It's FAFSA Time

Here we are...October 4th, and the applications are flying and the pressure is intense. With so many different college deadlines, application types, writing supplements, and forms that need to be completed, I'd imagine students and parents are already wishing the college application process was over!

Well, while the college process will not be official over until May 1st, I do have some good news. For the first time, the FAFSA is now open well before January 1. You may be wondering why this is a good thing...just more paperwork right? Well that is true, but in the long run, this should be a benefit to students and families...hopefully.

For the 2017-2018 college academic year, families can now complete the FAFSA using their 2015 tax return. In the past, families would need to wait until after January 1st, file their taxes, then use that year's information to complete the FAFSA. This would only give school's a month or so to receive the information and send families a financial package...then rushing families to make a compare financial aid packages and make a decision.

The HOPE is that by opening the FAFSA sooner, families will receive their financial aid packages sooner, giving them much more time to make an informed decision.

If you're like me, just talking about the FAFSA makes my head hurt a little bit, but check out these few pieces of information on the FAFSA, and a USA Today article on the new FAFSA.

• The FAFSA is free...do not pay for it! There are scams out there...here is the actual website: https://fafsa.ed.gov/
• The FAFSA is for financial aid, while the CSS Profile (which many colleges use) will help families receive institutional aid
• You will need to complete a FAFSA each year, so if your financial situation greatly changes from year to year, so will the financial aid you receive
• Complete the FAFSA and CSS Profile as soon as you feel comfortable. 

To find out more about the new FAFSA, take a look at this article from USA Today.

Best of luck!!

Joseph D. Korfmacher

The Argument for the Community College Transfer Path

In case you missed it, earlier this year, President Obama announced his plans for "America's College Promise" - a new option to help minimize debt in a national landscape where student debt continues to rise. At its core, America's College Promise provides students free tuition for two years at a community college. Students can then choose to transfer to a college or university of their choice, or remain in a community college setting. Since the announcement, the plan has been met with a mix of criticism from the international media and support from American students.

Even without America's College Promise, the community college transfer path has been a growing trend as costs of tuition continue to soar. This week, U.S. News and World Report identified the three "types" of students most likely to take advantage of and benefit from the community college transfer path and/or America's College Promise, should it pass.

The perks of going this route include cost savings, the opportunity to improve on your current resume/transcript before applying to a more selective school, and greater freedom to explore various subjects and career paths.

Would you consider taking community college transfer path?

Student Accepted to All Eight Ivies -- and Why He Turned Them All Down

As a reader of the JDK College Knowledge blog, you know that our mission is to help each student find the school that is right for him or her based on a number of factors, including academic offerings, social scene, cost and more.

Yesterday, MSNBC's Morning Joe featured Memphis high school student Ronald Nelson who was recently accepted to all eight Ivy League schools - and then turned down the opportunity to attend each one. In the interview (see video above), Ronald says that receiving his many acceptance letters was "just the next step in my analysis to figure out where to get the best education possible while making sure that it's financially reasonable for both me and my family." He went on to say that he was not only accepted into a "wonderful honors program" at the University of Alabama, the school he ultimately chose to attend, but also received generous financial aid awards - both important factors into his decision-making.

In this case, Ronald will be avoiding "massive debt" (host Joe Scarborough's words) by selecting a state school over the private Ivy League schools. In many similar cases, students can make the decision to go to schools where they may be offered more financial aid without compromising academic rigor. Given the 2,500+ colleges and universities across the United States, it can pay to look beyond rankings and reputation to find a quality education at reduced cost.

The Real Reason College Tuition Costs So Much

The New York Times Opinion section recently featured an article on the (astronomically) rising costs of college tuition. Entitled, "The Real Reason College Tuition Costs So Much," you'll discover that cuts to public funding for higher education are NOT to blame. One culprit cited in the article: "constant expansion of university administration. According to the Department of Education data, administrative positions at colleges and universities grew by 60 percent between 1993 and 2009, which Bloomberg reported was 10 times the rate of growth of tenured faculty positions."

It's an interesting read and I hope you enjoy.

Introducing Micro-Scholarships for College from Raise.me

We are all familiar with the high costs associated with pursuing a college education. But remember, there are many options out there to collect scholarships and financial aid. And some are more out-of-the-box than you may expect.

Take Raise.me, for example. I recently had the opportunity to meet with folks from Raise.me, a new organization that is partnering with colleges across the country to help families rack up "micro-scholarships" against the astronomical costs of higher education. Starting in 9th grade, students can accrue these small, conditional scholarships from colleges for accomplishments such as getting an 'A' in science class, making the Varsity swim team, being involved in community service, partaking in various extracurricular activities, and much more. If you wind up attending a school you've selected through Raise.me, the micro scholarships you've built up will be applied to your tuition.

The process is very simple; go to their website, create a free account (Name, DOB, High School, and graduation year), select any or all of the schools they partner with, input your accomplishments, and watch the scholarships grow. The Raise.me platform is retroactive, meaning even juniors and seniors can enter any high school accomplishments to count toward Raise.me scholarship money (as long as the college's submission deadline has not passed).

Currently, this organization is partnered with 65 colleges, including Tulane and Temple, but will be adding an average of one new school per week. Students may choose to connect to as many colleges on Raise.me as they want, and are under no commitment to attend those schools. However, if they do choose to attend a college selected through Raise.me, the school is bound to give them the amount in their account. The scholarships range in amounts, and can be small, but receiving any scholarship money for your accomplishments is a great way to offset college costs. Parents, this is also a great motivator for high school students to become more involved in school activities, sports, or even work harder in the classroom. Of course, getting that 'A' in Calculus is a win on transcripts, as well, but it won't hurt to also get $500 from a college for receiving that grade!

Raise.me launched for student-use 6 months ago, and has grant funding from the Bill and Melinda Gates Foundation, Facebook, and UPenn. So students, check out the website, connect with colleges, begin listing your accomplishments, and watch the potential scholarships accrue in your account! If you haven't had motivation yet to get involved in the classroom, on the field, or in extracurriculars, maybe a little money towards your college education will help.

Best of luck with this experience, and as always, happy searching!

Joseph D. Korfmacher, MA

Best Colleges for Your Money

What many people want from college isn't too complicated. They desire a good education, a safe and comfortable environment, to be prepared for the workforce, and to not break the bank to attend the school. With soaring college costs and a competitive job landscape, it is more important than ever to find that perfect fit, where students will be challenged, graduate with marketable skills, and will not have loans to pay for the next 20 years. The website 'Money' recently came out with a list for colleges that are the best bang-for-your-buck. As you will see, many of them are some of the most selective schools in the country, but it is certainly worth a look. You can view the list here on their site. As always, happy searching!

-Joseph D. Korfmacher, MA

Reduced Tuition at MSU for Children of Veterans

First of all, I just wanted wanted to extend a special thank-you to all active duty and Veterans of our country's armed forces. Thank you for all you have done and sacrificed and will continue to do so to protect our freedom. On Veteran's Day, I thought it would be appropriate to inform you all of a new initiative Michigan State University has started. They are now offering in-state tuition price for out-of-state residents who have a parent that is a Veteran or is active-duty in the armed forces. This takes the overall cost of attendance from $44,230 per year to $22,450 per year...quite the difference. This is also before any additional merit scholarships or financial aid comes into play for the student. If you feel you may qualify for this, and are interested in Michigan State University, make sure to indicate this status on your MSU application. Also, be sure to look into any other schools that may have similar opportunities. As always, happy searching!

Joseph D. Korfmacher, MA

FAFSA Finally Here!

Seniors and parents, January 1st has finally come. Yes, the holidays were great, and celebrating the New Year is always a blast…but the biggest event to celebrate is that the FAFSA is finally live. OK, so completing the FAFSA isn’t the most fun activity in the world, but it is important helping to pay for college.

In order to receive any financial aid for college, students and their parents must complete the FAFSA online. The website is www.fafsa.ed.gov and the very first letter in the FAFSA acronym stands for “free.” (Avoid imposters such as FAFSA.com that will charge you without offering more than what is available at the official FAFSA site. The FAFSA (or Free Application for Federal Student Aid) will use the family’s previous tax returns to estimate how much a family can afford to pay for college and how much aid they can receive. Aid in the form of grants, loans, and scholarships can potentially come from completing the FAFSA.

In the simplest of terms, a family will complete the FAFSA, and the system will eventually generate an expected family contribution (EFC). This is what FAFSA believes the family can afford out of pocket for the student’s education. The EFC is sent to colleges who will subtract it from their cost of attendance. The difference is called the student's "need." Some colleges will meet this need completely, others may not meet it at all, and others still will fall somewhere in the middle.

The FAFSA is available online right now, and really should be completed soon. There is no need to wait until the new tax returns are available, as last year’s are accepted and often some schools will have deadlines that are pretty soon. You can estimate what the numbers will be for this year, using last year's figures. Then, once the current year figures are in, you can send the updated ones into the FAFSA. Though some families may not want to spend the time filling out cumbersome FAFSA forms, I encourage all families to complete the FAFSA at least prior to freshmen year. You never know if you may qualify for financial aid, including grants or scholarships! So enough reading,  get your paperwork together and go tackle the FAFSA!!

-Joseph D. Korfmacher, MA