Ask the Consultant

Q: My high school senior applied to colleges late and did not receive any scholarships to attend. Should he consider taking a gap year and applying again as a freshman or go to community college and transfer?

A: Taking a gap year can be a wonderful way to re-energize, focus interests, and gain maturity. Some students travel the world during their year off, but I'm guessing that if you are looking for scholarship money for college, an expensive program won't be in the cards. Other students save money for college by working or bolster their resumes with internships or service opportunities. It's also not too late to retake standardized testing if you think that higher scores might translate into more merit money. 

There are pros and cons to each option!

On the other hand, attending community college can be a great route for the student that wants to stay on the academic track and gain credits at a much lower cost than at a four-year institution. But do your homework! Some universities will only accept a community college transfer after they have completed the equivalent of two years of coursework. Others don't offer merit money to transfers. And always make sure that you are taking courses that are likely to transfer to a full bachelor's degree! 

Know Your EFC

Many families make false assumptions when it comes to their ability to pay for their child’s college education.  I can’t tell you how many times I have heard, “There is no way we will qualify for financial aid based on what other parents have told me.” Or, “Of course we'll get money - how else can anyone afford to pay full price?”  The reality is you may be surprised either way.  Ultimately, however, it is never a good idea to go through the college process uninformed. 
 
When determining your eligibility for need-based financial aid, colleges examine the assets and income of the parents and student to calculate what they think your family can afford. This number is called your Estimated Family Contribution (EFC).  While the EFC calculated by the college may differ from what you think, or what you want to pay for your child’s education, it is still important to know what that number is.  When formulating your college plan, understanding what the colleges expect you to pay will help you to map out a plan.  Maybe you need to look at colleges that are generous with merit money (non-need based financial aid) or colleges that have a lower price tag (and yes, there are options other than your in-state university). Sometimes it means finding colleges that will give an edge to a student who can pay the full price.  In any case, knowing your EFC is critical to building a sound college plan.

We Can't Afford a Private College

“$62,000 per year? Are you kidding me?  There is no way!” What many families fail to recognize is that the pricing model colleges use is unlike buying a car from Saturn; everyone doesn't pay the same amount. In fact, colleges function more like the airline industry where the person seated next to you, most likely, paid a different amount for their seat than you did for yours.  At many private colleges and universities, few students actually pay the full price tag, and many either get merit money or need-based financial aid that reduces the price.  

Every year we have students admitted to private colleges where the net cost is less than at their in-state university.  How is this possible?  If you are a compelling applicant, many private colleges can be very generous with merit money, a non-need-based financial award that you aren't required to pay back.  If you are applying for need-based financial aid, many private colleges are better equipped to meet a greater percentage of your financial need and may meet it with grant money.  Obviously, I am painting with a broad brush, but the takeaway is: don’t count a private college out simply because of the sticker price.