We attended one the best events about college finance and planning last night at Santa Cruz High School.
Steven Shapiro (who I met with privately) had told me I needed to go and he was right. Lynn O’Shaughnessy was amazing. While Katie started to wear out, I think I could have stayed for another two hours. The information was that good and her speaking style was fantastic.
The big takeaways:
Know your kid. Think carefully about what colleges will work best for your child. Big schools aren’t personal and don’t necessarily guarantee and education. Smaller schools are focused on teaching, have smaller class sizes and more access to instructors.
Financial aid is accessible for nearly everyone. You just have to know how to be a good consumer. I believe this is where her book/blog can really help. She has so many insights on how to approach aid. Oh yeah, and those sports scholarships everyone thinks exist, the really don’t. 2%. That’s how many kids get sports scholarships. But there are a ton of schools that give merit-based aid.
Where you go to school doesn’t determine career success. She cited studies that compared Ivy League kids with non-Ivy League and the biggest predictor of success is the nature of the child, not where they went to school. Duh. It also doesn’t affect grad school. Here’s her write up from a study on where kids who go to Harvard Law did their undergrad work.
Okay – that’s the big picture. Happy to answer questions if you have them. I feel like we can do this now. There’s a lot of research to do to find the right schools with the right financial aid packages but at least now I know how to “play the game.”
UPDATE: this infographic just came out summarizing student loan debt in the US. Very interesting.