NEXT WEEK: DETERMINING YOUR DEGREE A S P E C I A L S U P P L E M E N T T O T H E G A Z E T T E Thursday, October 27, 2011 How to Pay Less Many Private Colleges Dont Cost Whats Published Searching for Dollars Internet Aids in Scholarship Quest B Y K AREN F INUCAN C LARKSON I HAVE NEVER MET FAMILIES AT ANY STAGE OF ANY ENDEAVOR B Y K AREN F INUCAN C LARKSON W hen it comes to afford- ability, parents need to think of college tuition like the sticker price of a car. How many peo- ple actually pay the manufacturers suggested retail price? says Sharon Conway, director of Student Financial Services at Washington Adventist University. Just like a car dealer, schools want your business. So, they may take off a few thousand here or there and throw in the equivalent of an extended warranty. In the end, you may pay $25,000 instead of $35,000. Based on cost alone, too often parents dismiss schools where their student might flourish, says Heidi Roller, vice president for enrollment management at Notre Dame of Maryland University in Baltimore. The average award at our school is about $28,000 for residential students, she says. Occasionally, a private school actually can be less expensive than state schools. Some students will find that with aid theres only a $4,000 or $5,000 difference. Thats a dif- ferent conversation and allows families to move beyond price and consider the best fit for the student. TUITION DISCOUNTING IS A COMMON PRACTICE, EPSECIALLY AMONG PR I - vate colleges and universities. Schools are trying to find certain types of people to make their freshman class attractive, says Conway. They want high achievers and people who are talented in certain areas. So they offer scholarships to people who help give the class a distinctive feel. For those students caught in the mid- dlewho might not be high achievers or have a special talentthere are options, says Conway. Schools recognize leadership and volunteerism. Parents need to look at COURTESY OF NOTRE DAME OF MARYLAND UNIVERSITY Notre Dame of Maryland University in Baltimore, a private four-year institution, lists its annual tuition at about $29,700. Can the cost be less? The average (total) award at our school is about $28,000 for residential students, says Heidi Roller, vice president for enrollment management. Sometimes, a private school will even cost less than a public institution, she says, adding that even when that is not the case, some will find that with aid, the difference is only about $4,000 to $5,000, as opposed to $20,000 or so sticker price variation. the landscape and see where their child fits into the picture. Nationwide, nearly 88 percent of first- time, full-time freshman received some institutional aid in 2010, according to the National Association of College and Uni- versity Business Officers. As a result of institutional grants alonenot including federal or state aid or loansthose fresh- STUDENTS WITHOUT FINANCIAL NEED were awarded more than a quarter of institutional grants in 2010. men obtained, on average, a 49.1 percent tuition discount. More than 26 percent of institutional grants were awarded to stu- dents with no financial need. It is possible that families with a six-figure income and a high achiever might only have to pay room and board, says Conway. U.S. NEWS & WORLD REPORT USES A COLLEGES AVERAGE DISCOUNT from total cost, which includes fees and room and board, to help determine its best value schools. Johns Hopkins in Baltimore, which ranks 32nd among national universi- ties for value, has a discount rate of 46 per- cent. Hood College in Frederick, with a dis- count rate of 47 percent, and Notre Dame of Maryland University, with a discount rate of 42 percent, rank fifth and 10th respectively among regional universities in the north. While asking a school what its discount rate is or what percentage of students re- ceive institutional aid can be helpful, it doesnt help a family figure out what finan- cial assistance their student might receive. That will be easier to ascertain after Oct. 29 when a new federal mandate kicks in re- quiring every school to provide a net price calculator on its website. There are several different ways to ap- proach the net price calculator, says Ellen Ostendorf, director of financial aid at Goucher College in Baltimore. The feder- al government has offered a template, but thats best used by schools offering only Title IV federal aid. Schools can develop their own net price calculator to consider additional factors. Some colleges will go through a more thorough process and give more information than others, says FlorenceW. Hines, vice pres- ident for enrollment and dean of admissions at McDaniel College inWestminster. Thats the route we choose. It will take timea good 10 minutesfor a family (using the calculator) to submit detailed financial in- formation from their tax return.That will allow us to provide a more thorough assessment as to what type of aidgift aid, scholarship and grants, not funds to be worked for or loansis available, she says. See PAYING LESS, page 3 that are as anxious as those going through the college scholarship and application process, says Pam Rambo, president and CEO of Rambo Research and Consulting LLC in Williamsburg, Va., and the keynote speaker at the recent 2011 College Scholar- ship Conference at The Universities at Shady Grove in Rockville. Parents get very emotional. Students get very emotional. Its amazing how a little information can reduce anxiety levels. As tuition rises, scholarships have become increasingly important, says Mimi Daly Lar- son, vice president of strategic marketing and branding for Scholarship America, which provides scholarships nationally and in Mary- land. One of the biggest myths about college scholarships is that they are available only to the best and the brightest. Its not difficult to get scholarships if you are planful, start ear- ly and broaden your search, she says. Searching for scholarships should be a hobby every year during high school and all the way through college, says Rambo. Think about the senior year in high school and what a whirlwind it is...Now think of how much better it would be if during the sophomore or junior years, your child learned how to search for or had already identified some scholarships. WHILE MANY SCHOLARSHIP DEAD- LINES FOR FALL 2012 HAVE PASSED, many more lie ahead. To save time and in- crease ones chances of success, both Larson and Rambo suggest starting small, where the percentages are in your favor. Start with your high school, because youll be one of a smaller group of competitors. If your gradu- ating class is 60 or 1,000, thats the number youll be competing against, says Rambo. Inquire at the college or post-secondary institutions that youre applying to, says Larson. Typically, there is a range of schol- arships tied not only to need or academic performance, but things like intended major or place of residence. See SEARCHING, page 5 ISTOCKPHOTO/RICHVINTAGE Scholarship America suggests begin- ning your search for cash awards at Zinch.com and FastWeb.com.
NEXT WEEK: DETERMINING YOUR DEGREE A S P E C I A L S U P P L E M E N T T O T H E G A Z E T T E Thursday, October 27, 2011 How to Pay Less Many Private Colleges Dont Cost Whats Published Searching for Dollars Internet Aids in Scholarship Quest B Y K AREN F INUCAN C LARKSON I HAVE NEVER MET FAMILIES
H I G H E R E D U C A T I O N I N M A R Y L A N D : A S P E C I A L S U P P L E M E N T T O T H E G A Z E T T E Page 2 Thursday, October 27, 2011 Borrowing Basics Using Loans to Finance College B Y K AREN F INUCAN C LARKSON S tudent loan debt is a finan- cial crisis in this country, says Mimi Daly
H I G H E R E D U C A T I O N I N M A R Y L A N D : A S P E C I A L S U P P L E M E N T T O T H E G A Z E T T E Thursday, October 27, 2011 Page 3 Dont forget about the fees Expenses beyond tuition significantly increase the cost of college B Y B ILL H OLLERAN F ees for dropping or adding courses.
H I G H E R E D U C A T I O N I N M A R Y L A N D : A S P E C I A L S U P P L E M E N T T O T H E G A Z E T T E Page 4 Thursday, October 27, 2011 You Can Buy a Break on Taxes 529 College Savings Plans Offer Reduction on State Income B Y K AREN F INUCAN C LARKSON I ts never too late to save for col
H I G H E R E D U C A T I O N I N M A R Y L A N D : A S P E C I A L S U P P L E M E N T T O T H E G A Z E T T E Thursday, October 27, 2011 Page 5 Working Ones Way Through School B Y K AREN F INUCAN C LARKSON A bout 80 percent of our stu- dents work, most out of ne- cessity to pay for tuition or li
Page 6 H I G H E R E D U C A T I O N I N M A R Y L A N D : A S P E C I A L S U P P L E M E N T T O T H E G A Z E T T E Thursday, October 27, 2011
Wednesday & Thursday, October 26 & 27, 2011 H I G H E R E D U C A T I O N I N M A R Y L A N D : A S P E C I A L S U P P L E M E N T T O T H E G A Z E T T E About Maryland Colleges & Universities Compiled by Karen Finucan Clarkson Allegany College of Maryland Public, 2-year institution 12401 Willowbr
Page 8 www.morgan.edu In-state Tuition/Fees: $6,896 Out-of-state Tuition/Fees: $16,134 Degree Seeking Undergrads: 6,551 Graduate Enrollment: 1,183 SAT Reading: 410-490 SAT Math: 410-490 SAT Writing: NR Popular Majors: Business/Marketing (28); Engineering (11); Communications/Journali (9) Graduate Pa
