Admissions Blog

Undergraduate Admissions Uncensored

Want to Fix Financial Aid?

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A previous post this year offered a couple of suggestions on how we can fix financial aid.  If you missed that post, a quick summary:

  • College costs too much;
  • Most people don’t know how to pay for it;
  • Financial aid forms are too lengthy;
  • The reports describing what aid a student gets are too confusing;
  • Everyone hates loans.

I was really hoping the two suggestions I made might generate some thoughtful discussion about how to make college more affordable, and lead us to a point where we were ready to take on changes to financial aid the way the profession is taking on changes in required testing.  Instead, I got crickets.

Undeterred, I’m back with another approach—and this one even sounds like fun.  I haven’t been to many conferences in the last few years, and what I’ve really missed is the conversations at the end of the day where most sentences begin with “Wouldn’t it be great if…?” Those conversations have led to all kinds of changes in the way I counsel students, and they inspire all of us to keep looking for ways to expand access and opportunity.  Without these conversations, work can be a little less inspiring, especially when students who heard Yes from the dream school come in with the financial aid report, and remember why that was a dream school.

So how about this?  What if we go to the people who run financial aid offices, and ask them how they would improve financial aid?  This happens all the time in the business world; the way to improve the delivery of a service is to ask the people delivering the service.

Since we’re talking about serious money here, this needs to be something a little more casual than just a conversation over a couple of beers, so let’s put together some guidelines:

Financial aid folks, identify what you would change about the world of financial aid, and why.  It can be one thing; it could be myriad things.  I have a bias towards access, so I’d likely be more interested in the parts of financial aid that keep kids from coming to college, staying in college, or making the most in college.

Give me some data.  Some of the best ideas are those that come from the gut, but in this case, those ideas relate to money, and that involves recordkeeping.  Show me how this affects kids.

Tell me what you ‘d do to fix this problem, and why you think this would solve the problem.  As is typically the case here, this needs to be the right mix of practical and blue sky, where we blow up enough of the current system without tossing out the parts that work.  “Let’s start over” may sound exciting, but it isn’t a plan.  I’m looking for something that’s partly a plan with wings, and partly a dream with legs.

Tell me how you know if you fixed the problem—what data points will change, what procedures will be updated, what students will worship the ground you walk on as a result of these changes?

Tell me what could go wrong—why it might not work, why it might work but just for your school, and what unintended consequences might arise.  In some cases, the answer here might be “beats me’, but even that answer can be explained in detail.  “There aren’t any” isn’t an answer—it just means you haven’t thought about it much.

What will you get if you send me this information and I like the idea?  Well, my plan would be to pick the best three ideas, and give each of them $300,000—100 grand a year for three years—to implement the plan.  You’ll need to include a budget to show what you’d do with the money—and using it for financial aid itself is OK—and you’ll need to track the money to make sure you can show what it actually went to.  But show me you’ve got a plan that’s part pipe dream, and you may get the chance to make it come true.

Now.  About the money.

I don’t exactly have a million dollars lying around, and something tells me there might not be a lot of foundations willing to give me the money if I go to them and simply say “How about if we try and fix financial aid?” I do think they might provide some funding for innovative ideas made by experienced financial aid professionals who work at the grass roots.  That’s why we need to start with your proposals—if I go to them with real plans, they’re much mor likely to sign on. So you may get nothing, other than a chance to step back, re-picture the big picture, and think about your work in a different way. But you may get more.

If that’s of interest to you, I’m at collegeisyours.com

Let’s see where this goes.

Goldwater Foundation awards 240 scholarships to STEM undergrads

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Iowa State University was awarded the maximum of 4 Goldwater Scholarships for 2017.

The Board of Trustees of the Barry Goldwater Scholarship and Excellence in Education Foundation recently announced the awarding of 240 scholarships for the 2017-2018 academic year to undergraduate sophomores and juniors from the United States. An additional 307 nominees were named as Honorable Mentions.

These scholarships represent the “gold standard” for undergraduate achievement in fields of science, mathematics and engineering. Not only are they the source of significant bragging rights for the various institutions represented among the winners, but they are quite frequently an important stepping stone toward significant financial support for postgraduate education.  PhD programs in STEM areas and important fellowship providers such as the National Science Foundation, the Department of Defense, and the Hertz Foundation, consider Goldwater awards among the most prestigious of national undergraduate awards for young scientists.

The one- and two-year scholarships are set up to cover the cost of tuition, fees, books, and room and board up to a maximum of $7,500.  They were originally designed to “alleviate a critical current and future shortage of highly qualified scientists, mathematicians, and engineers.”  In today’s terms, a more realistic statement of purpose would be to provide “a continuing source” of highly qualified individuals to those fields of study and research. While the money isn’t huge, the prestige is enormous and undergrads in STEM fields compete hard for nominations based on their research, internships, and work in relevant industries.

This year’s Goldwater Scholars were selected on the basis of academic merit from a field of 1,286 students who were nominated by the institutional representatives from among 2000 colleges and universities nationwide.  Among these, 133 of the Scholars were men and 103 were women, and virtually all intend to obtain a PhD as their degree objective. Twenty-two Scholars were math majors, 153 were science and related majors, 51 were majoring in engineering and 14 were computer science majors.  And for the record, many have dual majors in a variety of mathematics, science, engineering and computer disciplines.

Since its first award in 1989, the Goldwater Foundation has distributed 7,921scholarships totaling approximately 63 million dollars. And these award-winners go on to do great things. Recent Scholars have been awarded 89 Rhodes Scholarships, 127 Marshall Awards, and 145 Churchill Scholarships, 96 Hertz Fellowships, in addition to winning other distinguished national awards.

For many prospective Goldwater Scholars, the competition is most intense at the institutional level.  Colleges establish their own nomination criteria and procedures to determine the extent to which individual students have the commitment and potential to make significant contributions to their fields. Students who plan to study medicine are only eligible if they plan a research career rather than a career as a practicing physician.  Four-year institutions may nominate up to four current sophomores or juniors.

This year, the University of Maryland-College Park, Johns Hopkins University and the University of Richmond were the big winners among competing colleges and universities in the Washington metropolitan area, each with three Goldwaters. Two George Mason University students were awarded scholarships, while Georgetown University, the College of William and Mary, James Madison University, Virginia Tech and the University of Virginia, each had one Goldwater Scholar.

The only universities receiving the maximum of four Goldwater awards were the University of Alabama, Iowa State University, Princeton University and Stanford University.

From any perspective, an institution’s track record for Goldwater Scholars is a reasonable barometer by which prospective students might measure dedication to undergraduate research in STEM-related fields. For more information and complete lists of scholars going back to 2006, visit the Barry Goldwater Scholarship and Excellence in Education website.