Why College?
Destination: College!
Why College? An Introduction…..
One of the most rewarding experiences in a parent’s life is sending a child to college. However, college has changed in the last fifteen years. Dramatically!!
Today, the cost of a higher education has skyrocketed beyond the ability of most parents to pay. In 2009 the cost of a state university will average $22,000.00 per year and most private colleges start at $37,000.00 per year (Harvard, Stanford, & Duke, etc., are $55,000.00 per year).
[Cost of attendance = tuition, room & board, books, transportation, fees, etc...]
Other than purchasing a home, paying for a college education will be a family’s single largest expenditure. The cost of college becomes staggering for a family with two or three children, and if more than one child attends college simultaneously, the financial pressure becomes overwhelming.
Thus, parents today are saddled with a complex problem.  They would like to provide their child with a good education, but they don’t want to wipe out their family savings or go into overwhelming debt to accomplish this goal.
The good news is that a college education still pays good dividends. It affords the student the opportunity to:
1.     Gain confidence in his chosen career;
2.     Develop verbal and mental skills; utilize critical thinking abilities;
3.     Learn to communicate with diverse groups of people; and,
4.     Make contacts that can important later in life.
College not only enriches one’s life mentally, but greatly increases one’s earning capacity in the future. Based on statistics provided by the U.S. Department of Labor, college graduates can expect to earn approximately $20,000.00-$39,000.00 a year more than high school graduates.
Also, many companies look for a “name” college or university when reviewing an applicant’s resume. Employer’s associate a particular school with quality students, which they equate with quality employees. Right or wrong, graduating from a “prestigious” school can command a higher salary.
And one positive aspect is that colleges and universities are more competitive than ever before in their quest for students. Even the “prestigious” schools will compete for students, from every socio-economic background. The baby-boomers left the halls of higher education long ago, and fewer students are attending college. Many schools have empty seats to fill.
Therefore, you should never assume a college is too expensive. Colleges do need paying customers; however they do not expect every student and family to foot the entire bill for their education. This is especially true of private schools. All colleges have money…in the form of financial aid…and they’ll pay for good students.
Actually, more than 80% of all students attending private colleges receive some sort of financial aid. Regretfully, many families who would qualify for financial aid do not apply. Why? Because they assume that “they make too much money to qualify for aid.” The result? The student never attempt to apply to a private school and settles for a state university or a local community college.
Yes, there is a great deal of mystique and misinformation associated with the term financial aid. Many parents associate financial aid with various third-party scholarships offered by private institutions and organizations. Although this type of aid does exist, it makes up only 1% of the total monies available for education.
If the college really wants the student, the Financial Aid Officer (FAO) can override the system to his advantage. Under a special condition known as professional judgment, every college FAO has the power to review each family’s circumstances individually. If your child possesses the attributes the college is looking for, the rewards can be great! However, there are very specific procedures you must follow.
There are many books on the market about the subject of Financial Aid. Most leave parents as confused as they were, prior to reading those books. Our services are designed to  give parents a simple understanding of this very complex, bureaucratic system.
Sean Gabay, CEP, RFC
Premier College Solutions
Irvine, Ca
