25 March 2015 archive

  The Class of 2021 has seen a year of stiff competition similar to recent years. Once again, the elite colleges rejected 95% of their applicants. They all knew the 6% acceptance rates going in but it is still tough to take rejection. And to hear that everything happens for a reason is not any consolation for those applicants who were Valedictorians with 1600 SAT scores. In any case, where ever you go, keep college a four-year or less experience. The fact is that only 38% of those who enter college this fall will have earned a diploma after four years. In addition, the current pandemic and questions about safety for students are still a concern.

The 60 or so elite colleges have over 90% graduation rates in four years. Yes, it can be that (or less) with most other colleges if you have done (and continue to do) your due diligence. Take responsibility for your education and the advising at your college.

But here are some reasons why that percentage is so shockingly low.

1. ALL four-year colleges are considered. Both public and private from the non-competitive to the most competitive. Often large state universities and less competitive private institutions have weaker or overwhelmed advising staffs.
2. Students may fall behind on credits earned in their major.
3. They change majors more than twice; credits are not transferable.
4. Students drop out for academic or affordability reasons.
5. Some classes are over enrolled, limited or cutback and students are not able to take the prerequisite courses in their majors in a timely fashion.

When researching each college using the AAA method a student will be better prepared to avoid most of the above scenarios. This includes understanding the data the colleges are required to report on the Common Data Set. If you do not find the CDS on the college website or via the search box, ask admissions for it.

In any case, if the Class of 2017 thought it was competitive getting into college, they will need to consider this. Job prospects for new college graduates are at historic lows, partly caused by financial misfeasance and malfeasance on a global scale. If a recent graduate has some internship or cooperative work experience to show on his or her resume, that will help. But with the economy what it is, the challenges still remain.

The average student loan debt for graduating seniors in 2015 was $28,186. This year, I dare say the average will be at least $30,500. Since the 1970’s student loans have increased the cost of college. In fact, that is the primary reason college costs are inordinately high! Need proof? Here it is! We are facing a student and parent loan bubble that will dwarf the mortgage and derivative frauds above.

If loans are a burden, parents and students should not hesitate to call us now. We have a sure-fire plan to show you how to become debt free sooner than you think. It makes no sense in starting off with a job that does not give you the ability to pay basic necessities, provide the comforts and lifestyle you want to have and still meet monthly debt obligations.

In the meantime, for newly minted college graduates… get ready for the toughest job you will have. Start by reading this timely New York Times article How to market yourself.