Weekly Column Patrick OConnor Money for College Comes from Nowhere!
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It was mid-April, and Maura was just about to send in her enrollment deposit at the college of her choice. It hadn’t been the first choice on her list, but the financial aid package was considerably better than the offer that was made at her top choice school. This would leave more money for graduate school—and besides, a second trip to campus convinced her she could be happy and successful there. Maura took her deposit check to her mailbox, only to discover the mail had come early that day. She flipped through the mail on her way up the driveway and discovered a letter from the financial aid office at her top choice school. “We’re glad you’re still considering us” the letter read, “and we wanted to let you know we found another $3000 in annual grant money for you. Please let us know if you have any questions, and we look forward to seeing you in the fall.” Maura ran back to the mailbox and texted her father to tell him the good news. While this may sound like the best dream you could have that doesn’t involve front row seats at a Lady Gaga concert, students had experiences similar to this one last year with their eyes wide open. For reasons that can’t be explained, many colleges sent out letters in the midst of decision month to admitted students who hadn’t sent in their deposits that said “hey, we just ripped open the mattress, and look what we found!” The economy was tough, there were more than enough students to go around, yet Santa came early to these seniors, and proved to be a game changer. Since it happened last year, is it likely to happen this year? It’s hard to say—and that’s the problem. On the one hand, seniors are getting phone calls every night from well-meaning students saying “Hope you’ll join us”; on the other hand, families who know about last year’s mystery money are telling students to hold on and see what happens, thinking colleges will court them like presidential candidates schmooze undecided voters on Halloween—except of course, the students get cash, while the voters don’t. Since we can’t tell which colleges might be offering incentives to which students, families should consider two things. First, if you’re in Maura’s shoes, call your first choice college and tell them they’re it, but the money situation is tight—this isn’t bargaining as much as it’s being honest. While last year’s bonus bucks came to students out of the blue, many more students got increased aid by simply asking for it—so that might be worth a try. Second, read your admission information carefully. It’s true you have until May 1 to deposit at 1—and only one—college, but some colleges engage in the shady practice of giving better housing and top dibs for class registration to students who deposit before then. That’s violating the spirit of the May 1 deadline, but it’s still being done, and that could leave you with five 8 AM classes next fall, and having Mr. Ed as your roommate. If your college is offering these “bonuses”, call them to see if they have more aid for you, and go from there. If another college calls with more money before May 1, you can always cancel your deposit at School A, but you might not get it back. The windfall for last year’s undecided students makes this April an even crueler month—take a close look at your options, then make your best call.
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