October 2011 Counselor News
share this pageAs of Oct. 29, a federal mandate requires all colleges to offer a "net price calculator" on their websites. Also known as "financial aid estimators," these tools will give families a better approximation of what they might actually pay at a particular institution. It is important to remember that a) these are estimates and only as good as the numbers the family provides and b) calculators differ from institution to institution. Some calculators are very simple and ask for minimal information. Other calculators are complex and ask for a significant amount of financial detail. Most calculators ask about the student's academic credentials. After completing a net price calculation, the family should have a "net price" number (cost of attendance minus institutional gift aid, minus any federal or state aid for which the student may be eligible) that will help them to know if a given school may be affordable.
A word of caution: financial aid, merit scholarships and institutional gift aid programs vary widely among institutions and between private and public colleges. For example, Minnesota's private colleges have very generous scholarship and grant programs. These programs make the "net price" of attending a private college far more affordable than many families think. Families are encouraged to carefully explore net price calculators at a variety of institutions (both public and private) and to consider the value of each type of education. Many families will find that a Minnesota private college or university education is an investment they can afford; one that will provide a high quality educational experience for their student. For tips and more analysis by college representatives, read the recent story, The net price calculator effect and find links to the calculators at our institutions.
Many of our campuses host special fall events and tours for high school juniors and seniors, in particular over "MEA," October 20-21. This is a great time for students to visit in their quest to find a college that's right for them. Consider sharing our list with students and parents.
There was some good news from the Legislature for the 90,000 Minnesota college students who rely on the Minnesota State Grant program to afford college. To help address increased demand and a projected shortfall in the program, funding was increased by $21 million or 7.3% for the upcoming biennium. This helps to meet the additional need for student financial aid created by the recession, even though a shortfall of approximately $10 million remains. That means that the grants for this year and for the fall of 2012 will remain smaller than what is called for under state statute. Read the full story.
Changes to federal financial aid are on the horizon as well. Both the House and Senate appropriations committees have proposed preserving a maximum Pell Grant of $5,500 in 2012, while making other cuts to the program. The House proposal would end Pell Grants for students who attend college less than half-time and could be used for only 12 semesters instead of 18. The Senate proposal eliminates the six-month grace period on interest payments on subsidized student loans, but doesn't change Pell eligibility rules. Check Student Aid Alliance for the latest developments.
- Print out our undergraduate majors grid as a handy reference when you're talking with students.
- Bookmark our searchable online College Finder that helps identify the colleges that have the majors, sports and arts programs that fit the needs and interests of your students.
- Get the facts on cost. It's important to look beyond listed prices and factor in the "opportunity cost" of taking longer to graduate. We recommend three steps.
The admission directors at Minnesota's Private Colleges are hosting a free informational breakfast for counselors in Wauwatosa, Wisc. Nov. 15. We'll share information about our 17 institutions, leaving plenty of time for conversation and questions. Consider joining us if you're a Wisconsin counselor — or passing this along if you know one. Find out more.
While Minnesota public institutions begin with twice as many incoming students each year, Minnesota's private colleges actually surpass them four years later in their number of college graduates.
Here are some recent articles that are worth reading:
- Don Quixote, College Choice, and the Myth of Fit, Chronicle of Higher Education
- Defining the "Best" in Colleges, U.S. News and World Report
- On College: A guide to early applications, San Jose Mercury News
- Top 10 Myths About Scholarships, Chronicle of Higher Education
