Q&A: How much do college admissions consultants charge?

Update: I've added a link to the $10,000 open offer.

Admissions consultants typically charge $100 to $500 an hour. That sounds high but has to be placed in context with other professionals' fees.

For example, a Merrill Lynch financial adviser typically charges about 2% per year of your $300,000 brokerage account, which amounts to $3000/hour if you meet with him two hours per year. You're likely to just be placed in funds that track with index funds anyway, so there's probably not much value added from security selection. (By the way, if you put your clients into strategies that will add value, please contact me. I have a $10,000 open offer than you can claim.)

Average Total Fee by Brokerage

Financial adviser thread

Plumbers, electricians, and even lawyers are cheap by comparison.

If an admissions consultant can help you secure scholarships or schools with programs you didn't otherwise know about, I think it's worth the money.

Take the time to interview a couple of counselors and then decide whether you'd prefer to hire someone rather than do the job yourself. Start here:

Audrey Slaughter (A Road Map for College)

Kristen Fang (Admissions coaching and preparation for investment banking careers)