“The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.” — Henry David Thoreau
Early signs of heartache typically begin as we enter this time of year that I call “February Freakouts.” It’s that long stretch of wait time between rumors of Early Decision announcements and approaching Regular Decision notifications when the idea of college begins to morph from fantasy to reality. As high school students dare to focus on future plans, everything still looks a bit murky. This long, forced pause in the process prompts students to take stock of the planning and effort that went into their college applications.
For some parents, February Freakouts turn into a full-blown crisis in April when a student proudly receives an acceptance letter that requires a lifetime of 401(k) earnings to purchase.
It’s not too late for today’s high school seniors. Keep reading, as we’ll offer some recommendations at the end for those starting to feel the onset of February Freakouts.
High school juniors: the clock is ticking. If your plans involve college, you have until November 1 of your senior year to get this right. From the day of this writing, college isn’t two years away — it’s nine months.
College is happening, and it’s happening fast.
February Freakouts
A student must get at least one college acceptance letter to enroll in higher education. Once the student gets a single acceptance letter, any acceptance letter that comes next opens the discussion of “where,” and the best chance of “success" is having attractive and viable options that cater to a student's academic, social, and personal growth.
Students who are unhappy on campus don’t get involved, and employers are looking to hire students who take full advantage of all that college offers.
Identity vs. Labels. Students are not equal to the exclusivity of any name-brand college that offers admission. Students are valuable human resources. Colleges and universities are businesses.
It’s no secret that “elite” universities invite and entice more students to apply than could ever be accepted, increasing the applicant pool, decreasing the admissions rate, and giving the appearance of exclusivity. Thus, the label of “elite,” but elitism and exclusivity do not automatically = quality. Quality comes from the authenticity of identity — authentic academic programs that are a good fit for the authentic academic interests of a student. Colleges are businesses, and many colleges and universities strive to bring in the best talent to work in the unique identity of their schools, so students should seek the college that best matches their own authentic identity.
Most employers agree that where one goes to college does not determine who that person will ultimately be as an employee. Employers want to know: Can you be trained to do what we need you to do? Can we rely on you to get up in the morning and show up on time? Are you willing to go the extra mile if we ask you to help out? College teaches students to develop academic, social, and personal growth that students can then bring to the world of employment.
College is an investment. Four years of undergraduate tuition is the second largest investment many people will make in a lifetime, next to buying a home. So let’s give this idea of paying for a college degree the consideration it deserves, starting with return on investment (ROI.)
Numbers tell a story. For some reason, higher education is the only industry where people buy without considering cost. To put this into perspective: when was the last time you walked into a car dealership and said, “I’ll take the GranTurismo!” without considering whether it would even work for you or how you’d pay for it?
There’s a reason 2024 GranTurismos aren’t the most common car on the road. Yes, there’s the obvious upfront trading of cash required to drive a Maserati off the lot, and every consumer who has ever owned a car knows firsthand that the cost of owning also includes cash payments for insurance, taxes, and maintenance.
But beyond money, the “cost of a thing” includes future return on investment (ROI) and individual variables of use. Variables of use are what I call “identity.” They may include commuters who need carpool options, parents who feel 542HP would not be in the best interest of their 16-year-old driver, or general contractors who need to schlep tools and a secure place to store them from theft when not in use.
Buying a car is a big decision, and the best tool a consumer has in making big purchases is understanding the authenticity of a product and how that product lines up with the buyer’s authentic identity.
Unlike buying a car, property values tend to appreciate, so the ROI on buying a home is a far bigger consideration, but the individual variables of use still weigh heavily as the market comes into play. In some markets, buyers may be willing to pay more money than the house is appraised for to have the features of this individual house or the location or amenities. Young professionals may prefer to buy a condo in the city near a Metro stop, using public transportation to avoid the cash payments required to own a car. Young families may prefer a larger lot with outdoor areas for play or in suburbs where public schools get high marks.
Students shopping for colleges, therefore, are making an investment that is larger than the purchase of a car and perhaps the second largest purchase in their lifetime next to owning a home. Shouldn’t there be consideration of authenticity and identity (variables of use) that far exceed (1) peer pressure from within the halls of high schools and (2) expectations of parents who equate acceptance letters with the caliber of parenting?
Knowledge is power. There’s a difference between an opportunity and an investment, and that difference is best bridged by understanding the market, the competition, the leadership, and the finances. Make sure you understand the financial truths of tuition vs. opportunity/investment. Tuition varies greatly, from community colleges to public and private colleges and universities. Weigh in-state and out-of-state options, private vs. public, and discuss as a family the cost-benefit ratio toward the end goal of academic, social, and personal growth of a student.
Academic interests. Students need to know their academic interests, hobbies, and authentic selves to find a college that accurately matches their identity. Hobbies and athletics can weigh in as well, especially if these are areas where a student needs access to feel like a whole person. As a student, where do you spend time? What do you like to do? What academic fields would lead you in that direction to explore?
Knowing who she was and what she wanted to study, Bobbi Brown created her own major in college. Yes, she got some pushback, but her commitment to her authentic self defined an industry.
Evaluate trends. What are today’s and future trends in industry and education that might affect a student’s course of study? Today’s students are likely to be working jobs that the economy doesn’t even know exist, and colleges and universities can be slow to pivot toward these trends. The average worker, on the other hand, pivots career paths numerous times throughout a lifetime.
Is the exorbitant cost of an undergraduate degree going to provide an ROI greater than (or at least relatively equal to) what the student could reasonably expect to earn if that money were aggressively invested? If the answer is no, that should give students and parents pause.
If the answer is yes, students and parents should begin the college search with the same consideration and intensity they would use to buy a home.
Balance. A student with a balance of reach, probable, and “big fish, small pond” schools on their list have reviewed the numbers and understand the footing in this uber-competitive process, but even that is no guarantee. The admission process is complicated, and schools will never disclose why a student was (or was not) selected. Knowing this, an Independent Educational Consultant (IEC) can help students weigh options such as academic interests, hobbies, values, SAT scores, acceptance rates, and family budget so students can see how their numbers line up.
Colleges are a business. Let’s accept this premise for the sake of argument and think of colleges and universities as businesses* — call them “non-profit corporations” if that helps, as most colleges and universities are tax-exempt entities.
Tuition is a transaction akin to buying property: money is exchanged in return for a valuable asset; debt is often incurred.
Students are clients, and parents are customers.
Academic advising is all about the retention of clients/customers.
The marketing of the American Dream increased demand.
Student loans pay the bills.
The number of applicants keeps rising, which keeps acceptance rates at some colleges and universities lowering, especially those that pride themselves as “elite.” The acceptance rate at UVA is 16 percent, and the acceptance rate at Georgetown is 12 percent. These are fiercely competitive numbers.
In some cases — UVA is one example — colleges and universities typically fill anywhere from one-third to one-half of their seats for an upcoming freshman class in Early Decision applications that were submitted on Nov. 1. Yes, UVA’s acceptance rate in 2023 was 16 percent, but that number jumps to 27 percent for students who applied for Early Decision to UVA.
Students can only apply Early Decision to one school. Some schools offer an Early Decision II option to cash in on qualified candidates not accepted to their first-choice college or university. Clients/customers should leverage this as part of their strategy, remembering that Early Decision applications are legally binding if accepted, which means understanding exactly what that tuition number means to a family’s finances before the application is submitted.
In other words, don’t walk into a dealership looking to buy a Maserati without understanding exactly why it fits your authentic identity, future goals, and price point.
I recommend adding schools that diversify options to yield success since the student wishes to pursue higher education and/or a career that requires a college degree.
To diversify: (1) submit applications to at least three schools with acceptance rates above 50 percent (ideally, 70 percent if only three, but at least 50 percent if five or more.)
In 2024, Virginia Commonwealth University announced it would guarantee admission to students who have a 3.5 or above, and other colleges across the United States are making the same guarantee. Find the colleges and universities that complement the student’s authentic identity and interests while matching the family budget.
(2) Submit at least one application to a school where the student is excited to be a big fish in a small pond at an institution offering an authentic match of values, interests, and identity.
(3) Then add a reach school — but don’t choose a reach school by name brand only. Research the numbers and the offerings and select a reach school that matches the values and authentic identity of the student and the student’s academic interests and run the net price calculator to ensure the investment is worth the return.
The essay can be the big differentiator when the selection process is competitive. That’s where my expertise comes in. I take the lessons students have already learned from high school AP Lit and build a bridge to academic writing at the undergraduate level, showing students how to succeed in college writing in ways they can use as college graduates and professionals.
In working with students, I aim to help them craft an essay that turns their readers into advocates and I work hard to reach students where they are, whether it’s a $7/month budget or a $5,000 commitment, with lots of variables in between.
“Go confidently in the direction of your dreams. Live the life you have imagined.”
—Henry David Thoreau
Ultimately, it has to be the student’s choice, as every student deserves the dignity of his or her own journey.
If you or your student feels backed into a corner by February Freakouts, the most important step is to reach out to a school’s financial aid office, but do so with the understanding that “Early Decision” applicants may have legal and financial obligations. Know these obligations as explained in the application portal before you call.
If it’s still an option, discuss trade school, community college, or rolling admission deadlines from state schools and universities. In Virginia, for example, George Mason University offers rolling admission and is the largest producer of tech talent in the Commonwealth. It’s a gem of an option for in-state students, and nearly every state has one.
I recommend several books for parents, starting with Fiske Guide to College and rounding out with Where You Go is Not Who You’ll Be: An Anecdote to the College Admissions Mania. Somewhere in between, there’s How to Raise an Adult: Break Free of the Overprinting Trap and Prepare Your Kids for Success.