Financial Respect 101

RCram22
Fri, 06 Jul 2007 07:20:22 +0000

Are college ranking systems useful for working families who want to provide their children with a top quality education? A recent meeting of 121 college presidents discussed boycotting the US News ranking system, with one of the leading participants saying, “rankings have reduced students to consumers, education to product." What’s that? Students and their working parents have been reduced to nothing more than consumers in a marketplace of higher education? From our point of view, a little consumerism might not be such a bad idea.

Our own experience as collegiate consumers began with a letter to Son #1 from a College Dean, asking for a $200 admissions deposit. On college stationery, signed by the Dean, this institution made what we thought was a firm financial commitment: “We shall credit $200 toward your fall term bill.” Their Students Accounts representative explained later, however, that a newly created fee consumed that $200, it would not be credited toward the fall term bill, and notification of parents just did not get done. They were really busy. And no, documentation of the $200 fee and our $200 payment would not be forthcoming, ever.

Can they do that?

Our Son #2 just completed his freshman year at another private university where he made Dean’s List both semesters. That university increased our college costs by more than 50% in one year, with notification not arriving until June. Tuition increased by $1450, and $6850 in financial aid grants were unceremoniously eliminated. Payment for half of this $8300 increase is due in July. It is too late for Son # 2 to transfer to another school for the fall, so our only choice is to pay up. The Director of Financial Aid says he will try to find out why notification was not done sooner, but until then - have a nice day!

Can they do that?

And now our youngest, Son #3, is planning to follow his brothers to college in the fall of 2008. His bedroom overflows with a cascade of colorful college recruitment brochures and his inbox regularly fills with email solicitations. The choices seem endless: a true free-market of higher education. Or is it? While Son #3 can expect even more brochures, post cards, phone calls and online chats encouraging him to apply and attend, Mom and Dad are encouraging him to beware! Based on our experience with two other institutions, we now know that many financial choices, and many free-market economic forces, will disappear with our first tuition check.

Those 121 college presidents may not want to acknowledge the fact, but working class families are, indeed, consumers of higher education. We expect the same consideration and respect from higher education that we receive from private businesses.

Shouldn’t they do that?