Looking At And Choosing A College That…Fits.
Your child is looking at materials on where to go for college. If not all along, but at least for the past four years have you been having conversations with him/her about cost of colleges, at home or dorm living, career paths, etc? If not, it’s a bit late, but better late than never. Do you have a College Savings Account with your name and theirs on it? Have they been working and putting money aside for this too?….. or spending it? Are their grades high enough, and have they been filling out applications for every scholarship out there, with the hopes of getting any. And don’t forget to apply for financial aid. And work study programs mean you work at the college and your wages go toward your tuition bill. Don’t think you don’t qualify, check everything.
Something else to consider is that the world, and work force, is rapidly changing. Many careers that have been around for decades, are no longer useful with the ever changing technology. Some jobs are extinct, or will be by the time, or soon after your child is graduating with a degree in hand. If the field he/she has been studying for is now extinct, or soon will be, all that time…..and money is for naught. Discuss with your child newer – and available – options, careers that are and will continue to be there as your child goes through decades of working at it. You don’t want to put $100,000 – $250,000.. into an education that will be a waste of money, because your child insisted on a soon to be extinct career path.
That said…. now you….the parents, decide where your child will attend.
Reason? He/she is 18 – and not money savvy. The cost of college costs upwards of $50,000. or more a year. Most students will change their major by the end of their freshman year. Choose a college that fits in the amount of money saved, and have the student work off the rest.
Student loans can help but impress upon him/her that the loan is theirs to pay. It is a binding, legal document, and they are completely responsible for it. Impress upon them to pay on time and more than the minimum due each month, and it will get paid off quicker. Doing so, will increase their Credit Score.
There are companies they can work for, part time, who will in turn pay for, or towards, college tuition. Check around. Also, for the freshman year, choose a state college, your own or nearby, or a local community college, where it is not only cheaper to attend, but the student can take this opportunity to see if the choices they’ve made career wise – course wise, still fits in their thoughts for the future. There are many who attend a state or community college until their senior year, then transfer to another, getting their degree from there. Saving $$$$.
And although a Degree in hand can open doors, there are many in the workforce who don’t, for one reason or another, have that. They, instead, have a specific talent that is both useful and sought after in the up and coming world of A.I. They work hard to skillfully hone it and have the experience of working at it, which is a bonus for many companies. And many of these individuals are making more money than those with a Degree which has, or will, lose their usefulness because the recipient no longer wants to work in their ‘chosen’ field, or those fields are no longer used in the workforce. And, they don’t have a huge financial loan to pay off.
Remember, college isn’t for everyone. Think wisely.