College Admissions: Stressed Students, Anxious Parents

Ivy league schools give no merit scholarships. Despite having billions of dollars in endowments, they won't do it. Why not? Because they don't have to. It's simple economics of supply and demand. Tens of thousands of students apply to these schools and, if accepted, will take out lifelong loans to pay for it. All for the perceived "golden ticket" of an Ivy league education that is supposed to unlock wealth and success. But who gets the wealth and success most of time? The financial companies who live of the decades of interest students pay on loans.

It's one of the harsh realities I've learned as I help my high school junior start his college admissions journey. Another sobering fact is college admissions today is nothing like it was in the 80's when I was finishing high school. Getting into a state school in Florida back then was relatively easy. In 2024, Florida State University's admission rate is 25%. The University of Florida is 23%. Why? Again, it's supply and demand. With Florida's rapid population growth, more Floridians are enjoying the $6,500 per year tuition at FSU. Even the out-of-state tuition of $21,000 per year is a bargain compared to west coast and northeast schools. The south is the new gold rush when it comes to population growth and southern universities are benefitting from it which is making these schools difficult to get into, even for residents of that state.

This fact is not limited to Florida or the south. We visited the University of Maryland this summer and were shocked at the $60,000 annual out-of-state tuition. Taking a campus tour only reinforced the cost: multi-million dollar football stadiums, student centers, libraries everywhere so schools can compete with each other. Couple that with state legislatures who are constantly cutting funding to colleges and you see who gets stuck with the bill for all these amenities: student families. 

Even small private schools' tuition is out of reach for many families. Their options? Take out massive loans and push their kids hard to get top grades and scholarships to pay for some of it. The result? Kids who should be enjoying their high school days are spending weekends with test prep, tutoring, homework, and clawing to get their GPA a decimal point higher. They are stressed, not sleeping or eating. Anxious parents play the delicate balancing act of keeping them on track while letting them have at least some fun.

As a parent, I find it maddening that my son, a native Floridian his entire life, may be forced out of state while we pay 10 times the tuition for the same education. At least FSU limits early action applications to Florida residents only, which helps their tuition chances. Weren't state universities created to educate their own residents in the first place? They should consider that instead of following the money of out-of-state applicants. And it would go a long way in reducing the stress on students and parents who want an affordable future that doesn't drive them into bankruptcy.