Private School Possibilities

by Gail Osten

My oldest son has a good friend who, unlike my son, actually studied in high school. Jack, a smart but not brilliant high school student, was advised by his college counselor not to limit his search to state universities alone, but to target private colleges and "stretch schools" that would dovetail with his future plans to become an engineer. As one of five children in a blended family, his initial reaction was typical for those who don't know better—we can't afford it.

Indeed, annual expenses for a prestigious university in Boston that cranks out highly paid engineers, which topped Jack's list, was a whopping $45,000. After diligent information gathering, however, what could have been an insurmountable barrier simply wasn't. Two of five children in Jack's family were already in college, with a couple more queued up to attend in the intervening three years. The family wasn't rich and wasn't poor, but Jack was a 3.7-GPA student with fairly impressive SAT scores and a modicum of community service under his belt.

What he learned was that private colleges often offer more financial aid to attract students from every income level. Higher college expenses also mean a better chance of demonstrating financial need. The caveat is that gift aid tends to flow towards top students.  Incidentally, Jack's freshman year expenses came closer to $25,000 than the $50,000 posted on the university's Web site. He fit the profile of what the university happened to be seeking.

But, listen up, Mom and Dad, especially those of students entering high school now (this is called "planning"): Steve Nivens, one of two principals of Naperville-based Premier College Funding Solutions (PCFS) (www.mypcfs.com), points out that top students aren't just those with high grade point averages and test scores. "Top" also signifies those students who are willing to give back to the community during their high school years. "The philosophy of colleges is that students who are involved in the betterment of their community are more likely to give back during their university years, become professionally successful and eventually contribute to their alma mater," says Nivens.

Here's one real-life example of a family that Proctor and Nivens currently work with in this area. It is not an isolated example. 

A Naperville family has two boys who have received offers from private colleges in Nebraska and Indiana. Both are above average students.

Son A:

1. College (private): Cost of attendance as published: $39,894
2. Net cost to family after gifts: $18,434
3. Vs. state school, U of I, cost of attendance: $23,150

Son B:

1. College (private): Cost of attendance as published: $51,300
2. Net cost to family after gifts: $20,800
3. Vs. state school, U of I, cost of attendance: $23,150

Many experts recommend deferring cost considerations until late in the college-selection process, and negotiation is possible. Most important, say Nivens and Proctor, is finding a school that meets your academic, career and personal needs, so beginning to systematically determine the 10, 15 or 20 schools that fit that profile early on (sophomore year) is crucial and daunting. That's where they come in.

"Keep your options open, and apply to five, six or seven schools that meet your criteria—and the chances of getting gift aid goes way up," says Nivens.

The money is out there, experts say, parents and students just need to know how to get it.