When my son was a young boy, he talked often about going to Harvard. Where he got that notion in his head, I will never know. It was so ingrained, that he wanted a Harvard sweatshirt. Funny thing…my daughter still has that sweatshirt today and has grown quite fond of it.
Did my son attend Harvard? No. He opted to join the Marines and attend college later on the GI Bill. Perhaps a wiser and more logical choice in the grand scheme of things. But…I’ve often wondered whether or not the cost of those Ivy League colleges is worth the education you receive.
A recent article from Unigo/WSJ on Campus explored that question in depth. It explored the current economic climate, the state of colleges and universities, and the overall thought process in making those college decisions. The article begins by stating:
Old dreams of adult children earning degrees from elite, door-opening colleges or “legacy” schools attended by relatives are falling away in some families, in favor of a new pragmatism. Other parents and students are doing a tougher cost-benefit analysis of the true value of a pricey undergraduate degree. As parents wrestle privately with such emotional issues, many say they wish they’d begun years earlier to assess their values and priorities, long before their children’s college-decision deadline was upon them.
That’s ALWAYS been my philosophy: START EARLY. Do your research and learn about the college’s financial aid footprint. Do a benefit-cost analysis and weigh ALL of your options before you make that final decision.
The overall tone of the article is that parents and college-bound teens are opting for the more logical college choices that keep them close to home and ensure they graduate without debt.
But, I would have to add an additional comment: find that “perfect fit” college. It’s not about the rank, or the prestige, or even completely about the cost. It’s about finding a place where your teen feels at home and is valued. And discounting Harvard, or any Ivy League college because of the pricetag might not be the BEST advice. An admissions consultant offers this advice:
Depending on the financial aid package offered, the out-of-pocket cost of attending a private college can often be lower than that of a public university. In a simplistic example, a $25,000 bill at a state college would be reduced to $20,000 with $5,000 of financial aid, but a private liberal arts college with a sticker price of $50,000 would cost $15,000 if the financial aid package totaled $35,000, making it cheaper than the state college. Of course, financial aid is more complicated than this, but private colleges with strong endowments often offer generous merit and need-based scholarships. In the end, award offers must be weighed against each other carefully, taking into account whether the award is made up of loans (which must be paid back) or grants/scholarships (which do not get paid back). The bottom line? Research the possibility of financial aid before eliminating a college from your list just because it sounds too expensive.
Take some time and read the original article. It will help you in the planning process and give you some “real-life” examples of parents and teens making those difficult college admissions decisions.
