Here’s a college admission brainteaser for you: Two students from identical financial backgrounds—Average Applicant A and Special Student B—apply to Cool College.
Average Applicant A’s college application is just good enough to meet the minimum bar for admission. Special Student B’s application distinguishes her as one of those “highly qualified” applicants whom the college wants to attract. Both students have $10,000 of financial need.
So who gets the better college deal?
The answer: Special Student B.
To see why, let’s first take a look at the secret world of “preferential packaging”—a strategy employed by most American colleges—and examine the likely financial aid award each student will receive.
With $10,000 of financial need, Average Applicant A could receive $8,000 in student loans and $2,000 in grants from Cool College. Put another way, 80 percent of his $10,000 financial aid package must be repaid.
Special Student B also receives financial aid worth $10,000, but the composition of her package is drastically different: $8,000 in grants and only $2,000 in loans. Unlike the first student, only 20 percent of this financial aid package must be paid back.
You don’t have to be Donald Trump to realize that Special Student B just saved herself a bunch of money. All financial aid packages may be created equal, but some are more equal than others.
So how can you or your child wind up like Special Student B and receive a preferential financial aid deal?
Follow these three steps and you’ll be well on your way:
- Seek not only to be admitted to your first-choice college, but also to be admitted as a “special” applicant. Many colleges rank applicants on a 5-point scale, with 5 being most preferred. According to Robin Brown, former vice president for enrollment at Willamette University, a student ranked a “3” might qualify for an extra $7,000 scholarship at Willamette, while a category “5” rated student could receive upwards of $10,000 or even more.
This means that you should invest extra energy in your college application. Transform your most compelling credentials into standout talents by expanding your extracurricular involvement in your strongest areas. Enhance your admissions essay by including supportive personal anecdotes. This can boost your admissions ranking a level or two into the “special” category where you can shine. - Select colleges where you stand out from the crowd. In recent years, Brown says, Willamette University’s music department was short on oboe players and informed the admissions and financial aid offices. Even if you were just so-so on the oboe, you likely could have secured additional educational and financial resources.
To figure out which colleges might be looking for someone just like you, it’s important to contact individual professors, coaches, or club advisers at the college who specialize in areas that match your interests and credentials. “Find the institutions that value your strengths,” recommends Brown. “A student that is more desirable to the institution gets the best packages.” - Demonstrate that you are special by highlighting third-party credentials. Winning outside scholarship awards from corporations, foundations, associations, and community groups not only helps you pick up additional college funds, but it also helps you distinguish yourself (even if these scholarships are only small, local awards). Each outside award that you receive provides an additional credential that you can include on your written college application to help secure more preferential financial terms from the college of your choice.
Sure, these steps take some extra effort, but it is often just a little extra effort that makes a big difference in realizing your educational dreams.
Ben Kaplan, known as "The Scholarship Coach," is one of the nation's leading experts on college scholarships, financial aid, student loans and educational savings topics.
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