Assets included or not included in EFC calculation.

Paying for College
46

<p>Spending the money on things a student is going to need before filing the forms is always a good idea. Below is text from my mid-December newsletter…</p>

<hr>

<p>Your student’s Christmas list can help you get them what they need and want for Christmas as well as get important work done for college. So without further ado –</p>

<p>Your Student’s Christmas List</p>

<p>For around the dorm room</p>

<pre><code>* Kitchen type tools: bowl, cup, glasses, can/bottle opener, etc.

  • Desk Lamp
  • Alarm clock (one with a really loud and annoying alarm – they’ll need it)
  • Bulletin board and dry-erase calendar board
  • A small toolkit (I do not suggest the Craftsman, rolling tool chest; a small bag will do)
  • Bed linens
    </code></pre>

<p>The Gizmo’s and Gadget’s</p>

<p>The Computer (let’s start with the really fun one): if your student does not yet have a computer of their own, or the one they do have is outdated; you should certainly consider this as the “A” #1 gift. Consider a multimedia computer with a TV tuner card. You can kill a lot of birds with one stone here. Not only will a multimedia machine act as their computer, but it will also be their TV, their DVD player, their TV recorder, and their stereo. It is truly the Jack of all appliances. And it makes for a great entertainment system for the very few hours they will not spend studying.</p>

<p>If you don’t want to send your student out the door with one do it all machine like above, here are the minimum requirements (according to CNET) for a student computer:</p>

<pre><code>* Processor: Mobile Celeron, Pentium 4-M, Pentium

  • Memory: at least 256MB (I would recommend 512MB or even 1GB)
  • Hard Drive: at least 60GB
  • Disk Drive: DVD+RW
  • Wireless and wired networking equipped
  • Operating system: Windows XP Home or Apple MAC OS X (ten)
  • Software: Microsoft Office XP Standard or Student edition
    </code></pre>

<p>Standard computers would include:</p>

<pre><code>* Dell Inspiron B130 (I have had a Dell in the past and love their customer service)

  • HP Pavillion (One of our desktop machines is HP and it hasn’t as much as hiccuped in three years)
    </code></pre>

<p>Multimedia Machines would include:</p>

<pre><code>* Apple PowerBook G4

  • Dell XPS M170
  • Toshiba Qosmio G25-AV513 (my current laptop is a Toshiba and I have been very happy with it)
  • HP Pavillion zd8000
    </code></pre>

<p>The Printer: although many schools and professors are now allowing students to submit papers in electronic format, this is far from being the norm. So, your student is going to need someway to print off that earth-shattering report on Machiavelli. Printers are dirt cheap today compared to what you got yesterday. You can often pick up a good printer/scanner/copier for less than $150 or even $100</p>

<p>Surge protector: protect the investment you just made.</p>

<p>Phone: I grew up in a telephone family – literally. My family has been in the telephone business since before there was copper wire; so what I am about to say would have been heresy at my family’s Thanksgiving dinner a few years ago. Go get your student a prepaid wireless phone.</p>

<p>A digital voice recorder for class lectures: skip the old tape recorder – your student will likely download the recording to their computer anyway.</p>

<p>Digital camera: they’ll want to preserve the rest of their high school year and college.</p>

<p>Other appliances:</p>

<p>If you didn’t go the multimedia computer route –</p>

<pre><code>* TV

  • VCR/DVD player
  • Stereo
    </code></pre>

<p>Coffee Maker</p>

<p>Microwave</p>

<p>Refrigerator</p>

<p>Art: believe me, dorm walls are nothing fancy to look at</p>

<p>How to pay for this Christmas list?</p>

<p>I know that many of you have been saving money for your child’s college. Many of your students have been saving as well. Some of you have quite a bit of money stuck in your students’ names. You do not want that money there when you fill out the financial aid forms next month. So what do you and your student do with all that money you have been saving for college? SPEND IT NOW!</p>

<p>Yes, go take your children’s money and buy their Christmas presents with it. You’ve been saving it for college anyway, you’re just going to spend it a few months earlier. If that money is still in your students’ accounts come the time to file forms, it will cost you a lot of money ($35 for every $100 in the student’s name).</p>

<p>HAPPY SHOPPING!</p>