By: Katie Nelson, Sam Gruetter, Jane Wilde
Media Production, Sports, and Culture Editors
As many LGHS seniors are approaching their freshman year of college, they face many new challenges. These include finding roommates and submitting their commitment to a specific school, however, the most daunting challenge they face is the matter of paying for college itself. In order to face this obstacle, students must get accepted into schools first. This is an already difficult task due to the overwhelming quantity of highly qualified applicants, the culture of over-achieving many schools encourage, and the ever-changing standards set by the schools. Once accepted, students then must navigate the confusing and complicated process of paying for their education. According to the Cengage Group, about 65% of students report having to pay for their tuition all by themselves, coupled with students who receive financial aid and scholarships, the amount of students whose tuition is paid for them in full is small. Despite the challenges that come with paying for college, many students find it difficult to get scholarships or acquire other means to pay for their education. And while the prestige of an expensive college can be appealing, it is important to acknowledge the financial ramifications of selecting an expensive school, meaning many students should be mindful of their financial situations when selecting a college to attend in the fall.
According to The Education Data Initiative, the average federal student loan debt balance is $37,088, and 43.2 million people have federal student loan debt. The majority of students who acquire this debt are in their early twenties and such a large sum of money can be debilitating. However, receiving financial aid to attend college is a difficult and nuanced process. In order to qualify for financial aid schools take all financial assets into account, including all of a student’s viable bank accounts, their house, and anything else that may be of monetary value. However, this practice is deeply flawed, as the availability of money for schooling does not mean it is not needed for other necessities. Therefore, the surface-level availability of money should not be an indicator of a student’s ability to pay for college. Thankfully, there are useful programs in place to help students pay for college in a much more streamlined and accessible way. A good example of a helpful system that assists students is the Western Undergraduate Exchange (WUE). The WUE describes their program as allowing “eligible students [to]choose from hundreds of undergraduate programs outside their home state, and pay no more than 150 percent of that institution’s resident tuition rate.” More than 160 schools participate in this program alone. Los Gatos graduate Zoe Park, who is currently attending Idaho State University, explains her experience with WUE as “[making] it possible for me to go out of state. The WUE program is great especially if you’re able to maintain the required GPA for the scholarship.”
As the cost of college continues to rise, a prestigious college has become a synonym for an expensive one. While acceptance rates remain low, the cost of tuition for a 4-year public university is going up significantly every decade, leaving students in a difficult position of evaluating the worth of applying to highly selective colleges with the cost of attending. Not only do they have to look ahead to the next four years of their lives, they have to consider the repercussions of college costs beyond their time at the school. Looking so far into the future is a daunting thing, especially because many high schoolers may have a different outlook on their financial situation or decisions after college than when they enter their freshman year. As admission gets more and more competitive and grade inflation continues to skyrocket, the competitive culture surrounding the need to get into a highly selective college is appealing to high schoolers and can lead to them ignoring cost considerations. Finding balance between a school that can provide you with incredible education opportunities and one that is cost-effective is a huge choice that takes a lot of time and consideration. The long term debt and stress associated with a prestigious university is a factor that must be highly considered in order to better the college experience, and something that can help with that is taking advantage of scholarship options as much as possible.
When applying to a university, competition is intense and there are a plethora of financial challenges to face. Within the last decade, grade inflation is growing at an impressive rate and college admissions are becoming increasingly more expensive and competitive, driven by the over-achieving culture schools have fostered over the years. As LGHS seniors transition to their freshman year at university and Juniors begin the college application process, its essential for them to be attentive of programs like WUE, the Free Application for Federal Student Aid (FAFSA), and other local and regional scholarships, and carefully consider the long-term financial impact and consequences of their decisions. Additionally, it’s important to remember that a college’s price does not always translate to a higher quality of education. While graduating students embark on this journey, it is imperative that they are proactive in ensuring a financial future for themselves. You can do this by exploring all available scholarships and financial aid opportunities as well as seeking guidance from counselors and our school’s College and Career Center. So, to the rising seniors, in order to prevent overpaying for a college, be mindful of the overall ramifications that come from selecting an expensive college.
SOURCES: The Education Data Initiative, The Cengage Group