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The 2009 College Freshman
Sick Over the Cost of College

Results of the 2009 Freshman Survey, administered by the Higher Education Research Institute (HERI), demonstrate that more first-year college students are concerned about financing college that at any other time since 1971. Nearly 67 percent of four-year college freshmen expressed at least some concern about paying tuition. In addition, more students are using loans to finance college—53 percent in 2009, which is up 4 percentage points from 2008 and the highest level reported in nearly a decade.

Due to these financial concerns, cost played a significant role in students’ college choices. About 42 percent of freshmen at four-year colleges reported that cost was a "very important" factor in choosing which college to attend, the highest level since the question was introduced in 2005. In addition, those reporting that an offer of financial aid was important in their college choice increased to 45 percent, up from 43 percent in 2008 and 39 percent in 2007. About 9 percent reported that not being offered financial aid at their first-choice college was important in their college selection, the highest mark since the question was first asked in 1984.A more detailed summary of the findings is available on HERI’s Web site.

This is why I encourage students to identify schools that will pay them Meritorious Money based on their SAT scores and GPA. Schools offer Merit Money to students whose SAT scores will bring up their scores. Since the cost of four year schools are through the roof, why not create a college list that has these three categores: Reach Schools, Match Schools, and Money Schools. Another thought is to offer your student 20 percnet of the take. It's not unusal for our students to get $50,000 (over four years) and if the student recevied 20 percent  that would still leave you, the parents, $40,000 of found money. This could put an entirely different look on studying - there's money behind those pages.

Your thoughts,

Sam

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