College Smarts

Schools integrate 20 to 60 personal, family and academic factors into their sophisticated models to make award decisions. “Due to the lack of transparency in the process,” he says, “people waste hundreds, if not more, applying to colleges, hoping.”

That’s not their only misstep. Parents and teens expressed limited concern about college debt when recently surveyed by Private College 529 Plan, a prepaid tuition plan sponsored by more than 275 private colleges and universities. And just 46% of parents surveyed said their teen was involved in the college planning and saving, although 70% of teens said they were involved in the planning process.

“When students and parents aren’t both involved in planning for college, the results can be unfortunate: students borrowing more or parents raiding their retirement money to pay for college,” said Nancy Farmer, president of the Private College 529 Plan, in a statement.

For his part, Amrein suggests stopping by career centers during campus visits to ask how they help students select majors and land internships, co-op programs and jobs. Parents should also help their kids understand the costs of college and the education requirements and salaries of different jobs. Amrein did this with his three daughters, who all graduated on time.

He recently began rolling out his financial software EFC Plus to high schools and advisors. He has used it for years to help clients make college decisions.
Families can also use net price calculators on colleges’ websites. Calculators that ask more questions tend to give more accurate results, says Kantrowitz.
For those who are wondering, 529 college savings plans can’t pay for college-related expenses incurred before enrollment. But there are ways to reduce these costs.

To help prepare for admissions tests, Kantrowitz encourages students to solve the College Board’s online “Question of the Day” and regularly read a newspaper to build vocabulary. De Fontaine says students should see if customized, web-based options meet their needs before investing in more-expensive courses or tutors.

De Fontaine recommends families visit local schools before planning longer trips so kids can rule out the types of schools they hate—those that are either too big or small, too urban or too rural. As for precollege programs, “Colleges are smart enough to know that not everyone can afford them, and they won’t really boost admission,” he says. A good alternative, he says, is to create a meaningful, affordable summer experience.

One summer, his son started a music camp for disadvantaged youth that was held at his high school. The campers received lessons on school instruments they selected and put on a show for their parents. “The high school kids just contributed their time and love of music,” says De Fontaine, “and they gave back to the community.”

Families seeking consultants to assist in the college process can ask a high school guidance counselor for recommendations or interview members of NACAC (College Insights is a member) and the Independent Educational Consultants Association, De Fontaine says. Members don’t necessarily charge more than nonmembers, he says.

Most important, don’t get caught up in school rankings and prestigious names, says Goldman of Unigo Group. “At the end of the day, what it’s really about is which school is the best fit for you,” he says, “based on your background, based on what you’re looking to study and based on where you want to go in life.”