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	<title>NYU - Great College Advice</title>
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	<title>NYU - Great College Advice</title>
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		<title>Why It&#8217;s Not Too Late to Apply to College in January</title>
		<link>https://greatcollegeadvice.com/blog/it-may-be-january-but-its-not-too-late-to-apply-to-college/</link>
		
		<dc:creator><![CDATA[Jared Hobson]]></dc:creator>
		<pubDate>Sun, 18 Jan 2026 16:55:42 +0000</pubDate>
				<category><![CDATA[College Application]]></category>
		<category><![CDATA[Applications]]></category>
		<category><![CDATA[Beloit]]></category>
		<category><![CDATA[Bryn Mawr]]></category>
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		<category><![CDATA[Denison University]]></category>
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		<category><![CDATA[Kenyon college]]></category>
		<category><![CDATA[NYU]]></category>
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		<category><![CDATA[University of Denver]]></category>
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		<guid isPermaLink="false">https://greatcollegeadvice.com/?p=9712</guid>

					<description><![CDATA[<p>Although the January 1st application deadlines have passed, there are still many other colleges to which you can apply.</p>
<p>The post <a href="https://greatcollegeadvice.com/blog/it-may-be-january-but-its-not-too-late-to-apply-to-college/">Why It’s Not Too Late to Apply to College in January</a> first appeared on <a href="https://greatcollegeadvice.com">Great College Advice</a>.</p>]]></description>
										<content:encoded><![CDATA[<p><b>If you&#8217;re a parent discovering in January that your student hasn&#8217;t completed their college applications—or hasn&#8217;t started at all—take a deep breath. There are still many excellent colleges accepting applications, and with the right strategy, your student can still find a great fit.</b></p>
<p><span style="font-weight: 400;"> Many families wisely turn to advisors even later in the process. As Sarah Myers, Senior Admissions Consultant at Great College Advice, explains: &#8220;It is never too late. There&#8217;s almost never a time when you can&#8217;t send an application.&#8221; This comprehensive guide will walk you through exactly what options remain and how to make the most of them. For a complete overview of the college application process, see our guide on</span><a href="https://greatcollegeadvice.com/blog/how-to-get-into-college/"> <span style="font-weight: 400;">how to get into college</span></a><span style="font-weight: 400;">.</span></p>
<h2><b>What are the actual deadlines for colleges that still accept January applications?</b></h2>
<p><span style="font-weight: 400;">The assumption that &#8220;all the deadlines have passed&#8221; simply isn&#8217;t accurate. Many excellent colleges maintain Regular Decision deadlines extending well into January, February, and even March.</span></p>
<p><span style="font-weight: 400;">Sarah Myers confirms: &#8220;Many colleges have regular application deadlines that aren&#8217;t until mid-January or even February—even in March. And there are other colleges that have a rolling admission deadline where they&#8217;ll even take applications late into the summer.&#8221;</span></p>
<h3><span style="font-weight: 400;">Colleges with February 1st deadlines include:</span></h3>
<p><span style="font-weight: 400;">Auburn University, DePaul, DePauw, Gonzaga, Indiana University, Miami University of Ohio, University of Michigan,  Rollins College, TCU, Trinity University (Texas), and Worcester Polytechnic Institute (WPI).</span></p>
<h3><span style="font-weight: 400;">Colleges with February 15th deadlines include:</span></h3>
<p><span style="font-weight: 400;">Allegheny College, Baylor, College of Charleston, Pace University, University of Kentucky, and the College of Wooster.</span></p>
<p><span style="font-weight: 400;">The practical takeaway: your student still has meaningful options. The question isn&#8217;t whether opportunities exist—it&#8217;s identifying which schools are the right fit.</span></p>
<h2><b>Are colleges with later deadlines less prestigious or competitive?</b></h2>
<p><span style="font-weight: 400;">Many families worry that later-deadline schools are somehow &#8220;less than.&#8221; This concern is unfounded.</span></p>
<p><span style="font-weight: 400;">While the most hyper-selective institutions (Harvard, Stanford, and similar schools with sub-5% acceptance rates) have earlier deadlines, many highly respected universities maintain January and February deadlines. The University of Michigan and numerous other excellent institutions fall into this category.</span></p>
<p><span style="font-weight: 400;">Sarah Myers shares an important insight: &#8220;There are some schools that will actually go fishing for students later in the game as well. For example, last year Syracuse University was accepting applications pretty late, and they even came back to some students that they had rejected and asked them if they wanted to come back.&#8221;</span></p>
<p><span style="font-weight: 400;">For families focused on educational value and return on investment rather than prestige rankings, later-deadline schools often represent exceptional opportunities. These institutions may offer stronger merit aid packages as they work to fill their incoming class, and they frequently provide excellent educational outcomes that translate into career success.</span></p>
<h2><b>How do rolling admissions colleges work and which ones are worth considering?</b></h2>
<p><span style="font-weight: 400;">Rolling admissions represents a fundamentally different approach to college applications. Rather than evaluating all applications after a fixed deadline, these schools review submissions as they arrive and make decisions on an ongoing basis.</span></p>
<p><span style="font-weight: 400;">Sarah Myers explains the mechanics: &#8220;There are colleges that have what&#8217;s called rolling admission, so that they&#8217;re filling slots continually. Your chance of getting in is not going to be as good [later in the cycle], but they may still want a student—especially if you have a special skill or you&#8217;re playing a certain sport they&#8217;re looking for, or a certain musical instrument that they want.&#8221;</span></p>
<p><b>Key advantages of rolling admissions:</b></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Faster decision timelines—often within weeks rather than months</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Flexibility in application timing</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Opportunity to apply while refining applications for other schools</span></li>
</ul>
<p><span style="font-weight: 400;">College websites clearly indicate whether they use rolling admissions, making it straightforward to identify these opportunities during your research.</span></p>
<h2><b>Can hiring a college counselor in the fall or winter of senior year still make a difference?</b></h2>
<p><span style="font-weight: 400;">The short answer: absolutely. The value of professional guidance may actually increase when time is limited.</span></p>
<p><span style="font-weight: 400;">Sarah Myers addresses this directly: &#8220;It&#8217;s not too late, and it&#8217;s most important that you do a good job on your application. So if you&#8217;re hustling at the end and feeling like there&#8217;s a crunch, it&#8217;s really a good chance to reach out to an advisor. Many advisors will work on an hourly basis if you need a little bit of help, but also if you do want that full experience and full help, even in January we can make that happen.&#8221;</span></p>
<p><span style="font-weight: 400;">A skilled counselor brings two critical elements to late-stage applications:</span></p>
<p><b>Strategic guidance:</b><span style="font-weight: 400;"> Experienced counselors understand which schools are realistic targets given your student&#8217;s profile, which late-deadline schools offer the best fit, and how to allocate limited time across applications.</span></p>
<p><b>Tactical expertise:</b><span style="font-weight: 400;"> From essay strategy to application mechanics, counselors help avoid costly mistakes that waste precious time. As veteran admissions expert Jamie Berger notes, his team of six counselors brings &#8220;well over 100 years of experience in college admissions&#8221; and meets weekly to discuss clients and share expertise across different regions and school types.</span></p>
<p><span style="font-weight: 400;">Learn more about</span><a href="https://greatcollegeadvice.com/blog/when-to-hire-a-college-counselor/"> <span style="font-weight: 400;">when to hire a college counselor</span></a><span style="font-weight: 400;"> and</span><a href="https://greatcollegeadvice.com/blog/why-hire-college-counselor/"> <span style="font-weight: 400;">why professional guidance matters</span></a><span style="font-weight: 400;">.</span></p>
<h2><b>How should we prioritize and build a realistic college list at this late stage?</b></h2>
<p><span style="font-weight: 400;">Building a college list under time constraints requires focus and realism. The goal is identifying schools where your student has genuine chances of admission and would genuinely be happy attending.</span></p>
<p><span style="font-weight: 400;">Great College Advice structures lists into three categories: &#8220;reach,&#8221; &#8220;target,&#8221; and &#8220;likely&#8221; schools. Jamie Berger emphasizes a crucial point that many families overlook: &#8220;Having happy likelies will lead to a happy outcome regardless.&#8221;</span></p>
<p><span style="font-weight: 400;">He elaborates: &#8220;In this day and age when Duke&#8217;s admissions rate last year was 4.8%&#8230; when Northeastern is in single digits—yes, it&#8217;s as important [to find likely schools you love]. And I will work so hard to get you into those top choices, but I will really push you. If you don&#8217;t like Stony Brook (even though it’s a great school), there are hundreds of colleges out there. We&#8217;ll find you one you like that you&#8217;ll get into.&#8221;</span></p>
<p><b>Practical list-building priorities:</b></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Focus on schools with remaining deadlines that match your student&#8217;s academic profile</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Consider location preferences, intended major, and campus culture</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Evaluate financial parameters—some later-deadline schools offer substantial merit aid</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Work as diligently on &#8220;likely&#8221; schools as on &#8220;reaches&#8221;</span></li>
</ul>
<p><span style="font-weight: 400;">For guidance on the right number of applications, see our article on</span><a href="https://greatcollegeadvice.com/blog/how-many-colleges-should-i-apply-to/"> <span style="font-weight: 400;">how many colleges you should apply to</span></a><span style="font-weight: 400;">.</span></p>
<h2><b>What&#8217;s the strategy for writing quality application essays under time pressure?</b></h2>
<p><span style="font-weight: 400;">Essay quality matters far more than quantity, and the principles of effective essay writing don&#8217;t change under time pressure—if anything, they become more important.</span></p>
<p><span style="font-weight: 400;">Jamie Berger&#8217;s core advice is straightforward: &#8220;Be authentic and answer the question.&#8221;</span></p>
<p><span style="font-weight: 400;">He warns against a common mistake: &#8220;The essay that writes a resume that duplicates their activities list is the worst possible essay. Imagine being an admissions officer reading 40 things a day and you come to one that&#8217;s just a reiteration of all that stuff that&#8217;s right there on paper already. You don&#8217;t get to know the kid at all.&#8221;</span></p>
<p><span style="font-weight: 400;">For supplemental essays specifically, Jamie emphasizes precision: &#8220;When they&#8217;re asking supplemental questions, they&#8217;re asking very specific questions that they want you to answer in very few words. So you can&#8217;t veer off and give an anecdote about the discovery you made in a job if it doesn&#8217;t answer the question.&#8221;</span></p>
<p><b>Time-constrained essay strategy:</b></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">For your main personal statement, be genuinely self-reflective—this is where admissions officers learn who you are beyond your grades</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">For supplementals, answer exactly what&#8217;s asked—don&#8217;t try to squeeze in more about your achievements</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Match your tone to the school&#8217;s culture (formal for serious &#8220;why this major&#8221; questions, playful for creative prompts)</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Prioritize your best effort on schools where you have the strongest admission chances</span></li>
</ul>
<p><span style="font-weight: 400;">Learn more about the essay process in our guide on</span><a href="https://greatcollegeadvice.com/blog/what-do-college-admissions-look-for-in-an-essay/"> <span style="font-weight: 400;">what college admissions officers look for in an essay</span></a><span style="font-weight: 400;">.</span></p>
<h2><b>Will applying late affect my child&#8217;s financial aid opportunities?</b></h2>
<p><span style="font-weight: 400;">Financial aid considerations add complexity to late applications, but opportunities remain for families who understand how the system works.</span></p>
<p><b>Key financial aid realities:</b></p>
<p><span style="font-weight: 400;">Schools with fixed Regular Decision deadlines (January 15, February 1, February 15) typically maintain full financial aid pools for all applicants meeting their deadlines. If you submit by the published deadline, you&#8217;re competing on equal footing for institutional aid.</span></p>
<p><span style="font-weight: 400;">Rolling admissions schools present a different dynamic. As Sarah Myers notes, admission chances can decrease as the cycle progresses—and the same applies to financial aid. Earlier applicants may receive priority for limited scholarship funds.</span></p>
<p><b>Critical action item:</b><span style="font-weight: 400;"> File the FAFSA immediately if you haven&#8217;t already. Over 70% of college applicants apply for financial aid, and missing FAFSA deadlines can be more costly than missing application deadlines. Some private colleges require the CSS Profile for need-based aid as well.</span></p>
<p><span style="font-weight: 400;">Great College Advice&#8217;s Family Handbook emphasizes: &#8220;Even if you won&#8217;t qualify for aid, filing for financial aid establishes a benchmark of your family&#8217;s financial situation at the outset of the student&#8217;s college career—which gives the college a reference point if something should happen that changes your situation.&#8221;</span></p>
<p><span style="font-weight: 400;">If merit scholarships are a priority for your family, research schools known for strong merit programs and verify that your student&#8217;s profile matches their typical award recipients. A counselor experienced with financial aid strategy can help identify schools likely to offer the best packages for your specific situation.</span></p>
<h2><b>Your Next Steps in College Admissions</b></h2>
<p><span style="font-weight: 400;">If you&#8217;ve reached January without completed applications, here&#8217;s your practical action plan:</span></p>
<ol>
<li style="font-weight: 400;" aria-level="1"><b>Assess what&#8217;s actually due.</b><span style="font-weight: 400;"> Research deadlines carefully—you likely have more options than you realize.</span></li>
<li style="font-weight: 400;" aria-level="1"><b>Build a balanced, realistic list.</b><span style="font-weight: 400;"> Include reaches, targets, and likely schools where your student would be genuinely happy.</span></li>
<li style="font-weight: 400;" aria-level="1"><b>Consider professional support.</b><span style="font-weight: 400;"> Even a few hours with an experienced counselor can dramatically improve application quality and strategy.</span></li>
<li style="font-weight: 400;" aria-level="1"><b>File the FAFSA now.</b><span style="font-weight: 400;"> Don&#8217;t let financial aid deadlines pass while focusing on applications.</span></li>
<li style="font-weight: 400;" aria-level="1"><b>Prioritize essay quality over application quantity.</b><span style="font-weight: 400;"> Better to submit strong applications to 8-10 well-chosen schools than mediocre applications to 20.</span></li>
</ol>
<h2><span style="font-weight: 400;">Turn to a Professional Admissions Advisor</span></h2>
<p><span style="font-weight: 400;">The college application process can be stressful, but families who approach it with clear strategy and realistic expectations consistently find good outcomes. As Sarah Myers puts it: &#8220;Where you end up is not who you&#8217;re going to be for the rest of your life.&#8221;</span></p>
<p><span style="font-weight: 400;">For personalized guidance on your specific situation,</span><a href="https://greatcollegeadvice.com/contact-us/"> <span style="font-weight: 400;">contact Great College Advice</span></a><span style="font-weight: 400;"> to schedule a consultation. Our team of experienced counselors has helped families navigate every stage of the application process—including many who started later than they&#8217;d planned.</span></p>
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</script></p><p>The post <a href="https://greatcollegeadvice.com/blog/it-may-be-january-but-its-not-too-late-to-apply-to-college/">Why It’s Not Too Late to Apply to College in January</a> first appeared on <a href="https://greatcollegeadvice.com">Great College Advice</a>.</p>]]></content:encoded>
					
		
		
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		<item>
		<title>NYU: Thinking of Going to College in a Big City?</title>
		<link>https://greatcollegeadvice.com/blog/new-york-university-are-you-thinking-of-going-to-college-in-a-big-city/</link>
		
		<dc:creator><![CDATA[Jared Hobson]]></dc:creator>
		<pubDate>Thu, 12 Jan 2012 20:48:43 +0000</pubDate>
				<category><![CDATA[College Application]]></category>
		<category><![CDATA[College Profile]]></category>
		<category><![CDATA[admissions]]></category>
		<category><![CDATA[campus visit]]></category>
		<category><![CDATA[Colorado]]></category>
		<category><![CDATA[graduate school]]></category>
		<category><![CDATA[location]]></category>
		<category><![CDATA[NYU]]></category>
		<guid isPermaLink="false">https://greatcollegeadvice.com/?p=9666</guid>

					<description><![CDATA[<p>Going to college in a big city like New York can be exciting! Hear about how going to college in a city can enhance your learning by taking advantage of all the opportunities but also be aware that it can be a little overwhelming for some students.</p>
<p>The post <a href="https://greatcollegeadvice.com/blog/new-york-university-are-you-thinking-of-going-to-college-in-a-big-city/">NYU: Thinking of Going to College in a Big City?</a> first appeared on <a href="https://greatcollegeadvice.com">Great College Advice</a>.</p>]]></description>
										<content:encoded><![CDATA[<p><a href="https://greatcollegeadvice.com/wp-content/uploads/new-york-university.jpg"><img decoding="async"  class="alignleft size-thumbnail wp-image-9675" title="new-york-university" src="https://greatcollegeadvice.com/wp-content/uploads/new-york-university-150x150.jpg" alt="White torch symbol and NYU text on a solid purple background, representing New York University." width="150" height="150" /></a><br />
Summary:<br />
During a recent visit to New York City, Cara stopped by New York University to talk a little bit about what it means to go to college in a big city.<br />
Hear from Courtney, a graduate student at New York University, about some of the ways she feels that going to school in New York City enhances her educational experience and prepares her well for a career in the future. As a student studying fundraising and grantmaking it is a perfect place for her field.<br />
Cara explains that there are many benefits to going to school in a big city like New York. It is an exciting place filled with opportunities for research, internships, museums, theater, and much more. However, it is important to consider what kind of student, and learner, you are because for some students it may feel a bit overwhelming and easy to feel lost in the crowd. New York, and NYU, are big places so while it can be easy to get caught up in the thrill of going to school in an exciting environment make sure that you will feel comfortable there, will know how to seek out the opportunities that will be at your fingertips, and also how to ask for help when it is needed.<br />
&nbsp;<br />
<iframe title="Video: Is it good to study in the city? | New York University" width="800" height="600" src="https://www.youtube.com/embed/fSo9gs_4_Mk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p><p>The post <a href="https://greatcollegeadvice.com/blog/new-york-university-are-you-thinking-of-going-to-college-in-a-big-city/">NYU: Thinking of Going to College in a Big City?</a> first appeared on <a href="https://greatcollegeadvice.com">Great College Advice</a>.</p>]]></content:encoded>
					
		
		
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		<item>
		<title>Student Loans &#8211; Too Much of A Good Thing</title>
		<link>https://greatcollegeadvice.com/blog/student-loans-too-much-of-a-good-thing/</link>
		
		<dc:creator><![CDATA[Jared Hobson]]></dc:creator>
		<pubDate>Tue, 12 Apr 2011 04:09:28 +0000</pubDate>
				<category><![CDATA[College Application]]></category>
		<category><![CDATA[College Fees]]></category>
		<category><![CDATA[admissions]]></category>
		<category><![CDATA[Financial aid]]></category>
		<category><![CDATA[New York Times]]></category>
		<category><![CDATA[NYU]]></category>
		<category><![CDATA[Student loans]]></category>
		<guid isPermaLink="false">https://greatcollegeadvice.com/?p=7204</guid>

					<description><![CDATA[<p>Student loans can help you pay for college.  But too many student loans can ruin your life. An article today in the New York Times reports that student loans have...</p>
<p>The post <a href="https://greatcollegeadvice.com/blog/student-loans-too-much-of-a-good-thing/">Student Loans – Too Much of A Good Thing</a> first appeared on <a href="https://greatcollegeadvice.com">Great College Advice</a>.</p>]]></description>
										<content:encoded><![CDATA[<p>Student loans can help you pay for college.  But too many student loans can ruin your life.<br />
An <a title="educational consultant on student loans" href="https://www.nytimes.com/2011/04/12/education/12college.html" target="_blank" rel="noopener noreferrer">article today</a> in the <em>New York Times</em> reports that student loans have now outstripped credit card debt in the US, and that the amount of loans will surpass $1 trillion next year.<br />
That&#8217;s a lot of debt.<br />
To those undergraduates thinking about taking out student loans, please hear me and hear me good:  don&#8217;t take out any more than the Federal loan limit, which is $5500 your first year, $6500 your second year, and $7500 in each of your third and fourth years.<br />
So your maximum for undergraduate loans:  $27,000.  And if you can do it for less than that, you should.<br />
If your college of choice asks you to borrow more, tell them &#8220;no thanks&#8221; and walk away.<br />
A loan of $27,000 paid out over 10  years at an interest rate of 6.8% (the current rate) without any loan fees (and there will be fees) will mean that you will pay $310.72 per month for 10 years.  Your total amount paid will be $37,285.87.<br />
So think about it.  For a slightly higher monthly payment, you could lease at brand new, 2011 Mercedes C300 4Matic Sport coupe (okay, so you have to come up with a down payment of $5000). But hey, you can easily get a Hyundai for that sort of payment.  And you can lease a new one every three years!<br />
If you&#8217;d prefer to pay your loan over a longer period (say, 20 years) you can reduce your monthly payment to $206.10, which would mean that you would have to pay a total of $49,464 for the right to borrow your $27,000. This payment might not seem like a lot.  But let&#8217;s put it in perspective.  According to the article, the average salary of a college grad in America&#8211;of all ages&#8211;is about $55,000.  This is higher than the average for people without a college diploma.  Remember, however, that this is only an average.  About half of Americans with college degrees make LESS than $55,000, and some (especially younger grads) make a <span style="text-decoration: underline;">lot</span> less.  So paying back nearly $50k to The Man At The Bank is like losing a whole year of salary (on average) over your lifetime.<br />
And don&#8217;t forget, twenty years after you graduate, your own kids will likely be in high school&#8230;so then it will be time to take out loans to pay for college for THEM!<br />
This may be manageable for many students.  But when you think about borrowing <strong>more</strong> than the Federal Stafford loans, look out.<br />
If you borrow $50,000, your monthly payment will be $575 if you pay in 10  years and $382 if you pay in 20 years (assume no loan fees and a 6.8% interest rate, which is lower than the market rate for non-Federal loans.<br />
If you borrow $75,000, your monthly payment will be $863 if you pay in 10  years and $572 if you pay in 20 years, based on the same assumptions.  (Note to students:  you can rent a nice two bedroom apartment in Denver for $850/month).<br />
Want to borrow $100,000?  Why not. Your your monthly payment will be $1,150 if you pay in 10  years and $763 if you pay in 20 years.   My colleague, Katherine Price, heard about a student today who decided to attend NYU to get a degree in dance, and who will take out over $100,000 in loans to pay for it.  In order to pay off her debt, she will have to make $14,800 per year <em>after taxes</em> for 10 years just to pay off her debt.  As a dancer.  Sure, college is an &#8220;investment.&#8221;  But does that investment make any sense to you?<br />
Don&#8217;t do it, folks. No college is worth tying an anvil around your neck.<br />
Borrow no more than the Federal limits.<br />
Mark Montgomery<br />
<a title="educational consultant on student loans" href="https://greatcollegeadvice.com" target="_blank" rel="noopener noreferrer">Educational Consultant</a><br />
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&nbsp;</p><p>The post <a href="https://greatcollegeadvice.com/blog/student-loans-too-much-of-a-good-thing/">Student Loans – Too Much of A Good Thing</a> first appeared on <a href="https://greatcollegeadvice.com">Great College Advice</a>.</p>]]></content:encoded>
					
		
		
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		<title>Are College and Universities Bankrupting Themselves?</title>
		<link>https://greatcollegeadvice.com/blog/are-college-and-universities-bankrupting-themselves/</link>
		
		<dc:creator><![CDATA[Jared Hobson]]></dc:creator>
		<pubDate>Sun, 15 Aug 2010 15:06:59 +0000</pubDate>
				<category><![CDATA[College Profile]]></category>
		<category><![CDATA[bankruptcy]]></category>
		<category><![CDATA[Columbia]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[New York Times]]></category>
		<category><![CDATA[NYU]]></category>
		<category><![CDATA[Student loans]]></category>
		<guid isPermaLink="false">https://greatcollegeadvice.com/?p=6207</guid>

					<description><![CDATA[<p>NYU and Columbia have announced plans to expand by taking on more debt in these tough economic times.  Does this really make good financial or educational sense?</p>
<p>The post <a href="https://greatcollegeadvice.com/blog/are-college-and-universities-bankrupting-themselves/">Are College and Universities Bankrupting Themselves?</a> first appeared on <a href="https://greatcollegeadvice.com">Great College Advice</a>.</p>]]></description>
										<content:encoded><![CDATA[<p>An <a title="educational consultant on the cost of college" href="https://www.nytimes.com/2010/08/15/opinion/15taylor.html" target="_blank" rel="noopener noreferrer">opinion piece</a> in today&#8217;s <em>New York Times</em> from a professor at Columbia University raises some excellent points about the skyrocketing costs of higher education in the US.<br />
He criticizes huge expansion efforts at Columbia and New York University at a time when endowments are down, debt levels are up, and ambitions may be bigger than these institutions&#8217; ability to shoulder new debt obligations.<br />
This question comes at a time when the US government has reported that 149 colleges have failed its &#8220;financial responsibility test&#8221; (see the article <a title="educational consultant on the cost of college" href="https://chronicle.com/article/149-Nonprofit-Colleges-Fail/123878/" target="_blank" rel="noopener noreferrer">here</a> from the <em>Chronicle of Higher Education</em>&#8211;registration required).  While the colleges on this list may or may not be able to bounce back from their clear financial difficulties, it seems reasonable to predict that more colleges will start to show up on this list in the coming years.  Like so many businesses and individuals who spent the last decade or two living beyond their means, colleges and universities gorged on debt.  And some, like Birmingham Southern College, have been in the news recently for making huge mistakes in managing their money.  Some colleges are actually closing or merging.  Does it really make sense for Columbia and NYU to continue feeding voraciously at the debt trough? Sure, Columbia and NYU are financially stronger than, say, Guilford and Ripon Colleges.  Are these big boys &#8220;too big to fail?&#8221;  Is Columbia like AIG, or like Lehman Brothers?<br />
While I&#8217;m not ready to run around like Chicken Little quite yet, I do know that the rapidly rising prices in higher education are unsustainable.  And I do think that parents&#8211;and their kids&#8211;need to take a step back and ask themselves whether they want to go into debt to a place like NYU in order to finance NYU&#8217;s debt.  Like derivatives, higher education services are not anything tangible.  If the investment goes south (i.e., if a child&#8217;s debt burden ends up being larger than what her future salary can bear), parents and kids will have nothing to show for it than a pile of student loans that cannot be discharged even in bankruptcy.  At least if NYU&#8217;s or Columbia&#8217;s investments turn out not to be so great, they can sell off the buildings they are constructing and at least recoup something. What assets will you sell when your debts come due?<br />
Food for thought.<br />
Mark Montgomery<br />
<a title="educational consultant on financial aid" href="https://greatcollegeadvice.com">Educational Consultant</a><br />
&nbsp;</p><p>The post <a href="https://greatcollegeadvice.com/blog/are-college-and-universities-bankrupting-themselves/">Are College and Universities Bankrupting Themselves?</a> first appeared on <a href="https://greatcollegeadvice.com">Great College Advice</a>.</p>]]></content:encoded>
					
		
		
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