As if rising college tuition and fees aren’t enough of a trial, textbook price hikes in recent years have meant that students and parents alike have also had to contend with inflating book expenses. Collegeboard reports that students spend over $800 per year on books alone!

While legislators in several states are trying to get government involvement to lower costs, the fact remains that textbooks are flat-out overpriced. Happily, I have a few ideas that can help you pay less for books the next time around!

Rent or Borrow

More and more students and professors are beginning to rally against high book prices, and that has lead several campuses to begin offering textbook rentals. As of spring 2008, the National Association of College Stores reported that textbook rental services were offered by 2.23% of their member stores in the U.S. and Canada. Students pay a fee for use of the book, and return it in good shape at the end of the quarter/semester. Some schools keep copies of required texts on campus, where students can borrow them for free from the library.

Split the Cost

Once your student has made some friends at school, he/she can consider splitting the cost of a book with a friend or roommate, and then passing it back and forth. Though this could get tricky during finals week, it is an arrangement that works very well for some students.

Consider E-Textbooks

Though not yet widespread, some textbooks are slowly becoming available as e-books. Look in to pricing on these and see what looks better-in some cases you can purchase individual chapters of a book, which could save money. But make sure you compare e-texts with your other options.

Buy Used, but NOT From the Bookstore

Campus bookstores are notorious for overpricing books-even used books. Students can usually find much better deals on books online. One site, CampusBooks.com, searches a collection of websites like Amazon, Half.com, and Barnes & Noble, to find the best price on each book.

Sell, Sell, Sell!

Money spent on books doesn’t have to go down the drain! Though it’s unlikely your student will recoup the entire cost of the books, he/she can usually get some of the value back.

Schools usually have textbook buy-back at the beginning & end of each quarter/semester, but your student will probably get a better price if he/she sells the book online.

All the best,
Deborah Fox

photo: Books in perspective by ijsendoorn

Economic changes aren’t just affecting big things like college choices and admissions; it turns out they’re affecting the little things, too. From dorm room bedding to new computers, students are searching out the best deal.

Gas: The New Grad Money “Splurge”

According to a recent Reuters article, gas prices may be causing students to kick the trend of spending their high school graduation cash on laptops and other back-to-school necessities. Instead those “congratulations!” bonuses-and their summer savings-are reportedly going to fund their gasoline consumption.

What the article doesn’t discuss is the change this could cause for students who use their summer funds to pay their share of college costs and how the increased gas prices will affect them. Choices for these students are few; many will have to either work more to increase their income, carpool to decrease their gas spending, and/or take out additional student loan funds to make up the difference between earnings and college costs.

The Raw Statistics

With students spending less and parents reportedly setting aside tax rebate funds to help out with school expenses, just how big of a change is expected? Here are the raw statistics, straight from the Reuters report, provided by the National Retail Federation:

How Your Family Can Save

Increased gas prices (and food prices!) may be making things tight, but smart shopping can help you keep your back-to-school shopping budget at a minimum. Here are a few websites that may help you out:

Computers/Electronics/Software

• Fry’s Electronics
• Academic Superstore
• Student Discounts
• Campus Tech

Price Comparison

• Price Grabber
• Froogle
• BizRate

Coupons & Discount Codes

• Retail Me Not
• Deal Catcher
• Coupon Mountain

All the best,
Deborah Fox

photo: Gasstation by flippnjj

Last week Congress passed another huge piece of legislation that may affect every college topic you can think of. Called the Higher Education Opportunity Act of 2008 (HEA 2008), the bill passed by 380 votes to 49 in the House and 83 to 8 in the Senate. I expect President Bush will likely sign it into law soon. The original Higher Education Act was established in 1965. Changes have been made throughout the years, but this version will be landmark legislation if our President signs it into law since 1998 was the last year Congress reauthorized the Act.

The HEA 2008 Changes

At approximately 1,150 pages, the new Higher Education Act isn’t exactly a light read. Here is some advance notice about provisions in the bill that will go into effect.

• Making Pell Grants (grants for low-income students) available for all semesters, year-round
• Reducing textbook costs by placing new restrictions on publishers
• Causing colleges to report more in-depth information about their costs and pricing
• Starting a federal watch list of colleges who raise their tuition and fees by a significant amount
• Protecting students who take out private loans
• Simplifying the FAFSA (the financial aid form for federal aid) to a 2 page “FAFSA-EZ” form for those who qualify to use it
• Requiring colleges to disclose relationships between themselves and private lenders
• Penalizing states that don’t spend the required amount on higher education
• Forgivable loans for many new professions

Is it a Win-Win?

Legislators are already debating the HEA 2008’s merits and detriments. Some think it will serve its purpose well (reducing college costs), while others feel it will increase college costs in the long run because it will increase administrative expenses for schools due to scads of new mandatory reporting requirements.

The most controversial part of HEA 2008 at this point is its intervention in several areas not related to college funding. One example, it places a regulation on file-sharing of music and videos between students that could cost a lot for colleges to try to regulate.

In short, time will tell whether college students will actually benefit from the HEA 2008 or not. At first glance it looks promising to me. Congress will need to tweak it along the way, but all-in-all it appears to add protective features to the college funding process that should

Want to Read More?

HEA 2008 is all over the news, and there are plenty of pros and cons being discussed. Here are a few articles you might want to peruse for more in-depth info and the opportunity to form your own opinion-I will be writing more about this important topic once we know the legislation has become official.

• HEA: A Huge, Exacting Accountability Bill @ Inside Higher Ed
• Congress Passes College-Oversight Bill @ The Wall Street Journal
• Congress Tackles the Higher Ed Act @ U.S. News & World Report
• Wide-ranging Bill Aims to Rein in College Costs @ Associated Press

All the best,
Deborah Fox

photo: U.S. Capitol Building by slonecker

Before you head off to buy your student a new computer for college, you might want check the laptop policy on campus! Some professors, especially in graduate programs like business and law schools, have banned laptops from the classroom entirely says a recent article from the Chronicle. These faculty members felt the machines were detracting from their classroom environment-they were just too distracting!

Nevertheless, over the past few years there has been a dramatic increase in the number of laptops in the classroom. At many colleges and universities it is commonplace for a professor to lecture to a sea of typing-and-clicking students-but is this really the best option for classroom productivity?

The Cons

• Internet distractions. With email, shopping, games, and chat all at their fingertips, students have lots of temptation to get sidetracked during class.
• Rote note-taking. True, typing can be faster than writing by hand, but it is also much more automatic. Students taking notes on laptop tend to copy down the lecture word for word rather than processing it for key words and phrases that will really help them learn the material.
• Less connection with professor. The combination of the two items above tends to also mean the student may not make as good of a connection to the professor’s thought process. Often professors give hints-either by repetition or emphasis-about what information will be on the test. Being distracted during class can deprive students of this key information!

The Pros

• Fingertip access to resources. Confusion about a class discussion can be wiped away quickly with a simple Google search for a clearer diagram or helpful essay.
• Portable study system. Rather than lugging four different notebooks around, students can now rely on their laptops to review notes between classes and work on homework.
• Communication hotspot. Laptops also mean anytime access to classroom forums for homework help, and ease in contacting professors and TAs via email no matter where your student is.

The Decision

Talk to your student about the pros and cons of having a laptop. I’m sure you’ll be able to add to the above list once you weigh both sides outside the classroom; for example, the possibility of theft and the fact that they tend to have less power than a desktop. Desktops tend to be less expensive and easier to upgrade as well, but are they practical in an increasingly wireless environment?

It’s best if you and your student make this decision together! Discuss how your student will use his or her computer according to the school environment, your student’s courses and major, and how the computer will be used for extracurricular purposes. After you’ve figured all this out - shop for a deal! (Try www.shopper.com .)

All the best,
Deborah Fox

photo: working with laptop 2 by len-k-a

Would you believe that 60% of students looking to fund school this fall with student loans still don’t have a handle on where those funds will come from?

That number comes from a new student loan survey funded by TuitionBids.com which queried more than 500 parents and students.

Changing College Plans

The economy has made this year a challenging one for some college-bound students. Never before has the college community seen so many students changing their minds about which schools to attend (some had even sent in deposits to more than one school).

It seems that many families simply don’t know if they can afford to send their student to their school of choice. The TuitionBids survey confirmed this with its findings that 56% of parents and students polled felt sure they would have to change their college plans if their loans didn’t come through. Worse yet, 66% admitted that they underestimated college costs in the first place.

An Increasingly Confusing Loan Market

Unfortunately for families, the credit crunch has made the student loan market increasingly confusing. It’s no wonder parents don’t know where to turn with colleges referring students left and right to different (and questionable) lenders, private lenders trying to push their alternative loans, and commercials advertising private loans that don’t deliver the funds they promise!

If your family is among the many who still hasn’t decided on a student loan, you might want to take a peek at this article about the FTC’s Consumer Safety Student Loan Guide.

Preparing for what’s Ahead

If your child is still a year (or many years) away from college, now is the time to start preparing for college costs. Here are a few ways you can get yourself and your family ready for the added expense of higher education:

1. Know the Industry. Start doing research now on college prices (so you don’t get a shock), the admissions process, various sources available for college funding and understand the dos and don’ts of student loans. Attend college fairs and info nights at your child’s school, too. When your child is in high school it is a great time to get in touch with a reputable college planner who specializes in “late stage” college planning and can help you prepare your finances for college.

2. Save, save, save. If you have time to save, do it! Get help figuring out what type of college savings vehicle would be appropriate for your family’s situation. If you’re getting close to the tuition due date, make sure you keep your savings in a conservative place to protect the principal.

3. Think Outside the Box. The foundation of my college planning business is the ability to think outside the box-to uncover both conventional and unconventional tactics to reduce the cost of college and to walk families through the college funding process so they can pay for college and still save for retirement. When you start considering how your coffee intake could affect your college fund, and how tax reduction strategies, academic planning and cash flow efficiency can lower the cost of college, you’ll have a good chance of significantly improving your family’s finances.

All the best,
Deborah Fox

photo: Cash Scrutiny by woodsy

Textbook costs seem to make headlines every few months for their ability to strip students of hundreds of dollars every year-there’s even an activist group devoted to making textbooks affordable! The latest headline? Some schools have found a new way to make students pay more for textbooks-and they’re making money off the deal, too.

“Customized” - Translation: “More Expensive”

While some professors distribute customized photocopied texts to save their students a buck, others’ version of “customized” means a textbook custom-printed by a major publishing house-and believe it or not, these books are labeled as REQUIRED.

According to the Wall Street Journal, these custom textbooks aren’t always very customized. In fact, one customized textbook required for University of Alabama writing courses is merely a previously written textbook with info from U of A’s website included in it with the school’s name printed across the front. It also costs about $30 more than a used version of the non-custom copy.

Feed the School, Starve the Students?

These books can drain a college student’s scanty savings account, but colleges don’t seem to mind. Some colleges are making a significant royalty on each customized textbook sold to their students, and then prohibit students from selling used copies to each other! (The WSJ article estimates these royalties to range from $3 - $10 per book.) Even worse, sometimes professors receive royalties as well.

Keeping Down Textbook Costs

With gas prices, food costs, and college fees and tuition all straining the student budget, there’s little room for extra textbook costs. When you can, it’s best to buy used-and generally not from the on-campus bookstores which tend to mark up even used books.

There are many websites where students can find used books-some even provide savings on shipping by matching a student with other students in their area so they can make the exchange on campus. Here are a couple of places for your student to search out used books:

• Amazon.com
• Half.com’s Textbook Superstore
• CampusBooks
• Facebook’s Marketplace

Avoid the High Price of Textbooks by Renting

But what if students can rent books instead of buying them? That’s the business model behind a company called Chegg. The company declares itself as “the Netflix for college textbooks.” Students place their order online for the books they wish to rent. Chegg then ships the books to students’ residences. Students mail the books back to Chegg with prepaid shipping labels at the end of the semester. Chegg claims that its rental model can save students 60% - 80% off the price of a book.

All the best,
Deborah Fox

photo: so many 2 by lusi

Noticeable changes can happen the summer before college classes begin. Your once sociable, friendly, happy-go-lucky son or daughter may suddenly be moody, cranky, or even downright ticked off. You might find yourself bickering with your child about little things-the trash being taken out, buying school clothes, or even just eating dinner as a family.

What’s Going On?

A lot of college-bound students get a little testy in their last months at home. This is a huge transition time for them (and you!), and often students find it intimidating and overwhelming.

Your child’s new argumentative nature may likely be the only way he/she knows how to cope. In fact, students create a distance between themselves and other family members by arguing-it is often thought of as a defense mechanism. Subconsciously your child determines that disconnecting a little bit now will make it less painful to move out at the end of the summer months.

Bottom line? This is normal behavior for many students, and it doesn’t mean you’re doing anything wrong as a parent, or that your student is heading for trouble in college!

What Can I Do?

1. Patience
   First of all, be patient. This is a major time of transition-not just for your student, but also for you as a parent, and for your other children who are experiencing “losing” a sibling. Try to be understanding of this, and focus on diffusing touchy situations with your son or daughter, remembering that they need your support now more than ever.
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2. Connect (or Reconnect)
   In the few weeks you have left, take some time to connect one-on-one with your student. Do something you both enjoy-anything from shooting some hoops or getting a manicure and pedicure to enjoying a chocolate-dipped ice cream cone-but that also allows you to share what’s going on with each other. Remember to focus on being a listening ear rather than trying to force your own agenda.
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3. Offer Other Support
   If your student shows signs of concern, you might suggest that they talk to a friend or relative closer to their own age about what college is like. (We also have a student oriented blog, SurvivingCollegeLife.com, where your student can learn about the ins and outs of college life). Some colleges also offer free mentoring programs that might be helpful.
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4. Address the “Elephants in the Room”
   Now is the time to start setting more grown-up ground rules for your son or daughter’s transition into adulthood-and you should both have a say in that. Let your student express his or her wishes for how and when to connect with you during school (phone calls, emails, visits home, etc.) and how they envision their college experience. Also let them know of your expectations and/or concerns about grades, behavior, work, etc.
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5. Family Ties
   If you have younger children, it is especially important to spend some extra special time as a family. Whether it’s a shopping trip, Monday night dinners, or a family weekend at the beach, take advantage of this time together-and help your younger children figure out how they can keep in touch with their college-bound sibling. Your family is heading for a change, so this is your opportunity to really enjoy being together before your son or daughter heads off to school in the fall.

All the best,
Deborah Fox

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photo: Shadow by soundmann

What if you could get a guaranteed tuition scholarship at any public college in your state, just by attending school and keeping your GPA above a 2.0?

For some students, this fantasy is becoming a reality thanks to community outreach scholarships.

I Got a Scholarship (in Kalamazoo)

Three years ago the community of Kalamazoo, Michigan began offering the Kalamazoo Promise Scholarship to every Kalamazoo public school student who has been in their public school system for four years or more and attends a state university or college. (See full eligibility details here.)

Students who have been in the system from kindergarten through 12^th grade get the full benefit-100% tuition coverage. Those who have been in the system for fewer years have their percentage reduced, down to those who only attend four years of high school there (they receive 65% which is still a great deal!).

Dotting the Nation

USA Today reports that since the launch of the Kalamazoo scholarship in 2005, several other cities have begun to offer similar scholarships-most of them working on the same type of eligibility requirements.

What USA Today didn’t mention is that the state of Kentucky has been offering a similar scholarship for several years, as well. The merit-based Kentucky Educational Excellence Scholarship (KEES) has long offered college and technical school tuition scholarships to their public school attendees. Their funding comes from the Kentucky Lottery.

Unfortunately, there are still only a few of these types of scholarships available. Even with Portland, San Francisco, and about 80 other cities voicing an interest in the programs, the number of cities devoid of these type of scholarship programs greatly outnumbers those that do.

Making Your Own Way

If your family isn’t one of the lucky few whose state or school district offers one of these handy tuition scholarship programs, your student should start applying to private scholarship programs (and as soon as possible!). I would suggest you explore this brief primer on applying to private scholarships as well as my tips about quirky scholarships.

There are also many other ways your family may be able to reduce the amount you pay out of pocket for college. I’ve worked with families for over ten years now, and many of them are very surprised by how much money they have the opportunity to save on college costs by combining different types of strategies!

All the best,
Deborah Fox

photo: Piggy Bank by woodsy

Summer is in full swing and that means it’s student loan season–the perfect timing for the release of the Federal Trade Commission’s latest “FTC Facts for Consumers” which is all about student loan safety.

Their June 2008 edition is a guide to avoiding deceptive student loan offers (PDF), which includes a brief summary of the different loan types-from federal to private. It also has a section about how to spot deceptive student loan practices, which any parent or student who plans on borrowing for school should read up on. If you’re looking in to consolidating a loan, make sure you take note of their “Special Considerations for Consolidation of Federal Loans” as well.

The guide is concise, but reading through it will help you ensure that you’re headed in the right direction. (If you don’t have a PDF reader, you can also view the regular HTML version of the FTC’s student loan guide.)

More Student Loan Info Resources

At the Department of Education’s federal aid information site, Federal Student Aid, you can read up on why you should borrow federal student loans first (though this information might be a bit of a repeat for loyal Pay for College Blog readers). Their student portal has a lot of helpful information as well.

I’ve also found FinAid.org to be a reliable source of information. They have good summaries of each type of financial aid, and are diligent at trying to keep all their data (loan amounts, interest rates, etc.) current as changes occur.

To check up on lenders’ reputations, click over to the government’s Consumer Action website, and/or check out each company at the Better Business Bureau.

And of course I’ve given out plenty of student loan borrowing advice in the past, too. If you want to learn more, feel free to contact me!

All the best,
Deborah Fox

photo: money symbols abstract 2 by svilen001

Summer may have just begun, but that doesn’t mean your student’s days should be comprised of only snooze buttons and MTV! Those of you with high school students can help them get ahead by starting on the college selection process now (instead of scrambling to come up with schools to apply to in fall).

Students as young as sophomores can benefit from taking a peek into the college world. Here’s how to get started this summer:

1. Make Mini-Visits. The best time to get a real feel for the workings of a college campus is when school is in session, but it may be less intimidating for your son or daughter to make his/her first visit during summer session. Don’t make any huge trips, but do visit local colleges so your student can get an idea of the difference between colleges: large and small, public and private, etc.
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2. Take a Sneak Peak of College Stats. Your student may not be ready to commit to a list yet, but there is probably a school or two that has caught his/her interest. CollegeBoard’s College Search or the Department of Education’s College Navigator can provide info on size, area, price, and degree offerings, to help your son or daughter start to decide which schools might be a good fit. (Remember, choosing the “right” college can save you money!)
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3. Try It On for Size. If your student has a friend or older sibling/relative already attending school at a college campus (who you trust!), consider sending him/her off for an overnight stay on campus. Many colleges start fall session in August (before high school is back in session) so there should be plenty of time for a quick visit. Their collegiate buddy or relative can show them around, let them try out the food, and possibly even take them to a class or two.
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4. Make a List. As your student investigates schools, help him or her compile a list of likes and dislikes about each. This will be invaluable information to refer back to as final decisions are made down the line.

Want more info about how to use summertime for college prep? Keep coming back (or subscribe for easy updates!) for more handy tips!

All the best,
Deborah Fox

photo: Student Union by harrykeely