Expert advice from real admissions officers and college counselors

Issue #2

Do your research now, before you send out a single college application! Start by getting an estimate of your family's Expected Family Contribution (EFC). Then, ask every college on your list this question: What percentage of admitted students receives enough financial aid and merit scholarships to cover the difference between their EFC and the cost of attending this college? Every college says they have great financial aid, but, in truth, many meet the full need of only a small percentage of admitted students. The lower this percentage is, the greater the chance that your family will be disappointed with your financial aid offer next spring. Plan accordingly.

Cuts in college budgets make it even more important for parents and students to ask different questions of admissions officers than asked in the past, such as: Will admissions be affected by budget cuts? What role will financial need play in admissions decisions? Will financial aid packages be affected by budget cuts? In what ways? Are any programs in danger of being reduced or cut next year? If so, which ones? How will any cuts affect academic instruction? (i.e. larger class sizes) How may student services be impacted? (i.e. diminished library hours) Will students be able to get the classes they need to graduate in four years? Please don't be shy about asking. The admissions people expect your questions and should be ready with answers or the name of the person who can best address your concerns.

With the opening of the new admissions cycle, students and their families need to do their homework not only about the application process but the financial aid and scholarship process as well. Vigorously investigate ALL possibilities, such as scholarships, grants, loans, work-study, and AP credits (which could make college less expensive by helping a student to graduate sooner). It is important to start this process early!

Families should know their Expected Family Contribution. In addition, they should not be intimidated by the tuition figures published by colleges. Typically, fewer than 25% of students pay that "sticker price." Everyone needs to understand, however, that financial aid doesn't necessarily mean "free money." Depending on students' financial situations, loans usually make up more than half an award package. Students who hope to receive generous merit aid should apply to colleges at which they would be considered highly desirable applicants, meaning that their grades and test scores are above the published mid-50% range and their extracurriculars would make them sought after members of the campus community. That said, getting a generous award package at a college that doesn't otherwise meet a student's needs is not a good deal.

I encourage students to still apply to the schools that seem to best fit their needs, regardless of cost. Once the application process is done, then start working hard on the financing piece. When applying for financial aid and scholarships at each college, make sure you know all of the application forms and documents required, and their associated deadlines. If you need help, please ask for assistance from your high school counselor and/or the college admission and financial aid counselors! It is possible that a school you considered the most expensive at the beginning of your college search process will become the most affordable by the end of your financial aid process.

The temptation during this economic downturn is to assume that high-cost institutions are probably financially inaccessible and to look only at less expensive colleges. Based upon changes in their family's circumstances, however, students who would have qualified for need-based aid before the downturn will simply qualify for more need-based aid now — and many students who might not have qualified for need-based aid previously may qualify now. For many families, insecurity is the biggest issue. Most families have seen little change in their income, but probably have seen their retirement savings and their home values drop dramatically. They are very uneasy about the future, but their actual ability to contribute toward educational expenses is similar now to what it was before. So the best advice now is much as it always has been — apply to colleges that appear to be the best match without regard to their cost, apply for financial aid if you think you will need it, and then wait until you have received aid awards before deciding whether or not you can afford it.

In spite of the increased costs, a college education is still the single most important investment a family can make in their child's future. In the future, however, it will take more than classroom experience to get a job or to get into graduate school after college. Students need real life experiences to help them become competitive candidates, particularly in this economic climate. A college that offers internships, cooperative education, networking opportunities, and substantial career development services adds value to the educational investment of its students. I recommend asking the following questions of colleges: What opportunities do students have for internships? What career development services do you offer? What is your four-year graduation rate? What is your job placement rate? Where are your students finding jobs? What is your graduate school placement profile? Knowing the answers to these questions will help parents and students make informed decisions when selecting higher education options.

Families need to reexamine their finances and budgets and then determine what they can afford to pay for college. To get an idea of what they will be expected to pay, families need to use an EFC calculator to figure out where they fit within the needs-analysis formulas of the colleges. They also need to figure out where the student fits within the applicant pools of the colleges being considered. At many colleges, it's the students at the higher end of the applicant pool who are more likely to receive merit aid like scholarships.

In years past, getting a college education was considered a good investment. It still is, but it takes longer to see a return in today's economy. That is why families need to consider all options, including starting out at a community college or even starting college as a part-time student. Always remember it is not where you start, it is where you finish. Also, it is vital that families get to know the professionals in the financial aid office, as they are a tremendous resource that is there to help.

Transfer in as many credits as you can. You may be able to earn a four-year degree in less time. If you have taken AP or IB classes or classes at a community college, find out which will count for credit at your colleges of interest. There was a 9% drop in job offers to the class of '09 graduates this year. When you are looking at colleges, ask about job placement rates, especially for those students in the major you are considering. Have a contingency plan. While your family may be fine today, there is a chance that things could change drastically and suddenly. It helps to know ahead of time that taking a semester off to attend a local college as a guest student is a possibility. Even if you don't think that you will get any federal assistance, complete and submit a FAFSA. In case your circumstances change, it will be good to have it on file with the financial aid office.

What's your take on applying to college in today's economy? Join the discussion.

Estimate your Expected Family Contribution (EFC) to see how much colleges will expect you to pay. It's the first step in understanding what it will really cost to attend college. Calculate your EFC now.

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Advice provided in COLLEGEword reflects the views of the individual admissions officers and college counselors offering the advice. Information in this newsletter is of a general nature. It is provided for educational purposes only and may not apply to you or your situation.