Consider this. My friend’s daughter wanted to study B. Tech Electrical Engineering (EE) in a specific college (say, college A). However, the college informed them that they could only offer another course for now, but she will be waitlisted to EE if there are vacancies.
Meanwhile, she got a B. Tech EE in another college (B). The last date for paying the fee was June 24th. College A said they would only update the wait list status by July 3rd. My friend did not know what to do.
Should he pay the Rs. 3 lakhs fees (most of it will be non-refundable) to college B and then wait for college A’s announcement, or should he take a chance and forgo admission to college B? Or should he pay college B and forget about college A?
This is a fairly common situation most parents will go through during college admission season. How do we handle this?
If there are not enough funds, I am afraid the child will inevitably have to settle for college B (unless they wish to take a chance and risk wasting a year).
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My aim in writing this article is two-fold.
(1) To caution parents who still have a few years to tackle college admissions about such a possibility. So, it is better to plan for a surplus (which means investing more! – if possible). Then, you can pay the fee in one college while waiting for another admission.
(2) Even if the parents can afford to forgo the fee in one college if the child gets a preferred admission, many don’t want to as they cannot handle the ‘loss’. This is true even for those who plan for it.
I told my friend that the fee amount is what your entire portfolio would lose or gain in a day in the stock market. So, consider it a similar loss, pay for college B, and wait for college A. It is a loss only if college A offers good news. And then again, it is not a loss because your daughter has got the college and course she wants. What could be more important than her happiness?
Then he felt a lot better and decided to pay college B. When it comes to income or expenses or portfolio gains or losses, the right context and perspective often make a big difference (if we can afford to do so in the first place).
So, if your child’s admission is still a few years away, plan and emotionally prepare for such situations. After all, if your child is good enough to pick and choose colleges, it is a happy problem, and you have done a good job as a parent.