By Jeremy Tiers, Vice President of Admissions Services
2 minute read
Even though it’s not an easy or fun topic to discuss, we both know how important the “money” conversation is when it comes to any student’s college search.
That brings me to my first tip – Do not wait for a student or parent/guardian to come to you with questions related to money. This is an area where it’s essential that as early as possible you lead the conversation… it could be how to understand the numbers that appear on college websites; what a net price calculator is; not assuming that private colleges are unaffordable; how the financial aid process and scholarships work; or why it’s important to talk with your parents/guardians about having a plan to pay for college. What you talk about will depend on the student’s stage and what you know or don’t know about their individual situation.
I would also add that for traditional high school students, whenever possible include the parents or guardians in many of your money conversations because the vast majority of the time they’re the ones leading the process in determining affordability.
To help you figure out how a student or family is thinking about cost and financial aid, ask one of these two questions:
“How are you feeling about paying for college?”
“What are you and your parents talking about at home when it comes to the cost of college and everything?”
The goal here (or anytime you talk about money related items) is to get them talking so you can get further definition from the student or parent/guardian and better understand their mindset and feelings.
Once a student has been admitted, here are a few additional direct money/value related questions that you should work into one of your conversations.
“What are your parents saying about money for college?”
“Besides money, what else are you still trying to figure out about us in order to make a decision?”
And here’s another helpful and effective question to ask the parents/guardians:
“What do you still need to know about us to help you feel like <College Name> is worth the investment for your family?”
When those same admitted students and their families express a concern about cost and say something like they’re not sure they’ll be able to afford it, I encourage you to thank them for sharing, make it clear that you understand what they’re saying, and then follow that up with this question:
“I’m just wondering…if you did have the money, do you feel like this would be the right place for you?”
That’s a ‘what-if’ question, and it’s important because what you really want to find out is what’s behind the ‘I don’t think I can afford it’ objection. We continue to find that many times people use money as an excuse for other concerns they don’t want to share with you. Or, they aren’t really understanding what the actual cost will be at the end of the day and everything needs to be explained in a different way.
The final tip I want to share today is the importance of utilizing storytelling to help explain why other students and families continue to make an investment in your school.
If you’re a college or university that typically costs more, why are so many people paying more? Focus on asking current freshmen or your newest transfer or grad students (and for freshmen their parents or guardians) what gave them the confidence to do that when they could have chosen a less expensive school. Even if most of the time you’re similar in cost to your direct competitors, why are students picking your school over their other options?
Good luck, and if you found this article helpful, please forward it to someone else on your campus who could also benefit from reading it.