PROGRAM
Elizabeth A. LaScala, PhD is today's speaker. Her topic is College Affordability.
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Dr LaScala has the facts!
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Dr. LaScala is the founder of Doing College and Beyond. Originally from New York, Elizabeth attended Hunter College, earned her B.S. and continued with medical school at the University of Michigan. She received her Master's Degree in Public Health while at Michigan. After a number of years working in LA in public health research and project management, Elizabeth earned her PhD from UCLA in the behavorial sciences and education.
Here in the East Bay, Elizabeth founded Doing College and Beyond to guide students and their families through the increasingly complex college admissions process; teaching them to understand college affordability and develop personalized college lists that take academic and financial fitness into account within public and private university systems.
Elizabeth provides personalized guidance to students headed for college, helping them to prepare strong, cohesive applications. She also works with transfer and graduate school applicants. Elizabeth is a well-recognized, regular education columnist for print and electronic media and a sought-after speaker at conferences, schools, civic organizations, financial planning associations and learning centers throughout California.
Today, Elizabeth shared her expertise with us and gave us an inside look at financial aid and college admissions.
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And here they are
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PRESENTATION FACTS:
By 2020 65% of jobs will require some college
Attending College is still a smart move for students as it increases lifetime earning power. With a high school diploma, lifetime earnings average $1.4million. With a college BA/BS the average doubles to $2.8 million.
Student debt loads are ever increasing. In 2011 66% of students carried debt.
Definitions:
COA - Cost of Attendance
EFC - Expected Family Contribution is $27,000 and 'Need' varies based on cost of college/university the student is attending.
Largest Sources of College Cash:
44% from Federal government - household income and family size are drivers
36% from Colleges - a source of 'free cash' open to all income levels
9% from State governments - low income and merit
6% Private Scholarships - small amounts of money; do not reduce your EFC
Colleges see different level of need:
Full need <$23K family income per year
- eligible for all grants/aid available
Partial need - EFC varies by income, family size, number of children in college
- same EFC for attending public/private schools and regardless of amount of scholarships
- EFC ranges are $11-$30K
- Academic profile is very important here - not differentiating as well as we used to
- Strategy - apply to private college; it is time consuming but you can do the research yourself
Merit Category - EFC can cover full COA
- EFC: $55-99K
- Colleges are competing for your money
- Standardized test scores and grades increase in importance if you don't want to pay full sticker price
- Colleges can make incorrect calculations so be careful
- US News says 'elites' do not offer merit - because they don't have to
Strategic Enrollment Management (SEM)
- This is a new field
- Colleges are looking at hiring consultants or in-house resources to use available cash strategically in order to attract the best and the brightest
- SEM increases full pay students, net tuition revenue streams
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