Posted in Financial Aid/Scholarships

It’s Decision Time! How Much Am I Paying?

We are approaching that time of the year when seniors will receive the remainder of their admission decisions from colleges they applied to regular decision or if they applied early decision or action and were deferred to regular decision.  After receiving these final notifications, seniors will then have until May 1st to decide where they would like to attend. Some have already decided where they would like to attend but most are still weighing the scholarship and financial aid offers they have received from colleges before they make a decision.  Below are a few myths I would like to address when making a decision on where to attend as well as a number of resources that can be helpful when weighing the financial aid/scholarship offers from colleges.

Myth #1: It’s worth paying more a year to go to a higher ranked (according to the US News and World Report) school or “more reputable” school.  

I cringe sometimes when I hear that a student decided to attend a school and pay $10,000 (I am using $10,000 as a rounded figure) more a year than what they would have paid at a different school they were accepted to.  I am not saying that this is always a bad decision because maybe this student’s family saved up and/or could afford it.  It is important that the student goes to a school that is a great fit for them.  If they decide to attend a school that is more expensive after discussing the financial factors with dad and mom that is fine, but from my perspective, this decision shouldn’t be swayed by the perception that the $10,000 more a year is worth it because the college is ranked higher or people are saying you will have more of an opportunity to get a better job after you graduate.  These are both very subjective reasons.  If you are going to pay $10,000 more a year to attend a school compared to another, that school should have something distinctive or additional that the other school(s) do not in order to make it a wise financial decision.

Myth #2: I got accepted to my first choice school.  It has been my dream to attend this college.  I need to go there!

My first piece of advice to juniors and seniors is not to put all of your “emotional apples” in one basket.  It’s okay to have a first choice school when applying, but you should at least have a few other schools that you are almost as excited about.  There are hundreds of 4-year colleges in the United States.  There are plenty that are similar to each other.  Spend the time to research schools that are a good fit for you and I guarantee you there will be more than one.  There should probably be at least 10 or more and you will need to get that number down to 5-6 that you will apply to.  Do not get caught up in the emotion of thinking you can only be successful or happy at one school because that is not true.  Wherever you end up attending, it depends on how you take advantage of the opportunities afforded to you that will determine how successful and content you will be.  This ties into Myth #1 as well because if your “dream” school is a lot more expensive, you need to re-evaluate whether it is a wise choice to attend that school.

Myth #3: If I call this school they won’t give me any more financial aid.

I have had families get their financial aid award letters from colleges they have been accepted to and even though they think they should/could have received more scholarship money or need based aid, they don’t call or ask someone at the school if anything can be done to receive more aid.  PLEASE CALL!  It is always worth a phone call to each financial aid office at the colleges your child has been accepted to in order to make sure there isn’t anything you missed, you weren’t aware of or documents you can send them in order to be able to receive more merit or need based aid.  Please don’t leave any stone unturned before you make a decision on where to attend.

Below are a number of links that can be helpful when deciding which college to attend based on financial fit:

College Board College Cost Calculator– This tool asks for the price of an institution- or has users input an average- and lets families predict inflation, savings and length of study to get an estimate of how much college will cost in the future.

Consumer Financial Protection Bureau’s Financial Aid Comparison Tool– This tool allows you to compare financial aid award offers from different schools to get a sense of how the packages measure up.

College Scorecard– This tool will bring up a slew of financial information, including costs, median borrowing amounts and graduation and default rates.

FAFSA4caster– This tool allows students to get a sense of their eligibility for federal student aid. It asks for a range of data, from the number of family members to income and tax information to come up with an EFC (Estimated Family Contribution).

Net Price Calculators– The Net Price Calculator for each college is the best way to determine what you will be expected to pay at that school.  This link will provide you with each college’s net price calculator.  Just click on the college name to access it.

Federal Student Aid Repayment Estimator– This tool will allow you to compare the length of repayment, monthly and total repayment amounts and anticipated loan forgiveness between federal student loan payment plans.  Borrowers can see if they are eligible for a new income-based repayment plan.

Posted in College Admissions

What Are You Going To Major In?

Every so often I have a parent or student tell me that everyone keeps asking their child or them, “what are you going to major in”?  Now, this is not a bad question, but it’s the response that a student gets after they say, “I don’t know”, that can be frustrating.  For some, whether it be family or friends, it seems like when they ask this question, they are expecting a junior or senior in high school to already have their life figured out.  They think that if a 16, 17 or 18 year old doesn’t know what they want to do as a career, they are going to be behind in life or not ready for college.  Below are six reasons why it is perfectly fine for a junior or senior in high school to not be sure of what they want to major in.

  1. They could or should have a number of interests and passions and they haven’t eliminated any yet because there is still exploring to do or courses to take in college. They are going to experience many new and exciting things their first year of college that they have never experienced before.  At college they will be more independent than they have ever been in their life so they are going to interact with professors, peers and organization leaders who will most likely influence their future major decisions.  A Boston College admissions counselor made a great point when he said, “a student entering their freshman year of college should look at their freshman year like they are looking over the menu at a restaurant.”
  2. There are so many options that they are not even aware of.  I went into college thinking I could be a lawyer.  I liked to do research, speak and as any kid wants to, thought I could make a lot of money.  I learned real quick after talking to certain professors and doing some research at college that there are things about being a lawyer that did not fit my skill set and and desires (mainly having to go to school for more than 4 years).  So I changed my major to political science but then eventually public administration.  I loved how public administration involved political science but also economics and business administration.  I didn’t even know public administration was an option when I entered college.  The first year of college is a time to see what’s available as an option, take classes that give exposure to a few different majors and get great advice.  Most colleges now have freshman take similar courses no matter what major they are in to make sure they get the proper foundation before they have to declare a major.  I talked with a University of Maryland admissions representative last week and she said that all freshman, including Engineering students, take what they call “gateway courses” and they can always change their major after the freshman year.
  3. There are going to be jobs that haven’t been created yet.  Every year it seems that I hear of a job and I ask myself, “was that even an option when I graduated from college?” Especially with technology today, new jobs are being created each year.  Who knows what new jobs may be available 4-5 years from now.  This is another good reason to be more patient and see how the job market is evolving.  Now, I am not saying that a college student should wait until their senior year to decide what to major in, but I do think that it is okay for a college student to be patient for their freshman year and sometimes even the first semester of their sophomore year and see what major best fits their passions, skill set and desires.  I do strongly recommend that a college student pay attention to how long it would take them to complete their bachelors degree in four years (unless you know going into a co-op program that it will take 5 years).  Being uncertain about your major or changing late in your college career is something I do not recommend because then you are paying more and accruing more debt for college because it will take longer to finish.  Once you declare your major, it’s important to stick with and finish the commitment you started in order to finish in four years.
  4. Colleges students change their major 2-3 times on average over the course of their college career.  This alone should give high school juniors and seniors the message that once they enter college, they will most likely change their major anyway.  So why go into college convincing themselves that they HAVE to major in one thing and if that doesn’t work out, they are setting themselves back or are going to be lost in life.  It’s okay for them to change majors as much as they see fit within the first year and half of college.  When a student completes an application, they may need to enter a major and also a 2nd choice major but if they are not sure what exactly they want to do, stay broad.
  5. It may come down to the “soft skills” after all.  Unless you are majoring in Engineering, Nursing, Accounting, Pharmacy, Athletic Training, Occupational Therapy (or another type of therapy) or even Education, when it comes to finding a job after college, it will most likely not come down to what your major was.  Employers today are mainly looking for 5 skills. These are taken from a book by Jeff Selingo that I highly recommend you read called, There is Life After College. These 5 skills are 1) curiosity, 2) creativity, 3) digital awareness, and 4) contextual thinking, and 5) humility.  There are also the top 4 skills that are listed in job postings.  These are 1) communication/writing, 2) organization skills, 3) customer service/problem solving, 4) planning/detail oriented.  College students who graduate in the majors I mention above should also exhibit these skills but their degree is specific and the jobs they would get with that degree are going to be pretty specific.  Employers in these fields only hire students with those degrees.  Outside of the above majors, it may not matter what your major is.  It will come down to the skills mentioned above that will enable you to get the job.  For example, you can be a political science major and still get a marketing/advertising job if you interview well and are strong in the skill areas above the hiring company is looking for.
  6. In the end, it could come down to an internship you did. Plain and simple, companies are getting more comfortable hiring individuals who did an internship with their company. Whatever major you pursue, take advantage of doing at least one internship but two would be even better.