Making That Final College Choice
The following is a guest post by Suzanne Shaffer of Parents Countdown to College Coach.
May 1st is looming for many students and their parents—the deadline to accept or reject the colleges who offer admission. When my kids had to make a difficult decision, I used to tell them to flip a coin—heads: choice 1; tails, choice 2. The side they were hoping the coin would land on would be their choice. But you can’t do that when choosing a college. As with any major purchase you have to weigh the financial aspects of this decision heavily. Here’s how to make the decision based on the universities’ price tag:
Once the financial aid packages arrive, you need to make some comparisons. The College Board has a great little tool that allows you to plug in your awards and compare them. This can make a difference in the amount of debt you graduate with and how it affects your life after college. If you were smart when applying, all the colleges on your list are ones that you want to attend; because there is a strong possibility that your first choice college won’t come through in the money department.
Case in point: Through proper preparation my daughter decided to attend her “plan B or 2nd choice” college. A fantastic outcome for her, and the family budget. After being accepted to her first choice/reach school, we waited for the financial aid award to arrive. In the meantime, awards from the other colleges she had applied to filtered in. She was offered a full-ride scholarship at one school, 80% of her financial need was met at two of the other colleges with grants and scholarships, and some small grants and loans from the rest of her college choices. When the award arrived from her first choice college, they met a small portion of her financial need with loans. Her heart was broken.
She wanted to attend her first choice college–her heart was set on it. For her, any other option was out of the question. But, in order to attend, it would require financing the expensive education with loans (student and parent). She knew what the wise financial choice would be, even though it broke her heart at the time.
To make a long story short, she fell in love with her Plan B college. It was smaller and offered a much better environment for her academically and socially. Most importantly, the college wanted her; as evidenced by their willingness to give her financial aid. They valued her contribution to the student body and from the moment she set foot on campus, she felt wanted. But the real payoff came when she graduated with only a small amount of college debt, being able to easily pay back the consolidated loans. Had she attended her first choice college, she would have graduated with close to $100,000 in debt, burdening her for years.
Suggestions to keep in mind when making your college decision:
- Your #1 choice could be cheaper than you think. You can always negotiate with the colleges for more financial aid, especially if you have other appealing offers.
- Compare all of your options. Evaluate the financial aid packages and always consider the BEST offer.
- Make wise financial choices about student loan debt.
- Why disappointment can be a good thing. Even if it’s disappointing for you, you MUST understand the consequences of graduating with too much college debt. Disappointments are much easier to deal with than being saddled with debt after graduation.
About Suzanne Shaffer
Parent college coach Suzanne Shaffer counsels parents in the college admissions process and the importance of early college preparation. As a parent herself, she knows the trials and tribulations—and is out to prove that with the proper preparations, any child can achieve his/her dream of a college education. Her Parents Countdown to College Coach blog offers timely college tips for parents. Her Parents Countdown to College Toolkit provides parents with all the resources necessary to help their college-bound teens navigate the college maze. She is a regular contributor on GalTime.com and ClassesandCareers.com.
You can also connect with her on Twitter, Facebook, and LinkedIn.
Image credit: Carterse (flickr)
