Are you concern about not able to provide for your child’s college education? Are you worry that you may have to take out home equity or personal loan to pay for your child’s college education? Are you worry that your child have to work during college to help pay for college tuition?
Cost of college is certainly a big concern nowadays. Most families do not have proper college planning. Most people focuses on saving for retirement and paying off debts, and only few plan for their children’s future.
College tuition, like everything else, has increased significantly over the years. In fact, cost of college goes up 6-7% every year. Currently in-state public school average $20,000 per year and private college average $40,000 – $60,000 for an undergraduate degree.
Did you know the average student takes 8 years to complete an undergraduate degree, which is usually a 4-year degree? That’s an additional 4 years of college tuition and 4 less years of potential earnings.
Most students change major about 3 times during their college years.
The son of a friend of a friend. I hope we had help this family with college planning. The son of a friend of my friend went to college and graduated from medical school with a medical doctor degree. After all the years and money spent acquiring the medical degree, the son decided he did not want to be a doctor.
You would never figure out what he became…
…a Catholic priest.
The parents did not know if they should feel blessed or angry with their son’s decision.
Because of the indecisiveness, many students graduate from college with enormous student loans.
Did you know the average student loan today is $37,172 for an undergraduate degree. Student with a professional degree can easily end up with a $150,000-$200,000 student loan after graduation.
And many college graduates end up in jobs that’s not even related to their course of study because they NEED a job to pay for their living expenses and start repaying their student loans.
That’s what happened to my friend’s daughter who graduated with a fancy but obscure science degree that she cannot find a job for, so she’s now working for some insurance company getting $10 an hour pay, the same pay as my teenager.
Do you want that for your son or daughter? Is that how you want your son or daughter to start their adult life?
In fact, student loans have now surpassed consumer debts in US.
Related article: Student Loan Debt In 2017: A $1.3 Trillion Crisis