With the weather warming up and Memorial Day weekend around the corner, I am expecting a few barbecue invitations. I enjoy talking to people at these events. Whether it's chit-chat or deep conversation, both are appealing. At this time of year, however, I am bracing for the barrage of questions about financial aid coming from the parents of prospective college students. There are two triggers for this topic of conversation. First, I ask the parent how their high-school age child is doing, perhaps which colleges he or she is interested in. This often leads to a comment about the high cost of a college education, disbelief at the EFC (Expected Family Contribution) figure from the award letter, and musings about how to get a "deal or discount." Somehow the parent's tone of voice can become almost accusatory as the conversation progresses. I have tried and sometimes failed to explain the logic and mechanics behind the EFC calculation, for example, but I find that people don't really care to understand it. Instead they want a chance to vent about the sticker shock.
The second conversation trigger for this topic is when someone suddenly remembers that I work in higher education financing. I become instantly popular and am sought out at the party. I am peppered with questions about where to find scholarship money, what exactly goes into the high cost of tuition, and why does the financial aid process seem so complicated. I find that while most parents are well versed in their child's academic prowess, AP credits, high school curriculum, SAT prep courses, and tutors, they are unprepared for the financial planning that is required when college tuition payments hit the household budget. I, and other folks who work in financial aid, then become the spokespersons for our industry, one barbecue or cocktail party at a time.
What I want to know, however, is why didn't anyone want to talk to me about my job before their child was a high school junior?
It's all too true!
My struggle has always been keeping parents attention long enough to actually get them the real answers they're looking for, rather than the ficticious "quick fix" that will instantly make all their tuition worries go away! It always amazes me how most people will spend hours studying retirement plan options, home mortgage options and other significant life investments, yet they never make the time to do the same to truly understand and explore the financial aid process.
Maybe it is a cost factor - tuition has increased dramatically from when many of the parents went to college. Many managed to work part-time and pay their own way, now that may only be an option at the most affordable community college. But sticker shock can't be the only factor, not when the price of a mini-van is approaching $40k!
Part of my struggle to accept sticker shock as the sole rationale is the fact that the expected return on investing in higher education has overwhelming been shown to impact an individual's lifetime earning and career satisfaction. With proven impact as great as that, why aren't people interested in really knowing the ins-and-outs of paying for higher education? Why can't I keep their attention for more than ten minutes before they zone out?
All I can really offer is a warning...if you're going to ask me the question "how do I pay for college" - be prepared for my WHOLE answer!
Posted by Shawn Monk on June 05, 2007 at 09:33 AM EST
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Susan Nathan Vice President, Lender and School Services
Biography
Susan Nathan is Vice President of Lender and School Services at American Student Assistance (ASA)®. She has held this position since October of 2002. Ms. Nathan joined ASA in February 1987 as supervisor of the external program review unit. She has held roles of increasing responsibility in product development, operations, client management and customer service, and marketing. She has been a member of the design teams for a number of ASA’s signature products, including FASTFUND, ASA’s disbursement product, and ASA Direct, ASA’s web processing tool. She was the manager of the business plan for ASA’s major system conversion in 1998.
She is credited with the development of ASA’s nationally recognized client management team. Ms. Nathan oversees the ASA Advisory Council, and is the staff liaison to the Marketing Planning Committee of ASA’s Board of Directors.
Prior to joining ASA, Ms. Nathan was a Financial Aid Officer for Lesley College. She is a graduate of Brown University and a fellow of the Institute for Educational Leadership. She is a member of state, regional and national financial aid associations and is routinely sought by the financial aid community as a professional development trainer.
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