College Admissions Coach How Juniors Seniors Can Take Action Today!

Applying to college can feel like this sometimes--but it doesn't have to! After spending five days on five separate college admissions tours and information sessions with my younger sister last week, I couldn’t be more excited to coach my Class of 2015 and Class of 2016 students as they begin the college admissions process! I’m here to help you tell your story and present yourself to college admissions officers this fall. Now, I’m sure you’re wondering if there are any big secrets to getting admitted to the college of your choice. And I’m sorry to disappoint, but there is no ONE single secret. There are, however, a few strategies and resources that you can take advantage of, depending on where you are in the process. If you’re a high school JUNIOR: It’s never too early to look ahead to what you want your academic life to be like in 2 years! 1) Start thinking about what you’re looking for. Do you like the city? The country? do you want to be in bigger classes or smaller classes? Liberal arts or engineering (or both)? Talk to your parents about when might be a good time to make some college visits, so that you can decide what you like most. 2) Keep up the good work. College admissions officers like to see an upward trend in both your grades and the difficulty level of your courses. To put it simply: they want to see that you’re excelling academically in a challenging environment, because that is what college will be like! Stay focused on your school work, but don’t forget to make time for the non-academic activities that make you happy! Balance is key. 3) Get ready for the ACT/ SAT It’s no secret that junior year is the time to prepare for and take the ACT and/or SAT. Most students take the standardized test in the spring of their junior year, which leaves ample time to study and take the test again in the late spring of junior year or fall of senior year. Can’t decide which test to take? Consult with our ACT and SAT tutors to figure out what is right for you! If you’re a high school SENIOR: While the early action deadline for most schools just passed, you have a just under two months before the regular decision deadline, here are some things to do to stay ahead of the game: Brainstorm! Start working on those short essays and personal statements. And check out my next blog post to see What They Really Want to Read! The more work you can do on these personal essays before school starts, the more relaxed you’ll feel! If your school year has already begun, do not fret! Set aside time each day (or on weekends) to work on your essays. Spreading the task out over a period of time will allow you to relax when submission dates near, rather than enter panic mode! Try something like this†¦.. So that you can avoid feeling like this! Get back in touch with your teachers. Arrange to meet with your teachers in the first few weeks of school. Make sure that you choose a teacher who knows you very well, and can paint an accurate picture of you as a student and member of your school community. If you’ve already asked for letters of recommendation, meet with your recommenders and catch up with them about the special things about you that you want them to talk about in their letters. If you haven’t asked for recommendations yet, now is the time to do so! A situation you’ll want to avoid at all costs†¦ Start off strong. You’ve all heard that â€Å"senioritis† is a thing, so don’t let it become a thing! Your fall and spring semester grades from your final year of high school will still be sent to college admissions officers by your high school. Keep on working hard and doing well in school! If you find that you’re struggling, reach out to your teachers (and maybe your Cambridge Coaching college admissions coach!) -- we are here to help! Good luck! ;

Deciding When Private Student Loans Are the Better, Cheaper Option

HomePrivate LoansFederal LoansAre Private Student Loans Ever the Better, Cheaper Option?This page may contain affiliate links.Oct 11, 2019Not too long ago, the Student Loan world was a lot like the Wild West. Back then it was a common belief that private student loans were the bad guys, and federal loans, like the Parent PLUS loan, were the good guys. That way of thinking has begin to change and private student loans are now, in many cases, becoming the right choice. They now can have rates, depending on your own credit score and history, that are even cheaper than Parent PLUS loans. They also can be a better option for short-term lending because many don’t have origination fees. Here’s what you need to know about deciding between federal and private student loans: What Is An Origination Fee? An origination fee is a fee for borrowing money that is charged the moment you borrow the loan; something like a service charge. It’s only charged once; then interest accrues in addition to the fee. For instance, federal student loans charge about one percent of the loan amount for student loans issued directly to students. PLUS loans to graduate students or parents have origination fees of over four percent. For the first year, you’d add the origination fee to the cost of the loan. Thus, if a private student loan to parents had a four percent interest rate, the origination fee would double the cost of borrowing money for the first year. Private student loans are issued by private lenders and most don’t charge these fees. Thus, the interest rate stated is the total interest rate. Parent PLUS loans are rarely recommended if you can pay off the loan within three to five years partly because of origination fees. How Loan Approval Works Although it may seem counter-productive for parents, one of the benefits to private student loans is that income is a factor in approval. Parent PLUS loans may approve families for $100,000 in student loans over the course of four years based on cost of attendance, no matter whether the family can afford the payments or not. Private lenders consider the ability of the family to afford to repay the loans. The result is being limited as to how much you can borrow and families possibly reconsidering school choices because of this. It could also prevent families from taking on an excessive financial burden, which in the long run, is beneficial. Benefits You’ll Lose When Borrowing a Private Student Loan There are two groups of benefits you can lose with private student loan borrowing. As a parent, you’ll mostly lose the option of taking a break from payments if you have economic difficulties. Private lenders do sometimes offer forbearance or deferment, but generally the total period of time allowed is two years or less. If you know you’ll borrow the loan for a short period of time, it’s not an issue. Especially, if you have significant emergency savings. It is then recommended that you just take the lower interest rate. It’s generally not a good idea for students to borrow via a private student loan instead of subsidized or unsubsidized federal loans because the interest rate generally won’t be much lower. Also, the student will have lost benefits such as income-driven repayment and interest paid by the government while in college on subsidized student loans. PLUS loans for graduate students are similar to Parent PLUS loans and may be more expensive than borrowing privately. If borrowing the loan for more than a few years, however, students should be careful to not lose benefits such as income-driven repayment options. Special Perks of Private Student Loans In recent years, private student loans have stepped up to actually help students find work after graduation. CommonBond and College Ave offer things like happy hours, career events, and resources to help find internships. Before you pick a private lender, call and ask about special perks for your student. Responsibilities of a Loan Cosigner If you decide to cosign a private student loan for your student, keep in mind that you are taking on responsibility for these loans. Credit reporting for missing payments and such will appear on your credit reports, as well. Even when your student needs a break from repayment, lenders will often consider your income, as well. Thus, make sure you can both repay the loan if you needed to and that you have a thorough talk with your student about repayment responsibilities AND student debt. You won’t regret either decision. Quick tips for when to consider private student loans: You know you’ll pay off the loans in three to five years The loan is not instead of unsubsidized or subsidized student loans It’s lower than the rate you were offered for Parent PLUS loans You’re okay with repaying a private student loan for your student if they can’t afford the payment Do you have many student loan offers but don’t know how to choose the best one? Are you struggling to balance monthly payments and loan term? Don’t worry; we have the perfect tool for you! To help parents and students make informed decisions about student loan costs, we developed the Road2College Student Loan Comparison Spreadsheet. Download it here.