Financial Guidance For College
An Investigation of Applications, Financial Aid, and Scholarships
Part 1
Task 1: Personal Statement
I am a very curious person. I love to learn new information about almost any subject. I find math and science especially interesting, and am hoping to pursue a career in veterinary medicine. I do not like to leave tasks uncompleted, and work hard to finish what I start in order to achieve my goals.
I have been doing synchronized swimming since I was in second grade, almost nine years. With my team I traveled to the national competition three times, and have attended countless other competitions locally and out of state. This year, I am the athlete representative for the San Diego Imperial Association of synchronized swimming and will travel to the national convention to vote on issues surrounding the sport. I wanted to be the athlete representative because I am very passionate about my sport, and I wanted to be a voice for all of the younger swimmers on my club. Being the eldest swimmer on San Dieguito Synchro, I often help out my coach by teaching the first year swimmers certain skills in the water. I am considering continuing my synchronized swimming during college, but only if it would not compromise my academic goals.
I want to be a veterinarian not only to help animals, but also because the field of medicine is so interesting to me. The idea of surgery is so fascinating, I can’t wait until I learn how to perform operations. I have been very passionate about helping animals ever since I got my first pet, a hamster. I formed a connection to that hamster, which lead me to explore the fascinating world of animals. Since then, I have kept mice, rats, a parakeet, fish, and dogs as pets, and I have formed a special connection to each one. The fact that there are so many homeless pets out there makes me really upset, and I hope that I will someday be a part of the solution.
I have been doing synchronized swimming since I was in second grade, almost nine years. With my team I traveled to the national competition three times, and have attended countless other competitions locally and out of state. This year, I am the athlete representative for the San Diego Imperial Association of synchronized swimming and will travel to the national convention to vote on issues surrounding the sport. I wanted to be the athlete representative because I am very passionate about my sport, and I wanted to be a voice for all of the younger swimmers on my club. Being the eldest swimmer on San Dieguito Synchro, I often help out my coach by teaching the first year swimmers certain skills in the water. I am considering continuing my synchronized swimming during college, but only if it would not compromise my academic goals.
I want to be a veterinarian not only to help animals, but also because the field of medicine is so interesting to me. The idea of surgery is so fascinating, I can’t wait until I learn how to perform operations. I have been very passionate about helping animals ever since I got my first pet, a hamster. I formed a connection to that hamster, which lead me to explore the fascinating world of animals. Since then, I have kept mice, rats, a parakeet, fish, and dogs as pets, and I have formed a special connection to each one. The fact that there are so many homeless pets out there makes me really upset, and I hope that I will someday be a part of the solution.
Task 2: Where I want To Apply
University of Arizona - The University of Arizona is my ‘safety’ school because of their high acceptance rate. I want to attend the University of Arizona because it has the second most successful pre veterinary program in America. They have a wonderful agriculture and animal science facility that students get to experience from freshman year. I visited The University of Arizona recently, and could picture myself doing well there. It is a large school, but they offer smaller communities within the school that get to be housed together in the dorms, for example one of the dorm buildings is only for women in science and engineering. The University of Arizona is about a six or seven hour drive from San Diego, which would make it easier and cheaper to visit home during breaks. Also, the University of Arizona has a club synchronized swimming team that I could be a part of. While the weather is hotter there than I am used to, I think I would enjoy it because I generally don’t mind the heat. One negative thing about the University of Arizona is that it is out of state so I would have to pay more, but, when I visited they explained how they have a lot of scholarships available. During my visit I was able to take a look at some of the dorms, and they looked really comfortable. They offer a really wide variety of dorm settings, some similar to apartments and some the classic dorm. I think I would be very happy attending the University of Arizona, and I think it would give me a good start for veterinary school.
Cal Poly Pomona - Cal Poly Pomona is my ‘wheelhouse’ school because I think I could probably get in there, but I am not sure. I visited Cal Poly Pomona recently also, and I really liked the feeling of the campus. Cal Poly Pomona is close to San Diego, only about an hour drive, so I could come home on the weekends or during breaks really easily. Also, being in California, it is much less expensive to attend. During my visit, we got to see inside of one of the dorm rooms, and it seemed comfortable. I thought they had a pretty nice barn facility, but I did not like the fact that it was so far away from the campus. Overall, I really liked the feel of the campus, everyone seemed kind but not too loud. It did not seem like there were many parties there, which I liked about it.
The University of Findlay - The University of Findlay is my ‘reach’ school because it is a selective program. The University of Findlay has the number one pre-veterinary program in America, and graduates of The University of Findlay have gotten accepted to all twenty eight veterinary schools in America. The University of Findlay has a smaller number of students, and every student gets to start working with animals in their freshman year. The University of Findlay is focused only on agriculture, which will show veterinary schools that I am committed to becoming a vet. I think I would enjoy living in the state of Ohio, because it would be a change from San Diego, and I would get to experience cold and snow for a short time then I can decide if I like it or not. The only problem with The University of Findlay is that it is a private college, and it is much more expensive than the other colleges on my list. I hope there are scholarships available, but being such a small school, I imagine there are not as many awarded each year. The best thing about The University of Findlay is their state of the art barns and medical labs that all students have access to even freshman. They keep a wide variety of animals right on campus, which would give me a more well rounded background that vet schools are looking for.
Cal Poly Pomona - Cal Poly Pomona is my ‘wheelhouse’ school because I think I could probably get in there, but I am not sure. I visited Cal Poly Pomona recently also, and I really liked the feeling of the campus. Cal Poly Pomona is close to San Diego, only about an hour drive, so I could come home on the weekends or during breaks really easily. Also, being in California, it is much less expensive to attend. During my visit, we got to see inside of one of the dorm rooms, and it seemed comfortable. I thought they had a pretty nice barn facility, but I did not like the fact that it was so far away from the campus. Overall, I really liked the feel of the campus, everyone seemed kind but not too loud. It did not seem like there were many parties there, which I liked about it.
The University of Findlay - The University of Findlay is my ‘reach’ school because it is a selective program. The University of Findlay has the number one pre-veterinary program in America, and graduates of The University of Findlay have gotten accepted to all twenty eight veterinary schools in America. The University of Findlay has a smaller number of students, and every student gets to start working with animals in their freshman year. The University of Findlay is focused only on agriculture, which will show veterinary schools that I am committed to becoming a vet. I think I would enjoy living in the state of Ohio, because it would be a change from San Diego, and I would get to experience cold and snow for a short time then I can decide if I like it or not. The only problem with The University of Findlay is that it is a private college, and it is much more expensive than the other colleges on my list. I hope there are scholarships available, but being such a small school, I imagine there are not as many awarded each year. The best thing about The University of Findlay is their state of the art barns and medical labs that all students have access to even freshman. They keep a wide variety of animals right on campus, which would give me a more well rounded background that vet schools are looking for.
STOP! Before you read further, please answer this poll:
Task 3: Majors Of Interest
Veterinary Medicine (Pre-Vet Program) - Veterinary medicine or a pre-veterinary program would be my first choice for a major because I am very confident that I want to attend veterinary school after college. Having a degree in veterinary medicine shows vet schools that you are committed to becoming a veterinarian, as opposed to any other career with animals. I think that studying veterinary medicine in my undergraduate years would give me the hands-on experience around animals that I would need to succeed in veterinary school. A veterinary medicine major also teaches you about the drug side of medicine, while animal science degree only teaches you the more physical side.
Animal Science - Animal science is my second choice for a major during my undergraduate years because a degree in animal science would prepare me for veterinary school, while leaving me with a few other options for a career such as farming or animal behaviorist. Animal science focuses more on the animal production aspect of animal health rather than the domesticated pet side. Also, animal science would probably be very hands on, but in a barn rather than in a lab or operating room. Animal Science would be really fun for me because I could be exposed to a different side of animals that I have not experienced just by keeping pets. I think I would learn a lot if I did an animal science major.
Wildlife Conservation - I might consider studying wildlife conservation in college because it still connects my love of animals with my love of science. Getting a degree in wildlife conservation would be helpful to get a job such as a field researcher, conservationist, or wildlife rescuer. I think that having a wildlife conservation degree would allow me to travel or live in some amazing places such as national parks. I bet a major like that would set me up for a very exciting and active lifestyle. It would be really fun to learn about plants and animals and try to figure out how to save some of the endangered species.
Animal Science - Animal science is my second choice for a major during my undergraduate years because a degree in animal science would prepare me for veterinary school, while leaving me with a few other options for a career such as farming or animal behaviorist. Animal science focuses more on the animal production aspect of animal health rather than the domesticated pet side. Also, animal science would probably be very hands on, but in a barn rather than in a lab or operating room. Animal Science would be really fun for me because I could be exposed to a different side of animals that I have not experienced just by keeping pets. I think I would learn a lot if I did an animal science major.
Wildlife Conservation - I might consider studying wildlife conservation in college because it still connects my love of animals with my love of science. Getting a degree in wildlife conservation would be helpful to get a job such as a field researcher, conservationist, or wildlife rescuer. I think that having a wildlife conservation degree would allow me to travel or live in some amazing places such as national parks. I bet a major like that would set me up for a very exciting and active lifestyle. It would be really fun to learn about plants and animals and try to figure out how to save some of the endangered species.
Task 4: Possible Careers
Veterinarian: Veterinarian
Veterinarians earn the most money out of the careers I choose, but it is harder to find a job based on the growing number of veterinary school graduates. Also, getting admitted to veterinary school is very competitive, and also can be expensive. The good thing about becoming a veterinarian is that they are needed everywhere, so I could live wherever I want. But, I would have to consider what types of animals I would be working with, and the fact that a veterinarian needs a separate license for each state in which they work.
Animal Control: Animal Control
Being an Animal Control officer would probably be a very difficult job. It requires a wide variety of skills, such as being able to communicate with people, communicate with animals, and be physically strong. It would be hard if you have to take someone’s animal away, but I guess you would just have to keep in mind that you are doing the best thing for the animal. I think it would be a very rewarding job, you get to save animals lives every day. The salary is not as high, but still reasonable. Also, since it is a government job, you get some benefits.
Animal Scientist: Animal Scientist
Being an animal scientist would be very interesting, but I probably would not be able to work hands on with animals. Work as an animal scientist would usually be done in a laboratory setting, but some careers involve field work. It would be an interesting career because I would still be helping animals, but from behind the scenes. The salary of an animal scientist is very variable, depending on what lab you work with or what research you are actually doing.
Zoologist & Animal Biologist: Zoologist & Animal Biologist
Zoologists or Animal Biologists mostly study animals in their natural habitats to observe a variety of things. They might be looking for certain population growths/declines in an area or studying an animal’s behavior. This data could be useful to help save a species that is endangered, by reporting the exact factors that are harming it. Animal biologists or zoologists make a relatively high salary, but there might not be very many opportunities for careers in this field in the future.
Vet Tech: Vet Tech
Veterinary technicians are basically the nurses of the animal world. They prep patients for surgery, administer medication, vaccinate, and communicate with owners. A lot of people work as veterinary technicians if they do not get accepted to vet school right away, to gain experience in the field. Being a veterinary technician, you do not make very much money, but the training/job preparation is much shorter and less expensive.
Veterinarians earn the most money out of the careers I choose, but it is harder to find a job based on the growing number of veterinary school graduates. Also, getting admitted to veterinary school is very competitive, and also can be expensive. The good thing about becoming a veterinarian is that they are needed everywhere, so I could live wherever I want. But, I would have to consider what types of animals I would be working with, and the fact that a veterinarian needs a separate license for each state in which they work.
Animal Control: Animal Control
Being an Animal Control officer would probably be a very difficult job. It requires a wide variety of skills, such as being able to communicate with people, communicate with animals, and be physically strong. It would be hard if you have to take someone’s animal away, but I guess you would just have to keep in mind that you are doing the best thing for the animal. I think it would be a very rewarding job, you get to save animals lives every day. The salary is not as high, but still reasonable. Also, since it is a government job, you get some benefits.
Animal Scientist: Animal Scientist
Being an animal scientist would be very interesting, but I probably would not be able to work hands on with animals. Work as an animal scientist would usually be done in a laboratory setting, but some careers involve field work. It would be an interesting career because I would still be helping animals, but from behind the scenes. The salary of an animal scientist is very variable, depending on what lab you work with or what research you are actually doing.
Zoologist & Animal Biologist: Zoologist & Animal Biologist
Zoologists or Animal Biologists mostly study animals in their natural habitats to observe a variety of things. They might be looking for certain population growths/declines in an area or studying an animal’s behavior. This data could be useful to help save a species that is endangered, by reporting the exact factors that are harming it. Animal biologists or zoologists make a relatively high salary, but there might not be very many opportunities for careers in this field in the future.
Vet Tech: Vet Tech
Veterinary technicians are basically the nurses of the animal world. They prep patients for surgery, administer medication, vaccinate, and communicate with owners. A lot of people work as veterinary technicians if they do not get accepted to vet school right away, to gain experience in the field. Being a veterinary technician, you do not make very much money, but the training/job preparation is much shorter and less expensive.
Part 2
Task 1: Forecasted Freshman Costs
STOP! Before you read any further, please answer another quick poll
Task 2: College Scorecards
The University of Arizona - I was pleasantly surprised by the college scorecard for the University of Arizona. I knew that this school was one of the relatively less expensive for an out of state school, but I was expecting a lower graduation rate. But, I am not sure if their cost takes into account out of state students. I was surprised to see that the graduation rate was 61.3%, which fit into the ‘high’ category. I thought that because this school is so big, they would have some ‘weeding out’ during early years, but it looks like I was wrong. There is a little bit higher rate of borrowing, but more than the average number of students were able to pay back the loans after they graduate. Only 6.8% of students were not able to pay back the loans, when the national average is about 14.7%. Overall, I was happy to see that most students can pay back their loans, even if they do need to borrow a ‘medium’ amount. I was also pleased to see that this school has a graduation rate that is higher than the national average.
California State Polytechnic University Pomona - I immediately noticed that the average cost per year of this school is really low, only about $9,707. I am assuming this is for in-state students, but I will need to do more research into where they got the data for this scorecard. I was a little concerned by the fact that only 50.8% of students graduate. It also concerns me that this is considered a ‘medium’ graduation rate, because that means that there are a lot of colleges out their with lower graduation rates than this. I wish they would give some information about why the students did not graduate. The median borrowing amount for students is considered ‘low’, and 5.3% of the students were able to repay loans upon graduation. So, I am happy that this is a very inexpensive school, but the low graduation rate is concerning.
The University of Findlay - This school is much more expensive when compared to the two previous, it is ranked in between medium and high costs. This scorecard was very interesting, because the school is very expensive, but the percent who could not repay their loans is really low, only 4.2% The cost is pretty high, but in the fine print it states that the cost of attending this school has decreased by 4.8% from 2010 to 2011. I do not know if this is good or bad, I will have to look into it more. It also surprised me that the graduation rate from this school is so low, only 51.7%. I thought that since it is such a small school, they would want to help their students succeed. I think this school would be a good school to go to if I could get a scholarship, because most students can repay their loans which means they have jobs.
Task 3: Personal Net Costs
Part 3
Task 1: FASFA Checklist
Need-based financial aid, such as government funded Pell Grants, which you don’t have to repay
✓ Merit aid, such as grants and scholarships from colleges, which you don’t have to repay
State-sponsored financial aid
Student loans, such as Perkins and Stafford Loans, and PLUS Loans for parent borrowers
✓ Work-study program (a job on campus while you attend)
✓ Merit aid, such as grants and scholarships from colleges, which you don’t have to repay
State-sponsored financial aid
Student loans, such as Perkins and Stafford Loans, and PLUS Loans for parent borrowers
✓ Work-study program (a job on campus while you attend)
Task 2: Need Based Scholarships
Task 3: Loans
Direct PLUS Loan
- Amount: $5,500 - $20,500
- Interest Rate Undergraduate: 3.86%
- Interest Rate Graduate: 5.41%
Direct Unsubsidized Loan
- Amount: Cost of attendance minus financial aid
- Interest Rate: 6.41%
I think that the direct unsubsidized loan would be the best option for me personally because it allows me to borrow money throughout graduate school as well as undergraduate school. This loan is good because it is not too connected to my parents. I will be responsible for paying off the loan after I graduate. Even though this loan has an interest rate of 6.41%, I think I would be able to pay it off after I become a veterinarian.
- Amount: $5,500 - $20,500
- Interest Rate Undergraduate: 3.86%
- Interest Rate Graduate: 5.41%
Direct Unsubsidized Loan
- Amount: Cost of attendance minus financial aid
- Interest Rate: 6.41%
I think that the direct unsubsidized loan would be the best option for me personally because it allows me to borrow money throughout graduate school as well as undergraduate school. This loan is good because it is not too connected to my parents. I will be responsible for paying off the loan after I graduate. Even though this loan has an interest rate of 6.41%, I think I would be able to pay it off after I become a veterinarian.
Task 4: Merit Based Scholarships
Apprentice Ecologist Initiative
Available to students in middle school or high school, to be used at two year college program or four year college program. Students must demonstrate leadership, seriousness of purpose, and service to others. You must complete an environmental project in the year 2014, write a report about it, and take some photos of you doing it. The best essay will be awarded about $850. Three awards will be given of various amounts.
CollegeSTEPS - Wells Fargo
A private scholarship run by Wells Fargo, students will be randomly drawn and each winner will get about $1000 towards a two or four year university. 40 winners will be chosen.
Forclosure.com Essay Scholarship
Anyone high school student can write an essay and submit it. The best essay will receive a prize of $5,000, and 2-5 places will get $1,000. The money can be used for undergraduate study only.
Siemens We Can Change Project
Teams complete a project that creates an environmentally clean solution to a problem. Each team presents their project, and winning teams are chosen. There are prizes for first, second, and 50 national finalists. There are a ton of prizes for the students on each team and their schools.
Available to students in middle school or high school, to be used at two year college program or four year college program. Students must demonstrate leadership, seriousness of purpose, and service to others. You must complete an environmental project in the year 2014, write a report about it, and take some photos of you doing it. The best essay will be awarded about $850. Three awards will be given of various amounts.
CollegeSTEPS - Wells Fargo
A private scholarship run by Wells Fargo, students will be randomly drawn and each winner will get about $1000 towards a two or four year university. 40 winners will be chosen.
Forclosure.com Essay Scholarship
Anyone high school student can write an essay and submit it. The best essay will receive a prize of $5,000, and 2-5 places will get $1,000. The money can be used for undergraduate study only.
Siemens We Can Change Project
Teams complete a project that creates an environmentally clean solution to a problem. Each team presents their project, and winning teams are chosen. There are prizes for first, second, and 50 national finalists. There are a ton of prizes for the students on each team and their schools.
Task 5: No-Loan Policy
Arizona Assurance (The University of Arizona) - The University of Arizona has a program that covers tuition, room and board, and books/supplies by providing grants and work-study. Unfortunately, it is only available to residents of Arizona. But this program really interests me because I could use a program similar to this when I am in veterinary school, by working with the animals to lower costs. It is really cool that the college assures enough work study programs to cover the cost of the university, after the parents pay the expected family contributions. This would be a good program for a student who earned some money but wants to keep their money saved for future use or grad school.
Part 4
Task 1: Loan Repayment
Standard Repayment Plan - I think I would want to do the Standard Repayment Plan after I graduate vet school because once I am a vet, I should be able to pay the $50 minimum per month. I could pay off this loan more quickly, in less than ten years, so I would end up paying less interest. The only problem with this loan would be if I could not find a job right away, in which case I would not be able to pay the $50.
Income-contingent Repayment Plan - This repayment plan would solve the problem of if I do not get a job right after vet school, because you pay a percent of your income. Also, if you do not repay this loan over 25 years, the rest is forgiven. I think my cousin (who is also a vet) did this plan because she only had to repay a little more than half of her vet school loans.
Task 2: Total Cost
Borrowing about $20,000 per year, I would have a few choices for repayment. For this calculator, I assumed that the average first year veterinarian would earn about $100,000 per year. I think the Income-Contingent Repayment would be the best fit for me, because if I was able to make the monthly payments of $218 - $252, then I would end up paying less interest over time. But, if I started making more money within the 102 months, then I might end up paying more. On the other side, if something happened and I was making less, my minimum payments would go down.
Task 3: Reflection
This was honestly one of the most helpful projects I have ever done. It really felt genuine, and gave me a lot of useful information that I will need when it comes time for me to pay for college. We have been focusing so much on how to get into college, but everyone seems to overlook how important it is for us to learn how to pay for our education. There are so many misconceptions out there about the cost of colleges, and this project really helped me understand the truth. The most striking thing to me about financing college was the merit based aid. I had no idea that I could get any scholarships just based on my grades and SAT scores. I was also surprised to find that there are so many private scholarships out there, and some can pay for almost all of your education.
Before this project, I thought that I would not be able to go to the private college that I wanted to go to because it is out of state and more expensive. But after calculating the actual costs of each university, I found that it was not really that much higher than the in-state schools because there was financial aid provided for students going out of state. Also, the difference in money between the in-state and out-of-state tuition could be easily paid off in a loan. Also, it might be worth it to spend a little more and go to an out-of-state school because the average graduate makes more money and would be able to find a job faster. My ideas about affording college changed a lot throughout this project, because now I am thinking about it less like something you have to save up for, and more like an investment. I think treating college like an investment is a good way to think about it, because sometimes you might have to spend a little more initially, but it will grow over time and you will eventually earn more.
My options for choosing a college have changed a lot over the course of this project. Now I know that there are a lot of opportunities out there and I should consider them carefully as opposed to dismissing them based on price. I choose The University of Findlay as a reach school just to see how much it would cost without seriously considering it. But now I see that it might not be all that expensive after all, and I think I will apply there. I also am planning to start pursuing private scholarships because now I am aware of how many there are, and during the summer I can start entering some of them.
The biggest challenges I foresee would be paying for vet school. If all goes well, then I will get accepted to vet school right after undergraduate, but if for some reason I don’t, then it will be hard because I will have to find a job to start paying off loans, while working to get accepted. Also, since the field of veterinary medicine is so competitive, I might experience some challenges getting a job after vet school. This would be very bad because it would be expected of me to start repaying my loans right away, especially because I will have stacked up a lot of debt after vet school. I think I can overcome these challenges by working hard and doing everything I can to remain on track to get into vet school as well as find a job directly after vet school.
When I do become a veterinarian, I should be able to earn enough money to repay my loans easily. A good thing about veterinary medicine is that vets are paid per case, so if I needed a little bit higher income, I could work longer each day and try to get more cases. Also, veterinary medicine is still relatively stable even if the economy shifts a little, so that would give me an advantage when I am trying to repay my loans.
Before this project, I thought that I would not be able to go to the private college that I wanted to go to because it is out of state and more expensive. But after calculating the actual costs of each university, I found that it was not really that much higher than the in-state schools because there was financial aid provided for students going out of state. Also, the difference in money between the in-state and out-of-state tuition could be easily paid off in a loan. Also, it might be worth it to spend a little more and go to an out-of-state school because the average graduate makes more money and would be able to find a job faster. My ideas about affording college changed a lot throughout this project, because now I am thinking about it less like something you have to save up for, and more like an investment. I think treating college like an investment is a good way to think about it, because sometimes you might have to spend a little more initially, but it will grow over time and you will eventually earn more.
My options for choosing a college have changed a lot over the course of this project. Now I know that there are a lot of opportunities out there and I should consider them carefully as opposed to dismissing them based on price. I choose The University of Findlay as a reach school just to see how much it would cost without seriously considering it. But now I see that it might not be all that expensive after all, and I think I will apply there. I also am planning to start pursuing private scholarships because now I am aware of how many there are, and during the summer I can start entering some of them.
The biggest challenges I foresee would be paying for vet school. If all goes well, then I will get accepted to vet school right after undergraduate, but if for some reason I don’t, then it will be hard because I will have to find a job to start paying off loans, while working to get accepted. Also, since the field of veterinary medicine is so competitive, I might experience some challenges getting a job after vet school. This would be very bad because it would be expected of me to start repaying my loans right away, especially because I will have stacked up a lot of debt after vet school. I think I can overcome these challenges by working hard and doing everything I can to remain on track to get into vet school as well as find a job directly after vet school.
When I do become a veterinarian, I should be able to earn enough money to repay my loans easily. A good thing about veterinary medicine is that vets are paid per case, so if I needed a little bit higher income, I could work longer each day and try to get more cases. Also, veterinary medicine is still relatively stable even if the economy shifts a little, so that would give me an advantage when I am trying to repay my loans.