In 2004, when I first became involved in the business of higher education – I had been an entrepreneur for the previous thirty years – I was a bit shocked to learn that colleges discounted their tuition for a large percentage of students. But college admissions executives only used the word “discount” when talking among themselves; when speaking to the public they substituted “scholarship” for “discount.”
Why do they do this, I wondered? The “why” became obvious after I had been involved in higher education for a while, including six years as CEO of a university. When I passed on what I had learned to friends and relatives they either didn’t believe me or thought I was belittling their childrens’ or grandchildrens’ wonderful achievements in securing scholarships to college. So I said little while being frustrated at what I perceived as closed-mindedness, which was probably better defined as “don’t give me any information, factual or not, that will in any way diminish my pride.” It is all about pride, and college admissions people use it to their advantage.
On Wednesday, April 18, 2018, The Wall Street Journal published an article by Melissa Korn titled Prizes for All: Colleges Use Scholarships to Lure Students (URL below). Seems like Melissa discovered what I had discovered years ago and wrote about it in a prominent publication (not Fake News). Here, in her words, is the essence of the article:
Hundreds of colleges and universities are using academic scholarships and other merit-based financial aid to gain an edge in a battle for students. The scholarships make students feel wanted and let families think they’re getting a good deal, like a shopper who buys an expensive sweater on sale.
Ms. Korn goes on to describe how tuition discount rates for full-time new students at private colleges averaged 49% in 2017. I can imagine all the moms and dads who crowed about the huge scholarships their sons and daughters were awarded last year. There’s no harm in feeling good, and I guess it’s a bit like all the kids in kindergarten coming home with a gold star. Everyone’s happy – the kid, the parents, and in this case, especially the college.
The wide availability of discounts – call them scholarships if it makes you feel better – and the lack of awareness of their availability, is one of the reasons my organization created WhatsBestforMe.com. This new website allows prospective college students of all ages to state what they want in a school and what they’d like in the way of scholarships, grants or financial aid. Then schools who are looking for that type of students offer admission as well as tuition discounts (0ops. I mean scholarships).
Melissa Kern’s article can be found at https://tinyurl.com/y825mjzp.