The College Planning Blog

You may not believe this blog, but bear with me.

 

Jeff, Brannon, and I constantly talk about how even millyunaires (yes, I know how to spell it, but that word gets spam-filtered easily….) should apply for college financial aid, even if they think they won’t qualify.

 

Before I get to the story I read today, let me give you a little background on college admissions.

Background that you’ll never hear anywhere else.

 

Are you familiar with US News and World Report?

This magazine is at the top of the heap when it comes to ranking colleges and universities.

 

Many admissions heads obsess over their rankings, particularly the colleges in the fourth, third and even second tiers, trying to figure out how to move up in rankings.  Better rankings equals more applicants, more enrolled and the ability to charge higher tuition and fees.

 

Like it or not, that’s the way it is.

 

Many ambitious, upwardly-mobile colleges will do all sorts of things to improve their standing with US News.

Some offer “bribes” to good students by way of merit scholarships to pry them away from Ivy League or other highly competive schools.  This funding is doled out without regard to the family’s financial picture.  And it’s heaped upon students with grades and scores that are not “Ivy-caliber”, too!

 

Now check out what Baylor University did.  Apparently, the SAT’s of last year’s incoming freshman class was worse than the previous year’s.  This would look bad in US News.

 

So Baylor did something creative to counter their impending drop in the rankings.  They bribed their accepted, incoming freshmen to re-take the SAT!

 

Yes, you read that right!  Baylor offered a $300 book credit to any freshman who sat for the SAT again.  And, if the student increased his or her score by 50  points, there was another grand in it for them, per year!  About 177 qualified for even more scholarship funding.

 

Of course, Baylor denies that they created their SAT contest because of the US News rankings.

 

My point is the college financial aid game works in ways that non-insiders can’t possibly understand.  Even parents who make “deep” six figure, or higher, incomes can save thousands off college costs, if they know the rules of the game.

 

So take away two points from this letter - do your research about what schools over this kind of aid (and what their standards are) and do NOT  blow off applying for financial aid if you think you earn too much money, because you never know!

 

Best,

 

- Jeremy

 

P.S.  Want more info on “How to Pay for College Without Going Broke or Raiding What’s Left of Your Retirement Portfolio?”  We’ve got more college funding workshops this month and they’re than 77% booked up.

 

P.P.S.  You can check availability and locations at:

 

http://s2198.collegeplanningwebsystem.com/events

 

or call 281 822 6200

 

Jeremy Farmer

 

 

College Financial Advisors

4265 San Felipe Suite 1025

Houston, TX 77027

 

www.texascollegeplanners.com

 

281-822-6200

 

 

Co-host, “The College Planning Power Hour”

1070 KNTH Sundays 5-6pm (or listen live online at www.knth.com)