The following post was written by one of our Admissions Coaches who doubles as our Administrative Coordinator, Deb Coco.  She offers excellent advice and speaks from experience as she sends her second daughter off to college. 

As thousands of parents of high school seniors will do,  I send my second of three daughters to college in about two weeks.   I already find myself in the few moments I have alone, feeling the sense of impending loss any parent who has been there can relate to.  I stop at her room and realize she won’t be there every day anymore – I will set one fewer plate at dinner- I won’t hear her run down the stairs in the morning . . .simple things, but it’s these simple moments that I found most challenging to face when my oldest daughter left.  I felt, for lack of a better word, lost. 

The build up before a child leaves for college is filled with mixed emotions for everyone involved.  Although students will deny it, their anxiety level bubbles quietly under the surface of a well of excitement. As parents, we get caught up in the details – the “what do we have to do before we actually load the car,” and going through these motions helps alleviate the feeling of loss and panic we undeniably feel. 

As with any other journey in life, the fear of the unknown is what makes it most stressful.  With both children, I found that letting them organize the college selection process on their own (maneuvering  the school websites, setting up our tours, registering for new student orientation, etc.), was key.  Giving our student a sense of ownership about this process, allows parents to begin to let go and in turn, gives the student the  sense of independence they need to begin to pull away from us.  I’ve found that hovering never worked well and caused more problems than it solved.  As a result, I believe I have three very independent and organized daughters.  They took their college selection process seriously and in turn, we as a family benefitted from their organization and commitment .  They also felt extremely proud that they “handled” this somewhat unique experience, in large part, on their own.  We were always there, but as a support system, not as a controlling force. 

My advice as the weeks towards school departures draw close, would be two-fold.  Parents should try, as hard as it is, to keep your anxiety level in check.  The sadness we feel often compounds our children’s nerves, and it’s best to channel the emotions into a positive.  Help your child get things done; shop for bedding, look over their class selections, discuss their meal plan options.  Focus on what needs to get done (and the list is LONG). I found that by being organized in this regard, I was able to allow myself the swell of emotion that washes over you  when you do drop them off, and it was not made worse by worrying that we weren’t actually “ready.”  As parents, we are never totally ready  to watch our children walk out the door to begin their own lives.  But it’s a rite of passage and we should be proud that our love and guidance helped get them there.  I won’t ever be fully adjusted to seeing my daughters’ rooms empty, but now I am able to focus on our visits and their vacations at home and secretly enjoy the fact that I do a whole lot less laundry.

Some parents ask me why they should waste their time and money visiting colleges.  “Isn’t that why we hired your company,”  they quip?  I have personally visited more than 250 colleges and universities.  I can tell you the nuanced difference between Harvard and Penn.  I can also identify colleges you’ve never heard of that may be a great fit for a student, so-called “Hidden Gems,” but my impression of a particular college is only a starting point. 

That’s what we mean by fit.  Some gloves fit me, well, like a glove, but the same glove may not fit a man of the same size, stature, or even hand size.  So we try them on in the store, just to make sure our investment is not wasted.  It’s the same with colleges.  If you plan to spend $80,000 – $250,000 on a 4-year degree, you’d better make sure it fits while you’re still in the store. 

I recommend to most of my families that they see 10-12 schools over the course of the student’s junior to senior year.  This may seem like a lot, but it’s really not, especially if you’ve systematically developed a list in the same general geographic area.  For instance, with some careful planning, a family could visit Boston College, Providence College, Holy Cross and Assumption College in two days and two nights.  It may be a busy two days, but it is possible, and voila, they have now visited 33% of  their recommended schools in just 2 days. 

Assessing the student culture, specific programs, financial aid and scholarship options, and the general tone of the campus are critical reasons to visit, but there are other reasons as well.  Many schools track students’ interest in their college, so if one student visits and the other one doesn’t, the one who took the time to travel to campus may be perceived as being more interested in the school.  She may get the nod, all other things being equal, in the admission decision.  Why?  College admissions counselors are concerned with “yield,” which is simply the number of students they admit who actually choose to enroll.  The higher this number, the better for most schools, and one sign of a student who is likely to enroll is if he visited the college.   

And what if your intended college is all the way across the country?  Call the admissions office and ask if one of their counselors is planning to visit a large city near you.  Chances are they will be sending someone to a city within a couple of hours from your home, either to a college fair or a series of high school visits.  Ask if you can meet them at a coffee shop or restaurant to learn more about their college.  Nothing shows interest more than taking the initiative to seek out a college admissions counselor who is across the country!

Real estate agents say “Location, location, location.”  College admissions consultants like yours truly say, “Visit, visit visit!”

I’d like to provide some advice to all high school juniors out there:  Relax.  You have a year before you need to make a final college decision.  This year’s seniors are currently engaged in that struggle.  They have taken the tests, done their academic work, written their essays, submitted their applications, and waited the requisite months.  They now know who wants them…Now the shoe’s on the other foot!

If last year’s data holds true, about 35% of our seniors will select a different college than they thought at the time which they applied in November of their senior year.  That’s more than one out of three, and it happens to many of those who think they are most certain.  This is actually a very good sign that a student is making a well-informed, systematic decision.  Here’s why:

1.  Options.  I tell my students that it’s all about options at the END of the process.  I’d like students to gain admission to 4-5 schools (some are admitted to all 8 to which they’ve applied).  This allows you to view your college choice as a process, not a decision.  And chances are, you’ll make a better final decision in the Spring of your senior year, than you would in October.

2.  Having options allows you to weigh financial aid and scholarship options.  With many colleges hitting the $60,000/year mark, this is more important than ever.  I’m seeing more and more families opting for the less expensive, less prestigious school because they received significant scholarship or aid money. 

3.  Waiting until Spring allows you the opportunity to re-visit the top 3 schools to which you’ve gained admission.  These programs, often called, “Admitted Student Days,” enable you to evaluate the school in a different way.  You’re now admitted, so worrying about if they will accept you is off the table.  More importantly, it may have been a full year since you last visited the campus – or maybe you haven’t visited at all – so this gives you a clearer picture of what you like and don’t like about the school.

So for current high school juniors, my message is:  Relax.  You’ve got plenty of time to make your decision.  Take your time, visit more schools over the next 5 months, and let the process unfold.  Make sure you have options at the end, and you’ll make a great choice!

“Is it worth it?”  The question was posed directly to me by one of my clients last Friday.  For the first time in my 22 years in higher education, I actually said “No.”  I almost couldn’t believe my own words, but at $59,000/year, or more than $240,000 (after the requisite tuition increases) over 4 years, I think we’ve finally reached the breaking point.  To be clear, I do not take this lightly.  I have graduated from 3 post secondary institutions and earned 2 advanced degrees.  I come from a long line of teachers and college educated family members.  I value education.  But the important point is that it’s not just I who believes this.  An increasing number of the families with whom I work are deciding – with their wallets and their feet – that this “price” won’t cut it anymore. 

I’m talking about top-notch students who’ve been admitted to some of the most prestigious schools in the country.   Three of my strongest seniors (35 ACT, 2300 SAT, 96 GPA, a half-dozen AP courses, and 12 years of hard work in school) this year have collectively been admitted to Boston College, The University of Pennsylvania, Notre Dame, Cornell, and Georgetown…and decided not to attend because they received scholarships from other “less prestigious” schools.  The difference in price amounts to about $20,000 per year ($30,000 per year in one case).  That’s between $80,000 and $120,000.  But the key point is that 3-4 years ago, these kids and many like them would have jumped at the chance to attend one of these elite colleges.  Parents would have re-mortgaged the house – quite literally – and students would have amassed $80,000 to $100,000 in debt, just for the privilege of studying at these schools…but no more.  Not for these kids. 

What surprised me in each of these instances was the ease with which the family made the decision.  After discovering they were admitted, they quickly eliminated each of these colleges from their list, with little discussion or weeping and gnashing of teeth.  But the real kicker:  Each of these families makes more than $200,000 per year and qualifies for no financial aid.  These are not poor families, nor are they wealthy. 

The implications of this anecdotal, but very real trend, are two-fold:  1.  These upper middle class families are being squeezed out of our most prestigious schools, and many others that are similarly priced.  You see, these families are slightly above the threshold of qualifying for aid, but they are unable to write a check for $240,000.  And those who do will be saddled with hundreds of thousands of dollars of debt that stays with them for decades.  2.  The elite schools, and others with high sticker prices (and thus those who do not offer merit scholarship money), are becoming a land of the rich and the poor – with many more of the former to be sure.  For those colleges who preach the tenets of  “diversity,” this is bad news.  And for those hundreds of schools with slightly lesser prestige, but a high sticker price (and little or no merit scholarships), the news is even worse.  If students are forgoing elite schools because of price, what will happen when families realize the less prestigious brands are “not worth it” anymore?

A parent we work with recently asked me why her daughter needed to select a major before we constructed her list of schools.  She was clear that her daughter wanted to attend a liberal arts college, and did not want her to explore majors at this juncture.  I explained that this would be a mistake for a couple of reasons.

First, I’m an advocate for – and product of – a liberal arts education…but not for all kids.  Depending on a student’s unique learning style, personality type and academic skills, he/she may NOT be a good fit for a liberal arts college.  Some kids learn better in a hands on way.  Others prefer ideas to skills.  A good counselor will discuss these issues with each student.  They will use a good learning style/personality assessment tool as a starting point for this discussion.  They will take into account a student’s interests, academic abilities, and natural tendencies to help them understand more about which environment – and the corresponding majors – will be a good fit for them.  Because there is a significant difference between liberal arts colleges and schools who offer pre-professional programs, this can have a powerful effect on the list of schools.  So, analyzing which type of learning environment is best for kids is critical in developing a list.

Second, according to data from ACT Inc, 66% of students change their major at least once during college.  This can cause significant problems with time to graduation and transfer.  For example, if you switch from business to pharmacy, it may take you 7 years to graduate (most Pharmacy programs are on a 6 year cycle).  And what if the college does not offer Pharmacy?  Most colleges do not.  Then you’ll have to transfer schools, and it could take you 8 years to complete your degree – and much more money.  Clearly, students are not doing a good job of selecting majors on their own.

Most high school guidance offices do not have the time or resources to devote to in-depth career counseling.  They expect their students to engage in this sort of self discovery on their own.  For some kids, this works, but for the vast majority, it is ineffectual.  In fact, this is one reason why so many students change their major during college.  They simply don’t understand their options because they haven’t taken the time to explore best fit majors.

Choosing a major, or at least a general field of study, clearly affects the list of schools for a particular student.  Students who do so in a thoughtful, intentional manner in their sophomore or junior year of high school, stand a much better chance of graduating from college on time.

I saw an article a year or two ago about Hamilton College explaining that although their full sticker price was $55,000, the actual cost to educate one student was more like $64,000.  My response to that is:  Really?  It almost seemed like a typo, and I find it very hard to believe.  If I ran my business like that, I would be forced to cut costs immediately, or I would not be in business much longer. 

This morning, NBC News did a story on the fact that George Washington University and other schools are suing their alumni who are defaulting on their student loans.  One student is working two jobs and cannot afford the $600/month payment so GW took him to court.  I think GW and other schools costing more than $60,000/year should be taken to court themselves for charging such exorbitant fees. 

In lieu of a massive, class action lawsuit, I thought I would provide some advice to my colleagues in higher education on how to cut costs:

1.  Tenure/productivity.  We can’t keep paying faculty $95,000/year to teach 3 classes when they’re 78 years old, or even when they’re 38.  That path is unsustainable.  They must be more productive.  Despite the fact that tenure track positions are diminishing, we need to begin treating faculty like employees rather than sacred cows.  The entire concept of tenure needs to be eliminated.  In addition, colleges cannot and should not be run by committee.  Eliminate committee assignments for faculty – they need to teach, and that’s it. 

2.  Eliminate research from teaching colleges.  If a faculty member would like to do research, she should seek employment at a think tank or large research university.  And large research universities should get out of the business of undergraduate education.  In short, teaching and research should be completely separated.  To the those who argue “my research informs my teaching,” I say Poppycock!  Doctors, CEOs, pilots, engineers, and college counselors, don’t do original research, and they are all still experts in their fields.  Most of these professionals simply read articles in their respective fields, and that serves them well.  Of course, the reward systems need to be changed as well, so that research is off the table completely.

3.  Use endowment monies.  If there is a need for a million dollar expenditure, use part of the hundreds of millions that are sitting there!  In this way, colleges are worse than retired people who are attempting to conserve all of their money:  they NEVER touch the endowment principal.  It flies in the face of common sense to let hundreds of millions of dollars sit and gain 5%, or lose money, as they did several years ago, but not use that money for necessary projects.

4.  Dramatically improve retention efforts.  There is a huge cost savings in this area.  We’ve been talking about retention for 40 years, but it hasn’t improved at all since then, which is astonishing.  We know how to spend millions on recruitment, but we have few effective, targeted retention programs – or employees with actual resources (staff, dollars, etc) to attack the problem.  In my opinion, this is a huge challenge that needs to be addressed at almost every school.  Much of it has to do with a larger issue of “don’t admit them if they have little chance of graduating.”  Too many schools admit students who are unlikely to succeed, and then do little to help them succeed.  It also touches on the idea of “access.”  We admit too many high risk kids who cannot finish for many reasons, the chief of which is they cannot continue to afford the costs.  And if they do squeak by with loans, they are burdened with them for decades.  The second reason most low income or “under-represented students” don’t succeed is they simply can’t handle the rigors of college.  The vast majority of lower income kids don’t complete college which doesn’t help anyone.  But even the “average” or “above average” student needs help graduating, and little is done for them as well.  Colleges need to focus on retention precisely as much as they do on admission. 

5.  Increase Merit Scholarships.  Some assert that the current merit scholarship system actually helps high performing students.  I don’t think it does.  As I wr0te in a previous post, it’s those kids who are attracted to the Villanovas, the Hamiltons, Emorys, etc of the world, and they get little if any money at those schools.  So the only option is to take on debt – a lot of it.  I see this every day.  But even if they attend sticker price bargain schools like Siena College, Le Moyne or Allegheny with a $15K scholarship, their net total cost is still $30,000-35,000/year.  That’s $150,000 plus travel, tuition increases and other expenses.  For a family with two kids, that’s more than $325,000 with tuition increases, and that’s still a very tall order for most families – even those making $200,000/year.  Increasing merit scholarships will help attract talented kids at all levels.

6.  Enhance Career Services/Internship Offerings.  Return on investment is huge, and most colleges do not do a good enough job helping kids find well paying jobs.  Liberal arts or not, families need to be assured that college will yield a decent job with a good starting salary.  This is another area to which they give lip service, but don’t expend enough resources, staff, etc.  Career service offices should have as many staff as the admissions office.  How’s that for a radical idea?

By posting this I’m not only advocating for my clients and millions like them, I’m also advocating for hundreds of colleges as well.  Many schools will not survive – or will die a slow death – unless radical changes are implemented relatively soon.  I’m not the only voice on this crisis.  Jeff Selingo, former Executive Editor of the Chronicle of Higher Education compares higher education to the newspaper industry.  In fact, there are many comparisons, and this does not bode well for academe.  With the advent of “MOOCs,” Massive Online Open Courses, that serve hundreds of thousands of students for free, or very little charge, many colleges face a big decision:  Change or be changed.

I write this post not so much for the families who we serve, but instead to all American college presidents, vice presidents for enrollment management, admissions deans, high school principals, and guidance counseling offices.  I hear much talk on college counseling listserves and blogs about access.  Most of this surrounds first generation, underrepresented, and economically disadvantaged students who have millions of advocates in college counselors, faculty, non-profits, and many other educators.  With all due respect to this army of access advocates, I’d like to divert your attention for one – just one – article about the middle class to upper middle class families we serve.

It is these students who have few advocates, but themselves.  It is these students who ultimately pay much more than they can afford for college, and here’s why:  These students are attracted to the Villanovas, the Boston Colleges, the Hamiltons, the Emorys, and the large out of state publics like Penn State, University of Vermont, Michigan, and many more like them.  Most of these schools give limited or no scholarships, and most students in this demographic do not qualify for need based aid, yet the cost of tuition, room and board runs from $45,000-$60,000 per year.

If these families have two children, the cost of educating them can surpass $500,000. That’s a half million bucks folks. Let’s say their family income is $250,000/year, a fairly healthy number.  How do they come up with a check for $59,000 multiplied by 8 years of college? How would you? 

The fact is that, according to a recent Bloomberg study, total college costs have increased by almost 1200 % since 1978.  That’s not a typo.  Simply stated, college costs 12 times more than it did 34 years ago.  Even with the increase of the average family income during that same period, which has actually decreased over the last 4 years, it takes more of a family’s paycheck to pay for college today, than it did 30 years ago.  This is a highly disturbing trend, yet few in the educational establishment are adequately addressing the problem.

Most of the families we work with have saved diligently but have less than $75,000 set aside for college. So the parents take out loans in excess of $75,000 – per child – and the student takes out loans exceeding $100,000. The student then gets a liberal arts degree – or even a business degree (the most popular major for U.S. students), and makes $40,000 per year after graduation.  I’m a big advocate for, and product of, a liberal arts education, but purely from an economic perspective, the return on investment is not even close to what it used to be for the student. And their parents, then must work an extra 5-10 years to be able to pay off the loans and retire…if all goes well.

My clarion call is for college and high school officials, and putative “student advocates” of all stripes to address this issue immediately. Simply stating that “most students pay a net price much lower than the sticker price” does not cut it, because there are millions of families for whom this is simply not the case.

For my part, we will continue to offer affordability counseling to our families, but my question to the aforementioned officials is:  What will you do?

The Washington Post reported today that within the past year, five selective colleges have admitted to falsifying the SAT data they reported to U.S. News and World Report for its annual college rankings guide.  This was stunning news to the college admissions community, especially since the schools, George Washington University, Bucknell University, Claremont McKenna College, Tulane University and Emory University, are selective and quite popular choices for many students.  I reference this regrettable situation not to point fingers at these colleges, although their behavior is reprehensible, but instead to help you understand why rankings are less than useful in a student’s college search.

While the U.S. News rankings are not inherently bad, they are flawed in several ways.  For example, part of a college’s score is its “academic reputation.”  The publication surveys college leaders for input on which schools have the best reputed academic programs.  Obviously, this is subjective data, and can be easily skewed.  Another criterion is faculty salaries.  I’m not sure exactly how this relates to student learning, but this is one of many factors that are not really related to how much a student learns.

But aside from the rankings themselves, there is a more important point to be made.   Think of the 3 most successful people you know.  Did they all go to Ivy League colleges?  Probably not, because less than a half percent of the population graduated from an Ivy League college.  I know dozens of highly successful individuals who attended community colleges or who didn’t attend college at all.  While anecdotal, the point is that if a particular college is a bad fit for a student, then he/she should not attend.  Families should forget the rankings, and ask:  Where will my child excel academically and socially?  Which colleges have a strong academic program in which the student is interested?  In fact, there are some excellent academic programs at colleges you’ve never heard of.  I would argue that a less selective and less well known college which is a better fit for a student is a much better choice than a highly selective school at which a student might not be happy – socially or academically.  Students who find such schools are more likely to be happy and excel which will lead to better grades, a better experience, and better jobs or graduate school options. 

One other critical point is worth noting.  While it’s nice for a student to be admitted to a highly selective college, they will likely have to pay full price.  Wouldn’t it be nice, on the other hand, to really be wanted by a school?  This means getting a good scholarship package and/or getting all of your financial need met.  This is when a school becomes a great fit socially, academically, and financially.  With the cost of college – approaching $60,000 per year at some highly selective schools – it makes the most sense to approach the college search in this manner.

If you’ve thought of hiring a college advisor for admissions or financial assistance, please keep reading, as the following may help you avoid an expensive mistake. 

Over the past decade, there has been a significant increase in the number of “professionals” who call themselves college advisors or educational consultants.  With this growth, has also come an increased number of advisors who say they do college admissions planning, but who really do financial or insurance sales.  These individuals have little or no experience in education.  They have never worked at a college or high school, do not have an education or related degree, and in most cases have never visited a college campus.  They are not skilled at working with teenagers, and their focus is on the funding not the counseling piece.   

They typically offer seminars or classes showing how mythical families paid $10,000 or less for a $55,000 college education.  And they may charge relatively low fees for the “soft” side of the process in which they help students with career counseling, a selection of colleges, and their application work.  These services are often conducted by a faceless, back office person – who may or may not have a counseling background – and who is miles away on the phone and has never met the student or the family. 

While this is occurring, the advisor begins to counsel the parents on ways to “shelter” money from the colleges.  One of the suggestions typically offered is to buy a large life insurance policy or annuity.  Some families are even advised to refinance or take out a giant home equity loan, use the money to fund the insurance policy, and then apply the savings to pay college and other bills.  This can be dangerous advice for several reasons.

First, some colleges assess the cash value of life insurance in their financial aid formulas, so employing this strategy will not get you any financial aid.  Because many colleges use different formulas to assess your ability to pay, the selection of colleges, can, and should affect the strategies you use to qualify for aid.  So this one size fits all strategy could fail miserably and cost you big.  Second, the family may not want or need life insurance.  Third, they may not have much equity in their home, and paying the loan off could be a significant challenge.  Fourth, and most importantly, if a family’s income is decent, it doesn’t matter if they shelter ALL of their assets.  They will NOT get any financial aid.  This is where most people make the mistake of shifting assets because sometimes it makes no difference at all. 

So why do these advisors proffer this advice?  Because they make a huge commission on a life insurance policy, home equity loan or other financial product.  In fact, the college admissions planning moniker they use is merely a lead generator for selling insurance and other financial products to unsuspecting parents.  This practice is a considerable conflict of interest.  The advisor is charging you for advice, and also making a commission on the product he just directed you to buy. 

So, when deciding on a college advisor, ask tough questions like:  What is your education and background?  How did you get into this field?  Can you provide references and testimonials for your services?  Who will be counseling our child, and what is their background?  Which schools have you visited over the last 5 years and where have your clients been admitted?  What is your average admit rate for each student?  What percentage of your students stay enrolled at the school at which they began?  Are you a member of the Independent Educational Consultants Association (IECA – the most reputable professional association with the highest ethical standards)?

With today’s huge college costs, college planning should include a family’s finances.  Reputable lenders, banks, and credit unions, like CAP COM Federal Credit Union, will integrate financial strategy with the college selection and admissions process so that families will enjoy a college that’s a great fit socially, academically, and financially.  But they should not attempt to sell you insurance policies you don’t want or need.

About half of the families with whom we work do not qualify for need based financial aid.  We help them determine that definitively a year or so before their child leaves for college.  We advise this group NOT to complete the FAFSA or the CSS Profile during their student’s senior year.  These forms can take dozens of hours to complete, and some of them make your federal tax return look like a kindergarten math problem. 

This advice is counter to what most college admissions professionals and high school guidance counselors recommend.  “You should always apply for aid.  You may qualify.  You’ll never really know unless you do so,” they explain.  This advice is erroneous for two reasons:

1.  You should know if you’ll qualify for aid well before your child’s senior year.  If you don’t I believe you’re doing your child and your family a disservice.  Unless you can afford the full cost of the most expensive school in the country – $59,000 per year, then you should make certain you understand if you’ll qualify for aid before your son or daughter makes their first college visit.  If you cannot afford the price – with or without aid – your student should not visit, or even apply. 

2.  If you know you won’t get aid, then why complete the FAFSA at all?  Some colleges are now requiring you to do so if you want to qualify for merit scholarships, even if you are certain you will not qualify for need based aid.  Why do they make you do this?  The only answer I can come up with is that they want your demographic and financial data.  It will help them assess exactly which socioeconomic groups their students come from and how to best market to and recruit similar students in the future.  It may also give them valuable data which they can use to shift their recruitment efforts to attract a different caliber of student, or perhaps they will seek out financial contributions from wealthy parents.   Regardless of their motives, I suggest that you do not complete the forms.

As you can see, as long as you’ve done your homework, and you know you will not qualify for need based aid, it makes no sense to apply for it.  The key point here is to make certain you know which aid formulas each school uses.  Make sure you get an accurate depiction of your prospects for aid.  If you’re unclear consult a professional advisor.  Doing so will save you time, money, and make sure your data will be not be used to squeeze more money from your bank account!