Category Archives: College Planning

Apartment Hunting, College Planning

The Skinny on Roomies

Shacking up with roommates can be either as fun as summer camp or as bad as the worst moments of Jersey Shore.  It’s good to lay out the pros and cons of taking on roommates before putting your name on the dotted line.

Pro: Cha-Ching!
The more bodies in the room, the lower everyone pays individually for rent.  You boost your buying power and can live in better digs for a lower price if you get roommates.  The savings just keeps coming, including on utility bills, groceries, furniture, and other apartment-related expenses.  According to the Boston Globe, a two-bedroom apartment in the Back Bay now rents for $2,857 a month; in Jamaica Plain, for $1,536. 

Con: “Dude, I’m broke.  Can you hit me up next week?”
Everybody paying their share sounds great in theory, but in practice you might have to browbeat your roommates to get the bills paid.  Get stuck with a deadbeat roomie and you could end up evicted.  Definitely a bummer!

Pro: Pitching in
Nothing sounds sweeter than realizing it’s not your turn to do the dishes.  If everyone does their bit, there’s more time to play.  And when you bring someone home, you can blame the dirty dishes on your roommate, so you don’t look like a complete slob.

Con: “There’s mold on your dishes, man.”
Your roomie might have been raised in a barn, and have a problem with keeping things clean.  You might find yourself fuming while you’re scrubbing a roommate’s breakfast bowl before you can have dinner.

Pro: Instant Party?
No more lonely Friday nights.  You always got someone to watch a show with, or complain to.

Con: “Dude, privacy, please?  I’m in the bathroom.”
With a roomie, you are never alone.  Things can get awkward quick if they’re bringing someone home every night while you’re cramming for a Pre-Calc. exam.  With a roommate, you lose your fortress of solitude forever.   But then again, how much privacy do you have in a dorm like Warren Towers at BU?

The Lowdown:
Picking the right roomie makes all the difference.  Make sure you get someone who’s responsible and compatible before you start to find an apartment.

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Budget-Friendly Ideas, College Planning, Finances, Housing Advice, Student Life

Cutting College Housing Costs

College can be expensive; as we’ve seen in the news recently, there are a lot of students struggling once they leave school to pay back their loans.  This is why as Mark Kantrowitz explained in our College Financial Planning series that it is important to try to cut costs where you can.

Campus housing may be one of these expenses that you consider to cut when you’re evaluating the cost of attendance. In an article we read by Emily Driscoll at Fox Business, she explains that these costs can place a great deal of financial stain on families.  In fact, according to College Board reports, the average cost of room and board for four-year public universities is $8,887 and $10,089 for private schools.  This is why we’ve put together a list of different options for students and their families looking to cut housing costs and save some money.

Compare housing packages.  According to Driscoll, if you’re looking for cheaper on-campus housing options, you may want to look at residence halls with fewer amenities or those that are further away from campus.  We also suggest choosing housing where you share a room, as this will also reduce the cost.

Choose the meal plan that fits your needs.  In another article we read by Kim Clark and Beth Braverman at CNN Money, they suggest choosing a meal plan option that fits your habits.  Often students won’t eat at the dining hall for every meal; they will either just go without eating or eat a light snack for some of their meals.  Therefore, it can be a waste of money if you’re not eating at the dining hall for those meals.  If you never eat breakfast or you don’t each much, you may want to choose a cheaper plan, as this will reduce your room and board costs.

Work in a co-op.  According to Driscoll’s article, many universities offer co-op programs that allow students to receive reduced housing costs while they work a service job on campus. If you’re looking to save money, it is certainly worthwhile to check out your school’s website to see if they offer a program like this.

Check out off-campus options.  In some cases, off-campus housing may be less expensive than on-campus options.  Especially if you live with roommates, it may help to reduce the cost of housing while you’re in school.  While your school may not live off-campus during your freshman and sophomore year, you may want to evaluate your off-campus options your junior and senior year.

However, when you are evaluating these options, it is important to factor in the cost of food, gas/transportation costs, and utility costs into the price of off-campus housing.  You should then contrast this to what you would spend living in the dorms and eating in the dining halls.  This will give you a better sense of how they differ.

Live at home.  Perhaps the most budget-conscious decision could be to live at home, if you live close enough.  That way there won’t be an added room and board cost to factor in.  The only added expense you will really have here is gas or transportation costs.

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Ask the Expert, College Planning, Finances

ASK THE EXPERT: College Financial Planning, Part 5

For the last part of our college financial planning series, we wanted to know what students should consider when they are repaying their loans and what they should do if they have accrued a large amount of debt.  We once again spoke with Mark Kantrowitz, publisher of FinAid.org and FastWeb.com, to help us answer these questions.

The first thing Kantrowitz advises is that if a student can make the required monthly payments and accelerate their payment of the loan, then they should consider making extra payments on the loan with the highest interest rate (after making the required payments on the loan). While not everyone can do this, students who can will pay off their loan earlier, reduce the interest accrued on the loan, and ultimately save a significant amount of money.

If a student runs into financial hardship and is unable to make their monthly loan payments, Kantrowitz advises students to speak with their lender immediately to find out their options.  For federal loans, in particular, there are a variety of options that will help them to continue to make payments without causing too much financial strain.

The first option for federal loans is a temporary suspension of repayment, such as a deferment or forbearance.  Kantrowitz explains that this is an option best suited for those who experience temporary or very short-term financial hardship, which could include things like short-term job loss, mental leave, maternity leave, etc.  The problem with this option is that the interest on the loan will continue to accrue on at least a portion of the loan, which will increase the size of the loan.  However, Kantrowitz explains that this will not be a major problem should one require this assistance for only about 3 or 4 months, as not much interest will have accrued over that time.  He advises that students not extend this type of assistance for much longer than that, and explains that this type of assistance will also have only a 3-5 year limit (depending on whether it is a deferment or forbearance).

For those requiring more long-term assistance on their loan, Kantrowitz advises students to choose an extended or income-based repayment plan. The extended repayment plan will reduce the monthly loan payment by extending the term of the loan.  For example, if a 10-year unsubsidized Stafford loan’s repayment term is increased to 20 years, this will cut the monthly loan payment by one-third.  However, Kantrowitz explains that this will also double the interest paid over the term of the loan, and will ultimately increase the total amount you pay on the loan.  “The longer the term of the loan,” says Kantrowitz, “the more you’ll pay.”

The second long-term option for repayment would be the income-based repayment plan.  This repayment plan will base the monthly loan payment on 15% of one’s discretionary income.  According to Kantrowitz, discretionary income is defined as the amount by which one’s income exceeds 150% of the poverty line.  Therefore, if your income is below that amount, your monthly loan payment would be $0.  However, this option also extends the term of the loan and can end up increasing the amount you pay over time.

According to Kantrowitz, there are a few benefits to choosing the income-based repayment option.  He first explains that this is a good safety net should one run into financial difficulties and become unable to make monthly loan payments.  This option is also beneficial in that after 25 years of repayment, all remaining debt will be forgiven (a feature not offered by private lenders).  In fact, a new version of the income-based repayment will reduce the percentage of discretionary income charged from 15% to 10%, and it will shorten repayment from 25 to 20 years before the remaining debt will be forgiven.  Kantrowitz also explains that should one work in the field of public service [jobs such as a teacher, public defender, prosecutor, member of the military, city, state, or federal worker, or for any 501(c)(3) charitable organization], then all remaining debt will be forgiven after 10 years of repayment.

According to Kantrowitz, students should avoid defaulting on their loans as this can greatly limit their options.  In fact, in many cases, it will actually get much more difficult to repay the loan as there are many ways in which the debt will continue to be collected.  One way in which this is done is through a wage garnishment of up to 15% of total discretionary income.   This can also be done through the interception of federal and state income tax refunds.  On top of this, there will also be an increase of the term of the loan by almost 100%, in that 25% of each payment made (whether voluntary or involuntary) will be used to pay collection charges.  Therefore, a student will not only have to pay off the principal of the loan and the interest, but also the collection charges that come with defaulting on the loan.

Overall, there are things students can do before they run into trouble paying back their loans.  As mentioned previously, talking to one’s lender is perhaps the most important step whenever they are experiencing financial difficulties or hardship.  While their options may increase the amount they pays on the loan, it will prevent students from both going into significant debt and forcibly making payments on their loans.  By choosing to repay loans in these ways, students can greatly limit stress and misfortune by repaying their loans in the way that is right for them.

 

 

 

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Ask the Expert, College Planning, Finances

ASK THE EXPERT: College Financial Planning, Part 4

For the fourth installment of “Ask the Expert: College Financial Planning” series, we wanted to know how college housing choices effect financial aid decisions. To find out more, we spoke again with Mark Kantrowitz, college financial planning expert and publisher of FinAid.org and FastWeb.com.

According to Kantrowitz, room and board are factored into the cost of college attendance, making it an expense covered by a student’s financial aid package. If a student chooses to live on-campus, their room and board would be based on the dormitory fees and the standard meal plan fee. If the student chooses to live at home with their parent(s) or guardian(s), rarely will they receive any financial aid for their housing accommodations.

If the student lives in an off-campus property (other than at home), the student will be afforded an allowance within their financial aid package to cover the cost of their housing. However, this price will be an arbitrary average rent price that is based on occasional rent surveys, and as Kantrowitz explains, universities are very reluctant to change these figures once they have been set. This means that if a student chooses to live in a property that is more expensive than the housing allowance, the university will not alter their allowance to accommodate the greater price. The only circumstances in which Kantrowitz sees this change being made is when the student has extenuating circumstances, such as a disability or having a dependent, which would require them to choose a more expensive residence.

For this reason, Kantrowitz advises students to try to stay within their budgets when it comes to off-campus housing. He explains “Just because you have an allowance that says you can pay up to this amount per month for rent, doesn’t mean that you should spend that amount. This is because in most cases the money that you’re spending on your living expenses is going to come in the form of loans, not grants.” By spending up to the allotted amount or above that amount, this will not only increase the student’s expenses per month, but it will also increase the amount of debt the student will have to pay off when they graduate.

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Ask the Expert, College Planning, Finances

ASK THE EXPERT: College Financial Planning, Part 3

For the third installment in our college planning series, we wanted to know what were some of the biggest issues encountered by students when applying for financial aid.  Once again, we spoke with Mark Kantrowitz, publisher of FinAid.org and Fastweb.com and expert on paying for college, to give us his perspective on this issue and how students can maximize their federal student aid.

According to Kantrowitz one of the major problems he identifies is that students often do not fully understand the reality of the loans they receive.  Kantrowitz explains that students will sign their name to a loan so long as it enables them to fulfill their dreams.  Many believe that they will figure out how to pay back the loan when they graduate from college.  However, this is a major problem, explains Kantrowitz, as it is much more difficult to figure out how to pay back the loan after you have incurred that cost, rather than before.   He urges that “If you’re choosing a college and your dream is to study a field that doesn’t pay very well, you need to make sure you borrow less to match your expected income when you graduate.”  While this could mean going to a cheaper school, it could also mean just limiting other costs while attending school.  Kantrowitz suggests buying used textbooks, selling textbooks back to the bookstore, taking fewer trips home, and eating out less.  He advises  “You have to live like a student while you’re in school so that you don’t have to live like a student after you graduate.”

Another major problem Kantrowitz identifies is that student often will not file their Free Application for Federal Student Aid (FAFSA) early enough, and will consequently receive less financial aid.  Instead he urges students not to wait until they have filed their income tax information, but rather file their FAFSA based on projected income information and their previous income tax information.

To maximize financial aid with FAFSA, Kantrowitz urges students to be aware that income is weighted much more heavily than assets, and assets in a child’s name count much more heavily (about 20% are counted against aid eligibility) than those in the parent’s name (5.64% or less is counted against aid eligibility).  He explains that if you currently have a Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA) account to help save for college, you may want to consider moving the money to a custodial 529 college savings plan account.  Kantrowitz advises that this is the most tax advantageous ways of saving for college, and that this will help students to maximize the financial aid they receive.

By saving, being frugal and being mindful, Kantrowitz explains that students can make the most of their experience, while still being able to afford college.  It is important that students stay informed when it comes to paying for college so that they may make decisions that are right for them.

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Ask the Expert, College Planning, Finances

ASK THE EXPERT: College Financial Planning, Part 2

For the second installment of “Ask the Expert:  College Financial Planning” series, we wanted to know what types of loans are available to students, and what are the distinctions between each of these types.  To find out more, we once again spoke with Mark Kantrowitz, an expert on paying for college, to give us the lowdown on loans.

Kantrowitz explains that there are two major types of student loans:  federal education loans and private student loans.  According to Kantrowitz, the federal loan has greater availability, better repayment plans, and is generally cheaper than a private loan.  He advises that the federal loan should be a student’s first choice when applying.  They will also be much easier to obtain in that they are offered through the Direct Loan program where students obtain federal loans through their college or university.

There are several different types of federal loans that are available to students.  The most common is the Stafford loan, in which there are two versions:  the subsidized and the unsubsidized.  According to Kantrowitz, there are a few main distinctions students should note when applying for subsidized and unsubsidized federal loans.  The first is that the subsidized version is based on financial need, while the unsubsidized version is not.  Even wealthy students can qualify for the unsubsidized Stafford loan.  Second, with the subsidized version, the government will pay the interest on the loan while the student is in school, and with the unsubsidized version, the government will not.  Thirdly, the interest rates for subsidized loans will be half of the rate (3.4%) as the rate for unsubsidized loans (6.8%) until tomorrow, in fact.  While there was a great deal of debate over how the government could afford to keep the rate the same, Senate majority and minority leaders  established an agreement that would enable the rate to remain at 3.4%.   According to Kantrowitz, this agreement will modify pension insurance premiums and drop eligibility for subsidized Stafford loans from students who are taking too long to graduate.

The other major distinction between subsidized Stafford loans and unsubsidized Stafford loans is the limit to which a student can borrow.  For the subsidized Stafford loan, a student may borrow up to $3,500 for their freshman year, $4,500 for their sophomore year, and $5,500 each for their junior and senior year.  Should the student require more aid, they may apply for unsubsidized loans.  However, there are limits as to how much one can borrow, either with a combination of subsidized and unsubsidized, or just from unsubsidized alone.  Overall, the limits are $5,500 for dependent freshmen students, $6,500 for dependent sophomore students, and $7,500 each for dependent junior and senior students.  If the student is filing as an independent, or their parents have been denied a loan, the borrowing rate is increased to $9,500 for their freshman year, $10,500 for their sophomore year, and $12,500 each for their junior and senior years.

The second type of federal loan available to students is the Perkins loan, which is given to students with exceptional financial need.  However, Kantrowitz explains that this is a very small loan program, and most students will not receive this type of loan.  Those students who do receive this type of loan will obtain between $1,000 and $2,000, on average.

The last type of federal loan Kantrowitz identifies is the PLUS loan, which is granted to the parents of undergraduates and to graduate students.  In either case, there is a 7.9% fixed interest rate, and eligibility is dependent on the borrower’s credit history. The PLUS loan also has a limit up to the full cost of education, minus any other aid received.  The Plus loan program is very popular, and only about one-fifth of those who apply will be denied due to bad credit.

While Kantrowitz explains that federal loans should be a student’s first choice, he also explains that a student may take out private loans should they require more funding.  However, Kantrowitz warns against some of the major pitfalls with private loans and denotes the differences between the federal and the private loans that should play into a student’s decision.    The first is that private loans are determined by individual lenders (not by the government), therefore these loans will vary significantly and will often have variable interest rates.  While some are introducing fixed interest rate options, this is something that students should consider when applying for private loans.

The second major consideration is that eligibility for these loans depends on one’s credit history and credit score.  In fact, Kantrowitz explains, more than 90% of these loans require a creditworthy cosigner as many students do not have any credit history or if they do, it is oftentimes very poor.  The higher of the two scores will then determine eligibility and the cost of the loan.  Kantrowitz gives us the example that if the loan has a variable rate, the interest on the loan would be a combination of a variable index plus a fixed margin, which depends on one’s credit score.  This means that the higher one’s credit score is, the less they will have to pay in interest on the loan.

Kantrowitz advises that “Your debt at graduation should be less than your expected annual starting salary.”  He explains that ideally, students should not be borrowing more than $10,000 each year for college.  If total student loan debt is less than annual income, the borrower will be able to repay their loan in 10 years or less.  Kantrowitz explains that “If your debt exceeds your annual income, you’ll struggle to repay the loan, and you’ll have to alter your repayment plan by income-based repayment or extended repayment in order to afford the monthly loan payments.”  This means that students will not only be stretching out their repayment, and therefore the amount of time they are in debt, but they will also be increasing the cost of the loan.  This means that they may still be repaying their own student loans when their children are looking to attend college.

For more information on financial aid and scholarships, visit www.finaid.org and www.fastweb.com.

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Ask the Expert, College Planning, Finances

ASK THE EXPERT: College Financial Planning, Part 1

For our newest blog series, we wanted to look at college planning and financial aid, as the student debt crisis has most certainly been a hot topic in the media recently.  For this series, we wanted to know exactly what students need to understand when it comes to financial aid, college financial planning, loan repayment, and student debt.  It just seems so complicated!

For the first installment in the “Ask the Expert:  College Financial Planning” series, we wanted to know what students should be concerned about when it comes to finances and applying for college.  To find out more, we spoke with Mark Kantrowitz, a noted financial aid and college planning author and publisher of FinAid and FastWeb, two resources for students looking to find out more about financial aid options available to them.

Kantrowitz tells us that students should ideally start looking at financial aid options as early as possible.  Often many students start looking their senior year, however, many of the deadlines have already passed.  Kantrowitz says that students looking to get scholarships should be planning for deadlines as early as junior year (if not earlier), so that they can get their applications in for those scholarships with deadlines in the fall of the their senior year.  He explains students should start considering financial aid as early as possible, as this increases the number of scholarships available to them, including those that they may earn in earlier grades.

According to Kantrowitz, when it comes to examining their options, they should weigh the cost of financial aid.  For students, he says, saving is always the better option.  “Every dollar you save is a dollar less that you’re going to have to borrow and every dollar you borrow, will cost you about $2 by the time you pay back the debt.”  It is simply the more affordable options, because when you save, you earn interest and when you borrow, you will pay interest. He gives us the example that, “If you were to save $200 per month for 10 years at 6.8% interest, you’d accumulate about $34,400.  If instead you were to borrow and pay back over 10 years at 6.8% interest, you’d pay $396/month.”  That would roughly double what one would pay if they were to save money instead.

Kantrowitz explains that students should also be aware of the actual cost of college.  He says that students should utilize a net price for college, which is the difference between the cost of attendance and just grants and scholarships.  “Think of it as a discounted sticker price.”  He explains that using this figure is a better basis for evaluating the cost of college rather than utilizing other cost evaluations.  Especially when it comes to the net price figures that schools will often provide on their websites.  Kantrowitz explains that these numbers will often include financial aid packages and loans, that do not actually lower the cost, but will rather increase the cost.

Kantrowitz also urges students to use caution with net price calculators that universities are now required to provide on their websites.  He explains that since October 2011 schools have mandated to host a calculator, however, he says that they really should only be used to determine a ballpark figure for net price.

According to Kantrowitz, there are a couple of major issues with these calculators.  The first major concern with these calculators is the number of questions the calculator has.  He says that much of the accuracy of these calculators is dependent upon the number of questions that they ask; while the standard calculator provided by the National Center for Education Statistics (NCES) contains approximately 10 questions, other calculators such as the one provided by the College Board, contain more questions.  The more questions a calculator has, the more accurate the calculator will be, he explains.  While these calculators are will mean more work for the user, they will produce much more accurate results.

The second concern Kantrowitz points out is that the age of data will play into the accuracy of the calculator.  He explains that calculators like those provided by NCES contain data that is approximately 2 years old, while those like the one provided by the College Board are current, and are more up-to-date.  In either case, Kantrowitz explains, one should use caution with these calculators and should not exclude any colleges on the sole basis of the figures provided by a net price calculator.

The last major concern Kantrowitz points to relates to the financial aid award letter.  He explains that students should be careful when they receive their financial award letter that they understand the characterization of the different awards and understand which award they were given.  “I’ve had families come to me thinking that they’re getting a free ride from a college, and when I look at the financial aid award letter I see $5,000 in student loans and $20,000 in parent loans.  That’s far from a free ride.”  Students should really do their homework when it comes to the different classifications of financial aid, so they know that when they receive a grant, they know which grant they have received and what this implies.

Overall, Kantrowitz urges students to start considering college financial aid early and often, and to do their homework when it comes to understanding the different options available to them.  He explains that students and their families should always exercise caution when it comes to financial aid and to make financial aid decisions that work best for them.

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College Planning

The “Going-Off-To-College” Essentials

Going off to college is, for many students, the first time you’ve lived away from home.  More often than not, you’ll probably be used to the comforts of home, where everything you could need is right at your fingertips.  That is why many are often confused as to what they actually have to bring when they start packing for college (so don’t worry, you’re not alone).

There’s a lot of considerations when it comes to what exactly you’ll be needing for the next nine months, so where do you start?  Well, while a lot universities will give you a basic checklist of what you’ll need, we put together a list of some of the things your school may include, and also some things they may not.

  • Microwave.  Most schools will allow you to have a microwave in your room.  You’ll definitely want to coordinate with your roommate beforehand to see who will bring what, but a microwave will be your best friend for those late night cram sessions.
  • Refrigerator.  Another dorm essential that you may want to coordinate on with your roommate.
  • Alarm clock.  In an article we read by Naomi Rockler-Gladen at Suite101.com, you will want to choose an alarm clock that is loud enough to wake you up.  You may also want to choose a battery-operated alarm clock, so if the power goes out in your building, you will still wake up in time for class.
  • Telephone.  Although a lot of students don’t go anywhere without their cell phone nowadays, you will still want to make sure that you have a cell phone with you when you move.  Rockler-Gladen says that you may also want to make sure that you have a plan that will fit your needs when it comes to making those daily phone calls to your friend in California.
  • Computer.  While a computer is not an absolute essential for college, it will make your life a lot simpler.  You’ll want to shop around for the computer that suits you best.  For example, if you’re trying to decide between a desktop and a laptop, you may want to consider where you want to do your studying.  Would you want to study in the library?  Would you want to bring your computer to class?  You’ll want to ask yourself questions like this to make the right decision for you.
  • Bathrobe.  If you’ll be living in a dorm with a bathroom at the end of the hallway, you will especially want to consider getting a bathrobe for those long walks back to your room.  Even if the bathroom is right next to your room, you’ll want to be sure that you won’t be giving your roommate a show.
  • Flip flops for the shower.  Trust us on this one:  you have no idea what is on that floor.
  • Shower caddy.  This makes those trips back and forth from the shower easier.  Pick a container that you can carry everything you’ll need in it, like shampoo, conditioner, soap, etc.  You may also want to choose one that is waterproof so that you can take it right in the shower with you.
  • Basic hygiene materials.  Although it seems obvious, you’d be surprised what you’ll forget.  You want to be sure to bring shampoo, conditioner, soap, toothpaste, mouthwash, etc.  Whatever you use on a regular to keep you clean you’ll want to bring with you.
  • Linens.  You may want to bring two sets of bed linens just in case one in is in the laundry.  You’ll also want to bring extra towels so that you don’t run into the same problem.
  • Cleaning materials.  Your best friend will be the disinfectant.
  • Medications and first aid.  You obviously will want to bring any medications you take on a daily basis.  But you also want to bring things like band aids, antibacterial ointment, antacids, cotton balls, etc.
  • Basic school supplies.  You’ll definitely need pens and pencils, but don’t forget things like printer paper, staplers, pencil sharpeners, and extra staples.  You may also want to get extra printer ink, in case you run out in the middle of printing out a paper the night before it’s due.
  • Good backpack.  Rockler-Gladen suggests that you get a backpack that you’ll be able to carry all your books and your essentials in.  If you’re bringing your computer to class, you may want to ensure that it will fit in your backpack.
  • Laundry materials.  You want to get laundry detergent, as well as a hamper and/or laundry basket to carry your clothes back and forth from the laundry room.
  • Rain jackets.  Trust us on this:  you’ll want a rain jacket with a hood.  You may also want to get a waterproof winter jacket if you’ll be somewhere where it snows.  We promise you when we say that you want to be prepared for all types of weather.  Remember that at most schools you’re classes will be in different buildings around campus.  That means that when it rains, you’ll have to walk through that.
  • Rain boots.  Again, you have to be prepared for everything.
  • Umbrella.  This is for the days where you could get away with just an umbrella, i.e. there isn’t wind accompanied with the rain.
  • Snow boots with treads.  Seems a little dorky, but trust us that you’ll need them.  If you’ll be in a place where it snows, you will want to make sure you don’t fall on your face walking to class.
  • Flashlight.  In case the lights go out or you lose something under your bed, you’ll want one of these handy.
  • Decor.  You’ll want to decorate your half of the room to remind you of home.  Don’t forget about those pictures that will get you through those long nights of studying.
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College Planning

Tips for Preparing for College

If you’re heading off to college in the fall, you may have already realized that this summer is going to be intense.  While it’s probably the most exciting time in your life, it’s also the saddest, the scariest, and the most stressful.  It’s the time of graduation parties and group outings sending off everyone who’s going off to college.  However, it’s also that time you realize you won’t see those same people everyday anymore, the time you’ll have to meet a whole group of new friends, the time you realize you’ll most likely be living on your own in the fall, and the time you’ll have to prepare for all of this in 3 short months.  It’s nowhere close to being easy, however, there are some things that you can do to get everything in order and reduce some of your stress.

In an article we read by Lynn Jacobs and Jeremy Hyman in U.S. News and World Report, they suggest some tips to get you prepared.

  1. Go to orientation.  Although it seems pointless to you now, it’s something that will really help get your prepared for what is to come in the fall.  While those “ice breaker” activities may be killer, you’ll learn some important things about your school, including how to get around campus, what the dorms look like, and where to go if you need help.  This is also the time that you’ll set up your course schedule.  This way, you’ll know what to expect come September.
  2. Surf the school’s website.  Surfing the school’s website is a great way to see what majors they offer (if you haven’t decided yet or you’re considering double-majoring), you can see what on-campus activities there are, you can see what the requirements for your major will be, and you’ll get a taste for what other courses are offered.
  3. Friend your roommate.  When you find out who your roommate will be, you may want to initiate contact with them via Facebook or Twitter.  That way you can get a sense of who they are, what they’re like, and maybe you’ll get a chance to decide who’s bringing the fridge and who’s bringing the microwave.
  4. Get some furnishings.  When it comes to dorm room decorating, it isn’t a bad idea to start thinking of the things that you’ll need and the things that will make your half of the room seem a little like home.  You’ll want to make sure to bring desk lamps and bedding, but you may also want to consider some picture frames or posters to personalize your space.
  5. Improve your mind.  You’ll want to catch up on your reading, before your professors start packing on the required readings.  Believe us when we say that you won’t really get a chance to read for pleasure once the semester starts.
  6. Get wired.  If you don’t already have a computer, you’ll want to start shopping for one.  This doesn’t mean you have to buy one now, but you may want to start looking to see what’s out there, what you can afford, and what you couldn’t live without.  You may also want to wait until late July or August to purchase a computer.  A lot of stores willhave back to school deals on computers.  This will shave some of the cost for you, and you may get some an added bonuses like repair coverage or a rebate for an mp3 player. If you’re considering getting a desktop computer, you may want to consider the benefits having a more portable computer that you could bring with you to the library if you want to study there, or if you want to bring your laptop to class.
  7. Make a deal with your parents.  To avoid future conflicts with your parents, talk to them about how often you’ll be coming home, and how often they should expect to hear from you while you’re at school.  You may also want to talk about who will be covering what college costs, if you will be splitting some of the costs.  It’s worth the conversation now to save everyone the grief later.
  8. Service your car.  It’s the perfect time to make sure you get your oil changed and get an inspection before you head off to school.  If you’re leaving your hometown, this may be particularly helpful so that you won’t have to find a mechanic while you’re at school.
  9. Get yourself checked up.  You’ll have to make sure you’re up on all your vaccinations anyway before you head off to school, so you can also use this time to get a check up and fill any prescriptions you need.  While your school will most likely have a health service on campus, you may prefer to talk to your own physician beforehand.
  10. Organize your finances.  You’ll want to make sure that all your bank accounts and credit cards are set up and in order before you leave.  You’ll also want to make sure that you fill out all the necessary paperwork for any loans, scholarships, or financial aid you’ll need.
  11. Organize your life.  This is the perfect time to get a calendar or planner to start figuring out your schedule will look like.  When will you start classes?  When will you have finals?  When is your winter break?
  12. Start looking for part-time jobs.  To make a little extra cash, we suggest looking for a part-time job.  A lot of universities offer student positions, so you may want to check their employment websites.  You may also want to look around the campus to see if any businesses are hiring.
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