College Decisions are Pending – Action Required

I have worked in higher education enrollment and financing for over thirty years and am a parent who has experienced the sector firsthand. I have seen the evolution of technology, regulations, practices, and policies to support students and families in pursuing education and career goals. Never in my time have we experienced such a high level of uncertainty affecting the lives of hundreds of students and families looking to college in September of this year.

In early 2023, the US Department of Education announced its desire to change the financial aid form known as the FAFSA to create a ‘Better FAFSA.’  Subsequently, ED announced it would not make the new application available for the traditional  October 1 start of the financial aid season. Although finally released in January 2024, it has been plagued by application completion challenges, methodology inaccuracies, and prolonged delays.

This inefficiency of the Administration and ED prevents the delivery of critical student and family information to colleges and universities.  Traditionally, all colleges and universities would have communicated their financial aid offers to students /families by this date. These offers are critical to a family’s ability to make final institutional choices. The absence of this vital information may jeopardize first-time, returning, and transfer students from enrolling in September of this year.

What’s At Stake

Students and families relying on tuition assistance, especially need-based aid awarded beyond merit scholarships, are caught in this enormous catch-22. Need-based aid could be a college or university Grant, a Federal Pell Grant, a State Grant, or even a private external scholarship awarded based on financial need. The assistance that hundreds of students and families accepted to attend and enroll at a 4YR, 2YR, Community College, or an accredited technical, trade, and vocational school rely on to make their institutional choice. The same institution is also affected like any other business as they forecast enrollment to deliver academic and campus services to students and families effectively.

The clock is ticking, deadlines are approaching, and nerves are escalating. Consider your options if your final school falls into one or more of these categories and you are awaiting your financial aid award letter; consider your options:

Group  #1
Institutions in this group will not extend their acceptance and housing deposit dates past May 1, 2024.
Action Steps:

  • If resources exist to cover the net cost, excluding borrowing a sizeable private student loan – GO – If not.
  • PASS and go to Plan B!

Note: Most schools in this category will not budge significantly. They control the supply and demand of enrollment on their campuses.

Group #2
These institutions have announced they are not moving their May l dates, but they will review requests on a case-by-case basis.
Action Steps:

  • Calculate the net cost remaining. Can you manage finance 80%, 60%, or 40% of the remaining costs?
  • Using a honey versus vinegar approach, contact the Admissions Department to discuss your interest in attending in September.
  • Indicate that you are looking for a specific number; if awarded, you will deposit immediately.
  • Admissions may have to consult with  Financial Aid before committing.
  • If you receive an offer, compare it against your financing capabilities, excluding borrowing a sizable private loan, GO, or PASS.

Note: Schools in this category are generally borderline concerned with hitting their enrollment number and may be willing to assist further.

Group #3
Institutions in this category have indicated that their deposit dates have moved to June 1, 2024.
Action steps:

  • Contact your school choices in this category with a greater sense of urgency.
  • Apply the same process and approach as in Group #2 and have a number in mind that, if obtainable, will accelerate the decision-making to YES.

Note: Most schools in this group are concerned about their September enrollment numbers, and their willingness to assist may surprise you.

The student should initiate action to communicate and arrive at a mutually agreeable and affordable enrollment cost at the school(s) interested in attending. Reach out to school(s) under final consideration to compare merit scholarships and tentative awards already received or review pending estimated awards.  Parents are brought into the conversation to review financial information or submit a formal appeal if needed.

Historically, the higher education industry has been very open to conversations with students and families regarding financial aid appeals, those tied to extenuating circumstance. Many may now may be moved to a “win-win” decision with students and families regarding the net cost of enrolling. Don’t wait!

Learn more by reaching out to us at Get College Going

Red Flag Alerts: Do not touch retirement money, and be cautious of the lure of private loans

Springtime at College

Springtime on a college campus is among the best places for young minds. The energy is fantastic, the spirit high, and there is a general sense of excitement. As they await graduation in early June, seniors are finalizing job offers or applications for grad school. Freshmen, sophomores, and juniors are finishing projects and papers as they study for finals and prepare to return home in mid-May to work, relax, and volunteer.

However, another group remained on campus hanging out until they had to return home, only to explain that they couldn’t return. Would you believe the average number pushes upwards to 20% or higher? Due to poor academic progression, health, and difficulty keeping up with the rising cost of education, students must withdraw from school.

I have advised countless students and families and recognize that college is the means to financial security and upward movement for many. I’m the dad of four, all of whom attended college, graduated, and now contribute to society as working adults. But I am increasingly worried about the 20% who need a different path after high school. If taken, they could match their peers while at the same time not shouldering education debt.

What’s Happening this Month

  • College and Career Fairs are happening in high school cafeterias and gyms, culminating with the big show at the Boston Seaport Convention Center. These events are important opportunities for families of 10th and 11th-grade students to obtain information, meet college counselors and get the journey started. Learn more about local events on my blog page.
  • Colleges and universities are moving to eliminate unpopular and undersubscribed majors to reduce costs and remain strong institutions. Ask your school what’s up.
  • Colleges continue to delay issuing their financial aid offers due to the FAFSA debacle. Critical information affects a family’s ability to say yes to the college of choice.
  • The elite and highly selective school remain resolved to hold firm on the May 1st Acceptance Deposit date while other institutions move their date to accommodate anxious students and parents. Check with your final choice of schools to confirm their date.
  • A new unsettling practice by colleges is to pressure students to submit Housing Deposits before choosing their school. Don’t fall victim. Acceptance Deposit first, then housing.
  • If you are college-bound in September, access a copy of my 2024-2025 Financing Checklist to help with your family’s financial strategy. Don’t wait for the bill to arrive!

Since switching in 2012 from working directly with colleges, universities, and specialized career schools to offering family-focused college advising, I have had the chance to implement a 360-degree Six Stage approach to helping families manage their college enrollment process. What is different from the “other” hope and dream approaches is that I begin with considering what a student’s interest might be after high school and how a family has planned to pay. Every household is different so every college plan should be too. The journey to find the right education pathway at the right school for the right reason and at a cost an family can afford is our goal.

Spring is essential for all high school and college-aged students and families. Planning, preparing, and exploring for the future happens now. If you are a parent concerned, confused, or feeling paralyzed, reach out. We’re here to assist with your student and family needs before, during, and after high school.

To learn more about our services and approach that can assist you and your family plan and fund your student’s educational pathways after high school, visit www.getcollegegoing.com. Start a Conversation- the office is always open.