August 2012: The Recession’s Affect on College Financing & More

Greetings!

Happy August! As summer begins to wind down, now is the time many parents of this year’s juniors and seniors start thinking about how they’re going to pay for college. Do you have questions? Make sure you don’t miss my back-to-school college funding workshop. I’ll give you some great tools and resources to use, plus anyone who attends my workshop will get a complimentary consultation!

Whether your student is already in college, is a senior in high school or just starting their elementary school years, planning for college can never start too early. Register for the back-to-school college funding workshop to take the first step on the path to creating a clear college funding plan.

All the best,
Beatrice Schultz, CFP®
Westface College Planning
College Funding Specialist

Featured Find: How Recession Will Change University Financing

The latest recession will probably be seen as a turning point for college and university financing.

Indeed, the initial reaction by many youths to soaring unemployment was to stay in or return to college to wait out the bad times and get better prepared to face a tough job market. For-profit and community colleges have been especially attractive, and in the fall of 2011, there were 22 percent more students enrolled in the nation’s 1,200 community colleges than in the fall of 2007. Nevertheless, less than half graduate.

Also, those now leaving college are finding few jobs. Only 54 percent of those age 18 to 24 are employed, the lowest share since data began to be collected in 1948, and the unemployment rate gap between this demographic group and all working-age adults is the widest on record. Only 49 percent of graduates from the classes of 2009 to 2011 found jobs within their first year out of school, compared with 73 percent of those who graduated three years earlier. About 54 percent of bachelor’s degree holders under 25, or about 1.5 million people, were jobless or underemployed last year.

Read more on our blog.

Upcoming College Funding Workshops: Seating may be limited – Register to ensure your spot!

Don’t miss my back-to-school workshop, coming up in September!

Did you know most families qualify for more financial aid than they ever thought possible? Our 1-hour College Funding Workshops provide steps you can take right now to assure you don’t overpay for college, that you clearly understand the process and how to maximize your aid qualification!

We hope to see you at our back-to-school workshop:

• College Funding Workshop: Thursday, September 6, 2012 from 6:30-7:30 pm at the Pacific Athletic Club, 200 Redwood Shores Parkway, Redwood Shores

Parents and students are welcome! Please visit our workshops page to register.

Senior Scoop: Steps for Students & Parents to Prepare for College

Career or major? Which choice comes first?

Conventional wisdom suggests the answer to this question is that the choice of major is the most important decision and consequently drives the career choice. Parents, friends, and some school personnel mistakenly have the student focus on a major. Consequently, the student is asked repeatedly, “What are you going to major in?” Rarely is the student asked, “What do you want to do when you are older?” Everyone wants to know their major, and the student needs to decide the major early because they don’t want to enter college “undecided.” This forces the student to choose a major for the sake of choosing and ultimately is the reason they change majors so frequently, hence the increase in cost due to a longer stay in college. The choice of major will also typically direct the student’s career. What if the student likes the major, but hates most of the common careers associated with the degree? It begs the question, shouldn’t the student in fact first attempt to decide what they believe they would like to do when they graduate? But can the choice of careers also impact college selection?

The college selection process involves many different factors when deciding what school to attend. Many families believe the decision on what school to attend is based on the competitiveness of the school for the major of choice. This is not the start. It is really closer to the end of the process.

When determining which school to attend, students should start with their career choice. What is it they want to do when they graduate? Now that can be a tough decision for a high school student. However, it is important to begin the process of thinking about it and dialing down as close as they can to a decision.

Read more here.

Advice & Insight: Connect With Us For The Latest News

Are you following Westface College Planning online? Here are just a few things you missed:

Summer is a great time to begin your college search! How do you get started? Colleges That Change Lives offers a great to-do list: https://bit.ly/LpxrCl

Do you have a plan to pay for college? A new study notes that families with a plan are less likely to borrow: https://bit.ly/ObVMj2

Follow us on Facebook or connect with me on LinkedIn so you don’t miss any additional updates!

About Westface College Planning
At Westface College Planning, we are committed to helping parents through the process of making the right financial choices for their college bound students.

If you are a typical parent with college bound students, you’re probably overwhelmed by all the research necessary to help your sons and daughters make the right choices and prevent overpaying for their education.

You are not alone!

Our information packed one-hour workshops will help you:

• Understand the true cost of college and how to afford it.
• Learn the specific steps to take immediately to maximize financial aid.
• Receive valuable information on scholarships and gift aid qualification.
• Gain awareness on how to accurately compare the true cost of schools, public vs. private.
• Develop best practices for school selection, and more!

More information at westfacecollegeplanning.com.