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F&M Leaders Write Guide to Help Parents Cope With the Costs of a College Education
LANCASTER, Pa. -- In their respective positions as president and vice president of Franklin & Marshall College, Richard Kneedler and Alice Drum have spent years talking to parents about the value of a liberal arts education. Sooner or later, almost every conversation comes around to cost.
It's easy to understand why. With a year of tuition and fees costing $25,000 or more at many private liberal arts schools, the price tag can seem overwhelming. "Families go through a kind of sticker shock when they start shopping around for a college education. They all want the best for their child, but they're also worried about the impact that paying for a college degree will have on their lives," said Drum.
The two frequently found themselves offering advice about ways for parents to get the most out of their education dollars. After comparing notes, they decided to put down this advice on paper. The result is "Funding a College Education" a step-by-step guide for parents. The book, published by Harvard Business School Press, was released earlier this year and is currently in its second printing.
"I can understand what parents are dealing with, having sent my own children through college," said Kneedler, who has been president of Franklin & Marshall since 1988. "My family learned that parents can greatly benefit if they're willing to do as much homework to prepare for college as their children will do for some classes."
Kneedler and Drum have put together a commonsense guide to help parents--and their college-bound children--with their homework assignments.
A key lesson for parents is that while cost and reputation are important factors, they should not be the only ones used in picking the right college. The size, location, academic program, student services, and variety of sports activities are among the other crucial factors that go into creating a list of potential schools.
"You want to make the best match between a college and your child's interests, talents, personality and goals. Those factors are at least as important as finding a way to pay the bill," said Drum.
When it does come time to talk cost, Drum and Kneedler have produced a series of worksheets that walk parents through the complex process of evaluating their worth and determining how much they can afford to spend. In addition, the book includes examples of two key forms used by many of the nation's institutions of higher education when making decisions on financial aid.
"Choosing the right college for a child is important, because the right match between a student and a college can be the beginning of a more productive and fulfilling life," said Drum. "Dick Kneedler and I have been in higher education now for a combined total of 52 years, and we know the value a good college can have on the growth and development of tomorrow's leaders."
Kneedler, a graduate of Franklin & Marshall, has served in a variety of administrative positions and as a faculty member at the Lancaster, Pa., school. He is chair of the Association of Independent Colleges and Universities of Pennsylvania, and a founding member of the Annapolis Group, an association of national liberal arts colleges.
Drum has taught English and/or been an administrator at a variety of schools, including Hood College, Georgetown University, Antioch University, and the University of Maryland at College Park. She has also published widely in books and journals.
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