It’s a common scenario: A child gets into a college that ends up being more expensive for a family than they expect – or more commonly, they have no idea what they will be expected to pay out of pocket for a specific school. Parents scramble to figure out how to pay for school and decide to divert money they are putting into retirement towards college.
A colleague shared a dramatic graphic with me a couple of days ago. While we know that the cost of college is growing faster than inflation, it is still a bit of a shock to see it graphically. And, the interesting thing is that the cost of TVs dropped dramatically in that same decade.
We want our high school students to pursue something that they are passionate about in college, and to turn it into a good career. And while high school students have more information at their fingertips, via the web, than we ever could have imagined in high school, they still have limited exposure to career options.
College debt is a big problem in the US. And while the media may talk about students graduating with $100,000+ in debt, that is actually not accurate unless they are graduate students. Undergraduate students can only directly take on up to $27,000 in debt ($31,000 if they take a fifth year of college). It is families that take on the rest of that debt.