by Tom O'Hare | Jun 18, 2022 | College Admissions, College Planning, Post College Matters
|We congratulate our graduating seniors, high school and college, as the school year ends. The Class of 2022 and their younger classmates have overcome unprecedented personal and academic challenges. They have championed through and demonstrated resilience and determination. Parents, educators, and members of the family support network, we thank you for the gifts you provide to the lives of your children and students.
Special shout out to Mariana, Hannah, Michael, Franklin, Brooke, Derek, Celeste, Jack, Cameron, Sofia, and Valerie. You are all going to be very successful in September and throughout your four years of college.
The journey is still underway. Take time to break, relax and recharge, but don’t lose the momentum from the spring. Here is my summer 360-degree FAMILY planning checklist:
- If you do not have a job lined up, look to your resources and network for introductions and help to schedule informational meetings. Relationships and contacts created through the likes of LinkedIn, friends, and relatives can make your job searching process quicker and easier.
- Leaving college with educational debt means repayment begins in November. Use the early summer months to learn the rules of repayment and your loan benefits to effectively prepare to manage your loan obligations. Don’t forget to create your new financial and lifestyle budget.
- If the following steps are a graduate school, find your path and start the application process (again).
Returning College Students
- Take a minute or two to investigate your financing plan for years two, three, or four. Is it set in stone, or are modifications and changes needed? If needed, schedule a meeting with financial aid to discuss changes to your family’s picture and the potential need for more assistance.
- Spend time researching scholarships. Yes, private philanthropic donors set aside funds for returning college students. Not hundreds, but maybe for you. Sign up for Pivotal College Years and download a copy of their Scholarship Workbook – www.pivotalcollegeyears.com
- Need help academically? Hire a tutor/coach to boost your academics
Incoming First-Year College Students
- Complete the tasks and assignments required by your college or university. Many of these responsibilities are explained at the orientation or found in the student portal. Final transcript, immunization records, course selection, and resolving tuition bill payments are some of your to do’s
- Find a job or continue to work where you were during high school. Spending money will be needed during the years.
- Tuition bills are coming – step back and review your financing strategy to ensure the resources you plan to use are still possible.
- Keep reading and learning – especially for young men
High School Students
- Rising seniors, you should be focused on perfecting your college list, kick-starting your Common Application, continuing your communications with your schools, and brainstorming for your essay.
- New 8th to 11th-grade students, your focus varies but should include frank and realistic conversations regarding setting goals and expectations, the ability to finance college, and the type of education path ahead.
- These are challenging discussions but a must. The rules for admissions and financial aid have changed. Understanding the rules and how they apply to a student and a family’s needs is critical.
- Visit Pivotal College Years or your high school website to download grade-level checklists that outline the college planning process’s over 150 tasks, responsibilities, and activities.
|Don’t Wait …. Show Your Interest
Today, college-bound 11th-grade students need to introduce themselves and work to educated schools of their interests and academic and personal talents. It’s no secret that colleges and universities purchase students’ names and information. Part of their sophisticated enrollment management plans to target prospective students. But receiving an email or glossy brochure does not define a relationship. Using digital and traditional communication methods, students need to step forward, build relationships, and raise awareness about their interests. It’s critical in today’s college recruitment environment.
Education Loan (New) Interests Rates
U.S. Department of Education released the 2022-2023 interest rates for the Federal Direct Student Loan Program. The rates are effective as of July 1 for 2022-2023.
- Direct Student Loan for Undergraduate students – increase from 3.73% to 4.99%
- Direct Unsubsidized Graduate and Professional students – increase from 5.28% to 6.54%
- Direct PLUS* Loan for Parents of Dependent Undergraduate and Graduate students increases from 6.28% to 7.54%
- The Origination Fee charged at first disbursement is 1.05% for Direct Subsidized and Unsubsidized Loans and 4.22% for Direct PLUS loans.
Keep in mind that the Federal Direct PLUS Loan is credit-based and not automatically available as it may appear on some college financial aid award letters. Although credit eligibility is considered less stringent, applicants can’t have an adverse credit history.
Add a copy of the Practical Funding Workbook from Pivotal College Years to your resource library.
|Check out the robust online library of information covering a wide range of topics, before, during, and after college. Resources include videos, PDF downloads, Workbooks – College Essays, Hunting for Scholarship, and other reference information on everything college. College Planning shouldn’t be complicated, intimidating, or expensive.
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