching required courses that route hundreds of students through the course.
3. The availability of your college major
Never assume that your college of choice offers every possible major, especially if you have a very specialized major in mind. It’s critical to check the list of majors at each college. At certain colleges, some majors are not open to all students, especially those majors that require talent or training (music or art), or those majors that are extremely popular (psychology or journalism).
4. The availability of your desired classes
In the past few years; college enrollments have risen, but the faculty size has not grown commensurately. As a result, there may be very long wait lists for some classes and shortages in first-year classes for students who did not register on the first possible date. Be sure to check the availability of your desired courses before sending in your acceptance letter to the college.
5. The availability of professors teaching the course
At many state universities, a significant number of instructors are graduate students. It’s important to know how much of your instruction, especially in the first years of college, will be designated to graduate student teachers. It’s ok if a regular professor gives the lectures and the grad student leads discussion sections; however, the real issue arises at schools where grad students are allowed to teach entire courses on their own.
6. The student/faculty ratio
If you attend a school with 10 to 20 students per faculty member, you’re likely to get a lot of individual attention from the faculty. Once the number of students per faculty member goes above 20, you may not get much hand-holding from a professor.
7. The percentage of students who graduate
A school with a graduation rate over 80 percent is good and a graduation rate of 60 to 80 percent is quite normal; however, a school whose gradation rate is under 60 percent is not good. Also check out the average time a student takes to receive a degree. You may want to avoid schools whose students take an average of six to seven years to graduate.
8. The quality of the career placement department
Very few students even think to ask about the career placement department, but this should be a key item on your checklist assuming the student would like to graduate with a job. Students should ask questions such as, what job placement services are provided by the placement office, what percentage of graduates will be employed prior to graduation, and which companies and organizations recruit your graduates?
9. Are you required to take computer–taught or on line classes
To save money, some colleges use computer programs for course instruction, or have their lectures posted online, rather than use live instructors. It’s the new do-it-yourself method of instruction, which may not be the best learning experience for the student.
10. The total cost of college
If you plan to attend college then you should know up front what the total cost of college will be to get a degree. The student should also research any opportunities to receive financial aid to help offset that total cost. You will need to find the answers to questions such as, how does the college financially reward a good student, what forms are used by the college to determine financial aid eligibility, what non-need or merit grants and scholarships are available from the college, and what is the average debt incurred by each student upon graduation?
How can a student get this much needed information from the various colleges? Check out the college guides and the college websites themselves. Ask admissions officers, students, and recent graduates of the schools. Send e-mails to the appropriate college contacts. Regardless of how you get this information, it is very important in order to make the best possible college choice and get the most out of your college experience.
The author of this newsletter is Chuck Reilly.
If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.
The Perfect Storm – Retirement vs. College
The current recession is stirring up a perfect storm for college bound families - how can you pay for college and still continue to fund your retirement?
Most colleges continue to raise their tuition because there is less money being given to support higher education from the state and federal governments. As a result, more students must turn to loans as a major source of funding for college. Yet, taking on the responsibility of an $80,000 or $150,000 loan is very difficult for most lower– to middle– class families who are already strapped for cash.
However, if you are the parent of a college bound student, the cost of college may not be the biggest financial issue you face today. You could be missing the big picture! Consider these facts:
- The youngest baby boomer is now 45
- The oldest baby boomer is now 63
- The average age of parents with college bound kids is 40-45 years old
Now fast-forward 20 years down the road when today’s parents with college bound kids are 60-65 and they want to retire. At that time the majority of Boomers will be 70-80 years old. Consider this:
- Will you still be paying off education loans over the next 20 years?
- Will college costs keep you from adequately funding your retirement?
- Will Uncle Sam need to tax your 401(k) at higher rates to cover the older Boomer’s old age benefits?
- Will you have enough money to outlast inflation if you live to age 90?
These are all tough questions to face in this tough economy. If you are a parent facing the college vs. retirement dilemma, you really should take the time to put some simple numbers together - to see if college costs will force you into a lower standard of living during retirement. If these numbers don’t add up because your current retirement fund has taken a hit this last year, then you need to seriously think about building a new retirement plan now, with college expenses built into it. Give us a call. We can help!
Private Colleges Must Work Harder To Lure New Students
This down economy finds many private colleges working harder to fill their freshman classes. A $50,000 per year private school tuition – even for such a prestigious school as say Carnegie Mellon – is a harder sell to students who may also have the option of paying less than half that to go to a prestigious state school. As a result, private school leaders are worried about declining enrollment and are making new efforts to help students whose families otherwise might not be able to afford tuition because of the recession.
Schools with a recognizable brand name and a big endowment, like Harvard or Yale, can offer free or heavily discounted tuition. But the challenge is much greater for smaller schools without the big endowments. Last year, many of these smaller schools had to sweeten their offers of financial aid. Some schools have already frozen tuition for next year and increased aid at the same time. If you are a high school junior who plans to attend college in the near future, do not rule out private colleges because of cost. You may be pleasantly surprised that some private schools will offer better deals than public schools for the school year 2010-2011.
The author of this newsletter is Chuck Reilly.
If you have any questions about the information contained in this newsletter, or any questions about college funding in general, please contact our office.
College And Retirement – The Perfect Storm
When it comes to the affordability of colleges and universities, there is a perfect storm brewing. There is more money being charged for tuition and less money being given to support higher education from the state and federal governments. With the price of everything going up by the day, colleges and universities have no choice but to raise tuition. As tuition continues to rise, more students must turn to loans as a major source of funding for college. Taking on the responsibility of an $80,000 or $150,000 loan is a deterrent to most lower– to middle– class families already strapped for cash.
However, most people are missing the big picture because their retirement is much more imminent than college costs? Consider these facts:
The youngest baby boomer is now 44
The oldest baby boomer is now 62
The average age of parents with college bound kids is 40-45 years old
If you fast-forward 20 years from today when parents with college bound kids are 60-65 and they want to retire, the majority of older Boomers will be 70-80 years old. Consider this:
Will you still be paying off education loans over the next 20 years?
Will college costs keep you from adequately funding your retirement?
Will Uncle Sam need to tax your 401k at higher rates to cover the older Boomer’s old age benefits?
Will you have enough money to outlast inflation if you live to age 90?
In today’s hard economic times, you need to take care of both College and Retirement.