As we head into May 1 we are speaking with families who are in the final stages of helping their student make the best college decision. We are hearing from families who are wrestling with the value of a private college education and the anticipated costs they will need to manage.
This week, I asked Seamus Harreys, Dean of Student Financial and Career services, to provide a guest entry to help answer these questions. Dean Harreys oversees Northeastern’s financial services staff along with our career services unit, and has worked with over 15 colleges and universities throughout his career as a financial aid administrator. Additionally, he has served as a chair of the government relations committee of the Massachusetts Association of Student Financial Aid Administrators, and as a member of the Advisory Board of the Massachusetts Office of Student Financial Assistance and the College Board College Scholarship Assembly.
I hope you find his information helpful….
Let me start by tackling the value question first since that is certainly the point that families must first base their decision on, before they begin to consider ways to finance the student’s education. The debate over private education versus public education is not a new one; this has been a discussion amongst prospective students and families for many years. What makes it feel new is the uncertainty the economy is bringing to the job market.
We know the value of a Northeastern degree is exceptionally strong in this economy. You may have read Dean Turner’s last blog which referenced the study conducted by NACE which supports the notion that companies want to hire students who bring experience to their positions. Northeastern students stand out from their peers, and are more attractive to employers, because of the experience gained on co-op and through other experiential learning opportunities. This continues to be a significant differentiator for our students.
In fact, right now all indications are that the job outlook for our seniors is stronger than expected, with many reporting offers from existing co-op employers. Our Career Services team, recently ranked #1 by Princeton Review, is working closely with more than 2000 of companies recruiting Northeastern students for full-time positions. Our graduate programs are seeing an increase in applications and we have offered current seniors tuition discounts, through the new Double Husky program, should they choose to enroll in a graduate program due to the economic outlook. Additionally, 99 percent of the nearly 3,000 students eligible for co-op during this past cycle were employed. As we enter this upcoming cycle the University is pursuing several avenues to strengthen the more than 2,000 employer relationships we have existing, as well as developing new options for our students across the globe.
The value of any education is in its quality and expected outcomes. Northeastern graduates leave here with clarity about their goals and the confidence needed to achieve them. Our students are taught by award winning faculty members who are as entrenched in industry as much as they are in the classroom. Research is happening right here on campus that is making a difference in the lives of many. And, many of our academic programs are consistently well-ranked and recognized by organizations such as US News and World Report, Forbes Magazine, BusinessWeek and Princeton Review. These connections give our students the edge in networking and making connections.
To that end, you may be interested to know that we have consistently reported over the past few years that 98% of students are either employed or enrolled in graduate school within 12 months of graduation.
A college education is the single most important tool you will need to compete in the global job market. A private college education, like the education offered at Northeastern, provides the most opportunity and strongest preparation for that future. Outcomes like the ones I’ve mentioned, and not cost alone, should be your major factor in the decision to attend any institution.
We do recognize this is an exceptionally difficult year for many families as they try to manage the expected costs of a college education with the uncertainty of today’s economy. The Student Financial Services staff works with families to consider a number of options for financing a Northeastern education. We pride ourselves on individualized counseling to help families make the best financial decisions possible. We are dedicated to maintaining our commitment to students as they participate in Northeastern’s unique educational experience. Since many families are worried about financing a private college education in the current economy, part of this commitment is in the Northeastern Pledge, which includes a 5-year guarantee for University funds and details about how funding will be reconsidered in the event a parent loses their job during your undergraduate education at Northeastern.
One important factor for families who are comparing funding offers from several institutions is to understand the awards that have been offered. For example, the total financial aid package from another institution may contain expected earnings from summer work and credit-based student or parent education loans. This makes the total offer of assistance look higher than offers from other institutions that do not include these items. Generally, alternative student or parent loans are available at any institution, and should not be considered financial aid when comparing awards. While Northeastern’s financial aid offers do not include alternative loans for parents or students, those financing options, as well as a monthly payment plan, are available.
Once you have made the decision to attend Northeastern, how to finance your education is a personal decision. Student Financial Services staff members are happy to work with you and your family on an individual basis to establish a financial plan.
Please contact the Student Financial Services staff if you have any questions or would like to discuss any of the options presented here. We do hope to see you on campus!