The following is a transcript of our video, CAP Coronavirus Update: Conversations Advisors Should Be Having With Their Clients, which is located on our new YouTube Channel, College Aid Pro TM. Please consider subscribing so you can stay up on the latest information being shared there.
Read the transcript:
Okay, everybody, Matt Carpenter College Aid Pro TM and College Aid Professionals. I hope everybody’s managing as well as they can given all that that’s going on here. None of us have a playbook. This is uncharted waters for everybody. So that’s advisors, families that are getting ready for college, families that are at college and probably getting sent home from college, and the colleges themselves. All the institutions that are a part of this experience. Everybody’s doing the best that they can with what they have to work with.
But we’re in the middle of a bigger challenge, right? So we can never forget that from a perspective standpoint. But what can we do? What can we do as advisors to provide some value, hopefully, some type of peace of mind, to the families that we’re working with? There are a few things, and there are a few different pockets of people, that are being affected by this. Of course, everybody’s being impacted on in some capacity, but in the college world that we live in now, for the families that have students that got sent home from school for the rest of the semester (and hopefully just the rest of the semester).
We want to make sure if it’s not being done automatically, that you are helping them. Making sure they go back and recoup at least appropriated room and board. So make sure they get some of that money back. And it’s worth the ask, it’s worth a direct ask to say, “Can we get some of the tuition back as well,” because we think it should be a different price point for online courses versus being physically in the classroom.
That’s the bigger investment that we paid for, that’s the experience that we paid for, and that’s why online courses are generally more affordable than actually being in the classroom. So it’s always worth the ask. We haven’t seen many successful results on that front, but you got to make the ask.
Now for families that are seniors right now, that we have the students in their senior year of high school, Class 2020. For those that are undecided, that don’t know “where we’re going to be attending next year,” and wanted to go to visit the accepted school’s student day, and make our final decision, but that’s not happening. What can we do? The first thing is, it’s very, very likely that all the colleges are going to push back their May 1 deadline. May 1 is typically when deposits are due, i.e. we need to make a decision, we need $300 to $500.
The college needs to get that amount to secure your spot in the class of 2024. These deadlines are very likely going to be pushed back, and many colleges have already pushed them back. However, we’re doing more and encouraging our families to do more, and what we are suggesting is not standard practice.
But, if you don’t know where you’re going to be going next year, and you need more time, and ideally, you’d like to go on this campus a second time, or for the first time, and if it comes down to it, we’re going to encourage those families to put down more than one housing deposit.
This is essentially going to bind them until the fall. So hopefully God willing, you know, in the summer months here, and hopefully before that, life is going to go back to some normalcy and we’ll be able to go to campus and make a decision that we feel great about instead of being pressed for time and feeling like we’re having to make the decision just based on the facts that we have today, which might be just a virtual impression.
So, that’s some great advice that you can give, and you can feel okay by advising that and don’t feel bad about it. It’s not standard practice, but everybody understands that there are different measures that need to be followed right now, in order to do what’s best for ourselves and our families. Hopefully, that’s helpful. Hopefully, you guys are staying safe and persevering.
We’re all trying to be as resilient as we can, and I believe if we follow through on that, we’re going to come out of this better than we went into it. Talk soon.