The following is a transcript of our video, CAP on the Stimulus Package and Student Loans: Conversations Advisors Should Be Having With Their Clients, which is located on our new YouTube Channel, College Aid Pro™. Please consider subscribing so you can stay up on the latest information being shared there.
Okay everybody, Matt Carpenter, College Aid Pro™, College Aid Professionals, I hope everyone’s hanging in there just as well as you possibly can, given everything that we’re in the thick of here.
A couple major developments as it pertains to the whole college landscape. I want to talk about what’s going on with the Class 2020 and the Class 2021 and bring you up to speed on everything that we’ve learned over the last week. We’ve had a ton of conversations with different colleges that have been really willing to be as transparent as possible. Also we have observed a lot through our conversations with the Class 2020 families. So let’s talk about that first.
The class 2020, or current seniors in high school, getting ready to go off to college next fall we are seeing a few things with the Ivy League schools and schools in the like MIT, Duke, Stanford, these these kind of elite universities. They’re still doing business as usual, as is the case for most state colleges. We aren’t saying they are not being impacted, it’s just that they are still doing business as usual.
The private colleges, for the most part, we’re seeing some some pretty interesting things here. The biggest being a rush of really successful appeals. Our clients have been appealing for more financial aid with great success, even when we don’t have merit or a really strong case, we’ve been getting a successful appeal. The dollar amounts have been a really nice pleasant surprise. I think the reason being, is that because a lot of these private colleges are in between the elites and in between the state schools. They are nervous about enrollment, and nervous about foreign students enrollment for next year. Which is where a lot of their financial aid comes from, with very few exceptions, those students are paying full sticker price.
We are seeing fluidity around this May 1 deadline. They’re concerned about enrollment and want to make sure these spots are filled. This is a good thing for consumers like you. Make sure, especially if you’re a family thinking about the the private colleges, that if you haven’t appealed, you’re starting the appeal process. Or advisors, make sure that your families are appealing. What we’re doing with our clients that either didn’t have a successful or had an appeal that was mediocre, go back, ask again or ask for more now that we know we have more leverage.
The good news, for both Class 2020 and Class 2021, that I took out all these conversations with these different admissions, financial aid counselors at all the different types of schools, is that we’re going to have college next fall. Admissions will roll correctly for both classes with college happening next fall. That’s great news. We just don’t know if it’s going to be on campus. It might depend on the school. Most colleges want to wait as long as possible to make that decision, but we may have online campuses or may have online classes in the fall. I think that’s our worst case scenario, is that the larger universities may be the first to come out and say, “Hey, we might not be on campus in the fall, it might not be until January.” Hopefully that is our worst case scenario. If we’re fortunate, and some things go our way, we’re back to life as we know it in the fall but no matter what we will have college in the fall.
That’s kind of the biggest takeaways as of today. We’ll keep you informed as we learn new information and we’ll continue to to pull for each other. Stay positive and I look forward to talking again soon.