A GOOD SCHOOL
The tab for higher education is a little like a movie trailer…it’s not always what it’s pitched to be to the general audience
By Chris Shogren-Thompson
“Call me ‘Mr. President.’ Perhaps a CEO. Harvard, Princeton, Yale. That’s where I want to go. Give me Ivy! Give me Big Ten! Give me a #1 college to attend! Mom and Dad, I want to go. Tell me how you’ll make it so? Sell the house, sell the car, you don’t need your caviar.”
While caviar may not be the one vice we need to give up in order for our son or daughter to attend the college of choice, we all know that a college education requires sacrifice. Often the sacrifice speaks in terms of dollars and cents for parents.
College application deadlines are fast approaching. Harvard is immediate – December 1 at the latest. Princeton suggests December 15, with final applications accepted January 1. Yale wants November 1 for Early Decisions, and December 31 for all other applications.
Creating a viable list with your college-bound student can be quite daunting. Your consideration are bottom line, while they are thinking, “This is where I want to go no matter what it costs.”
Teens tell you that they need to have an “A” list, a “B” list, and a “C” list of schools. They seem to forget there weren’t lists of schools way back when. There was one school, maybe two, and most likely the choice was mom and dad’s since they were footing the bill.
So how can you approach the college search and decision with your teen? Give a little room for dreams and a little room for practicality. Then add in a little patience and hard work and you and your child will be able to make a wise decision about their future.
If you haven’t done so already, begin the process by making an appointment with your student’s high school counselor to discuss college options. They have insight and resources which are invaluable. A counselor can help you explore a world of options that you may not know exist.
We have five daughters. My husband and I attended state schools. Daughter #1 attended the University of Illinois on a full-ride General Assembly scholarship. Daughter #2 attended our alma mater Northern Illinois University. Daughter #3 wanted something different. She wanted Harvard, Yale, Northwestern University, among others. With a then-estimated price tag of $41,663, my husband said, “No way on earth!” That was going to be too big of a stretch.
Our daughter’s high school counselor told us to dream with our daughter. If she wanted Harvard, let her apply. The advice was to create a list that included the following: 1-2 “reach” or “dream” schools, 1 state school, 4-5 “good fit” colleges, and 1 “fall back” school just in case there was a family crisis which required our daughter to be near home and family.
We did just that. We created a list. We filled out the applications. She wrote the essays and added her resume. In the end, there were eight campuses she was willing to consider her home away from home. Harvard and Yale fell off the list; she wanted to study opera and decided they weren’t a good fit. She dreamed of purple and white. She wanted to be a “Wildcat.”
We filled out financial aid forms. Our daughter applied for scholarships. Then we waited, and waited, and waited for the envelopes to arrive.
The counselor told us that we might be surprised at the final cost for each school—the sticker price wasn’t indicative of the real cost to a college education.
University of Illinois – Yes. Wheaton College – Yes. Cedarville University – Yes. Lawrence University – Yes. Taylor University – Yes. University of Wisconsin – Yes. Illinois Wesleyan – Yes. Northwestern University – YES!
She earned top scholarships at Cedarville University – 50% of tuition. Lawrence gave her a $10,000 music scholarship. In the end, her dream school, the school with the highest tuition and fees, offered the highest financial aid package - 83% of the cost, $34,874 through work study, grants, and unsubsidized loans. As a result, after four years at Northwestern University, she walked out the doors with honors and only $28,000 in loans from an $180,000 education.
According to Harvard’s Admission website, parents with total incomes less than $60,000 are expected to pay nothing. Parents with total incomes between $60,000 and $180,000 are asked to pay an average of up to 10% of their income.
Harvard, Princeton,Yale, and even Northwestern University can be a realistic aspiration for your son or your daughter (and you). The sticker price for Northwestern University 2009-2010 is $53,608. Don’t let your eyes glaze over and gasp for air when next year’s college costs and decisions lie before you. It just may be that hard work and a belief in the impossible will equate to a #1 college for “Mr. President” or the next CEO to attend. Don’t be afraid to “Dream the impossible” and “Reach for the stars” as a parent on a Boomer Budget.
Author Chris Shogren-Thompson is a four-term elected School Board member, currently serving as Vice President of the Winthrop Harbor School District. She has volunteered full-time for the past 16 years , working with children and women in her community. Shogren-Thompson resumes her career as a contributing writer to www.watchboom.com and www.REELChicago.com.
