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Future Investing with Summer Programs and Internships

With summer approaching, you and other high school students may first bask in the glow of three months away from essays and assigned projects. Once that feeling subsides—particularly for all of you wonderfully ambitious students—you’ll wonder if any options exist to keep your mind stimulated, prepare yourself for their future careers, or possibly explore avenues they have yet to tread. So what’s the answer? Summer programs and internships!

Science? Art? Communications? There’s a Program for All of Them!

For our California pupils, here are a few local opportunities orchestrated by colleges over the summer that may peak your interest, courtesy of the Los Altos High School College and Career Center:

Academy of Art College in San Francisco
“Six-week intensive art program offers up to four classes either online or onsite in San Francisco. Get a glimpse into college life, meet other young artists and explore a variety of art & design fields. Note: Students staying in Campus Housing must take four on campus classes.”

COSMOS (California State Summer School for Math and Science)
UC Davis, UC Irvine, UC San Diego and UC Santa Cruz

“Cosmos is a four week residential academic experience in math, science and engineering for top high school students. Students can participate in one of the many clusters of the COSMOS program at any of the above UC campuses. Some sample clusters are Under the Sea: Exploring Marine Organisms and Their World, Aerospace & Mechanical Engineering: Robots and Flying Machines, Medical & Veterinary Responses to Infectious Diseases, and Environmental Sciences and Experimental Ecology.

Students apply to one of the four University of California’s COSMOS campuses — UC Davis, UC Irvine, UC San Diego and UC Santa Cruz. Each campus may have a different focus.”

Internship Programs

Stanford Institutes of Medicine Summer Research Program
Palo Alto, CA

“An 8-week summer internship program open to high school juniors and seniors. Hands-on research under guidance of a one-on-one mentor. Choose from immunology, stem cell biology, neurobiology, cardiovascular medicine and cancer biology.”

ZOMA Worldwide
Palo Alto, CA

“An international internship program for high school students based in various industries in Shanghai, China. Must have completed sophomore you and have strong academic records and proven leadership abilities. Chinese language is not required by students enrolled in Chinese language coursework is preferred. Internships are available in the areas of high tech, marketing, public relations, advertising, law travel and hospitality and architecture. Bilingual resident assistants are on-site 24 hours for supervision and assistance.”

Make a Decision Based on YOUR Goals

If earning some cash on the side is your driving force, an internship may not be your best choice for this summer. While internships add bulk to an otherwise sparse resume, they are often notoriously unpaid.

On that same token, unpaid internships and volunteering may seem like thankless work, but both can easily lead to a future “in” at a company. A connection with them on LinkedIn^® assures an open-ended opportunity to re-connect once you’re finishing up the last requirements for your degree.

We all deserve some R&R, but with three long months ahead of summer 2015, why not devote part of your time to a worthwhile investment in your future (and bank account)?

This blog was provided by Westface College Planning. For more tips and information, sign up for a free College Funding workshop or webinar, call us at (650) 587-1559, or send us an e-mail.

_{Photo Credit: Harsha KR}

College Choice: How Important is Financial Fit?

Acceptance letters are in! Seniors have less than a month to finalize their college choice. Most seniors have applied to multiple colleges, and potentially found two, three, or more acceptance letters sitting in their mailbox or popping up in their inbox. While some find the choice is a no-brainer, others are stumped. Out of five acceptances, perhaps not a single one stands out as the golden opportunity. So, how do you choose? Does the cost matter? How do you measure your ROI (return-on-investment)?

ROI

Your choices may be pitted against one another as equally good academic and social fits, but what about the financial fit? Which college measures up as the best investment based on financial returns for your student?

ROI, as defined by PayScale, refers to the college’s net cost combined with the length of time required to earn that amount after securing a job.

Recently, PayScale released their yearly list of top colleges based upon ROI. They offer a quick review of their top performers in their “Best Value Colleges.” According to PayScale, majors and career choices matter as well as college choice. Science majors would see Cal Poly and San Jose State topping the chart, while students of Economics would mull over Rank #1 University of Pennsylvania and UC Berkeley at #2.

“Results May Vary”

The report lists estimated ROI, the average 4 year cost (with and without financial aid), graduation rate, and more. Keep in mind the data is mined from average statistics at each college, not data down to the individual student.

Results do vary by student. Every student will pay a different amount for college (it’s true!), so you’ll need to calculate your own ROI, using PayScale’s salary estimates for the career you are seeking. ROI provides an analytical, practical means to assist in determining your final college choice.

We recommend keeping financial fit in the forefront of your decision making process, along with academic and social fit. The cost of college does matter to the majority of families. Consider ROI as one determining factor to make your ultimate decision.

This blog was provided by Westface College Planning. For more tips and information, sign up for a free College Funding workshop or webinar or call us at (650) 587-1559.

_{Photo Credit: circulating}

The Money-Hungry Monster of Textbook Prices

Imagine this scenario: You’re a newly accepted freshman wrought with a sense of anticipation and wonder as you hit the “submit” button to finalize your class roster. To fully prepare for your upcoming venture, you view your college’s bookstore website to add up prices. Then you sit, horrified and wide-eyed as your textbook cost amounts to $300, $400, or $500+ for the required materials.

This number may be particularly shocking for California community college (CCC) attendees, who intentionally avoided excess cost for their initial 2-year courses spent at a CSU or UC. Instead of shelling out over $13,000 per year for a CSU in-state tuition, the average a CCC student can expect is around $4,000. So they accept their $1,000 to 2,000 or so fee for the term, only to realize that books alone could reach up to $600 or more that semester. That’s 40% of their tuition. Talk about excessive!

Unimaginable Price Jumps

As pointed out by the Wall Street Journal, the book “Principles of Economics” forces students to pay at least $250 for that single text. Many students end up covering textbook costs using their own money. If they clocked in 35 hours of minimum wage earns, they could afford that book, but compared to 1982, a book with that information cost $20. With minimum wage at $3.35, it instead took merely six hours to cover the cost.

To put the massive sticker price jump into further perspective, let this digest for a minute: In the past 30 years, textbook prices have swelled up—get ready for it—a whopping 812%.

Underlying Reasoning

If you get the chance, unfold the front cover of a classroom textbook and see if you can find its retail price hidden anywhere among the usual publishing details. We can almost guarantee that’ll be a futile venture.

While publishers purposely leave out the wholesale price, teachers and students fail to question it further. The allure of used and rental opportunities beckon penny-pinching students, but unfortunately, additional features like online quizzes (via SAM or other mediums) can only be accessed using a code, either bundled with a pricey brand-new book or as a stand-alone code. It seems silly, but you could purchase what you think is a full-fledged text, and find yourself $200 deeper in debt for a piece of paper typed with an activation key.

Instructors choose these routes because of the beneficial features to save them time: PowerPoints, pre-made exams, and other helpful materials… but these are for the teacher’sconvenience. Despite the outrageous sticker prices, instructors accept it as necessity, and thus render students unable to bypass the extra cost. With the focus on rising tuition costs, textbooks become a side-product of the higher education inflation. At what point will we start raising our voices and pushing back to what’s considered unreasonable? 900% inflation? 1,000?

This blog was provided by Westface College Planning. For more tips and information, sign up for a free College Funding workshop or webinar or call us at (650) 587-1559.

_{Photo Credit: Jeff Krause}

Top 10 FAFSA Mistakes to Avoid

Are you ready to file your Free Application for Federal Student Aid (FAFSA)? Because the government and colleges give aid on a first come, first serve basis, it’s important to submit as early as possible.

Unfortunately, a single (seemingly harmless) mistake on your FAFSA can delay processing for weeks, moving your application behind the countless others that were submitted correctly. The good news: Youu can take steps to prevent those mistakes from happening!

Here are the top 10 mistakes to avoid when completing the FAFSA:

Leaving a field blank. Many people see a question that doesn’t apply to them and mistakenly leave it blank. Instead, write in a “0” or “not applicable” so the processor doesn’t assume you forgot to answer and reject the application.

Entering the wrong tax amount. Do not use the information from your W-2. Instead, refer to you 1040 federal tax return to report income and taxes paid. Remember you should fill out the FAFSA before you file taxes using an estimate, but you need to get in there and update it with the correct numbers once your taxes are complete.

Reporting incorrect marital status. Although you may be engaged, if you aren’t legally married on the day you file, list your marital status as single.

Reporting incorrect parent information. The parent you lived with for most of the year is the one to fill out the FAFSA, so make sure you include information for the right parent. If your primary guardian remarried, you’ll need to include requested information about your stepparent as well.

Forgetting to sign the application. It might sound simple, but a lot of people forget this important step. If you’re filing as a dependent, both you and your parents need to sign the application. If you’re filing online, you can sign electronically using PIN numbers (you can get them from http://www.pin.ed.gov).

Filing late. Procrastinating leads to missed opportunities for aid. Remember to stay on top of deadlines, and because it’s first-come, first-serve, get your FAFSA in as soon as possible.

Providing too much information. You don’t need to include information about retirement accounts and home equity. If you include this information on your application, your chances for aid will shrink, so leave them off. NOTE: The FAFSA does ask about second homes and real estate investments, so you’ll need to provide details about those if applicable.

Listing just one school. List every school to which you’ve applied or are planning to apply so you don’t miss deadlines at any of the colleges you’re considering.

Not filing at all. There is no reason not to file the FAFSA. Even if you think you make too much money, you might be surprised, and it doesn’t hurt at all. Simply by completing the application you will be eligible for Stafford government student loans. Some non-citizens qualify for federal and college financial aid, too, so don’t use your citizenship status as a reason not to file.

Not following directions or getting help. As with any form, read the directions carefully. If you aren’t sure about a question, check the FAQ section on the FAFSA Web site or call the Federal Student Aid Information Center at 1-800-4-FED AID (1-800-433-3243). You also can take advantage of the government’s online chat sessions by using FAFSA on the Web Customer Service Live Help from Monday through Saturday. Of course, I’m happy to answer any questions you have as well. Feel free to contact me via phone or email!

This blog was provided by Westface College Planning. For more tips and information, sign up for a free College Funding workshop or webinar or call us at (650) 587-1559.

_{Photo Credit: Terrance Heath}

4 Tax-Saving Strategies for College Funding

It seems there are as many ways to save for college as there are colleges. It pays to do some research and understand ways you can not only save for your child’s education, but also save on your yearly tax bill.

Depending on how much college costs, it’s possible to use tax strategies to save as much as you spend on college tuition (particularly in the long run). Here are a few tactics to consider:

Income shifting. This is the practice of “shifting” earned and unearned income to your child, so that you avoid paying taxes on that income. Your child may have to pay some taxes, depending on the amount and the age of your child, but will be subjected to a much lower rate. Note that unearned income (gifts) tax rules allow for a $13,000 annual exclusion per person, or $26,000 on joint returns.
Standard deduction and personal exemption. Parents can claim a personal exemption for their child as long as they provide more than half the child’s support. If your child uses their own income as a personal support (more than half), then they can claim the exemption instead.
Tax credits. There are several tax credits your child can claim, including the American Opportunity Tax Credit (AOTC)—worth up to $2,500 a year per student—the Hope Scholarship Credit, the Lifetime Learning Tax Credit, or the tuition and fees deduction. However, keep in mind that you can only use one.
Watch out for the Kiddie Tax. “Kiddie Tax” is tax on unearned income to minors. It applies to children under age 19 and full-time college students under the age of 24.

Strategies used for each family will undoubtedly vary. Some strategies, such as income shifting, only makes sense for a family who will not qualify for need-based financial aid. Income shifting may save taxes, but also might consequently decrease financial aid eligibility.

Curious which of these strategies might work for you? Contact me for advice specific to your family’s situation!

Westface College Planning can help navigate the financial aid process from start to finish. To learn how we can help you call us at (650) 587-1559 or sign up for one of our Tackling the Runaway Costs of College Workshops or Webinars.

_{Photo Credit: Great Beyond}

Get Financially Fit

You may tough it out on the football field or dive for volleyballs on your school team, but there’s far more to self-development than physical fitness. As you channel your focus on college, there’s no better time to dive past physical fitness. Get in shape for college by being financially fit.

1^st Step: Map out your “Meal Plan”

You need to start somewhere. Just like you would allocate your goal, including calories per day and ultimate desired weight, you need to set financial goals. Calculate a rough estimate of how much your top colleges will cost per year, along with daily or weekly spending. For example, you may limit yourself to $100 per week on essential expenses, and another $50 for extra items.

Even if you feel as though you won’t qualify for a grant or scholarship, apply! Unlike a loan, you won’t be obligated to pay back either, so why not give them a shot? Equally as important: Don’t forget about the FAFSA! Again, it’s free money in your pocket for college!

2^nd Step: Dive in Head-First & Track Your Progress

Without even the smallest inkling of understanding about your daily habitual spending, it’s difficult to know what you consider necessities versus other wants that may easily be cut out of your budget. For the first two weeks of your college life, track your daily expenses. Thankfully, technology will give you a hand with that. Apps make your budgeting experience a whole lot easier. Mint and LearnVest not only sync with your bank account, they even allow you to separate your purchases by category.

3^rd Step: Treat Yourself with a Cheat Day

As you train yourself from day to day, you may end up bogged down, unmotivated because the finish line seems so far out of reach. Every few weeks, allow yourself to let loose and purchase something a little past your budget, whether it’s a nice lunch at a restaurant or a new pair of shoes. Think of it as a reward. It should give you a much-needed boost to energize your spirit and feel proud of your accomplishments so far.

Westface College Planning can help navigate the financial aid process from start to finish. To learn how we can help you call us at 650-587-1559 or sign up for one of our Tackling the Runaway Costs of College Workshops or Webinars.

_{Photo Credit: Louish Pixel}

The Gravity of the CSS Profile: Why You Should Apply

Get ready to complete the CSS Profile!

While not as commonly used as the FAFSA, for those colleges that do use it, completing the CSS Profile boosts your qualification for more financial aid, and who doesn’t want some extra money toward their college fund?

You may not realize it, but the CSS Profile is required by over 300 colleges. It is very likely that one or more colleges in your personal top 10 list will need of the CSS Profile as well as the FAFSA in order to be considered for all available financial aid.

Be prepared: Colleges that request the CSS Profile include those from one end of the spectrum to the other, from the well-known (Santa Clara University), lesser known (Whitmore College), large (Boston University), to small (Pomona) private colleges; even a few public colleges (University of Michigan) opt for the CSS Profile.

How is the CSS Profile Different than the FAFSA?

1) Unlike the FAFSA which is spearheaded by the federal government, the CSS Profileis administered by the College Board.

2) While the FAFSA is FREE, the CSS Profile requires a cost for submission ($25 for the first college and $16 for each additional college).

3) The CSS Profile is now available online for fall 2015 admission. Some colleges have deadlines as early as November 1, 2014 for Early Action and Early Decision applications. The FAFSA only becomes available on January 1, 2015.

4) Every college requires your submission of the FAFSA for consideration of anygovernment financial aid. Colleges that ask for the CSS Profile require it to determine your eligibility for various non-government avenues of financial aid.

5) Are you part of a two household family? The FAFSA only asks for financial and household information for the custodial parent household. The CSS Profile also inquires about financial and household information for the custodial parent household. In addition, many colleges request that the Noncustodial Profile be separately completed by the noncustodial parent. For those colleges, an Expected Family Contribution will be calculated for both households.

6) Colleges that call for the CSS Profile also will likely request copies of tax returns, W2s, plus supplemental forms for every business and farm. Make sure you know the requirements for every college. It’s important!.

Is it worth the time and effort to complete the CSS Profile and send in all your financial information?

YES! Many students who do not qualify for government need based aid do qualify for college-specific financial aid. You may be one of them! These institutional funds lie dormant awaiting claim for many students who have income and assets that are too high to qualify for government funds.

Remember, you have to apply to even be considered. To illustrate, here is a statement on Santa Clara University’s website: “To be considered for the full range of SCU-awarded scholarships and grants, applicants are required to complete a secondary application, the College Scholarship Service/Financial Aid PROFILE.”

Check the financial aid web page for EVERY college on your list. Discover which explicitly require the CSS Profile and Non-Custodial CSS Profile in addition to the FAFSA. Confirm the related deadlines and submit the application before the cut-off date.

Applying for both the FAFSA and CSS Profile (where requested) guarantees your maximum potential amount of gift aid for college funding from sources other than a student loans!

_{Photo Credit: Johnson Cameraface}

Financial Aid Calculators: One You’ve Heard About, Two You May Not Have

Seniors: As you search for necessary information required for the FAFSA, you most likely have ran into the idea of financial aid calculators, but what are they and how do they work?

Generally speaking, there are three calculators that colleges use: the FAFSA, Profile and Consensus, all of which abide by a set of rules:

Your family’s income and asset amounts are added into a calculator every year.

A chunk of your parent’s income (a minimal amount based on the size of the household) and a portion of their asset (typically $20,000 to $50,000 based on the age of the oldest parent) are set aside.

Once the entire calculation is complete, you end up with your “Expected Family Contribution” (EFC), defined as the estimated amount your family is expected to put toward your college expenses.

In the case that the EFC falls under the cost of college, the difference is your financial aid eligibility.

Keep in mind, Room + Board + Tuition + Fees = Cost for the child attending college. Your EFC will be lower (not quite half) for each child if you have two children attending college at the same time.

So What About These Three Calculators?

As you’re probably aware, the vast majority of colleges utilize the FAFSA’s financial aid calculator. Another formidable calculator is spearheaded by the College Scholarship Services Profile, which configures income and assets differently, aptly named “the Profile”. While it is less common, about 300 colleges maintain it as their calculator of choice.

Finally, the third arose from a Section 568 Presidents’ Group, but only 24 elite colleges use this calculator. It’s known as Consensus. Considering calculator preferences vary between institutions, you will want to know which is adopted by every college on your list.

Major Differences

	FAFSA	Profile	Consensus
Overall	Far more laid-back when compiling assets.	Stricter.	Stricter.
General Assets	Excludes primary home value, along with your farm and small business.	Counts businesses, farms, equity of the home, annuities and 529s.	Includes the same as the Profile, but only considers home equity up to 120% of parental income.
Exemption	Exempts a family from asset consideration if parents file a short-form tax return, totaling less than $50,000 of gross income (You should consult your parents about this one).	No exemptions.	No exemptions.
Separated Households	Grants leniency toward divorced parents where the low-income parent holds primary custody.	Grants no leniency toward divorced parents (Both incomes are judged).	Grants no leniency toward divorced parents (Both incomes are judged).
Parent Assets	Assessed at 5.6% (i.e. for every $100,000 in assets, your EFC is increased by $5,600).	Assessed at 5%	Assessed at 5%
Student Assets	Assessed at 20%	Assessed at 25%	Assessed at 5%

Which One Should I Use?

That all depends upon your desired colleges. While it’s safe to say that you’ll be crunching you and your parent’s numbers in the FAFSA, you may also need to employ the Profile or Consensus. Make sure you know which formula (and financial aid applications) every college on your list uses.

If anything else, estimate your EFC with all three calculators (the FAFSA’s estimator is called the FAFSA4caster). You may be surprised to find out that you may qualify for more financial aid at a college which uses one formula over another.

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5 Thoughts to Confidently Shape Your Senior Year

Soon-to-be Seniors: While you rightfully have college on the brain, don’t unknowingly dismiss the last year of your high school career.

Visualize yourself stepping onto campus as an official senior. Keep these thoughts in mind as you traverse classes, time alongside your friends and all the wonderful life experiences you’re about to embrace:

Teachers love when you ask questions and other students will thank you.
You aren’t the “annoying student” if you ask questions. In fact, many classmates let their shyness get the best of them and avoid raising their hand at all, even if they are truly lost in the muddle of information. If you’ve been one of those quiet students, now is the perfect time to break the habit, even if it means only asking one question a week. Eventually, speaking up will seem like a breeze.

Asking questions to clarify or spark a new avenue of discussion not only will potentially help other students, but also stick in your teacher’s mind. Who knows; it may be your path to confirming a mentor or a letter of recommendation.

Every other student has the same fear: rejection.
If you harbor the fear about not being accepted to a single college, then you’re in the same boat as all your other classmates. Don’t fret! Of the 4,000 colleges across the United States, you will get accepted to at least one. Just don’t forget to send out plenty of applications!
Equal measures of work and fun will level your balance.
This is true for any stage of life. If you’ve seen or heard of the famous line “All work and no play makes Jack a dull boy” (The Shining, 1980), you’ll know exactly what we’re suggesting. Work too much and you’ll go crazy; too little will veer you off in the wrong direction. Feel free to accept party invitations, but don’t sacrifice completing homework or projects as a replacement. Weaving both parts into your valuable time will guarantee success.
Goodbyes are definitely not the end of the relationship road.
It’s inevitable that your closest friends will most likely attend school in another city, if not another state. Luckily technology is on your side. With texting, calling and even video chatting, you can easily keep in touch with your friends. They’re just as afraid of the future as you are, and that commonality will bond your friendship across time.
Step outside of your comfort zone.
Whether you’re painfully shy in social situations or admittedly uncoordinated at a hobby you like, take this opportunity to traverse the unknown. Compliment someone if you have a hard time beginning conversations or pursue a possible passion that seemed out of the question in the past. We’re confident you’ll surprise yourself.

It’s easy to say “Stay positive”, but these should give you concrete ideas about how to focus your mind in the right direction. We hope all you upcoming seniors enjoy your last year!

This blog was provided by Westface College Planning. For more tips and information, sign up for a free College Funding workshop or webinar or call us at (650) 587-1559.

Photo Credit: Sridhar Srinivasan

How to Make the Most Out of Your Summer Break

Soon-to-be Seniors (and Juniors): We’re smack dab in the middle of summer, and now that you’ve soaked up some sun and clocked in plenty of R&R, it’s time to maximize your free time to its fullest.

While you’ve been rightfully savoring your vacation days, you don’t want to leave your mind rusty or completely fall behind on college planning. Once you’re required to again wake up at 7am each day and deal with classes on top of tedious homework assignments, your brain will most likely feel too burnt out to even consider college planning. With over a month still ahead of you, there’s plenty of time to space out activities that will exercise your mind muscles and get you one step ahead of the college planning process.

Indulge Yourself in a Few Books

No, we’re not suggesting any lengthy Charles Dickens’ novels. You’ll get to those in English class (if you haven’t already), unless that’s your cup of tea, then go for it. If you aren’t an avid reader or classic literature enthusiast, try one that’ll give you some food for thought as you prepare for college, such as these listed on Washington Post’s “A Summer Reading List from College Admissions Counselors:

o “How to Be a High School Superstar: A Revolutionary Plan to Get into College by Standing Out (Without Burning Out)” by Cal Newport

o “Going Geek: what every smart kid (and every smart parent) should know about college admission” by John Carpenter.

o “Let Your Life Speak: Listening for the Voice of Vocation” By Parker Palmer

Then relax with a light-hearted love story or a unique, thought-provoking tale:

o “The Opposite of Loneliness” by Marina Keegan

o “The Guilty One” by Lisa Ballantyne

o “The Botany of Desire: A Plant’s-Eye View of the World” by Michael Pollan

o “Endurance: Shackelton’s Incredible Voyage” by Alfred Lansing
Want a few more suggestions? Check out the books listed on NerdWallet’sFavorite 2014 Summer Reading Programs.

Volunteer

Take a minute to think about your deepest passions and interests. Feeding the homeless? Caring for the elderly? Whatever drives you, there’s likely a volunteering option that’ll boost your community as well as strengthen your inner spirit… and not to mention, your resume!

Not sure where to start? VolunteerMatch customizes your search options by region and category (Advocacy & Human Rights, Animals, Children & Youth, and so forth).
Spruce Up Your Activities Resume

Speaking of resumes, summer offers a great opportunity to not only build your activities resume, but also tally your current and past work. It’s very similar to a job-oriented resume: past history, skills, utilizing action words, but with less detail. It’s a quick way to show off your experience and passions.

You deservingly will relish in the splendor of 5-6 weeks school-free, but also think of summer as an open opportunity to mix relaxation with improving your skills and adding to your repertoire. It’ll not only strengthen your personal life, but also solidify your path to college.

This blog was provided by Westface College Planning. For more tips and information, sign up for a free College Funding workshop or webinar or call us at (650) 587-1559.

Photo Credit: Dmitry Kichenko