Josh Mitchell

speaker

438 appearances 7 recordings 1 series first heard Jul 2017 last heard Feb 2022

Josh Mitchell’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Want to Get a Lower College Tuition? Try Asking. · 2 Jul 2020 podcast

So schools are trying to figure out how can we continue to pay our bills online.

while also meeting the families where they are in terms of their ability to pay.

It really varies by school.

One family I talked to, the son, his name is Ian, he got a 41% discount off of tuition.

So that was about $30,000 in terms of the school that he ended up going to.

So I talked to one consultant.

What's interesting is that the schools have their consultants that are helping them determine what price they should charge, and then increasingly families are hiring their own consultants that are determining what price they should pay.

And so this one consultant I talked to who works with families said that in an average year, you know, about half of her clients get about a three thousand dollar discount after they ask for one.

This year, post pandemic, she said that almost all of her clients are getting a discount and that the discounts instead of three thousand dollars are more like five thousand dollars and up.

So we're seeing more families get discounts and the discounts themselves are bigger than they were in prior years.

It depends.

So there's multiple variables that will affect how much of a discount you get.

There's a lot of overlap between families from high incomes who also have the academic credentials that schools are looking at, that certain schools really want.

And what I mean by that is high SAT scores, high GPAs.

Let's just think of a family who is very wealthy, sends their kids to private schools, has tutors.

has every single resource that that student needs to have really high SAT scores, high GPAs.

They're wealthy.

They also have really high academic credentials.

So because of the high academic credentials, they're likely going to have multiple offers, which means that if you go to one school, that school is going to figure, you know, we need to offer that person a bigger discount if we want to prevent them from going to a rival school.

That's what we call merit aid.

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