College Affordability
Financial Aid and college affordability is a specialty area for me as I feel very strongly about it. Most families with college bound children are concerned about the rising cost of college tuition, their ability to afford college, and the financial security of their family and child. Independent Educational Consultants with expertise in the area of financial aid are uniquely positioned to assist families in not only identifying colleges that are good matches academically and socially, but financially as well. Sandy Baum, an economist who has studied financial aid in depth, has written extensively about net price differentials in her seminal study “A Primer on Economics for Financial Aid Professionals”. Regardless of how one views the ongoing debate about whether sticker price should be based on ability to pay (need), on merit, or on willingness to pay – college consultants should be able to explain the economic underpinnings of college pricing systems to their clients. What should also be addressed is the economic practice of price discrimination. Higher education is not unique in selling the same product to different consumers at different prices.
In today’s economy, it is difficult for individuals lacking a college degree to find a well-paying job. Even the remaining manufacturing jobs that have not been outsourced overseas require at least some post-secondary education. Having a college degree is what having a high school diploma used to be – an essential entry-level credential for many fields. Yes, many families overspend on education and overdose on student loans. The majority, however, graduate with a reasonable amount of debt ($26,000) – contrary to sensationalistic media reports that depict student borrowing at the margins.
In my practice I spend a great deal of time educating my clients about college pricing and provide strategies with the goal of making the process more affordable. Also, I encourage students and families to borrow as little money as possible – although, if unavoidable, maximum college loans of $20,000/30,000 is not an unreasonable amount in my opinion. I attempt to optimize the student’s chances of receiving merit based aid by identifying schools where the student will be in the top quarter of the applicant pool. Also, I assure families that many schools employ their own algorithms when awarding aid that have more to do with Enrollment Management than assessing need. In many cases the federal methodology is a starting point only. When borrowing, I encourage families that won’t qualify for federal need-based aid to still complete the FAFSA as this is required for the government funded loans which have much better terms and rates than private loans. Finally, I try to match students to schools with the likelihood that the student will experience success in college and graduate on time – potentially saving families the costs of changing majors, transferring or dropping out.
Liberal Arts vs Preprofessional – Which Road?
Is a liberal arts major still worthwhile? There has been much discussion in the media and popular press of late regarding this question with experts on both sides of the divide positing convincing views. Add to this mix the countless and often apocryphal stories about student debt – with the standard “lead in” recounting the tale of the unemployed anthropology major – and you’ve got the makings of an emotionally charged debate. Interestingly, Richard Arum and Josipa Roska, authors of the recent book “Academically Adrift” which followed 2300 students at 24 universities over the course of four years found that students who took traditional liberal arts and science courses fared better in terms of the increase in skills measured by the Collegiate Learning Assessment than students who took undergraduate courses in preprofessional fields. Additionally, and not surprisingly, the authors found that courses requiring large amounts of reading and writing – which is the “sine qua non” of the liberal arts – tended to learn more. Conversely – and perhaps more anecdotal in nature compared with the hard data presented by the other side – are numerous articles describing employers unable to find the skilled workers that they need to run their businesses. Companies today do not have the time nor the resources to train new employees. As Tony Wagner of Harvard, the author of “Creating Innovators: The Making of Young People Who Will Change the World” explains, “the world no longer cares about what you know; the world only cares about what you can do with what you know”. Here’s the disconnect – the merger of the information technology revolution and globalization has wiped out many decent-wage, middle skilled jobs and replaced them with decent-wage, high-skilled jobs. But enough Americans aren’t ready – likely one reason unemployment rates still hover close to eight percent.
As an Independent Educational Consultant I grapple with this dilemma daily. How do I counsel students and families to choose majors wisely, particularly clients who are borrowing heavily to attend college. Presently, I employ a centrist strategy working within the confines and limitations dictated by both the liberal arts and preprofessional tracks. I encourage my liberal arts students to think about how their majors relate to “real world” jobs. Also, I press this group to find summer internships in the business sector and seek out research positions with their college professors. For those students following the professional route I urge them to look at institutions which require a liberal arts general curriculum before entering the professional major – there’s no reason that professional programs and the liberal arts need to be mutually exclusive. Finally, I place a heavy emphasis on rigorous high school classes. There’s no substitute for this – “prologue truly is epilogue” – and those with the best academic foundation and preparation will have the most choices in the end.
Paying for College
While it has long been a key source of opportunity, a higher education is a necessity in today’s world. And while high school students are thrilled when that “fat envelope” signaling a college acceptance arrives in the mail, parents are often shocked at the cost! Recent data shows that tuition and fees have increased 439 percent from 1982 to 2007, and given the current state of the economy along with shrinking state budgets allocated to education this appears to be a trend that will continue.
The good news is that there is a great deal of financial aid available to students and families who qualify – more than $130 billion in aid is awarded each year. Gift aid – money that does not need to be paid back – is available in two forms. 1) Merit aid which is awarded to students based on specific talents in academics, athletics, or the arts. 2) Need-based aid which is based on the student and/or family’s income. There is also self-help aid – either Federal Work Study or Student Loans. Federal Work Study provides federally subsidized part-time jobs to students. The Federal Student Loan program offers both Subsidized (the U.S. Department of Education pays the interest that accrues on these loans while the student is still in school) and Unsubsidized Loans. The government loan program is excellent – usually with much lower interest rates than regular loans, income –based repayment plans, and under certain circumstances loan deferment and forbearance that allows postponement of loan repayment.
Don’t get sidetracked by the myths surrounding financial aid: that you can’t get it if you own your home, or if you have savings in the bank, or if you make more than a certain amount of money, or even if you are not a U.S. citizen. Also, don’t rule out a school based on “sticker price”. Tuition discounting is pervasive – the national average is said to be as high as 40%. Not everyone pays the same price for a given college. Strong students need to think strategically – being at the top of the applicant pool at certain schools can translate to thousands of dollars in merit aid.
A final note – college is a business like any other. It provides a service and then must find customers who are willing to pay for this service. Of course we all know that college is a life changing experience that is way more than a business – but try to keep sight of the bottom line. Become an educated consumer by seeking out college consultants with thorough knowledge and understanding of the financial aid process.
College Campus Visits – Some Guidelines
Many of you will be visiting college campuses this summer. The summer prior to senior year is an ideal time for this, however, many students and families choose to do this even earlier in high school or during spring break. A visit usually includes an hour-long group information session led by an admissions officer and a group tour led by a student guide.
Don’t limit your visit to the formal tour and information session. Make sure to spend time on your own exploring the campus – the student union and library are great places to get a feel for the overall atmosphere and tone of the school. Read the student newspaper, check out bulletin boards, and most importantly observe students – you can learn a great deal just by watching student interactions. If you are planning on visiting several colleges in one trip, make sure to allow enough time for each visit. An overnight stay in the college city is ideal.
Here are a few suggestions for questions to ask admissions officers:
- Why do students apply to this college?
- What type of student seems happiest here?
- What are the most popular majors?
- What are the most popular extracurricular activities?
- What do students on campus rave about?
- What do students complain about the most?
- Can you describe a few student traditions?
- How is the faculty advising?
- What are the study-abroad opportunities like?
- What constitutes a typical freshmen-year program?
- What departments are considered outstanding?
- What percentage of students attend graduate school?
Remember to write down your observations and take pictures. Particularly when touring several colleges on one trip, facts and details can become blurred and forgotten if not recorded. Finally, don’t base your perception of the college solely on your visit. Oftentimes, even without realizing it, students and families are influenced by the personality of the admissions officer, student tour guide, and even the weather the day of the visit! The college visit is one important way to assess a college, but not the only way.
College Tennis – It’s Never Too Early
Before you can blink an eye, the less demanding middle school years morph into high school and beyond. College planning is probably not the first issue that student-athletes and their parents want to tackle as the middle school years wane and high school begins. However, making a commitment to establishing long-range academic goals – along with developing strategies and timelines to support this effort – will pay high dividends down the road.
The “junior/senior year” crunch (and believe me, it can be overwhelming for both students and parents alike) is much easier and efficient with a game plan that begins in late middle school or early high school. I can’t tell you how many times I have met with families and heard them lament, “I only wish I had thought about this earlier!”
Listed below are just a couple of academic guidelines that are right at the top of my”It’s never too early” list:
1) Foreign Language – Colleges love to see students take at least three years of a foreign language. Four years are even better, and five – with the fifth year being at the AP level – is stellar. However, in order to fit that fifth year of a foreign language into four years of high school, the student needs to begin a foreign language in the 7th grade. Usually what happens is that 7th/8th grade foreign language study combines to form Level 1.
Check to see if your middle school offers a foreign language beginning in Grade 7 (not all schools do), and plan on enrolling.
2) Upper Level Math – Not only do most four-year colleges and universities expect to see at least three years of math in high school, they love to see four years of study. And, as with foreign languages, having taken an AP-level math class as a junior/senior in high school is highly-valued in applicants at the most selective schools.
In order to be eligible to enroll in the more challenging, upper level math classes in high school, you most likely will have to start with pre-algebra in the 7th grade and complete it in one year. Many middle schools have a two-year sequence in order to complete Algebra, and while this curriculum does not always preclude the opportunity to take AP math in high school, it can make it more difficult to do so.
It is worthwhile to take a look at your middle school curriculum early and undestand its pathways for math education. Armed with this information, you will be able to more accurately plan math courses for high school.
“Prologue really is Epilogue” when it comes to successful college placement outcomes. So, keep these thoughts in mind as you move through middle school and look toward high school. Stay informed and updated.
And remember, it’s easy to become overly stressed by this process. I always remind my clients to relax, “enjoy the journey”, and have fun!
Check back for upcoming articles where I will address additional topics pertaining to academic preparation for college student-athletes. I’ll discuss subjects such as SAT/ACT preparation and testing, the college essay, teacher recommendations, and much more.
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