One of my earliest blog posts—and still one on the most popular—was “Don’t pass up a full ride.” You can probably tell the main idea from the title: you should not pass up a full ride. If you apply to a school and they offer you a full scholarship, go to that school.

Last week I got an email from a parent asking me if I still stand by that advice. His daughter won an honors scholarship—a full ride—at her state’s public flagship university, where she “didn’t know full rides existed until she was invited to interview.” She was also accepted to Washington University in St. Louis, a smaller private college with acceptance rates under 15%. And this is the problem, a problem I’ve heard before:

“Our heads say one thing and our hearts another, in part because the small school with huge endowment and beautiful campus is definitely appealing, but probably mostly seduced by this notion that an elite university is a sign of winning and will validate her hard work and make her feel as rewarded as her classmates who managed to get into some Ivies.”

My response was more sympathetic than you might expect.

“The short answer to your question is yes, I do think there are sometimes exceptions to my "never pass up a full ride" rule, and those exceptions are usually situations similar to yours. Though vague and unquantifiable, there is a value--in terms of professional networks, recruiting, social connections, and prestige--to the most elite colleges that can make them more valuable than the full ride at a safety. I would absolutely encourage a student to pass up a full ride elsewhere for Harvard, MIT, or Stanford if they could afford it. WashU probably fits into that category as well. No one can reasonably assume they'll be accepted at WashU, and she applied to her safety not knowing that a full ride was a possibility, so it can be reasonable to pass up the scholarship (which you weren't expecting) for the elite private college (which you weren't expecting to accept you). I would not think your daughter made a "bad" choice if she decides on WashU. 

It sounds like what it comes down to is an emotional decision--prestige, allure, falling in love--versus a rational one--major, money. Personally, I'm more of an emotional, intuitive person. Professionally, I work to be neutral. Either are valid, as long as she understands the choices.

If she were my client, I would make sure she's thinking through both options and communicating with her family. I'd tell her it's her own decision to make and that I would understand and support either decision. I would also really hope she takes the scholarship.”

So for me, the “prestige value” exception only applies to a tiny number of colleges: MIT, Harvard, and Stanford. While I’m very conservative in that list, I can see someone using the same logic for a longer number of schools, including WashU. The trick is that the list can’t be too long. You can’t stretch the vague, unquantifiable value so thin that you get yourself into a “the more prestigious school is aways worth more than a full ride the less prestigious school.” It’s just not true.

There are a few other exceptions to the “never turn down a full ride” advice.

Unsolicited scholarships. How do you respond if a school just, out of the blue, offers you a full scholarship even if you didn't apply or have never heard of it? Yes, this actually happens sometimes. Evaluate that school just as you would any other school, without taking into mind the price. If it meets your criteria and is a place you'd apply, then you're done. Congratulations! If the school doesn't make it into your top twenty and isn't a place you would want to apply, then you can comfortably say No Thanks. 

Financially troubled colleges. A full scholarship to a college may not be worth much if the college closes before you’re about to graduate. And colleges are closing at a rate of about one a week right now. It’s not always easy to know if a school is in financial distress—they probably won’t tell you as part of their marketing materials. But there are some signs to look for. If you’re accepting a good deal from a financially troubled college, even if it’s not a full ride, you’re taking a big risk. But that doesn’t necessarily mean you must always avoid the risk: a year or two of free college might be worth it even if you end up having to transfer elsewhere to finish college. But there’s no shame in turning down a full scholarship from a college that isn’t really able to afford it.

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