How important is a college major?

One of the most challenging aspects of consulting is assisting students with the dreaded "what is your major" question. On a personal level, I hate this question because it can be so limiting. From a faculty perspective, I understand the need for course planning and budgeting decisions based on enrollment numbers.

However, in light of the recent FAFSA issues...something comes to mind: if you have all the time and resources available, what major would you choose? How important is a college major?

In a perfect world, incoming freshmen would have an opportunity to explore courses and job shadow during their first year. The reality is only a few schools offer such "exploratory" programs. They are competitive and also cost money - some students may end up paying for an additional year of college just to "find" their spot in the world. Interdisciplinary studies are another option or a well-rounded liberal arts education which offers exposure to critical thinking, analysis and professional skills that anyone interested in a career will need.

Take a look at this recent story in Forbes about how a successful financial advisor used his degree in English to his advantage. Read more here.

2024 College Admissions Trends

The 2024 cycle of college admissions is one for the books! With the ongoing delays in FAFSA and low admission rates...what are some trends to watch for the senior class of 2025?

Here are a few trends from the 2024 college admissions cycle...expect more to come.

1. We don't have all the data. Since the FAFSA has another issue (learn more here), there is still wiggle room for acceptance. Many students have received multiple offers from a variety of schools, but without any financial aid/scholarship packages, many are delaying their acceptance. Several thousand forms are being reprocessed and many schools have pushed back the May 1 deadline to accommodate the funding piece. Once June or July rolls around, expect more concrete data on acceptance percentages, institutional aid (need & merit), financial aid and majors for numerous schools.

2. Top tier schools had even lower admission rates than previous years. Schools like Harvard and Stanford accepted fewer applicants than previous years. This suggests competition was fierce and included not only academic records, but perhaps extracurricular, athletics, character assessments and other qualities for evaluation. More to come on the why for this topic. For rising juniors wishing to attend an elite institution, begin reviewing your information to ensure you have the following: academic success (top 5% or better), volunteer or community service, intramural sports or club activity (varsity level), foreign language or equivalent, rigorous course load and character-building experiences (for personal essay).

3. Decline in college bound students resulting in fewer applications and less federal funding. In recent years, there has been a slow decline of college-age individuals. Combine this decline with an impending "enrollment cliff," where 18-24 year olds flat line and you have a weird dynamic emerging. Instead of recruiting more students, some colleges and universities were more selective this year. With federal funding declining and uncertainty about the student loan crisis, college administrators responded by reviewing budgets, cutting staff and faculty as well as ending orphan or shrinking programs. The result is fewer slots of many students at mid-tier schools and declining admission rates.

4. Students applied to more schools. Due to the flexibility and efficiency of the Common Application (as well as other programs), students could easily apply to several schools. This increase in applications may have encouraged the selectiveness from schools to avoid "wasting time" on applicants who were not genuinely serious about attending the school. Conversely, students may have been accepted to several schools and have not committed to one yet due to the delay in FAFSA or other financial aid considerations. We'll know more in a few months that may shed light on the impact of applying to more schools.

5. Rising demand for majors and/or forcing students to opt-in to a program freshman year. This is an interesting trend wherein schools required students to select their major during the application process and in some instances, students received their second or their choice major and offered admission. As a researcher, I am interested in reviewing the data for some schools like Purdue or Indiana University where students were admitted to specific academic tracts - in some cases, selective programs like aviation, business, engineering or STEM fields. I am curious how often students change their major and what impacts their change has upon completion time. Alternatively, students who do not select a major in the application process and seek to complete general education requirements may be applying to junior colleges or smaller, liberal arts colleges with goals of transferring later. The trend of selecting a major so early in the academic career is another trend to keep an eye on.

Waiting on FAFSA? Consider alternatives...

This past week, the Department of Education released another announcement describing an error. The new issue could force the Department of Education to reprocess thousands of applications which will further delay the release to colleges and universities. The delay to these institutions will also shorten admission decisions for thousands of high school seniors because their aid packages have not been finalized. While waiting on the FAFSA, it may be beneficial to consider alternatives.

First, have your student log into the Department of Education/FAFSA website and verify the form has been processed. Once processed, you'll receive a Student Aid Index (SAI) score. This new score replaces the previous equation and evaluates expected family contribution amongst other variables. The purpose of the score was to help colleges more accurately assess student need; however, the commission of inflation as well as the recent issue may be concerning.

I highly recommend reviewing how your SAI may correlate to funding by visiting The College Investor and My College Corner. Both websites have charts and resources to help you navigate the amount of aid versus contribution money for college. If your FAFSA data has been transmitted and you have an SAI, this is what colleges and universities will be using to offer aid packages.

After you have verified your FAFSA form and data are complete, reach out to the admission representative or the financial aid office at your schools to see if they have received the information. The data is being released slowly and with the new error causing a reprocessing, there will be increased delays. Subsequently, many schools are not requiring students to commit until May 15 or later. Again, check with your school to verify any new timeline based on the receipt of your FAFSA information.

Now is the time to do some strategizing...list the schools you have been admitted to and if aid is known, make a note. Verify any athletic scholarships, outstanding grant applications, merit aid or other financial contributions - ensure these are calculated before deciding on school of choice.

In the event your financial aid packages are incomplete or the school has not received your FAFSA, now is a great time to do some research. Research federal loans first as once your FAFSA is on file, you'll be eligible for subsidized and unsubsidized student loans. Next, research any private loan options through credit union or other lending institutions. Be sure to check interest rates, payback timeline, co-signer or other necessary details. Other funding options may include 529 accounts or other investments made on your behalf by family members. Check the fine print on the 529s because not all schools can be paid for with 529 accounts. Case in point: room and board costs cannot be funded from a 529 if the school does not offer on-campus dining facilities and/or meal plan. A tax professional can assist with these fine points.

Finally, apply to scholarships...since the issues with FAFSA are well-known, the landscape for scholarships and other available funding has also changed. Many spring deadlines are being extended to accommodate for an increase in applications and some annual options are also changing the application criteria. Some scholarships are more focused, while others have decreased the amount to provide options to more students. Regardless, while you wait, apply, apply, apply!

I suspect the FAFSA issues will lead many colleges and universities to extend deposit deadlines as well as registration for first-year freshman courses. This will cause a bit of chaos and may be beneficial to last minute acceptances. Stay tuned, the next 30-45 days will be interesting for families with high school seniors!