Save Money, Reduce Stress

Though many of my families choose not to apply for financial aid, I talk to everyone about “financial fit.” This often has little to do with net worth. Paying nearly $100,000 per year for an undergraduate education requires a conversation. Perhaps the money saved will be used for graduate school or a younger child’s education–or something else. Every year, I see families opting for value without compromising on the quality of an institution. 

A top student who had been admitted to several highly-competitive colleges chose an Honors College at a popular state university that offered her significant merit aid. Earlier, I had an Ivy admit choose a full ride at a small liberal arts college that felt like home to her. She knew she would have a great experience and be successful, and the money she saved went towards dental school.

Today’s volatile financial climate is driving several of my families to consider generous colleges rather than the highest-priced institutions. Think NJIT Honors instead of NYU, Indiana University rather than Syracuse, Rutgers over Lehigh. Choosing between Rensselaer PoIytechnic and Villanova? Saving $35,000 per year can simplify that decision, especially for a Computer Science major.

The most selective colleges do not give much, or any, merit awards to students who do not qualify for need-based financial aid. However, many competitive colleges, the ones Jeff Selingo  calls “buyers,” do reach out with merit aid offers. They use these awards strategically in order to yield high-performing students who have been admitted to even more selective schools. Many savvy families realize that their motivated, academically-curious, creative students will maximize the college experience wherever they go. It’s a win for the colleges and the families.

That’s one reason there are bright students at every college.

I am still waiting for four students to decide on a college by May 1st! When all the decisions and merit awards are in, I will share the results!