(Not) Keeping Up With Our Parents: The Cost of a College Education

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The third chapter of (Not) Keeping Up With Our Parents is about college costs.

This is the third part in my series on the book (Not) Keeping Up With Our Parents by Nan Mooney. Be sure to catch up on the first and second parts if you missed them!

If you’ve read parts one and two of my series on (Not) Keeping Up With Our Parents, you know that so far I have disagreed with the author on many of her points thus far. Not so with Chapter 3: College Promises.

Most college students today leave college with huge amounts of debt. Debt that can’t be paid back on the meager salaries of a liberal arts education. We tell our children that they must have a college degree to succeed. We tell them to pursue their interests and dreams, and they will succeed.

This can be true if a student’s interests lead to a high paying career. But if a student is more interested in becoming a teacher or social worker, paying back the loans for a college education will be next to impossible, especially if a person is trying to raise a family at the same time.

In an ideal world, college educations will become less expensive. If we expect kids to go to college, we have to find a way to make it affordable. Until that happens, there are a few things we can do to minimize the amount of debt students go into for a college education.

Educate High School Students

Before a child sets foot on a college campus, they need to be well versed in the dangers of credit card debt. They need to know the difference between subsidized loans and unsubsidized loans. They need to know that a salary of $35,000 a year isn’t going to pay for student loans in excess of $100,000.

Since most high schools don’t teach personal finance, parents, it’s up to you. If you don’t know anything about personal finance, it’s time to learn. And believe me, you can learn. I knew nothing about personal finance when I got married, and though I’m not an expert now, I know a whole lot more than I did back then.

High school students should also work with their guidance counselors to apply for college scholarships. There are a lot of scholarships out there, and some students will be able to make a big dent in college costs by using scholarships.

An Expensive College Does Not Equal a Higher Salary

Many students dream of going to expensive Ivy League schools. I have no doubt that Ivy League schools offer superb educations. But are the educations worth the thousands of dollars in debt a student will accrue? I don’t think so. I don’t want my children to pay for four years for the rest of their lives.

I’m going to encourage my children to start their college educations at a junior college. It’s much less expensive than a university, and my kids will have more freedom to experiment with what interests them.

I went to a four year college right out of high school. I had some scholarships and loans, and I worked part time, too. I also knew I could only afford four years of college. Halfway through college I considered changing my major, but I stuck with sociology, because I knew a change would mean an additional year of school, and I couldn’t afford it.

By attending a junior college, I could have experimented with different classes before paying the big bucks for university. I could have entered the university with a better idea of what I wanted for my future.

Consider Taking Longer to Complete Your Degree

My husband took the 9 year plan in completing his B.A. He had a few student loans, but not much to speak of. That’s because he attended college part time for a while and took breaks in his education to work full time. Basically, he paid for school as he went. Not a bad plan, if you ask me.

These are just a few ways you can minimize the amount of student loans your children take out. Until our education system gets an overhaul, we have to deal with the high prices of college the in best way we can.

Parents, please please educate your children on student loans…interest, repayment terms, what is affordable. Unlike other debt, a student loan will stick with you for life. If you get in over your head, student loan debt is not covered under bankruptcy. Please make sure your child is well equipped to make good financial decisions.

Do you have any suggestions for reducing the need for student loans?

Free Money!