College Prep: What’s Worth the Money?

Glen Kramer is a planning excellence consultant at Northwestern Mutual.

As tuition rates continue to skyrocket, the debate about whether college is “worth it,” has been heating up. While numerous professions don’t require a four-year degree, if your child has the aptitude and interest, compelling evidence shows that college graduates out earn those with a high school degree by many multiples over their lifetimes.

But earning a college degree does require a considerable financial investment. And over the past two decades, tuition and fees have risen significantly for both in-state and out-of-state schools.

Naturally, most high school students want to be admitted to the college of their choice. So if you’re wondering where it’s worth spending money to give your applicant an advantage on making that college wish come true, here are three areas where you may want to consider “investing” in your high schooler’s future.

Test prep

This alone can be worth thousands of dollars in scholarship money. Though many schools have gone “test-optional” since the pandemic—in fact, more than 80 percent of four-year colleges and universities will not require scores from applicants for fall 2025 admissions—that leaves 20 percent that might require them, and often those are among the most selective schools.

Plus, even if a school says scores are optional, they may still be part of the merit aid equation. While not every school divulges its formula for merit aid, many state schools put a grid for automatic aid right on their website, showing the exact dollar amount a specific GPA and standardized test score can earn.

Acing the SAT might be even trickier this year given an updated test introduced this spring. In addition to an all-new digital format, the test is also “adaptive,” meaning test takers will see an easier or more difficult second section depending on how they performed on the first section, which could impact their ultimate score.

While free test prep and sample exams are available online at sites like Kaplan, Khan Academy and the College Board, some students might benefit from a more personalized experience.

What it costs: Costs vary depending on the level of service. Some ballpark costs are: $100 to $1,400 for an online course up to $800 to $1,800 for in-person guidance.

When it might not pay: If your child has decided on a school where test scores aren’t considered or he or she is are knocking it out of the park and has already reached the highest score needed for any given school, then you might want to stash that cash for dorm room essentials instead.

Private college counselor

Even if your child’s school has an incredibly savvy high school counselor on staff, the fact is that they are tasked with helping all of the children, while a private college counselor is helping your child.

In some regions, college counselors are the norm, but many people misunderstand the function. The counselor is not there to get your child into an Ivy-level school—unless they have the resume that will earn them a spot. Their role is to help students find “right-fit schools,” which include ones where they are likely to be admitted and that you can afford.

A counselor can help your child narrow down schools (there are a few thousand to choose from in the U.S.!) by focusing on characteristics such as the size of the town where each is located, the strength of their internship programs and the variety of activities they offer. And while everyone else may be applying to the same top-ranked colleges, your counselor has likely researched some lesser-known gems that might be ideal.

Many oversee the entire process, including helping with such elements as:

• Making sure your child is taking the high school courses that colleges require.
• Helping guide the application process—which can be a surprisingly overwhelming task due to varied requirements and application dates.
• Providing editing help with the application essay.
• Helping determine whether they need to take SAT or ACT tests and giving advice on when to send scores.
• Discussing your budget and steering your child toward schools where merit aid might be more plentiful.

What it costs: According to the Independent Educational Consultants Association, the mean hourly rate was $230, with 75 percent of clients choosing “all-inclusive packages.”

When it might not pay: If your child has his or her heart set on the local state school and is a shoo-in, then you may want to forgo this expense. But if you are hoping to expand your family’s horizons, this advice can be invaluable.

College visits

Who wouldn’t want to stroll past stately buildings while listening to a 20-year-old describe the cafeteria’s raw bar? (If you haven’t seen a college dining hall lately, you’re in for a surprise!)

Taking the time to visit colleges serves two purposes: The first, of course, is to help narrow the list. That’s because there’s nothing like actually being on campus to get a feel for it—sitting in on a lecture, seeing whether students are hanging out on the quad and visiting local restaurants.

The second is that it highlights what colleges call “demonstrated interest.” Colleges are businesses, and they want some assurance that the students they accept will eventually enroll. A student who has visited and subsequently applies can get a solid vote.

If your choices are close to your home, visiting them before applying is a no-brainer. (Make sure you go on a day that students are on campus rather than during a school holiday.)

What it costs: From just a tank of gas for your car to a decent investment for airfare and hotel.

When it might not pay: If the schools are more of a gamble, you may choose to shell out for the application fee and see what happens, rather than taking a spendy trip to see a “reach” school. Once they have all their acceptances, then you can determine which schools on the list warrant a visit.

Is college prep worth the money?

Deciding how much you want to spend on preparing your child for college requires you to consider many different factors. Your Northwestern Mutual financial advisor can help you weigh your options and see how they may fit into your family’s broader financial plan.