No.11: Is College Worth It?
The College Funding Coach
We provide families with world-class education on the complexities of saving and paying for college.
“When I was a boy of 14, my father was so ignorant I could hardly stand to have the old man around. But when I got to be 21, I was astonished at how much he had learned in seven years.”?
-- Mark Twain
News & Notes
1) Is college worth it? A rising number of parents and students are questioning what exactly they are paying for and whether attending college at all is worth the cost.
Here's some good back-and-forth research from Brookings on college value.
Additionally, here's an article from the Atlantic explaining that college is still a good decision for most. It just feels riskier because the big payoff often doesn't happen until the graduate turns 40 or 50.
2) Too many families enter the college process without determining how college pricing works and have no clue which colleges they can afford. Setting guardrails as early as possible is critical so you don't fly off the road into a ravine of debt.
Be proactive! Run your College Money Report for free to see your Student Aid Index and an estimate of what you would pay at three different colleges.
3) Stanford has joined the growing list of selective schools reinstating their standardized testing requirement.
4) Some good reminders for financial advisors and planners:
"Personal finance is more personal than finance" - Tim Maurer, Financial Planner
"Money is feelings" - Carl Richards, NYT Columnist and Author of The Behavior Gap
Why not help transform the sense of dread parents have about college into relief? Learn how to guide them through the complexities of college funding with confidence: https://www.thecollegefundingcoach.org/membership/
If you're curious about the college funding space and how knowledge of the material can transform your practice, reach out to our Head of Membership Development, Tiffany Stewart. At the very least, she'll brighten your day, and you might learn a thing or two.
You can also contact Tiffany via email at [email protected] or over the phone at 703-828-9091.
5) Would you like to bring our college funding literacy workshop to your place of business? To book a financial literacy workshop at your company, please contact our Director of Educational Programs, Bernadette Boyle.
You can also learn more about how to help your team/employees with saving and paying for college on our BusinessCents page.
How Parents Are Paying for College
"Bear in mind that all of the survey participants already have one or more children in college right now. Parents with younger kids aren’t included, which explains why the percentage of those using 529 plans, for example, might seem high. (Other research indicates that roughly 20% of parents overall have 529 savings plans, which offer tax-free growth and other benefits for investments so long as the money is used for qualifying expenses.)"
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Other College Funding Content to Chew On
A carefully curated selection of the newest college funding articles on the web
Should You Use a HELOC to Pay for College (Nerdwallet)