Need Financial Assistance for College?
There is no question that college will look much different this fall. Many students will be attending online school and many universities will move to online or hybrid classes. While it is hard for many to justify the cost of college if they aren’t getting the benefit of meeting with professors, learning will still continue. It is a time of uncertainty for schools and universities across the nation with the impact hitting everyone.
Whatever the student’s choice is for learning this upcoming college semester, tuition will still be charged. How will students and families continue to pay the extravagant college costs when many are unemployed or struggling to make ends meet? It is a dichotomy for sure. There is a bit of welcome relief in this time of economic challenge.
While I am not an advocate of student loans, if you must take out a student loan, there is good news for you.
Interest Rate Drops for College Loans to Historic Low!
We have good news for you! Experts predict that on July 1, 2020 the interest rate for college loans will hit a historic low. The 2020-2021 federal direct loan interest rate for undergraduates borrowing is just 2.75%, down from 4.53% in the 2019-2020 school year.
Scholarships Are At An All Time High!
With many people having financial stress during this time, others are feeling extra generous and are sponsoring scholarships for students to take advantage of. I recommend you use a Scholarship Database such as Imagine Scholarships to help you easily find, organize and obtain scholarships in an easy and efficient way. Using a service like this has a small monthly fee but a big overall return and can save you thousands of dollars in the long run.
It is hard to predict but I think it is a reasonable concern to consider that many universities and schools will experience losses in their endowment and operating funds which could drastically alter they amount of financial aid they offer to students. This would in turn push the burden of the cost down to the student who will likely need to pay for their tuition with scholarships and loans.
College Coaching Can Help You Save Money.
In addition, using a college coach can help you in the admissions and financial aid process. This is a smart investment during this time. College Coaches can point you towards schools with tuition that is in your price range and help with a long term affordable plan to get the student through to graduation.
In fact, schools are making efforts to help students and families as they can.
Many Students Are Returning to Small, Local Universities.
While many families are facing lay offs and a decrease in hours, many families are encouraging their student to forego the cost of living away from home and instead take courses at their local community college while living at home. While this is smart idea for many, it is critical to know about the course transfer equivalencies to make sure the student can get back on course with their education after the current financial and health issues are resolved.
Changes to Admissions Process for College Bound Students
Many schools, including most Ivy League Schools have waived the SAT / ACT testing scores as a part of the admissions process for 2020-2021 applicants. This is welcomed news by most students.
On Monday night, Harvard University announced it will not require test scores from applicants for fall 2021. That echoed earlier one-year test-optional declarations from Cornell, Columbia, Yale and Brown universities, the University of Pennsylvania and Dartmouth College.
“We understand that the COVID-19 pandemic has created insurmountable challenges in scheduling tests for all students, particularly those from modest economic backgrounds, and we believe this temporary change addresses these challenges,” Harvard said in a statement.
As of Monday night, Princeton University appeared to be the lone Ivy holdout. Stanford University’s dean of admissions and financial aid, Richard Shaw, said his school will consider an application without scores if the pandemic prevents a student from taking the SAT or ACT.
While many are supportive of this, it will complicate the admissions process even further as the other parts of the application will become weighted heavier.
Essays
Resume / CV
Community Service
GPA
These components of the application will become even more critical as the new admissions process begins to unfold. It is during these times that you will find the help of a college coach most beneficial.
Enlist the Help of a Financial Planner Who Specializes in College Planning
Another excellent idea is to enlist the help of a financial planner who specializes in college planning.
Imagine College Coaching has worked with Financial Planner, Lindsey Sharpe for many years. Her expertise has helped many of our students and families over the years as they have found a plan that worked for them in paying for college.
Take Advantage of Resources to Help Pay for College
There are many helpful resources as you begin to build a plan for paying for college.
Start with the financial aid office at your school, enlist the help of a college coach, apply for scholarships and meet with a financial planner to get started.