Adriane Thorpe

CEO, Summer Discovery

“Our students develop lifelong friendships and have the opportunity to learn from and build relationships with peers from around the world. It is a truly unique opportunity for students at this age.” 

One student thought they wanted to become a doctor. This summer program at the University of Texas at Austin taught her about treating patients who arrive in an emergency room by triaging the situation, and allowed her to do practice labs in a simulated hospital, complete with robotic responsive training mannequins, which then confirmed that medicine was the career path she wanted to pursue.

Another student studied the Business of Entertainment at the UCLA Anderson School of Management. During the program, he was able to directly learn from locally based practicing producers, agents, and entertainment marketers who engaged with the class as part of the program — offering real-world experiences and perspectives. He was able to directly connect and build a relationship with one of the guest lecturers that led to an internship the summer after his first year in college.

A third student, who spent two summers attending programs at the University of Michigan and studied multiple disciplines of psychology, went on to attend Brown University for her undergraduate degree, majored in psychology at Brown, and obtained her doctorate in clinical psychology. Today, she is a well-known expert in cognitive-behavioral therapy in New York City and a published author.

These are just three of the more than 100,000 students who have participated in Summer Discovery programs, which provide immersive, hands-on academic curriculums tailored to high school, pre-college, middle school, and gifted students. 

The Musiker family founded Summer Discovery in 1966 “with a mission to become a leading summer academic program provider for kids and teens,” said Summer Discovery CEO Adriane Thorpe. “Almost six decades later, our vision has become much larger.

“Not only did we become leaders in exceptional academic pre-college summer programs for high-potential students, but we have evolved to include programs for gifted students, offering students across the globe unparalleled access to world-class academics, enrichment courses, socialization, activities, and adventures in a fun and safe residential life experience,” Thorpe added.

With programs available for students grades 1-12, Summer Discovery enrolls over 10,000 students annually across more than 15 campuses, with over 300 courses offered across a variety of subject areas and disciplines. To keep its program running safely and smoothly, Summer Discovery ensures small class sizes, with an average student-to-staff ratio of 10:1.

Choosing a program 

Here are some of the basics behind Summer Discovery’s programs:

Summer Discovery High School and Middle School 

Suitable for students completing grades 6-12, this program helps students identify, build upon and expand their academic interests in preparation for college. In addition, students build real-life skills and have ample time to form friendships and community with students from more than 80 countries. 

“In addition to academics, our students have opportunities each day to explore exciting cities, enjoy the beautiful summer weather and outdoor recreation, and participate in fun social events, like silent discos and barbecues on a college campus,” Thorpe said. 

Living on campus helps students foster skills like time management, responsibility, independence, and college preparedness. What’s more, off-campus adventures — from exploration of must-see city highlights, parks, and local hotspots, to sporting events, trips to the beach, and theme parks — are all included. 

“Our pre-college program reputation and close university relationships are internationally recognized and are perfect for pre-college students to explore their interests, passions, specialized academic fields of study, or possible future career paths. This is a great way for students to enter college incredibly prepared,” Thorpe said. 

Click here to apply now for Summer Discovery’s 2024 Programs

Summer Discovery Institute for the Gifted

The Institute for the Gifted summer program is designed specifically for high-achieving students. It offers an unparalleled proprietary academic curriculum that is engaging, hands-on, and tailored to each student’s specific needs,” Thorpe said. 

The Institute for the Gifted caters to students Grades 1-12 and offers courses in more than 38 areas of study on five college campuses. Depending on the student’s age and personal preference, students can choose from a full-day, half-day, or overnight residential program. 

A “community of like-minded learners creates a safe space that nurtures friendships, self-confidence, and self-discovery” in this program, said Thorpe, adding that the coursework is designed to be experiential and hands-on to foster teamwork and collaboration.

The staff, instructors, professors, and residential life counselors all contribute to the students’ on-campus experience, ensuring each student has a successful summer and walks away with an experience that helps shape their future. 

“Our network of professors and educators has led to student internships and recommendation letters,” Thorpe said. “Students develop lifelong friendships and have the opportunity to learn from and build relationships with peers from around the world. It is a truly unique opportunity for students at this age.” 

What else to expect

“We are continually innovating in the space of pre-college education, bringing new university programs into our network, and expanding our programs of study to evolve with emerging tools, technology, and trends,” Thorpe said.

Currently, the Summer Discovery team is forging relationships with world-class brands, private corporations, and businesses in order to offer pre-college programs “where students can learn first-hand what different career paths and organizations are like. For brands who work with Summer Discovery students, it’s an opportunity for them to connect with future consumers and leaders, and leverage these high-potential students as collaborators in new ideation and innovation,” Thorpe said. 

How to apply

Summer Discovery reviews applications on a rolling basis each summer. The Summer 2024 program lineup has just been announced. Tuition starts at $3,799, however, costs vary depending on the campus, length of program, and commuter or residential housing options. Interested candidates can apply at apply.summerdiscovery.com and find more program details at summerdiscovery.com. 

“We review every application to ensure students will be successful at the program they selected based on academic rigor and acceptance criteria,” Thorpe said. “As we forge new university relationships, programs may be added throughout the season, so we recommend checking back regularly. We also encourage families to apply early, as space is limited at each campus and program — and the most popular programs fill up quickly with students looking to attend a top university.” 

Summer Discovery is accepting applications for its 2024 programs now

The post Is a Pre-College Summer Enrichment Program Right for Your High School Student? appeared first on Education and Career News.

Can you share a little bit about your background and expertise in finance?

Coming from an immigrant family, I’ve always had the importance of money in my mind, just to create a better life, ever since I was young. So, when I was young, I was very keen on finances and saving and figuring out ways of making money.

I’ve been doing side hustles and other ventures ever since high school — fixing iPhone screens on the side, just seeing a lot of e-commerce resources online. From there, I naturally started to learn more about finance and business, and learn more about the logistics of everything, as I was talking to suppliers on Alibaba to get products and get into e-commerce.

College was when I really started to learn more about the personal finance aspect of it. I discovered a YouTube channel on finance and I was like, “Oh, wow, okay. There are all these resources out there. Let me just continue to learn and apply that stuff.” Also, I started getting into books at the time. I think my first one was “How to Win Friends and Influence People.”

Before that, I had learned a fundamental concept of saving and not just spending all your money, but in college, you want to really start to learn “How do I properly allocate this money? How do I start investing? How do I start doing stuff?” I remember my first ever investment. I took a $3,000 loan from my school at the time, and I don’t recommend this for anybody, but that’s what I did. And I was able to invest that into the market and make around $1,000.

So, you know, now I have all these experiences. I’m learning. Not to mention that I’m also studying finance. My major going into college was financial mathematics, and then I switched to stats and data science with it. I still had a heavy focus on finance, but I learned all the technical aspects of finance as well that people don’t necessarily apply in real life. And then after college, I basically I knew I wanted to have my own business.

What inspired you to start sharing financial education tips on social media?

I remember my family buying my first car in high school, and I remember not knowing how to buy it and knowing that we ended up overpaying like a few thousand dollars for it because we didn’t negotiate down. I didn’t know as much.

I knew at the time that I felt bad about not negotiating, not getting the best price. So, I started off with personal experience and making videos on that. But then, obviously, once I ran out of my own experiences to talk about how people can save and make money, then I just was just consistently educating myself — constantly educating myself like I do now so I can keep making content. I must keep growing to help other people.

From your perspective, why do you think it’s important to build a loyal base as a brand or an influencer? 

Everybody is on social media, and I think it’s one of the best ways to connect with your customers and your clients. And building a loyal base can help you grow your business. It can help you grow no matter what you’re doing, no matter what it is in your career, your personal brand, or if you’re selling products and are looking to promote that, social media helps with everything.

And once you have a loyal audience that trusts you, they’re going to be willing to buy your product or be behind you or listen to you. And building that loyal audience with good content that provides value is important, right?

So, for every person that’s building that loyal client on social media, you must provide value. If it’s a business that’s selling a product, they must provide value by solving a problem through that product. If it’s somebody that’s educating like me, I’m providing value by solving their money problems, by helping educate them so that they can solve their problems. So, there’s value there.

It’s just so important to get on it and start building your niche with valuable content, which will drive more loyalty, which will drive more sales and more impact for your business. 

Are there any other finance tips you recommend for those looking to save or increase their wealth?

Figure out ways to earn more. That means doing side work and testing a lot of stuff out and seeing if it will work, and then if something does work out, capitalizing on that and continuing to pursue it further in order to keep making a few extra hundred or thousand a month. Or maybe you can go full time into that venture and make a business out of it.

That’s my biggest thing is just to try testing ventures, earn more money, and then once you start earning more, you can start saving more. And then once you start saving more, you can start investing that money into building generational wealth.

The post Finance Influencer Milan Singh Shares How to Earn More, Save More and Invest More appeared first on Education and Career News.

What do you think was the most important factor in you receiving more than $2 million in scholarships?

Definitely grit. Applying for scholarships is particularly difficult to master because of the inevitable rejection you face in the process. You spent countless hours searching for scholarships, curating your applications, and perfecting your essays, only to win very few of the opportunities you applied for.

Persisting in the face of rejection is tough. But, I was disciplined and courageous enough to continue pushing forward and ensuring that each application I submitted was better than the previous one. That level of resolve is hard to come by, hence why many students give up before they win their first scholarship.

I refused to let anyone outwork me, and because of this, I was able to persevere and ultimately bear the fruits of my labor by earning seven figures in scholarships before attending Princeton University. It has been a blessing to pay it forward and have offered $13,000 worth of my own scholarships to students of all ages and backgrounds too.

What made you want to pursue your business and write a book?

The natural synergy between my experience and expertise, and a pressing need for scholarship guidance made me want to pursue my business. I found a sweet spot between doing work that is profitable and positively impactful, which is the beauty of social entrepreneurship.

I began building Growing with Gabby three years ago when I was a college student. Throughout that time, I continued to earn scholarships and learn more about the intricacies of the scholarship space. I chose to write my first book, “5 Steps to Securing Scholarship Success,” to teach students how to write a successful scholarship essay that stands the test of time and stress.

My book is a culmination of the tips, techniques, affirmations, and strategies I employed to start winning in the scholarship game. I was teaching this strategy to my clients and seeing them also gain scholarship success, so I decided to formally write a book that clearly instructs students on how to craft a compelling scholarship essay, regardless of their age and experience. It’s available on gabriellacarter.com.

What is the one piece of advice you would give to a student looking to receive a scholarship?

Establish a system. Having a system as you apply for scholarships is crucial. More specifically, establish a consistent schedule with which you search for scholarships, draft your scholarship essays/applications, and track your progress.  I created myscholarship tracker to give students access to a customizable template to track scholarships and myseasonal scholarship lists to give students access to $500,000+ worth of scholarships so they can save time and stress searching for legitimate opportunities.

Using these tools to establish a system makes you feel more in control of the process. You’re less likely to scramble to apply for opportunities if you have a set day where you search for them and put opportunities on your calendar. Once you establish the habit of consistently searching for and submitting applications to scholarships, you can be more disciplined with your approach.

When you are more disciplined, you won’t have to rely on only applying for scholarships when you are motivated. You’ll be accustomed to the grind and sharpen your skills in the process. Consistent action will make you more efficient at applying for scholarships, encouraging you to submit more effective applications over time to ultimately secure scholarship success. You really have to put in work to win scholarships.

What is next for you and also the future of scholarship opportunities?

I want to release another scholarship book in print, and a video course to complement my ebook and scholarship database. These two resources will allow me to take an even deeper dive into the art of crafting a winning application by sharing scholarship secrets that have never been disclosed before. I also plan to continue exploring the arts in multidisciplinary ways! I just released my first song available on all streaming platforms under my artist name GSC ROYALTY.

Hopefully, the student loan crisis can be averted with the forgiveness program, but we’ll have to see how that plays out. That’s why Growing with Gabby is so important: I’m empowering students to take charge of their financial future through scholarships. Earning scholarships can be a critical first step in achieving the financial freedom everyone deserves to experience.

The post The Student Who Earned $2 Million in Scholarships Shares Her Top Application Tips appeared first on Education and Career News.

College is expensive and finding the funds to cover the cost can be a challenge. With college tuition rising each year, it’s more important than ever to start saving early and identify ways to reduce college costs. Here are five ways you can do just that:

Advanced coursework opportunities

One way to save big on college costs is to earn postsecondary credits while in high school. Prior learning assessments can help you get ahead and make college cheaper. Many institutions of higher education accept advanced coursework opportunities, like Advanced Placement (AP) courses, CLEP exams, and International Baccalaureate (IB) programs as college credit. These college-level courses are offered in middle and high schools and culminate in an exam that you can take to earn college credits, depending on your scores. The courses are free, but there may be a fee for the exam.

Get started by talking to your guidance counselor about what options are offered at your school. There are also some key differences between AP, CLEP, and IB that you should discuss, as well as any prerequisites, like high school-level courses that must be completed first or a placement test.

Dual enrollment programs

Dual enrollment programs can also save you money and help you graduate from high school with college credits already completed. These programs allow students to take courses for credit at local colleges while still working on a high school diploma.

Depending on the program offered at your school and your financial need, you may receive discounted tuition at the college or be eligible for grant aid set aside for these programs. Check with your guidance counselor about the options at your school and the eligibility requirements.

Community college courses

Depending on where you decide to earn your degree, tuition at your local community college is likely far cheaper than it will be at a four-year school. To save money, you can consider enrolling in community college for the first year or two, and then transferring to a four-year institution to finish your degree. You can also take courses at your local community college over the summer to earn credits.

Be sure to check with the college or university where you plan to transfer the credits first to confirm that they will be accepted. If you’re not sure where you’re planning to earn your four-year degree, you can also ask the community college about whether they have reciprocity agreements with any institutions. Most institutions typically accept credits for introductory coursework from a community college, but they may be less willing to transfer more advanced credits.

State workforce training programs

One of the easiest ways to save on college costs is by simply graduating on time. Students who select a career path and a major before enrolling and stick with this plan tend to graduate on time. If you’re still trying to make up your mind, your state workforce board can be a great free resource to get advice about in-demand careers and on-the-job experience before you start paying for credits.

Ask your guidance counselor or contact the workforce board to learn about youth employment programs and apprenticeships that are designed to provide opportunities for career instruction and growth. These programs can help guide you in the direction of the career path you’ve always wanted and help you stay on track to graduate on time. 

Save, find scholarships, and compare loan options

Even if you’re getting a late start, saving money can still reduce the amount you will pay for college. That’s because education loans are borrowed money that must be repaid with interest. Differences between interest rates may seem negligible, but they can really add up over time.

You should first look for scholarships, which may have a merit-based component,and grant aid, which is typically need-based. Social media and general internet searches can help you identify scholarships you might be eligible to receive. Online aggregators will provide lists of scholarships, but make sure you avoid scammers who want to charge you for their services. Your guidance counselor can be a great resource for finding scholarships, especially local ones that are specific to your area. Local scholarships tend to be less competitive than national scholarships, so you have a better chance of getting free money for college — and every little bit helps!

Being an informed borrower can also help. You should always exhaust any federal student aid first, but if you still have a gap and need to look at private loans, do your research and compare interest rates, fees, and repayment terms from as many lenders as possible. As noted above, finding the lowest annual percentage rate can save you a significant amount of money over time. It is possible that a state-based or nonprofit loan provider can offer you a much better deal than the larger for-profit companies.

To save the most money on college costs, you might consider one or more of these five options. Be sure to talk with a parent or guardian, your guidance counselor, and/or another trusted adviser as you make your plan. You want to make sure whatever you choose is a good fit for you and your career goals, and that you are aware of any prerequisites you’ll need to complete or meet. For more trusted advice, reach out to the agency or nonprofit organization in your state.

The post Five Ways to Reduce College Costs appeared first on Education and Career News.

What made you want to go into student loan law?

This was a complete accident at first. I certainly didn’t go to law school for it. No one knew such a thing existed, including me. I still get folks that don’t know what it is.

When I started my firm, I had a file from my old law firm they said I could take. It was a student loan with FDCPA [Fair Debt Collection Practices Act] violations. Two months later, my old firm gave me another file with the same violation and same offending party. Nine months later, I’m working with my old firm to bring these cases as a class action lawsuit. That, combined with marketing myself to local bankruptcy attorneys, is how I got started. Quickly, I was flooded with clients referred by attorneys in states I’d never been to. It just happened.

Did you have to manage your own student loans? If so, what was that process like?

Of course! I’m not just the president, I’m a client, too! I had been managing my loans for awhile as I had six years between undergrad and my M.B.A. program (law school was a year after I completed my M.B.A. program). But I knew about IDR [income-driven repayment] and used it during the ‘90s. I don’t think I managed them any differently than my clients. The difference was that I knew the rule book.

Could you elaborate on what the “dark side” of the college financial aid system is?

I think the dark side is simply people not knowing or understanding the rules, or how the machine works. You can’t play and win a game if you don’t know the rules. Do lenders take advantage of that? Sure, but no more than any other lending product. The difference is the massive fear and myths — like that student loans aren’t dischargeable in bankruptcy. That’s wrong. Difficult? Yes. Impossible? Hell no.

Further, people never understood what triggered capitalizing of interest (as if they could avoid it). And few people understand that IDR won’t pay off a loan (which is why it comes with forgiveness – another fact many folks don’t know). Instead, they are paralyzed with fear because their loan grows with IDR. Yes, that’s right. It grows because often the payment doesn’t cover interest. That’s no longer an issue with SAVE, but the other programs still have growth.

What is the most memorable case you can remember regarding student loan debt?

Without dropping names, I think my first individual student loan case was my favorite. I knew I was right. I knew I had a claim. But the other side refused to believe it because I was just a punk kid fresh out of law school taking on a giant. The case lasted for three years. In the end, we settled for the exact amount I had offered just six months into the case. To think, the giant spent all that money on their attorneys only to fork over my original offer.

What should students do to further educate themselves on how student loans work?

Read. Read the Department of Education website. Read expert websites (not just mine). Ask questions when possible. Look for expert resources, many of which now offer free webinars with Q&A sessions. When in doubt, ask an expert directly. Don’t let “I can’t afford an expert” deter you because most experts will give a free review to at least get started. Even if they charge, I bet it’s a lot cheaper than not knowing and making costly mistakes.

What else should students know about student loans?

1. Private or federal?
2. What payment plans are available and how do they work?
3. How do you get forgiveness? What are the requirements?
4. Speed-pay private loans. Don’t speed-pay if you’re on IDR for federal loans.
5. Don’t confuse your moral obligation with your legal obligation.
6. Don’t be a victim. Empower yourself through research and expert resources.
7. The government is not out to get you. They simply can’t get out of their own way.
8. Congress is the opposite of progress.

The post What to Know About the Legal Side of Student Loans appeared first on Education and Career News.

Travis Hornsby

Founder and CEO, Student Loan Planner

“For bachelor’s programs, we deeply care about affordability, and for graduate and professional programs, we couldn’t care less about affordability as a society.”

What inspired you to start helping people with student loans?

I wanted to start helping people with student loans because I ran into it with my wife and her situation. She was totally confused about what to do. She was busy, not interested in thinking about student loans, and traditional financial planners had no clue how to help her. I think it was just a deep passion to help people with modeling and careful analysis to maximize the benefits of programs they qualify for.

And it just felt a lot more fun than what I was doing, which was bond trading.

How has your experience as a bond trader helped you and your business?

I could not have started Student Loan Planner if it was not for the Excel programming skills I learned as a bond trader. The reality is that modeling the repayment plans someone can sign up for, as well as the different income-driven repayment account adjustments or PSLF waivers, requires a lot of in-depth analysis. Spreadsheets have been absolutely critical for our company to be able to do that.

The level of precision that you need in trading bonds, you have to be precise. That’s something that’s been very helpful in assisting people with their student loans.

Are there any major changes you anticipate happening in our student loan system?

Long term, I would suspect at some point, there will be a big compromise from both parties about the situation around student loans specifically. I think Democrats will agree to cap borrowing for students at some point because the current system is frankly out of control, allowing a school to set the price of attendance instead of having some sort of cap or limit as to what the Department of Education is willing to allow someone to borrow for higher education. I think Republicans will give up on codifying and make permanent, more generous income-driven repayment plans, as well as ways that borrowers in distress can get rid of their loans in bankruptcy.

The problem though, of course, is that there’s very little incentive to compromise, because every party thinks they can push it to the limit and not have to compromise, and they’ll get more if they don’t compromise. That lack of agreement across the partisan spectrum is why we haven’t seen any big changes on student loans really, besides those done by executive action.

What is the most common mistake students make when taking out loans?

The most common mistake students make when taking out student loans is not realizing if they’re going to eventually go for forgiveness or if they will need to pay it all back. A lot of students will borrow, for example, private loans because the interest rate might be slightly lower when private loans do not qualify for income-driven repayment and forgiveness programs. Sometimes, students will borrow less than they could borrow when they’re gonna be going for forgiveness anyway, and they live on a more strict budget than they really need to in school because they think they have to keep their debt limits down when the current student loan system does not incentivize that.

If you could give one piece of advice to students planning on taking out loans, what would it be?

My suggestion would be to do whatever it takes to get your bachelor’s degree. Once you are secure in having a bachelor’s degree, you can then borrow for graduate or professional school, an unlimited amount of loans with no cap for as many programs as you want. Once you get a four-year degree, then your current setup will allow you to borrow unlimited loans for any graduate or professional program that you want.

For bachelor’s degree programs, there are very strict limits for the Stafford loan program, and the parent plus loan program is the only way students can attend more expensive schools. It’s a very strange and perverse system.

For bachelor’s programs, we deeply care about affordability, and for graduate and professional programs, we couldn’t care less about affordability as a society.

The post What to Know About the Ever-Changing Landscape of Student Loans appeared first on Education and Career News.

Daniel Lim

Creator, @Limmytalks

“Find what you love to do, both for yourself and for your college application.”

What made you want to create content about applying for college?

I realized the transition from high school to college is the first major life event for most people. Knowing how important (and stressful) it can be, I wanted to help kids and parents navigate this period with as much knowledge as possible. As an immigrant to the US, there’s a lot I didn’t know which looking back, I wish I did – that’s why I love doing what I do.

If you had your way, what changes would you make to the college application system?

I would make the admissions process completely transparent. Open dialogue between admissions offices and students, transparency about what universities are looking for, and possibly even universities providing feedback on students’ profiles early on would be something I want to see. That’s actually what we’re working on at Dreamschool.

What are some common denominators among good college applications?

Solid grades (top 10% of your class), 1,500+ SAT score, solid extracurriculars, a well thought-out essay, and signs of authenticity and — most importantly — maturity throughout an application. Admissions officers want to make sure you won’t flunk out, have issues, or not find something to work for at university.

Is there anything you would have changed about your college experience or the way you applied to colleges?

If I knew what I knew now, I would’ve followed my intuition more and tried to find things I truly loved to do. Being a big tennis fan and making movies since childhood, I wish I had started making content about tennis — maybe I would’ve been doing something completely different now!

Being so stiff about being on the medicine track prevented me from doing things I wanted to that would’ve been beneficial to my college application. As for how I approached the process, I don’t think I would’ve change too much — I’m pretty happy about how it turned out.

If you could give college applicants one piece of advice, what would it be?

If you’re an underclassmen, find what you love to do, both for yourself and for your college application. Admissions officers have a great sense of knowing when a student loves what they do — and you can speak so much about it in your essays. A big part of maturity is knowing what you like and don’t like.

If you’re an upperclassmen, I’d give the same advice but slightly different — self reflect and think deeply about who you are. Find yourself. Know who you are and aren’t, what drives you, and what you want and don’t want. It’s way easier to approach the admissions process once you’ve done some self-work. For me, this was super important — I needed self-contemplation before my essays reflected who I actually was.

You can get more college admissions advice from Limmy by following him on TikTok, YouTube, and Instagram.

The post Limmy Shares His Top Tips for College Applicants appeared first on Education and Career News.

College degrees have become mandatory for many career fields — 3 in 4 newly created jobs require at least a bachelor’s degree. That’s why more than 20 million students enrolled in undergraduate and graduate degree programs in the United States in 2022.

Because higher education is no longer viewed as an optional steppingstone to a career, many students jump head-first into programs without realizing the financial investment it will take to pursue a degree.

The current average cost of a four-year degree for an in-state student living on campus at a public university is just over $104,000, and that’s assuming the student graduates on time. In the 2022 College Confidence Index, 52% of families surveyed said it would be difficult to pay for an extra semester.

Second only to purchasing a home, funding higher education is one of the largest investments most families make. Protecting this investment is critical, so students and their families should take the time to know what options they have for recouping their funds if the student is forced to withdraw from classes.

Refunds

Few if any students begin a degree program with no plan to finish, but circumstances can quickly change.

Over 40% of students said they considered withdrawing from school in the past year, according to the State of Higher Education Report (Lumina Foundation/Gallup), with more than half citing emotional stress as their reason for withdrawing. Further, a study by the National Student Clearinghouse found that 1 in 4 first-year college students don’t return for their second year.

While it’s common to leave college for a variety of reasons before graduating, studies show that most students (74%) and their parents (66%) aren’t familiar with their school’s refund policy. This information should be available to research on every school’s website, but most will only issue a partial refund for tuition if a student withdraws within the first few weeks of classes. And schools will typically offer nothing back if a student leaves later in the term, regardless of the reason.

Tuition insurance

John Fees

Co-Founder and CEO, GradGuard

“For many families, the potential loss of $10,000 or $20,000 — or even more — could be devastating, and that’s where it’s worth it for families to consider protecting their investment in higher education.”

If a student is forced to medically withdraw from classes after the refund window has passed, tuition insurance can help them recover some or all of their investment. When purchased before the first day of classes, this insurance can reimburse tuition, housing, and fees if they must leave school for a covered reason, such as injury, illness, mental health condition, or other covered reason.

“For around 1-2% of the cost of what families pay per term, tuition insurance can provide peace of mind,” said John Fees, co-founder and CEO of tuition insurance provider GradGuard.

GradGuard is the only company in the country that can reimburse up to 100% of tuition, housing, and fees for the covered term. Depending on the situation and the coverage amount selected, that could save a student and their family tens of thousands of dollars.

“Most schools don’t provide a refund for tuition if a student were to leave after the first few weeks of school, and virtually none provide a refund for housing and fees,” Fees said. “For many families, the potential loss of $10,000 or $20,000 — or even more — could be devastating, and that’s where it’s worth it for families to consider protecting their investment in higher education.”

Enrolling is simple — if a school has partnered with GradGuard, it most often will appear as an add-on option that can be selected when paying for tuition online, similar to how one would purchase travel insurance. Plans can be purchased on an annual or per-term basis, and are also available on GradGuard’s website. GradGuard also offers renters insurance to protect student property and includes liability coverage.

College is well worth the investment for students — so long as they graduate. Tuition insurance can help protect that investment. To learn more and get a quote, visit gradguard.com.

The post How to Protect an Investment in Higher Education appeared first on Education and Career News.

Justin Draeger

President & CEO, National Association of Student Financial Aid Administrators (NASFAA)

With the college application season upon us, millions of students will begin the exciting but daunting process of enrolling in college for next fall. Navigating your way through college admissions can be an overwhelming experience, and rightly so — deciding to go to college is one of the first and most significant financial decisions a person can make.

But the excitement of being accepted can quickly be overshadowed by the complexity of how to pay for it. Our system for paying for college in this country is complex, to put it mildly. It involves  pulling together a mixture of federal and state grants and loans, and private and institutional scholarships, not to mention work-study, fellowships, internships, and other one-off sources of funding that hopefully come together to make college affordable. 

The web of multiple payers and funders often results in confusing financial aid offers from colleges and universities, with jargon and abbreviations that can seem like a foreign language  to students and their families.

Because each college has its own unique student population and its own process for distributing financial aid, the way they communicate those offers with students can also be difficult to compare.

Recognizing the need for clarity and greater understanding, hundreds of colleges and universities across the country are banding together to commit to a common set of principles and standards in communicating their financial aid offers through a movement known as the College Cost Transparency Initiative. 

While each aid offer might look slightly different, each partner school has committed to using the same terminology and other standards, making it easier for students and families to understand and compare multiple financial aid offers.

Here are five key terms from the College Cost Transparency Initiative’s Financial Aid Glossary to help students and parents understand and compare a college financial aid offer:

• Cost of Attendance: The sum of educational costs payable to the school (also referred to as direct or billable costs) and costs paid to others (or indirect, non-billable, or discretionary) costs. The Cost of Attendance represents the highest dollar amount of financial aid a student can receive during an award year.
  
• Net Price: The difference between the cost of attendance and all grants and scholarships. Net price reflects what the student is expected to pay for their education on their own and can be covered through a variety of sources, including savings, student employment, institutional payment plans, or education loans.
  
• Student Aid Index (SAI): The SAI will replace the Expected Family Contribution (EFC) starting with the 2024-25 FAFSA as the index used to determine your eligibility for federal and, in some instances, state and institutional need-based student financial aid. Generally, students with a higher EFC/SAI are eligible for less need-based financial aid. It is based upon the information provided by the student and their family on the FAFSA.
  
• Costs Payable to School: Also referred to as direct or billable costs, these expenses generally include tuition, fees, housing, and meals/food (for students residing on campus), health insurance (if minimum insurance coverage is not documented), or any other expenses paid to the school for enrollment.
  
• Costs Paid to Others: Also referred to as indirect, non-billable, or additional costs, these are other expenses not paid directly to the school, but associated with receiving an education. These expenses are estimated by the school and may differ from student to student based on their individual circumstances. These expenses may include books, course materials, supplies, equipment, transportation and parking, personal expenses, child care costs, computer costs, disability expenses, licensure expenses, and off-campus rent and food.

The first step in making college more affordable is giving students and families the information they need to make the financial decisions that are right for them. Learn more about the College Cost Transparency Initiative, including which schools have joined, and review the initiative’s sample financial aid offers and full financial aid glossary online. 

Justin Draeger is president and CEO of NASFAA, located in Washington, D.C. He serves as the primary voice of NASFAA and as the liaison between the association members, the U.S. Congress, federal agencies, and the media. Most of Justin’s career has been devoted to assisting disadvantaged populations achieve their educational goals and better their communities. Since 2002, Justin has been engaged in either administering, interpreting, communicating, or developing student financial aid policy. Justin has testified in multiple congressional hearings on student financial aid, college access, student loan policy, and the interplay between federal agencies, and colleges and universities. He earned his bachelor’s degree from Brigham Young University and his M.B.A. from Baker College.

The post How to Decipher Your Financial Aid Offer appeared first on Education and Career News.

Sarah Battersby

Communications Consultant, National Scholarship Providers Association

Scholarships are an important part of any college journey, and a few key steps can help students access this source of higher education funding.

FAFSA

First, complete the Free Application for Federal Student Aid (FAFSA), if eligible. The application opens in October each year and it should be completed as soon as possible. Colleges use this to calculate their financial aid awards (scholarship providers often use it, too). The FAFSA uses information from two years ago, so if there have been big changes in employment or income for anyone in the family, a good next step is speaking to financial aid staff to make sure those are updated.

Look for scholarships

Second, look for scholarships. The best place to start will be on their college’s financial aid website and department(s) where they’re hoping to study. Next, search for private scholarships; these can be national, statewide, and local.

Check out sites like College Board and Fastweb, but also be sure to speak with guidance counselors and look at local organizations like foundations, nonprofits, civic groups, and employers. Often, the narrower the criteria, the higher chance students may have of receiving an award as the scholarship will receive fewer applications.

Students should apply for all scholarships where they meet the eligibility criteria. To get started, make a list of accomplishments, extracurriculars (including awards, clubs, sports, work, and (for some scholarships) even child and elder care), passions, interests, and college goals. This information can be used over and over when filling out applications. Many scholarships might use similar essay prompts or short answer questions.

Make sure to keep track of deadlines, spell-check essays, and have at least one trusted non-family member in mind that can write a recommendation letter. 

Follow up

Finally, scholarship recipients shouldn’t forget to thank their donor and make sure they are aware of any requirements, like providing student information, maintaining a certain GPA, or completing a report every semester. Students can also share with their scholarship provider how the award helped them! 

For more information on finding and applying for scholarships, head to this helpful guide for scholarship seekers created by the National Scholarship Providers Association (NSPA).

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