PCACAC Financial Aid session

Do you know the meaning of the following list of acronyms? Maybe it looks like alphabet soup, but it can mean a lot of $$$ if you are on the hunt for financial aid.

FAFSA (Free Application for Federal Student AID)
EFC (Expected Family Contribution, based on ability to pay, not willingness to pay!)
COA (Cost of Attendance)
COA-EFC= Need (What the colleges base their offers on)
Pell (federal grant for the neediest students, $5550 max)
SEOG (Supplementary Education Opportunity Grant -- campus based, $3000 max)
Teach (Service linked federal grant, $4000 max, only for people willing to teach in high need subjects or schools for 5 years)
Stafford (Subsidized and unsubsidized loans, 6.8% interest for subsidized, from $5500 to $7500 max)
PLUS (Parent Loan for Undergraduate Students 7.9% interest)
CSS (College Scholarship Service, financial aid application administered by the College Board, $25 for first school, $16 for each additional school)

And the best advice: Pay attention to deadlines, because if you miss them, the bulk of the available funds may havev already been allocated to other students!

Latest Information from the PCACAC drive-through conference

This morning, the College Lady attended a one day conference at American University sponsored by PCACAC (The Potomac-Chesapeake branch of the National Association of College Admissions Counselors). It was incredibly informative, and I wanted to jot down some of the information I received to pass along to my students, and parents out there in cyberspace.

The first presenter was the head of admissions at AU. He focussed on the latest trends that he has noticed this year. As you might expect from reading the latest news, there have been more applications than ever this year. This is a combination of increased marketing by the universities, and also because of what he called "Increased Shopping Rates." I like this term because it really reflects what is going on with students... they are shopping for colleges by sending out apps far and wide, to see what happens. A lot of this ties in with financial aid, and depending on where they get the best offer (including financials)

The other thing he mentioned was that they are noticing a geographic shift in terms of the number of applications, and general population growth/demographics. High School graduation rates in the mid-Atlantic and Northeast have been fairly stagnant, but are increasing in the Western and Southern regions. With more applications coming from those regions, it has become increasingly important to balance their acceptances geographically. Because of these changes, the applicant pool has become more diverse as well. This may mean students who are a little less college savvy, and the college is working to reach out to them earlier. I am sure that this is not unique to AU.

He also mentioned that demonstrated interest from applicants is more important than ever, as admission folks weigh whether the apps they receive are from students who are genuinely interested, or ones who are just "shopping."

All in all, lots of good information and lots to think about in terms of students who will be applying for the 2011-2012 school year.

Testing Woes

At this time of year, I get a lot of questions about testing from families of Juniors. They have just gotten their PSAT scores back, and whether they are disappointed or elated, questions remain. But the families I really worry about are the ones who are NOT asking the questions, because chances are, their kids will end up taking tests late, or not taking the ones they need until the fall.

Does it really matter when you take which test? Yes and No. But before I get into timing, here is a breakdown of what the tests are, and when they are offered:

• PSAT: This exam is offered in October to Juniors in high school. It is usually paid for by the school district and administered during the school day. It is the qualifying exam for the National Merit Scholarship. Most schools in the DC area give the exam to Sophomores and some Freshmen to give them some practice with standardized tests to possibly increase scores. The scores are released by the schools any time between November and January. If you have a code, you can get the scores online at www.collegeboard.com/quickstart. These scores are supposed to be predictive of the SAT. Scored out of 240.
  
• SAT: This test is offered by the College Board most months of the school year. I recommend that Juniors take the test for the first time in January of their Junior year. Depending on the scores, they can take it a second time after a prep class, or prep on their own in March. May and June are back up dates, because they may conflict with SAT2 exams. Also offered in the fall. Scored out of 2400.
  
• PLAN and ACT: These exams are alternates to the PSAT and SAT exams. The PLAN is offered more often in the Western US. Both the SAT and the ACT are accepted at almost all colleges in the US... in fact I can't think of a single school that doesn't accept both. There are, however, big differences between these tests. The SAT purportedly tests intelligence, and is a trickier exam. It also takes points off for wrong answers. The ACT is a more straightforward exam and like the SAT2, it tests what the student has learned in school. It is more of an endurance test (very long) and there are no deductions for wrong answers. The test is offered in February, April and June. I recommend that students without stellar PSATs take the ACT in February. Also offered in the fall. Scored out of 36.
  
• SAT2: These tests used to be called the Achievement tests, and are now called Subject Tests. Most selective schools require at least one, but can ask for up to 3 of these tests, which last one hour each. You can take all 3 in one morning, usually in May or June, as your yearlong class is ending. I recommend that students taking AP exams take the SAT2 exams in the same subjects in May. If that date is a problem, then June is fine. It doesn't hurt you to take these exams, because you don't have to send the scores. Also offered in the fall. Each test is scored out of 800.
  
• AP and IB exams: These exams are offered during the week through the high school, and can be paid for, or can cost up to $80 per exam. They are for advanced placement, and the scores from Junior year or early can bolster admission. APs are scored out of 5, IBs are scored out of 7.

So, does it matter when you take them? I think that taking the exams early in the Spring of Junior year is the best time. It gives you a baseline on which to build your college list, and can indicate whether a student might benefit from test prep. Not every student needs to take a prep class, but some prep is always a good idea. Don't wait until May or the fall to take the exams for the first time. The stress of prepping for finals as well as the standardized tests can be too much. Also, if you want to take it again, waiting until the fall is just too late, and in the fall, students should be focused on finishing up their applications, not trying to raise their scores.

On the other hand, the SAT2 exams don't need much if any prep, and should absolutely be taken in May or June when the information is fresh in the student's mind.

To lower stress and maximize preparation time, consider starting early and spreading out the exams...