the truth about college...lynnette’s story … the truth • my kids won’t have massive student...
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The Truth About CollegeHow to Ensure Student Success
Lynnette Khalfani-Cox,The Money CoachAll Material Copyright Lynnette Khalfani-Cox, The Money Coach®. Lynnette |is the author of 12 books, including the New York Times best-seller Zero Debt: The Ultimate Guide to Financial Freedom. For more information, please visit her website at http://AskTheMoneyCoach.com, or find Lynnette on Twitter, Facebook and other social networking sites.
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Lynnette’s Story … The Start
• Earned B.A. in English - UC Irvine
• Earned M.A. in Journalism - University of South California
• Had $40,000 in student loan debt
• Took more than 15 years to repay
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Lynnette’s Story … The Middle
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Lynnette’s Story … The Truth
• My kids won’t have massive student loans; Daughter won $750,000+ in scholarships, but then she lost her main scholarship at UT Austin!
• Reality check: average college freshman has a 0.5 decline in GPA vs. senior year grades in high school
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Lynnette’s Story … The End?
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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What Is Your Student’s Story?
Will college = success or a financial strain?
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Truth #1:College is NOT a Meritocracy
• College bribery/admissions scandal: parents paid $25 mln
• It is NOT a level playing field: the system favors the wealthy
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Truth #2: College in America often = Debt
• 70% of students have college debt
• $1.5 trillion in student loans
• Grads now avg. $38,000 in loans
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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• Pre-College Expenses
• Upfront College Costs
• Hidden College Costs
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
Truth #3:College Has 3 Sets of Expenses
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Truth #4: Every college expense or money problem has a solution!
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Problem: Standardized Exams
• SAT (with Essay)o $47.50 or $64.50
• ACT (with Essay)o $50.50 or $67
• AP Examso $94 for examso $142 for AP Seminar/AP Research if your
school is participating in AP CapstoneLynnette Khalfani-Cox
http://AskTheMoneyCoach.com
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Solution: Consider applying to “Test Optional” colleges
• 1,000+ colleges and universities don’t require SAT or ACT for admissions
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
• Online resource: http://FairTest.org
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“Test Optional”/”Test Flexible” colleges and universities
• Loyola University (MD)• Texas A&M (TX)• New York University (NY)• Denison University (OH)• Hampton University (VA)• Cal State Univ. – Los Angeles (CA)• Smith College (MA)• Franklin and Marshall College (PA)
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Solution: Get Exam Fee Waivers from your High School
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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SAT/ACT Fee Waiver Eligibility
• Enrolled/eligible 4 free/reduced lunch• Family income < approx. $45,000/yr.• Family receives public assistance• In subsidized public housing/foster care• Is a ward of state, orphan or homeless• Enrolled in fed., state, local program that helps
low-income studentsoTRiO, Upward Bound, Talent Search
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Problem: Tuition, books, etc. cost a fortune
• Public Schools: $23,000+ per year• Private Schools: $46,000+ per year• Top US schools: $50,000-$70,000/year
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Solution: Use-money saving ideas to slash cost of Tuition & Books
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
- Study overseas (46,000 are now full-time)- Attend a work college (College of the Ozarks, MO, Berea College in KY; workcolleges.org)- Get a tuition waiver (for kids of veterans, teachers, higher ed staff or ex-foster care youth)- Use open source textbooks & library reserve- Buy the int’l version (see ValoreBooks.com)- Get e-books, used books, rent textbooks- Swap, barter or share books with friends
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Truth #5: Picking the wrong school is costly
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Truth #6: Students & Parents often favor “brand name” schools
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Be careful of Brand Envy!
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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College Fantasy …
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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College Reality!
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
• Money worries hinder student success
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Truth #7: Upfront planning andsmall interventions go a long way!
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Start the college selection process early
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
Fall and Spring College Fairs – all freeOnline Resource: NACACnet.org
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Tap Into Online College Fairs
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
Blog.Cappex.com
CollegeWeekLive.com
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Encourage students beyond the classroom
Student success isn’t just about Testing & Grades
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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• 1. Expenses (true cost & unmet need) • 2. Income (stability of sources)• 3. Academic Planning (resources)• 4. Non-Academic resources• 5. Debto to completion pace ratioo to future income ratioo See: CFSI Driving College Success Study
Track 5 metrics of student financial health
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Recognize obstacles to student success
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
• Tough family circumstances?
• Commuting costs, childcare/relatives and healthcare all matter
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Educate Yourself; Get More Info
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com
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Final Tip: Pray, Plan & Prepare!
Lynnette Khalfani-Cox http://AskTheMoneyCoach.com