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Case Study: How One Family Avoided a "Dream School" Catastrophe

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Patricia Krahnke

on 9 November 2015

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Transcript of Case Study: How One Family Avoided a "Dream School" Catastrophe



Patricia Krahnke, M.F.A.
President/Partner

plkrahnke@globalcollegesearch.org
globalcollegesearch.org
812.219.6001

Case Study: Sarah & Erin, Twins
Case Study: Sarah's OK with Her Choice
... but Erin Has a Dilemma
Case Study:
Comparing Erin's Options
Curriculum
comparisons: What are they teaching, and toward what outcomes?
What are the comprehensive costs, including out-of-pocket?
The curriculum, course, and faculty comparisons revealed that her State university academic offerings were similar -- if not stronger in some cases -- than NYU.
The program at her own State university was ranked as one of the best in the country.
The cost savings of attending her State university will allow her to fund her Master's degree & afford access to meaningful international & New York experiences.
Case Study: Final Choices & Outcomes
Erin avoided financial catastrophe by making the decision to pursue her undergraduate degree at
her state university's highly ranked Public Policy program.
She will consider her "dream" choices for her Master's degree.
What are the graduation requirements & is there sufficient academic/departmental advising?
What are the specific areas of faculty research?
What opportunities & guidance do they offer to gain a cost-effective global understanding?
Is the college's internship
guidance directly connected to job or grad school outcomes?
Case Study: Erin's College Cost Comparisons
Costs do not include inflation over the # of years to graduation or any out-of-pocket expenses, such as Study Abroad, internship credits, unpaid internships, travel, etc.
Case Study: Determinations

Recent NYU Grad: Lisa
Lisa received her marketing degree from NYU in 2009
Owes $200,000 to private lenders (Citibank, defaulted)
Still paying $25,000 on other loans
7
internships.
Good job at marketing firm.
"I understood the amount of money I was taking on..."
"...but I didn't really understand the level of payments."
Lisa's student
loan payment per month is
$1500.
Recent NYU Grad: Lisa
Lisa has given up all but the essentials in life.
She does not go shopping or travel for pleasure.
She is not on the lease of the apartment she shares with roommates.
She has no credit cards and cannot
establish credit.
She does not go out with friends.
"If I am dating someone, will they want to be tied up in this?"
For students graduating in the class of 2011 with college debt, their
average student loan balance
is equivalent to about
60 percent of their income.


from Congress’ Joint Economic Committee Report:
THE CAUSES AND
CONSEQUENCES OF
INCREASING STUDENT DEBT

Recent NYU Grad: Lisa
What Lisa's Tuition is Supporting
Satellite campuses overseas in Shanghai and Abu Dhabi
Enormous benefit packages for senior leaders, including multi-million mortgage loan forgiveness.
Six-figure departure bonuses for staff.
Increased competition to woo top faculty and managers in order to boost their application rate -- and their leverage to squeeze money out of donors.
Unneeded new facilities are viewed as a major selling point, one that does not relate to improved teaching or degree outcomes.
"We see this place as a school, where the purpose is teaching and research. They see it as a bundle of assets."
Mark Miller,
Professor of Media and Culture, NYU
What is the terminal degree in the area of interest & how much will that add to costs over time?
HuffPost
HuffPost
HuffPost
Of all U.S. colleges & universities, NYU is among those that award the least amount of financial aid.
Bruce Neimeyer, Ph.D.
CEO/Partner

bneimeyer@globalcollegesearch.org
globalcollegesearch.org
773.331.1265

Chicago, IL / Bloomington, IN
How One Family Avoided
a
"Dream School"
Catastrophe

While many colleges cost almost the same as NYU, NYU's financial aid is consistently among the least generous in the U.S.
Parents

Middle class.
Both have
terminal degrees
in their career areas,
and are successfully employed long term.
Sarah

Content to attend her state university located in her hometown. Outstanding student.
Erin

Interested in advocacy and wants to study Public Policy, a career with low beginning wages and
peak earnings.
NYU offered her only $3000
per year in scholarships and $55,000 per year in loans.
She dreams of the big city and
getting away from home.
NYU is her top choice.

Parents will be paying for both sisters in college at the same time
Minimum degree required for Erin's area of interest is a Master's, which will add even more cost over time
She desperately wants a prestigious brand name college away from home.
Recent NYU Grad: Lisa
As we've seen here, Erin's dream school was NYU.
Let's take a look at the outcomes for a recent NYU grad.
10 Year Loan Payback Plan
with Interest
20 Year Loan Payback Plan
with Interest
Full transcript