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Strategies to Decrease the Cost of College #1 – The Most Expensive College?

What is the most expensive college? 

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“The one you don’t graduate from!”
It is sort of a trick question and the answer commonly elicits a chuckle from a crowd. Yet, when I ask this follow up question – “How many of you know an individual who did not graduate from the first institution they attended?” – without fail 1/2 to 3/4 of the hands shoot up. Most of us do.
Nearly 1 in 2 students do not graduate from the 1st school they attend. Maybe you know “Passive Aggressive Pete”:

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“Pete” was a young man whom I invited into my office at the University of St. Thomas. Pete a stellar high school student, was failing most of his courses. “Surely, there are resources UST can provide to assist”, I asked. Pete looked at me and candidly replied, “Nope. I’m pissing my old man’s money away”. Pete eventually revealed he didn’t want to be at St. Thomas – but didn’t have a choice – everyone in the extended family had attended UST…
UST is a fine institution. But in Pete’s case did not fit. This was his passive-aggressive way of making his point. In today’s dollars, this is an awful lot of $$ to flush away. 
Maybe you know an “Annika”? 

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Class valedictorian. Had many many colleges recruiting her, yet her parents refused to take her to visit any of them, albeit one option – The University of Minnesota – because it was close and “cheaper” than most. But, Annika didn’t want to go to school in MN – the U. was not a good match – she did not want an extension of high school and yearned to experience a diversity of thought, culture, etc. She certainly didn’t want to attend a school with 35,000+ other undergraduates. Annika managed for a couple of years, before dropping out. She is now working as a barista at a Starbucks.
Turns out the U wasn’t “cheaper” after all. 
You likely know someone who chose their college by following friends (or worse yet a boyfriend/girlfriend) or because they liked their sports teams or listened to crazy Uncle Bob who claimed, “XYZ University was great for me, it will be for you too” or relied only on “reputation” or waited until the last minute and “fell into a college” or etc., etc.
Unhappily, thousands of Pete’s and Annika’s begin college every year. Students who end up at the wrong school for all the wrong reasons – often leaving sometime during freshman or sophomore year. Annually hundreds of millions of dollars are lost on sunk costs you never get back (room/board/tuition/fees/travel/etc.), lost wages, credits which don’t transfer lengthening the time to degree completion, additional loan debt, and so forth and so on.
Contrast them with “Danielle” the Designer. 

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Egad, Danielle’s dream school is ranked 191st by a national college ranking service! Her dad, the practical sort, wants her to major in chemistry because it is a “promising” career field and of course he has a colleague whose daughter has a fashion design degree and is managing a GAP store at the Mall of America. Mom wants “her baby girl” to go to school close to home. 

What would you do?

Fortunately, Danielle never waivered. Cooler heads prevailed. Ignoring “rankings”, Danielle enrolled at her dream school. She recently completed her junior year and is on track to graduate in four years. This “so-called” 191st ranked program?
The Fashion School at Kent State University.  Industry insiders (those who really matter and do the hiring), consistently rank it as one of the top five in the country. According to one industry professional, “…with study abroad programs in NYC, Paris, & Milan; a large endowment for scholarships, a fashion-focused MBA program, a high profile within the fashion industry…this school is one of the top American fashion schools and keeps getting better…” It is/was a good fit for Danielle. 
“The one you don’t graduate from!” So simple, yet so true – the #1 college cost-saving strategy really is finding a “Good Match” school.
In fact, life happens, but research shows a strong correlation between enrolling at a “good match” school and retention and graduation from said school. 
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College is expensive enough. Follow Danielle’s lead. Chose the “right” college in the first place and it will save you thousands of dollars. 
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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.

 

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.

 

The Most Expensive College?

The one you DO NOT graduate from!

Graduation

Only 48.5% of students graduate from the first college they attend.  Nationally 33% will transfer. Others simply never complete a degree. Think about that for a second. 48.5%. It is a pretty horrid success rate, not to mention a colossal waste of time and money.

Why the poor success rates? Far too many begin the college search too late – often waiting until senior year. Happy accidents do occur, but frequently a late start results in poor colleges choices – bad matches. Assessing good match (fit) colleges takes time and effort and cannot be done by simply reviewing college rankings list.

On way to mitigate the cost of higher education is to start early. Starting late does not leave enough time to properly research, analyze and carefully consider which colleges are good matches in three important areas – academically, socially and financially.

Top Ten Reasons to Choose a College

# 10 Because my friends, boyfriend/girlfriend is going there.
# 9A Its only 50 miles from home!
# 9B It’s 1,500 miles from home!
# 8 The Football team is good. It must be a good school!
# 7A Mom’s an Alumnus
# 7B Dad’s an Alumnus
# 7C Aunt Mabel’s an Alumnus
Wossamotta U. “it’s perfect for you”
# 6 It will make my “insert anyone but you“ happy
# 5 They sent me a brochure!
# 4 I toured. The Gals/Guys “Hubba Hubba”
# 3 I’m too busy. I will apply to several senior year and just pick one that admits me.
# 2 “Were only interested in the cheapest schools”
# 1 “It’s ranked in the Top 20”

NOT!

When only 48.5% of students graduate from the first college they attend, one simple fact rings true – the most expensive college is the one you don’t graduate from. Families who work with a college admissions expert significantly increase these odds and student’s often graduate from 1st choice schools in 4 years or less.

 

 

 

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