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SPECTRUM
Burke-Little & Associates Educational Specialists Winter 2009 |
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| Greetings! |
 When we welcome in another New Year, we usually rely on some familiar euphemism such as "Heartfelt wishes for a New Year that is filled with happiness, prosperity, and tranquility." It's difficult to speak about these wishes this new year without feeling a bit of nervousness since we are faced worldwide with many uncertainties. We at Burke-Little Educational Specialists maintain a clear sense of focus and optimism that with the patience we will return to a more comfortable and stable state of equilibrium. We remain grateful for the past and continuing support of so many of our families who believe in who we are and the educational services we have been providing for over 15 years. So, it is our hope and belated wish to you that 2009 will provide us all with the patience, wisdom, and time necessary to face and deal with the frustrations which might lie ahead. We look forward to continuing to work with our families in helping make good educational decisions for their children. In this issue of the Spectrum, we include:
Resources for Learning to be More Mindful
Another article on mindfulness
Applications Soar at Public Colleges
How the economy is affecting an increase
in applications to more affordable public,
in-state schools
Your Financing Options and
How Financial Aid Works
A discussion of ways to pay college costs |
| Applications Soar at Public Colleges
In-State Campuses Offer Lower Prices |
| By Peter Schworm
The Boston Globe December 23, 2008
Students are applying to the states' public colleges and universities in record numbers as the nation's financial crisis forces more families to consider less expensive colleges. There is also increased enrollment in states' community college system as people experience a "flight to price." The increase will sharpen competition for spots in the fall of 2009 freshman classes, bumping some students who in previous years could have counted on being admitted.
This shift toward public colleges takes place as small private colleges grapple with heavy financial losses from stock market declines, jeopardizing their ability to award financial aid. More parents are limiting their children's college choices to less expensive options and focusing more on in-state public colleges. Others are applying to a wider range of schools, public and private, so they can have a range of choices and compare financial aid awards and final costs.
There will be increased interest in lower-priced colleges with cutbacks in state funding for public colleges and universities. Revenues in states could fall because of job losses and declines in capital gains taxes. State universities are expecting 10-15% less in state assistance next academic year which will certainly affect financial assistance to their students. | |
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15 Years Helping Students Achieve
Academic Success In:
Traditional and Specialized Day Schools
Traditional and Specialized Boarding Schools
Therapeutic Schools
Colleges and Universities
Programs for Young Adults
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Resources for Learning to be More Mindful
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Today there are many options for learning to be more mindful. Which ones are best for you will depend on a variety of factors, including your current ability to regulate your emotions and where you live. One key question is whether to learn mindfulness skills from a mental health professional or from a teacher at a meditation center or Buddhist community. It may be necessary to look into resources such as clinics, therapists, and/or meditation centers.
Three important things to keep in mind: *There is no substitute for actual mindfulness practice (especially in a daily, disciplined manner).
*To maintain a regular practice, most people will need regular contact with a meditation teacher and/or supportive group or community.
*There may need to be the learning of some emotion-regulation and other skills first before beginning mindfulness.
Here are some free and inexpensive ways to get started.
- Mindfulness in Plain English, a book by Bhante Henepola Gunaratana, includes detailed instruction on how to meditate, and is available free on the web or from Amazon.com
- Mindfulness Meditation Practice CDs and Tapes, by Jon Kabat-Zinn
- Meditation for Beginners, an audio CD by Jack Kornfield, another highly respected teacher of mindfulness
- The Mindful Way through Depression: Freeing Yourself from Chronic Unhappiness by Mark Williams, John Teasdale, Zindal Segal, and Jon Kabat-Zinn
- Insight Meditation: An In-Depth Correspondence Course designed to help the person establish and sustain a daily mindfulness meditation practice.
- Insight Meditation: A Step-By-Step Course on How to Meditate with workbook, CDs and study cards
- Mindfulness-Based Stress Reduction (MBSR) is very accessible to people who have no experience with meditation, and was originally developed to help people struggling with medical illnesses that were not responding to western medicine. This is described in Kabat-Zinn's book Wherever You Go, There You Are: Mindfulness Meditation in Everyday Life.
If someone has great difficulty regulating emotions and needs something more intensive, there is learning mindfulness through Dialectical Behavior Therapy (DBT) which we will discuss in the next edition of Spectrum.
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| Your Financing Options |
When the Family Share is More Than You Can Afford
There are a variety of financing options available for families who are concerned about their ability to meet their family share of costs. These alternative sources of aid, most often in the form of loans, can help families cover financial aid gaps or unmet need in a financial aid package.
Student Loans
If you meet certain criteria, you could qualify to borrow an additional student loan such as an unsubsidized Stafford Loan or a private education loan. Note: these loans tend to be more expensive than need-based loans.
Federal Unsubsidized Loans
Students who don't demonstrate need, or need to borrow more than the subsidized loan amount, can borrow unsubsidized Stafford loans. Unlike subsidized loans, you are responsible for paying interest on the loan while in school.
Private Student Loans
There are a number of privately-funded (non-government) loans available to students to help meet the family share. These loans are also known as alternative loans or supplemental loans.
Parent Loans
Parents can also take on loans to help cover the expected family contribution. Certain rules, such as demonstrating good credit, will apply depending on the loan. Parent loan options include federal PLUS loans.
Federal PLUS Loans
PLUS Loans are the most popular loans for the parents of dependent undergraduate students. Parents can borrow up to the full cost of education, minus any financial aid.
Federal Grad PLUS Loans
Graduate students can borrow up to the full cost of education minus any financial aid. Students receive an automatic deferment while in school. There is no grace period, however, students may request up to a 6 month forbearance after leaving school.
Home Equity Loans
If your parents are homeowners, it's likely that they can borrow against their home. Your parents may be eligible to borrow a percentage of their equity, which is the difference between the market value of their house and how much is owed on the mortgage. This money can be used to pay for education costs. The rate is comparable to other borrowing options.
An advantage of a home equity loan is that the interest paid may be deductible on your parents' federal tax return. A disadvantage is that they may have to pay a fee for this type of loan.
IRA Withdrawals
An IRA is a savings account designed to put aside money for retirement. The main options are the Traditional IRA and the Roth IRA.
Under either plan, you can be charged a 10 percent fee if you withdraw money before you reach age 59 1/2. If the money is used to pay for college expenses, the 10 percent fee is waived. However, you may be required to pay federal and state income tax on your withdrawals.
Tuition Tax Credits
A tax credit is an amount of money you can subtract from your federal tax bill. It is a dollar-for-dollar reduction of the amount you owe. If you have family members in college, and your income doesn't exceed certain limits, you may apply for a tax credit. For more information, go to Tuition Tax Credits.
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| How Financial Aid Works and How It Makes College Affordable for You |
The three main types of assistance used to pay college costs based on financial need:
Grants and ScholarshipsAlso called gift aid, grants do not have to be repaid and you do not need to work to earn them. Grant aid comes from federal and state governments and from individual colleges. Scholarships are usually awarded based on merit.
Loans Most financial aid comes in the form of loans, aid that must be repaid. Most loans that are awarded based on financial need are low-interest loans sponsored by the federal government. These loans are subsidized by the government so no interest accrues until you begin repayment after you graduate.
Work Student employment and work-study aid helps students pay for education costs such as books, supplies, and personal expenses. Work-study is a federal program which provides students with part-time employment to help meet their financial needs and gives them work experience while serving their campuses and surrounding communities. |
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Milton Little
Burke-Little & Associates Educational Specialists
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