College Admissions Expert on Financial Aid at Private Universities

So I’m on the campus at the University
of Miami and and one of the things that comes to mind is this whole question of
financial aid and who gets financial aid. I actually was on–I have a professional
LISTSERV that I belong to, a bunch of counselors–and there was a question that
came out on that list about financial aid and why didn’t my kids get accepted to
this or that school? And then one of the things they put into the question was: my
students needed a lot of financial aid In order to be able to attend. So that immediately starts me thinking about money because money is a lot of what
drives higher education. It’s expensive. So one of the things–the way to think
about this at the University of Miami: it’s a thirty eight percent acceptance
rate. So it’s a pretty low acceptance rate. Hard to get in. But forty eight
percent of the students receive financial aid. What does that mean?
That fifty two percent of all the students who go here, according to this data that
I got from government sources, fifty two percent of the students who go here pay
the full price. So thirty eight percent acceptance rate, the reality is, as
unfortunate or as unfair as it may be, is that a school like the University of
Miami is thinking about who can pay and who can keep the lights on and keep this
campus as beautiful as it is and pay all the people who populate this campus to
help you with your higher education. The fact is that no matter who you are,
you have a better chance of getting into a top private university with a high price tag
if you need less financial aid. If you need a lot of financial aid, you
better be at the top end of their application pool
in order to draw that aid toward you. So what’s the lesson? Get good grades. Work
on those test scores and make sure they’re as high as they possibly can be.
Because if you need financial aid that’s how you get it, by being an excellent student.
So if you want to attend a place like this and get really great financial
aid, or any other private institution that costs a lot of money, study.
You got to work hard. And that’s who gets the money.