moneylaunchmykid.com

Eeny...Meeney...Miney...Mo

Eeny...Meeney...Miney...Mo

Ohio State or Oberlin? Middlebury or MIT? Gonzaga or Portland State?

The decision process for next year’s college students is well underway and, this year, the decision is smudged with the green crayons of tough economic times. Everyone, families, students and colleges seem to be willing to color outside the usual lines.

An extensive national survey revealed late last week that opportunities for admission have shrunk at community colleges and the adacemic high-end schools, and that, this year, there is great opportunity in the great mid-range of colleges and universities, which are finding themselves in greater competition for students. Competition, of course, means that an opportunity for renegotiating your aid package may exist, but it also means that you may have more choices than you thought.

Here are six things to re-evaluate and discuss with your son or daughter.

1. $$$$$. Let’s face it, this factors in big-time this year. Even with financial aid, some schools may just be out of reach given your personal finance situation. Honesty with your child about money is okay. They know anyway. Affordability, four year affordability, should be a guiding principle. Use this great comparison calculator from FinAid to evaluate aall costs from each school you’re considering.
2. 60,000 0r 6000? It is surprising how often the size of the school is ignored. It’s unlikely that your student appreciates the very real differences between small and large schools. Things like class size, academic and social opportunity sheer campus logistics should be discussed. Use the web.
3. ABCs. Everyone wants a school with strong academics, one that has a bit of heft after graduation. Though often assailed as a way to pump magazine sales, the U.S. News college rankings report is a good overall sorting mechanism.
4. Snowboard or Surfboard? There are many stories of kids who left college because of the weather or, more specifically, the climate. Don’t send your cool kid to a school in the desert, or your hot-weather athlete to Mile-High U. Be careful on this tip. It is often ignored with predictable results.
5. Party or Preparation? Let’s face it, college will only be as great as the person attending it. If you want to party through 4 years, there is not a school on the planet, except maybe in North Korea, which will not accommodate your wish. Having said that, there seem to be some distinct advantages to attending a small, liberal arts college. A sense of community and small class size certainly seem to contribute to one’s personal growth, and sense of self and achievement. Tougher to pull off at the mega-schools. Check your kid’s maturity level.
6. Stanford or Montana State? Parental anxiety over the “prestige” factor matters…but only to those parents. Ignore the competition. If you want to help your child do well with his or her degree, helm him or her focus on internships and work experience, real world stuff. And, anyway, you can often be fooled by misplaced prestige anyway. Montana State is among the national leaders in Phi Kappa Phi and Goldwater Scholarships, and has a very fine academic and “best buy” rating by US. News Report (and better skiing :).

So…good luck on that decision