While bankruptcy is never one’s life goals, the fact is it happens.  Job loss, medical expenses, divorce, and life’s other financial twists and turns can lead folks who never imagined doing so to file for bankruptcy protection.  Bankruptcy filings have been steadily on the rise over the past century, especially since the 1980s, with close to a million consumers seeking bankruptcy protection in 2014.  With the massive financial investment that comes with college, it is no surprise that as a college finance educator, I often get questions from parents and students about bankruptcy’s effect on college financial aid.  Here are the 3 most common questions I receive about bankruptcy and financial aid:

Will my bankruptcy affect my child’s financial aid eligibility?

In all the hysteria around the college admissions process, from cross-country college tours to high-pressure interviews with alumni, there is still an old stand-by that is free, low-pressure, requires little travel, and will provide lots of exposure to students: the college fair.

The intention of the college fair is to provide students with an opportunity to see and interact with a variety of schools in a relaxed, informal setting. Students are able to meander from table to table, increasing the chance that they might stumble upon a school they have never heard of. For both students and colleges, this is the best kind of happy accident.

To say that the college admissions process makes students and their families “a little anxious” would be an understatement for most people in almost any grade of high school. The climate surrounding college admissions has shifted so drastically in recent years, and for good reason! Many more students are attending four year colleges and universities, and earning a valuable degree in the process. But because most schools are not adding seats to their classrooms, increased competition in admissions has had a rippling effect on many high school students. Additionally, the increased use of the Common Application has undoubtedly resulted in students happily submitting more than the suggested number of applications to schools which they have no intention of applying. More is more in many minds, even though less is more is the wisdom we encourage in so many parts of this process.

I’d like to help identify where the anxiety might come from for many students and parents, and make suggestions for how to anticipate and potentially lessen some of the stress around the college process.

Applying for college is a confusing and overwhelming project, one that is already challenging for students lucky enough to live in school districts that offer well-funded college counseling offices at their local high schools.  Students who attend less well-funded high schools, or who are taking a non-traditional path to college, often fall through the cracks.  Here at College Coach, we believe deeply in the power of education, and we are committed to helping everyone access it.  To that end, we developed a Community Support Committee a few years ago and are always looking for opportunities to help under-served populations with the college application process by working with the non-profit organizations that serve them.

Workforce Development Program at Dana Farber

A recent highlight of our activities includes volunteering for the Dana Farber Workforce Development Program.  The Workforce Development Program mentors students, giving them internships and providing them with job training.  In addition, they assist their students with their college applications.

Families that have the most success paying for college are the ones who approach the process as a family. Most people agree it is important to start talking to your children early about the importance of attending college, but what about talking about how to pay for it?

Let’s face it – looking for additional funds to cover college costs is like a part-time job, so it is wise to start as early as you can. Despite this, most of the families I speak with start searching during their senior year in high school.

Consider what would happen if you started looking for scholarships when your child was six years old? How about when your child was ten? Most families aren’t thinking about college at this point, and with less competition, your chances may actually be better at securing one of these scholarships than if you wait until your child reaches high school.

Congratulations! Your high school student has been admitted to a variety of colleges. After looking at finances, social life, and academics, you’ve got one more question: what happens after graduation?

Parents often ask me which schools produce the best outcome. The answer is difficult because the idea of “the best outcome” is so varied. Every student and family should start by developing their own definition of a positive outcome: what do you hope to gain out of your college education?

For some, it’s a good job and a successful launch to a career. For others, it’s an education that prepares the student for a variety of careers through the development of research, communications, and analytical skills. Others want an education that produces a young adult who understands the mechanics of the society in which they live, creating a productive, informed, and involved citizen.

Most students picture opening the envelope or their email, and finding the announcement of their admission to the college of their choice: the ultimate fulfillment of their dreams as a high school student.  In general, I find students don’t think much beyond this moment, aside from imagining how great college will be.  (For the record, college is pretty great!)  Most parents, however, realize that this celebratory moment is just the beginning.  The transition to college is really exciting on paper, but it is also one of the most challenging moments in the life of a student and her family.

The College Transition for Parents

Parents, as you try to help your student with the transition to college, you must first and foremost be aware of how different college is from when you attended.  Technology, specifically the internet, has dramatically changed how students and parents conduct business with the school.

Most students begin thinking about where to attend college by assessing academic programs, and rightly so. Your education is the reason you are going to college, after all, and you’ll want your school’s academic offerings to provide you with the skills you need to achieve your goals. But college is about more than just textbooks and papers. Over the next four years, you’ll spend much more time outside of the classroom than inside the classroom. What will you do? How will you get involved? What are your priorities? With whom will you connect? Asking the right questions—and finding the best answers to them—can help you identify the perfect social complement to the academic institution of your dreams.

Who Else Goes Here?

Faculty members are charged with teaching you the material on their syllabi, but you’ll learn just as much from your peers. What are they like? What attitudes do they have about education or life in general? If you’re passionate about social justice, you might want to find a campus energized by community service opportunities and engaged, informed students.

Summer Before College: Getting to Know your School

This is the third in a series of posts that college finance expert, Laurie Peltier, is writing about her own experience going through the college application and enrollment processes with her kids. Her previous posts focused on how to stay organized during the college search and final decision-making processes. Here, she discusses how to get to know your school before the fall semester begins.

Update: Read the latest tips for the 2017-18 Common App.

The Common Application Reveals New Essay Prompts for 2015-16

Some students choose to write about sports. Or their love of helping others. Or even about their unusual hobby of collecting those kitschy plastic-domed snow globes. Whatever the topic, the college admissions essay is meant to reveal a glimpse of a student’s character, one that – ideally – will help set that student apart from the thousands of other applicants vying for a spot at that same institution.

Late Tuesday afternoon, the Common Application announced its new lineup of essay prompts for the 2015-16 admissions cycle. And while this proclamation is certainly big news, I’d like to remind current high school juniors that there’s no need to agonize over which prompt they should choose.