Acing the Tests Could Mean a College Financial Aid Bonanza

SAT initially stood for Scholastic Aptitude Test. It was first developed in the mid 1920's from the "Army Alpha Test" which was used to assign duties to recruits during World War I. After the Second World War, the Scholastic Aptitude Test became widely used by colleges as a device to gauge would-be students.

Almost a century later, this exam is still being used by most important American Universities for admissions purposes.

There are some very confrontational viewpoints about the SAT. Rebecca Zwick, Professor of Education at the University of California, said that "On one hand, [standardized tests] are portrayed as an evil that should be purged from our society; on the other, they're viewed as a trustworthy measure of the academic standing of students, schools, and communities-perhaps even the quality of American Education."

Also, the SAT our parents took is not the same SAT students are taking now. In 2005, the test was completely overhauled. There are no longer two 800 point sections, but three. 2400 is the new perfect score.

By definition, the Scholastic Aptitude Test was designed to test a students innate (uncoachable) reasoning capabilities. This was put to the test in the mid 20th century when a man named Stanley Kaplan began coaching students to get the best possible SAT score. Then, in 1987, New York State passed a law that gave the public access to old test questions and answers. Thus, we find ourselves with a multi-million dollar industry dedicated to raising SAT scores.

In fact, there are many reasons it may be prudent for a student to receive some extra coaching in this department. These tests are very important to college admissions offices and confidence is a factor in how high you score. It can't hurt to prepare your child with some extra counseling and practice.

It's a good idea to take the SAT for the first time as early as you're comfortable. The SAT is offered to students once a month from October to June, so that's seven opportunities. And if you're not satisfied with your first score, practice some more and come back for seconds. Generally speaking, colleges are prone to considering your highest scores (or sometimes your combined score).

The ACT is the other standardized exam colleges look at for admissions purposes. It is more commonly used in the South and Midwest and is required of all high school students in Illinois and Colorado. The American College Testing program began in 1959 by a University of Iowa statistician who had work on statewide testing programs for Iowa's high schools.

The ACT claims its questions are more relevant to what a student may have learned in grades 7 through 12 than the SAT. The ACT focuses on Math, English, Reading and science reasoning and takes about three and a half hours to complete.

Some people think the ACT is easier than the SAT but this is not necessarily true. The ACT is designed to be more difficult to finish in the allotted time but it also does not penalize wrong answers.

Its important to do research regarding these tests and how you should go about taking one or both exams. If you'd like to get more details on how to raise your test scores or decide which exam is right for you, consulting an expert would be a wise investment that may payoff very well.

To take savvy steps to increase your chances of receiving aid regardless of income, while implementing long and short term strategies to lower college costs or comparing and negotiating aid offers as well as to avoid costly but routine mistakes, visit http://www.eapen.com/, a network of critically acclaimed experts in college admissions and financial planning.

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

How Savings Bonds Could Impact College Financial Aid Eligibility

U.S. savings bonds and notes come in several varieties and denominations. With regard to college funding, Financial Aid Officer (FAO)s view these as assets. Just as important is the FAO's perception of the interest that accrues on your assets, Kalman Chaney, best selling author of "Paying for College Without Going Broke" says "nothing prompts a "validation" (financial aid jargon for an audit) faster than listing interest and dividend income without listing the assets it came from."

This is not to say that interest is not good. Au contraire, do not stuff your money in the mattress. This interest is your only hope of keeping up with inflation and rapidly rising college costs.

So what is a parent to do? I always stress competent planning. When dealing with Series E and EE U.S. Savings Bonds, the investor has two options: he can report interest on the bond as its earned each year, or it can be reported in one lump sum the year he cashes the bond.

The second option allows the investor to hold the bond while accruing interest for years. He'll never pay interest until the year he finally cashes in. In terms of college planning, that had better not be a base income year. That would definitely raise your EFC.

There are exceptions made for certain Series EE bonds bought after 1989. The government give tax breaks to low and middle income parents who purchased the bond specifically for college funding purposes. As of 2011 tax rates, this benefit applied fully to single parents making up to $71,000 and couples making up to $106,650; partially to any single parent making under $86,100 or couple making less than $136,650.

We still recommend that families cash these bonds after the student's final base income year (after Jan 1 of the Junior year). Taxed or untaxed, the FAOs still consider the interest as income and assess it with the same methodology as your income.

Typically the investor has options to avoid cashing bonds in a base income year. E and EE bonds can sometimes be rolled over into H or HH bonds. No law says bonds must be cashed upon maturation. In many cases, the bond will be held and accrue interest beyond its face value.

In any case the scenario should be discussed with a qualified college funding counselor. Only professionals can assess holistically which move makes the most sense in any given situation.

To take savvy steps to increase your chances of receiving aid regardless of income, while implementing long and short term strategies to lower college costs or comparing and negotiating aid offers as well as to avoid costly but routine mistakes, visit http://eapen.com/, a network of critically acclaimed experts in college admissions and financial planning.

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.