Wishful Thinking Won’t Pay Tuition Bills
The following is a guest post by Suzanne Shaffer of Parents Countdown to College Coach.
Recently, the College Board and Art & Science Group, LLC published a study about college affordability and how it influences college choices. Upon releasing their findings, the study concluded:
- Despite acknowledging some to great concern about their own or their families’ ability to pay for college, a majority of college-bound seniors surveyed by Student Poll late last spring indicated that they were still considering schools they viewed as “too expensive” because they offered such characteristics as strong academics, a prestigious reputation, and other factors students valued and believed were worth the higher cost. Simply put, students were still willing to stretch financially to attend institutions where they perceived the value of the education to be worth the higher cost.
As a parent, this study is troubling. It seems that families are willing to pay whatever cost necessary to obtain a college education for their children based on the perceived notion that the reputation of the college was worth the cost. This basically translates into this simple conclusion: expensive college = good education and/or good job. This conclusion is not entirely based on fact, but public perception.
Even more disturbing, were these three specific findings:
- Net tuition calculators are still not widely used.
- The survey clearly indicated that the majority of students and parents are not using the available financial aid calculators to determine expected annual cost.
- More than half of students surveyed will have some difficulty paying for college.
- It is surprising, or even shocking, that students continue to engage in apparent wishful thinking, indicating either that they believe “we’ll work something out when the time comes” or that they “don’t think my family can afford it, but we’re going to try.”
- Students remain uneducated about what they are likely to pay each month to repay the loans they incur in college.
- According to the results of the survey, 40% of students when asked about loan repayment said they had “no idea” what their likely monthly loan repayment would be.
This study underscores the fact that parents and students are oblivious to the realities of financing a college education. Adopting the “bury my head in the sand” approach will only result in college sticker shock once the bills begin to arrive; not to mention, inability to repay the debt after graduation. It’s up to every parent to be financially responsible and have the “money talk” with their kids BEFORE applying and definitely AFTER acceptance letters arrive. If the aid isn’t there and the price is too high, cross that college off the list. If a college doesn’t provide you with some form of financial incentive, the acceptance is merely a way to fill their quota. Odds are they are fairly convinced you will decline the invitation. Instead, look at the colleges who offer good financial aid packages. These schools are willing to provide assistance because they value your son or daughter and their contribution to their student body. That’s the college you want to send them to!
It’s your responsibility as a parent to explain the realities of paying for the education. If the colleges aren’t affordable, there are other options. Consider community college for a few years. Find a college close to home and save that room and board cost. Choose a college with a lower price tag vs. one that’s priced above your ability to pay. Use those calculators (college cost and loan repayment) to determine your ability to pay and make an informed decision. And parents—practice this simple word: NO.
You can read the complete study findings here: Student Poll: Many College-Bound Students Report Difficulty Affording a College Education
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.
