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Strategies to Decrease the Cost of College #3 – Yield

 

What does “yield” have to do with college cost savings? Savvy consumers who understand how critical this figure is in admissions can often yield (pun intended) significant cost savings.
Yield is the metric most admissions directors obsess, fret, lose sleep over. Simply, yield = the number or percentage of admitted students who actually enroll and attend.
So, exactly why is yield important and why should you pay attention? Every college sets enrollment goals for its incoming class. Very few schools can boast of a yield rate like Stanford University of 82%:
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In reality, many colleges today scratch and claw for every student they enroll. In the 2018 State of College Admissions, the National Association for College Admission Counseling reported the average yield rate continues to decline – down to 33.6%.
Couple this with the fact the number of traditional college-aged students enrolling declined for the 7th consecutive year – Current Term Enrollment Fall 2018, National Student Clearinghouse Research Center. means colleges (and admissions directors especially) feel the heat when they do not meet enrollment goals.
Multiple years of “low yields” translates to declining enrollments – which means budget shortfalls. On more than one campus I worked this meant delays in campus initiatives, building projects/upgrades or worse yet – program cuts and staff layoffs.
Is it any wonder many campus administrators and admissions directors lose sleep over “yield”?
Don’t feel too bad for them, they understand the ground rules, besides colleges have been less than transparent over the years in the pursuit of enrolling students:
  • Bombarded with brochures – a college reaching out doesn’t necessarily mean they have any intention of admitting you – many entice applications for the sole purpose of lowering admit rates in an attempt to boost rankings. 
  • Bait and switch – awarding more “free money” (grant and scholarship) to incoming freshman, and converting a % of this free money to loans in subsequent years. (always read the fine print on your financial aid award). 
  • Preferential Packaging – The art of offering more grants and scholarships to students it really wants to attract versus offering more loans to those “less desirable”.
  • Hidden costs – differential tuition rates, hidden fees, advertising room & board as “true” cost of attendance when in reality these are the “average” prices students pay,  etc. 
  • Do you really think early decision and early action admissions deadlines are designed to benefit “students”? If you do I have some property I would like to speak with you about.
  • etc., etc., etc. 
I digress…
Most colleges want- in actuality need – to yield as many students as possible from its pool of accepted students. Colleges often do “whatever it takes” to protect their yield. How might one benefit?
Let’s say hypothetically, Luther College is your top choice. Luther at 19% doesn’t have nearly the yield rate as Stanford.

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Furthermore, let’s assume Luther tends to compete with say, Gustavus Adolphus College (18% yield rate by the way), for the same pool of students.
Remember it is best to never eliminate a school until the end of this process – even if you have no intention of enrolling. Thus, hypothetically, I might suggest you show enough demonstrated interest in both schools to receive an offer of admissions.
For argument’s sake, we will say Gustavus Adolphus offered you $2,000 annually more in merit scholarships than Luther. You really prefer Luther, but…
Wink, Wink. Nudge. Nudge. See how “hypothetically” leveraging Luther’s “yield rate” versus Gustavus’s higher offer might potentially work in your favor (theoretically of course)?
Understanding the dynamics of “yield” can and does lead to cost savings – remember the average yield rate is currently about 33%. It will not work at every school, every situation is unique, and results can vary from year to year, but families can and do successfully mediate better financial packages.
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Need help finding good match colleges. Contact me. and I can work with you to shave thousand’s of $$ off a college degree.  

Jeff has spent 30+ years working in higher education as a Registrar and Director of Student/Academic Services. As an educational college planning consultant, he uses his experience and insights to save you $$$ by helping you in identify “good match” colleges to fit your academic, social and financial needs.

 

Scholarships – The Holy Grail

You’ve completed the FAFSA.  Seen your Expected Family Contribution (EFC) figure for the next academic year. Likely are thinking, “how am I going to pay for this?” You are in same boat as the vast majority of families – make too much to qualify for Federal Aid, but can’t simply write a check for the cost of college.
Your thoughts turn to scholarships… the Holy Grail of college funding.
We’ve all seen the headlines screaming, “How I Helped My Son Win over $100,000 in College Scholarship $$… and I Can Show You How You Can Too”.  Don’t believe the hype.  The secret – sweat equity.  The rule of thumb for national scholarship competitions:
  • For every 100 scholarships you find, you
  • May qualify for 10, and odds are you “might” win
  • One!
There are no magic wands.  Don’t be romanced by the headlines or focus your entire strategy on the big payout potential of national competitions like Coca Cola Scholars or the Gates Millennium Scholarship Program. Why? Exactly two students from Minnesota were recognized as Coca Cola Scholars in 2016. Wisconsin three. California the most populous state, 15. The odds are long. The competition is intense.
The minuscule % of families who manage such headline grabbing awards often employ a scholarship or two or three a day approach.  If your child has the gumption to research, apply and submit as many as three scholarship entries a day, by all mean have at it. For the rest of us lazy souls?
Turn your attention to the greatest source of scholarship $$. The colleges themselves. To get you started visit my College and University Scholarships page which will link you to the freshman merit or general scholarship opportunities at many colleges.
Look first for automatic scholarships. Many colleges offer them based simply on test scores, GPA, and academic rank. Don’t stop there. Dig deep. The linked College and University scholarship pages do not represent a schools comprehensive list of free money. Dig into the college web site to unearth opportunities for transfer, sophomore, junior, and senior students. Hint: you will often (but not always) find this information within individual academic departments in the form of scholarships, grants, stipends, fellowships, etc. or on the schools financial aid page.
The next best source of scholarships? Local opportunities, which too many families overlook. Don’t underestimate the potential payout from local sources. You will likely qualify for many many more $500, $1,000, or $2,000 local scholarships then any national competition. Last year Cola Cola Scholars had 150 winners and upwards of 70,000 applications. Your local credit union = three $2,000 scholarships and maybe 25-30 applications, 100 tops – have to like those odds.
The first places to look locally are:
  • chambers of commerce
  • fraternal organizations (Lions, Elks, Rotary, VFW, American Legion, etc.)
  • your church
  • your financial institution
  • counseling/guidance office at your high school
  • your employer
  • athletic organizations
  • charitable organizations
  • my list of scholarships open to MN residents
Don’t have the time to do the research. Don’t know where to start? Need help crafting a strategic scholarship search or strategy to find good match colleges where your daughter/son may qualify for merit scholarships?  Give me a shout.

 

 

 

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