Paying for college is a frightening thought for many families. “How are we going to pay for this?” is a question that looms over the heads of parents of high school, college-bound students. Most families do not think they can afford to look at private colleges and universities because of the outrageous sticker price. But I have news for you; the private college may end up costing you less than the public university that touts its affordability.
Let’s talk about this. Many of the private colleges have large endowments- funds of donated money that the institution invests-so they are able to offer many scholarships to students. Stanford University has over $21 billion in its endowment fund. The public colleges in California get their money from the government. Need I say more?
The trick is to find a college or university that “wants” the student in which case they will try to “buy” him/her. Colleges are looking to create a diverse freshman class each year, so they seek students that will bring this diversity to their campus. The diversity that I am referring to is not necessarily ethnic diversity. Maybe they are looking for a girl who rides dirt bikes, or ties flies for fishing. Or maybe they are looking for a boy who does sports but also sings and dances in the high school musicals. Maybe they are looking for a student who has traveled the world or has worked in a packing house. Every year is a new year, and the colleges will pour over each applicant to find the students who will give them the diversity they seek.
They are also looking for high achievers. Grades and test scores (SAT/ACT) are king! Never underestimate the importance of standardized test scores for most universities. Students should study for these tests. Higher scores may yield a bucket load of money! Students should find private schools where they fall into the top 25% academically. These are the students who garner the most money! Some schools are more generous than others. Do your homework to find the more generous schools.
Case in point; we worked with a student who had high grades and test scores and did a variety of extracurricular activities including sports, band and he was an Eagle Scout. He applied to College A, a public university in California, and College B, a small private college. He was quite certain his family could not afford the latter (with a sticker price of $60,000+/year), but agreed to apply anyway.
Much to their surprise, when the award letters came, the private college was going to cost about $2000 more per year than the public university. Oh! And did I mention that the private college also offered a 4 year graduation guarantee? Many of the CSUs in California have less than a 50% 4 year graduation rate. If you do the math, you will see that the private college will cost less than the public university in the long run, not to mention lost job opportunity when it takes 5 or 6 years to graduate!
So as you begin your college search, look at the private colleges and universities. Find a school where you are in the top 25% academically, do a good job of showing your diversity through your essays and applications, and find schools that are generous!
