The Truth About College Applications

By David Gatchell, Author of The Financial Empowerment Handbook

With Oliver Deines, Rising Freshman at the University of Pennsylvania (Wharton School)

And Krish Vipani, Rising Freshman at Northwestern University

September 4, 2024

The college application process is often seen as a crucial stepping stone toward future success, but it’s also an overwhelming and expensive journey. For many students, it represents the first major investment in their education and future careers. This process, which involves selecting the right colleges, preparing a strong application, and navigating financial hurdles, requires significant time, effort, and money. While college is not the right path for everyone, for those who choose this route, understanding the challenges involved is essential to making this dream a reality.

Before diving into the specific challenges, it’s crucial to understand that the college application process is not just about getting into a good school; it's about setting the foundation for your future career, financial stability, and personal development. Students should approach this process with a strategic mindset, recognizing that every step— from choosing where to apply to how they manage stress—plays a role in their long-term success.

Oliver Deines and Krish Vipani, two high-achieving individuals who founded the nonprofit Financial Kids Colorado while in high school, reflect on their college application experiences and highlight several challenges that students need to be aware of.

1. Test-Optional Policies and Increased Competition

The pandemic led many universities in the U.S. to adopt test-optional policies, which were intended to make college more accessible. While this change allowed students who couldn’t take standardized tests like the SAT or ACT to apply without them, it also had an unintended consequence: a surge in applications. Without the need to submit test scores, more students applied to prestigious schools, driving up the competition. As a result, acceptance rates at many universities hit record lows. Oliver and Krish recall feeling daunted by the heightened competition and the increased average test scores of admitted students, which left them and their peers questioning their chances of admission.

Tip: Even if a school is test-optional, consider submitting strong test scores if you have them. It can give you an edge in a competitive pool.

2. The Complexity of the Application Process

Applying to college is no longer just about filling out forms and submitting transcripts. For those aiming for top programs, particularly in fields like business or economics, additional essays and interviews are often required. The application process has become increasingly complex, requiring students to demonstrate not just academic excellence, but also personal qualities like adaptability. As Oliver and Krish observed, some interviews were conducted online due to pandemic restrictions, requiring them to leverage skills in virtual communication that they had developed during remote learning.

Tip: Start your essays early and seek feedback from multiple people. The more time you have to refine your applications, the better they'll be.

3. Financial Barriers

The financial demands of applying to college can be overwhelming. Application fees alone can approach $100 per school, and this is just the beginning. For many families, the cost of attending college is a significant burden, leading students to weigh the financial implications of their choices even before they receive acceptance letters. Additionally, students must navigate the Free Application for Federal Student Aid (FAFSA) and CSS Profile, which require detailed financial information to determine eligibility for financial aid. The process is daunting, and as Oliver and Krish highlight, it’s stressful to invest so much financially into an application with no guarantee of acceptance.

Tip: Research application fee waivers. Many schools and programs offer them to students who demonstrate financial need.

4. The Pressure of Scholarship Applications

Even after submitting college applications, the work doesn’t stop. Scholarship season begins, adding another layer of stress to an already taxing process. Many students, including Oliver and Krish, find themselves applying to numerous scholarships in the hope of securing additional financial aid. The pressure to fund their education adds to the anxiety, knowing that tuition fees can be astronomical.

Tip: Keep a spreadsheet to track scholarship deadlines and requirements. Applying to multiple scholarships can increase your chances of receiving aid.

5. Emotional Stress and Uncertainty

Perhaps one of the most challenging aspects of the college application process is the emotional toll it takes on students. The uncertainty of acceptance, combined with the financial pressures and the sheer complexity of the application requirements, creates a stressful environment. For many, this period represents a time of intense self-reflection and doubt, as they grapple with the reality that their future is being shaped by decisions made during their final years of high school.

Tip: Take breaks and practice self-care during the application process. Managing stress is key to staying focused and doing your best work.

Conclusion

Applying to college is undeniably a significant investment in time and money, but for those who pursue this path, it offers opportunities for education, personal growth, and future success. For students like Oliver and Krish, being well-prepared and informed is key to navigating the college application process successfully. We wish them both well in their first year at the University of Pennsylvania’s Wharton School and Northwestern University, respectively.

Published by Four Gifts Publishing, 2024.