College Planning: A Conversation that Might Save Me $100,000 or More
March 25, 2011One night not too long ago my daughter and I had a really good conversation about life, choices people make, who we like in this year’s American Idol (James!), and why she thinks her milkshakes are better than any that you can buy at an ice cream shop. I’m sure there were plenty of other topics discussed too, but those are the ones that I remember the most. And, she REALLY can make a mean milkshake! Hey, a dad has to make sure that his kids don’t lie, right???
As a part of the conversation about life, we brought up the topic of college. She is in the 10th grade right now, and has taken her PSAT’s. Apparently she did well because in her bedroom there is an ever increasing stack of information packets from colleges all across the country. Her grades are good, she’s got good test scores and is a really great kid with high character. (I’m allowed to brag, it’s my blog entry!) So my guess is that whatever school she decides to attend will accept her. But, what if she decides to attend the most expensive school in the country? Have you seen the commercial where the daughter says “I got into the BEST school in the country!” but the dad hears “I got into the MOST EXPENSIVE school in the country?”
That’s my fear. She’s the oldest of three and college costs are insane right now and don’t look like they’re going down any time in the near future. So, I thought I’d get an early read on where she wants to go to school. As I looked at the brochures and read some of the marketing material, I wanted to go away to some of these schools. Hey, maybe that’s my retirement plan? (Would being a full time student paying room, board and a meal card be less expensive than a “normal” retirement lifestyle? I’m going to store that thought for later.) I asked one question that helped us view the college selection process differently than we had prior to starting the conversation. My simple question was, “So, any idea what you want to do for a career once you get out of college?” Since the time she was 4 and took over her preschool class if the teacher forgot to do something that was part of the normal routine, I’ve thought that teaching might be in her future. And, she is strongly considering it as one of her primary options. We have plenty of time for her to decide on something else, but that’s a very strong possibility today.
My next question was fairly easy for her to answer. Her mother happens to be a special education teacher in Baltimore so she understands how the school systems work to a large degree. I asked if she decided to become a teacher, when she went to her 1st job fair after college looking for a job, would the Baltimore County school system pay her a lot more money if she went to Stanford or Yale or Duke or if she went to the University of Maryland or an inexpensive school somewhere close enough for her dad to visit once in a while. She knew the answer. So, if her career won’t pay a premium price for going to a premium priced university, does it make sense for parents to pay the premium?
Where will she go to school? I have no idea. But, I have a feeling that our conversation may become a factor in the eventual selection. If so, that could be the most economical use of my time EVER. And, I got a milkshake out of the deal too.
Listen to this podcast to learn more: Smart Strategies to Get a Degree without Going Broke