Financial Aid/College Planning

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Financial Aid/College Planning

Getting into the college of your dreams has never been a walk in the park, but with rising numbers of students heading there, competition is fiercer than ever. The National Center for Education Statistics reports the total enrollment in degree-granting institutions increased 23 percent from 1988 to 2002; and between 2002 and 2004, total enrollment is projected to increase another 17 percent, to 19.5 million. Students and their parents are realizing that time and care are essential in planning for college, and that's where entrepreneurs come in. Judy Hingle, director of professional development for the National Association for College Admission Counseling, has seen a rise in independent counselors providing financial aid and college planning services.

Families spend $5 billion annually researching and applying to colleges, according to investment bank research firm Legg Mason Investments. Entrepreneur Craig Powell, 28, is carving out a piece of that market by harnessing technology to streamline the process. Powell's Boston-based ConnectEdu is an education software services company focusing on the college search and application process, including financial aid. ConnectEdu's software and network of education professionals assist in every step of the process. By researching and finding the right school, filling out admission and financial aid applications, and then evaluating acceptances and rewards, ConnectEdu helps students find the school that fits their needs.

Projected revenues for 2005 are $3 million to $5 million, but students--not profit--come first in this operation, according to Powell: "We position ourselves as a trusted source of third-party information."--April Y. Pennington

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