How the SCOTUS Student Loan Decision Should Affect Your Child's Plans

As I qualified earlier this month, I’m an academic tutor, test prep coach, college counselor and college essay coach.  I’m not qualified to weigh in on the merits of the Biden v. Nebraska case. (This Supreme Court decision which down the President’s student-loan forgiveness program.)  However, considering the “old story” about increasing college costs and the “newer” one that student debt’s here to stay, I’ve got a few tips for rising college seniors – and their parents – as you prepare to apply to college.

Craft a Balanced College List

As a college counselor, many families approach me with lists that way too long.  As you might imagine, these lists are not bottom-heavy.  Instead, they often contain 5, 10, or even 15 schools that aren’t just “reaches.”  They are totally unrealistic given the student’s academic profile.

Nobody benefits from the surfeit of unqualified applications that universities receive each year. (Except, perhaps, the institutions themselves, who get to claim lower acceptance rates and rake in millions of applications fees).

Image by @miracleday on Unsplash

To be fair, many families are unsure of just what qualifies as a “reach” school for their child.  I’ve discussed this topic in detail in this free webinar.  (Give it a “thumbs up” if you find it useful and subscribe to my channel, please!)  Of course, if you need more specific assistance than you can find there, please feel free to email me.  I love working with families as a college counselor to help students build a balanced list that they’re excited about.

My very rough rule of thumb?  Students should apply to three reach, five target, and four likely institutions.   For every reach school they add to the core dozen, they should also add a likely.  Using this balanced principle, students may be less likely to finish up with lists that number over 20 – or even worse, with nowhere to go in the fall.  (To be clear, none of the students who have worked with me as a college counselor have ever found themselves in this situation.  But they exist, as in this one example here.)

Make Sure Your List Contains “Buyers”

You might ask, “What does a balanced college list have to do with student loans?”  Great question!  In short – and painting with a really broad brush here – your child will likely be overqualified at the likely schools and underqualified at the reach schools on their list.  Institutions are more likely to award merit aid (i.e., tuition discounts) to the most highly qualified students who apply.  If all the schools on your child’s list are reach schools, it’s more likely that they’ll receive little or no scholarship money.  They’ll then have to take out big, fat student loans to pay for college.

On the other hand, if your child’s overqualified for the universities on the bottom of their list, they have a greater chance of receiving scholarships from that institution.  This is especially true if that school is a “buyer,” to use a term that Jeff Selingo coined.  “Seller” institutions are those “name-brand” schools that don’t need to discount tuition to lure students to attend.  (These colleges do award financial aid, but these are need-based awards.)  “Buyer” institutions, by contrast, do need to attract top students to accept their offers of admission.  They often accomplish this by discounting tuition in the form of “presidential scholarships” and other merit aid awards. 

If you’re unsure of whether the schools on your child’s list are “buyers” or “sellers,” Selingo maintains a list here.  (I also highly recommend his 2020 book upon which this discussion is based, Who Gets In and Why, for any family with a child in high school now.  I’m a college counselor and I found it chock full of useful tips!)

Image by @Michael97 on Unsplash

a reminder from This College Counselor:

SAT / ACT Scores and College Essays Matter

Just how do colleges determine who is worthy of a merit-based scholarship?  Well, every institution awards aid on its own set of criteria.  But if it’s a “buyer,” it’s likely based on GPA, test score, essay – or some combination thereof.  Unfortunately, if your child’s just finished their junior year, there’s not much you can do now to alter the past three years of grades that determine the GPA that colleges will receive in the fall.

Rising seniors can, however, still knock an SAT or ACT out of the ballpark.  They can also write one or more essays that could earn them tens of thousands in scholarships, as my student Jessica did last year.  The more scholarship money a student earns, of course, the smaller their student loans will be.

Considering having your child work with me on test prep, college essay writing, or college-list building?  Don’t hesitate to make an appointment for a thirty-minute complimentary consultation here.  I’m not just a college counselor, of course.  As I mentioned at the outset, I’m also a test prep tutor and college essay coach.  Students can work with me on one, two, or all three of these projects, and summer is a great time to do so!

Here's wishing you a fantastic summer – and your child a balanced list!