Today you are in

“a most useless place.

The Waiting Place . . .

Waiting for the fish to bite  .  . .

or Another chance.

Everyone is just waiting.”¹

All your college applications have been turned in.  Your financial aid forms have been submitted.  You are in what Dr. Seuss refers to as “The Waiting Place.” Waiting for the colleges to which you applied to let you know – yes, no or wait listed.

“The Waiting Place” is a great place to stop and acknowledge your accomplishments over the past 4 years.  You have successfully navigated one of the most challenging times of your life so far – high school. And in the 4 months between September and December, you added to your already full plate – multiple college applications and essays, college visits, college interviews on top of all your senior classes and activities. Congratulations, you have much for which to be commended.  And now what should you do now that you’ve submitted your Free Application for Federal Student Aid (FAFSA)?

Welcome to “The Waiting Place”

I disagree with Dr. Seuss.  “The Waiting Place” does not have to be useless.  It can be a time when you proactively make decisions and have open and honest conversations with your parents about finances.

The first thing to do while you’re in “The Waiting Place” is to keep searching and applying for scholarships.  For the industrious student waiting to hear from colleges, it’s a time that many other students sit back and relax after the stress of college applications.  If you do the opposite, you will be ahead of your college competition and better positioned to secure some additional funds to pay for college.

Secondly, when you’re in “The Waiting Place,” it’s also a great time to sit down and go over the family budget with your parents.  Talk realistically about the schools to which you applied and what your family can afford.  As uncomfortable as this conversation might be, discuss what kind of financial aid award you would need to receive in order for your parents to send to you college without unduly impacting the family finances. 

If you have brothers and sisters that will also need to be educated, talk about the impact it would have on their futures if your parents take on too much debt sending one child (you) to college.  Also talk about how much debt your parents can and are willing to take on on your behalf.  Additionally, discuss how much debt you believe is reasonable for you to consider taking out while in college considering your stated college major.

These difficult conversations are best talked through prior to receiving admission and award letters when families can more objectively discuss their options.  Waiting until award letters have been received can ignite very emotionally volatile reactions after your heart has set on financially unavailable college. 

 If a school you have your heart set on doesn’t offer you the financial aid you need, what will you do?

Come up with a Plan B

Third, use “The Waiting Place” as a time to come up with a Plan B.  Are you willing to work while in college?  Are you willing to consider a “more affordable” school than your dream school?  Are you willing to take out student loans?  How practical are you and your family willing to be in the pursuit of a quality education?

While I will never dispute the value of a quality education, it’s an emotionally charged time.  Use your time in “The Waiting Place” to look for scholarships, talk with your family about finances and come up with a Plan B.

Good luck with your college endeavors. We are all watching with fingers crossed and bated breath to see “The places you’ll go!”²

Our guest blogger, Felicia Gopaul, is the President of College Funding Resource.  She is a tireless advocate for families to attend colleges that are good financial partners for their finances.

 1.2 Dr. Seuss.  Oh, the Places You’ll Go! New York:  Random House, 1960