Making Your Final Decision 0

Countdown to National Deposit Day!

  At this time of year high school seniors have heard from the colleges to which they applied. The most competitive colleges and universities are finished reviewing applications from all of the country and the world. April 1 is the date that all colleges will have sent out letters to anxiously awaiting seniors.

There will be just one month from then until “National Deposit Day”. May 1 is the day by which all college bound seniors must decide where to enroll in the fall of 2024. Some colleges have extended that date to May 15 because of the delay in the processing of the newly designed Federal financial aid form, the FAFSA. Making the final decision may not be easy unless students have done certain things in the year or two prior to the spring of the senior year. Most students are usually presented with at least two positive alternatives from which to choose. The pandemic has made it much harder for students to do their best work over the years from 2020 through 2023, In addition, colleges have had a much more difficult time during the application reading and selection process. Trying to measure college readiness or candidates without standardized test scores in many cases and differing grading systems instituted in the junior year when distant leaning was in full effect.

So how does one go about making an effective decision ~ a decision that allows the entire family to win? The following steps are what we advise our students. Think about these even if you will not be facing such a decision for a few years.

The overall goal, I believe, is to integrate the academic decision with financial considerations. That is particularly important when there is more than one college bound child in the household.

First ~ Think about the academic reasons those colleges were on your list in the first place. Review the departmental majors and using the second “A” of the AAA process learn more about student outcomes with that major at that college. Read my essay “What is College For” and follow the links.  

Second ~ Make an objective evaluation of each financial aid award. Determine how much aid the college is awarding in the form of grants, scholarships, and loans. Most colleges do not include adequate amounts in the cost of attendance (C.O.A.) to include personal expenses. These are books, supplies, personal sundries, and transportation. If you have done a Dry Run with us prior to your students application you will see that we often add $4,500 to the direct expenses. The direct expenses are the fixed billable costs, tuition, fees and room and board. You should too.

Keep in mind that college work-study is not a direct credit toward billable costs. Do not include that in your calculations. If there is a loan offer in the award (other than a Stafford), do not include that either. Subtract all the other awards from your C.O.A. and you will close to knowing what the real out of pocket cost is for that college. Do this for each college and make an objective comparison.

Do not expect colleges to “negotiate” with you. That word does not exist in the college lexicon. However, if you have special circumstances that were not fully explained to the financial office in the form of a letter after you filed your FAFSA and Profile, you may appeal or “request a review” now.  If you are a client of ours, we probably have already discussed the merits and potential of a positive outcome for an appeal. If you have not been awarded a tru merit scholarship from a college that offers them, you may consider an appeal if you believe you have met more than the minimum criteria for a specific scholarship described on the college website.

You can call and ask the college what their specific guidelines and procedures are in handling financial aid  appeals. In any case, prepare to write a letter explaining the change in circumstances. Consult with me before you do.

Third ~ If the awards are similar for several colleges, you may have a difficult decision to make.  Several colleges want you. Which one do you want?

At this point go back to your notes and review the positive and negative aspects of each college. You may not have to review your notes from your college visit but try to be as objective as possible in assessing the relative pros and cons of each college. Where did you feel the most comfortable? Who made you feel the most at ease? Who took the time to personally communicate with you? What was your gut feeling as to the academic departments you are interested in? Have you learned more about the faculty in your possible major and the depth of academic and career advising? Do you know the four-year graduation rates of the college and if they are less than 80%, have you learned why? Hopefully, you had a chance to sit in on a class. How engaged were the students? All of this information provides relevant clues to the climate on the campus usually set by the administration.

Helpful websites to gain some additional insights about your colleges by reading uncensored first hand student reviews about many of your colleges is found here and here.

Fourth ~ Have a family meeting to finalize the decision. This decision will have a major effect on how the family proceeds with many other decisions. The schedule of every family member will be affected in some way, so why not try to iron out every concern before making the final decision. You might find that having a discussion of this nature actually helps make the decision easier!

Fifth ~ Complete all the paperwork and mail your deposit no later than May 1 or May 15 if that date was changed by your college. In most cases, both the admissions office and financial aid office require you to send something back notifying them of your decision. Later in May, the financial aid office will send a promissory note form to the student for completion. Some schools will want the student to find a local bank to arrange a lender. Part of the recently passed health care plan by the former Obama administration includes a change in how federal loans are administered. The college will tell you if they are direct lenders.

Sixth ~ As a courtesy, the student should inform the other colleges as to his or her decision. This will allow them to consider a student on their wait list. If you have been put on a the dreaded college wait list that you would prefer to attend then you can request to remain on it. There are many more students this year being put on wait lists. If you opt to remain on a wait list, you will not know for three or four weeks after May 1, if you will be offered a “seat” in the freshman class. Look at Part C of the college’s Common Data Set for the school history of how many students are taken off the wait list.

Finally~ Hopefully, your final choice fits you, your learning style, NOT necessarily because it has a brand name or Ivy on the walls. Although those characteristics may very well fit, you should also like its ethos, its social culture, atmosphere, advisory and internship programs. Oh yes, it is also affordable!