Insights

Tips for Building a College List

Written by Ryan Visniski, CFA | Mar 28, 2023 11:00:00 PM

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Building a college list can be daunting – there are thousands of schools to consider in the US and internationally.  Every school has its strengths and weaknesses. Experts recommend that you start considering schools as early as your freshman year, but I work with families that are still considering new schools right up to the application deadline. Regardless of where you are in the process, here are some important tips to consider as you build a college list.

1) Include a state school – it is not necessary to apply to five state schools but apply to at least one or two schools in your state.

2) Cast a wide net based on GPA & test scores – start with a list of 20 schools where your GPA and test scores are in the top 25% of the application pool. Consider private schools even if they have a very high cost of attendance (all in cost) unless they are highly selective.

3) Know your EFC and family budget – universities do not expect you to write a check for the EFC, but they use it to determine if you will receive need-based aid. There are ways to lower EFC, but understand that you will need to cover the EFC plus some portion of the need with either savings, income, or loans.

4) Know the university’s financial track record – some universities offer mostly merit based aid regardless of need, and some schools offer need based aid in the form of free money and/or loans. Some schools will only offer loans. You must know these statistics before you apply.

5) Add a ‘leverage’ school – add a private school to your list with similar selectivity to one that is on your list. Then, you can use one school’s aid offer as leverage to get a better offer from the other school.

6) Financial Safety School – choose a school you can easily afford on the list. In some cases, this may mean considering a low cost way to acquire credits like dual enrollment during high school, community college, AP exams, and CLEP exams.