Jennifer Openshaw, CEO of Girls With Impact, author and national financial expert (Oprah, PBS) has some insight into the recent college admissions scandal given their role of serving high school girls, parents and teens across the country.
Perhaps the biggest takeaway: High GPAs and completing high school electives isn’t enough any more to get into college.
What does the scandal show?
There are too many holes in our system – it’s no surprise but it speaks to the need to close those loopholes. It’s another example of the growing wealth divide – and this kind of scandal keeps those less fortunate at the bottom, making it tougher to climb out. Paying for college has gotten far more difficult in the last 10 years (competition, dwindling budgets). Middle and low-income students would benefit from insights that only the wealthy are privileged or smart enough to secure.
You started life as a maid in a motel and struggled to get through college – How did you do it?
I attended three undergraduate universities because of a lack of funding; I came from a single household where my mom was a waitress and I cared for my two younger brothers at age seven. At 14, I took a job as a maid in a motel to climb my way into college, ultimately at UCLA. I got in as a transfer student at a time when UCLA was looking for transfers.
Does the reputation or rank of a college really matter in one’s success?
The real indicator of success is GRIT – resilience. Big corps are now talking about this. You don’t need to go to Harvard to be a huge success – many who do are less successful than others because they didn’t have grit Employers today look for resilience and actual experience: “Show me what you’ve done?” Question is: how can you instill that in your kids?
As a national money expert (Oprah, PBS show), what advice do you have for middle and low-income families?
- Don’t let the scandal take you off-track
- Consider transferring – you’ll save thousands – talk to your target school first, in advance. Build relationships with the key department chair.
- Live with a relative – as I did – $100/month saved my financial life, career
- Get hands-on, real-world experience – it can help you land a powerful internship, job
What’s the impact on underserved girls?
- Lost slots -- It means a slot may not go to a hard-working deserving student
- Diversity in colleges might get warped since the rich are generally white
- Hurting the confidence in others that hard work pays off
- Those looking to climb out of poverty are kept down once again
What can non-wealthy families do to get their kid into college that doesn’t cost $400K?
Given the Future of Work (gig economy and employer needs) need to ask: What are you teaching your kid about values and hard work? Employers today are looking for soft skills – ability to collaborate, write, speak, connect the dots – 60% of new hires DON”T have those skills. More than half of Girls With Impact girls are on scholarships – they are hungry to succeed, to get a leg-up, to prove themselves, to be a leader
What are new, alternative tracks to getting into college? You say business/entrepreneurship?
A focus on business with real experience is setting our young women apart. Several women this year have received full college scholarship rides of $200K+ including Rachel Motley to both Babson and Howard (Rachel’s story). A new study shows college women outperform men in entrepreneurship
The lesson learned?
You can’t get away with lies. Eventually, it will come back. The sad part is these parents are in on it and are not instilling the kind of values and work ethic needed to succeed
Jennifer Openshaw is the CEO of Girls With Impact, a live, online “mini-MBA” academy for high school teen girls. She was the CEO & Founder of Women’s Financial Network in Silicon Valley and has held top roles with Mercer’s When Women Thrive research platform and the Financial Women’s Association. The author of three books including What’s Your Net Worth? turned into a Public Television show, she speaks regularly on financial and leadership issues. Full bio.
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