High school freshman or sophomore? What to do this summer!

Okay, if you’re finishing your freshman or sophomore year in high school, Joe has some suggestions as to what you should be doing this summer! Your #1 job is to prepare for the PSAT’s. The PSAT’s are a standardized test, very similar to the SAT’s, and also managed by the College Board. Here’s a link to their official site,  http://www.collegeboard.com/student/testing/psat/about/bulletin.html . You can take the PSAT’s for practice as a sophomore. You’ll take your official PSAT during the fall of your junior year. Taking an unofficial PSAT as a sophomore can give you an excellent guide as to what areas you need to study and strengthen before junior year.

The PSAT’s are graded very similar to the SAT’s. However, the PSAT’s are scored in two digits while the SAT’s are scored in three. So, a PSAT score of 68 would be approximately a 680 on the SAT’s. Similarly, a 710 on the SAT’s would be approximately a 71 on the PSAT’s.

Why are the PSAT’s so important? Well, the PSAT’s are the exclusive test for National Merit Scholarships. Becoming a National Merit Commended Student, Semi-Finalist, Finalist, or Scholar is extremely valuable when applying to one of America’s top colleges. In a close admissions decision, National Merit status is a very nice advantage for any student.

Can you really improve your PSAT score dramatically? Absolutely! Purchase a good PSAT prep book, Joe’s favorites are the Kaplan PSAT review and the Barron’s PSAT review books. Then sit down and get to work! Block off at least two hours every day this summer and you will definitely improve your score.

The PSAT scores are evaluated state by state. So, a qualifying score in Montana might not be a qualifying score in Maryland. The qualifying threshold score for each state will depend on how well the students in that particular state do on the exam that year.

So, if you’d like a summer job that might pay you $5,000, $10,000, $20,000 or more this summer . . . Joe suggests you “work” at preparing for those PSAT’s!

Why every high school junior should be studying extra hard for those final exams right now!

If you’re a junior in high school you should be studying as hard as you possibly can for your final exams. Forget about going to the movies, watching Hulu, updating your Facebook status or anything else. Just study. Joe will be happy to explain why you should reach down and make every possible effort to do well on these exams.

The final exams at most high schools are extremely important to your semester grade. Usually, they’re approximately 20% of your entire semester grade! That’s a big chunk of your final grade. But why are these exams any more important than the exams you took freshman and sophomore years? Well, if you’re serious about being attended at atop college . . . you should know!

Back in the day, colleges considered all grades important but naturally recent grades were the most important because they showed the college how the student was performing in “real-time.” So spring of freshman year and especially fall of senior year were critical. But that was the old days!

At many colleges, things have changed and they’ve changed dramatically. There are now so many applications that the college admissions offices simply can’t work within the old-time frames; it would simply be impossible. In addition, “Early Decision” applications have skyrocketed from 10% of admitted students in the old days to 30%, 40%, and even 50% of admitted students today.

The result? Well, for Early Decision applicants to many top colleges, the admissions office won’t have the chance to review senior year grades before making their admissions decision. The most recent grades they’ll consider will be the grades you earn right now! So, get studying! These final exams are very, very important if you want that admissions letter to begin “Congratulations” next year!

Top Endowment Rankings!

As Joe explained recently, major college endowments often equal the ability to offer major merit scholarships and major financial aid packages. Thanks to the Tom Bemis at the Wall Street Journal, here’s a list of the 25 colleges with the largest endowments. If you’re a high school freshman, sophomore, or junior . . . see if any of these schools “fit” what you’re looking for in a college. They all have enough money to make it worth your while to study a little bit more!

http://blogs.marketwatch.com/thetell/2012/02/02/the-25-largest-college-endowments/

More Good Financial News!

Last time, Joe talked about the fabulous deals offered at some of America’s top public universities. But wait . . . there’s even more  opportunity available! This one might surprise you. For many students, the most remarkable college “deals” can be found at several of the nation’s most expensive colleges! Before you begin sending those emails which begin, “Dear Joe College, what you said makes no sense,” wait just a minute and keep reading.

There are roughly a dozen universities with astounding endowments. Each of these academic powerhouses feature endowments which are worth several billion dollars . . . that’s billion with a ‘B’! The IRS offers colleges very favorable tax considerations providing they use their money responsibly and appropriately. Part of what these colleges must do is fund very strong financial aid programs. In addition, these colleges genuinely want to “do the right thing” for students. So they want to provide as much aid as they can afford.

While these colleges may have published room, board, and tuition estimates of $55,000 to $60,000 per year . . . that’s not what they expect most students to pay! At schools such as Harvard and Yale, families earning nearly $200,000 per year often qualify for financial aid. Several of these colleges have average financial aid awards to their students of more than $35,000 per year. In fact, at some of these wealthy colleges, families earning $60,000 are expected to pay nothing at all. At these schools, your acceptance letter is often a guarantee of a “full ride” scholarship package. This is a wonderful commitment from the administration of these colleges but unfortunately not many schools can afford to be so generous.

Your job is to work as hard as you can to excel during high school because the financial reward might just be breathtaking. So which colleges have endowments large enough to fund the full financial need of all applicants? The names several of the usual top college suspects. Harvard and Yale lead the list. Other colleges committed to providing the average family with as much aid as they need include Duke, Emory, Northwestern, the University of Chicago, Princeton, Stanford, Wash U in St Louis, Columbia, UPenn, Rice, Vanderbilt, and Notre Dame. Basically, if you are accepted at one of these great colleges . . . they’ll make sure you can afford to go!

Don’t panic yet . . . Joe has some tips about how to afford a great college!

Okay, the most recent crop of high school seniors have applied, been accepted, and notified their favorite college that they’ll be attending. What does that mean? Well, it means that now Joe has a little more time to focus on high school freshmen, sophomores, and juniors! So let’s stop wasting time and get started! Today we’re going to talk about “affording” a top college.

Most families simply don’t understand how much colleges cost . . . and what they can afford. Trust Joe, it’s a little bit confusing. “Buying” a great college education is unlike anything else you’ve ever experienced! It simply doesn’t follow the rules you’re familiar with when you buy almost anything else. Usually, if you buy something, the cost of similar items is about the same price. Oh, there might be a sale at one store, or a particularly good value for a competing product, but for the most part . . . the prices are logical.  Moreover, the price of that item is the same for you as it is for anyone else in the store.That’s not the way colleges work! Let’s unravel a few of the most important differences.

The “market value” of a top college education is more or less the same. The value of an education at a great college such as William & Mary is basically the same as the value of an education at academic powerhouse Northwestern. This is true for America’s top 50 – 100 colleges. There are a couple of exceptions, but there has been quite a bit of research on this topic recently, and the similarities are much more striking than the differences among America’s top colleges. Well, if the market value is more or less the same, shouldn’t the price tag be pretty similar? Nope, not in the college world! Today, the “real world” value of a top college education is approximately $60,000 per year . . . but that might not be the price you have to pay!

The taxpayers of several states subsidize some fabulous colleges. For instances, a glance at any list of America’s great colleges would include the University of Virginia, UCLA, William & Mary, the University of Michigan at Ann Arbor, Berkeley, the University of Florida, Rutgers, the University of Wisconsin at Madison and several others. These are all “public” institutions. For “in-state” residents, the tuition and fees at these schools is approximately half of a comparable private college! Same outstanding experience, same outstanding education, same outstanding campus, same outstanding professors . . . but at half the cost. Think about it for a minute. If you live in Virginia and attend William & Mary, your acceptance email is basically the same as a $30,000 per year scholarship award at a similar private college outside of Virginia!

And that’s just the tip of the iceberg . . . there’s much more good news, so check back soon for more posts about how to afford a top college!

Parents, brothers, and sisters . . . Joe has a job for you!

Okay, Joe has a few thoughts for the families with a high school senior who has been accepted at one of America’s top colleges. It’s been a long ride. There were great moments, and perhaps a few not so great moments, but now the acceptances are out and the decisions have been made. Your son, or daughter, or big brother, or little sister has finally settled on the college where they’ll grow and learn during the next four years.

This is the beginning of a wonderful journey. Your student hasn’t reached the finish line. Facing incredibly difficult competition, they’ve qualified and are now at the starting line! Being accepted at one of America’s top colleges is an amazing accomplishment. There are more than 3,000 colleges in America. If your student has been accepted at one of the top 100 or so of those schools, they’ve reached the top of the pyramid! It took hard work and long-term commitment.

So, here’s some advice from Joe. Let them know how proud you are of them and what they’ve accomplished! Sure you were excited when the acceptance e-mail arrived but now it’s even more important to let them know how you feel. This is when they begin to wonder, “Will I be able to handle it? Will I be okay? Will everyone be smarter than me? Will I make new friends?” What you say during the next few weeks will smooth those fears.

It doesn’t have to be a big deal or the perfect moment . . . any time is a good time. Just let them know. And don’t stop with telling them once. Let them know how proud you are about this accomplishment on a regular basis. It can be simple, “I’m really proud of you reaching such a great college; I think you’ll do very well there.” But let them know! They deserve it.

 

The Very Best All Women’s College In America . . . again!

Unless another qualifying college “steps up its game,” Joe College and uraccepted might have to drop this award category or else “retire” this year’s winner. When it comes to the very best all around “all women’s college” there is one obvious choice. Congratulations! The 2012 winner of The Best All Women’s College Award is Wellesley College near Boston, Massachusetts.

Historically, the challenge for an all women’s college is that it is inherently missing something . . . men. Whether that’s good or bad is a debate for another time. But Wellesley makes the issue moot.

For nearly a century and a half, Wellesley has been breaking new ground as one of the world’s exceptional educational institutions. Wellesley women have been shattering barriers and setting records of accomplishment for as long as anyone has been watching!

What about the “missing” piece? At Wellesley, it just doesn’t matter. The school is located on a spectacular suburban campus just a short ride from downtown Boston on the T. Within easy reach of Wellesley are Harvard, Tufts, Boston College, Boston University, Babson College, Northeastern, Suffolk University and many others! So when it comes to social life, there is no shortage of men. In addition, Wellesley features academic exchange programs with MIT, Babson College, Olin College of Engineering and several others.

Year after year, Wellesley continues to educate outstanding young women and they do it better than any of their competition.