<p>We are in such a different time as a nation financially from where we were even 5 years ago. So, I'm curious over here, as a parent with one child who will be entering college hopefully, next year. If your child is now in college, what tips, ideas, planning, etc., you wished you might have known by their high school senior year; or what tips, ideas, planning, etc., did you use to get what you consider to be the best financial aid package for your child?</p>
<p>Thanks!</p>
<p>I wish that I had NOT listened to the guidance counselors at my D’s high school. I would have started the process of looking into colleges a lot sooner than they guide students. We never realized how important the PSAT was in the whole game, which I wish we had known ( I had taken it after my SAT’s back in the day, and took my SAT’s as a sophomore). I also wish that I had insisted my D look into schools in other locations to find more schools that could have suited her. She stuck to wanting schools just in two large cities. Most of all, I wish I had known just how much more competitive the whole process is than when I was going through it for myself. It’s a whole different game now, with so many more students going to college. Even our state flagship, which was always the school a decent student could count on attending, is no longer a sure thing for in-state kids. Luckily, my D found a great school, but she has friends who are great students left with no options because they only applied to 3 or 4 schools they thought they were qualified for, but got waitlisted or denied by all of them. Talk about shattered dreams!..
I also wish that we hadn’t been so sucked into the “brand name” thing, and had been more knowledgable about schools where my D didn’t just meet the middle 50%, but was toward the top stats wise. That IS exactly what ended up happening with the school she ultimately chose, and they gave her such great scholarships and grants that it will cost the same as one of the state schools she was considering. With so many schools having honors programs now, every school has something to offer even the “ivy league” qualified student, if you want to set yourself apart. I had to get over my own “academic snobbery” to realize that huge, overwhelming debt just isn’t worth it. It’s what you do at the school you attend that matters, no matter what school you choose.</p>
<p>I wish that I had NOT listened to the guidance counselors at my D’s high school.</p>
<p>LOL…so true…especially if there are financial issues to be concerned with.</p>
<p>GCs can look at Naviance and similar systems to guess whether a child might get accepted, but GCs don’t do a good job dealing with the “paying for college” aspect…(GCs often do a TERRIBLE job in this aspect). </p>
<p>GCs either think that parents can’t “just write a check”…or that colleges will give what is needed. Both scenarios are often wrong. Some parents have EFCs that are too high…and MOST schools don’t meet need.</p>
<p>Since most schools do NOT meet need, to get the best FA and merit scholarship package, it’s important to apply to some schools that give good scholarships and good aid…where your child’s stats are very high for the school…like in the top 5-10% for the school. </p>
<p>What are your child’s stats? If they are something like…ACT 32 or SAT 2140 and a 3.75 GPA…then apply to schools that give merit and/or good FA where those scores are very high.</p>
<p>Many schools participate in what’s called “preferential packaging”…which means that best aid/merit packages go to kids who have stats that the school desperately wants. </p>
<p>Also…fairly determine what you can afford to spend. </p>
<p>Unless you have savings to draw upon or will take out Parent loans… for every $6k per year that you can spend on college each year, you have to have about $500 per month from current income to contribute. </p>
<p>Since your child is a rising senior, you can kind of use this next year as a “test case” to see how much money you have each month to put towards college. :)</p>