scholarships

by Mark Hofer Mark Hofer No Comments

I Did vs. I Can’t

One student wrote, “I couldn’t do anything.”

Another student said, “I did this,” and quickly outlined five things they made and did over the last year, enthusiastically adding details about what they learned in the process.

Which student do you think was accepted to more colleges and provided more financial aid?

The year of 2020 – 2021 was a year of challenges and hopefully many changes in perspective. I have worked with teens for over twenty-five years, and they are my continuous and highly vocal barometer of social trends, the incoming cultural perspective, parenting standards, and fervent offerings of the current “song of my generation” – Pursuit of Happiness by Kid Cudi, seriously? Teens are amazing, when they want to be. I have witnessed this often. However, this past year has provided teens (and parents) with a blatant choice to seize this odd period and seek out treasure—or gravitate towards the human default statement: “I can’t.” 

I have seen more teens flush more time down the toilet in the past year because of one thing—apathy. While NetFlix and Forge of Empires are definitely part of the equation, apathy is the driving variable. In its most basic definition, apathy is the mental default to laziness and pessimism. Conversely, I have seen an equal number of students discover more about “learning more with less” than ever before. More than ever—and now buoyed by the evidence I have witnessed this past year—it is clear that the “apathy vs. intellectual resourcefulness” behavior is not genetic; it is learned.

While Carol Dweck opened the conversation about growth-mindset, I think there is much more value in helping students develop curiosity and gumption…and embrace a good failure now and again. Failure can be solid evidence for the pursuit of a worthy challenge, and gumption. One good failure is much better than a year of “I couldn’t.” Fail forward. Communicate learning and growth. Dare to look and be foolish.

I don’t like to frame everything for teens around college applications, or even education. That only diminishes self-driven and curious learners who later become thoughtful and intentional voters. However, I take great joy in helping students showcase their character, skills, interests, and talents in pursuit of higher education and financial support. And while colleges require evidence for academic challenge and metrics of success, good schools increasingly value and reward curiosity, gumption, and even failure. 

Most college admissions representatives are authentically open about what they look for in applicants and applications. While they admit being held hostage to metrics such as GPA and test scores, the best of them will openly admit they are human. They want to find a diamond. They want to champion the underdog. And they admit, a student who “did something” gains more empathy than one who “couldn’t do anything” every time. A student who can clearly and convincingly communicate what they learned when failing to create a sourdough bake bread starter, building a loom, creating a YouTube channel, starting an Etsy business, taking the free Harvard CS50 class online, or toilet training their cat, is going to gain more empathy and support in the evaluation and admission process than a student who announces, unapologetically, “I couldn’t do anything.” Carpe diem.

For those who want to be a student who says “I did,” or help support one:

by Mark Hofer Mark Hofer No Comments

How Much Is Too Much?

I recently spoke with a senior attending a prestigious film school in southern California about tuition and student loans. He told me, “My $109,000 college loan debt is just the price of a good education.” Then, I asked him if he knew what compound interest was; he wasn’t quite sure. Actually, he had no idea how his loans were structured, the relative impact this debt would have on his lifestyle after graduation, or why it was or was not a good investment. With a national student loan debt surpassing $1.6 Billion as evidence, I don’t think this knowledge gap is unusual for most students entering college.

There is a simple rule that many college admissions counselors suggest students and families us when considering student loan debt. Do not graduate with more debt than the average starting yearly salary of the occupation you pursue. If you pursue a computer science degree with an average (national) yearly salary of about $65,000 for new graduates, you can afford to take on some debt with some confidence you can pay it back without extraordinary or undue stress. Conversely, if you are getting your teaching degree, a new graduate can expect to earn about $38,500in the first year after graduation. Why is this important? If the boat is leaking faster than you can bail water, you don’t want to be the captain. This is also how compound interest can quickly drown new graduates and their future ambitions.

In addition, students must realize that all degrees—and later, jobs—within a discipline, such as “engineering” or “finance” are not the same. For example, some engineering degrees, such as aerospace, command a significantly higher starting salary ($72,000) than a civil engineering degree ($59,000). In addition, some degrees are worth more in some states than others. A teacher, for example, may have a starting salary of $51,000in New Jersey or Washington D.C., but only $30,000in Montana. That 40% difference is critical when trying to pay back student loans.

As students contemplate undergraduate education it is crucial they consider the amount of debt incurred relative to the earning potential of the skills they will obtain. This valuation is often referred to as the Return On Investment, or ROI. However, to fully establish the ROI for a specific school and specific student, other variables must also be considered. Is the student considering graduate school (and the associated loans/percentages) after receiving an undergraduate degree? Is a graduate degree in the specific area of work sought actually needed? How much will a graduate school degree in that area of study cost? All of these variables create a complex dance between debt, earning power, and time. However, choosing an undergraduate school before considering these questions can quickly create a loan burden that determines a lifestyle for decades.

The current average debt for a student graduating with an undergraduate degree is over $37,000. The average salary of a new graduate is just over $50,000. While this does not seem to present a national crisis, the current national college loan debt is over $1.5 Trillion and that is more than the national credit card or auto-loan debt. Much of this debt is driven by the pursuit of higher education at schools where the high costs of attendance require students to take out large loans to attend. According to the research collected by Frank Bruni, taking on inappropriate debt for undergraduate education has been shown to be a bad investment. Getting the best possible undergraduate education at a school you can afford (through personal finances or through grants and scholarship), getting high grades, and graduating with as little debt as possible is the smart decision and is supported by research and evidence. If you follow this path, graduate with little debt and with marketable skills, you have the choice to enter industry or taking on some debt for graduate school—and graduate school increasingly pays off in most, but not all, professions.

Do the preliminary work and reflection to identify the best college for you and your family and don’t be misled by unsubstantiated pressures to attend brand name, expensive schools. Your future will thank you.

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