By Tony Isola of A Teachable Moment
Fun Fact – College is a buyer’s market.
Parents are enamored with the elite 1%. There’s a better way.
The average college struggles to meet its recruitment goals.
Not taking advantage of this situation is flushing money down the toilet.
According to Horsesmouth:
75% of students get into their first-choice college.
4.1% of first-year students end up in elite universities, which account for 3.4% of all schools.
Only 61 colleges accept less than 25% of applicants.
Elite schools aren’t doling out a penny in aid without excellent grades AND high financial need.
Due to their waiting lists, they possess monopoly-like pricing power.
Harvard could charge a million dollars a year and fill their freshman class.
Attacking an opponent’s strength is never a good strategy.
The solution – Cast a wider college net.
Paying full price is a terrible idea for most families.
Not setting the right expectations is worse.
47% of students at state universities and 80% at private colleges receive “scholarships.”
Nothing more than an old-fashioned discount.
Overcharging and subsequently lowering the price is one of the oldest tricks in the books.
Schools grasp padding egos is a terrific motivational tool.
Sizable checks tend to follow.
Who gets the most money in this deal?
Drum roll, RICH PEOPLE! …..read more