"Admission" - The Movie (The Harsh Truth)

Introduction by: Lone Star Ed Consulting , CEO Lauren Kahn, MA    512-294-6608

 Lauren@lonestaredconsulting.com                                                     Follow Me @LoneStarEd

Lauren Kahn is an educational consultant located in Austin, TX and helps families find colleges and school placements for students throughout the country.

Every spring, high school seniors anxiously await letters of college admission that will affirm and encourage their potential. In the movie, "Admission", which takes place at Princeton University, admissions officer Portia Nathan (Tina Fey) is a gatekeeper evaluating thousands of applicants. 
The movie touched me as a former admissions recruiter that spent nearly four travel seasons and umpteen days on the road traveling to find and collect the perfect class of students. Is there a formula to get in for every school? No, but are there the "shoulds" and "should not" things to put on resumes, recommendations, and the common application. There is the unwritten code. In addition, there are definitely protocols to follow for the alumni interview and cliche topics to avoid for admissions essays. 

As an admissions officer, I was never allowed to divulge the absolute truth about how we evaluated students in admissions. As a college consultant, I can help you navigate the daunting and sometimes unfair process of applying and gaining acceptance to college.

TCU and SMU Add Early Decision to Application Options for Fall 2014

Brought to you by: Lone Star Ed Consulting , CEO Lauren Kahn, MA    512-294-6608
 Lauren@lonestaredconsulting.com                                                     Follow Me @LoneStarEd
 

Lauren Kahn is an educational consultant located in Austin, TX and helps families find colleges and school placements for students throughout the country.

TCU

It was bound to happen sooner or later. TCU has now added a binding early decision option and SMU has added a second early decision deadline. These universities want to know who is choosing them first and this binding option allows them to increase their confirmed yield rate for their incoming first year classes. Most likely, students will be somewhat rewarded for making that choice and will have an advantage in the admissions process if they apply early decision by the November 1st deadline.

Nancy Greisemer reports:

All too often colleges
fail to publicize or otherwise let counselors know when they’re moving
deadlines, changing requirements or otherwise making adjustments that have a huge
impact on applicants and those who advise them.

They simply change a few words on the webpage and expect the
world to notice.

But several Texas universities are letting everyone
know—well in advance—that they have some new policies for students applying
this fall.  And here they are:

SMU and TCU add
Early Decision

Beginning fall of 2013, Southern Methodist University (SMU)
and Texas Christian University (TCU) will offer a binding Early Decision (ED)
option to their respective application processes.  According to their joint press release, SMU
and TCU will also continue to offer an Early Action (EA) option, which will
remain non-binding.  Both schools have
set November 1, 2013, as the deadline for all early admission applications—ED
as well as EA.  SMU, however, will offer
students a second-round binding application option (ED II).  This allows students who identify SMU as
their first choice later in the process to indicate their commitment to attend
SMU if offered admission.

SMU's list of deadlines for Fall 2014 (1st Year Students)

Decide which application deadline is right for you

SMU POOL

• Early Decision I: November 1
• Early Action: November 1
• Early Decision II: January 15
• Regular Decision: January 15

Texas A&M sets
New Application Deadline

The new deadline for students applying for admission for the
Fall 2014 semester and forward is December 1, 2013.  This new admission deadline aligns itself
with the scholarship application deadline at A&M and coincides with that of
the University of Texas.  Students can
apply for scholarships and admission online at www.applytexas.org.  ApplyTexas opens August 1.

TCU superscores
the ACT

TCU joins a lengthening list of colleges and universities superscoring
the ACT (most colleges automatically superscore the SAT).  To superscore the ACT, colleges recompute the
“composite” score by selecting the highest subscores from different test dates to
come up with a new higher composite or superscore.  Since students are increasingly turning
to the ACT as their test of choice, and 20 percent of the states in the
nation require it for student assessments, more students have multiple test
results that could benefit from superscore policies.

(Lauren Kahn, educational consultant from Austin, TX, is particularly excited about the superscoring option, because students can really waiver in scores between sections and this gives them the best possible composite score).

ApplyTexas
announces New Essay Topics

Like the
Common Application (CA), ApplyTexas is changing essay topics for the
2013-14 application season.
Unfortunately, there’s little in the way of overlap with the five
prompts recently announced by the CA.
ApplyTexas essay choices will be:

• Essay A:
  Describe a setting in which you have collaborated or interacted with
  people whose experiences and/or beliefs differ from yours.  Address your
  initial feelings, and how those feelings were or were not changed by this
  experience.
  
•  Essay B:
  Describe a circumstance, obstacle or conflict in your life, and the
  skills and resources you used to resolve it.  Did it change you?  If
  so, how?
  
  
  
• Essay C:
  Considering your lifetime goals, discuss how your current and future
  academic and extra-curricular activities might help you achieve your goals.

This article was originally posted on the blog College Explorations by Nancy Greisemer

I believe there are several schools that are ideal for each candidate and it is what you make of your college experience. In order to give yourself the optimum number of choices for college, have several people that you revere, review your college applications. 

Lone Star Ed Consulting offers essay and resume editing services, college selection assistance, and can provide rush services for a fee.  Please download my registration form or email me at Lauren@lonestaredconsulting.com if you are interested in learning more about my educational consulting services.

 Twitter: @lonestared Website: www.lonestaredconsulting.com

The information was provided by Lauren Kahn, CEO of Lone Star Ed Consulting. If you would like more information about Lone Star Ed Consulting's college planning services, please e-mail Lauren Kahn or call her at 512-294-6608. You can also view LSEDC's brochure here.

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College Admissions: SAT Scores, Cheating, and Ethics

Written by: Lauren Kahn, Educational Consultant / CEO of Lone Star Ed Consulting, LLC
512-294-6608  Lonestaredconsulting@gmail.com

SAT Answer Sheet
From: longIslandPress.com

SAT and ACT scores are crucial in the college admissions game and pretty much everyone in high school and in the higher education industry is aware of this. However, committing identity fraud to achieve high scores is not the way to win an admit letter. As an educational consultant with sound ethics, I am a proponent of finding schools that match student's abilities with their performance. I want to report on this matter, because I think the pressure to provide high test scores in the college admissions process is mounting, due to admissions stakes increasing and public school grade inflation. The consequences to identity fraud and cheating are real and sometimes can impact you long-term. Think before you act.


CBS Allison Stewart Reports on the January 1st 60 Minutes Show "The Perfect Score: Cheating on the SAT"

Women in College Exceed Men ... The Gap is Widening

Written by Educational Consultant, Lauren Kahn, M.A., CEO of Lone Star Ed Consulting   
Commentary from Nancy Greisemer of College Explorations and Mark Perry from University of Michigan (Flint)

When I graduated from Emory University in the late '90s, there was nearly an equal ratio of 1:1, women to men in my undergraduate class. Today, 52% are female and 48% are male. This may not seem like a significant gap, but let me break it down for you in numbers. In a freshman class of 1300, there will be 52 more women than men, which means it will be even harder for a woman to get a date on campus, much less find a nice gentleman to help her with her heavy groceries. All kidding aside, whenever there is a significant gender discrepancy in any direction, it affects the college climate.

Women continue to account for a disproportionate share of the enrollments at postsecondary institutions.

Reprinted from The Texas Tribune and brought to you by Lauren Kahn M.A., lead college consultant from Lone Star Ed Consulting, LLC 512-294-6608

The Graduation Gap in Texas Universities 

Written by Reeve Hamilton
May 11, 2010  |

Picture of Texas State University Business School by Lauren Kahn

For years, Texas universities have focused on getting more students, particularly low-income students, onto their campuses. The hard part, it turns out, is getting them to leave — with degrees.
Of the 32 Texas state universities tracked by the U.S. Department of Education's National Center for Education Statistics, only five schools have self-reported graduation rates above 50 percent.
                                                                          
The University of Texas at Austin and Texas A&M University have the highest graduation rates: Both graduate 78 percent of their students in six or fewer years, but that's still a step behind national peers like the University of California, Los Angeles, and the University of Michigan, which graduate 90 percent and 88 percent, respectively.

Blizzard Delays Impact the ACT Too

Reprinted by Educational Consultant, Lauren Kahn, CEO of Lone Star Ed Consulting  512-294-6608

Written by Nancy Greisemer of College Explorations

Among the casualties of the first blizzard to hit the DC area were the many ACT tests scheduled for last Saturday. Most—but not all—test locations rescheduled and posted new dates on the ACT website. They range from as early as next Saturday, February 13 to as late as February 27.

If you were supposed to take the February 6 ACT, at one of the centers closed for snow, you should be notified of the rescheduled date and given complete instructions. This process is taking time as many of the centers have been continuously closed since the original storm.

University of Texas at Austin Ends Sponsor of National Merit Scholars

Reprinted from The Chronicle, with additions from The Daily Texan
By Elyse Ashburn

Provided by Lauren Kahn, Educational Consultant, Lone Star Ed Consulting, LLC

Starting in the fall of 2010, the University of Texas at Austin will end its scholarship program for National Merit Scholars, instead devoting more money to need-based aid amid mounting budget pressures.

"When we looked at what was happening in the economy, we decided it was important to redirect resources to make sure that all students that are qualified to be admitted to the university are able to attend regardless of need," said Tom Melecki, director of student financial services.

The university will honor the National Merit Scholarships of current students, Mr. Melecki said, and it will continue to offer both universitywide and departmental merit-based scholarships for which scholars will be strongly considered.

Previously, the university had awarded most National Merit Scholars $13,000 over four years. In 2008, the university sponsored 213 of the 281 freshmen at Texas who were selected by the National Merit Scholarship Corporation competition. It enrolled more freshman scholars that year than any college other than Harvard University, according to data provided by the corporation.

Students enter the competition by taking the PSAT by their junior year, and must score above a certain cutoff, which varies by year and state. Of the 1.5 million students who compete, about 16,000 are selected as semifinalists based on their scores. From that group about 15,000 are selected as finalists based on academic performance and their SAT scores.

Recently, the National Association for College Admission Counseling criticized the program for using PSAT cutoff scores as the primary factor in selecting scholars. Admissions tests, the group argues, are not designed to serve as the primary screen for scholarship applicants, and should only be considered as one of many qualifications.

In a letter to NACAC, the College Board, which owns the PSAT and is a partner of the scholarship corporation, defended the selection process, saying that it is the fairest way to evaluate 1.5 million students a year and that the PSAT serves as an "access and equity tool" because it introduces many low-income students to the college-going process.

Mr. Melecki said Texas' decision had nothing to do with how the scholarship program is run. Rather, it was one of the easiest merit-based aid programs to end because most such scholarships at the university are endowed by private donors. The National Merit Scholarships were primarily paid for by the university, but about 20 percent of their cost was covered by an endowment.

The Daily Texan provided this perspective and praised the administration's decision to end National Merit Finalist large financial awards.

Those who argue that canceling this program signals that the current administration is not dedicated to attracting top students are wrong. The University still has hundreds of merit-based scholarship programs to attract top students that test well. The Austin-American Statesmen notes that the University will award more than $60 million in aid that is wholly or largely merit-based, even after ending this program. The choice to end the National Merit Scholarship program should be applauded. It brings UT closer to competing with top universities for truly top students and further from the pool of mid-tier colleges desperate to attract Merit scholars.

Related Blogs:
PSAT
SAT

__________________________________________________________________________________

The information was provided by Lauren Kahn, CEO of Lone Star Ed Consulting. If you would like more information about Lone Star Ed Consulting's college planning services, please e-mail Lauren Kahn or call her at 512-294-6608. You can also view LSEDC's brochure here.



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Is Facebook Distracting you from your College Goals?

Blogged by Educational Consultant, Lauren Kahn, M.A.

In October, Facebook reached 54.7 percent of people in the United States ages 12 to 17, up from 28.3 percent in October last year, according to the Nielsen Company, the market research firm. The average user spends 55 minutes of their day on Facebook, and I imagine this time is exponentially longer for teenagers.

While Facebook has many highly valuable services, it can also be a major distraction to getting things done.
Some teenagers are actually making the responsible decision during finals and near college application deadlines to temporarily disable their Facebook accounts. A forced vacation from Facebook during finals is something I highly recommend for my students. As a professional, I sometimes create a self-imposed break from facebook.com by blocking it as an allowed site from my wireless network. Are you disciplined enough to self-regulate your exposure to facebook and other internet sites?

For Some Seniors, It's Crunch Time ! College Planning Tips

1. Be smart about your short list. While it might be tempting to pile on a few extra applications, don't do it. Don’t assume that the more applications you submit, the greater your likelihood of getting in. Focus on schools that are good fits and you’ll be fine. I recommend students apply between 8 to 10 schools unless they are applying to an extremely esoteric field.

2. Make sure you feel good about the schools to which you are applying. I can’t tell you how often, after the admission decisions have been revealed, a student says about a school on her list, “But I don’t want to go there.” Don’t apply to a school if you would not consider enrolling should you be accepted.

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3. Develop an application tracking document. List all of the schools that are on your preliminary list as well as the various forms and deadlines required by each. Post it on your refrigerator or someplace where you will see it every day. Make sure you also have all of your user IDs and passwords for your college applications in a spreadsheet. I recommend that you use the same password for all college applications. For security reasons, use a unique password that only pertains to your college applications, SAT / ACT registration, and scholarship / financial aid forms. This way you can share your password with your mom or dad and won't have to worry that your parents will break into your Facebook or My Space account.

4. Read the Supplemental Forms. Schools that use the Common Application or the Universal Application may require additional information and/or essays. Become familiar with the information requested on these forms sooner than later. Along those same lines, understand the application policies for the schools you are applying to. Single Choice Early Action (SCEA) or Restrictive Early Action (REA) is the newest option, which limits you to applying early to only one school to get an answer in advance about acceptance. It’s not binding, but restricts you from applying anywhere else under an EA or ED application. You can apply elsewhere during regular admission and do not have to make a decision to enroll until the school’s regular deadline.

College Admission and Ethical Implications of Uncertain Economic Times

Register Now for NACAC Webinars on the

State of College Admission and Ethical Implications of Uncertain Economic Times

NACAC State of College Admission Webinar

When: October 20

Time: 2:00 p.m. EDT

Cost: $25

Register Now at NACAC

On the release date of the annual State of College Admission report, NACAC will present a Webinar to provide a detailed overview of trends in college admission counseling. This year’s report also includes analysis from NACAC’s survey on the Effects of the Economy on the Admission Process.

With the influx of marketing propaganda out there for students, the high tuition costs, and the rising obstacles in gaining admission to the top universities, it is not surprising that some college admissions offices are facing public scrutiny for their questionable ethics. "Recognizing these ethical challenges and dilemmas and effectively dealing with them is a professional imperative for admissions officers and the academic institutions they represent," says Michael McCuddy of International Journal of Educational Management. McCuddy addresses three areas of admissions where ethical dilemmas are plaguing the current admissions climate. They occur in recruiting practices, personal biases in admissions decisions, and conflicts between personal ethical standards and institutional directives.

Example of an ethical dilemma: Athletics is dictating to admissions at a selective institution, they should admit a candidate based on their physical talents and leadership skills, but not their academic merits. It is a division III school and there are no athletic scholarships or special provisions provided for athletic admits. The star football athlete may potentially bring in more revenue to the school with increased ticket sales and national media hype, but the athlete is not near the school's average standards in regards to class ranking or test scores.* fictitious example

Should admissions offer this student a place at their university or risk the wrath of the athletic department and deny him? What are your thoughts? With every circumstance, you need to weigh the pros and cons of your decision. My professional opinion: I would really have to read the student's essays to determine their level of motivation and desire to attend the academic institution. I would also do a follow up phone interview as well.

As a former admissions officer for a private university, I understand the intense pressure placed upon admissions to convert qualified prospective students to matriculated students. There is a fine line between encouraging a student to apply to a university and telling them that they will be admitted based upon their credentials. Universities that are less selective run the risk of over enrollment if they accept too many students. This year Ithaca College had to be very creative in how they addressed their over enrollment problem. They are paying 31 students $10,000 each, to put off going to college for a year, a sort of mandatory GAP year. The Chronicle of Higher Education reports that Ithaca had hoped “to enroll 1,700 to 1,750 new freshmen but found itself with an incoming class of 2,027 for this fall.”

'It's an extreme case of what we're likely to see in other places,' said John C. Nelson, managing director of the division at Moody's Investors Service that rates colleges' debt. In addition to adding physical capacity, Ithaca's challenge is to 'manage the student services extremely well,' he said, particularly in light of the competitive and demographic challenges facing private colleges in the Northeast. - Chronicle of Higher Education

Ithaca College made a recruiting mistake that they will be paying for physically and monetarily over the next few years. Chronicle reports that Ithaca had suffered a decline in freshman enrollment in 2008, falling 11 percent below its budgeted target of 1,600. Many of the steps it took over the past year to enroll the entering class in 2009 were designed to compensate. The steps included lowering selectivity (Ithaca accepted 73 percent of its 2009 applicants, compared with 59 percent in 2008) changing its merit-aid policy so money could be spread among more applicants, and intensifying "yield" efforts to get more admitted students to attend. Other colleges did the same things, according to a survey released last month by the National Association for College Admissions Counseling. But Ithaca lacked some of the levers colleges traditionally use to give themselves more control over admissions, most notably the early-decision option.
The ethical dilemma above: Is it ok to pay students to defer their college dreams? Your thoughts.

Ithaca will reinstitute their early decision application option this year to compensate for the over enrollment problem they encountered. Mr. Maguire, Ithaca's new enrollment-management chief, came from Franklin and Marshall College will work directly for the president. He said the college is reinstating early decision, two years after dropping it. Without it, he said, Ithaca didn't have a solid picture of its admissions situation until very late in the process. Freshman deposits came in with a "huge spike at the very end of April." He also plans to raise admissions standards, although he acknowledges that after lowering selectivity in 2009, Ithaca will face a challenge in getting that message out to applicants.

Ithaca College has over 100 bachelor degree options and is known for their emphasis on performing arts. They have reknowned masters programs in sports management and sports marketing. Visit Ithaca College for more information on the university.  

The information provided was written by Lauren Kahn, CEO of Lone Star Ed Consulting. If you would like more information about Lone Star Ed Consulting's college planning services, please e-mail Lauren Kahn or call her at 512-294-6608.

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Obama on Economy, Student Loans; Rise in Community College Enrollment

President Barack Obama shows his legitimate concern and pledges to help students pursuing higher education during these trying economic times. On September 21st, he spoke in a town forum style to a group of Hudson Valley community college students in Michigan. I know that with the lack of support for universal health care and the war in Afghanistan, his approval ratings are not exactly stellar, but I endorse his dedication and methods to improve the quality of both secondary and post-secondary education.

Did you know Obama was actually a transfer college student during undergraduate school? Prior to the President enrolling and eventually graduating from Columbia University with a B.A. in Political Science and International Studies, he attended Occidental College.

Yes, Obama attended Occidental College in California for two years as an undergraduate from 1979-81:Jim Tranquada, Occidental's Director of Communications, said: "Contemporary public documents, such as the 1979-80 freshman 'Lookbook' published at the beginning of President Obama's first year at Occidental, list him as Barack Obama. All of the Occidental alumni I have spoken to from that era (1979-81) who knew him, knew him as Barry Obama."

Although Obama did not attend community college, he is a huge advocate of the community college system. According to an article in the August issue of U.S. News and World Report, enrollment at public community colleges has grown by 30 percent since 2000. President Barrack Obama’s “American Graduation Initiative,” which would invest $12 billion in community colleges over 10 years, has created quite a buzz around two-year colleges.

Community College Fast Facts

Community College Students Constitute the Following Percentages of Undergraduates:
All U.S. undergraduates: 46%
First-time freshmen: 41%
Native American: 55%
Asian/Pacific Islander: 46%
Black: 46%
Hispanic: 55%

Employment Status:
Full-time students employed full time: 27%
Full-time students employed part time: 50%
Part-time students employed full time: 50%
Part-time students employed part time: 33%

Percentage of Students Receiving Financial Aid:
Any aid: 47%
Federal grants: 23%
Federal loans: 11%
State aid: 12%

Percentage of Federal Aid Received by Community Colleges:
Pell grants: 34%
Campus-based aid: 9%

Average Annual Tuition and Fees:
Community colleges (public): $2,361
4-year colleges (public): $6,185

Degrees and Certificates Awarded Annually:
Associate degrees: 555,000
Certificates: 295,000
Baccalaureates: awarded by 29 public and 66 independent colleges

Revenue Sources (public colleges):
State funds: 37%
Tuition and fees: 17%
Local funds: 21%
Federal funds: 16%
Other: 9%

Obama on Economy, Student Loans (CNBC) Published: 09 Please click here to see CNBC's coverage of Obama's speech at Hudson Valley Community College in which he discusses the economy and student loans. Obama's Video on Education and Student Loans

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Common App Makes Accommodations to Deal with Score Choice™ issues

Common App Makes Accommodations to Deal with Score Choice™ issues 

In response to a few glitches in the system, the members of the Board of Directors of the Common Application have agreed to adopt a “temporary” policy to deal with problems arising from implementation of SAT Score Choice™. The New York Times and Inside Higher Ed are reporting that students will now be allowed to skip—without penalty—questions requesting test dates and scores. While colleges generally evaluate students based on official scores received from standardized test organizations, the Common App asks students to self-report SAT's and/or ACT's so admissions officers can have the information to begin processing applications. Evidently, students are delaying submitting materials—official test score reports and applications—in order to evaluate their options under the new reporting program. Many are waiting to complete all testing before deciding which scores to send. For students applying Early Decision or Early Action with November 1st submission deadlines, this is highly problematic, but can easily be addressed if colleges provide clear guidance to students on their websites or send e-mails to prospective applicants. Colleges should address their recommended Score Choice™ policies on their College Facebook pages as well. The more consistent information through multiple channels is provided, the more likely students are to abide by the school's policies. 

Unfortunately, the guidance provided by the Common App on its website is not nearly as clear as what is being suggested by either news source. In fact, nowhere on the website is there any indication that students will be given a complete pass on the test section of the form. The only reference to the issue appears deep within the Common App Support Center and simply addresses the mechanics of submission:

“We recognize that you may find yourself in a position where some of your colleges require you to report your full testing history while others permit you to report your scores selectively or withhold them entirely. While the Tests section does not offer you the ability to differentiate your score reporting to reflect conflicting requirements, leaving this section blank or incomplete will not prevent you from submitting your application. Please understand, however, that colleges and universities may use the information provided in the Tests section to assist in the processing of an application before official results arrive…”

The Common App Board of Directors, representing all member institutions, seems aware of a need to communicate reassurance to students that they may skip these questions without being penalized in the application process—to hurry things along. In fact, they have been working directly with the College Board to find some resolution, according to Brian O’Reilly, President of the SAT. How this is being communicated to colleges and universities and what it means exactly remain to be seen. Common App officials suggest that the wording of the Board’s guidance was much more “nuanced” than what was announced, and it appears that further clarification may be in order.

 It should be noted that both the Common App and the Universal College App permit students to create alternate application forms and send specially-tailored test information to specific colleges or universities for SAT and ACT. Please note, however that any uploads students create to the common application, such as a personal essay or additional information, they will not be automatically transferred to the alternative word form.  The student will need to upload these into any alternate version of the application they are creating.  For those students understanding the requirements of the schools to which they are applying, this is a reasonable way to address the problem of differing score report policies. Although this was not the original intention of the function, it works for this purpose.

If you are a student that is confused about which test scores to submit to colleges that you are applying, I highly recommend that you e-mail the school's admissions officer or contact their general admissions office to clarify their test reporting requirements, including what to include on the test score section of the Common App. Ultimately, it is the responsibility of the student to conform to all score reporting policies. 

The information provided was written by Nancy Griesemer, College Explorations, and edited by Lauren Kahn, CEO of Lone Star Ed Consulting. If you would like more information about Lone Star Ed Consulting's college planning services, please e-mail Lauren Kahn or call her at 512-294-6608.

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Tips on Paying for College

Tips on Paying for College

Here are some helpful hints for parents in panic mode this fall about how to finance their children's college plans.

For some, saving money for a child's or grandchild's college education seems nearly impossible. Before you give up the battle, however, consider this: A high school graduate will earn an average annual income of $26,416. A college graduate will earn an average annual income of $34,000 to $74,000. For someone who works 40 years, that can add up to an additional $320,000 to $1.92 million in earnings. That's quite a return on an investment in a college education!

Saving for college may seem like a monumental task, but you don't need to save the entire amount overnight, and, chances are, you won't need to finance the entire expense yourself. Today, there are a multitude of loans, work programs, tax credits, and so forth designed to help put college within the grasp of nearly everyone. With a little homework, you can find all the options available to you.

Here are five sources of college funding to consider:

Grants and Scholarships: Grants and scholarships are awarded on a number of criteria, including grades, talent, heritage, race, and gender. Grants and scholarships can be offered locally, statewide, nationwide, and by particular colleges and universities. The internet, school counselors, and the financial aid offices of colleges and universities can provide a wealth of information on this topic. Grants and scholarships typically supplement college costs rather than cover total expenses. Therefore, it's important you take an active role in saving for your child's educational future.

Investments: Through the years, parents and grandparents have used savings bonds, zero coupon bonds, and growth-and-income mutual funds to help with educational expenses. All are excellent ways to save for a college education. In more recent years, however, several new tools to help save for or offset college expenses have been introduced. All make financing a college education easier than ever before.

Section 529 Plans: When you set up a Section 529 savings plan, you put money in specific investments, which are managed by the plan administrator. 529 plans can be established for a child or grandchild. When establishing a 529 plan, you choose from two options: (1) Prepaid tuition programs, where you buy future tuition credit--at today's prices --that's generally used at an in-state school; and (2) Savings plans, where your earnings are not taxed as they accumulate, and qualified withdrawals are free from federal income tax. Savings plans are the more popular of the two plans because they generally don't restrict students to certain colleges in specific states. Your plan contribution limits are high, and your withdrawals are free from federal income taxes, as long as the money is used for qualified college or graduate school expenses. (Section 529 tax benefits are only effective through 2010, unless extended by Congress. Also, a Section 529 plan could reduce your child's or grandchild's ability to qualify for financial aid. Because tax issues for 529 plans can be complicated, please consult your tax advisor.)

Coverdell Education Savings Account: Depending on your income level, you can contribute up to $2,000 annually to a Coverdell Education Savings Account. Your Coverdell earnings and withdrawals will be tax-free, provided you use the money for qualified education expenses (tuition, fees, tutoring, special-needs services, books, supplies, computer equipment, room and board, uniforms, and transportation). You can fund your Coverdell Education Savings Account with virtually any investment you choose--stocks, bonds, certificates of deposit, etc. Once a Coverdell education savings account is established, anyone--a family member, friend, or the child--can contribute to the account as long as he or she meets the adjusted gross income limits. And you can contribute to a Coverdell Account in the same year that you put money into a Section 529 plan.

Tax Credits: Even if you already have a child enrolled in college, help still may be available. The Hope Scholarship Credit and the Lifetime Learning Credit are tax credits that can be used to offset college tuition and fees. The exact amount that can be claimed depends on your family's income, the amount of qualified tuition and fees paid and the amount of certain scholarships and allowances subtracted from tuition.


"Last-Minute" Options

If you have a college-bound senior in your house and you haven't saved as much as you would have liked, don't despair. Even at this late date, you can take some steps to help pay those college bills. Here are a few ideas to consider:

Remember, you don't have to pay the full year's tuition, room and board up front. You will likely be billed in installments that may correspond to the school's quarter or semester system. This payment system doesn't lessen your overall costs, of course, but it does give you a bit of time to come up with additional funding sources. For example, if you have a bond coming due in the middle of the college calendar, you can use the proceeds to help pay for school.

Liquidate assets in timely manner. If you've earmarked certain investments for college, try not to liquidate them until it's absolutely time to write out a check. The longer you can keep your investments growing, the better off you'll be.

Look at a Roth IRA. If you have a Roth IRA, you can withdraw contributions, tax- and penalty-free, to help pay for your child's education. Certain conditions apply to penalty-free withdrawals, so you should talk to your tax advisor for more information. And keep in mind, if you start withdrawing earnings, you'll have to pay taxes on them unless you meet certain conditions.

Putting together a good college-funding plan--either at the last minute or years in advance--can test your resources and ingenuity. But by diligently exploring all your options, it's a test you should be able to "pass."

Provided by: Lauren Kahn, M.A. from Lone Star Ed Consulting. www.lonestar-edconsulting.com
512-294-6608
Written by: Randy Loren (www.randyloren.com). He has more than two decades of experience in many areas of business and finance, and is currently a financial advisor for Edward Jones and a sought-after motivational speaker who educates high school students on the value of financial literacy and sound money and work practices. He is author of a new book, Climbing the Money Mountain: The Young Adult's Guide to Reaching Your Financial Peak (FN Publications, $19.95).