Paying for College: Smart college shoppers avoid impulse buying

I believe in love at first sight... but not when it comes to colleges.

Smart college shoppers know how to search for a great buy. They know it will take some work. And they know they aren’t going to be suckered into an impulse purchase because, for example, the community college is conveniently located ten minutes from their home, or the 4-year university is a good buy... no need to look further.

When shopping for a college education, impulse buying can mean making quick commitments to brand name schools, as well as “convenient schools” located in your town (i.e. primarily community colleges), your state, or your region. Sometimes a convenient school or a well-known college is the right choice academically and financially. But often it isn’t. Parents and students simply don’t spend enough time discovering high value/low cost options that are the right academic fit and the right financial fit.

Of course, the “right fit” is a personal thing that depends on a student’s particular academic needs and capabilities, as well as the family’s financial needs and capabilities. As you might expect, finding the right match takes time, especially since the right school may be located outside your city, state, or region. Schools with solid academics may exist nearby, but too often an acceptable financial fit is missing. Some state universities (Penn State University and the University of Vermont come to mind) charge state residents nearly as much as some private colleges. In fact, they charge non-residents more than some private colleges. Don’t trade convenience for a solid academic-financial match.

Even when you have the aptitude, qualifications, and money, don’t just settle in knee jerk fashion for a brand name school, not even a “mega-brand school.” For example, let’s say you are interested in a medical career so you want a strong pre-med major. If you get accepted to Yale, you may still be better off at Millsaps College. And if Yale turns you down, you’ll definitely want to consider Millsaps.

Now if you are from Mississippi, you probably know about Millsaps College. But if you live outside the state, I’ll take odds you can’t tell me much about this small liberal arts school located in Jackson. Here’s a quick snapshot of Millsaps.

• 1,100 students.
• Comprehensive fee (Tuition, fees, room & board) around $45,000 in 2014/15.
• All teachers are PhDs. No Teaching Assistants are used.
• Strong support from the Olin Foundation.
• Big pre-medical program. Why? Jackson is a medical center. For instance, John Hopkins University has a medical operation in Jackson.
• Pre-med students have an astounding 82% acceptance rate at their 1st choice of medical schools.

This last point may be a deal clincher. Why? Because an 82% acceptance rate to your first choice of medical schools is higher than any Ivy League school... including Yale.

Of course, at $45,000, Millsap’s comprehensive fee is considerably lower than Yale’s (over $63,000). Both may still be outside your financial range; however that will depend on how you qualify for financial aid. You will need to look beyond the “sticker prices” for both schools because both offer attractive financial aid packages. Millsaps illustrates that great values exist at different price and selectivity ranges. It also reinforces Rule #1, knowing what you want to study; otherwise you’d probably never know the college existed because it isn’t a brand name school. It’s better. It’s a place that can change your life.

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