Parents, at least in our suburban Connecticut college counseling base, are often stuck in a paradox regarding their children and college costs.
College costs are out of control and there is rarely any other large investment that can be made to help their children transition from high school to college.
Let’s start with the first premise:
4 year private colleges can cost close to $300,000. Most are over $200,000. Even for the well-heeled that live on the Connecticut shoreline, that’s a challenge, particularly when there are multiple children. I recall having breakfast with a friend who is the CEO of a company, lives in a near mansion, and has all the trappings of someone with a huge income. He noted to me that there was no way that he could spend that type of money for his 4 children. I remember thinking if Jay (not his real name!) couldn’t, how would many of my college counseling clients.
The second premise creates the challenge.
College is unquestionably the most significant turning point in the lives of most 18 year olds. They are literally entering a new world. It also can have significant – indeed massive – effect on one’s career path. As such, the time, effort, energy, and money to ensure that one’s child goes to the best college possible makes sense.
Enter the SATs. Numerous students who took our Winter SAT class last year have reported back getting scholarships ranging from 4-24,000 yearly (16-96,000 total) that were based almost entirely on their SAT scores.
Some had full rides that were based in part on their SAT scores.