Kimberly Wing
All around the world, many people dream of achieving success, and their first step towards a life of living comfortably starts with the assumption of going to an “elite” college. In fact, a report by the Common Application found that the number of college applicants had jumped 20% since the 2019-2020 school year. As the number of many qualified, competitive applicants increase, so do higher education costs.
"For brand-name colleges, the demand is off the charts," Hafeez Lakhani, founder, and president of Lakhani Coaching in New York, said. "It's never been harder to get in." Additionally, private colleges considered "less prestigious" but charge an equal amount of tuition and struggle to recruit prospective students.
"The majority of people are going to say, 'Is that worth my while?'" Lakhani added. Several smaller colleges around the United States such as Presentation College (Aberdeen, SD), Cazenovia College (Cazenovia, NY), Holy Names University (Oakland, CA), and Living Arts College (Raleigh, North Carolina) have all announced that they will cease operations after Spring 2023.
"Larger institutions can weather the storm," Kristin Reynolds, a partner, and leader of NEPC's Endowments and Foundations practice said. Ultimately, the acceptance rates of well-known schools in the United States decrease as they search for a diverse body of students. From recruited applicants to stellar students, and even those who come from wealthier backgrounds, decisions made by college admissions offices can seem almost unpredictable as they reject students who have devoted countless hours towards their studies and extracurriculars.
But there are different ways to define “success.” Rejections—especially from dream schools—may be humbling and disappointing, but reflecting on high school experiences can be seen as preparation for a leadership position towards a future career.
Contrary to popular belief, the road to success can be achieved through different paths: but the key traits to pursue are patience and dedication. Going to an elite school is undoubtedly an impressive achievement, but it does not guarantee a well-paying job.
Attending community college or trade school and transferring to a four-year university can save significant money. Taking a gap year to pursue meaningful passions such as traveling abroad or gaining a first and full-time working experience can lead to the development of a strong life story. In short, there are many ways to achieve the success that many people desire: however, as college admissions become more and more competitive, being immersed in different educational experiences can be both truly meaningful and financially sustainable.
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