“… Yet every college claims in its admissions materials that its ‘unique’ style of education prepares its students for the job market. Trying to separate the marketing rhetoric from reality is nearly impossible for parents and students. It’s why college rankings play an outsized role in determining the quality of higher education, even though none of them actually evaluate what happens in the classroom or even outside of it during an undergraduate’s career.” …
Thanks for sharing.
I thought the first commenter to that article had a decent plan.
The poster said this:
In the absence of better data, this is how I will advise my sons on choosing a university:
- Decide what they think they want to study.
- Decide where they think they want to live.
- Look up typical starting salaries in their field in that area.
- Look up the cost of living in that area and create a sample budget, which must include saving at least 15% of their pay in a 401(k).
- Whatever is left over is what they can afford to pay on their student loans.
- Take the monthly payment and figure out the total amount they can borrow.
- Add that to what their mother and I put into their 529 plans. That is the total amount they can afford to spend.
- If that is less than what is needed to attend their preferred university, they should examine other options.
Other options:
A) Attend a different university.
B) Attend community college from home (i.e., rent free - provided they continue performing household chores) for two years, earn an associate’s degree, and attempt to transfer in to their preferred university.
C) See if they can make what they need by working part-time while attending school, or engaging in a work-study program.
D) Start working full-time after high school, living at home (paying below-market rent and utilities, and continuing household chores), and saving until they have enough.
E) Enlist in the military for four years, pay into the GI Bill, and save as much of their pay as they can.
I will ask them to consider the following:
- Many change their majors, so perhaps they should pick a school known for more than one thing.
- Working while attending class makes it harder to excel.
- People are increasingly taking 5 years to graduate.
- They may start out with less than the typical starting salary. How much less can they afford to make and still live where they think they want to live? How does that change how much they can borrow?
- They may end up moving somewhere else for a job, which can impact how much they can afford to borrow.
Both of my daughters started the college selection process by making a list of colleges just off the top of their heads, without external influences. They then each utilized the college search tools at College Board’s website so that they could enter a # of factors and parameters important to them. That online tool created a list of a # of colleges that met those parameters either in terms of “must haves” or “wants”. Those search results modified their starting list slightly.
Next, they evaluated each college or university by looking at various college rankings… US News, Forbes, Wall Street Journal (only younger daughter, as it is new) and Niche. They both really liked the Niche website the best as it is based in large part on the survey results of current and past students & it seemed to focus in on a # of aspects that ultimately prove to be important to students once they are there and living the college experience. This analysis and rankings comparisons yielded an even smaller list of candidate schools.
Next, they researched the exact major descriptions, course requirements, etc. via the website of each college or university. That process eliminated a few more colleges.
And finally, they looked into the concept of alumni networking… searching alumni news, success stories, alumni giving back to the university, blogs about the feedback from alumni on what their experience was like as undergrads and how that degree from ____ college or university has opened doors, led to internships and job opportunities, etc.
CC itself played a big part in this step.
That review of alumni opinions/reactions helped them to narrow the field of “wish list” schools to a manageable few. And then they went and visited these schools in-person. That in-person experience is a critical step in my opinion. Choosing to attend a school without visiting there in person and touring both in a guided fashion and on your own is a very risky proposition. The college or university ultimately chosen needs to be the right fit for each student. It needs to feel right while you are there on the ground where you plan to spend the next four years of your life. If possible, also engage current students, faculty and administrators while there. If possible, seek out alumni too. Dare to actually ask the questions that you feel need to be answered. Do not select a college without at least trying to gain the prerequisite comfort level you feel is necessary to not enter college with any form of doubt or buyer’s remorse.
So, in my family’s case, rankings were a valuable tool… but they were also just one of many tools or determining factors. Ultimately, in the case of my daughters, their final lists were also fairly similar (with many overlaps). And each applicant should likely create a list with a mix of safeties, matches and reach schools to apply to… unless you have already secured an early admission to a college or university you would not mind attending if need be.
Good luck to all of this years applicants… (including my younger daughter)