The Insider: College Admissions Advice from the Experts

‘Tis the season for college finance, and last week’s episode of Getting In: A College Coach Conversation, was chock full of great information about paying for college.

Last week’s episode of Getting In: A College Coach Conversation was a special and exceptionally useful opportunity to get advice straight from those who know the college search process best: two first-year college students!

With all of the media attention recently about President Obama’s executive order requiring the use of prior-prior year income and the changes it will bring to the financial aid application timeline, we thought this would be a good time to step back and present what the college finance timeline should look like for this year’s seniors. It hasn’t changed!

As former financial aid administrators, my colleagues and I experienced firsthand how unprepared some college students were when it came to financial matters. Whether it was managing their paycheck from on-campus work, understanding the impact of future borrowing, or balancing a checkbook, many of our students were overwhelmed and unfamiliar with basic financial concepts. As a parent of a college student and a recent college graduate, I also understand how challenging it is to teach financial skills in the midst of our busy lives.

We’re happy to share some important news from the U.S. Department of Education. Beginning Sunday, May 10, they will be implementing a new Federal Student Aid User ID system, which will replace the 4-digit PIN. The PIN was used by students and parents throughout the financial aid process to:

It’s after January 1, and if you are a high school senior, you and your parents will be completing the 2015-2016 Free Application for Federal Student Aid (FAFSA) very soon (if you haven’t already!). The FAFSA is a centralized application that allows you to complete the form and send its results to up to ten schools at a time.

There’s a new set of college rankings on the scene, and the finance educators at College Coach are pretty intrigued by them. Created by Money magazine, the focus of the rankings is on the financial aspects of a college education including how much you might pay at different colleges and how much you might make after graduation.  The three categories they use to construct their rankings are quality, affordability, and outcomes. You can read more about their methodology here.

Part Two: What questions should I ask about financial aid on my college visits?

Last week we told you how to begin researching the financial aid practices of colleges you plan to visit. This week, we provide you with questions to ask an admissions or financial aid counselor that will help clarify your understanding of their processes. (Note: It’s usually not a good idea to ask these questions of student tour guides, as they will not be as well informed about school financial aid policy.)

Part One: Do your finance homework before making college visits

The car is packed and you’re ready to hit the road for a summer tour of colleges with your soon-to-be high school senior. While your student is checking out the majors offered, the size of the dorm rooms, and the quality of the food, you’re probably wondering about the price tag.  Unfortunately, you can’t learn your exact “bottom line” at a college until your child’s senior year when he or she applies for college admission, scholarships, and financial aid. However, the initial college visit is a perfect time to collect information about financial aid and pricing practices, and to establish a general idea of the aid your student might receive.