Looking for a silver lining in the pandemic? Well, if you’re a high school senior on the waitlist at your dream college, you may just get off of it.
COVID-19 is changing our world in so many ways, and college admissions have been no exception. As a result, this year it may be easier than past years to get off the waitlist at your dream school.
This is why:
Our economy is tanking. The stock market is at an all time low and unemployment rates have skyrocketed. As a result, families that were able to pay for an elite, private four year university may not be able to anymore. Those students may opt to go to their local, cheaper state school or a community college. This will free up spots for waitlisted students.
In college admissions, yield is the percentage of students who accept their spot at a university. Because of COVID-19, top ranked schools will see the yield decrease because students will choose to go to a cheaper, local option instead. These schools at the top of the food chain won’t have the same yield they usually do.
As yield goes down, spots will open, therefore the number of waitlisted students given offers will increase.
COVID-19 has caused every university in the country to lose money. Every college has an endowment which could be millions, or in some cases, billions of dollars. These endowments are used to provide services to students such as financial aid.
These endowments are invested in the stock market. Since our stock market has tanked, so have endowments. For smaller universities, this can mean they can no longer spend as much money on their students. As a result, they may not be able to offer financial aid to students anymore.
A recent survey has found that 1 out of 6 students are not sure they want to go to their top college anymore. Many students are questioning whether they want to spend hundreds of thousands of dollars on school that may only offer virtual classes for the foreseeable future. There is so much uncertainty when it comes to opening up campuses, many students are stressed and are no longer sure if or where they want to attend.
International students most of the time pay full price. Colleges are going to lose money because these students can no longer come. This may be because they choose to unenroll, or they are unable to attend due to travel or visa restrictions.
With international students gone, colleges will turn to their waitlist.
The Major Takeaway: College is Important!
This is a unique year for sure. But it’s important to remember that going to college is important.
Remember that going to college is more important than where you go to college. Whether you go to a private university, a state school, or your local community college, it’s essential you still embark on higher education.