The Million Dollar Myth
Posted 16 Feb, 2009
This month’s issue of Forbes has an article for those of you who are (or will soon be) college parents–it’s called The Great College Hoax, and it explores the perils of skimping on your college preparation.
The Million Dollar Myth
It seems that we are frequently hearing from various experts that there is this elusive $1 million extra in wages that college grads will earn over those who don’t cross the bridge from high school to higher ed. Unfortunately, there’s a chance that million dollars may not be going into your student’s pocket.
The Forbes article explores the discrepancy between the cost of college and the potential to earn more. For example, college sweethearts (and former spouses) Joel Kellum and Jennifer Coulter both worked hard in school, graduated, and picked up good jobs with six-figure incomes. But even with their high paying jobs, they could not handle their intense balances of student loan debt-in fact both sited it as influencing their eventual divorce.
Defeating Debt
The article certainly brings up a good point-a college degree alone is not a guarantee of a financially viable future! In fact, just as you wouldn’t make an investment purchase without considering both its cost and potential future value, you shouldn’t invest in a college education without first running the numbers. Net out-of-pocket cost of a college, average pay of the type of field your student is considering and projecting the availability of job slots in the field after graduation are just a few factors that should be taken into consideration.
One of the keys to defeating potential student debt is to do research ahead of time-you’ll want to make sure that your student attends an appropriate college for him or her, according to his or her aspirations. The college choice needs to not only be a good match for their personality and dreams, it alos needs to be the right price. No family should pay “sticker price” for any college. By being proactive and developing a personalized college funding plan well before your student arrives on campus, you can greatly increase the chance the price of your student’s college education will be reasonable enough to make it a very worthwhile investment. With careful planning, you can help launch your student to success in both their career and life skills without him or her ending up being tethered to the columns of a student loan bank!
Good School, Good Price
Do you think your student can only reach the pinnacle of success only by attending a highly selective, big name college? Think again! While the elite schools may be a great choice for some students, they are many more options that would provide as good (or maybe even better) educational environment for your student with a much lower price tag. Review the article I wrote about how to choose the right college for your student for tips to help you get started.
All the best,
Deborah Fox
Deborah Fox is the founder of Fox College Funding®, a nationwide company that helps families find creative ways to reduce their college costs.
photo: svilen001
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This month’s issue of Forbes has an article for those of you who are (or will soon be) college parents–it’s called The Great College Hoax, and it explores the perils of skimping on your college preparation.
The Million Dollar Myth
It seems that we are frequently hearing from various experts that there is this elusive $1 million extra in wages that college grads will earn over those who don’t cross the bridge from high school to higher ed. Unfortunately, there’s a chance that million dollars may not be going into your student’s pocket.
The Forbes article explores the discrepancy between the cost of college and the potential to earn more. For example, college sweethearts (and former spouses) Joel Kellum and Jennifer Coulter both worked hard in school, graduated, and picked up good jobs with six-figure incomes. But even with their high paying jobs, they could not handle their intense balances of student loan debt-in fact both sited it as influencing their eventual divorce.
Defeating Debt
The article certainly brings up a good point-a college degree alone is not a guarantee of a financially viable future! In fact, just as you wouldn’t make an investment purchase without considering both its cost and potential future value, you shouldn’t invest in a college education without first running the numbers. Net out-of-pocket cost of a college, average pay of the type of field your student is considering and projecting the availability of job slots in the field after graduation are just a few factors that should be taken into consideration.
One of the keys to defeating potential student debt is to do research ahead of time-you’ll want to make sure that your student attends an appropriate college for him or her, according to his or her aspirations. The college choice needs to not only be a good match for their personality and dreams, it alos needs to be the right price. No family should pay “sticker price” for any college. By being proactive and developing a personalized college funding plan well before your student arrives on campus, you can greatly increase the chance the price of your student’s college education will be reasonable enough to make it a very worthwhile investment. With careful planning, you can help launch your student to success in both their career and life skills without him or her ending up being tethered to the columns of a student loan bank!
Good School, Good Price
Do you think your student can only reach the pinnacle of success only by attending a highly selective, big name college? Think again! While the elite schools may be a great choice for some students, they are many more options that would provide as good (or maybe even better) educational environment for your student with a much lower price tag. Review the article I wrote about how to choose the right college for your student for tips to help you get started.
All the best,
Deborah Fox
Deborah Fox is the founder of Fox College Funding®, a nationwide company that helps families find creative ways to reduce their college costs.
photo: svilen001
Subscribe in a reader
Subscribe by Email
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