The "true" Cost of College

 

Have you ever looked on a college’s website under the “Tuition & Fees” section? I’m guessing if you have, then you’ve probably also been pretty shocked at the amounts listed. $30,000 - $40,000 - $50,000 - $60,000! This is the cost of college nowadays. It makes a person wonder if families are actually paying this exorbitant amount of money every year. Well, in most cases they aren’t.

42 % Off! That's the average percentage discount reaped by students attending a private college this year!  I know that seems shocking -- especially if you're just tuning in -- but as we've been saying, colleges today routinely and intentionally discount their 'published prices' to lure students to their campus.  It is, as the Washington Post reported, creating a 'polite bidding war' for desirable students and considered a 'common post-recession scenario.'

We work with these numbers and scenarios everyday, but I can certainly appreciate how for many, this sounds absurd - Colleges do not 'roll back' prices.  So we wanted you to see for yourself - simply Google 'Common Data Set ____________ (your college here)' and find the section on Financial Aid.  Do the same for a few other schools you like or are on your preliminary college list and compare the results.  This, by the way, is data that the schools are required to report-- and it is information that is used by the College Board as well as by us to compare colleges and compile reports for our clients.

It's a common misconception that you wait until you know where your student is attending before applying for financial aid and other scholarships.  Today the inverse is true! You can’t even decide where to apply until you understand the amount of financial aid and other 'beyond need' inducements offered by each of the schools you are considering.  The difference in 'discounting strategies' among otherwise similar schools is often substantial and should be the chief driver of your student's admissions strategy.

The college game has changed.  Learn the new rules, you win. Stay in the dark and you could sacrifice thousands of dollars in scholarships and grants at great schools that you would have otherwise qualified for. Even if you could afford to pay full price, why in the world would you want to?

One of our office headquarters is conducting two Boston area workshops this month where we'll break down all of this and show you other techniques and strategies that you need to know about applying to, getting into and most importantly, making a great college affordable. These workshops are free and open to the public with no strings attached. If you have a student that you would like to send to college someday, we urge you to attend. If you don't but know someone who does, please forward this to them - they'll thank you for it!

~ Murray Miller

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